2025 年 08 月 26 日 亿纬锂能（300014.SZ）25 年中报点评 公司点评 | 亿纬锂能 电池基本面趋好，H 股上市流动性溢价行情可期 证券研究报告 事件：公司发布 25 年中报。25H1 营收 281.70 亿元，同比+30.06%，归母 净利 16.05 亿元，同比-24.9%，扣非归母净利 11.57 亿元，同比-22.82%； 25Q2 营收 153.73 亿元，同比+24.56%，归母净利 5.04 亿元，同比-52.96%， 扣非归母净利 3.39 亿元，同比-57.48%。剔除股权激励费用及单项坏账计提 影响，实际25H1归母、扣非净利润22.18/17.70亿元，同比+3.78%/+18.06%。 其中上/下半年股权激励费用约为 5.7/4 亿元，表端盈利影响约 4.9/3.2 亿元。 动力电池盈利超预期，大圆柱出海确定性高。25H1 动力电池出货量 21.48GWh（Q1 10.17GWh+Q2 11.31GWh），经测算，Q2 单位净利润 0.029 元/Wh，对应 4.5%净利率（Q1 0.13%）。46 系大圆柱 25 年内启动交付，26 年欧洲大客户预期交付 20GW ...

证券代码：301308 证券简称：江波龙 公告编号：2025-061 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 4、控股股东或实际控制人变更情况 □适用 √不适用 公司报告期实际控制人未发生变更。 5、公司优先股股东总数及前10名优先股 ...

Group 1 - Liou Co., Ltd. plans to use up to 3 billion yuan of its own funds for securities investment, including new stock placements, stock and bond investments, and entrusted financial management [1] - Anke Biotech's subsidiary has developed PA3-17 injection, which has been included in the list of proposed breakthrough therapeutic products by the National Medical Products Administration, showing an objective response rate of 84.6% in clinical trials [2] - Shuangyi Technology reported a net profit of 99.87 million yuan for the first half of 2025, a year-on-year increase of 324.5%, driven by increased domestic wind power installations and overseas demand for large MW wind turbines [3] Group 2 - Chuangyuan Co., Ltd. stated that the impact of its new products launched in collaboration with domestic animation IPs on revenue and profit is limited in the short term [4] - Puyuan Precision plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international brand image [5] - Tianyang Technology acquired a 51% stake in Moshuzhijing for 30.6 million yuan, aiming to enhance R&D and expand into international markets [6] Group 3 - Wanxing Technology also plans to issue H-shares and list on the Hong Kong Stock Exchange to further its globalization strategy [8] - Tianfu Communication's shareholder plans to transfer 1.27% of shares due to personal funding needs, with a transfer price based on the average stock price [9] - Hongtian Co., Ltd. reported that orders for its mask and glass substrate equipment have not yet generated revenue or profit [10] Group 4 - Jihua Group is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, clarifying that its main business does not involve brain-computer interface technology [11] - Innovation Medical reported a net loss of 11.36 million yuan for the first half of 2025, an improvement from the previous year's loss of 16.03 million yuan [12] - Shuoshi Biotech's net profit decreased by 86.35% year-on-year, with a proposed cash dividend of 34 yuan per 10 shares [13] Group 5 - Furi Electronics achieved a net profit of 22.08 million yuan in the first half of 2025, recovering from a loss of 93.51 million yuan in the same period last year, driven by improved gross margins in its LED display business [14] - Shiyun Circuit's shareholder plans to reduce its stake by up to 3% [15] - Huaxia Happiness's shareholders plan to reduce their holdings by up to 3% [16] - Henggong Precision's shareholder intends to reduce its stake by up to 3% [17]

Core Viewpoint - The company is planning an H-share listing to enhance its overseas expansion and business layout [1] Group 1 - The H-share listing is expected to assist the company in expanding its overseas business [1] - The company is currently evaluating the specific impacts of the H-share listing [1] - All details regarding the H-share listing will be announced officially by the company [1]

Core Viewpoint - Shenzhen Yuntian Lifei Technology Co., Ltd. has submitted an application for the issuance and listing of H shares on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and investor reach [1][2]. Group 1: Application Details - The company submitted the application on July 30, 2025, and published the application materials on the Hong Kong Stock Exchange website [1]. - The issuance will be limited to qualified overseas investors and domestic qualified investors who are permitted to conduct overseas securities investments under Chinese laws [2]. Group 2: Regulatory Approval - The issuance and listing are subject to approvals from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating that the process involves multiple regulatory layers [3]. - The company will continue to disclose information regarding the progress of this matter, highlighting the ongoing nature of regulatory compliance [3].

