邯郸市城运集团为一家于中国注册成立的有限责任公司，主要承担邯郸市城市基础设施建设、交通基础 设施建设、市政公用运营服务等领域的投融资、开发建设和运营管理工作，主要业务板块包括政府投资 项目代建、土地整理、房地产开发经营、供气供暖、环卫垃圾、市政养护、城市绿化管理、智慧城市、 城市公共交通、高速运营、航空运输等。邯郸市城运集团的最终实益拥有人为邯郸市人民政府国有资产 监督管理委员会。 合资公司主要为开发及建设动力、储能电池及储能系统集成的项目。成立合资公司，有利于集团动力及 储能业务的市场拓展和战略布局。 邯郸市产投集团为一家于中国注册成立的有限责任公司，是邯郸市产业投资、产业引导、资本运营主 体，主要业务板块包括资本运营、水务环保、清洁能源、文化旅游、水利建设、数据运营、园区运营、 特种施工等。邯郸市产投集团的最终实益拥有人为邯郸市人民政府国有资产监督管理委员会。 格隆汇5月28日丨中创新航(03931.HK)公告，于2025年5月28日，公司与邯郸市产投集团及邯郸市城运集 团(统称为"邯郸方")订立合资协议，内容有关(其中包括)成立合资公司。 根据合资协议，公司与邯郸方同意通过现金出资共同成立合资公司。合资 ...

中创新航"顶流圆柱"技术路线成果预计将率先批量应用于小鹏汇天新一代飞行汽车产品 智通财经5月27日电，记者获悉，"十四五"国家重点研发计划"本征安全高比能锂离子动力电池系统关键 技术及应用"项目于近日启动。项目将依托中创新航"顶流圆柱"技术路线，开发兼具高安全与高比能的 材料与电池技术，提出全场景电池故障诊断与热失控预警方法，提升立体交通领域动力电池单体及系统 能量密度，同时兼顾快充性能及功率输出能力。该项目研究成果预计将在小鹏汇天新一代飞行汽车产品 中率先得到批量应用。（智通财经记者 徐昊） ...

Financial Performance - Total operating revenue for the year reached RMB 6,895,625,987.71, a 42% increase compared to RMB 4,856,325,303.14 in the same period last year[10]. - Net profit for the year was RMB 357,063,981.07, up 75% from RMB 203,580,510.36 year-on-year[11]. - Operating profit for the year was RMB 336,807,352.78, compared to RMB 154,370,418.62 in the same period last year, marking a 118% increase[10]. - The company reported a total comprehensive income of RMB 356,248,878.85, significantly higher than RMB 174,477,777.84 from the previous year[11]. Assets and Liabilities - The company reported a total asset of RMB 124.90 billion as of March 31, 2025, an increase from RMB 122.47 billion at the beginning of the year, representing a growth of approximately 1.96%[8]. - The total liabilities amounted to RMB 76.37 billion, up from RMB 74.31 billion, indicating a rise of about 2.78%[7]. - The company's cash and cash equivalents decreased to RMB 10.07 billion from RMB 12.44 billion, reflecting a decline of approximately 19.06%[7]. - The cash and cash equivalents at the end of the period were RMB 6,622,362,052.90, down from RMB 8,250,603,050.59 at the end of the previous year[16]. - Total assets paid in cash amounted to RMB 4,581,750,052.63, compared to RMB 3,804,067,677.22 in the previous year[14]. Equity and Retained Earnings - The company's equity attributable to shareholders rose to RMB 35.53 billion from RMB 35.29 billion, marking an increase of approximately 0.68%[8]. - The company's cash flow from operating activities generated a net amount of RMB 608,315,989.61, recovering from a negative cash flow of RMB -201,046,083.32 in the previous year[13]. - The company reported a net profit margin improvement, with retained earnings increasing to RMB 1.59 billion from RMB 1.36 billion, a growth of about 17.43%[8]. Investment and Development - The company has allocated RMB 470.49 million for development expenditures, up from RMB 423.82 million, indicating an increase of approximately 11.00%[8]. - Research and development expenses increased to RMB 367,893,190.02, representing a 46% rise from RMB 252,485,316.73 in the previous year[10]. - The company recorded an increase in investment income to RMB 8,538,734.77, compared to RMB 1,946,087.22 in the same period last year[10]. Financing Activities - The company issued green technology innovation bonds with a registered amount of RMB 5 billion, valid for two years, to support its financing activities[3]. - Cash flow from financing activities showed a net increase of RMB 2,115,512,363.21, down from RMB 4,720,994,941.62 in the same period last year[16]. Strategic Plans - The company plans to expand its market presence and invest in new technologies to enhance its competitive edge in the industry[4]. - The company aims to strengthen its financial position through strategic debt management and capital allocation[4].

