Core Insights - The Chinese inverter market experienced a contraction from 2018 to 2019 due to significant price drops in inverter products and a slowdown in new solar photovoltaic installations, with the market size falling to 10.069 billion yuan in 2019, a year-on-year decrease of 20.47% [1] - Since 2020, the market has rebounded strongly, driven by technological advancements in the photovoltaic industry and the transition to grid parity, with the market size projected to reach 56.17 billion yuan by 2025 [1] - The inverter industry is expected to maintain a growth trend in the context of ongoing green and low-carbon energy transitions [1] Inverter Industry Overview - Inverters convert direct current (DC) from sources like batteries into alternating current (AC) for various applications, including household appliances and renewable energy systems [2] - The inverter industry is categorized by various classifications, including active vs. passive inverters, grid-connected vs. off-grid inverters, and different power levels [2][3] Industry Policies - The photovoltaic industry is a strategically supported sector in China, with numerous policies aimed at promoting growth, including financial subsidies and industry standards [3] - Recent policies encourage the upgrade of old photovoltaic equipment and the development of high-efficiency inverters to enhance energy density and efficiency [3][4] Industry Supply Chain - The inverter supply chain includes upstream raw materials and components, midstream research and manufacturing, and downstream applications in solar and wind energy, UPS systems, and electric vehicles [4] Current Industry Status - The global inverter market is projected to grow from $5.06 billion in 2015 to $21.429 billion by 2025, with a compound annual growth rate (CAGR) of 16% [6] - China's inverter production is expected to increase from 21.4 GW in 2015 to 334.8 GW by 2025, with demand rising from 13.16 GW to 186.9 GW during the same period [9] Competitive Landscape - The Chinese inverter market features a competitive landscape with both domestic and international players, including leading companies like Huawei and Sungrow, which are gaining market share through innovation and cost advantages [10] - Domestic companies are focusing on niche markets such as residential and distributed energy systems, enhancing their market positions through differentiated products [10] Key Companies - Sungrow Power Supply Co., Ltd. specializes in renewable energy equipment, including inverters, and reported a revenue of 15.327 billion yuan for its inverter products in the first half of 2025, a year-on-year increase of 17.06% [11] - Jinlang Technology Co., Ltd. focuses on photovoltaic inverters and reported a revenue of 1.82 billion yuan for grid-connected inverters in the first half of 2025, a decrease of 11.22%, while its energy storage inverters saw a significant increase of 313.51% [12] Industry Development Trends - The inverter industry is evolving towards higher power density and energy conversion efficiency, utilizing new semiconductor materials and advanced technologies [13] - Inverters are transitioning from mere energy conversion devices to integrated energy management nodes, supporting smart grid functionalities [13][14] - Future developments will include multi-energy coupling and system integration, enabling comprehensive energy management systems [15]

Group 1 - The core point of the article is that Baoshen Co., Ltd. (600973) has filed an international patent application for a new type of flame-retardant polyethylene sheath designed for extreme cold conditions, with the application number PCT/CN2024/128340 and an international publication date set for February 5, 2026 [1] - In 2023, Baoshen Co., Ltd. has announced one international patent application [1] - The company invested 351 million yuan in research and development in the first half of 2025, which represents a year-on-year decrease of 1.46% [1]

宝胜科技创新股份有限公司章程 第一章 总则 第一条 为维护宝胜科技创新股份有限公司（以下简称 "公司"）、股东、职工和债权人的合法权益，规范公司的 组织和行为，坚持和加强党的全面领导，坚持权责法定、权 责透明、协调运转、有效制衡的公司治理机制，完善公司法 人治理结构，建设中国特色现代国有企业制度，根据《中华 人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国企业国有资产法》（以下简称《企业国有资产法》） 《中华人民共和国证券法》（以下简称"《证券法》"）和 其他有关规定，制定本章程。 第二条 公司中文名称：宝胜科技创新股份有限公司 英 文 全 称 ： Baosheng Scienceand Technology Innovation Co.,Ltd 公司住所：江苏省宝应县安宜镇苏中路 1 号 生产地址：江苏省宝应县安宜镇苏中路 1 号、江苏省宝 应经济开发区北园路 9 号 邮政编码：225800 公司设立宝胜科技创新股份有限公司贵州航空线束分 公司，地址为贵州省安顺经济技术开发区双阳产业园内。 第三条 公司是由以下股东出资并依照《公司法》和其 他有关规定设立的股份有限公司。 股东以其认缴的出资额为限 ...

| 序号 | 原条款 | 现条款 | | --- | --- | --- | | | | 第二条 公司中文名称：宝胜科技创新股份有限 公司 | | | 第二条 公司中文名称：宝胜科技创新股份有 | 英文全称：Baosheng Scienceand Technology | | | 限公司 | Innovation Co.,Ltd | | | 英文全称：Baosheng Scienceand Technology | 公司住所：江苏省宝应县安宜镇苏中路 1 号 | | 1 | Innovation Co.,Ltd | 生产地址：江苏省宝应县安宜镇苏中路 1 号、江 | | | 公司住所：江苏省宝应县安宜镇苏中路 1 号 | 苏省宝应经济开发区北园路 9 号 | | | 生产地址：江苏省宝应县安宜镇苏中路 1 号、 | 邮政编码：225800 | | | 江苏省宝应经济开发区北园路 9 号 | 公司设立宝胜科技创新股份有限公司贵州 | | | 邮政编码：225800。 | 航空线束分公司，地址为贵州省安顺经济技术开 | | | | 发区双阳产业园内。 | 除上述条款修改外，《公司章程》其他条款不变，此次变更最终以 ...

