1 证券代码：688411 证券简称：海博思创 公告编号：2025-026 北京海博思创科技股份有限公司 关于注销公司 2022 年股票期权激励计划部分已授予 股票期权的公告 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、准确性和完整性依法承担法律责任。 北京海博思创科技股份有限公司（以下简称"公司"）于2025年4月27日召 开第二届董事会第十四次会议和第二届监事会第七次会议，审议通过了《关于注 销公司2022年股票期权激励计划部分已授予股票期权的议案》。鉴于有20名激励 对象因个人原因离职已不再具备激励对象资格，公司同意注销上述激励对象所持 已获授但尚未行权的共计1,376,988份股票期权，现将相关事项公告如下： 一、股权激励计划批准及实施情况 2022年10月25日，公司召开第一届董事会第二十五次会议，第一届监事会第 六次会议，审议通过《关于<北京海博思创科技股份有限公司2022年股票期权激 励计划（草案）>及激励对象名单的议案》《关于<北京海博思创科技股份有限公 司2022年股票期权激励计划实施考核管理办法>的议案》《关于提请股东大会授 权董事 ...

国浩律师（上海）事务所 关于 北京海博思创科技股份有限公司 2022 年股票期权激励计划第一个行权期行权条件成 就暨注销部分股票期权事项 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心-MT 25~28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel:+862152341668 传真/Fax:+862152433320 网址/Website: http://www.grandall.com.cn 二〇二五年四月 国浩律师（上海）事务所 关于北京海博思创科技股份有限公司 2022年股票期权激励计划第一个行权期行权条件成就 暨注销部分股票期权事项 之法律意见书 致：北京海博思创科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"） 接受北京海博思创科技股 份有限公司（以下简称"海博思创"或"公司"）委托，担任公司2022年股票期 权激励计划（以下简称"本次激励计划"）的特聘专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《 ...

证券代码：688411 证券简称：海博思创 公告编号：2025-025 北京海博思创科技股份有限公司 关于公司 2022 年股票期权激励计划第一个行权期 行权条件达成的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ●股票期权拟行权数量：2,362,344份； ●行权价格：11.46元/份； ●本次符合行权条件的激励对象人数：84人； ●行权股票来源：公司向激励对象定向发行公司A股普通股股票。 北京海博思创科技股份有限公司（以下简称"公司"）于2025年4月27日召 开第二届董事会第十四次会议和第二届监事会第七次会议，审议通过了《关于公 司2022年股票期权激励计划第一个行权期行权条件成就的议案》。根据《公司2022 年股票期权激励计划（草案）》的相关规定，公司2022年股票期权激励计划（以 下简称"2022年激励计划"或"本激励计划"）第一个行权期的行权条件已经成 就，现将相关事项公告如下： 一、股权激励计划批准及实施情况 （一）股票期权激励计划已履行的相关审批程序 2022年10月25日，公司召开 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 1,548,060,746.74, representing a year-on-year increase of 14.86% compared to CNY 1,347,824,560.78 in the same period last year[4]. - Net profit attributable to shareholders decreased by 40.62% to CNY 93,857,163.67 from CNY 158,061,649.46 in the previous year[4]. - The net profit after deducting non-recurring gains and losses fell by 51.45% to CNY 78,494,661.03, down from CNY 161,670,863.87[4]. - Basic earnings per share dropped by 51.26% to CNY 0.58 from CNY 1.19, while diluted earnings per share decreased by 52.14% to CNY 0.56 from CNY 1.17[4]. - Total operating revenue for Q1 2025 reached ¥1,548,060,746.74, an increase of 14.8% compared to ¥1,347,824,560.78 in Q1 2024[17]. - Net profit for Q1 2025 was ¥93,882,497.81, a decrease of 40.6% from ¥157,849,187.20 in Q1 2024[18]. - Total operating costs for Q1 2025 were ¥1,446,951,622.63, up 25.1% from ¥1,156,770,326.71 in Q1 2024[17]. - Basic earnings per share for Q1 2025 were ¥0.58, down from ¥1.19 in Q1 2024[18]. Cash Flow and Liquidity - The company's cash flow from operating activities showed a significant negative change, with a net outflow of CNY 782,057,353.93 compared to a net outflow of CNY 46,432,516.25 in the same period last year[4]. - The net cash flow from operating activities was -782,057,353.93, compared to -46,432,516.25 in the