汽车业务稳中带增，储能增速持续提升。汽车业务方面，2025H1 期间，公司新能源车业务实现收入 19.37 亿元（占比54.24%），同比+2.78%；燃油车业务实现收入6.18 亿元（占比17.30%），同比 +15.11%。公司汽车业务整体稳中带增。同期，公司储能设备业务实现收入5.86 亿元（占比16.41%）， 同比+9.40%，增速优于公司汽车制造业业务（5.51%）。毛利率方面，公司三大主业新能源车、燃油 车、储能设备报告期内毛利率分别为10.53%、10.01%、16.83%，同比变化分别为-4.39%、-0.75%、 +3.55%。 通信设备切入成效凸显，人形机器人等领域持续布局。公司通信设备业务表现突出，2025H1 期间实现 收入3.65 亿元（占比10.21%），同比大幅增长145.99%，毛利率达11.41%，印证新领域切入成效显著。 同时，公司积极推进前沿技术落地，与广东省科学院智能制造研究所共建 "人形机器人关键零部件联合 技术创新中心"，标志其已在低空经济、人形机器人等新兴领域启动前瞻布局，为后续增长打开新空 间。 事件：2025 年8 月26 日，公司公布2025H1 财报,披 ...

智通财经APP讯，华宝新能(301327.SZ)发布2025年半年度报告，该公司营业收入为16.37亿元，同比增 长43.32%。归属于上市公司股东的净利润为1.23亿元，同比增长68.31%。归属于上市公司股东的扣除非 经常性损益的净利润为7589.59万元，同比增长88.72%。基本每股收益为0.71元。公司通过全球M2C直 销品牌竞争力的持续提升，实现营业收入增长。 ...

证券研究报告·北交所报告·北交所定期报告 2025 年 08 月 14 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 北交所定期报告 20250814 数据产权制度今年将推出，北证指数收跌 1.99% yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 2025-08-12 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）最新！今年将推出数据产权等 10 多项制度。8 月 14 日，国家发展改革委党组成员、国家数据局局长刘烈宏在新闻发布会上 表示，"十四五"时期，我国牢牢把握数字化、网络化、智能化发展机遇， 全面深化数据要素市场化配置改革，加 ...

Core Viewpoint - The company plans to transfer 100% equity of its wholly-owned subsidiary, Hunan Jinshi Technology Co., Ltd., to optimize resource allocation and improve asset utilization efficiency [1][3]. Group 1: Company Overview - Jinshi Technology, established in 2019 with a registered capital of 400 million yuan, primarily engaged in packaging printing and advertising design [1]. - The company has shifted its focus to the energy storage sector since March 2024, developing and selling energy storage systems and related products [1]. Group 2: Financial and Project Status - The Hunan production base project has seen a cumulative investment of 349 million yuan, with the project nearing completion but lacking equipment purchases [2]. - Hunan Jinshi has reported continuous losses, with net profits of -14.58 million yuan in 2024 and -4.30 million yuan from January to March 2025 [2]. Group 3: Strategic Decision - The decision to transfer the subsidiary is aimed at disposing of idle assets, reducing the burden on the listed company, and providing financial support for future development [3]. - If the transfer is successful, Hunan Jinshi will no longer be included in the company's consolidated financial statements [3].

Core Viewpoint - The company 康稳移动供电设备 (Wuhan) is experiencing significant growth in demand for its large-scale energy storage solutions, particularly the "port charging treasure," which is being exported to various countries, including Malaysia, due to the global shift towards renewable energy and reduced diesel usage [1][2]. Group 1: Product and Market Demand - The "port charging treasure" is a large energy storage cabinet that resembles a shipping container and is used for renewable energy applications, replacing traditional diesel generators at ports [1]. - The company has received an order for 58 units from Malaysia and is currently in a "burst order" state, with production scheduled to meet a total of over 140 units by the end of the year [1]. - The product can fully charge a tire crane in 40 minutes, providing power for 1.5 hours, showcasing its efficiency [1]. Group 2: Technological Advancements - 康稳武汉's unique Battery Management System (BMS) ensures optimal battery performance and longevity, while its liquid cooling system is more efficient than traditional air cooling [2]. - The company invests over 10 million yuan annually in research and development, with a core technical team comprising 40% of its workforce [2]. Group 3: Financial Performance - As of June 30, the company's sales reached 160 million yuan, with expectations to exceed 300 million yuan for the entire year [2]. - 康稳武汉 has expanded its market reach to over 30 countries, including Argentina, the United States, Singapore, and the Philippines, establishing itself as a leader in the port transportation industry [2]. Group 4: Industry Context - The increasing global demand for energy-efficient power supply solutions, particularly in ports, presents significant opportunities for the company [1][2]. - The robust industrial chain in Wuhan, especially in heavy industry, supports the company's growth and development [2].

