证券代码：301327 证券简称：华宝新能 公告编号：2025-028 深圳市华宝新能源股份有限公司 2024年年度股东会决议公告 股东出席的总体情况： 通过现场和网络投票的股东 63 人，代表股份 93,477,788 股，占公司有表决权股 份总数的 75.4137%。 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。 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 5 月 16 日下 午 15:00 在公司会议室召开 2024 年年度股东会。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 5 月 16 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 5 月 16 日上午 9:15~下午 1 ...

上海市锦天城（深圳）律师事务所 关于深圳市华宝新能源股份有限公司 2024 年年度股东会的 法律意见书 深圳市福田中心区福华三路卓越世纪中心1号楼21、22、23层 www.allbrightlaw.com 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳市华宝新能源股份有限公司 致：深圳市华宝新能源股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳市华宝 新能源股份有限公司（以下简称"华宝新能"或"公司"）委托，指派本所律 师出席公司 2024 年年度股东会（以下简称"本次股东会"或"会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股东会规 则》（以下简称"《股东会规则》"）等法律、法规、部门规章和规范性文件 以及《深圳市华宝新能源股份有限公司章程》（以下简称"《公司章程》"） 的规定，就公司本次股东会的召集与召开程序、出席会议人员资格、召集人资 格、会议表决程序和表决结果的合法性等有关事宜，出具本法律意见书。 为出具本法律意见书，本所律师对公司本次股东会所涉及的 ...

Group 1: Business Strategy and Plans - The company aims to solidify its leadership in portable energy storage and photovoltaic industries by enhancing product innovation and market penetration [3] - Plans to accelerate the development of all-scenario home green electricity products, including the launch of innovative aesthetic solar tiles and comprehensive energy solutions [3] - Focus on strengthening digital M2C operational capabilities across R&D, production, branding, and retail to enhance overall competitiveness [4] - Commitment to expanding into emerging markets such as Southeast Asia and Latin America by tailoring products to local needs [5] Group 2: R&D and Innovation - In 2024, the company invested CNY 173 million in R&D, a 14.31% increase year-on-year, resulting in a total of 1,720 patents, including 928 domestic and international patents [6] - Significant advancements in portable energy storage technology, with a 140% year-on-year revenue increase in the solar generator category, accounting for over 50% of total revenue [6] - Introduction of innovative products such as the Jackery 1000Pro2 and Jackery 2000Pro2, which are the lightest and smallest in their category [6] Group 3: Financial Performance and Shareholder Returns - The company plans to distribute CNY 1.43 billion in cash dividends for the 2024 fiscal year, with a dividend of CNY 11.50 per 10 shares [8] - Additionally, a capital reserve conversion will result in the issuance of approximately 49.58 million new shares [8] Group 4: Market Analysis and Competitive Landscape - The portable energy storage industry is experiencing rapid growth, with the outdoor sports market projected to reach USD 236.3 billion by 2025, and the camping economy in China expected to grow by 60.4% in 2024 [9] - The company has established a comprehensive sales channel strategy, achieving cumulative sales of over 5 million units, reinforcing its market leadership [9] Group 5: International Market Insights - North America is witnessing strong growth in portable energy storage due to increased demand for home backup power solutions [10] - Japan's market is expanding as residents prioritize emergency preparedness, with the company enhancing its market share through targeted strategies [10] - The European market is expected to grow rapidly as inventory issues are resolved and new products are introduced [10] Group 6: Recent Developments and Future Products - The company launched the new 3000Pro2 outdoor power supply in Q1 2025, setting new standards for lightweight high-capacity power sources [14] - Plans to introduce additional high-performance off-grid home storage products and the second generation of DIY balcony storage products later in 2025 [14] - Recent power outages in Spain and Portugal have increased demand for the company's portable energy products, expected to boost sales in those regions [15]

Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 3.606 billion, a year-on-year increase of 56%, and a net profit of 240 million, marking a turnaround from losses [1] - In Q1 2025, the company reported revenue of 714 million, up 23% year-on-year, and a net profit of 85 million, a substantial increase of 193% year-on-year [1] - The company is expanding its global presence, particularly in North America and Asia, with projected revenues of 2.1 billion and 1.1 billion respectively for 2024, reflecting growth rates of 61% and 100% [1] Financial Performance - The gross profit margin for 2024 was 44.1%, an increase of 4.3 percentage points, while the net profit margin reached 6.6%, up 14.2 percentage points [1] - In Q1 2025, the gross profit margin was 44.2%, a slight decrease of 2.3 percentage points year-on-year, but an increase of 1.8 percentage points quarter-on-quarter [1] - The company has successfully reduced its expense ratios across various categories, with sales, management, R&D, and financial expense ratios for 2024 at 27.7%, 5.1%, 4.8%, and -0.3% respectively [2] Product Innovation - The company is focusing on product innovation, with solar panel revenue increasing by 92% in 2024, now accounting for 21% of total revenue [3] - In Q1 2025, the company launched the CTB module structure 3000Pro2 flagship series, enhancing its product offerings [3] - A comprehensive product roadmap has been established, covering entry-level solar charging storage, core household backup power, and high-end curved solar tile systems [3] Profit Forecast and Investment Recommendation - The company is projected to achieve net profits of 320 million, 460 million, and 520 million for the years 2025 to 2027, with PE multiples of 25, 17, and 12 respectively [4] - The company is expected to benefit from strong brand power and channel capabilities, positioning it well to capitalize on high industry demand [4]

Company Performance - In 2024, the company achieved a revenue of 3.606 billion yuan, a year-on-year increase of 55.82%, and a net profit of 240 million yuan, a significant increase of 237.89% [1] - For Q1 2025, the company reported a revenue of 714 million yuan, a year-on-year growth of 22.6%, and a net profit of 65.8237 million yuan, soaring by 395.17% [1] - The gross profit margin improved to 44.05%, up by 5.07 percentage points compared to the previous year, indicating enhanced operational efficiency [1] Industry Trends - The company is strategically positioned in two high-growth sectors: portable energy storage and home green electricity [2] - The camping economy in China is projected to reach a core market size of 213.97 billion yuan in 2024, growing by 60.4%, which drives demand for portable energy solutions [2] - The global household energy storage market is expected to see a new installed capacity of 172.7 GWh by 2030, indicating significant market potential [2] Product Innovation - The company launched the world's first XBC aesthetic curved photovoltaic tile in September 2024, marking a breakthrough in integrating photovoltaic technology into green building [7] - The new photovoltaic tile features a conversion efficiency of 17.1% and is designed to withstand extreme temperatures and weather conditions, enhancing its stability and safety [7] - The innovative design of the photovoltaic tile allows it to blend seamlessly with building aesthetics, addressing consumer demands for both functionality and visual appeal [7] Research and Development - The company has maintained a high level of R&D investment, with an average annual growth rate of 38.99% over the past three years, reaching 173 million yuan in 2024 [6] - The company holds a total of 1,629 patents, showcasing its strong technological foundation and authority in the industry [6] - Continuous R&D efforts have positioned the company as a key player in setting national industry standards for portable energy storage and solar products [6] Market Strategy - The company employs a comprehensive channel strategy that includes independent websites, third-party e-commerce platforms, and offline retail, reaching over 50 countries [4] - The implementation of a global direct sales strategy since 2011 has allowed the company to quickly adapt to consumer needs and enhance product-market fit [5] - The synergy between differentiated products, multi-channel distribution, and direct sales has created a robust growth model for the company [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [5][20]. Core Insights - The company is projected to achieve significant revenue growth in 2024, with an expected income of 3.606 billion, representing a 56% year-on-year increase, and a return to profitability with a net profit of 240 million [2][5]. - In Q1 2025, the company reported a revenue of 714 million, a 23% increase year-on-year, and a net profit of 85 million, marking a 193% increase year-on-year [2][5]. - The company is expanding its market presence in North America and Asia, with projected revenues of 2.1 billion and 1.1 billion respectively for 2024, reflecting growth rates of 61% and 100% [3]. Financial Performance - The gross margin for 2024 is expected to be 44.1%, an increase of 4.3 percentage points year-on-year, while the net profit margin is projected at 6.6%, up 14.2 percentage points [2][4]. - The company is implementing cost reduction strategies, leading to a decrease in expense ratios across various categories, with sales/management/R&D/financial expense ratios for 2024 expected to be 27.7%/5.1%/4.8%/-0.3% [4]. Product Innovation - The company is focusing on product innovation, with a projected 92% increase in revenue from photovoltaic solar panels in 2024, which will account for 21% of total revenue [4]. - The launch of the flagship CTB module structure 3000Pro2 in Q1 2025 is expected to enhance the company's market influence and value proposition [4]. Earnings Forecast - The forecasted net profits for 2025-2027 are 323 million, 457 million, and 645 million respectively, with corresponding P/E ratios of 25, 17, and 12 [5][7].

