Core Viewpoint - Suzhou Xidian New Energy Electric Co., Ltd. plans to implement a differentiated dividend distribution for the fiscal year 2024, following a share buyback program and in compliance with relevant regulations [1][4]. Summary by Sections 1. Reasons for Differentiated Dividend - The company held a board meeting on July 12, 2024, approving a share buyback plan using part of the raised funds, with a total buyback amount between RMB 55 million and RMB 110 million, at a maximum price of RMB 40 per share, within a 12-month period [1]. 2. Share Buyback Details - As of September 6, 2024, the company completed the buyback of 4,060,213 shares, representing 2.51% of the total share capital, with a total expenditure of approximately RMB 109.98 million [2]. - On September 12, 2024, the company approved another buyback plan with a budget of RMB 50 million to RMB 100 million, with shares transferred to an employee stock ownership plan [2]. 3. Dividend Distribution Plan - The company plans to distribute a cash dividend of RMB 7.7 per 10 shares, totaling approximately RMB 120.77 million, based on the adjusted total share capital after excluding shares in the buyback account [3][4]. 4. Impact on Share Price - The reference price for ex-dividend trading is calculated based on the previous closing price minus the cash dividend, with minimal impact on the reference price due to the buyback shares not participating in the dividend distribution [5]. 5. Verification by Sponsor Institution - Huatai United Securities confirmed that the differentiated dividend distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [6].

Core Points - The company announced a cash dividend of 0.77 CNY per share for A shares [1][2] - The total cash dividend distribution amounts to approximately 120.77 million CNY, based on a total share base of 156,846,830 shares after excluding repurchased shares [2] - The dividend distribution plan was approved at the annual shareholders' meeting held on April 18, 2025 [1][2] Dividend Distribution Details - The record date for the dividend distribution is June 4, 2025, with the ex-dividend date and last trading date on June 5, 2025 [2][3] - The company will not distribute dividends for shares held in the repurchase account, totaling 4,753,170 shares [2][3] - The reference price for the ex-dividend will be adjusted by subtracting the virtual dividend of approximately 0.75 CNY per share from the last closing price [2] Tax Implications - For individual shareholders holding unrestricted shares, the actual cash dividend received will be 0.77 CNY per share, with no withholding tax applied initially [3][4] - Different tax rates apply based on the holding period of the shares, with a maximum tax rate of 20% for shares held for one month or less [4] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.693 CNY per share [5][6] Consultation Information - Shareholders can contact the company's securities department for inquiries regarding the dividend distribution [6]

华泰联合证券有限责任公司 关于苏州西典新能源电气股份有限公司 2024 年度差异化分红的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 苏州西典新能源电气股份有限公司（以下简称"西典新能"、"公司"或"发行人"） 首次公开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 7 号—— 回购股份》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等 法律法规的规定，对西典新能在 2024 年度利润分配所涉及的差异化分红（以下 简称"本次差异化分红"）事项进行了核查，核查情况及核查意见如下： 一、本次差异化分红的原因 公司于 2024 年 7 月 12 日召开第一届董事会第十七次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，根据上述议案，公司拟用部 分超募资金以集中竞价交易方式回购公司 A 股股份。本次用于回购的资金总额 不低于人民币 5,500 万元（含）且不超过人民币 11,000 万元（含），回购价格不 超过 40 元/股（含），回购期限为自公司董事会审议通过本次回 ...

证券代码：603312 证券简称：西典新能 公告编号：2025-037 苏州西典新能源电气股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.77元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/4 | － | 2025/6/5 | 2025/6/5 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 18 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号--回购股份》等相关规定，公司回 购专用证券账户 4,753,170 股不参与本次利润分 ...

证券代码：603312 证券简称：西典新能 公告编号：2025-036 苏州西典新能源电气股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 截至 2025 年 4 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购股份 1,600,500 股，占公司目前总股本的比例为 0.99%，回购成交最 高价 为 34.64 元 /股， 最低 价为 30.17 元/ 股， 支付 的资 金总额 为人 民币 53,341,392.98 元（不含印花税、交易佣金等交易费用），本次回购符合法律法规 的规定及公司回购方案的要求。 三、其他事项 | 回购方案首次披露日 | 2024/9/13 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 年 月 29 | 月 | 30 | 日~2025 | 9 | 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | □用于转换公司 ...

