2025 年度持续督导培训情况报告 中泰证券股份有限公司（以下简称"保荐机构""中泰证券"）作为金雷科技 股份公司（以下简称"金雷股份""公司"）创业板向特定对象发行股票的保荐机 构，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等法 规的要求，对金雷股份进行了 2025 年度持续督导培训，现将培训情况报告如下： 一、本次培训基本情况 中泰证券股份有限公司 关于金雷科技股份公司 1 （此页无正文，为《中泰证券股份有限公司关于金雷科技股份公司2025年度 持续督导培训情况报告》之签章页） 保荐代表人： 2026 年 1 月 26 日，中泰证券相关人员通过现场授课和视频培训的方式对公 司控股股东、实际控制人、董事、高级管理人员、部分中层以上管理人员等相关 人员进行了培训。 二、培训内容 本次培训聚焦上市公司运行的最新监管要求，深入解析募集资金管理规定修 订要点，并结合近期典型监管处罚与纪律处分案例展开剖析。同时，对《上市公 司董事会秘书监管规则（征求意见稿）》与《上市公司监督管理条例（征求意见 稿）》的出台背景与核心内容等，进行了充分解读。 三、培训结论 通过本次培训，公司控股股东、实际控制人 ...

（编辑 姚尧） 证券日报网讯 2月2日，金雷股份在互动平台回答投资者提问时表示，公司此次定增扩产也是为了紧抓 行业发展机遇，提升大型高端铸锻件产能，进一步提升公司盈利能力，为公司以及广大股东创造更大的 价值。 ...

Industry and Company Analysis Summary Industry Overview Lithium Battery and Energy Storage - The national capacity electricity price policy has been implemented, expected to increase the Internal Rate of Return (IRR) for energy storage by over 3% [1] - In February, lithium battery production is projected to decrease by over 10%, indicating a strong production season despite being traditionally off-peak [1] - Sodium batteries are undergoing winter tests with multiple automotive companies, with expectations for mass shipments in Q2 [1] Key Segments Ranking - The preferred segments in the energy storage industry are ranked as follows: - Energy storage cells (Penghui) - Iron lithium cathodes - Energy storage integration (Haibo) - Separators (Enjie) - Copper and aluminum foils (Nord and Dingsheng) [1] Sodium Battery Sector - The lithium carbonate market is expected to undergo adjustments, with a new upward trend anticipated next week, maintaining a long-term positive outlook [2] - Recent price drops are not due to fundamental factors; downstream procurement has increased, with significant spot transactions indicating acceptance of the 150,000 yuan price for lithium [2] - February is expected to see price increases due to strong battery production and ongoing maintenance at lithium salt plants [2] Wind Power Sector - Recent earnings forecasts in the wind power sector have largely fallen short of expectations, primarily due to a decline in Q4 shipments and year-end impairments [2] - The main machine segment has cleared out low-priced orders, indicating a confirmed bottom, with expectations for overall gross margin recovery starting in Q1 2026 [2] - Recommended stocks in this sector include Jinlei Co., Daikin Heavy Industries, and major machine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Photovoltaic Sector - Positive outlook for space photovoltaic technology and silver-free solutions [2] - SpaceX has applied to the FCC to deploy 1 million satellites, enhancing the logic behind space photovoltaic initiatives [2] - High silver prices and technological breakthroughs have led to a reduction in costs for copper-based batteries by an average of 0.15 yuan/W, indicating a potential explosion in silver-free industrialization [2] AIDC (Artificial Intelligence Data Center) Sector - A new round of bidding is emerging in the domestic supply chain [2] - ByteDance is shifting its bidding towards high-voltage direct current solutions, while NVIDIA's GB300 liquid cooling certification is tightening, potentially redirecting investments towards core components and ASIC overflow [2] - The production capacity of Yingwei QD is expected to increase by 20 times in Q1, closely integrating with the NVIDIA ecosystem [2]

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the lithium battery, sodium battery, wind power, and photovoltaic sectors, highlighting recent developments and future expectations in these industries. Lithium Battery Sector - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces likely to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing with multiple automotive companies for sodium batteries, with expectations for mass production in Q2 [1] - **Investment Focus**: The preferred investment hierarchy includes energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper, and aluminum foil (Nord and Dingsheng) [1] Sodium Battery Sector - **Lithium Carbonate Price Adjustment**: A new round of price increases for lithium carbonate is anticipated following adjustments, with strong downstream purchasing activity observed after recent price drops [2] - **Wind Power Sector Performance**: Recent performance forecasts for the wind power sector have largely fallen short of expectations due to a decline in Q4 shipments and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major engine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Photovoltaic Sector - **Space Photovoltaics**: The application by SpaceX to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high silver prices and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver industrialization [3] - **Investment Focus**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery materials (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] AIDC (Artificial Intelligence Data Center) Sector - **New Bidding Opportunities**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its focus to high-voltage direct current solutions and Nvidia tightening certification for liquid cooling [3] - **Production Increase**: The production capacity of Yingwei's QD is expected to increase by 20 times in Q1, indicating a strong alignment with Nvidia's ecosystem [3]

