证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-087 浙江帕瓦新能源股份有限公司 关于董事会完成换届选举暨选举公司董事长、董事会专门委员会 委员及聘任高级管理人员、证券事务代表的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 2025 年 9 月 15 日，浙江帕瓦新能源股份有限公司（以下简称"公司"）召 开 2025 年第四次临时股东大会，审议通过了《关于取消公司监事会并修订〈公 司章程〉办理工商变更登记的议案》《关于公司董事会换届选举暨提名第四届非 独立董事候选人的议案》《关于公司董事会换届选举暨提名第四届独立董事候选 人的议案》，同意选举王振宇先生、王苗夫先生、祝德江先生、方琪先生为非独 立董事，选举蒋贤品先生、赵新建先生、陈祥强先生为独立董事，共同组成公司 第四届董事会，任期自 2025 年第四次临时股东大会审议通过之日起三年。 同日，公司召开第四届董事会第一次会议，选举产生了董事长、董事会专门 委员会委员、主任委员（召集人），并聘任了高级管理人员及证券事务代表，现 将相关情况公告如下： 一 ...

国浩律师（杭州）事务所 法律意见书 法律意见书 致：浙江帕瓦新能源股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江帕瓦新能源股份有 限公司（以下简称"公司"）的委托，指派律师出席贵公司 2025 年第四次临时 股东大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《上市公司治理准 则》（以下简称"《治理准则》"）、《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》（以下简称"《规范运作指引》"）等法律、法规 和规范性文件以及《浙江帕瓦新能源股份有限公司章程》（以下简称"《公司章 程》"）的规定，就本次股东大会有关事宜出具法律意见书。 为出具本法律意见书，本所律师列席了公司本次股东大会，审查了公司提供 的本次股东大会的有关文件的原件及复印件，包括但不限于公司召开本次股东大 会的各项议程及相关决议等文件，同时听取了公司就有关事实的陈述和说明。 公司已向本所承诺，公司所提供的文件和所作陈述及说明是完整的、真实和 有效的，有关原件及其 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-086 浙江帕瓦新能源股份有限公司 2025年第四次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 15 日 （二） 股东大会召开的地点：浙江省诸暨市陶朱街道友谊北路 57 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 79 | | --- | --- | | 普通股股东人数 | 79 | | 2、出席会议的股东所持有的表决权数量 | 52,613,166 | | 普通股股东所持有表决权数量 | 52,613,166 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 34.0322 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 34.0322 | 注：截 ...

Core Viewpoint - Zhejiang Pava New Energy Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure laws, which includes the involvement of a director in embezzlement [1][2]. Group 1: Regulatory Actions - On September 8, 2025, Pava announced it received a notice from the CSRC regarding the initiation of an investigation due to suspected information disclosure violations [1]. - On March 26, 2025, Pava received a warning letter from the Zhejiang Securities Regulatory Bureau, which identified issues such as inflated revenue and improper management of seals, leading to inaccurate financial disclosures [2]. Group 2: Legal Implications - The company and its controlling shareholders may face civil liability for damages caused to investors due to false statements, which could include compensation for investment losses, commissions, stamp duties, and interest losses [2]. - A lawyer is actively seeking to represent affected investors in lawsuits against Pava, specifically targeting those who purchased shares between April 26, 2024, and March 25, 2025 [3]. Group 3: Investor Compensation Process - Investors wishing to file claims must provide specific documentation, including a copy of their ID and securities transaction records [4]. - The progress of civil claims may be affected by the company's potential delisting or bankruptcy proceedings, which could complicate the legal process [4].

Core Viewpoint - The arrest of Zhang Bao, former chairman of ST Pava, signals a strong "zero tolerance" regulatory stance in the capital market, highlighting the severe consequences of corporate misconduct [1][5]. Group 1: Incident Overview - Zhang Bao has been arrested for suspected embezzlement, with ST Pava disclosing that he misappropriated company funds totaling 191 million yuan (approximately 27.1 million USD) [1]. - The company’s market capitalization is reported at 1.727 billion yuan (approximately 245 million USD) with a stock price of 10.86 yuan [1]. Group 2: Governance and Internal Control - The incident underscores the importance of robust internal control systems, as Zhang's academic credentials and reputation may have led to excessive trust, weakening the company's oversight mechanisms [2]. - ST Pava's management has been criticized for poor operational practices, including unfair pricing with suppliers and overpayments totaling 1.8 billion yuan (approximately 254 million USD) [2]. Group 3: Legal Accountability - Zhang's resignation due to health reasons in May does not exempt him from legal accountability, as the law pursues actions taken during his tenure [3]. - The case serves as a warning to executives that attempts to evade responsibility through resignation will not shield them from legal repercussions [3]. Group 4: Regulatory Environment - The current regulatory environment in the capital market is characterized by a "zero tolerance" approach, where violations such as financial fraud and fund misappropriation can lead to severe penalties, including criminal charges [4]. - Companies must recognize that the legal framework is comprehensive, combining administrative regulations and criminal law to deter misconduct [4]. Group 5: Lessons for Corporate Governance - The trajectory of Zhang Bao's career serves as a cautionary tale for corporate executives, emphasizing that complacency and a lack of compliance can lead to significant personal and professional losses [5]. - Companies are urged to maintain compliance, strengthen internal controls, and respect legal authority to ensure sustainable development and protect their future [5].

