Core Viewpoint - Youyou Green Energy announced the completion of the stock option grant registration for its 2025 equity incentive plan, indicating a strategic move to motivate and retain key personnel [1] Group 1: Stock Option Details - The stock option is referred to as Youyou JLC1, with the code 036622 [1] - The grant date for the stock options is set for January 5, 2026 [1] - The registration completion date for the stock options is January 22, 2026 [1] - A total of 525,000 stock options have been registered [1] - The number of individuals registered for the stock options is 96 [1] - The exercise price for the stock options is set at 174.47 yuan per option [1]

证券代码：301590 证券简称：优优绿能 公告编号：2026-007 深圳市优优绿能股份有限公司 关于2025年股权激励计划之股票期权 授予登记完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要提示： 深圳市优优绿能股份有限公司（以下简称"公司"）根据《上市公司股权激 励管理办法》、深圳证券交易所、中国证券登记结算有限责任公司深圳分公司有 关规则的规定，完成了 2025 年股权激励计划（以下简称"《2025 年激励计划》" 或"本激励计划"）之股票期权授予登记工作，具体情况公告如下： （六）股票期权的授予人数：96 名 （二）股票期权代码：036622 （三）股票期权的授予日：2026 年 1 月 5 日 （四）股票期权登记完成日：2026 年 1 月 22 日 （五）股票期权的股票来源：公司向激励对象定向发行的公司 A 股普通股股 票 （七）股票期权的行权价格：174.47 元/份 一、本激励计划已履行的相关审批程序 （一）2025 年 12 月 4 日，公司召开第二届董事会第五次会议，审议通过了 《关于公司〈2025 年股权激励计划（草案）〉及 ...

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

公司拟设立控股子公司，加速AIDC 业务布局 2026 年1 月21 日，公司发布公告，拟以现金7,000 万元与持股投资平台Ⅰ、持股投资平台Ⅱ共同投资设 立控股子公司深圳市艾格数字能源科技有限公司。本次交易完成后，公司持有艾格数字能源70%股权。 艾格数字能源纳入公司合并报表范围。本次公司拟与关联方共同对外投资设立子公司是基于公司战略发 展规划，紧抓AIDC 供电架构直流化的行业机遇，加速数据中心直流供电业务布局，进一步优化资产、 提升公司综合竞争实力的需要。对外投资资金来源为自有资金。 HVDC 与充电模块在拓扑结构、模块化并联设计上高度相似充电模块与HVDC 核心都是要实现AC-DC 及DC-DC 两级变换，且均属于高压大功率开关电源的范畴。二者都需要从工频/三相市电取电，通过前 级PFC 电路实现功率因数校正，转换为稳定的高压直流电，再通过后级DC-DC 转换成负载所需要的直 流电压。区别在于充电模块的终端负载是动力电池，常设计成300V-1000V 宽电压范围输出；HVDC 的 终端负载是服务器等直流用电设备，以恒压输出为主。且二者均需通过高频化设计来解决高压大功率开 关电源在有限物理空间内的功率密 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company plans to establish a holding subsidiary, Shenzhen Aige Digital Energy Technology Co., Ltd., with an investment of 70 million yuan, aiming to accelerate its AIDC business layout. Post-transaction, the company will hold a 70% stake in the subsidiary, which will be included in the consolidated financial statements. This strategic move is aligned with the company's development plan to capitalize on the industry's shift towards direct current (DC) power supply in data centers, thereby enhancing its asset optimization and overall competitive strength [4][5]. - The company's main business of charging modules shares a technological foundation with HVDC (High Voltage Direct Current) systems, allowing it to leverage existing overseas customer channels to penetrate the HVDC market. The profit forecasts remain unchanged, with expected net profits for 2025-2027 at 164 million, 252 million, and 405 million yuan, respectively. The corresponding EPS (Earnings Per Share) is projected to be 3.90, 5.99, and 9.62 yuan per share, with current price-to-earnings ratios of 59.2, 38.5, and 24.0 times [4][5]. Financial Summary and Valuation Metrics - The company's financial performance is summarized as follows: - Revenue for 2023 is projected at 1,376 million yuan, with a year-over-year growth of 39.2%. However, a decline of 8.3% is expected in 2025, followed by a recovery with growth rates of 24.9% in 2026 and 31.1% in 2027 [7]. - The net profit for 2023 is estimated at 268 million yuan, with a year-over-year increase of 36.8%. A significant drop of 36.0% is anticipated in 2025, but profits are expected to rebound to 252 million yuan in 2026 and 405 million yuan in 2027, reflecting growth rates of 53.8% and 60.6%, respectively [7]. - The gross margin is expected to be 33.1% in 2023, declining to 28.8% in 2025, before recovering to 30.2% in 2026 and 32.1% in 2027 [7]. - The return on equity (ROE) is projected to decrease from 35.1% in 2023 to 14.2% in 2025, then recover to 18.1% in 2026 and 22.7% in 2027 [7].

