8月28日，怪兽充电将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间， 实际披露日期以公司公告为准）。 8月21日，怪兽充电(EM)盘中上涨2.27%，截至21:49，报1.35美元/股，成交45.15万美元，总市值3.42亿 美元。 财务数据显示，截至2024年12月31日，怪兽充电收入总额18.94亿人民币，同比减少35.97%；归母净利 润-1353.4万人民币，同比减少115.25%。 本文源自：金融界 大事提醒： 作者：行情君 资料显示，Smart Share Global Limited是一家在开曼群岛注册成立的境外控股母公司,其主要通过境内实 体子公司上海挚享科技有限公司运营。该子公司是领先的"物联网+生活服务"公司,通过广泛的线上和线 下网络提供移动设备充电服务的消费科技公司。通过怪兽充电的小程序,用户可以在使用该的服务时租 用它的电源,并可以在任何一个POIs归还电源。 ...

资料显示，Smart Share Global Limited是一家在开曼群岛注册成立的境外控股母公司,其主要通过境内实 体子公司上海挚享科技有限公司运营。该子公司是领先的"物联网+生活服务"公司,通过广泛的线上和线 下网络提供移动设备充电服务的消费科技公司。通过怪兽充电的小程序,用户可以在使用该的服务时租 用它的电源,并可以在任何一个POIs归还电源。 本文源自：金融界 作者：行情君 8月18日，怪兽充电(EM)开盘上涨19.15%，截至21:30，报1.4美元/股，成交96.29万美元，总市值3.55亿 美元。 财务数据显示，截至2024年12月31日，怪兽充电收入总额18.94亿人民币，同比减少35.97%；归母净利 润-1353.4万人民币，同比减少115.25%。 大事提醒： 8月28日，怪兽充电将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间， 实际披露日期以公司公告为准）。 ...

Group 1 - Smart Share Global Limited, also known as Energy Monster, received a preliminary non-binding proposal from Hillhouse Investment Management to acquire all outstanding ordinary shares not already owned by Hillhouse or Management Members for US$1.77 per ADS or US$0.885 per share in cash [1] - The Company had previously entered into a definitive Agreement and Plan of Merger with Trustar Mobile Charging Holdings Limited, which includes key Management Members [2] - A special committee of independent directors is evaluating all options for the best interests of shareholders with the help of independent financial and legal advisors [3] Group 2 - Smart Share Global Limited is the largest provider of mobile device charging services in China, holding the number one market share [5] - The Company operates a network of 9.6 million power banks located in 1,279,900 points of interest across over 2,200 counties and county-level districts in China as of December 31, 2024 [5]

Core Viewpoint - Smart Share Global Limited has announced a definitive Merger Agreement with Mobile Charging Group Holdings Limited, implying an equity value of approximately US$327 million for the company [1][3]. Merger Details - The Merger will result in each American Depository Share (ADS) being exchanged for US$1.25 in cash, while each Class A Share will be exchanged for US$0.625 in cash [2]. - The Merger Consideration represents a premium of 74.8% to the closing trading price of the ADSs on January 3, 2025, and a premium of approximately 8.7% to the closing price on July 31, 2025 [3]. Consortium Composition - The Consortium acquiring Smart Share includes Trustar Mobile Charging Holdings Limited and key executives from the company, including the Chairman and CEO, Mars Guangyuan Cai [4]. Funding Structure - The Merger will be funded through cash contributions from Consortium members, a committed term loan facility from Bank of China Limited, and rollover equity contributions from Rollover Shareholders [5]. Board Approval - The Merger Agreement has been approved by the Board, following a unanimous recommendation from a Special Committee of independent directors [6]. Closing Conditions - The Merger is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including shareholder approval and regulatory approvals [7]. Company Background - Smart Share Global Limited, also known as Energy Monster, is a leading provider of mobile device charging services in China, with 9.6 million power banks across over 1.2 million points of interest [15].

Core Viewpoint - Smart Share Global Limited has announced a definitive Merger Agreement with Mobile Charging Group Holdings Limited, implying an equity value of approximately US$327 million for the company [1][3]. Merger Details - The Merger will result in each American Depository Share (ADS) being exchanged for US$1.25 in cash, while each Class A Share will be exchanged for US$0.625 in cash [2]. - The Merger Consideration represents a premium of 74.8% to the closing trading price of the ADSs on January 3, 2025, and a premium of approximately 8.7% to the closing price on July 31, 2025 [3]. Consortium Composition - The Consortium acquiring Smart Share includes Trustar Mobile Charging Holdings Limited and key executives from the company, including the Chairman and CEO, Mars Guangyuan Cai [4]. Funding Structure - The Merger will be funded through cash contributions from Consortium members, proceeds from a committed term loan facility from Bank of China Limited, and rollover equity contributions from Rollover Shareholders [5]. Board Approval - The Merger Agreement has been approved by the Board, following a unanimous recommendation from a Special Committee of independent directors [6]. Closing Conditions - The Merger is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including shareholder approval and regulatory approvals [7]. Company Background - Smart Share Global Limited, also known as Energy Monster, is a leading provider of mobile device charging services in China, with 9.6 million power banks across over 1.2 million points of interest [15].

