Core Viewpoint - The company reported its 2025 H1 financial results, showing a revenue increase but a significant decline in net profit compared to the previous year [1][2]. Financial Performance - In Q2 2025, the company achieved revenue of 1.936 billion yuan, representing a year-on-year increase of 22.30% [1]. - The net profit attributable to shareholders was 27 million yuan, reflecting a year-on-year decrease of 52.17% [1]. - The automotive business showed steady growth, with revenue from new energy vehicles at 1.937 billion yuan (54.24% of total revenue), up 2.78% year-on-year, and fuel vehicles at 618 million yuan (17.30% of total revenue), up 15.11% year-on-year [2]. - The energy storage equipment business generated revenue of 586 million yuan (16.41% of total revenue), with a year-on-year growth of 9.40% [2]. Profitability and Margins - The gross margins for the three main business segments were reported as follows: new energy vehicles at 10.53% (down 4.39 percentage points), fuel vehicles at 10.01% (down 0.75 percentage points), and energy storage equipment at 16.83% (up 3.55 percentage points) [2]. - In Q2 2025, the net profit was 28 million yuan, down 50.23% year-on-year and 67.55% quarter-on-quarter, with a net profit margin of 1.46% [3]. Research and Development - The company is increasing its R&D investment, with R&D expenses in Q2 2025 amounting to 100 million yuan, a year-on-year increase of 12.32% and a quarter-on-quarter increase of 57.95% [3]. - The R&D expense ratio was 5.16%, showing a slight decrease year-on-year [3]. Future Outlook - The company forecasts revenues of 8.002 billion yuan, 9.668 billion yuan, and 11.635 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 460 million yuan, 625 million yuan, and 780 million yuan [3]. - Earnings per share (EPS) are projected to be 1.73 yuan, 2.36 yuan, and 2.94 yuan for the same years, with price-to-earnings (PE) ratios of 26, 19, and 15 [3].

Core Insights - Huabao New Energy (301327.SZ) reported a total operating revenue of 1.637 billion yuan for the first half of 2025, an increase of 495 million yuan compared to the same period last year, marking a year-on-year growth of 43.32% [1] - The net profit attributable to shareholders reached 123 million yuan, up by 49.75 million yuan from the same period last year, reflecting a year-on-year increase of 68.31% [1] - The company experienced a negative net cash flow from operating activities of 564 million yuan [1] Financial Performance - The latest asset-liability ratio stands at 14.50% [1] - The gross profit margin is reported at 41.75% [1] - The return on equity (ROE) is 1.98%, an increase of 0.78 percentage points compared to the same period last year [1] - The diluted earnings per share (EPS) is 0.71 yuan, an increase of 0.29 yuan from the same period last year, representing a year-on-year growth of 69.05% [1] - The total asset turnover ratio is 0.22 times, an increase of 0.06 times year-on-year, reflecting a growth of 34.45% [1] - The inventory turnover ratio is reported at 1.03 times [1] Shareholder Structure - The number of shareholders is 13,400, with the top ten shareholders holding a total of 134 million shares, accounting for 77.09% of the total share capital [1] - The top ten shareholders and their respective holdings are as follows: - Shenzhen Jubao Xintai Holdings Co., Ltd.: 32.0% - Sun Zhongwei: 18.31% - Shenzhen Jiameisheng Enterprise Management Partnership (Limited Partnership): 8.77% - Wen Meichan: 5.87% - Shenzhen Jiameihui Enterprise Management Consulting Partnership (Limited Partnership): 5.84% - Shenzhen Chengqianyi Enterprise Management Consulting Partnership (Limited Partnership): 1.52% - Chen Kaihua: 1.41% - Shanghai Pudong Development Bank Co., Ltd. - GF High-end Manufacturing Equity Fund: 1.40% - Hong Kong Central Clearing Limited: 1.24% - Bank of Communications Co., Ltd. - HSBC Jin Xin Core Growth Mixed Fund: 0.65% [1]

Core Viewpoint - Huabao New Energy (301327.SZ) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong business performance driven by enhanced global M2C direct sales brand competitiveness [1] Financial Performance - The company's operating revenue reached 1.637 billion yuan, representing a year-on-year growth of 43.32% [1] - Net profit attributable to shareholders was 123 million yuan, showing a year-on-year increase of 68.31% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 75.896 million yuan, reflecting a year-on-year growth of 88.72% [1] - Basic earnings per share stood at 0.71 yuan [1]

Group 1 - The company reported a revenue of 1.637 billion yuan for the first half of the year, representing a year-on-year growth of 43.32% [1] - The net profit attributable to shareholders reached 123 million yuan, an increase of 68.31% compared to 72.83 million yuan in the same period last year [1] - The basic earnings per share stood at 0.71 yuan [1]

Core Insights - Huabao New Energy reported a significant increase in both revenue and profit for the first half of 2025, driven by enhanced competitiveness of its global M2C direct sales brand and effective cost control strategies [1] Financial Performance - The company achieved a revenue of 1.637 billion yuan, representing a year-on-year growth of 43.32%, marking the highest level for the company in its semi-annual history [1] - Net profit for the same period reached 123 million yuan, with a year-on-year increase of 68.31%, indicating substantial growth in both revenue and profit [1]

Core Insights - Expion360 (XPON.US) shares surged over 211%, reaching a new high of $4.05, driven by strong quarterly performance and market demand [1] Financial Performance - The company reported Q2 revenue of $3 million, a 134% year-over-year increase, exceeding analyst expectations of $2.18 million [1] - This marks the sixth consecutive quarter of sales growth for the company [1] Market Demand - The strong performance is attributed to robust demand in the RV market and accessories, as well as the expansion into home energy storage solutions, with shipments set to begin in January 2025 [1] Compliance and Risk Mitigation - On August 13, the company regained compliance with NASDAQ listing rules, eliminating the risk of delisting [1]

Core Viewpoint - Expion360 (XPON.US) experienced a significant stock price increase of over 211%, reaching a new high of $4.05, driven by strong revenue growth and compliance with NASDAQ listing rules [1] Financial Performance - The company reported second-quarter revenue of $3 million, representing a year-over-year increase of 134%, surpassing analyst expectations of $2.18 million [1] - This marks the sixth consecutive quarter of sales growth for the company [1] Market Demand - The primary drivers of growth are strong demand in the RV market and accessory sales, along with the expansion into home energy storage solutions, which are set to begin shipping in January 2025 [1] Compliance and Risk Mitigation - On August 13, the company regained compliance with NASDAQ listing rules, eliminating the risk of delisting [1]

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 ...

格隆汇8月5日丨通润装备（维权）(002150.SZ)在互动平台表示，锂电池储能系统凭借高效、体积小、 性能好等特点，可以做为数据中心备用电源；产品与我司现有储能产品在技术层面是一致的，在应用层 面属于不同细分市场，需要配套细分产品，我司目前尚未进入数据中心后备电源业务。 ...

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].