智通财经记者 | 庄键 锂电池龙头中创新航(03931.HK)计划花费总计约11.8亿元，控股汽车零部件上市公司苏奥传感 (300507.SZ)。 中创新航5月6日晚间披露，将斥资5.1亿元收购苏奥传感实控人李宏庆所持有的上市公司11%股权，李 宏庆目前共计持有苏奥传感36.55%的股权。 双方的交易价格为每股5.83元，较苏奥传感上一个交易日的收盘价折价20%。由于筹划公司控制权变 更，苏奥传感已于4月25日起停牌，4月24日的收盘价为每股7.28元。 上述交易完成后，李宏庆还将放弃所持19.55%苏奥传感股权的表决权，弃权期限为五年。中创新航将 因此取得苏奥传感的控制权，成为上市公司控股股东、实际控制人。 中创新航还将通过非公开发行的方式，认购苏奥传感发行前总股本的15%，由此将所持上市公司的股比 提升至22.61%。中创新航计划为此斥资不超过6.7亿元，认购价格为每股5.63元。 除油位传感器外，苏奥传感的产品还涉及汽车燃油系统附件、汽车热管理系统零部件。 去年，苏奥传感营收16.7亿元，净利润1.37亿元，分别同比增长48%和11%。汽车燃油系统附件为苏奥 传感第一大业务板块，去年营收占比接近三分之一 ...

据中创新航消息，4月23日，中创新航携顶流电池及全域系统解决方案亮相2025上海车展，配套多款车 型发布。作为电池专家，中创新航的顶流高能、超充、高功率电池可匹配多应用场景，覆盖新能源汽车 A00-D级车型，纯电、混动、增程多种驱动方式，并可应用于飞行汽车、人形机器人等全新应用领域。 此次展会，中创新航的顶流电池配套上汽奥迪E5sportback、马自达EZ-60、乐道L90、极狐T1全球首发 亮相，同时超过30个品牌、40款车型亮相上海车展。(人民财讯) ...

王小强表示，现在要做大量的基础工作、研发工作，怎么去控制它，最后整个体系就要针对下一代大电 芯来做架构，包括在集成端的热管理，甚至承重的部件，包括壳体的加工等等，都会带来很多新挑战， 这些都需要投入很多研发力量。 他认为，确保电芯做大带来成本降低，同时安全性能可控有保障，以及性能真正满足电站需求，这三点 缺一不可。（刘丽丽） 责任编辑：尉旖涵 4月13日消息，在第十三届储能国际峰会暨展览会（ESIE2025）期间，关于电芯越做越大的问题，中创 新航高级副总裁王小强表示，底层逻辑是必然的趋势，因为技术除了保证参数或者性能的优化以外，还 有重要的方面是一定带来成本下降。而且，电芯做大，实际上背后有大量的技术支撑。 据悉，中创新航314Ah第一代储能专用电芯，累积交付高达35GWh。另外，展会现场中创新航还宣布其 392Ah储能电芯及6.25MWh液冷集装箱系统产品全球首发量产下线，可为储能电站的规模化应用提供经 济高效的解决方案。 "很多人觉得我们只是把电芯做大，其实不是这样的，能把电芯做大，它本身需要的能力非常多。比 如，电芯做大之后，要求有更好的能效更长的循环，电芯越大循环越难做，能效越难做，发热量也会越 大 ...

