豪鹏科技(001283) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes The company's board and senior management guarantee the report's accuracy, completeness, and truthfulness, while also advising investors to review the risk section - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility[4] - The report advises investors to pay attention to "X. Risks Faced by the Company and Countermeasures" in "Section III. Management Discussion and Analysis"[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[6] Table of Contents This section clearly lists the nine main chapters and their corresponding starting page numbers, facilitating quick navigation of the report content - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[8] Definitions This section provides detailed explanations of key terms used in the report, including company names, subsidiaries, battery technology terms, management systems, and relevant laws and regulations, ensuring accurate understanding - Definitions cover the full and abbreviated names of the company and its subsidiaries, such as Shenzhen Highpower Technology Co., Ltd. and Highpower International (Hong Kong) Limited[11] - Explanations include professional battery industry terms such as PACK (battery pack), cell, module, lithium-ion battery, nickel-metal hydride battery, and energy density[11] - The reporting period is specified as January 1, 2025, to June 30, 2025[11] Company Profile and Key Financial Indicators Company Profile This section introduces the basic information of Shenzhen Highpower Technology Co., Ltd., including its stock ticker "Highpower Technology", stock code "001283", listing status on the Shenzhen Stock Exchange, and its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Highpower Technology | | Stock Code | 001283 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Highpower Technology Co., Ltd. | | Legal Representative | Pan Dangyu | Contact Person and Contact Information This section provides detailed contact information for the company's Board Secretary Chen Ping and Securities Affairs Representative Jing Panpan, ensuring convenient communication for investors - The Board Secretary is Chen Ping, and the Securities Affairs Representative is Jing Panpan, with the contact address for both being Building 1, No. 68 Xinsha Avenue, Pinghu Street, Longgang District, Shenzhen[14] - The contact phone and fax numbers are 0755-89686543 and 0755-89686236, respectively, and the email address is hpcapital@highpowertech.com[14] Other Information This section states that the company's registered address, office address, website, email, information disclosure website, media, and report placement location remained unchanged during the reporting period - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[15] - The company's information disclosure and placement locations remained unchanged during the reporting period and can be found in the 2024 annual report[16] Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, showing a 19.29% increase in operating revenue, a significant 252.49% increase in net profit attributable to shareholders, and a 44.18% increase in net cash flow from operating activities, indicating strong profitability and improved cash flow Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,762,767,014.17 | 2,315,939,850.55 | 19.29% | | Net Profit Attributable to Shareholders of Listed Company | 96,710,693.57 | 27,436,627.91 | 252.49% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 79,839,749.71 | 17,123,161.33 | 366.27% | | Net Cash Flow from Operating Activities | 91,437,293.91 | 63,417,889.18 | 44.18% | | Basic Earnings Per Share (yuan/share) | 1.29 | 0.33 | 290.91% | | Diluted Earnings Per Share (yuan/share) | 1.29 | 0.34 | 279.41% | | Weighted Average Return on Net Assets | 4.03% | 1.09% | 2.94% | | Total Assets (Period-End) | 8,476,916,629.84 | 8,794,586,048.44 | -3.61% | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 2,384,485,669.08 | 2,426,515,981.10 | -1.73% | Differences in Accounting Data Under Domestic and International Accounting Standards The company states that there were no differences in net profit and net assets between financial reports disclosed under international or foreign accounting standards and those under Chinese accounting standards during the reporting period - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[19] - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[20] Non-Recurring Gains and Losses Items and Amounts This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling 16,870,943.86 yuan, primarily from government grants and fair value changes, offset by non-current asset disposals and income tax impacts Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -2,797,241.34 | | Government grants recognized in current profit or loss | 13,713,033.17 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 9,299,451.82 | | Other non-operating income and expenses | 334,381.72 | | Less: Income tax impact | 3,678,681.51 | | Total | 16,870,943.86 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it reclassified non-recurring gains and losses as recurring gains and losses[23] Management Discussion and Analysis Company's Main Business Activities During the Reporting Period The company's core business strategy is to provide full-stack new energy solutions to global top 500 and leading brands, transitioning from a "consumer battery manufacturer" to an "AI+edge hardware new energy solution leader" by deeply empowering high-end intelligent terminal scenarios Company's Main Business and Products The company's core strategy is to provide full-stack new energy solutions to leading brands, transitioning to an "AI+edge hardware new energy solution leader" through innovative battery technology and AI-driven R&D, with products widely applied in AI hardware, robotics, and low-altitude economy - The company's core business strategy is to provide full-stack new energy solutions to global top 500 and leading brands in niche markets, transitioning towards becoming an "AI+edge hardware new energy solution leader"[25] - The company's products deeply empower high-end intelligent terminal scenarios, including AI hardware, robotics, low-altitude economy, covering notebooks, smart wearables, smartphones, drones, and energy storage[26] - The company is centered on an "All in AI" strategy, accelerating the conversion of technological innovation into commercial value and consolidating its first-mover advantage in the AI+edge hardware new energy solution market[27] Company's Main Products and Application Areas | New Energy Solution Products for Consumer Application Scenarios | New Energy Solution Products for Energy Storage Application Scenarios | | :--- | :--- | | Notebooks and peripherals, smart tablets, smartphones, AI glasses, AI toys, AI headphones, AI hearing aids, smart wearables, TWS and OWS headphones, robots, drones, eVTOL, high-end secure backup power, Bluetooth speakers, personal care, medical devices, light power, portable energy storage, solar street lights, civil retail, in-car T-Box | Commercial and industrial energy storage, residential energy storage, power system energy storage | Company's Main Business Model The company's business model encompasses R&D, procurement, production, and sales, utilizing an IPD management system for R&D, a centralized procurement center for sustainable sourcing, AI-powered intelligent manufacturing, and a direct sales approach focused on leading global brands - R&D Model: Adhering to the philosophy of "technology-driven, innovation-led," deeply integrating the IPD management system to build a tiered R&D strategy of "planning one generation, reserving one generation, developing one generation, applying one generation," with the research institute focusing on strategic technological innovation and product development departments focusing on market demand conversion[30][31][32] - Procurement Model: The procurement center coordinates raw material procurement, establishes a supplier management system, formulates procurement processes, and collaborates with associate company Ganzhou Highpower to build a resource recovery and recycling system, strengthening supply chain stability and cost advantages[33][34] - Production Model: Building an AI-powered intelligent manufacturing system, combining the advantages of mass production and flexible manufacturing through intelligent scheduling and flexible response mechanisms, to meet the full spectrum of delivery scenarios from large-scale orders to small-batch trial production orders[35] - Sales Model: Adhering to technology co-development to drive market expansion, focusing on serving global top 500 and leading brands in niche industries, adopting an end-to-end direct sales system, and establishing a cross-departmental collaborative service value closed-loop[36][37] Analysis of Core Competencies The company's core competencies include strong strategic client relationships, AI-driven R&D innovation, and intelligent manufacturing with scalable delivery capabilities, enabling leadership in consumer electronics and emerging AI+edge, robotics, and low-altitude economy sectors - Strategic Client Resource Advantage: Deep collaboration with world-class technology leaders such as HP, DJI, Dell, Sony, Google, Harman, and Amazon, consolidating its core position in consumer electronics and smart terminals, and enhancing customer stickiness in cutting-edge sectors like AI+edge, robotics, and low-altitude economy[38] - R&D Innovation: Adopting an "AI-driven, open collaboration" R&D paradigm, tilting R&D resources towards leading clients in the AI+edge domain; as of June 30, 2025, the company has obtained 960 authorized and valid patents, including 190 invention patents. R&D focuses on four core strategic directions: high-voltage cathode materials, high-silicon anode applications, innovative steel casing stacking processes, and solid-state battery technology[39][40] - Intelligent Manufacturing and Scalable Delivery: Building an AI-powered intelligent manufacturing platform centered on AI+edge application scenarios, enhancing manufacturing precision, operational energy consumption, and carbon efficiency through automation, digitalization, and intelligence. The Tonghu R&D and production base and overseas production bases strengthen global delivery resilience[41] Analysis of Main Business During the reporting period, the company's main business achieved operating revenue of 2.763 billion yuan, a 19.29% year-on-year increase, and net profit attributable to shareholders of 96.7107 million yuan, a 252.49% increase, with strong growth in core and emerging businesses - During the reporting period, the company achieved operating revenue of 2.763 billion yuan, a year-on-year increase of 19.29%; net profit attributable to shareholders of 96.7107 million yuan, a year-on-year increase of 252.49%[42] Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,762,767,014.17 | 2,315,939,850.55 | 19.29% | - | | Operating Cost | 2,245,123,677.51 | 1,875,089,082.60 | 19.73% | - | | Financial Expenses | 43,305,675.69 | 19,660,107.76 | 120.27% | Primarily due to changes in exchange gains/losses and higher interest income in the prior year period | | Income Tax Expense | 5,388,716.03 | -11,258,640.85 | 147.86% | Primarily due to changes in deferred income tax expense | | Net Cash Flow from Operating Activities | 91,437,293.91 | 63,417,889.18 | 44.18% | Primarily due to increased cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -210,504,298.51 | -637,180,666.64 | 66.96% | Primarily due to reduced payments for construction of production bases and equipment purchases | | Net Cash Flow from Financing Activities | 19,661,957.17 | -17,821,766.49 | 210.33% | Primarily due to increased bank borrowings for the company's operational development needs | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product | New Energy Solution Products for Consumer Application Scenarios | 2,441,446,447.32 | 88.37% | 2,229,136,004.89 | 96.25% | 9.52% | | | New Energy Solution Products for Energy Storage Application Scenarios | 252,064,534.27 | 9.12% | 64,015,156.60 | 2.76% | 293.76% | | By Region | Domestic | 1,272,311,528.66 | 46.05% | 1,058,476,972.28 | 45.70% | 20.20% | | | Overseas | 1,490,455,485.51 | 53.95% | 1,257,462,878.27 | 54.30% | 18.53% | - The company has changed the statistical caliber for product classification and simultaneously disclosed the main business data for 2024 according to the new caliber to enhance transparency[45][47] Analysis of Non-Main Business This section analyzes the impact of non-main business activities on the company's total profit, with investment income and fair value changes contributing positively, while asset and credit impairments had negative effects Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 5,834,161.26 | 5.71% | Primarily due to investment income from long-term equity investments accounted for using the equity method | Sustainable | | Gains or losses from changes in fair value | 8,102,722.88 | 7.94% | Primarily due to changes in foreign exchange derivative products measured at fair value and whose changes are recognized in current profit or loss | - | | Asset Impairment | -19,684,527.76 | -19.28% | Primarily due to changes in the provision for inventory depreciation | - | | Credit Impairment | -6,488,781.82 | -6.36% | Primarily due to changes in the provision for doubtful accounts receivable | - | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, with changes in monetary funds, accounts receivable, fixed assets, construction in progress, and long-term borrowings reflecting operational and investment activities Significant Changes in Asset Composition (Period-End vs. Period-Beginning) | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 762,221,677.59 | 8.99% | 1,060,045,728.07 | 12.05% | -3.06% | Primarily due to a decrease in restricted monetary funds | | Accounts Receivable | 1,607,969,832.78 | 18.97% | 1,418,802,675.14 | 16.13% | 2.84% | Primarily due to an increase in operating revenue | | Fixed Assets | 3,674,500,136.84 | 43.35% | 3,496,252,160.93 | 39.75% | 3.60% | Primarily due to the transfer of equipment and buildings in Tonghu Park to fixed assets | | Construction in Progress | 517,662,587.37 | 6.11% | 675,682,350.67 | 7.68% | -1.57% | Primarily due to the transfer of equipment and buildings in Tonghu Park to fixed assets | | Long-term Borrowings | 1,267,444,223.67 | 14.95% | 1,181,421,162.30 | 13.43% | 1.52% | Primarily due to increased bank borrowings for the company's operational development needs | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses for the Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 11,659,074.40 | 7,363,475.73 | 18,949,206.29 | | Other Non-current Financial Assets | 52,987,184.96 | -5,520,599.61 | 47,466,585.35 | | Receivables Financing | 28,689,546.77 | - | 4,525,714.48 | | Financial Liabilities | 15,001,538.18 | -6,259,846.76 | 8,595,240.57 | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 465,635,316.25 | Bill deposits, etc. | | Construction in Progress | 122,986,828.76 | Bank loan mortgage | | Fixed Assets | 413,707,224.52 | Bank loan mortgage | | Intangible Assets | 66,620,245.93 | Bank loan mortgage | | Total | 1,068,949,615.46 | - | Analysis of Investment Status The company had no significant equity investments during the reporting period, with the Tonghu Phase II project now operational, and its securities investments primarily consist of other non-current financial assets and foreign exchange derivatives for hedging purposes, generating a total gain of 13.5334 million yuan - The company's significant non-equity investment (Tonghu Phase II project) disclosed in previous reporting periods has been put into operation during the current reporting period[56] Securities Investment Information | Security Type | Security Abbreviation | Accounting Measurement Model | Beginning Book Value (yuan) | Fair Value Change Gains/Losses for the Period (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Foreign Stocks | ELPW | Fair value measurement | 16,388,823.96 | -5,520,599.61 | 10,868,224.35 | - The company invests in foreign exchange derivatives for hedging purposes; during the reporting period, settled foreign exchange derivatives generated an investment loss of 89,900 yuan, while unsettled foreign exchange derivatives generated a fair value change gain of 13.6233 million yuan, totaling a gain of 13.5334 million yuan[61] Overall Use of Raised Funds | Fundraising Method | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Total Raised Funds Used (10,000 yuan) | Cumulative Raised Funds Used as of Period-End (10,000 yuan) | Balance of Raised Funds as of Period-End (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of convertible corporate bonds to unspecified investors | 110,000.00 | 108,056.15 | 14,686.53 | 90,769.81 | 18,048.38 | - The pledged project for raised funds, "Guangdong Highpower New Energy R&D and Production Base Project (Phase I)," had an investment progress of 84.00% as of the period-end, and is expected to reach its intended usable state in the third quarter of 2024[67] Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of any significant assets during the reporting period[71] - The company did not dispose of any significant equity during the reporting period[72] Analysis of Major Holding and Associate Companies This section lists the basic information of the company's major holding and associate companies, including Huizhou Highpower Technology Co., Ltd., Highpower International (Hong Kong) Limited, and Vietnam Jingneng Technology Co., Ltd., with Huizhou Highpower and Highpower International (Hong Kong) being profitable, while Vietnam Jingneng Technology incurred losses Major Holding and Associate Company Information | Company Name | Company Type | Main Business | Registered Capital | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huizhou Highpower Technology Co., Ltd. | Subsidiary | R&D, production, and sales of battery products | 30,000 million RMB | 273,591.64 | 88,036.26 | 84,292.43 | 7,166.35 | 6,565.16 | | Highpower International (Hong Kong) Limited | Subsidiary | Battery product sales | 10 million HKD | 86,643.54 | -6,609.49 | 102,720.68 | 5,990.75 | 5,001.41 | | Vietnam Jingneng Technology Co., Ltd. | Subsidiary | R&D, production, and sales of battery products | 5 million USD | 11,897.11 | 1,049.87 | 886.00 | -1,056.21 | -1,004.86 | - The company did not acquire or dispose of any subsidiaries during the reporting period[73] Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[73] Risks Faced by the Company and Countermeasures The company faces multiple risks including macroeconomic fluctuations, intensified market competition, exchange rate volatility, raw material price fluctuations, and international trade frictions, which it addresses through market orientation, technological innovation, client collaboration, lean management, risk hedging, and diversified business layouts - Risks of macroeconomic fluctuations: Demand in the consumer electronics and new energy markets is strongly correlated with the macroeconomy, potentially leading to compressed product life cycles, decreased inventory turnover, and intensified price competition. Countermeasures include deepening the key account strategy, building a tiered technology matrix, strengthening talent teams, and lean operations[73][74] - Risks of market competition: The new energy industry faces escalating competition and accelerated technological generational leaps, requiring the company to establish differentiated advantages in technology R&D, process innovation, and strategic resource investment. Countermeasures include strengthening forward-looking technology layouts, deepening full-value chain lean management, and promoting agile response mechanisms at the market end[75][76] - Risks of exchange rate fluctuations: Overseas sales revenue accounts for over 50% and is primarily settled in USD, so exchange rate fluctuations may impact operating performance. Countermeasures include closely monitoring foreign exchange market changes and, if necessary, purchasing forward foreign exchange contracts to hedge risks[77] - Risks of raw material price fluctuations: Major raw materials are highly influenced by commodity prices and macroeconomic policies, and severe price fluctuations may impact operating performance. Countermeasures include strengthening raw material market monitoring, forward-looking inventory planning, lean supply chain management, and flexible pricing strategies[78] - Risks of international trade frictions: The restructuring of global trade rules and adjustments in regional tariff policies pose challenges for companies with a high proportion of overseas sales. Countermeasures include diversified business layouts, independent innovation of core technologies, and global capacity collaboration[79] Implementation of Market Value Management System and Valuation Enhancement Plan The company has not disclosed a market value management system or a valuation enhancement plan - The company has not established a market value management system[80] - The company has not disclosed a valuation enhancement plan[81] Implementation of 'Quality and Return Dual Enhancement' Action Plan The company has disclosed and actively implemented its "Quality and Return Dual Enhancement" action plan, demonstrating its commitment to investor interests through high-quality information disclosure, continuous cash dividends, active investor relations management, and full completion of share repurchase plans - The company has disclosed its "Quality and Return Dual Enhancement" action plan, aiming to practice the "investor-centric" philosophy and safeguard shareholder interests[81] - The company is committed to high-quality information disclosure, ensuring truthfulness, accuracy, completeness, and timeliness to protect investors' right to know[82] - The company highly values investor returns, having continuously implemented annual cash dividends since its listing in 2022, with cumulative cash dividends totaling nearly 100 million RMB over three years. Future plans include annual cash dividends of no less than 35% of the net profit attributable to shareholders of the listed company for the year[82] - The company actively implemented its share repurchase plan; as of the end of the reporting period, it had cumulatively repurchased 6,203,555 shares, with a total repurchase amount of nearly 300 million RMB, fully completing the upper limit of the repurchase plan and demonstrating management's confidence[83] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[85] Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[86] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[87] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[88] Social Responsibility During the reporting period, the company actively fulfilled its corporate social responsibilities by protecting stakeholders' rights, promoting environmental sustainability, and engaging in public welfare initiatives such as education and poverty alleviation, with cumulative donations exceeding 11 million yuan - Shareholder Rights Protection: The company strictly adheres to laws and regulations, optimizes its governance structure, strengthens internal controls, and ensures the exercise of shareholder rights and the truthfulness, accuracy, completeness, and timeliness of