Summary of Huabao New Energy Conference Call Company Overview - **Company**: Huabao New Energy - **Industry**: Portable Energy Storage - **Main Business**: Research, production, and sales of portable energy storage products, focusing on outdoor activities and emergency preparedness in regions like Europe, the US, and Japan [2][4] Key Points and Arguments - **Market Growth Potential**: The portable energy storage industry has significant growth potential, with the US market penetration at approximately 10% and an expected annual growth rate of 20% [2][6] - **Product Pricing Advantage**: Huabao's products are priced around $2,000, significantly lower than traditional home storage systems (approximately $20,000), making them more accessible for middle-class families in disaster-prone areas [2][7] - **Sales Channels**: The company has a diversified sales strategy, with about 40% of sales online (Amazon, Tmall, JD) and 30% through its independent website, alongside a presence in offline retail [2][8] - **Revenue Contribution**: The US market contributes about 50% of the company's revenue, with significant impacts from tariff issues. The company has adapted by pre-stocking and adjusting sales strategies [2][10] - **Seasonal Revenue Patterns**: Revenue is cyclical, with significant sales spikes during events like Prime Day and the holiday season. The company anticipates a recovery in gross margins in Q4 after a dip in Q3 [2][11] Additional Important Insights - **Inventory and Workforce Adjustments**: In 2023, the company faced high inventory levels and workforce redundancies due to oversupply in the European market, impacting profitability. However, adjustments in strategy are expected to lead to new revenue and profit highs starting in 2024 [3][4] - **Future Revenue Projections**: The company aims for a 40% revenue growth by 2026, targeting approximately 7 billion RMB in revenue and a net profit margin of 8-10%, translating to about 650-700 million RMB [4][14] - **Cost Reduction Strategies**: Development of Southeast Asian suppliers and factories is expected to lower production costs, with a potential recovery in gross margins as tariff policies stabilize [4][12] - **Investment Valuation**: The current market valuation is around 10 billion RMB, with 5 billion RMB in cash. If profit targets are met, the company appears undervalued, especially given its unique position in the market [4][15] Conclusion Huabao New Energy is positioned as a leader in the portable energy storage market with strong growth prospects, competitive pricing, and a robust sales strategy. The company is navigating challenges effectively and is expected to achieve significant revenue and profit growth in the coming years, making it a compelling investment opportunity.

Core Viewpoint - The company emphasizes a long-term development strategy, focusing on enhancing core competitiveness and steadily improving profitability through optimized management and technological innovation [1] Group 1 - The company is committed to balancing short-term fluctuations with long-term value through compliant market value management [1] - The company aims to maximize enterprise value and shareholder interests, providing excellent performance to reward investor trust and support [1]

Core Insights - The company, Huabao New Energy, is focusing on innovation-driven strategies to meet the accelerating global demand for green energy solutions, particularly in household applications [1] - The company aims to enhance its leadership position in the portable energy storage market by refining its strategic market approach and improving channel layouts [1] - The company plans to strengthen its digital M2C operational capabilities across R&D, production, branding, and retail to optimize supply chain efficiency and enhance global production collaboration [1] Group 1 - The company emphasizes a customer-centric approach to quickly advance business growth and innovate portable energy storage and photovoltaic products [1] - The company intends to deepen its local operations and enhance brand recognition and reputation globally [1] - The company will utilize AI tools to optimize advertising structures and materials, aiming to improve advertising efficiency and continuously optimize expense ratios [1]

Core Points - The company, Huabao New Energy, has announced the first grant of restricted stock to incentive objects under its 2025 Restricted Stock Incentive Plan, with a total of 2.4004 million shares to be granted at a price of 33.15 yuan per share on September 30, 2025 [1][13][15] Group 1: Incentive Plan Overview - The incentive plan involves granting restricted stock to 71 eligible individuals, with the stock sourced from shares repurchased from the secondary market or newly issued shares [1][2] - The plan specifies that the restricted stock will not be transferable or used as collateral before vesting [4][19] Group 2: Vesting Conditions - The vesting of the restricted stock is contingent upon meeting specific performance targets over the fiscal years 2025 to 2027, with annual assessments [5][6] - If the company fails to meet the performance targets, all restricted stocks for that year will be forfeited [8][12] Group 3: Approval Process - The plan has undergone necessary approvals, including a board meeting on September 30, 2025, where the grant conditions were confirmed to be met [10][30] - The board's remuneration and assessment committee verified the eligibility of the incentive objects and the compliance of the plan with relevant regulations [15][24] Group 4: Financial Impact - The company will recognize the costs associated with the stock grants in accordance with accounting standards, impacting its financial results over the vesting period [20][21] - The fair value of the restricted stock will be calculated using the Black-Scholes model, with specific parameters outlined for the valuation [21][22]