Q&A 中创新航 20250328 中创新航在快充技术方面有哪些进展？其客户结构如何？ 摘要 中创新航的市值在行业内处于什么位置？与同行相比如何？ 中创新航目前的市值约为 300 亿人民币，相较于同行业的亿纬锂能（400 亿人 民币）和孚能科技（接近 200 亿人民币），中创新航的市值显得偏低。考虑到 中创新航今年（2025 年）的预期出货量为 110GWh，超过国轩高科和孚能科技， 其 300 亿的市值显然被低估。随着公司加入港股通以及业绩持续释放，中创新 航的市值和估值有望得到修复。 中创新航近年来的发展策略是什么？其产品布局有哪些变化？ 中创新航近年来的发展策略主要包括战略转型和产品多元化。公司最初专注于 三元电池技术动力电池，随后加强了铁锂电池研发，并逐步扩展至商用车动力 电池和储能电池领域。目前，公司在乘用车、商用车、电动三轮车及储能方面 均有布局，目标是成为国内前三名。此外，公司还涉足低空经济、电动化交通、 • 中创新航 2025 年预期出货量达 110GWh，超越部分竞争对手，当前市值 300 亿或被低估，未来有望通过港股通及业绩释放实现估值修复。 • 公司战略转型包括从三元电池向铁锂电池扩展， ...

Group 1 - The core viewpoint of the article emphasizes the accelerating global energy revolution and the pivotal role of battery technology in driving sustainable development [2] - The company, Zhongchao Innovation Aviation, aims to overcome industry barriers through technological innovation, resource integration, and digital intelligence operations [2] - The shift in competition within the passenger vehicle sector from a "price war" to a "value war" is highlighted, with the company showcasing its leading products such as the exclusive lithium iron phosphate supercharging battery for Xiaopeng Motors [2][4] Group 2 - The commercial vehicle sector is experiencing explosive growth, with the company launching highly adaptable products for heavy and light trucks, expecting significant sales growth by 2025 [2] - In the energy storage sector, the company has achieved a breakthrough in 15,000 cycle life technology, contributing to the reduction of energy storage costs as the market approaches 2025 [2] - The company is recognized for its focus on technology routes, precise positioning in niche markets, and the cost-reduction and efficiency gains brought by digital transformation [4]