information disclosure[89] - Employee Rights Protection: The company adheres to the "contributor-centric" talent philosophy, provides a healthy and diverse professional environment, safeguards legal rights, focuses on talent development, improves the compensation and benefits system, and establishes internal communication channels and organizes cultural and sports activities[90][91] - Supplier and Customer Rights Protection: The company adheres to honest operation, rewards customers with high-security products and quality services, establishes long-term stable cooperative relationships with high-quality suppliers and customers, and maintains confidentiality of partner information[92] - Environmental Protection and Sustainable Development: The company adheres to its social responsibility policy, promotes environmental protection and energy conservation, has obtained ISO14001 and QC080000 management system certifications, and builds green, low-carbon parks and environmentally friendly products[93] - Other Social Welfare Initiatives: The company actively participates in public welfare initiatives such as education assistance and poverty alleviation, with cumulative donations exceeding 11 million yuan since 2018. It supports rural infrastructure development by providing employment opportunities and donating to build "Wanfu Bridge," and has established the "Sunshine Student Aid Foundation" with cumulative donations exceeding 1.1 million yuan to support educational revitalization[94][95] Significant Matters Commitments During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue as of the end of the reporting period[97] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company[98] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[99] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[100] Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Report' for the Current Period During the reporting period, there were no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current period - During the reporting period, there were no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current period[101] Board of Directors' Explanations on 'Non-Standard Audit Report' for the Previous Year During the reporting period, there were no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year - During the reporting period, there were no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year[101] Bankruptcy Reorganization Matters The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[101] Litigation Matters The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[102] - The company had no other litigation matters during the reporting period[102] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[103] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or its actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or its actual controller[104] Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[104] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[105] - The company had no related party creditor-debtor relationships during the reporting period[107] - The company had no other significant related party transactions during the reporting period[110] Significant Contracts and Their Performance The company had no entrustment or contracting matters during the reporting period but incurred 1,184,220.40 yuan in interest expenses for lease liabilities, provided significant guarantees for subsidiaries totaling 2.01089 billion yuan, and invested 30 million yuan in wealth management products using raised funds - The company had no entrustment or contracting situations during the reporting period[111][112] Leasing Information | Item | Jan-Jun 2025 (yuan) | | :--- | :--- | | Interest expense on lease liabilities | 1,184,220.40 | | Lease expenses for low-value assets treated under simplified approach | 1,230,237.81 | | Total cash outflow related to leases | 9,279,007.00 | - As of the end of the reporting period, the company's approved guarantee limit for subsidiaries totaled 3.9797 billion yuan, with actual guarantee balances totaling 2.01089 billion yuan, accounting for 84.33% of the company's net assets[119] Wealth Management Information | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (10,000 yuan) | Unmatured Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | | Brokerage wealth management products | Raised funds | 15,000 | 3,000 | - The company had no other significant contracts during the reporting period[122] Explanation of Other Significant Matters The company approved its 2025 Employee Stock Ownership Plan on July 1, 2025, completing the transfer of 2,554,000 shares on July 31, and also triggered and agreed to the early redemption of "Highpower Convertible Bonds" with a redemption date of August 29, 2025 - The company approved the "2025 Employee Stock Ownership Plan (Draft)" on July 1, 2025, and completed the non-trading transfer of the first tranche of 2,554,000 shares on July 31, 2025, accounting for 3.1683% of the total share capital at that time[123] - The company's stock has triggered the conditional redemption clause for "Highpower Convertible Bonds," and the Board of Directors agreed to early redemption on August 7, 2025[124] - "Highpower Convertible Bonds" will cease trading from August 26, 2025, with the redemption registration date on August 28, 2025, and the redemption date on August 29, 2025[124][125] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[126] Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital decreased by 1,529,333 shares to 80,610,011 shares due to the repurchase and cancellation of 2022 restricted shares, with the share repurchase plan fully completed Share Changes (shares) | Item | Quantity Before Change | Proportion Before Change | Increase/Decrease in This Change (Subtotal) | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 24,283,623 | 29.56% | -1,529,333 | 22,754,290 | 28.23% | | II. Unrestricted Shares | 57,855,721 | 70.44% | 0 | 57,855,721 | 71.77% | | III. Total Shares | 82,139,344 | 100.00% | -1,529,333 | 80,610,011 | 100.00% | - Share changes were primarily due to the company completing the repurchase and cancellation of some 2022 restricted shares in January and May 2025, totaling 1,529,333 shares repurchased and canceled[128][132] - The company has completed two share repurchase plans; as of June 30, 2025, it had cumulatively repurchased 6,203,555 shares, with a total amount of 298,599,254.49 yuan[133][135][417] Changes in Restricted Shares (shares) | Shareholder Name | Beginning Restricted Shares | Shares Released from Restriction This Period | Shares Added to Restriction This Period | Ending Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Pan Dangyu | 17,329,860 | 0 | 0 | 17,329,860 | Pre-IPO restricted shares | | Shenzhen Highpower International Holdings Co., Ltd. | 2,860,140 | 0 | 0 | 2,860,140 | Pre-IPO restricted shares | | Zhuhai Anhao Technology Partnership (Limited Partnership) | 2,400,000 | 0 | 0 | 2,400,000 | Pre-IPO restricted shares | | 2022 Restricted Stock Incentive Recipients | 1,529,333 | 0 | 0 | 0 | Restricted shares granted but not yet unlocked, repurchased and canceled due to unmet unlocking conditions | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[138] Number of Shareholders and Shareholding Information This section discloses the company's total number of shareholders and the shareholding of its top ten shareholders at the end of the reporting period, with Pan Dangyu as the largest shareholder holding 21.50% and the company's repurchase account holding 7.69% of total shares Top 10 Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Pan Dangyu | Domestic natural person | 21.50% | 17,329,860 | 17,329,860 | 0 | | Shenzhen Highpower International Holdings Co., Ltd. | Domestic non-state-owned legal entity | 3.55% | 2,860,140 | 2,860,140 | 0 | | Li Wenliang | Domestic natural person | 3.54% | 2,851,180 | 0 | 2,851,180 | | Zhuhai Anhao Technology Partnership (Limited Partnership) | Domestic non-state-owned legal entity | 2.98% | 2,400,000 | 2,400,000 | 0 | | GF Fund Management Co., Ltd. - Social Security Fund 420 Portfolio | Other | 2.76% | 2,224,054 | 0 | 2,224,054 | | Zhou Zige | Domestic natural person | 2.61% | 2,102,480 | 0 | 2,102,480 | | Yinhua Fund - ICBC-AXA Life Insurance Co., Ltd. - Yinhua Fund - ICBC-AXA Life Single Asset Management Plan | Other | 1.24% | 1,000,000 | 0 | 1,000,000 | | Bank of China Ltd. - China Merchants Quantitative Selection Stock Initiated Securities Investment Fund | Other | 1.15% | 929,500 | 0 | 929,500 | | Shenzhen Ruidi Electronics Co., Ltd. | Domestic non-state-owned legal entity | 0.94% | 758,400 | 0 | 758,400 | | China International Capital Corporation Limited - Social Security Fund 2008 Portfolio | Other | 0.93% | 748,100 | 0 | 748,100 | - Pan Dangyu holds 100% of Shenzhen Highpower International Holdings Co., Ltd., is its actual controller, and is the designated representative of the executive partner of Zhuhai Anhao Technology Partnership (Limited Partnership)[140] - The company's dedicated share repurchase securities account held 6,202,138 common shares at the end of the reporting period, accounting for 7.69% of the company's total share capital[140] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, some directors and senior management experienced a decrease in their restricted stock holdings due to the partial unlocking failure and termination of the 2022 Restricted Stock Incentive Plan Changes in Shareholdings of Directors, Supervisors, and Senior Management (shares) | Name | Position | Beginning Shareholding | Shares Reduced This Period | Ending Shareholding | Restricted Shares Granted at Beginning of Period | Change in Restricted Shares Granted This Period | Restricted Shares Granted at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liao Xingqun | Director, Deputy General Manager | 52,000 | 0 | 15,600 | 52,000 | -36,400 | 15,600 | | Pan Shengbin | Director, CFO | 16,000 | 0 | 4,800 | 16,000 | -11,200 | 4,800 | | Guo Yujie | Director | 18,000 | 0 | 5,400 | 18,000 | -12,600 | 5,400 | | Zhou Fang | Director | 20,000 | 0 | 5,400 | 20,000 | -14,600 | 5,400 | | Chen Ping | Board Secretary | 13,000 | 0 | 3,900 | 13,000 | -9,100 | 3,900 | | Total | -- | 119,000 | 0 | 35,100 | 119,000 | -83,900 | 35,100 | - The decrease in restricted shares granted this period was primarily due to some directors not fully unlocking the first tranche of their initial grants and the company terminating the 2022 Restricted Stock Incentive Plan, leading to the company repurchasing and canceling restricted shares granted but not yet unrestricted for the respective directors and senior management[142] Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[143] - The company's actual controller did not change during the reporting period[144] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[145] Bond-Related Information Enterprise Bonds The company had no enterprise bonds during the reporting period - The company had no enterprise bonds during the reporting period[147] Corporate Bonds The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[148] Non-Financial Enterprise Debt Financing Instruments The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[149] Convertible Corporate Bonds The company issued 11 million convertible corporate bonds totaling 1.1 billion yuan on December 22, 2023, with 5,527 holders and a current conversion price of 50.22 yuan/share, and has triggered and plans for early redemption on August 29, 2025 - The company issued 11 million convertible corporate bonds totaling 1.1 billion RMB on December 22, 2023, with a term of 6 years[150] - As of the end of the reporting period, there were 5,527 holders of convertible