公司发布2025 年一季度报告。公司一季度实现营业收入64.20 亿元，同比下降8.1%；实现归母净利润 4.44 亿元，同比下降1.98%；扣非归母净利润4.37 亿元，同比下降2.91%。整体业绩符合预期。 一季度需求偏松量价承压，成本下跌及装机增量对冲部分压力。电量方面，安徽省1-2 月累计用电量 560 亿千瓦时，同比下滑1.46%；1-2 月安徽省火电利用小时数平均累计753 小时，同比下滑144 小时； Q1 安徽省火电发电量718 亿千瓦时，同比下滑71 亿千瓦时。考虑到公司2024 年12 月新疆新投产132 万 千瓦机组，以及钱营孜二期新建100 万千瓦火电机组于2025 年3 月投产，装机增量或对冲部分安徽省内 电力需求下滑影响。 电价方面，根据南方能源观察信息，安徽2025 年度交易双边协商价412.97元/兆瓦时、集中竞价成交加 权均价408.80 元/兆瓦时、代理购电（工商业）挂牌交易成交加权均价412.74 元/兆瓦时，分别较2024 年 下降5.35%、6.32%、5.4%，电价下跌及电量承压或影响公司营收下滑。成本方面，今年Q1 北港5500k 市场煤均价733 元，同比去年Q ...

Core Viewpoint - The recent IPO application by Seres Group on the Hong Kong Stock Exchange aims to raise over $1 billion, primarily for smart driving technology development, overseas market expansion, and upgrades to its Chongqing factory, reflecting a broader anxiety within the entire new energy vehicle (NEV) industry regarding capital and strategic breakthroughs [2][6]. Group 1: Industry Trends - There has been a surge in Chinese NEV companies pursuing secondary listings in Hong Kong, with BYD and CATL leading the way, as these listings not only address funding needs during the electrification transition but also enhance international brand image [3][5]. - The Chinese automotive industry's internationalization has shifted from mere product exports to full supply chain output, with Hong Kong listings serving as a capital springboard for this transition [3][5]. - Recent regulatory support from the China Securities Regulatory Commission has facilitated this trend, significantly reducing cross-border institutional friction for leading domestic companies [3]. Group 2: Financial Performance - Seres Group reported a staggering 305% year-on-year revenue increase in 2024, reaching 145.176 billion yuan, with a net profit of 5.946 billion yuan, marking a turnaround from four consecutive years of losses [7][8]. - The sales of Seres' flagship models, the M9 and M7, contributed to 81.6% of total sales, boosting the gross margin from 7.2% in 2023 to 23.8% in 2024 [7][8]. - Despite the impressive revenue growth, Seres faces a high debt-to-asset ratio of 87.38%, indicating financial vulnerability, especially with significant investments in acquisitions and factory upgrades [8][20]. Group 3: Market Challenges - Seres has experienced a significant decline in sales, with a year-on-year drop of up to 45.8% in early 2025, contrasting with the overall NEV market growth of over 35% [10][12]. - The company aims to sell one million NEVs within three years, highlighting the critical role of overseas markets in achieving this target, given its current overseas revenue accounts for only 3% [9][13][16]. - Increased competition from brands like Tesla and Li Auto, along with a shift in consumer behavior during product iteration cycles, poses additional challenges for Seres [11][12]. Group 4: Strategic Moves - Seres is attempting to reduce its reliance on Huawei by acquiring key technology assets and trademarks, aiming to establish itself as a technology leader rather than a dependent entity [17][20]. - The company plans to leverage its upcoming IPO to enhance liquidity and support its international expansion efforts, particularly in Southeast Asia and Europe [16][22]. - The Hong Kong market's structure may provide a more favorable environment for Seres to attract global capital, but the company must demonstrate sustainable profitability and brand strength to gain investor confidence [15][21].

