营利双增但现金流承压 2025年上半年，华宝新能实现营业收入16.37亿元，同比增长43.32%；归母净利润1.23亿元，同比大幅 增长68.31%；扣非净利润7589.59万元，同比增幅更高达88.72%，创下近三年新高。值得注意的是，公 司净利率提升1.11个百分点至7.49%，显示出费用管控成效显著。 然而，亮眼业绩背后暗藏隐忧。最引人关注的是经营现金流由正转负，从2024年同期的1.34亿元转 为-5.64亿元，环比降幅达55.9%。这一数据反映出公司在销售回款或供应链支出方面可能面临较大压 力。同时，综合毛利率从46.39%降至41.75%，下滑4.64个百分点，这可能与原材料成本上升或产品结构 调整有关。 此外，存货周转天数增至175.56天，同比上升2.6%，库存管理效率有待优化。 8月23日，华宝新能（301327.SZ）发布2025年半年度报告，交出了一份营收净利双增的亮眼成绩单。作 为国内"便携储能第一股"，公司在全球新能源市场的表现可圈可点，但经营现金流的大幅转负也引发了 市场关注。 | | 营业收入 | 营业成本 | 毛利率 | 营业收入 比上年间 | 营业成 本比上 | 毛利率 HF ...

每经AI快讯，有投资者在投资者互动平台提问：公司的产品能用于给机器人充电吗？ （文章来源：每日经济新闻） 华宝新能（301327.SZ）8月27日在投资者互动平台表示，公司的便携储能产品与太阳能光伏板配套组 合，已能够实现为智能机器人持续供电。未来，公司还将积极布局，深入探索并打造相关应用场景的整 体解决方案，力求为市场提供更优质、更全面的服务。 ...

（二）募集资金使用和结余情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：301327 证券简称：华宝新能 公告编号：2025-042 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 根据中国证券监督管理委员会《上市公司募集资金监管规则》（证监会公告〔2025〕10号）和深圳证券 交易所印发的《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作（2025年修 订）》（深证上〔2025〕481号）的规定，深圳市华宝新能源股份有限公司（以下简称为"公司"或"华宝 新能"）募集资金2025年半年度存放与使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意深圳市华宝新能源股份有限公司首次公开发行股票注册的批 复》（证监许可〔2022〕1175号），本公司由主承销商华泰联合证券有限责任公司采用余额包销方式， 向社会公众公开发行人民币普通股（A股）股票24,541,666股，发行价为每股人民币237.50元，共计募集 资金5,828,645,675.00元，坐扣不含税保荐及 ...

Summary of Huabao New Energy Conference Call Company Overview - **Company**: Huabao New Energy - **Industry**: Portable Energy Storage Key Points and Arguments 1. **2024 Performance Turning Point**: Huabao New Energy is expected to see a turning point in 2024, benefiting from differentiated new products and a recovery in industry demand, leading to significant revenue improvement primarily from Japan and the US markets, while the decline in the European market has narrowed [2][11][22] 2. **Revenue Growth Forecast**: The company anticipates revenue growth to fluctuate in 2025, with a recovery to over 50% growth starting in Q2, driven by sustained high growth in Japan and continued momentum in the US market [2][13][24] 3. **Product Differentiation**: The launch of the V2 and Plus series differentiated products has significantly increased market share, with the V2 series utilizing CTB technology for reduced weight and size, while the Plus series focuses on high output power [2][15][34] 4. **Mobile Home Storage Market Potential**: The mobile home storage product is viewed as a trillion-level market, priced lower than traditional home storage systems, with easy installation catering to emergency backup and outdoor camping needs, suitable for a ToC sales model [2][7][17][36] 5. **Market Share and Sales Growth**: Huabao holds nearly 10% of the global portable energy storage market, which is valued at approximately $5 billion (around 400 billion RMB). The sales of high-margin new products have significantly increased, with sales in the US and Japan showing remarkable growth [5][6][23] 6. **Long-term Market Opportunities**: The mobile home storage products have the potential to penetrate the traditional fixed home storage market, which has a global installation capacity of about 16GWh, corresponding to a trillion-dollar market [3][25] 7. **Profitability Forecast**: The company expects to achieve profits of 300 to 400 million RMB in 2025, and 400 to 500 million RMB in 2026, indicating a reasonable valuation and suggesting investors pay attention [2][24][38] Additional Important Insights 1. **Historical Performance**: From 2020 to 2022, Huabao experienced explosive growth but faced a downturn in 2023 due to declining demand and increased competition. The company has since recovered in 2024 through new product launches and demand recovery [4][22][29] 2. **Cost Management**: The company has improved its cost management, with significant reductions in sales, management, and R&D expense ratios, contributing to profit recovery [11][12][10] 3. **Competitive Advantages of Mobile Home Storage**: Compared to traditional home storage, mobile home storage offers lower pricing (typically under $5,000) and does not require professional installation, making it more accessible for consumers [8][18][36] 4. **Sales Strategy**: The mobile home storage products are primarily sold online, which benefits brand-oriented companies and enhances market share [19][27] 5. **Product Line Diversity**: Huabao has multiple product lines, including mobile home storage, V2 series, balcony storage, and PASS series, allowing it to cater to various customer needs and maintain competitive advantages in different market segments [31][32] This summary encapsulates the key insights from the conference call, highlighting Huabao New Energy's strategic positioning, market opportunities, and financial outlook.