previous period, indicating a significant decline in operational cash generation[20]. - Total cash inflow from operating activities amounted to 1,338,461,013.67, up from 998,259,601.13, reflecting a growth of approximately 34%[20]. - Cash outflow from operating activities increased to 2,120,518,367.60 from 1,044,692,117.38, representing a rise of about 103%[20]. - The ending cash and cash equivalents balance was 2,430,428,876.26, down from 2,473,656,186.57, indicating a decrease of approximately 1.7%[21]. - The company received 68,381,766.69 in cash related to operating activities, down from 80,648,758.57, reflecting a decline of about 15%[20]. - The company paid 1,857,971,644.01 for goods and services, significantly higher than 846,930,455.11 in the previous period, marking an increase of approximately 119%[20]. - The company reported a cash outflow of 110,573,851.42 for other operating activities, compared to 47,388,199.11 previously, indicating an increase of about 133%[20]. Assets and Liabilities - Total assets increased by 3.59% to CNY 11,365,283,202.79 from CNY 10,971,504,698.05 at the end of the previous year[5]. - Total current assets amounted to ¥10,071,264,679.11, up from ¥9,673,116,504.45, reflecting a growth of approximately 4.11%[14]. - Total liabilities decreased to ¥7,343,243,647.29 in Q1 2025 from ¥7,824,458,227.57 in Q1 2024[15]. - Total equity increased to ¥4,022,039,555.50 in Q1 2025 from ¥3,147,046,470.48 in Q1 2024[15]. - Short-term borrowings increased to ¥1,002,973,627.44 from ¥982,778,281.92, a growth of approximately 2.45%[14]. - Accounts payable decreased to ¥2,212,918,986.41 from ¥2,332,841,335.81, a decline of about 5.14%[14]. - Contract liabilities increased to ¥643,061,983.59 from ¥544,796,396.41, reflecting a growth of approximately 17.97%[14]. Research and Development - R&D investment totaled CNY 69,191,972.86, an increase of 44.84% from CNY 47,772,263.45, representing 4.47% of total revenue, up from 3.54%[5]. - Research and development expenses for Q1 2025 were ¥69,191,972.86, up 44.8% from ¥47,772,263.45 in Q1 2024[17]. Strategic Focus - The company is focusing on technological innovation and cost reduction to maintain competitiveness and profitability[8]. - The company plans to continue expanding its market presence and investing in new technologies[16]. - The company is actively involved in strategic partnerships and investments, as indicated by the presence of various investment firms among the top shareholders[11]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,713[10]. - The company has a significant shareholder, Zhang Jianhui, holding 20.31% of shares[10]. Profitability Metrics - The weighted average return on net assets decreased by 3.86 percentage points to 2.53% from 6.39%[5]. - The overall gross profit margin decreased by approximately 6.12 percentage points compared to the same period last year, impacting net profit[8].