一、会议以 11 票同意、0 票反对、0 票弃权，审议并通过了《关于修订<公 司章程>的议案》。 根据公司生产经营需要，拟将"宝胜科技创新股份有限公司贵州航空线束分 公司地址：贵州省安顺经济技术开发区双阳产业园内"增加至公司章程中，并对 《公司章程》相关条款进行修订。 具 体 内 容 详 见 公 司 同 日 披 露 于上海证券交易所网站 （www.sse.com.cn）的《宝胜科技创新股份有限公司关于修订<公司章程>的公告》 （公告编号：2026-007）。 证券代码：600973 证券简称：宝胜股份 公告编号：2026-006 宝胜科技创新股份有限公司 第九届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宝胜科技创新股份有限公司（以下简称"公司"）于 2026 年 2 月 1 日以传真、 电子邮件及专人送达等方式向公司全体董事及高级管理人员发出了召开第九届 董事会第二次会议的通知。2026 年 2 月 6 日上午 9:30，第九届董事会第二次会 议在宝胜会议中心 1 号接待室召开。会议应到董 ...

Core Viewpoint - The company, Baoshen Technology Innovation Co., Ltd., anticipates a significant reduction in losses for the fiscal year 2025, with projected net losses decreasing by approximately 84.99% to 90.00% compared to the previous year [1][3]. Financial Performance Forecast - The company estimates a net profit attributable to shareholders for 2025 to be between -30 million and -45 million RMB, representing a reduction in losses of 25.49 million to 26.99 million RMB compared to the previous year [1][3]. - The projected net profit, excluding non-recurring gains and losses, is expected to be between -50 million and -70 million RMB, with a decrease in losses of 41.36 million to 43.36 million RMB year-on-year [1][3]. Previous Year Performance - In the previous year, the total profit was -359.23 million RMB, with a net profit attributable to shareholders of -299.86 million RMB and a net profit excluding non-recurring gains and losses of -483.61 million RMB [5]. Reasons for Performance Changes - Credit impairment losses are expected to be approximately 79.46 million RMB due to the full provision for receivables from Evergrande that have not been processed [7]. - Investment losses from subsidiaries, which are expected to contribute approximately -90 million RMB to the company's earnings due to long production cycles preventing revenue recognition [7]. - The company anticipates stable revenue growth in 2025, and if the impacts of the credit impairment and short-term performance fluctuations from subsidiaries are excluded, the net profit attributable to shareholders is expected to be positive [7].

Core Viewpoint - Baoshen Co., Ltd. (600973.SH) expects to report a net profit attributable to shareholders of the listed company for the year 2025 in the range of -30 million to -45 million yuan, indicating a year-on-year decrease in loss margin of approximately 84.99% to 90.00% [1] Financial Performance - The projected net loss for 2025 is estimated between -30 million and -45 million yuan [1] - The anticipated reduction in loss margin is significant, with a decrease of about 84.99% to 90.00% compared to the previous year [1]

Core Viewpoint - Baoshen Co., Ltd. (600973.SH) expects a net loss attributable to shareholders of the listed company for the year 2025 to be between -30 million to -45 million yuan, indicating a year-on-year decrease in loss margin of approximately 84.99% to 90.00% [1] Financial Performance - The projected net loss for 2025 is estimated to be between -30 million to -45 million yuan [1] - The anticipated reduction in loss margin is approximately 84.99% to 90.00% compared to the previous year [1]

Core Viewpoint - Baoshen Co., Ltd. expects a net loss attributable to shareholders of the listed company for 2025 to be between -30 million to -45 million RMB, representing a reduction in loss of approximately 255 million to 270 million RMB compared to the previous year, with a year-on-year decrease in loss margin of about 84.99% to 90% [1] Financial Performance - The net loss attributable to shareholders for the same period last year was approximately -300 million RMB, with earnings per share reflecting a loss of 0.22 RMB [1] - The main reason for the performance change is the full provision for credit impairment losses of approximately 79.457 million RMB related to receivables from Evergrande that have not been processed with other rights certificates [1] Subsidiary Performance - The subsidiaries Changfei (Jiangsu) Marine Technology Co., Ltd. and Changfei Marine Engineering Co., Ltd. are expected to incur losses in 2025 due to long product delivery cycles, which prevent revenue recognition in the current period [1] - The company anticipates recognizing investment income of approximately -90 million RMB from these subsidiaries according to the equity method for the year 2025 [1]

Core Viewpoint - The company, Baoshen Co., Ltd. (600973.SH), expects a significant reduction in net losses for the fiscal year 2025 compared to the previous year, indicating improved financial performance despite ongoing challenges [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of between -30 million to -45 million RMB for 2025, which represents a decrease in losses by approximately 255 million to 270 million RMB compared to the previous year, marking a year-on-year decline in losses of about 84.99% to 90.00% [1]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between -50 million to -70 million RMB, reflecting a reduction in losses of approximately 414 million to 434 million RMB year-on-year, equating to a decline in losses of about 85.53% to 89.66% [1]. Reasons for Performance Changes - Credit impairment losses are a significant factor, with the company planning to fully provision for credit impairment losses of approximately 79.457 million RMB related to receivables from Evergrande that have not been processed with collateral [1]. - Investment losses from subsidiaries, specifically Changfei (Jiangsu) Marine Technology Co., Ltd. and Changfei Marine Engineering Co., Ltd., are expected to contribute to losses, with an estimated equity method recognition of investment income of about -90 million RMB for 2025 due to longer product delivery cycles [1]. Revenue Outlook - The company expects stable revenue growth for 2025, and if the impacts of the credit impairment and short-term performance fluctuations of certain subsidiaries are excluded, the net profit attributable to shareholders is projected to be positive [2].