证券简称：星云股份 证券代码：300648 3.高管您好，能否请您介绍一下本期行业整体和行业内其 他主要企业的业绩表现？谢谢。 福建星云电子股份有限公司 2024年度业绩说明会 投资者活动关系记录表 编号：2025-002 答：感谢您的关注，本期行业整体情况可参阅公司披露的 《2024 年年度报告》"第三节 一、报告期内公司所处行 业情况" ，行业内其他企业的业绩表现可查阅其他上市 公司披露的定期报告。 4.您好，请问公司再融资项目完成了吗？ 答：感谢您的关注，公司已完成再融资项目，详情请查阅 公司已披露的公告。 5.高管您好，请问贵公司未来盈利增长的主要驱动因素有 哪些？谢谢。 | 投资者关系活动类别 | 特定对象调研 分析师会议 媒体采访 | | | --- | --- | --- | | | □路演活动 业绩说明会 | □新闻发布会 | | | □现场参观 其他 | | | 参与单位名称 | 星云股份2024年度业绩说明会采用网络远程方式进行，面 | | | 及人员姓名 | 向全体投资者 | | | 时间 | 2025年4月30日15:00-17:00 | | | 地点 | 深圳证券交易所"互 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：储能前沿 4月28日， 宁德时代洛阳基地项目一期一季度全线投产标达成 ， 累计产值突破50亿元，为洛阳加速打造 新能源产业提供强劲动力。 "依托项目二期建设，我们将有序扩大新能源电池产能，持续引入先进的电池制造技术、智能化生产设 备，以及高效的供应链管理体系，进一步推动洛阳新能源产业向高端化、智能化、绿色化发展。"宁德时 代洛阳基地相关负责人说。 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ 会议详情 I C C S I N O 作为宁德时代在全球范围布局的十三大生产基地之一，按照"灯塔工厂+零碳工厂"标准建设的宁德时代洛 阳基地， 项目一期占地850亩，年产能为30吉瓦时。 在年初运行1条电芯产线、5条PACK产线的基础上，该企业加紧安装调试生产设备，同时全力开始招聘工 作，推动产能不断攀升。当前项目一期所有产线已全部进入生产状态，生产设备超95%实现联网，生产节 拍为每1秒下线1个电芯，每2.5分钟下线一个电池包。 "当前我们还 ...

证券代码：300904 证券简称：威力传动 银川威力传动技术股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系活 动类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 ☑ 其他：线上会议 参与单位名称 及人员姓名 国泰海通、东方红资产管理 时间 2025 年 4 月 29 日 地点 线上会议 上市公司接待 人员姓名 副总裁、董事会秘书周建林先生 投资者关系活 动主要内容介绍 一、介绍公司概况 副总裁、董事会秘书周建林先生向与会的机构投资者简要介绍 了公司的发展历程，重点讲解了公司的主营业务及核心产品。 威力传动于 2003 年成立于宁夏银川，现有员工千余人。主营业 务为风电专用减速器和增速器的研发、生产和销售，主要产品包括 风电偏航减速器、风电变桨减速器、风电增速器、新能源车辆三合 一驱动总成、工程机械车辆各类减速器、光热回转驱动、三相异步 电机和永磁电机等，致力于为新能源产业提供精密传动解决方案。 2023 年 8 月公司正式登陆深交所创业板。 公司深耕精密传动领域二十余年，凝聚了行业优秀人才，积累 了丰富的经验技术，凭借较强的产品研发能力 ...

业绩承压不改向上动力 近年来，受新能源行业产能供需错配影响，国内电池厂商产能扩张步伐变慢，产业链各公司均面临不同 程度的设备需求及验收回款压力。 据电池网统计，在73家已披露2024年年报或业绩快报的锂电产业上市公司中，17家出现亏损，37家净利 润出现下滑，占比过半，其中3家同比降逾10倍。光伏行业中，35家光伏设备公司里面有28家出现净利 润下滑。 作为新能源行业中游设备商，海目星也切实感受到了市场环境变化带来的压力。基于谨慎性原则，公司 对2024年度存在减值迹象的存货进行了减值测试并计提了存货跌价准备，同时新业务的培育依然需要投 入费用。因此，导致公司报告期内净利润同比呈现较大幅度下降。 2024年，在全球经济低迷与产业供需失衡的双重压力下，新能源产业也进入产业结构的调整和优化的阵 痛期。相关产业链企业普遍陷入利润收缩的困境，但制造业的业绩往往具有滞后性，订单突破和技术迭 代能力则代表了未来增长前景。 4月29日晚，激光及自动化智造企业海目星（688559.SH）发布2024年业绩报告及2025年一季报。报告 显示，公司2024年全年实现营业收入45.25亿元，2025年一季度实现营业收入5.39亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown stable performance with a revenue of 6.42 billion yuan in Q1 2025, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 444 million yuan, down 1.98% year-on-year [1] - The decline in electricity demand and prices has been partially offset by falling costs and new installed capacity, with the average coal price in Q1 2025 dropping to 733 yuan per ton, down 174 yuan year-on-year [2] - The company is expanding its installed capacity with new projects, including a 1.32 million kW unit in Xinjiang and a 1 million kW coal-fired unit that began operation in March 2025, which are expected to contribute to revenue growth [3] Financial Summary - Projected revenues for 2025-2027 are 29.06 billion yuan, 29.63 billion yuan, and 29.58 billion yuan, with year-on-year growth rates of -3.4%, 1.9%, and -0.2% respectively [3] - The net profit attributable to shareholders is expected to be 2.12 billion yuan, 2.35 billion yuan, and 2.41 billion yuan for the same period, with corresponding EPS of 0.94, 1.04, and 1.06 yuan per share [3] - The company’s P/E ratios for 2025-2027 are projected to be 7.9, 7.2, and 7.0 times [3] Market Context - The company is positioned as a leading power provider in Anhui Province, with ongoing expansion in both traditional and renewable energy sectors [3] - The average electricity price in Anhui for 2025 is projected to decline by approximately 5.35% to 412.97 yuan per MWh compared to 2024 [2]