Core Insights - The article highlights the strategic development of Huabao New Energy, focusing on its new headquarters, the New Energy No. 1 Building, which aims to enhance the company's capabilities in providing high-quality green electricity solutions for households [1] Group 1: Company Development - Huabao New Energy was listed on the ChiNext board in September 2022, becoming the "first stock in portable energy storage" [2] - The company has identified a growing demand for clean energy and aims to transform its commitment to green energy into core driving forces for the entire industry chain [1][2] - The company has launched a comprehensive family green electricity solution in 2024, which includes DIY small-scale green electricity systems and aesthetic solar roof tiles [2] Group 2: Product Innovation - Huabao New Energy has developed a closed-loop system for electricity generation, storage, and usage, addressing the diverse needs of households [3] - The company has introduced innovative products such as the magnetic suction XBC solar panel, which allows users to charge during the day and power devices at night, thus eliminating reliance on the grid [2] Group 3: Sustainability Initiatives - The company has established a full-chain green low-carbon value chain, integrating low-carbon concepts into the entire production process [4] - Huabao New Energy has built the industry's first "zero-carbon laboratory" and is committed to achieving 100% green electricity operation [4] - As of June 30, 2025, the company has helped reduce carbon emissions by 1.243 million tons through its solar panel sales [4] Group 4: Market Position and Growth Potential - The global consumer-grade solar storage market is experiencing rapid growth, with the portable energy storage sector still in its early stages but showing strong growth potential [5] - The household energy storage market is expected to reach a growth inflection point by 2025, with a projected compound annual growth rate of nearly 15% over the next three years [5] Group 5: Competitive Advantage - The company has built a differentiated competitive advantage through its R&D capabilities, product matrix, and direct sales model [6] - As of June 30, the company has filed a total of 1,939 patents, including 661 related to solar technology, ensuring product safety [6] - The company's global sales network covers over 50 countries and regions, with nearly 6 million units sold, enhancing operational efficiency through a direct-to-consumer model [6]

Core Insights - The article highlights the strategic development of Huabao New Energy, focusing on its new headquarters, the New Energy No. 1 Building, which aims to enhance the company's ability to provide high-quality green electricity solutions for households [1] - The company emphasizes the growing demand for clean energy and its commitment to transforming this demand into core driving forces for the entire industry chain [1] Group 1: Product Development and Market Position - Huabao New Energy launched a comprehensive family green electricity solution in 2024, which includes DIY small-scale systems and aesthetic photovoltaic tile systems, aiming to create a closed-loop system for power generation, storage, and usage [2] - The company has established itself as a leader in portable energy storage, being the first to list on the Growth Enterprise Market in September 2022, and has developed innovative products that cater to the outdoor and home energy needs [1][2] Group 2: Environmental Commitment and Innovation - Huabao New Energy has built a full-chain green low-carbon value chain by integrating low-carbon principles into its production processes and establishing the industry's first "zero-carbon laboratory" [2] - The company has achieved significant ecological results, with its solar panels reportedly reducing carbon emissions by 1.243 million tons globally by June 30, 2025 [3] Group 3: Competitive Advantage and Market Outlook - The global consumer-grade photovoltaic storage market is experiencing rapid growth, with the portable storage sector still in its early stages but showing strong growth potential [3][4] - Huabao New Energy has developed a differentiated competitive advantage through its extensive patent portfolio, diverse product matrix, and a global sales network covering over 50 countries, with nearly 6 million units sold [4]

Core Points - The company announced the approval of a stock incentive plan for 71 eligible participants, granting a total of 2.4004 million restricted shares [1] Group 1 - The third meeting of the Compensation and Assessment Committee and the sixteenth meeting of the Board of Directors will be held on September 30, 2025 [1] - The initial grant date for the incentive plan is set for September 30, 2025 [1] - The plan aims to motivate and retain key personnel through the issuance of restricted stock [1]

Core Viewpoint - Huabao New Energy has experienced a significant revenue growth of 43.32% in the first half of the year, with expectations for continued upward trends in the second half, driven by the expansion of consumer-grade photovoltaic energy storage solutions [1] Group 1: Market Expansion and Product Development - The company is focusing on consumer-grade photovoltaic energy storage solutions, expanding from outdoor power sources to balcony photovoltaic storage systems and rooftop curved photovoltaic tile storage systems [1] - The balcony photovoltaic storage system is highlighted as a key growth area, allowing for DIY installation, which reduces installation costs and time, making sustainable energy accessible to ordinary households [3] - Huabao New Energy has officially launched the balcony photovoltaic storage project in 2023, with the first generation of products expected to be released in 2024 [4] Group 2: Industry Trends and Future Outlook - The global market for independent and affordable green energy products is experiencing a rigid demand due to climate change, rising electricity costs, and frequent natural disasters, indicating strong growth potential for the industry [2] - The company predicts that in the near future, households globally will be able to acquire a photovoltaic storage system for around 4,000 to 5,000 yuan, potentially achieving zero electricity costs within the next decade [2] - The company is currently developing a third generation of balcony photovoltaic storage products, expected to be launched in the first half of next year, which may further capture market opportunities [5]

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：301327 证券简称：华宝新能 公告编号：2025-054 深圳市华宝新能源股份有限公司 2025年第五次临时股东会决议公告 特别提示： 1.本次股东会未出现否决议案的情形； 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 深圳市华宝新能源股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日下 午 15:00 在公司会议室召开 2025 年第五次临时股东会。会议由公司董事会召集，董 事长孙中伟先生主持。 本次股东会采用现场表决与网络投票相结合的方式召开。通过深圳证券交易所 交易系统进行网络投票的具体时间为：2025 年 9 月 30 日上午 9:15~9:25，9:30~11:30 和下午 13:00~15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 9 月 30 日上午 9:15~下午 15:00 期间的任何时间。 本次会议的召集、召开与表决程序符合《中华人民共和国公司法》（以下简称 "《公司法》"）《上市公司股东会 ...

Group 1 - The company Huabao New Energy announced that its 16th meeting of the third board of directors was held on September 30, 2025, combining on-site and remote voting methods [1] - The meeting reviewed the proposal regarding the initial grant of restricted stock to incentive objects [1]