Dividend Distribution - The company plans to distribute a cash dividend of 11 CNY per 10 shares, totaling approximately 195.5 million CNY, which represents 30.18% of the net profit attributable to shareholders for the year 2024 [7]. - The company has ensured that the dividend standards and proportions are clear and comply with the articles of association and shareholder resolutions [191]. - The cash dividend amount is fully taxable, and the total distribution will not change even if the total share capital changes before the dividend record date [190]. - The cash dividend distribution plan has been approved by the company's board and will be submitted for shareholder approval in the 2024 annual meeting [190]. - The company has not proposed a capital reserve transfer to increase share capital or issued bonus shares in the current profit distribution plan [190]. - The company has not made any cash profit distribution proposals despite having positive distributable profits during the reporting period [192]. - The company has provided sufficient opportunities for minority shareholders to express their opinions and protect their legal rights in the dividend decision-making process [191]. Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 25% year-over-year growth [19]. - The company's operating revenue for 2024 reached ¥8,269,704,348.65, representing an 18.44% increase compared to ¥6,981,909,823.14 in 2023 [26]. - Net profit attributable to shareholders for 2024 was ¥647,838,100.80, a 12.06% increase from ¥578,117,525.71 in 2023 [26]. - The net cash flow from operating activities significantly improved to ¥889,984,819.39, up 711.14% from ¥109,720,331.50 in 2023 [27]. - The company's total assets increased by 18.83% to ¥10,971,504,698.05 at the end of 2024, compared to ¥9,232,927,981.21 at the end of 2023 [27]. - Basic earnings per share for 2024 were ¥4.86, an increase of 11.98% from ¥4.34 in 2023 [28]. - The weighted average return on equity decreased to 23.38% in 2024 from 28.54% in 2023, a reduction of 5.16 percentage points [28]. - The company achieved total revenue of 826,970.43 million RMB, an increase of 18.44% compared to the same period last year [110]. - The net profit attributable to the parent company was 64,783.81 million RMB, reflecting a growth of 12.06% year-on-year [110]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 62,808.09 million RMB, up by 11.87% from the previous year [110]. Strategic Initiatives - The company provided an optimistic outlook, projecting a revenue growth of 30% for the next quarter, driven by new product launches and market expansion [19]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years [19]. - A strategic acquisition of a smaller tech firm was announced, expected to enhance the company's capabilities in energy storage solutions [19]. - The company is implementing a new strategy to optimize supply chain efficiency, aiming to reduce costs by 15% over the next fiscal year [19]. - The company is exploring partnerships with renewable energy providers to enhance its service offerings and sustainability initiatives [19]. - The company is actively pursuing market expansion and has developed a series of energy storage application solutions for specific industries [80]. - The company is considering strategic acquisitions to bolster its product offerings and market reach, with potential targets identified in the industry [168]. Research and Development - Investment in R&D for new technologies increased by 20%, focusing on advanced battery systems and energy management solutions [19]. - Research and development expenses accounted for 3.03% of operating revenue in 2024, up from 2.56% in 2023 [28]. - The company achieved a total R&D investment of ¥250,167,716.29, representing a year-on-year increase of 40.10% [84]. - The company has accumulated 358 authorized intellectual properties, including 168 patents, with 115 new authorizations during the reporting period [81]. - The company is focusing on research and development of new technologies, particularly in the BMS system area, with an investment of $10 million planned for the upcoming year [170]. - The company has increased its R&D personnel from 205 to 322, representing 30.21% of the total workforce [91]. - The company has made significant advancements in self-developed key components, including battery management systems and energy management systems [80]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring governance compliance [5]. - The company has established a robust governance structure to ensure effective decision-making and compliance with legal requirements [154]. - The board consists of 9 members, including 3 independent directors, which meets the regulatory requirement of having more than one-third independent representation [159]. - The company has established a sound