Group 1 - The core task of the highest decision-making meeting has elevated the goal of anti-involution, which is expected to enhance market confidence through effective policy execution [2] - The current market sentiment is rapidly warming, with investors showing significant confidence in the return of "pro-cyclical style" as the anti-involution policy becomes clearer [4] - The annual investment in the childcare subsidy program has exceeded 100 billion, indicating strong fiscal support for young families and potential for stimulating domestic demand [3] Group 2 - The pro-cyclical sectors, which are highly represented in the A-share market, are expected to gain significant relative advantages as policies shift [2] - The institutionalization and circulation of data assets are seen as key directions for constructing a new factor system, which may drive the digital economy transformation [5] - High-end manufacturing, particularly in robotics and solid-state battery industries, is anticipated to achieve rapid breakthroughs in commercialization and industrialization [6] Group 3 - The current capital market in China is nurturing a "low wavelength flow" new bull market, driven by trust accumulation rather than emotional outbursts [7] - The market's main trend is determined by investor confidence and risk appetite, rather than sustained profit growth [7] - The expectation of a policy shift towards pro-cyclical assets may lead to a revaluation of the bond market as a "deflation asset" [4]

Core Points - The document outlines the management of director resignations at Shenzhen Huabao New Energy Co., Ltd, ensuring stability in corporate governance and protecting the rights of the company and its shareholders [1][2] - It specifies the conditions under which directors can resign, including the requirement for written resignation reports and the timeline for board disclosure [1][2] - The document establishes the obligations of departing directors, including the transfer of company documents and the handling of any unresolved matters [3][4] Summary by Sections General Provisions - The regulations are designed to standardize the resignation management of directors, including independent directors, to maintain governance stability [1] - The rules apply to all forms of director departures, including resignations, term expirations, and dismissals [1] Resignation Conditions and Effectiveness - Directors may resign before their term ends by submitting a written resignation report, which takes effect upon receipt by the board [2] - If a resignation results in the board falling below the legal minimum number of directors, the resigning directors must continue to fulfill their duties until replacements are appointed [2] Transfer Procedures and Unresolved Matters - Departing directors must hand over all relevant documents and assets within three working days of their resignation [3] - The audit committee may initiate a departure audit for significant matters involving the resigning director [3] Obligations of Departing Directors - Departing directors must complete all handover procedures and maintain confidentiality regarding company secrets even after their term ends [4] - They are liable for any losses incurred by the company due to their unauthorized departure [4] Accountability Mechanism - The board will review any breaches of obligations by departing directors and may seek compensation for losses incurred [5] - Directors can appeal the board's decisions regarding accountability within a specified timeframe [5] Management of Shareholdings by Departing Directors - Departing directors are prohibited from transferring their shares within six months of leaving the company [6] - There are specific limits on the percentage of shares that can be sold during their term and after their resignation [6] Miscellaneous Provisions - The document states that any matters not covered will be governed by relevant laws and regulations [6] - The board holds the authority to modify and interpret these regulations [6]

Core Viewpoint - The article highlights the launch of a new 1MW flow battery inverter by Shandong Boao Energy Technology Co., Ltd., emphasizing the importance of energy storage technology in enhancing the stability of energy systems and the efficient utilization of renewable energy sources [1]. Group 1: Product Overview - The core device of the solution is a 1MW PCS system, which includes PCS, DCDC modules, and isolation transformers to ensure efficient operation and stable output [5]. - The PCS is responsible for energy conversion, while the DCDC module adjusts the direct current voltage and can start from 0V, with the isolation transformer providing electrical isolation for safety [6]. Group 2: Energy Transfer Mechanism - The storage inverter converts direct current energy from the storage device into alternating current for the grid during discharge, and converts alternating current from the grid into direct current for charging the storage device [8]. - Advanced power electronics technology enables high efficiency and low loss during the energy transfer process, ensuring stable system operation [9]. Group 3: Compatibility and Management - The inverter is designed to be flexible and compatible with various types of direct current storage units, including lithium batteries, lead-acid batteries, and flow batteries, catering to different application scenarios [10]. - An intelligent management system allows real-time monitoring of storage unit status, optimizing charge and discharge strategies to extend the lifespan of storage devices [11]. Group 4: Technical Specifications - The rated power of the storage inverter is 1MW, meeting the needs of medium to large-scale storage systems and ensuring efficient energy conversion and output [13]. - The maximum conversion efficiency of the device reaches 94%, significantly reducing energy loss and enhancing overall economic benefits [14]. - The inverter supports a wide range of direct current input voltages, enhancing its applicability and flexibility, and includes multiple protection mechanisms for overvoltage, overcurrent, and short circuits to ensure safe operation [15]. Group 5: Company Background - Shandong Boao Energy Technology Co., Ltd. is a high-tech enterprise in Shandong Province, specializing in the research, development, manufacturing, sales, and service of power supply equipment, with over 20 years of experience in power electronics conversion technology [16].