Core Viewpoint - In 2024, the renewable energy industry faces significant challenges, yet Huabao New Energy (301327) has reported impressive financial results, showcasing its resilience and strategic advantages in a difficult market environment [1] Financial Performance - Huabao New Energy achieved a revenue of 3.606 billion yuan in 2024, a year-on-year increase of 55.82%, and a net profit attributable to shareholders of 240 million yuan, up 237.89% year-on-year [1] - The company reported a first-quarter revenue of 714 million yuan in 2025, reflecting a 22.60% year-on-year growth, with a net profit of 85.073 million yuan, a 193.36% increase year-on-year [1] - Operating cash flow turned positive, reaching 763 million yuan in 2024, a significant increase of 845.24% year-on-year, with a gross margin of 44.05%, up 4.34 percentage points [2] Profit Distribution - The company announced a profit distribution plan, proposing a cash dividend of 11.50 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares, indicating confidence in future growth [3] Valuation Insights - Following the release of the first-quarter report, Huabao New Energy's dynamic price-to-earnings ratio stands at 23.42 times, significantly lower than the industry median of 95.78 times, suggesting potential for future valuation increases [4] R&D and Product Innovation - The company has focused on enhancing product competitiveness through continuous R&D investment, with an average annual growth rate of 38.99% in R&D expenses from 2022 to 2024, totaling 173 million yuan in 2024 [5][6] - Huabao New Energy launched several new products in 2024, including the 1000Pro2 and 2000Pro2 outdoor power supplies, showcasing improvements in safety, performance, and efficiency [5][6] Market Position and Strategy - The company is expanding its product offerings in the photovoltaic sector, introducing innovative solutions like the DIY small-scale home green electricity system and aesthetic curved photovoltaic tiles, which enhance its competitive edge [7] - Huabao New Energy aims to solidify its leadership in portable energy storage and accelerate the development of home green electricity ecosystems, targeting emerging markets in Southeast Asia and Latin America [8]

Core Insights - The company reported significant growth in revenue and net profit for 2024 and Q1 2025, with a revenue of 3.606 billion and a net profit of 240 million, marking year-on-year increases of 55.82% and 237.89% respectively [1] - The company's gross margin improved to 44.05% in 2024, up by 5.07 percentage points, driven by cost optimization and product upgrades [1] Financial Performance - 2024 revenue reached 3.606 billion, a 55.82% increase year-on-year - 2024 net profit was 240 million, a remarkable 237.89% increase year-on-year - Q1 2025 revenue was 714 million, up 22.60% year-on-year - Q1 2025 net profit was 85.073 million, reflecting a 193.36% year-on-year growth [1] Technological Innovation - The company has developed new photovoltaic technologies, including a suspended integrated frame and bifacial packaging, reducing solar panel weight by 30% and increasing efficiency by up to 20% [2] - The launch of the new generation outdoor power supply, 3000Pro2, represents a breakthrough in lightweight high-capacity solutions [2] - The company holds a total of 1,720 patents, with 928 authorized patents, showcasing strong innovation capabilities [2] Product Development - The company defined a new category of "Solar Generator" outdoor power supplies, with revenue growth of nearly 140% in 2024, accounting for over 50% of total revenue [3] - Innovative products include DIY small green energy systems and aesthetic curved photovoltaic tile systems, meeting diverse consumer needs [3] Research and Development - R&D expenses increased by 14.31% in 2024, totaling 173 million, with a compound annual growth rate of 38.99% over the past three years [4] - The company initiated a project focused on developing smart home energy systems, targeting core technologies in energy storage and IoT devices [4] Cost Management - The company has effectively reduced sales and management expense ratios, with a decrease of 7.02 percentage points and 4.48 percentage points respectively in 2024 [5] - Continued focus on cost reduction and efficiency improvement has led to enhanced profitability [5] Future Outlook - The company aims to continue driving growth through technological innovation, expanding global market presence, and enhancing digital and channel management [6]