Financial Performance - The company's profit increased by 93.0% from RMB 437.16 million for the year ended December 31, 2023, to RMB 843.63 million for the year ended December 31, 2024[2]. - Basic earnings per share rose by 100.8% from RMB 0.1661 to RMB 0.3336 year-on-year[2]. - Total revenue for the year ended December 31, 2024, was RMB 27,751.53 million, compared to RMB 27,005.89 million for the previous year, reflecting a growth of approximately 2.75%[3]. - Gross profit increased to RMB 4,409.89 million, up from RMB 3,511.52 million, marking a growth of 25.5%[3]. - The company reported a total comprehensive income of RMB 768.77 million for the year, compared to RMB 406.48 million in the previous year, representing an increase of 89.1%[4]. - The group reported a profit of approximately RMB 591,196,000 for 2024, compared to RMB 294,377,000 in 2023, marking a 100.7% increase[26]. - The gross margin improved from 13.0% in 2023 to 15.9% in 2024, an increase of 2.9 percentage points, driven by scale effects and cost reductions[66]. - Sales net margin rose from 1.6% in 2023 to 3.0% in 2024, an increase of 1.4 percentage points, primarily due to the rise in gross margin[66]. Revenue Breakdown - Revenue from sales of power batteries for 2024 was RMB 19,550,893 thousand, a decrease of 12.1% from RMB 22,249,046 thousand in 2023[13]. - Revenue from sales of energy storage systems and other products increased significantly to RMB 8,200,633 thousand in 2024, up 72.5% from RMB 4,756,839 thousand in 2023[13]. - The group’s revenue from the mainland China market was RMB 27,111,618 thousand in 2024, up 2.9% from RMB 26,353,028 thousand in 2023[15]. - Domestic revenue increased by 2.9%, from RMB 26,353.03 million in 2023 to RMB 27,111.62 million in 2024, due to enhanced production capacity and rising demand from major customers[70]. - International revenue decreased by 2.0%, from RMB 652.86 million in 2023 to RMB 639.91 million in 2024, mainly due to falling battery prices despite increased sales volume[71]. Expenses and Liabilities - Research and development expenses rose to RMB 1,417.61 million from RMB 991.96 million, indicating a 42.9% increase[3]. - The company's total liabilities increased from RMB 36,821.461 million to RMB 45,584.301 million, reflecting a rise of 23.7%[6]. - Total borrowing costs increased to RMB 1,231,592,000 in 2024 from RMB 971,178,000 in 2023, representing a 26.7% rise[21]. - The debt-to-asset ratio increased to 60.8% as of December 31, 2024, compared to 56.0% as of December 31, 2023[75]. Assets and Investments - Non-current assets increased to RMB 86,867.996 million from RMB 73,318.005 million, a growth of 18.6%[5]. - The net asset value increased to RMB 48,053.925 million from RMB 46,385.790 million, a growth of 3.6%[6]. - Total assets increased by 16.2% from RMB 105,429.03 million on December 31, 2023, to RMB 122,473.38 million on December 31, 2024[72]. - Capital expenditures for the year ended December 31, 2024, were RMB 16,606.58 million, down from RMB 20,129.02 million in 2023[77]. Market and Product Development - The global power battery market is expected to grow, with a projected 26.1% increase in global new energy vehicle sales to 17.63 million units in 2024[37]. - The energy storage market in China is projected to see a 113% year-on-year growth in new grid-connected capacity, reaching 111.63 GWh in 2024[40]. - The company launched several new product series, achieving breakthroughs in high energy density, safety, and fast charging capabilities[42]. - The company has established strategic partnerships with major power groups and has been recognized as a core supplier in the energy storage sector, enhancing market share and ranking[59]. Legal and Compliance Issues - The company was ordered to pay a total of RMB 40.56 million in damages related to patent infringement claims, along with RMB 1.02 million for reasonable expenses, as per the ruling from the Fujian High Court in May 2024[86]. - A new patent infringement claim was filed against the company, demanding RMB 92.00 million in damages and RMB 0.30 million in reasonable expenses, as reported in July 2024[87]. - The company has made a provision of RMB 3.24 million for the patent claims assessed by internal and external legal advisors[86]. - The company believes that claims related to patents seven, eight, nine, and ten lack legal basis and are unlikely to result in economic outflow[91]. Employee and Governance - The total number of employees as of December 31, 2024, was 10,534[98]. - The company has established a competitive and fair compensation system to enhance employee motivation and performance[98]. - The audit committee confirmed compliance with applicable accounting principles and standards for the financial year ending December 31, 2024[106]. - The company has adhered to all applicable corporate governance codes, with a noted exception regarding the roles of the chairman and CEO being held by the same individual[103].

证券研究报告 | 公司点评 gszqdatemark 2025 03 13 年 月 日 中创新航（03931.HK） 海外业务可期，入通改善流动性 2025 年 2 月 24 日，公司发布盈利预喜。根据公司初步评估，2024 年公 司净利润介于 7.86-8.74 亿元，较 2023 年的 4.37 亿元同比增长 80%- 100%。业绩增长的主要驱动因素包括： Q1 出货规模值得期待，关注海外业务。根据高工锂电，中创新航 2025Q1 动储电池出货量预计达 20GWh，同比增幅近 150%。其中，面向出口车型 的出货量预计占中创新航动力板块整体出货量的 30%以上，这可能得益 于：1）2024 年 7 月阳光电源与沙特 ALGIHAZ 成功签约当时全球最大储 能项目，容量高达 7.8GWh，中创新航为该项目供应高性能电芯；2）2024 年 11 月，阳光电源再获欧洲市场 4.4GWh 储能订单，中创新航再次为阳 光电源储能项目配套高性能电芯；3）公司和多家国际车企就新平台项目 达成合作，并助力多个国内车企实现整车出口。 2025 年 3 月 10 日起，中创新航被正式纳入港股通。3 月 9 日中创新航 在港 ...