bonds, with no guarantors[151] Top Ten Convertible Bond Holders | No. | Convertible Bond Holder Name | Convertible Bonds Held at Period-End (bonds) | Convertible Bond Amount Held at Period-End (yuan) | Proportion of Convertible Bonds Held at Period-End | | :--- | :--- | :--- | :--- | :--- | | 1 | Pan Dangyu | 1,326,400 | 132,640,000.00 | 12.06% | | 2 | China Industrial and Commercial Bank of China Co., Ltd. - China-Europe Convertible Bond Fund | 559,700 | 55,970,000.00 | 5.09% | | 3 | China Minsheng Bank Co., Ltd. - Everbright Pramerica Credit Plus Bond Fund | 500,113 | 50,011,300.00 | 4.55% | | 4 | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 490,425 | 49,042,500.00 | 4.46% | | 5 | Agricultural Bank of China Co., Ltd. - Penghua Convertible Bond Fund | 471,665 | 47,166,500.00 | 4.29% | Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Before This Change (yuan) | Increase/Decrease in This Change (Conversion) (yuan) | After This Change (yuan) | | :--- | :--- | :--- | :--- | | Shenzhen Highpower Technology Co., Ltd. Convertible Corporate Bonds Issued to Unspecified Investors | 1,099,970,000.00 | 42,800.00 | 1,099,927,200.00 | - As of the end of the reporting period, the cumulative conversion amount was 72,800.00 yuan, with a cumulative conversion quantity of 1,417 shares, representing 0.0017% of the company's total issued shares before the conversion start date[155] - The conversion price of "Highpower Convertible Bonds" has been adjusted multiple times, with the latest conversion price being 50.22 yuan/share as of the end of this reporting period[156][157] - The company has triggered the conditional redemption clause for "Highpower Convertible Bonds" and plans to redeem them on August 29, 2025[155][107] Consolidated Statement Scope Loss Exceeding 10% of Net Assets at Year-End During the Reporting Period The company did not experience a consolidated statement scope loss exceeding 10% of net assets at the previous year-end during the reporting period - The company did not experience a consolidated statement scope loss exceeding 10% of net assets at the previous year-end during the reporting period[159] Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period This section presents the company's key accounting data and financial indicators for the past two years, showing improvements in liquidity ratios, net profit after non-recurring items, EBITDA to total debt ratio, interest coverage ratios, and a slight decrease in asset-liability ratio, indicating enhanced solvency Key Accounting Data and Financial Indicators for the Past Two Years | Item | Current Period-End/Current Period (10,000 yuan) | Prior Year-End/Prior Year Period (10,000 yuan) | Change from Prior Year-End to Current Period-End / Change from Prior Year Period to Current Period | | :--- | :--- | :--- | :--- | | Current Ratio | 0.99 | 0.98 | 1.02% | | Asset-Liability Ratio | 71.87% | 72.41% | -0.54% | | Quick Ratio | 0.69 | 0.67 | 2.99% | | Net Profit After Deducting Non-Recurring Gains and Losses | 7,983.97 | 1,712.32 | 366.27% | | EBITDA to Total Debt Ratio | 5.33% | 3.81% | 1.52% | | Interest Coverage Ratio | 2.92 | 1.30 | 124.62% | | Cash Interest Coverage Ratio | 1.72 | 1.18 | 45.76% | | EBITDA Interest Coverage Ratio | 6.09 | 4.24 | 43.63% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | - China Chengxin International Credit Rating Co., Ltd., a rating agency, has assigned an AA- credit rating to the company's convertible bonds, indicating good credit standing and ample funds to repay bond principal and interest[158] Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[161] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, offering a comprehensive view of its financial position, operating results, and cash flows Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 8.477 billion yuan, total liabilities 6.092 billion yuan, and total owners' equity 2.384 billion yuan, with current assets at 3.748 billion yuan and non-current assets at 4.729 billion yuan Consolidated Balance Sheet Key Data (Period-End Balance) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 8,476,916,629.84 | | Total Current Assets | 3,748,209,250.25 | | Total Non-current Assets | 4,728,707,379.59 | | Total Liabilities | 6,092,430,960.76 | | Total Current Liabilities | 3,804,926,986.53 | | Total Non-current Liabilities | 2,287,503,974.23 | | Total Owners' Equity | 2,384,485,669.08 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 4.460 billion yuan, total liabilities 2.931 billion yuan, and total owners' equity 1.529 billion yuan, with current assets at 2.611 billion yuan and non-current assets at 1.848 billion yuan Parent Company Balance Sheet Key Data (Period-End Balance) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 4,459,815,061.20 | | Total Current Assets | 2,611,376,982.23 | | Total Non-current Assets | 1,848,438,078.97 | | Total Liabilities | 2,930,682,620.47 | | Total Current Liabilities | 1,730,304,202.15 | | Total Non-current Liabilities | 1,200,378,418.32 | | Total Owners' Equity | 1,529,132,440.73 | Consolidated Income Statement For the first half of 2025, the company achieved total operating revenue of 2.763 billion yuan, a 19.29% year-on-year increase, with net profit reaching 96.7107 million yuan, a 252.49% increase, and basic earnings per share of 1.29 yuan Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 2,762,767,014.17 | | Total Operating Costs | 2,659,681,352.68 | | Operating Profit | 104,662,760.11 | | Total Profit | 102,099,409.60 | | Net Profit | 96,710,693.57 | | Net Profit Attributable to Parent Company Shareholders | 96,710,693.57 | | Basic Earnings Per Share | 1.29 | | Diluted Earnings Per Share | 1.29 | Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was 733.4889 million yuan, with a net loss of 23.8611 million yuan, indicating an expanded loss compared to the prior year period