Core Viewpoint - The departure of CTO Chen Xi from Zhenghao Innovation marks a significant personnel change, but the company asserts that it will not impact normal operations. Chen Xi is known for his engineering mindset and has led several core technology developments at the company [1][2]. Company Summary - Zhenghao Innovation achieved a global sales revenue of approximately $1 billion in 2022, surpassing Huabao New Energy, and is now among the leading companies in the energy storage sector [1][3]. - The company has set ambitious revenue targets, aiming for over 8 billion yuan in 2024 and a ceiling target of 14 billion yuan by 2025 [3]. Industry Context - The energy storage market, particularly in portable storage, is experiencing intense competition, especially with the presence of major players in Shenzhen [2][3]. - The market dynamics have shifted due to a cooling demand in Europe and the U.S., following a surge driven by the European energy crisis. This has led to a decline in consumer demand for outdoor power products [3]. - The entry of cross-industry competitors like Huawei and Tesla is intensifying price competition within the sector, posing new challenges for established companies like Zhenghao Innovation [3].

Group 1 - The Ministry of Industry and Information Technology has approved 1,128 industry standards, including the "Portable Photovoltaic Module" standard, which will be implemented on August 1, 2025, marking a new phase of standardized development in China's portable photovoltaic industry [1] - The portable photovoltaic component market is experiencing explosive growth due to the rising popularity of camping, RV travel, and emergency backup power, but the industry faces challenges such as a lack of technical standards and inconsistent product quality [2][3] - The newly established standard addresses the specific needs of portable photovoltaic components, ensuring scientific, unified, applicable, and operable guidelines, which align with the IEC61215 standards for large ground-mounted photovoltaic components [2] Group 2 - The standard includes a comprehensive testing classification system, key testing items, complete testing sequences, and strict passing criteria, covering product usage, production processes, quality inspection, and market supervision [3] - The implementation of this standard is expected to promote technological advancement and standardization in the industry, facilitating a shift from "functional assembly" to "dual excellence in safety performance," leading to a new phase of standardized and high-quality development in the portable photovoltaic industry [3] - Huabao New Energy has been actively involved in establishing industry standards, having previously contributed to the first national standard for portable lithium-ion battery storage power and other specifications, reinforcing its role as a "definer" of industry rules [5] Group 3 - As of the first quarter of 2025, Huabao New Energy has accumulated 1,720 patents, including 928 authorized patents (58 of which are invention patents), showcasing strong independent innovation capabilities [6] - The company ranks 21st in the "Top 100 Patent Innovation Strength of Shenzhen Enterprises" list, reflecting its robust technological foundation and commitment to continuous innovation [6] - Huabao New Energy aims to enhance the quality and safety of portable storage and photovoltaic integrated products, striving to build a global competitive edge for Chinese brands in the rapidly evolving outdoor energy market [6]

Core Viewpoint - Shenzhen Huabao New Energy Co., Ltd. has announced its 2024 profit distribution and capital reserve transfer plan, which includes a cash dividend and a stock increase without issuing bonus shares [1][2]. Group 1: Profit Distribution and Capital Increase - The company will distribute a cash dividend of 11.50 yuan per 10 shares (before tax) to all shareholders, based on a total of 123,953,391 shares after excluding 846,609 shares held in the repurchase account [2][3]. - The total share capital will increase from 124,800,000 shares to 174,381,356 shares after the capital reserve transfer of 49,581,356 shares [3][5]. - The capital reserve will be converted into shares at a rate of 4 shares for every 10 shares held [2][3]. Group 2: Taxation and Shareholder Rights - Taxation on dividends will vary based on the holding period, with specific amounts due for different time frames, and the company will not withhold individual income tax at the time of distribution [2][3]. - Shares held in the repurchase account will not participate in this profit distribution and capital increase [3][5]. Group 3: Shareholder Meeting and Approval - The profit distribution and capital increase plan was approved during the shareholder meetings held on April 24 and May 16, 2025 [1][2]. - The implementation of the plan is consistent with the resolutions passed at the shareholder meeting, and the timeline for implementation is within two months of the approval [2][3].

