Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

证券代码：603063 证券简称：禾望电气 公告编号：2025-041 关于涉及诉讼进展的公告 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。 重要内容提示： 是否会对上市公司损益产生负面影响：此次判决不会对公司本期利润及 期后利润产生负面影响。 一、本次重大诉讼的基本情况 深圳市禾望电气股份有限公司（以下简称"公司"、"禾望电气"、"原告"） 就与华仪风能有限公司（以下简称"华仪风能"、"第三人"）拖欠公司合同款事 项向乐清市人民法院提起诉讼。具体情况详见公司于 2020 年 1 月 3 日在上海证 券交易所网站（www.sse.com.cn）及《中国证券报》《上海证券报》《证券时报》 《证券日报》披露的《关于涉及诉讼的公告》（公告编号：2020-001）。 公司与华仪风能达成一审调解，具体进展情况详见公司于 2020 年 7 月 8 日 在上海证券交易所网站披露的《关于涉及诉讼的进展公告》（公告编号： 2020-069）。 案件所处的诉讼阶段：再审调解 上市公司所处的当事人地位：再审申请人（一审原告） 涉案的金额：货款合计 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-042 深圳市禾望电气股份有限公司 关于公司部分股票期权注销完成的公告 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。 深圳市禾望电气股份有限公司（以下简称"公司"）于2025年3月13日召开 第四届董事会第二次会议和第四届监事会第二次会议，审议通过了《关于注销 2023年股票期权激励计划部分股票期权的议案》。根据《2023年股票期权激励计 划（草案）》（以下简称"2023年激励计划"）的相关规定，原激励对象中7人 因个人原因已离职、2人考核年度个人绩效考核结果为"待改进"或"不合格"。 公司对上述激励对象不得行权的股票期权共计121,800份进行注销。具体内容详 见公司于上海证券交易所网站及《上海证券报》《证券时报》披露的《深圳市禾 望电气股份有限公司关于注销2023年股票期权激励计划部分股票期权的公告》 （公告编号：2025-016）。 公司于2025年4月11日召开2025年第一次临时董事会会议和2025年第一次临 时监事会会议，审议通过了《关于注销2023 ...

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

证券代码：603063 证券简称：禾望电气 公告编号：2025-039 深圳市禾望电气股份有限公司 2025 年第二次临时监事会会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 1、深圳市禾望电气股份有限公司（以下简称"公司"）2025 年第二次临时 监事会会议（以下简称"本次会议"）的召开符合《中华人民共和国公司法》（以 下简称"《公司法》"）《上海证券交易所股票上市规则》等相关法律、行政法 规、规范性文件及《深圳市禾望电气股份有限公司章程》（以下简称"《公司章 程》"）的有关规定； 二、 监事会会议审议情况 （一）审议通过《关于注销 2023 年股票期权激励计划部分股票期权的议案》 经监事会审查，认为：鉴于2023年激励计划首次授予部分第一个行权期已经 届满，尚有993,810份股票期权未行权，公司将根据2023年激励计划规定注销激 励对象到期未行权的股票期权。公司注销激励对象到期未行权的股票期权符合 2、公司于 2025 年 4 月 25 日以电子邮件、电话等方式向监事发出监事会会 ...

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、 董事会会议召开情况 1、深圳市禾望电气股份有限公司（以下简称"公司"）2025 年第二次临时 董事会会议（以下简称"本次会议"）的召开符合《中华人民共和国公司法》《上 海证券交易所股票上市规则》等相关法律、行政法规、规范性文件及《深圳市禾 望电气股份有限公司章程》（以下简称"《公司章程》"）的有关规定； 2、公司于 2025 年 4 月 25 日以电子邮件、电话等方式向董事发出董事会会 议通知； 3、本次会议于 2025 年 4 月 28 日以通讯方式召开； 证券代码：603063 证券简称：禾望电气 公告编号：2025-038 深圳市禾望电气股份有限公司 2025 年第二次临时董事会会议决议公告 权期已经届满，尚有993,810份股票期权未行权，公司将根据2023年激励计划规 定注销激励对象到期未行权的股票期权。 （一）审议通过《关于注销2023年股票期权激励计划部分股票期权的议案》 因此，公司董事会审议决定注销上述到期未行权的股票期权合计993,810份。 本事项经公司 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-040 深圳市禾望电气股份有限公司 关于注销 2023 年股票期权激励计划部分股票期权的公告 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。 深圳市禾望电气股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开 2025 年第二次临时董事会会议和 2025 年第二次临时监事会会议，审议通过了 《关于注销 2023 年股票期权激励计划部分股票期权的议案》，现将有关事项公 告如下： 一、2023 年股票期权激励计划已履行的相关审批程序 1、2023 年 3 月 31 日，公司召开 2023 年第四次临时董事会会议，会议审议 通过了《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》和《关 于制定公司<2023 年股票期权激励计划实施考核管理办法>的议案》。公司 2023 年第四次临时监事会会议审议通过了前述议案及《关于公司<2023 年股票期权激 励计划首次授予激励对象名单>核查意见的议案》。公司独立董事就本次激励计 划是否有利于公司的 ...

泽君律师事各所 inZelun Law Offices 中国广东省深圳市福田区金田路 4028 号荣超经贸中心 28、29 层 邮政编码: 518035 28&29 Floor, Landmark, No.4028 Jintian Road, Futian District. Shenzhen 518035. P.R.C. Tel: 0755-33988188 Fax: 0755-33988199 北京市君泽君（深圳）律师事务所 关于深圳市禾望电气股份有限公司 北京 ·深圳 ·上海 · 广州 · 天津 · 成都 · 南京 · 长沙 · 长春 · 珠海 · 海口 · 昆明 · 沈阳 · 石家庄 · 郑州 香港 · 南昌 · 杭州 · 济南 · 福州 · 合肥 · 西安 · 大连 · 武汉 荒泽君健师事各所 IunZelun Law Offices 核查的文件以及本所认为必须查阅的其他文件。同时,本所已得到公司的如下保证: 公司已向本所提供为出具本法律意见书所必须的、真实的、有效的原始书面材料、 副本材料或口头证言,有关材料上的签名或盖章是真实有效的,有关副本或者复印 件与正本材料或原件一致,均不存在虚假内容或重 ...