Group 1 - On January 21, Youyou Green Energy's stock rose by 15.38%, with a trading volume of 507 million yuan [1] - The financing data on the same day showed a financing purchase amount of 42.99 million yuan and a financing repayment of 47.38 million yuan, resulting in a net financing buy of -4.39 million yuan [1] - As of January 21, the total balance of margin trading for Youyou Green Energy was 110 million yuan, accounting for 5.54% of its circulating market value [1] Group 2 - As of September 30, the number of shareholders for Youyou Green Energy was 11,400, a decrease of 16.19% compared to the previous period [2] - The average circulating shares per person increased by 19.31% to 718 shares [2] - For the period from January to September 2025, Youyou Green Energy reported an operating income of 1.008 billion yuan, a year-on-year decrease of 5.09%, and a net profit attributable to shareholders of 124 million yuan, down 36.18% year-on-year [2] Group 3 - Since its A-share listing, Youyou Green Energy has distributed a total of 50.4 million yuan in dividends [3] - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 327,000 shares as a new shareholder [3] - Other new shareholders among the top ten circulating shareholders include Caitong Asset Management and Changxin Jinli Trend Mixed A, holding 115,200 shares and 98,000 shares respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The establishment of the HVDC subsidiary marks the beginning of a second growth curve for the company, with expectations of significant revenue and profit growth in the coming years [7] - The company is expected to leverage its strong R&D capabilities in power electronics to enter the HVDC power supply market, targeting high-power direct current charging modules and related products [7] - The management team, led by a new general manager with extensive experience in technology and clean energy, is anticipated to drive the subsidiary's growth and attract external resources [7] Financial Projections - Total revenue is projected to reach 1,376 million in 2023, with a growth forecast of 39.24% year-on-year, followed by a decline in 2025 to 1,114 million, and a recovery to 1,487 million in 2026, and 2,313 million in 2027 [1][8] - Net profit attributable to the parent company is expected to be 268.38 million in 2023, with a projected decline in 2025 to 151.65 million, followed by a significant recovery to 261 million in 2026 and 466.71 million in 2027 [1][8] - The earnings per share (EPS) is forecasted to be 6.38 in 2023, declining to 3.61 in 2025, and then recovering to 6.21 in 2026 and 11.10 in 2027 [1][8] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 36.16 in 2023, increasing to 64.00 in 2025, and then decreasing to 37.18 in 2026 and 20.79 in 2027 [1][8] - The company’s market capitalization is approximately 9,705.02 million, with a circulating A-share market value of 1,985.33 million [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The establishment of the HVDC subsidiary marks the beginning of a second growth curve for the company, with expectations of significant revenue and profit growth in the coming years [7] - The company is expected to leverage its strong R&D capabilities in power electronics to enter the HVDC power supply market, focusing on high-power direct current charging modules and related products [7] - The management team, led by a new general manager with extensive experience in technology and clean energy, is anticipated to drive the subsidiary's growth and attract external resources [7] Financial Projections - Total revenue is projected to reach 1,487 million yuan in 2026, with a year-on-year growth of 33.44% [1] - The net profit attributable to the parent company is expected to be 261 million yuan in 2026, reflecting a significant increase of 72.11% compared to the previous year [1] - The earnings per share (EPS) is forecasted to be 6.21 yuan in 2026, with a P/E ratio of 37.18 [1] Market Data - The company's closing price is 230.78 yuan, with a market capitalization of 9,705.02 million yuan [5] - The price-to-book ratio stands at 4.99, indicating the market's valuation relative to the company's net assets [5] Financial Health - The company has a debt-to-asset ratio of 26.32%, suggesting a relatively low level of financial leverage [6] - The total assets are projected to grow to 3,610 million yuan by 2027, indicating a strong upward trend in the company's financial position [8]

其中，持股投资平台Ⅰ以有限合伙企业形式设立，公司全资子公司深圳市优优绿能软件技术有限责任公 司（拟更名为深圳市优优绿能投资有限公司，以下简称"优优绿能投资"，以核准登记备案为准）以货币 出资20.00万元，并担任普通合伙人（GP），公司实控人、董事长、总经理柏建国先生以货币出资 1,980.00万元，担任有限合伙人（LP）；后期根据子公司经营发展需要，有限合伙人柏建国先生持有持 股投资平台Ⅰ之财产份额可对外转让给公司经营团队、行业专家等。持股投资平台Ⅱ以有限合伙企业形 式设立，优优绿能投资以货币出资10.00万元，并担任普通合伙人（GP），公司实控人、董事长、总经 理柏建国先生以货币出资990.00万元，担任有限合伙人（LP）；后期根据子公司经营发展需要，有限合 伙人柏建国先生持有持股投资平台Ⅱ之财产份额可对外转让给公司经营团队、行业专家等。 格隆汇1月21日丨优优绿能(301590.SZ)公布，为紧抓AIDC供电架构直流化的行业机遇，加速数据中心 直流供电业务布局，公司拟与持股投资平台Ⅰ及持股投资平台Ⅱ（合计简称"持股投资平台"）共同出资 成立控股子公司艾格数字能源，子公司的注册资本为人民币10,000.0 ...

其中，持股投资平台Ⅰ以有限合伙企业形式设立，公司全资子公司深圳市优优绿能软件技术有限责任公 司（拟更名为深圳市优优绿能投资有限公司，以下简称"优优绿能投资"，以核准登记备案为准）以货币 出资20.00万元，并担任普通合伙人（GP），公司实控人、董事长、总经理柏建国先生以货币出资 1,980.00万元，担任有限合伙人（LP）；后期根据子公司经营发展需要，有限合伙人柏建国先生持有持 股投资平台Ⅰ之财产份额可对外转让给公司经营团队、行业专家等。持股投资平台Ⅱ以有限合伙企业形 式设立，优优绿能投资以货币出资10.00万元，并担任普通合伙人（GP），公司实控人、董事长、总经 理柏建国先生以货币出资990.00万元，担任有限合伙人（LP）；后期根据子公司经营发展需要，有限合 伙人柏建国先生持有持股投资平台Ⅱ之财产份额可对外转让给公司经营团队、行业专家等。 格隆汇1月21日丨优优绿能(301590.SZ)公布，为紧抓AIDC供电架构直流化的行业机遇，加速数据中心 直流供电业务布局，公司拟与持股投资平台Ⅰ及持股投资平台Ⅱ（合计简称"持股投资平台"）共同出资 成立控股子公司艾格数字能源，子公司的注册资本为人民币10,000.0 ...