Group 1: Business Strategy and Plans - The company aims to solidify its leadership in portable energy storage and photovoltaic industries by enhancing product innovation and market penetration [3] - Plans to accelerate the development of all-scenario home green electricity products, including the launch of innovative aesthetic solar tiles and comprehensive energy solutions [3] - Focus on strengthening digital M2C operational capabilities across R&D, production, branding, and retail to enhance overall competitiveness [4] - Commitment to expanding into emerging markets such as Southeast Asia and Latin America by tailoring products to local needs [5] Group 2: R&D and Innovation - In 2024, the company invested CNY 173 million in R&D, a 14.31% increase year-on-year, resulting in a total of 1,720 patents, including 928 domestic and international patents [6] - Significant advancements in portable energy storage technology, with a 140% year-on-year revenue increase in the solar generator category, accounting for over 50% of total revenue [6] - Introduction of innovative products such as the Jackery 1000Pro2 and Jackery 2000Pro2, which are the lightest and smallest in their category [6] Group 3: Financial Performance and Shareholder Returns - The company plans to distribute CNY 1.43 billion in cash dividends for the 2024 fiscal year, with a dividend of CNY 11.50 per 10 shares [8] - Additionally, a capital reserve conversion will result in the issuance of approximately 49.58 million new shares [8] Group 4: Market Analysis and Competitive Landscape - The portable energy storage industry is experiencing rapid growth, with the outdoor sports market projected to reach USD 236.3 billion by 2025, and the camping economy in China expected to grow by 60.4% in 2024 [9] - The company has established a comprehensive sales channel strategy, achieving cumulative sales of over 5 million units, reinforcing its market leadership [9] Group 5: International Market Insights - North America is witnessing strong growth in portable energy storage due to increased demand for home backup power solutions [10] - Japan's market is expanding as residents prioritize emergency preparedness, with the company enhancing its market share through targeted strategies [10] - The European market is expected to grow rapidly as inventory issues are resolved and new products are introduced [10] Group 6: Recent Developments and Future Products - The company launched the new 3000Pro2 outdoor power supply in Q1 2025, setting new standards for lightweight high-capacity power sources [14] - Plans to introduce additional high-performance off-grid home storage products and the second generation of DIY balcony storage products later in 2025 [14] - Recent power outages in Spain and Portugal have increased demand for the company's portable energy products, expected to boost sales in those regions [15]

Revenue and Profit - The company achieved significant revenue and profit growth in Q1 2025, with total operating revenue reaching 714 million yuan, a year-on-year increase of 22.6% [2] - The net profit attributable to shareholders was 85.073 million yuan, up 193.36% year-on-year, while the net profit excluding non-recurring items was 65.8237 million yuan, reflecting a 395.17% increase [2] Profitability - The company's gross margin was 44.21%, a decrease of 3.62 percentage points compared to the same period last year, but the net margin reached 11.92%, an increase of 139.28% year-on-year [3] - Earnings per share were 0.68 yuan, representing a year-on-year growth of 195.65% [3] Cost Control - The company demonstrated strong cost control, with total selling, administrative, and financial expenses amounting to 210 million yuan, accounting for 29.45% of revenue, a decrease of 6.7% year-on-year [4] Cash Flow Situation - The operating cash flow per share was -3.49 yuan, a significant decline of 2822.02% year-on-year, indicating considerable pressure on cash flow from operating activities [5] Assets and Liabilities - The company's cash and cash equivalents were 856 million yuan, a decrease of 76.44% from 3.631 billion yuan in the same period last year [6] - Accounts receivable increased by 26.41% year-on-year to 129 million yuan, while interest-bearing liabilities decreased by 86.06% to 37.945 million yuan, indicating improved debt management [6] Overall Summary - Overall, the company achieved significant growth in revenue and net profit in Q1 2025, with improved profitability and effective cost control. However, the cash flow situation raises concerns that require close monitoring of future cash flow management and operational performance [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 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 □适用 √不适用 （2） 公司优先股股东总数及前10名优先股股东持股情况表 公司报告期无优先股股东持股情况。 （3） 以方框图形式披露公司与实际控制人之间的产权及控制关系 ■ 5、在年度报告批准报出日存续的债券情况 □适用 √不适用 三、重要事项 报告期内，公司通过全球M2C直销品牌竞争力的持续提升及降本控费策略深化，实现营业收入和净利 润的快速增长。2024年公司营业收入36.06亿元，同比增长55.82%，归母净利润2.40亿元，同比增长 237.89%。随着原材料采购成本的优化控制，以及公司产品的迭代升级，报告期内公司毛利率为 44.05%，同比上升5.07个百分点。 在全球化布局方面，公司持续深化全球M2C直销品牌战略，2024年北美市场营业收入同比增长 60.75%，亚洲市场（不含中国）实现营业收入同比增长100.24%。 ...