（编辑 袁冠琳） 证券日报网讯 华宝新能10月9日在互动平台回答投资者提问时表示，面对全球家庭对绿色能源解决方案 需求加速增长的发展机遇，公司将以创新驱动为核心战略，秉持客户至上的理念，洞察用户场景需求， 快速推进各项业务增长，加速便携储能及光伏产品的迭代创新，强化在家庭应急备电等家庭场景上的应 用。同时公司将精耕细作战略市场，深化渠道布局，完善本土化运营，强化优势传播渠道，夯实在便携 储能市场的领导地位，并持续提升品牌的全球认知度和美誉度。此外，公司将强化研发、生产、品牌、 零售的数字化M2C运营能力，优化供应链布局，提升全球产能协同效率，依托丰富产品矩阵与品牌影 响力，深化数字化运营与渠道精细化管理。通过AI工具优化广告投放结构及素材，精准匹配用户需求 与场景以提升投放效率，推动费用率持续优化。 ...

证券日报网讯华宝新能（301327）9月12日在互动平台回答投资者提问时表示，北美市场作为公司重要 海外市场，2025年上半年占公司营业收入的56.30%。针对美国关税政策变化，公司将从三方面增强抗 风险能力：一是坚守自主创新，通过加大研发投入、推进产品迭代和强化品牌建设，以差异化产品和场 景化解决方案紧密连接消费者，持续提升品牌议价能力，巩固全球便携储能头部品牌地位；二是推进全 链条降本增效，在优化产品设计与工艺流程、深化供应链协同合作的同时加快海外产能布局，力求在保 障品质的前提下有效降低成本、提升运营效率；三是积极开拓新兴市场，结合不同区域需求推出适配产 品，逐步降低对单一市场依赖度，构建"核心市场稳固、新兴市场增长"的全球发展格局，持续提升抗风 险能力与全球竞争力，为投资者创造可持续价值。 ...

Core Viewpoint - Huabao New Energy (301327.SZ) reported significant revenue and profit growth for the first half of 2025, but a substantial negative shift in operating cash flow has raised market concerns [2][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 1.637 billion yuan, a year-on-year increase of 43.32% [4]. - The net profit attributable to shareholders reached 122.59 million yuan, marking a substantial growth of 68.31% compared to the previous year [4]. - The net profit after deducting non-recurring items was 75.90 million yuan, reflecting an impressive increase of 88.72% [4]. - The company's net profit margin improved by 1.11 percentage points to 7.49%, indicating effective cost control [3]. - However, operating cash flow turned negative, dropping from 134.21 million yuan in the same period last year to -564.42 million yuan, a decline of 55.9% [4][3]. - The gross profit margin decreased from 46.39% to 41.75%, a drop of 4.64 percentage points, potentially due to rising raw material costs or product mix adjustments [3]. Market Performance - North America remains the core market, contributing 922 million yuan in revenue, a year-on-year growth of 42.86% [5][7]. - The European market saw explosive growth, with revenue soaring by 106.42% to over 100 million yuan, driven by favorable EU policies and effective product positioning [6][7]. - The Asian market (excluding mainland China) achieved a revenue of 466 million yuan, growing by 31.92% [5][7]. Product and Innovation - The Solar Generator outdoor power supply category performed exceptionally well, with revenue growth exceeding 60%, accounting for over 50% of total revenue [6]. - The new product "3000 Pro2" has been recognized for its lightweight and compact design, while the curved photovoltaic tile "Mo Yu/Chi Xia" received the first BIPV UL 7103 certification globally, enhancing the company's technological edge [6][9]. - The company has invested 76.16 million yuan in R&D in H1 2025, with a total of 1,939 patents globally, including 661 photovoltaic patents, reflecting a 49.89% increase [9]. Institutional Investment and Challenges - Despite strong performance, the number of institutional investors holding the company's stock plummeted from 169 to 7, raising concerns [11]. - The company's market capitalization stands at 10.939 billion yuan, having increased by 16.17% year-to-date, but still significantly below its historical peak [11]. - The asset-liability ratio increased by 2.37 percentage points to 14.50%, indicating a need for caution regarding leverage amid cash flow pressures [11]. Strategic Direction - The company is shifting its strategy from "scale expansion" to "quality improvement," focusing on a value chain that includes technological innovation, product iteration, channel penetration, brand premium, and efficiency enhancement [11].