国泰海通证券股份有限公司 关于浙江帕瓦新能源股份有限公司 共同实际控制人之一、董事被采取强制措施事项的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 浙江帕瓦新能源股份有限公司（以下简称"帕瓦股份"或"公司"）首次公开发 行股票并在科创板上市持续督导保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则》等有关规定，对公司共同实际控制 人之一、董事张宝被采取强制措施事项进行了核查，具体情况如下： 一、本事项基本情况及进展 帕瓦股份于 2025 年 9 月 8 日披露了《浙江帕瓦新能源股份有限公司关于公 司共同实际控制人之一、董事张宝被采取强制措施的公告》（公告编号：2025-084）， 根据公告内容，帕瓦股份于 2025 年 8 月 1 日收到公安机关出具的《立案决定书》， 公司共同实际控制人之一、董事张宝涉嫌职务侵占被公安机关立案侦查，帕瓦股 份于近日获悉诸暨市人民检察院已依法以职务侵占罪对张宝作出逮捕决定。 二、本事项对公司日常经营的影响及重大风险披露情况 （一）对公司日常经营的影响 本次案件尚待司法机关进一步调查。目前，公司其他董事、监事和高级管 ...

Core Viewpoint - Pawa Co. disclosed that one of its actual controllers and directors, Zhang Bao, is under investigation for embezzlement, with the public security bureau initiating the case on August 1 and the local prosecutor's office recently deciding to arrest him [1] Company Operations - The company stated that other directors and senior management are performing their duties normally, and daily production and operations have not been significantly affected [1] - Pawa Co. has released relevant announcements regarding the situation, and the sponsor institution, Guotai Junan, believes there are no other undisclosed major risks [1] Ongoing Monitoring - The company and its sponsor will closely monitor the developments of the case and its potential impact on the company's operations [1]

Core Viewpoint - The case of Zhang Bao, former chairman of ST Pava, highlights the severe consequences of corporate misconduct and the importance of robust internal controls in preventing such incidents [1][2][5] Group 1: Incident Overview - Zhang Bao has been arrested for embezzlement, with allegations of misappropriating company funds totaling 191 million yuan, including 141 million yuan through suppliers and 49.91 million yuan in sales receivables [1] - The incident reflects a significant failure in ST Pava's internal control mechanisms, allowing Zhang to exploit his position and access company funds [2] Group 2: Governance and Accountability - The academic background of Zhang Bao, which initially provided a trust advantage, ultimately did not safeguard the company from governance failures [2] - Zhang's resignation due to health reasons was an attempt to evade responsibility, but legal accountability remains intact regardless of his position [3] Group 3: Regulatory Environment - The current regulatory landscape emphasizes a "zero tolerance" approach to corporate misconduct, indicating that violations can lead to criminal charges rather than mere administrative penalties [4] - Companies must recognize that the legal framework is comprehensive, combining administrative regulations and criminal law to deter illegal activities [4] Group 4: Lessons for Corporate Management - The downfall of Zhang Bao serves as a warning to all corporate executives about the dangers of complacency and the necessity of adhering to compliance and internal control standards [5] - Maintaining a strong ethical framework and respect for legal authority is essential for the sustainable development of companies and the protection of individual careers [5]

Core Viewpoint - ST Pava's actual controller and director, Zhang Bao, has been arrested for embezzlement related to company funds, raising concerns about the company's governance and financial health [1][2]. Group 1: Company Background - ST Pava was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 15, 2022, but experienced a significant decline in performance shortly after, with 2023 revenue reported at 954 million, a year-on-year decrease of over 40% [3]. - The company recorded a net loss of 248 million in 2023, more than doubling its losses compared to the previous year [3]. Group 2: Governance Issues - Zhang Bao has allegedly occupied 161 million of ST Pava's funds as of August 2025 [2]. - Concerns regarding Zhang Bao's position arose even before the company's listing, as he held shares through proxies, which raised questions about compliance with regulations governing public officials [3][4]. - In 2018, Zhang Bao signed a "Leave for Entrepreneurship Agreement" with Central South University, which allowed him to join ST Pava as a director and general manager, despite previous regulatory concerns [5][6]. Group 3: Regulatory Scrutiny - The Shanghai Stock Exchange had previously inquired about the legality of Zhang Bao's shareholding from 2014 to 2018, highlighting potential conflicts with regulations for university officials [7]. - ST Pava claimed to have obtained a confirmation letter from Central South University, stating that Zhang Bao's shareholding did not involve major legal violations, allowing the company to proceed with its listing [7][8]. Group 4: Market Context - The case of ST Pava is not isolated, as similar governance issues have led to other companies, like Guangdong Baihe Medical Technology Co., withdrawing their IPO applications due to regulatory concerns [9][10].

Market Trends - The market is expected to rotate between growth and balanced styles in September [1] - Recent adjustments in the A-share market are attributed to profit-taking pressures, with a notable recovery observed on September 5 [13] - The current market valuation is at a historically high level, leading to increased volatility in the short term [13] Economic Indicators - The U.S. non-farm payrolls increased by only 22,000 in August, significantly below the expected 75,000, with the unemployment rate rising to 4.3%, the highest since 2021 [4] - China's foreign exchange reserves increased by $29.9 billion to $332.22 billion as of the end of August [8] Commodity Prices - International oil prices declined, with WTI crude oil futures falling by $1.61 to $61.87 per barrel, a decrease of 2.54% [5] - COMEX gold futures rose by $46.60 to $3,653.30 per ounce, an increase of 1.29%, driven by weak employment data reinforcing rate cut expectations [5] Corporate Developments - Guizhou Moutai's controlling shareholder has secured a loan of up to 2.7 billion RMB to increase its stake in the company [10] - ST Pava is under investigation for information disclosure violations, but the company states that its operations remain normal [11] - Xiangrikui is planning to acquire controlling stakes in two companies, leading to a temporary suspension of its stock [12] - *ST Bosen is proposing to sell a 35% stake in Shaanxi Bosen, which is expected to constitute a major asset restructuring [13] Regulatory Changes - The China Securities Regulatory Commission is revising regulations on open-ended mutual fund sales fees to lower investor costs and encourage long-term holding [6]