Group 1 - The company achieved a revenue of 2.165 billion in 2024, representing a year-on-year growth of 17.9%, and a net profit attributable to shareholders of 228 million, up 15.0% year-on-year [1] - In Q4, the company reported a revenue of 750 million, showing a year-on-year increase of 56.0% and a quarter-on-quarter growth of 30.2%, with a net profit of 80 million, up 46.0% year-on-year and 42.2% quarter-on-quarter [1] - For Q1 2025, the company recorded a revenue of 707 million, reflecting an 80.3% year-on-year growth, while the net profit was 72 million, up 44.8% year-on-year [1] Group 2 - The company's gross margin and net margin for 2024 were 17.4% and 10.5%, respectively, with year-on-year changes of -1.0pp and -0.3pp [2] - In Q1 2025, the gross margin and net margin were 17.3% and 10.2%, showing year-on-year changes of -2.4pp and -2.5pp [2] - The company maintained good expense control, with sales, management, R&D, and financial expense ratios for 2024 being 0.5%, 1.4%, 2.9%, and -0.6%, respectively [2] Group 3 - The company is set to benefit from increased production capacity in battery FCC technology, with a revenue of 1.669 billion from battery connection systems in 2024, up 14.07% year-on-year [3] - The company has made significant progress in key technologies such as film, direct welding, and FCC, successfully launching direct welding and film technologies to reduce product costs [3] - Future revenue projections for 2025-2027 are 2.95 billion, 3.54 billion, and 4.27 billion, with expected net profit growth rates of 37.1%, 28.1%, and 20.8% respectively [3]

Core Insights - The company reported a revenue of approximately 2.165 billion yuan for 2024, representing a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 228 million yuan, up 14.99% year-on-year [1] - In Q1 2025, the company achieved a revenue of about 707 million yuan, a significant year-on-year increase of 80.25%, with a net profit of 72 million yuan, up 44.81% year-on-year [1] - The growth in revenue and net profit is primarily driven by increased demand from existing customers and the continuous expansion into new markets and clients [1] Revenue Breakdown - The battery connection system business showed stable growth, generating revenue of 1.669 billion yuan, a year-on-year increase of 14.07% [1] - The sales volume of battery connection system products reached 6.1274 million units, reflecting a growth of 13.96% compared to the same period last year, driven by the sustained demand in the new energy vehicle and electrochemical energy storage sectors [1] Business Segment Performance - The electric control busbar business achieved revenue of 248 million yuan, up 20.58% year-on-year, while the industrial electrical busbar generated revenue of 173 million yuan, increasing by 21.98% year-on-year [2] - The sales volume of electric control busbars reached 5.9486 million units, a significant increase of 67.57% year-on-year, benefiting from the strong demand in the hybrid and pure electric vehicle controller busbar market [2] - The sales volume of industrial electrical busbars was 423,100 units, up 45.90% year-on-year, primarily due to increased demand in the rail transit and industrial frequency conversion busbar markets [2] Market Trends - The global demand for energy storage is increasing, with a reported 301 GWh of global energy storage battery shipments in 2024, marking a year-on-year growth of 62.7% [2] - The rapid development of smart applications and the acceleration of new data center construction are becoming new drivers for the energy storage market [2] - The electrochemical energy storage sector is transitioning from the early commercialization phase to large-scale application, indicating significant future market potential [2] Technological Advancements - The company has made significant progress in new technologies and projects, achieving mass production of self-developed flexible production lines for battery connection systems [3] - Key breakthroughs have been made in film, direct welding, and FCC sampling technologies, which are now being applied to stabilize supply for certain vehicle models [3] - The expansion of the Suzhou factory has led to a gradual increase in battery connection system production capacity, while a new factory in Chengdu is expected to complete construction by the end of 2025 [3] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 302 million yuan, 406 million yuan, and 576 million yuan for the years 2025 to 2027, with corresponding EPS of 1.87, 2.52, and 3.56 yuan [3] - The price-to-earnings (PE) ratios are expected to be 21.52, 15.97, and 11.27 for the same period [3]