Group 1 - The company has confirmed that its portable energy storage products can be used in conjunction with solar photovoltaic panels to provide continuous power to smart robots [2] - The company plans to actively explore and develop comprehensive solutions for related application scenarios in the future [2] - The goal is to offer higher quality and more comprehensive services to the market [2]

Group 1 - The stock price of Huabao New Energy (301327.SZ) closed at 59.45 yuan, reflecting a decline of 5.23% and is currently in a state of breaking issue [1] - Huabao New Energy was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 19, 2022, with an issuance of 24,541,666 shares, accounting for 25.56% of the post-issue total share capital, at an issue price of 237.50 yuan per share [1] - The total amount raised from the initial public offering (IPO) was 582,864.57 million yuan, with a net amount of 559,459.64 million yuan after deducting issuance costs, which was 491,839.64 million yuan more than the original plan [1] Group 2 - The company announced a profit distribution plan for 2022, where it will distribute cash dividends of 20.83 yuan per 10 shares (including tax), totaling 199,968,000.00 yuan, and will also increase the share capital by 3 shares for every 10 shares held, resulting in an increase of total share capital to 124,800,000 shares [2] - The profit distribution plan is subject to adjustments based on any changes in total share capital between the announcement and the implementation date, while maintaining the fixed total cash dividend amount [2] Group 3 - For the 2024 profit distribution plan, the company will distribute cash dividends of 11.50 yuan per 10 shares (including tax) based on a total share capital of 123,953,391 shares after deducting treasury shares, and will also increase the share capital by 4 shares for every 10 shares held [3] - The tax treatment for dividends varies for different types of shareholders, with specific rates for Hong Kong investors and domestic investors [3]

Fundraising Overview - The company raised a total of RMB 5,828,645,675 by issuing 24,541,666 shares at RMB 237.50 per share, with net proceeds amounting to RMB 5,594,596,404.45 after deducting underwriting fees and other expenses [1][34]. - As of June 30, 2025, the company had a cash management balance of RMB 384,600,000 from temporarily idle funds [2][9]. Fund Management and Usage - The company has established a dedicated fund management system, including a special account for fundraising, to ensure compliance with regulations and protect investor interests [3][4]. - A total of 15 special fundraising accounts were set up, with funds managed under a tripartite supervision agreement with banks and the sponsor [4][6]. Changes in Fund Usage - The company approved the reallocation of part of the funds from the "Brand Digitalization Project" to invest in the "Digital Zero Carbon Industrial Park Project," with a total of RMB 66,907,000 being redirected [11][37]. - The company also decided to permanently supplement working capital with surplus funds from the "Portable Energy Storage Product Expansion Project," amounting to RMB 6,162,150 [40][41]. Audit and Compliance - The company plans to appoint Rongcheng Accounting Firm as the auditor for the 2025 fiscal year, replacing Tianjian Accounting Firm, to ensure independence and objectivity in the audit process [18][28]. - The company has confirmed that there are no significant issues in the use and disclosure of fundraising [16]. Shareholder Meeting - The company will hold its fourth extraordinary general meeting on September 9, 2025, to discuss various proposals, including the approval of the new auditor [45][46].

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of 2025, driven by enhanced competitiveness in its global M2C direct sales brand and effective cost control strategies [1] Financial Performance - The company's revenue for the first half of 2025 reached 1.637 billion yuan, representing a year-on-year increase of 43.32% [1] - The net profit attributable to shareholders for the same period was 123 million yuan, reflecting a year-on-year growth of 68.31% [1]

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]