Core Viewpoint - The charging treasure industry is facing an unprecedented trust crisis due to safety risks associated with battery materials, leading to product recalls and regulatory scrutiny [1][8]. Industry Development - The smartphone era initiated a surge in demand for portable charging solutions, with smartphone shipments in China reaching 118 million units in 2011, prompting the growth of the mobile power market [1][2]. - By 2012, the number of mobile power manufacturers in China skyrocketed from about 500 to 3,000, driven by the competitive landscape in Shenzhen's Huaqiangbei [2]. Safety Concerns and Regulations - In 2014, multiple incidents of charging treasure self-ignition raised alarms, with a quality inspection revealing a 87.5% non-compliance rate in electrical performance tests [2][3]. - The first national mandatory standard for mobile power was introduced in 2014, emphasizing battery cell production standards and imposing strict regulations on the specifications of charging treasures carried by passengers [3]. Market Dynamics - The rise of shared economy models led to the emergence of brands like Laidian Technology and Street Power, which focused on convenience and alleviating the burden of carrying charging devices [4]. - Xiaomi's entry into the market with a competitively priced power bank in late 2013 disrupted the industry, achieving over 10 million units sold within a year [4]. Competitive Landscape - Major brands like Anker Innovation and Huabao New Energy began exploring international markets, with Anker becoming a sales leader in regions like the U.S. [5]. - The charging treasure market has seen significant consolidation, with many early entrants exiting due to losses, while newer brands like Monster Charging rapidly expanded through aggressive funding [5]. Technological Advancements - The industry has entered a phase of technological innovation, with features like fast charging, wireless charging, and smart functionalities becoming mainstream [6]. - Current market shares show Xiaomi leading with a focus on cost-effectiveness and fast charging, followed by Anker in the high-end segment, and Romoss targeting the youth market with competitive pricing [6]. Regulatory Developments - Since 2017, the government has implemented stricter safety certifications for charging treasures, with a mandatory 3C certification set to take effect in August 2024 [8]. - Despite these regulations, recent recalls by major brands highlight ongoing issues with compliance and the need for improved industry oversight [8][9].