Core Insights - Jiangsu Province has showcased significant technological advancements in the new energy and electric vehicle sectors during the "14th Five-Year Plan" major scientific achievement release and award ceremony, highlighting the province's innovation breakthroughs in these fields [1][7] Group 1: Solar Energy Innovations - Nanjing University has developed a world-record efficiency perovskite tandem solar cell, significantly enhancing battery efficiency through innovative strategies, with results published in top academic journals [3] - Yangzhou University has achieved a maximum efficiency of 27.3% for back-contact crystalline silicon solar cells, marking the first time crystalline silicon solar cell efficiency has surpassed 27% [3] Group 2: Biomass Energy Conversion - Southeast University has developed key technologies for the flexible production of biochar and hydrogen fertilizer from multi-source biomass, with over 80 patents and 200 SCI papers published, achieving industrial applications in multiple locations in Jiangsu and promoting in eight countries including Spain [3] - Nanjing University of Science and Technology has innovated strategies for efficient conversion of straw into fuel ethanol, overcoming traditional technological bottlenecks, with results published in high-level journals and the establishment of a company with financing of several million yuan [3] Group 3: Electric Vehicle Technologies - China University of Mining and Technology has tackled key technologies for high-efficiency and reliable switched reluctance drive motor systems for electric vehicles, leading the development of rare-earth-free electric vehicle drive systems [5] - Nanjing University of Posts and Telecommunications has proposed key technologies for the safe and efficient integrated operation of electric vehicles and charging facilities, significantly reducing failure rates and operational costs while improving charging efficiency and safety monitoring accuracy [5] - Jiangsu University has developed an intelligent energy management controller and digital twin testing platform for hybrid vehicles, enhancing fuel economy and controller development efficiency [5] Group 4: Energy Utilization and Recycling - Hohai University has created the River Wind Intelligent Source platform, breaking through key technologies for micro-scale airflow and optimization design in large wind farms, improving planning and design efficiency [6] - Nanjing University of Information Science and Technology has developed efficient stripping and regeneration technology for retired lithium iron phosphate battery cathode materials, achieving an annual production capacity of 3,000 tons and a production value of 100 million yuan, promoting the industrialization of battery recycling [6] Group 5: Industry Collaboration and Development - The "High-Quality Development of New Energy and Electric Vehicle Industry" event in Yancheng serves as a platform for dialogue between education and industry, aiming to enhance collaboration between universities and the new energy sector, fostering innovation and technological advancements [7]

如果美国执意要用政治铁幕分割能源命运，就不要忘记：黑暗从不会选择只笼罩某一国边境。 当125%的关税铁幕降落在中国储能产品面前时，对美国储能出口的被骤然按下了暂停键。 在与投资者的电话会上，有储能企业高管苦笑着摊牌： "收100% 以上的关税，就是它（美国市场）相当于是崩盘了，贸易被切割，贸易彻底中断。"——这就是现实。 唯一的出路，或许只剩下那句意味深长的黑色幽默： "让子弹飞一会。" 在储能行业，有两个永恒的未解之谜： 欧洲的库存，究竟还要多久才能清完？ 中国的价格战，到底要打到什么地步才算尽头？ 而美国市场，对于厮杀惨烈的中国储能企业来说，曾是一片流淌着"奶与蜜"的应许之地。只要跨过严苛的技术门槛，登陆美国，就意味着30%以上的毛利 率——这几乎是国内市场的三倍。 然而，当125%的关税如铁幕般落下，这片"应许之地"的大门，陡然关闭。 痛苦的不仅是中国企业，美国能源企业也在大洋彼岸咽下苦果。 延期！除了延期，还是延期。 "储能业务受关税影响很大。" 他承认："这与电动车业务有所不同，因为我们目前从中国采购磷酸铁锂（LFP）电池。与此同时，我们正在推进美国本土磷酸铁锂电芯生产设备的采购 工作。不过，当前这 ...