Industry and Company Summary Industry: Lithium Battery and Energy Storage Key Points - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces expected to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing for multiple automotive companies regarding sodium batteries, with expectations for mass shipments in Q2 [1] - **Investment Focus**: The preferred investment hierarchy is as follows: energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper and aluminum foils (Nord and Dingsheng) [1] Industry: Sodium Battery and Lithium Carbonate Key Points - **Lithium Carbonate Price Adjustment**: Following a price adjustment, there is a strong expectation for a new upward trend in lithium carbonate prices, with downstream procurement becoming more active after recent price drops [2] - **Wind Power Sector Performance**: The wind power sector has seen numerous earnings forecasts that fell short of expectations due to a decline in Q4 shipment volumes and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major turbine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Industry: Photovoltaics Key Points - **Space Photovoltaics**: SpaceX's application to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high price of silver and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver production sector [3] - **Investment Focus in Photovoltaics**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery and auxiliary material producers (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] Industry: AIDC (Artificial Intelligence Data Center) Key Points - **New Bidding Round**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its bidding focus to high-voltage direct current solutions [3] - **NVIDIA Certification**: NVIDIA's GB300 liquid cooling certification is tightening, which may lead future investments to focus on core components and ASIC overflow [3] - **Increased Production Capacity**: The production capacity of Yingweike's QD is expected to increase by 20 times in Q1, strengthening ties with the NVIDIA ecosystem [3]

1月29日晚，风电零部件龙头企业金雷股份发布2025年度业绩预告，公司预计归属于上市公司股东的净 利润达3.02亿元至3.63亿元，同比增长75.00%至110.00%；扣除非经常性损益后的净利润更为亮眼，预 计为3.32亿元至3.93亿元，同比增长91.07%至125.83%。 ...

Group 1 - The core viewpoint of the article is that Jinlei Co., Ltd. (300443.SZ) has announced its performance forecast for the year 2025, expecting significant growth in net profit [1] - The company anticipates a net profit attributable to shareholders ranging from 302 million to 363 million yuan, representing a year-on-year increase of 75% to 110% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 332 million and 393 million yuan, indicating a year-on-year growth of 91.07% to 125.83% [1]

Group 1 - The company Jinlei Co., Ltd. (300443.SZ) has disclosed its performance forecast for the year 2025, expecting a net profit attributable to shareholders of between 302 million yuan and 363 million yuan, representing a year-on-year increase of 75% to 110% [1] - The company's net profit after deducting non-recurring gains and losses is projected to be between 332 million yuan and 393 million yuan, indicating a year-on-year growth of 91.07% to 125.83% [1]

Financial Performance Expectations - The company expects a net profit increase of over 50% for the fiscal year 2025, with a projected range of 30,244.29 to 36,293.14 million CNY[3] - The net profit attributable to shareholders is expected to grow by 75% to 110% compared to the previous year, with a range of 30,244.29 to 36,293.14 million CNY[4] - The net profit after deducting non-recurring gains and losses is projected to increase by 91.07% to 125.83%, with a range of 33,244.29 to 39,293.14 million CNY[4] Factors Contributing to Profit Growth - The significant profit growth is attributed to the favorable development of the wind power industry, with increased demand for wind power components and a substantial rise in the shipment of wind power casting shafts[7] - The company has improved production efficiency and product profitability due to the stabilization of bidding prices and optimization of production processes in the wind power sector[7] Non-Recurring Gains and Financial Data - Non-recurring gains and losses are expected to negatively impact net profit by approximately 30 million CNY[8] - The financial data presented is preliminary and has not yet been audited by the accounting firm, but there are no significant discrepancies reported[5] Investor Guidance - The company emphasizes the importance of cautious decision-making for investors, as detailed financial data will be disclosed in the 2025 annual report[9]

Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Insights - The report highlights that Deleja has signed a cooperation agreement for a 10MW wind gearbox R&D and manufacturing project with a total investment of 5 billion yuan, which will enhance the company's production scale and delivery capacity, solidifying its market competitiveness in the wind gearbox sector [5] - The global wind power installed capacity is experiencing a significant increase, with 86% of new installations concentrated in China, the United States, and Europe. In 2024, the global wind power installed capacity is expected to reach 117GW, a year-on-year growth of approximately 10% [7] - The report emphasizes the trend of wind turbine large-scale development, with the average capacity of newly installed onshore and offshore wind turbines in China increasing significantly from 1.8MW and 3.9MW in 2014 to 5.9MW and 10MW in 2024, respectively [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong performance with relative returns of 25.83% over one month, 23.59% over three months, and 59.62% over twelve months compared to the CSI 300 index [3] Investment Highlights - The report suggests focusing on companies benefiting from the acceleration of offshore wind power and the large-scale development of wind turbines, including Deleja, Weili Transmission, and China High-Speed Transmission [7] - The global market for wind gearboxes is projected to grow rapidly, with an estimated market size of approximately 5.827 billion USD in 2024, expected to reach 8.370 billion USD by 2030 [7]