Financial Performance - Total revenues for 2023 were RMB 2,958,647, an increase of 4.2% compared to RMB 2,838,190 in 2022[49]. - The mobile device charging segment generated revenues of RMB 2,869,215 in 2023, up from RMB 2,813,619 in 2022, while the photovoltaic business contributed RMB 50,995 in 2023[49]. - Gross profit for 2023 was RMB 1,752,456, a decrease of 22.5% from RMB 2,264,955 in 2022[49]. - Net income for 2023 was RMB 88,744, a significant recovery from a net loss of RMB 730,753 in 2022[49]. - Total third-party revenues reached RMB 2,838,190,000 for the year ended December 31, 2022[58]. - The net loss attributable to ordinary shareholders was RMB 730,753,000, reflecting significant operational challenges[58]. - The company incurred a net loss of RMB 13.5 million (US$1.9 million) in 2024, following a net income of RMB 88.7 million in 2023 and a net loss of RMB 730.8 million in 2022, with 2023's net income attributed to the recovery in offline foot traffic in China[82]. - Revenue generated under the direct model decreased significantly in 2024 as part of the company's strategic shift towards the network partner model, which began in Q2 2023[88]. Regulatory Environment - The CSRC's new filing-based regulatory system for overseas offerings and listings came into effect on March 31, 2023, affecting future capital raising activities[32]. - The PCAOB has not issued any new determination regarding its ability to inspect or investigate registered public accounting firms in mainland China and Hong Kong as of the date of this annual report[29]. - The company may face sanctions from the CSRC if it fails to complete required filing procedures for future offshore offerings[33]. - The company’s ADSs may be prohibited from trading in the U.S. under the HFCAA if the PCAOB is unable to inspect or investigate completely auditors located in China[29]. - Compliance with existing and future PRC laws related to data security and personal information protection may incur additional costs and negatively impact the company's reputation[137]. VIE Structure and Risks - The company operates through a VIE structure due to foreign ownership restrictions, which may expose it to regulatory risks[202]. - Uncertainties regarding the enforceability of contractual arrangements with the VIE could affect the company's control and financial results[204]. - Any failure by the VIE or its shareholders to perform contractual obligations could lead to significant costs and adversely affect the company's business[210]. - The enforceability of the VIE contractual agreements depends on the shareholders of Shanghai Zhixiang, who own the majority of voting shares[213]. - Potential conflicts of interest exist between the shareholders of the VIE and the company, which may adversely affect control and economic benefits[214]. Cash Flow and Capital Management - The company reported a net cash generated from operating activities of RMB 416,499 in 2023, down from RMB 708,142 in 2022[54]. - Cash and cash equivalents decreased to RMB 588,644 in 2023 from RMB 948,773 in 2022[52]. - The company reported a net cash used in operating activities of RMB 205,669,000 for the year ended December 31, 2024[62]. - The company has significant short-term investments totaling RMB 2,131,738,000, which may provide liquidity[60]. - The treasury department monitors inter-company cash transfers based on projected annual cash flow statements[34]. Shareholder and Dividend Information - The company approved a special cash dividend of US$0.015 per ordinary share, totaling US$7.7 million, funded by surplus cash on the balance sheet[34]. - Smart Share Global Limited's subsidiaries in China are subject to a 10% withholding tax on dividends, which can be reduced to 5% under certain conditions with Hong Kong[37]. - The company's PRC subsidiaries must set aside at least 10% of after-tax profits for statutory reserves, which are not distributable as cash dividends[43]. Operational Challenges and Market Conditions - The company faces intensified competition in the mobile device charging service industry, which may lead to pricing pressures and reduced financial margins[78]. - Economic conditions in China, including consumer demand and discretionary spending, significantly influence the company's business performance[90]. - The increasing affordability and portability of power banks and portable chargers may lead to reduced demand for mobile device charging services, adversely affecting user attraction and retention[94]. - Natural disasters and global events, including COVID-19, have negatively impacted the company's operations and financial performance[200]. Internal Controls and Financial Reporting - The company identified material weaknesses in internal control over financial reporting, which may impair the accuracy of financial results and investor confidence[176]. - As of December 31, 2024, the company had three additional material weaknesses related to financial reporting and accounting personnel, completeness of system-generated information, and remediation measures[179]. - The company revised previously issued financial statements for the years ended December 31, 2022, and 2023, correcting errors related to tax surcharges, commissions, and expected credit losses[180]. Research and Development - Research and development expenses remained stable at RMB 91,461 in 2023, compared to RMB 90,655 in 2022[50]. - Significant investments in research and development are necessary, but these efforts carry technical and business risks, and delays in product introduction may occur[112]. Supply Chain and Product Management - The company relies on suppliers and assembly partners for product procurement, and any disruptions in the supply chain could adversely affect operations and financial results[116]. - The company faces potential challenges in maintaining product quality, which is essential for consumer confidence and business success[125]. - Effective management of products and warehouses is critical, as mismanagement could lead to product obsolescence and significant write-downs[150]. Compliance and Legal Risks - The company may face claims under consumer protection laws, which could damage its reputation and result in significant costs for compliance and legal defense[95]. - The company is exposed to legal claims and regulatory proceedings that could adversely affect its reputation and financial condition[98]. - The company must comply with government regulations, including potential price controls, which could affect its pricing strategies and financial performance[106]. Strategic Outlook - Future outlook includes potential market expansion and new product development strategies[58]. - The company plans to expand its photovoltaic business, projecting revenues of RMB 479,850 for 2024[49]. - The company acknowledges that its relatively limited operating history makes it difficult to predict future growth and financial results[76].