Parent Company Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 733,488,914.71 | | Operating Cost | 633,839,534.96 | | Operating Profit | -28,457,814.97 | | Total Profit | -31,040,621.03 | | Net Profit | -23,861,084.00 | Consolidated Cash Flow Statement For the first half of 2025, the company's net cash flow from operating activities was 91.4373 million yuan, a 44.18% increase, while net cash flow from investing activities was -210.5043 million yuan (a 66.96% decrease in outflow), and net cash flow from financing activities turned positive at 19.6620 million yuan Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 91,437,293.91 | | Net Cash Flow from Investing Activities | -210,504,298.51 | | Net Cash Flow from Financing Activities | 19,661,957.17 | | Net Increase in Cash and Cash Equivalents | -99,536,643.37 | | Cash and Cash Equivalents at Period-End | 296,586,361.34 | Parent Company Cash Flow Statement For the first half of 2025, the parent company's net cash flow from operating activities was -74.6409 million yuan (a reduced outflow), net cash flow from investing activities was -5.1805 million yuan, and net cash flow from financing activities turned positive at 19.0195 million yuan Parent Company Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -74,640,926.14 | | Net Cash Flow from Investing Activities | -5,180,534.42 | | Net Cash Flow from Financing Activities | 19,019,538.57 | | Net Increase in Cash and Cash Equivalents | -60,788,087.50 | | Cash and Cash Equivalents at Period-End | 13,606,250.37 | Consolidated Statement of Changes in Owners' Equity For the first half of 2025, the company's consolidated total owners' equity decreased from 2.427 billion yuan at the beginning of the period to 2.384 billion yuan at the end, primarily due to comprehensive income and changes from owners' contributions and reductions in capital (repurchase and cancellation of restricted shares) Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Increase/Decrease in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Share Capital | 80,610,011.00 | 0 | 80,610,011.00 | | Other Equity Instruments | 260,870,051.74 | -10,150.49 | 260,859,901.25 | | Capital Reserve | 1,406,567,411.81 | 3,287.99 | 1,406,570,699.80 | | Less: Treasury Stock | 196,201,495.65 | 102,334,929.95 | 298,536,425.60 | | Other Comprehensive Income | -23,309,511.82 | -683,618.05 | -23,993,129.87 | | Retained Earnings | 877,288,628.37 | 60,995,098.48 | 938,283,726.85 | | Total Owners' Equity Attributable to Parent Company | 2,426,515,981.10 | -42,030,312.02 | 2,384,485,669.08 | Parent Company Statement of Changes in Owners' Equity For the first half of 2025, the parent company's total owners' equity decreased from 1.691 billion yuan at the beginning of the period to 1.529 billion yuan at the end, primarily due to net loss and profit distribution Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Increase/Decrease in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Share Capital | 80,610,011.00 | 0 | 80,610,011.00 | | Other Equity Instruments | 260,870,051.74 | -10,150.49 | 260,859,901.25 | | Capital Reserve | 1,406,567,411.81 | 3,287.99 | 1,406,570,699.80 | | Less: Treasury Stock | 196,201,495.65 | 102,334,929.95 | 298,536,425.60 | | Surplus Reserve | 20,690,885.65 | 0 | 20,690,885.65 | | Retained Earnings | 118,514,047.72 | -59,576,679.09 | 58,937,368.63 | | Total Owners' Equity | 1,691,050,912.27 | -161,918,471.54 | 1,529,132,440.73 | Company Basic Information The company, formerly Shenzhen Highpower Technology Co., Ltd., was established on October 8, 2002, restructured into a joint-stock company on November 24, 2020, and listed on the Shenzhen Stock Exchange (stock code 001283), with its registered office in Shenzhen and Pan Dangyu as the actual controller - The company, formerly Shenzhen Highpower Technology Co., Ltd., was established on October 8, 2002, and was wholly restructured into a joint-stock company on November 24, 2020, with stock code 001283[195] - The company's registered office is in Longgang District, Shenzhen, and its actual controller is Pan Dangyu[195] - The company belongs to the electrical machinery and equipment manufacturing industry, with a core business strategy of providing full-stack new energy solutions to global top 500 and leading brands in niche markets, primarily offering new energy solution products for consumer and energy storage application scenarios[195] Basis of Preparation of Financial Statements The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations from the China Securities Regulatory Commission, presented on a going concern basis - The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations from the China Securities Regulatory Commission[196] - The company has evaluated its ability to continue as a going concern for the next 12 months, found no significant doubts, and prepared its financial statements on a going concern basis[197] Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates, including financial instrument classification, impairment provisions, and a change in accounting estimate for the depreciation period of buildings, effective from January 1, 2025, using the prospective application method - The company's financial statements comply with the requirements of Accounting Standards for Business Enterprises, truthfully, accurately, and completely reflecting its financial position, operating results, and cash flows[199] - The company uses RMB as its bookkeeping currency, while overseas subsidiaries use HKD, SGD, USD, etc., based on their primary economic environments, and are translated into RMB when preparing consolidated financial statements[202] - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, and provides detailed explanations of the recognition and measurement methods for various financial assets and liabilities[211][212][213][214][215