Core Viewpoint - The company is committed to implementing a consumer-level all-scenario solution brand strategy, focusing on continuous high investment in photovoltaic and energy storage products to drive technological transformation [2] Group 1: Product Development and Innovation - In the first half of 2025, the company plans to launch innovative products such as the new generation DIY balcony energy storage system Jackery HomePower 2000 Ultra and the fast-charging outdoor power supply 3000 Pro 2, catering to diverse scenarios including home backup, self-consumption, and outdoor leisure [2] - The company has significantly enhanced its research and development capabilities, which are crucial for product upgrades and brand promotion [2] Group 2: Revenue Growth and Market Position - The Solar Generator outdoor power supply category has shown remarkable growth, with revenue increasing by over 60% year-on-year in the first half of 2025, accounting for more than 50% of total revenue [2] - This category has become a core growth driver for the company's business, indicating a strong market position and consumer demand for green energy solutions [2]

Core Viewpoint - The global demand for green energy is driving rapid expansion in the portable and home energy storage markets, with Huabao New Energy (301327.SZ) emerging as a leading player in this sector, evidenced by its strong stock performance and impressive financial results [1][3]. Market Overview - The global portable energy storage market is projected to grow from $4.69 billion in 2025 to approximately $6.61 billion by 2034, reflecting a compound annual growth rate [1]. - Huabao New Energy's stock has increased by 20.92% over the past six months and 29.51% in the last three months, outperforming the CSI 300 index during the same period [1]. Financial Performance - In the first half of 2025, Huabao New Energy reported revenue of 1.637 billion yuan, a year-on-year increase of 43.32%, marking a record high for the first half of the year [3]. - The company's net profit attributable to shareholders reached 123 million yuan, also showing significant growth [3]. Growth Drivers 1. **Focus on Consumer-Level Solar Storage** - Huabao New Energy is concentrating on the consumer-level solar storage market, providing comprehensive green energy solutions for various scenarios, including home backup power and outdoor leisure [3]. - Revenue from the Solar Generator product line grew by over 60% year-on-year, accounting for more than 50% of total revenue [3]. 2. **M2C Direct Sales Model** - The company employs a direct-to-consumer (M2C) sales model, bypassing intermediaries and establishing a global channel network through its independent website, third-party e-commerce platforms, and offline retail [3]. - In the first half of 2025, revenue from the independent website increased by 55.25%, and offline retail revenue grew by 45.85% [3]. 3. **International Expansion** - Huabao New Energy's overseas business experienced significant growth, with revenues in Europe, North America, and Asia (excluding China) increasing by 106.42%, 42.86%, and 31.92% respectively [3]. R&D and Innovation - The company has accumulated 1,939 patents, including 661 solar-related patents, reflecting a year-on-year growth of 49.89% [4]. - Huabao New Energy has received 110 international industrial design awards, showcasing its commitment to innovation and product development [4]. - The company has launched new products, including the Jackery HomePower 2000 Ultra and 3000 Pro2, which have passed multiple international safety certifications [4]. Operational Efficiency - Huabao New Energy is enhancing its digital operations and channel management, utilizing AI tools to improve advertising efficiency and optimize expense ratios [5]. - The sales expense ratio decreased year-on-year in the first half of 2025, indicating improved operational efficiency [5]. Conclusion - Huabao New Energy's growth strategy is clear: focusing on consumer-level solar storage, leveraging a direct sales model for global expansion, and reinforcing its long-term competitive edge through substantial R&D investments [5].

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].