Core Viewpoint - The popularity of shared power banks has increased among consumers, but issues such as "difficult to return" and "cross-city fees doubling" have emerged, leading to potential financial losses for users. A consumer survey report on the issue of returning shared power banks was released by the Jiangsu Consumer Protection Committee on April 25 [1]. Billing Standards - The billing standards of the seven surveyed brands are publicly disclosed, with differences in the same brand's billing rules. The billing systems are similar, offering a short free period of 2-5 minutes, with hourly fees ranging from 3 to 6 yuan. Daily caps range from 30 to 60 yuan, and total caps are set at 99 yuan [3][4]. Brand-Specific Billing Details - The following table summarizes the billing details of each brand: - Meituan: 1 hour, 3/4 yuan, 3/5 minutes free, daily cap 30/40 yuan, total cap 99 yuan - Monster: 0.5 hours, 4 yuan, 3 minutes free, daily cap 32 yuan, total cap 99 yuan - Street Electric: 0.5/1 hour, 3/4 yuan, 2 minutes/no free time, daily cap 30/40 yuan, total cap 99 yuan - Xiaodian: 0.5/1 hour, 4/6 yuan, 3 minutes/no free time, daily cap 40/60 yuan, total cap 99 yuan - Laidian: 0.5 hours, 4/5 yuan, no free time, daily cap 30 yuan, total cap 99 yuan - Dianbaobao: 1 hour, 3 yuan, 5 minutes free, daily cap 30 yuan, total cap 99 yuan - Chongdianlang: 1 hour, 3 yuan, 5 minutes free, daily cap 30 yuan, total cap 99 yuan [4]. Customer Service Response - Customer service for the seven brands generally responds within 3 minutes, with Monster, Chongdianlang, and Dianbaobao providing the fastest responses within 1 minute. All brands' customer service can assist consumers in pausing billing for up to 24 hours, with Laidian offering the longest pause of up to 9 days [5][6]. Return Mechanism and Issues - The success rate for returning power banks across different cities is high, with no additional charges incurred. However, if a power bank cannot be returned due to full charging cabinets or equipment failure, consumers may need to pay 99 yuan to "buy out" the power bank. Some brands offer postal return options, while others do not [7][8]. Unfair Terms and Recommendations - Some brands, such as Dianbaobao, have been found to include unfair terms in their agreements, which may shift responsibility to consumers in cases of equipment failure. The Jiangsu Consumer Protection Committee suggests that companies should improve return mechanisms, enhance customer service, and ensure clear pricing [9][10].

Core Viewpoint - Smart Share Global Limited, also known as Energy Monster, reported a significant shift in its business model towards a network partner model, resulting in a decrease in revenues for the third quarter of 2024 compared to the same period in 2023. Financial Results - Revenues for Q3 2024 were RMB490.8 million (US$69.9 million), a 20.0% decrease from Q3 2023 [2] - Mobile device charging revenues decreased by 34.8% to RMB367.9 million (US$52.4 million) for Q3 2024 from RMB564.2 million in Q3 2023 [11] - Revenues generated under the network partner model increased by 10.7% to RMB309.8 million for Q3 2024, while revenues from the direct model decreased by 79.6% to RMB58.0 million [11] Cost and Expenses - Cost of revenues increased by 38.5% to RMB298.4 million (US$42.5 million) in Q3 2024, primarily due to new business initiatives and costs associated with cabinets sold [3] - Research and development expenses decreased by 15.8% to RMB20.0 million (US$2.9 million) [4] - Sales and marketing expenses decreased by 51.8% to RMB142.6 million (US$20.3 million) [5] - General and administrative expenses increased by 10.0% to RMB41.6 million (US$5.9 million) [6] Profitability - Loss from operations for Q3 2024 was RMB5.1 million (US$0.7 million), compared to an income from operations of RMB33.4 million in Q3 2023 [6] - Net income for Q3 2024 was RMB4.2 million (US$0.6 million), down from RMB49.0 million in the same period last year [7][8] - Non-GAAP adjusted net income for Q3 2024 was RMB9.2 million (US$1.3 million), compared to RMB54.2 million in Q3 2023 [7] User and Operational Metrics - Cumulative registered users reached 430.2 million as of September 30, 2024, with 13.1 million new users acquired during the quarter [11] - The number of Points of Interest (POIs) operated under the network partner model reached 96.8% as of the end of Q3 2024, up from 89.2% as of June 30, 2024 [11] - The company had 1,274 thousand POIs and 9.5 million available power banks as of September 30, 2024 [12] Business Transition - The company successfully completed its transition to the network partner model during Q3 2024, which is reflected in the retrospective review of the model throughout the transition period [11] - Other revenues, primarily from new business initiatives and advertising services, increased by 149.4% to RMB122.9 million (US$17.5 million) for Q3 2024 [11]

Core Viewpoint - Smart Share Global Limited, also known as Energy Monster, is evaluating a non-binding "going private" proposal from Trustar Mobile Charging Holdings Limited and key executives of the company [1][2]. Company Overview - Smart Share Global Limited is a leading consumer tech company in China, specializing in mobile device charging services, holding the largest market share in this sector [3]. - The company operates a network of power banks available at various points of interest (POIs) including entertainment venues, restaurants, shopping centers, hotels, and transportation hubs [3]. - As of June 30, 2024, Energy Monster had deployed 9.5 million power banks across 1,267,000 POIs in over 2,100 counties and county-level districts in China [3].