Core Viewpoint - The company reported strong Q1 2025 performance, with revenue of 707 million yuan, a year-on-year increase of 80.3% and a quarter-on-quarter decrease of 5.6%, while net profit attributable to shareholders was 72 million yuan, up 44.8% year-on-year and down 10.1% quarter-on-quarter, slightly exceeding market expectations due to the gradual ramp-up of new products and the surge in domestic and international energy storage demand [1] Group 1: Business Performance - Integrated busbar business revenue showed strong year-on-year growth, estimated to reach 550-600 million yuan, with a year-on-year increase of over 90% due to the "old-for-new" policy in China and strong demand for new energy vehicles [2] - The gross margin for the integrated busbar business improved to over 14% as a result of a higher proportion of high-margin customers and profitable new products [2] - The electric control busbar maintained high growth, benefiting from strong sales from major customer BYD, with cumulative sales of new energy passenger vehicles reaching 986,100 units, a year-on-year increase of 57.93% [2] Group 2: Cost and Profitability - The company's total expense ratio improved to 3.5%, with a year-on-year decrease of 1.05 percentage points and a quarter-on-quarter decrease of 0.06 percentage points, contributing to a net profit margin of over 10% [3] - The breakdown of expenses showed reductions in sales, management, and R&D costs, while financial expenses increased slightly [3] Group 3: Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026 at 351 million yuan and 475 million yuan respectively, with a target price of 43 yuan, corresponding to P/E ratios of 18.5x and 13.7x for 2025 and 2026 [4] - The target price implies a potential upside of 7.0% based on current stock prices [4]

证券代码：603312 证券简称：西典新能 公告编号：2025-035 苏州西典新能源电气股份有限公司 关于取消2025年第二次临时股东大会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 取消股东大会的相关情况 2025年第二次临时股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603312 | 西典新能 | 2025/5/14 | 二、 取消原因 根据公司发展战略需要，结合《上市公司募集资金监管规则（征求意见稿）》 的文件精神，经审慎决策后拟取消使用部分超募资金永久补充流动资金的事项。 公司于 2025 年 4 月 25 日召开第二届董事会第七次会议，审议通过了《关于 取消 2025 年第二次临时股东大会的议案》，公司董事会同意取消原定于 2025 年 5 月 20 日召开的公司 2025 年第二次临时股东大会。 三、 所涉及议案的后续处理 2. 取消股东大会的召开日期：2025 年 5 月 20 日 3. 取消的股东大会 ...

Financial Data - The company reported a net fundraising amount of RMB 1,073.03 million from its initial public offering, with excess funds amounting to RMB 203.36 million [21][23] - The company plans to use RMB 30 million of the excess funds to permanently supplement its working capital, which represents 14.75% of the total excess funds [21][24] Board Meeting - The second board meeting of the company was held on April 24, 2025, with all five directors present, and the resolutions passed were deemed legal and effective [5][6] - The board approved the proposal to use part of the excess funds for working capital, with unanimous support from all directors [7][8] Supervisory Board Meeting - The second supervisory board meeting was also held on April 24, 2025, with all three supervisors present, and the resolutions were confirmed to comply with legal and regulatory requirements [14][15] - The supervisory board agreed with the proposal to use part of the excess funds for working capital, emphasizing its benefits for the company's operational efficiency [17][26] Upcoming Shareholder Meeting - A second extraordinary general meeting of shareholders is scheduled for May 20, 2025, to review the proposals approved by the board [29][30] - The meeting will utilize a combination of on-site and online voting methods, allowing shareholders to participate remotely [30][31] Investor Communication - The company will hold an investor briefing on April 29, 2025, to discuss the 2024 annual report and the first quarter of 2025, allowing for interactive communication with investors [40][41] - Investors can submit questions via email prior to the meeting, which will be addressed during the session [42][44]