Core Viewpoint - The company, JA Solar Technology (晶澳科技), is facing challenges with its financial performance, as indicated by a forecast of increased losses year-on-year and a slight reduction in losses quarter-on-quarter, raising concerns about its future development prospects [2]. Group 1: Financial Performance - As of July 18, 2025, JA Solar's stock closed at 11.45 yuan, down 1.63%, with a turnover rate of 2.42%, a trading volume of 800,800 shares, and a transaction value of 929 million yuan [1]. - The company has received inquiries from the China Securities Regulatory Commission (CSRC) regarding its financial performance, which has not yet been clearly addressed, potentially impacting its chances of a successful H-share listing [2]. Group 2: Market Sentiment and Investor Concerns - Investor concerns are heightened due to the company's anticipated financial losses and the lack of clear communication regarding its H-share listing progress, which could lead to increased financial pressure and a deteriorating asset-liability structure [2]. - On July 18, the net outflow of funds from major investors was 48.38 million yuan, while retail investors saw a net inflow of 33.97 million yuan, indicating mixed market sentiment towards the company's stock [3].

Meeting Announcement - The company will hold its second extraordinary general meeting of shareholders on July 23, 2025, at 14:30 [1] - The meeting will be conducted in accordance with relevant laws and regulations, including the Company Law and the Rules for General Meetings of Listed Companies [1] Voting Procedures - Shareholders can vote through the Shenzhen Stock Exchange trading system and internet voting system on July 23, 2025, from 9:15 to 15:00 [2] - Each share can only be voted either in person or online, and duplicate votes will be counted based on the first vote [2] Shareholder Eligibility - All ordinary shareholders registered by the close of trading on July 17, 2025, are eligible to attend the meeting and vote [2] - Shareholders can appoint proxies to attend and vote on their behalf, and the proxy does not need to be a shareholder [2] Agenda Items - The meeting will discuss several proposals, including the issuance of H shares and listing on the Hong Kong Stock Exchange [4][5] - Proposals requiring a simple majority (over 50%) include items 9 to 12, while items 1 to 8 require a two-thirds majority [5] Registration Process - Specific registration procedures for both corporate and individual shareholders are outlined, including necessary documentation [6] - Shareholders must provide relevant identification and complete a registration form to attend the meeting [6] Voting Process Details - Detailed procedures for participating in the network voting are provided, ensuring shareholders understand how to cast their votes [8] - The company will ensure that all voting is conducted transparently and in accordance with regulations [5]

Core Points - The company is holding its fifth extraordinary general meeting of shareholders on July 18, 2025, to discuss key proposals [1][2] - A significant agenda item is the proposal to appoint KPMG Hong Kong as the auditing firm for the issuance of H shares and listing on the Hong Kong Stock Exchange [3][4] Group 1 - The meeting will take place at the company's office in Guangzhou, with both on-site and online voting options available for shareholders [1][2] - Shareholders must register in advance to speak during the meeting, and the board is obligated to answer questions unless they involve company trade secrets [1][4] - The proposal to appoint KPMG Hong Kong is based on their extensive experience in overseas listings and their independence and professional capability [4][5] Group 2 - KPMG Hong Kong has been providing audit, tax, and consulting services since 1945 and is a member of a global organization [4] - The firm is registered as a public interest entity auditor and has not faced any significant issues in its audit quality checks over the past three years [5] - The audit fees will be determined based on the complexity and requirements of the audit, with the board authorized to negotiate these fees [7][8]

Core Viewpoint - Chipone Microelectronics (芯碁微装) plans to initiate the process for issuing H-shares and listing on the Hong Kong Stock Exchange to enhance its international strategy and brand recognition [1][2]. Group 1: H-Share Listing Plans - The company's board approved the proposal to start preparations for the H-share issuance and listing on June 27, 2025, with a 12-month authorization period [1]. - The H-share listing aims to strengthen the company's capital strength and overall competitiveness [1]. - Specific details regarding the H-share listing are yet to be finalized, and the company will consult with relevant intermediaries [1]. Group 2: Previous Fundraising Activities - Chipone Microelectronics was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 1, 2021, raising a total of 460 million yuan, with a net amount of 416 million yuan after expenses [2][3]. - The company initially planned to raise 473 million yuan, with allocations for various projects including high-end PCB laser imaging equipment and wafer-level packaging [3]. - The total fundraising from the IPO and subsequent private placement amounts to 1.258 billion yuan [5]. Group 3: Recent Capital Increases - As of July 25, 2023, the company issued 10,497,245 shares at a price of 75.99 yuan per share, raising approximately 797.69 million yuan, with a net amount of about 789.36 million yuan after expenses [4].

Core Points - The Shanghai Jin Jiang International Hotel Company held its 42nd meeting of the 10th Board of Directors on June 20, 2025, where key resolutions were passed regarding subsidiary equity transfer and internal governance reforms [1][2]. Group 1: Equity Transfer and Related Transactions - The board approved a resolution to sign a letter of intent for the equity transfer of a subsidiary, which involves related party transactions. The resolution was passed with 6 votes in favor and no opposition or abstentions [1]. - Independent directors reviewed and approved the related party transaction proposal, ensuring compliance with governance standards [1]. Group 2: Internal Governance Revisions - The board decided to revise and establish internal governance systems applicable after the H-share listing in Hong Kong, including updates to seven existing governance documents and the creation of a draft for a board diversity policy [1][2]. - The revised governance documents will take effect upon the listing of H-shares on the Hong Kong Stock Exchange, while the current governance systems will remain in place until then [2].