supervisory board system with 3 supervisors, including one employee representative, ensuring effective oversight of the board and management decisions [157]. - The independent directors have actively participated in board meetings and contributed their expertise, leading to significant improvements in corporate governance [159]. - The company has established specialized committees, including an audit committee led by an independent director with accounting expertise, ensuring compliance and effective governance [161]. - The independent directors have been instrumental in protecting minority shareholder interests and improving decision-making processes [159]. Market Position and Competitive Advantage - The company has established a strong competitive advantage in the energy storage industry, with a cumulative installed capacity of new energy storage projects reaching 73.76 GW by the end of 2024, a growth of over 130% compared to the end of 2023 [37]. - Haibosichuang ranks first in installed capacity of operational power plants in China by the end of 2024 according to the China Electricity Council [43]. - The company has established a significant market share in the domestic energy storage market, leveraging its technological and R&D advantages [45]. - Haibosichuang is ranked among the top three global battery energy storage system integrators in 2023, with second place in power scale and third in energy scale according to S&P Global [45]. - The company has successfully delivered overseas projects, including the King Lake independent energy storage station in Germany and distributed energy storage stations in Finland, showcasing its technical strength and delivery capability [46]. - The company has formed partnerships with leading energy storage system integrators such as Fluence and NW, exploring new international market opportunities [46]. Operational Efficiency - The company is implementing new strategies to improve operational efficiency, targeting a 15% reduction in production costs by the end of 2024 [171]. - The company has achieved a cost reduction of I% through operational improvements, positively impacting overall profitability [168]. - The company operates an independent R&D, procurement, production, and sales system, generating revenue primarily through the sale of energy storage system products [52]. - The company employs a production model based on sales orders and seasonal delivery cycles, utilizing automated production lines to enhance efficiency and quality [55]. - The company has established an intelligent production system that automates the entire manufacturing process, significantly saving labor and enhancing production efficiency and product quality [96]. Risk Management - There are no significant risks that could materially affect the company's operations during the reporting period [4]. - The company faces risks related to the rapid decline in prices of electrochemical energy storage systems, which could adversely affect its operating performance and profitability [100]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties [10]. - There are no violations of decision-making procedures regarding external guarantees [10]. Employee and Remuneration - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 19.015 million RMB [177]. - The total remuneration for core technical personnel at the end of the reporting period was 3.2598 million RMB [177]. - The company has established a comprehensive and scientific compensation management and incentive mechanism to attract and retain talent [185]. - The training program includes a systematic talent development system covering professional skills enhancement and leadership development [187]. - The company has a special one-year training program for recent graduates to help them adapt to the workplace [187].

前十大流通股东累计持有： 991.2万股，累计占流通股比： 27.81%，较上期变化： 991.20万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 魏巍 | 478.37 | 13.42 | 新进 | | 聂小希 | 177.00 | 4.97 | 新进 | | 肖燕丽 | 145.83 | 4.09 | 新进 | | 西部利得碳中和混合发起A | 49.54 | 1.39 | 新进 | | 孔令洁 | 30.00 | 0.84 | 新进 | | 李绍钢 | 29.02 | 0.81 | 新进 | | 北京汇众益智科技有限公司 | 25.27 | 0.71 | 新进 | | 荆培玲 | 20.53 | 0.58 | 新进 | | 共青城润卿私募基金管理合伙企业(有限合伙)-润卿成长1 | | | | | 号私募证券投资基金 | 18.06 | 0.51 | 新进 | | 梁俊梅 | 17.58 | 0.49 | 新进 | 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | ...

海博思创（688411） 证券研究报告 国内储能系统集成龙头的出海二次腾飞 公司基本情况：公司成立于 2011 年，主要产品包括储能系统，动力电池 等；其中储能系统业务的营收占比已达 99%以上。市场地位看，公司为国 内储能系统集成商龙头企业，2021- 2023 年全球以及国内电池储能系统集 成商新增储能装机规模和出货量均位居前列。 公司业绩方面：近年来公司营收持续快速增长，2022-2023 年公司营收均 实现同比大幅增长（yoy+213%/166%）。 看点 1—新产品：积极自研储能 PCS，深入布局构网型技术、碳化硅应用 技术、并网仿真技术等 公司积极探索研发组串式 PCS 产品路线，集安全性、高效率、灵活度、低 成本等诸多优势于一体。同时，公司深入布局构网型技术、碳化硅应用技 术、并网仿真技术等电力电子相关创新技术，并将逐步应用到自研储能变 流器产品中。 看点 2—海外市场：2024 年以来，公司在欧洲、美国、亚太地区均取得 明显突破 公司聚焦大型储能和工商业储能，针对海外市场特点推出了海外产品系列， 且均已通过海外产品认证，得益于产品和境外市场需求的契合点，公司海 外市场开拓已取得良好的进展，公司 ...