Revenue and Profit - The company achieved significant revenue and profit growth in Q1 2025, with total operating revenue reaching 714 million yuan, a year-on-year increase of 22.6% [2] - The net profit attributable to shareholders was 85.073 million yuan, up 193.36% year-on-year, while the net profit excluding non-recurring items was 65.8237 million yuan, reflecting a 395.17% increase [2] Profitability - The company's gross margin was 44.21%, a decrease of 3.62 percentage points compared to the same period last year, but the net margin reached 11.92%, an increase of 139.28% year-on-year [3] - Earnings per share were 0.68 yuan, representing a year-on-year growth of 195.65% [3] Cost Control - The company demonstrated strong cost control, with total selling, administrative, and financial expenses amounting to 210 million yuan, accounting for 29.45% of revenue, a decrease of 6.7% year-on-year [4] Cash Flow Situation - The operating cash flow per share was -3.49 yuan, a significant decline of 2822.02% year-on-year, indicating considerable pressure on cash flow from operating activities [5] Assets and Liabilities - The company's cash and cash equivalents were 856 million yuan, a decrease of 76.44% from 3.631 billion yuan in the same period last year [6] - Accounts receivable increased by 26.41% year-on-year to 129 million yuan, while interest-bearing liabilities decreased by 86.06% to 37.945 million yuan, indicating improved debt management [6] Overall Summary - Overall, the company achieved significant growth in revenue and net profit in Q1 2025, with improved profitability and effective cost control. However, the cash flow situation raises concerns that require close monitoring of future cash flow management and operational performance [7]

Core Viewpoint - The company, Huabao New Energy, has demonstrated significant growth in revenue and profit, driven by strategic advancements in the portable energy storage sector, positioning itself competitively in the market [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.606 billion yuan, a year-on-year increase of 55.82%, and a net profit attributable to shareholders of 240 million yuan, with a non-recurring net profit of 160 million yuan, both showing a turnaround from losses [1]. - For the first quarter of 2025, the company reported revenue of 714 million yuan, a year-on-year growth of 22.60%, and a net profit attributable to shareholders of 85.073 million yuan, reflecting a 193.36% increase, with a non-recurring net profit of 65.8237 million yuan, up 395.17% [1]. Business Strategy - The company has enhanced its revenue and profit growth through a focus on global M2C direct sales and cost control strategies, establishing a complete digital chain from R&D to sales [2]. - Huabao New Energy has built a flexible smart factory that reduces order response time by 40% and improves inventory turnover by 35%, maintaining a gross margin of over 30% despite fluctuations in raw material prices [2]. Global Expansion - The company has developed a three-pronged global channel network consisting of independent websites, third-party e-commerce platforms, and offline retail, with 23 independent sites established globally, covering over 50 countries and regions [2]. - In the first quarter of 2025, revenue from the brand's independent website increased by 42.10% year-on-year [2]. Retail Partnerships - Strategic partnerships have been formed with major global retailers such as Costco, Walmart, and Home Depot, with products now available in over 10,000 retail locations, leading to a 30.49% year-on-year increase in offline retail channel revenue in the first quarter of 2025 [3]. R&D and Innovation - The company has increased R&D expenditure by 14.31% in 2024, with a total of 1,720 patents filed, including 928 domestic and international patents [3]. - Huabao New Energy has received numerous international design awards, showcasing its commitment to technology and design innovation [3]. Product Development - In the first quarter of 2025, the company launched the new generation of outdoor power supply, the 3000Pro2 flagship series, achieving a breakthrough in "3 degrees of electricity capacity, 2 degrees of electricity volume" [4]. - The company has outlined a product transition map covering entry-level solar storage, core household backup, and high-end curved solar tile systems, promoting its mission of making green energy ubiquitous [4].