Group 1: Pharmaceutical and Biotech Industry - The pharmaceutical and biotech sector showed an overall increase of 1.27% from May 12 to May 16, outperforming the CSI 300 index by 0.15 percentage points [6] - The sector's year-to-date increase is 2.48%, ranking 11th among 31 industries, with a valuation of 27.01 times PE, which is at a historically low level [6] - Notable sub-sectors include Traditional Chinese Medicine, Medical Services, and Chemical Pharmaceuticals, with respective increases of 1.73%, 1.45%, and 1.44% [6] - The report highlights the impact of a U.S. executive order aimed at reducing prescription drug prices, which may lead to a shift in pricing strategies among global pharmaceutical companies [7] - Investment opportunities are suggested in innovative drug chains, medical devices, Traditional Chinese Medicine, and healthcare services [7][8] Group 2: Mergers and Acquisitions - The China Securities Regulatory Commission (CSRC) revised the management measures for major asset restructuring, enhancing market vitality [10] - Since the introduction of the "Six Guidelines" for mergers and acquisitions, over 1,400 asset restructuring cases have been disclosed, with significant increases in both the number and value of major transactions [10][26] - The new rules include mechanisms for installment payments for shares, simplified review processes, and increased participation from private equity funds [11][12][26] Group 3: Economic Data and Observations - In April 2025, the total retail sales of consumer goods increased by 5.1% year-on-year, while fixed asset investment grew by 4.0% [15] - Industrial production showed resilience with a year-on-year increase of 6.1%, despite a slight decline from previous months [15][16] - The report indicates a stable investment environment in infrastructure and manufacturing, although real estate continues to be a drag on overall growth [15][18] Group 4: Food and Beverage Industry - The food and beverage sector saw a modest increase of 0.48%, underperforming the CSI 300 index by 0.64 percentage points [20] - The report emphasizes the ongoing adjustments in the liquor industry, with companies exploring new channels and product innovations to navigate the seasonal downturn [21] - Investment recommendations include high-end liquor brands and resilient food companies, particularly in the snack and dairy segments [24] Group 5: Energy Storage Industry - The global energy storage market is experiencing significant growth, with a cumulative installed capacity of 372 GW in 2024, representing a year-on-year increase of 28.6% [30] - The report highlights the increasing share of new energy storage technologies, which accounted for 44.5% of total installations [30] - Investment opportunities are identified in leading companies with strong risk management capabilities, particularly in emerging markets [34]

Group 1 - China CNR announced the signing of several major contracts totaling approximately 547.4 billion yuan, accounting for 22.2% of the expected revenue for 2024 [2] - Among the six major contracts signed, three exceeded 100 billion yuan and were related to railway equipment, including contracts with Shenzhen Metro Group, Hangzhou Metro Operation, and MTR Corporation [2] - In Q1 2025, China CNR reported a revenue of 48.671 billion yuan, a year-on-year increase of 51.23%, primarily driven by the growth in railway equipment revenue [2] Group 2 - The railway equipment business generated a revenue of 25.786 billion yuan in Q1 2025, reflecting a year-on-year increase of 93.63%, attributed to increased sales of high-speed trains and freight cars [2] - China CNR also signed contracts worth approximately 5.36 billion yuan for wind power and energy storage equipment with companies such as Inner Mongolia Sanxia Mengneng Energy and Goldwind Technology [3][4] - The company has seen a growth trend in the total value of wind power and energy storage contracts since 2024, indicating a strategic expansion in emerging industries [4]