公司报告 | 首次覆盖报告 海博思创（688411） 证券研究报告 国内储能系统集成龙头的出海二次腾飞 公司基本情况：公司成立于 2011 年，主要产品包括储能系统，动力电池 等；其中储能系统业务的营收占比已达 99%以上。市场地位看，公司为国 内储能系统集成商龙头企业，2021- 2023 年全球以及国内电池储能系统集 成商新增储能装机规模和出货量均位居前列。 公司业绩方面：近年来公司营收持续快速增长，2022-2023 年公司营收均 实现同比大幅增长（yoy+213%/166%）。 看点 1—新产品：积极自研储能 PCS，深入布局构网型技术、碳化硅应用 技术、并网仿真技术等 公司积极探索研发组串式 PCS 产品路线，集安全性、高效率、灵活度、低 成本等诸多优势于一体。同时，公司深入布局构网型技术、碳化硅应用技 术、并网仿真技术等电力电子相关创新技术，并将逐步应用到自研储能变 流器产品中。 看点 2—海外市场：2024 年以来，公司在欧洲、美国、亚太地区均取得 明显突破 公司聚焦大型储能和工商业储能，针对海外市场特点推出了海外产品系列， 且均已通过海外产品认证，得益于产品和境外市场需求的契合点，公司海 外市 ...

Company Overview - Company is a leading player in the energy storage system integration market, recognized as a national "specialized, refined, characteristic, and innovative" small giant and a national high-tech enterprise [1] - In 2023, the company ranked fifth globally and second in the Asia-Pacific market for energy storage system shipments, with a significant increase in revenue and net profit from 2020 to 2023 [1] - The company achieved a revenue of 6.982 billion yuan in 2023, with a CAGR of 166.2% from 2020 to 2023, and a net profit of 578 million yuan, with a CAGR of 624.9% from 2021 to 2023 [1] Business and Supply Chain - The company focuses on energy storage system integration, sourcing battery cells and some PCS products, while gradually increasing self-research and production capabilities for key components [2] - The company has four operational production bases and two under construction, with a designed annual production capacity of 2.0 GWh for energy storage systems, but actual production fell short of market demand in 2023 [2] - The company plans to use 300 million yuan from its IPO proceeds to expand its energy storage system capacity by 2 GWh [2] Supply Chain Dynamics - The company is reducing its reliance on major suppliers, with EVE Energy becoming the largest supplier in the first half of 2024, accounting for 35.1% of total procurement [3] - The concentration of customers is decreasing, with sales to the top five customers dropping from 78% in 2021 to 58% in 2024H1, indicating a diversification in the customer base [3] Domestic Market Outlook - The domestic energy storage installation growth is slowing, but the company is well-positioned to capitalize on opportunities for continued growth, with projected new installations of 38.6 GW in 2024 [4] - The cancellation of mandatory配储 requirements is expected to shift the drivers of energy storage installations towards market-driven factors, potentially enhancing project utilization rates and promoting high-quality development in the sector [4] International Market Expansion - The global energy storage market is experiencing robust growth, with expectations for new installations of 62.6 GW in 2024 and 83.2 GW in 2025 [5] - The company is gradually expanding its overseas business, having signed a 10 GWh framework contract with European clients and holding orders worth over 60 million USD in international markets [5] - Strategic partnerships with leading global energy storage companies are being established to enhance the company's international market presence [5]

电力设备及新能源 2025 年 4 月 17 日 海博思创（688411.SH） 储能集成"小巨人"，国内外业务进展可期 推荐（首次） 4 月 15 日：68.75 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.hy perstrong.com.cn | | 大股东/持股 | 张剑辉/20.31% | | 实际控制人 | 张剑辉，徐锐 | | 总股本(百万股) | 178 | | 流通 A 股(百万股) | 36 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 122 | | 流通 A 股市值(亿元) | 25 | | 每股净资产(元) | 15.72 | | 资产负债率(%) | 70.0 | 行情走势图 -20% 0% 20% 40% 60% 2025-01-27 2025-02-27 2025-03-27 沪深300指数 海博思创 证券分析师 张之尧 投资咨询资格编号 S1060524070005 zhangzhiy ao757@pingan.com.cn 皮秀 投资咨询资格编号 S1060517070004 PIXIU809 ...