Investment Rating - The report maintains a "Buy" investment rating for Zhuhai Guanyu (688772.SH) [1] Core Insights - The company is experiencing significant growth in its 3C battery business, with a successful expansion into steel shell batteries, which enhances energy density and space utilization [3][4] - The introduction of low-voltage lithium batteries is progressing smoothly, with substantial orders from leading electric vehicle manufacturers, indicating a strong market position [4] - The company's third-quarter performance is impressive, with a revenue of 4.22 billion yuan, a year-on-year increase of 33.2%, and a net profit of 270 million yuan, reflecting a 62.5% year-on-year growth [5] Summary by Sections Market Performance - The stock has shown a significant performance trend compared to the CSI 300 index, indicating a positive market reception [2] Business Growth - The 3C battery segment is benefiting from national subsidy policies, leading to increased shipments and collaborations with major clients like Apple, Xiaomi, and Huawei [3] - The company has invested 2 billion yuan to expand its steel shell battery production line, expected to be completed by Q3 2026, which will likely drive future sales growth [3] Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 10.32 billion yuan, a 21.2% increase year-on-year, and a net profit of 387 million yuan, up 44.4% year-on-year [5] - The forecast for revenue from 2025 to 2027 is projected to grow from 14.37 billion yuan to 22.73 billion yuan, with corresponding EPS increasing from 0.55 yuan to 1.76 yuan [6][9]

Investment Rating - The report maintains a "Buy" investment rating for Zhuhai Guanyu (688772.SH) [2][6] Core Insights - The company is experiencing significant growth in its 3C battery business, with a strong partnership with major clients like Apple, Xiaomi, and Huawei, and has begun mass production of steel-shell batteries, which are expected to increase shipment volumes in 2026 [3][5] - The introduction of low-voltage lithium batteries is progressing smoothly, with over 700,000 units shipped in the first half of 2025, and the development of sodium-ion batteries for low-temperature scenarios is enhancing the company's competitive edge [4] - The company's Q3 2025 performance showed impressive results, with revenue reaching 4.22 billion yuan, a year-on-year increase of 33.2%, and a net profit of 270 million yuan, up 62.5% year-on-year [5] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 143.7 billion yuan, 183.7 billion yuan, and 227.3 billion yuan respectively, with corresponding EPS of 0.55 yuan, 1.31 yuan, and 1.76 yuan, indicating a strong growth trajectory [6][10]

Group 1 - Zhuhai Gree announced that its 36th meeting of the second board of directors was held on January 20, 2026, combining in-person and communication methods [1] - The meeting reviewed the proposal regarding the adjustment of the grant price for the 2023 restricted stock incentive plan and the cancellation of certain granted but unvested restricted stocks [1]

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2026-005 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | 珠海冠宇电池股份有限公司（以下简称"公司"）于 2026 年 1 月 20 日召开 了第二届董事会第三十六次会议，审议通过了《关于调整 2023 年限制性股票激 励计划授予价格及作废部分已授予尚未归属的限制性股票的议案》。现将有关事 项说明如下： 一、本次股权激励计划已履行的相关审批程序 （一）2023 年 4 月 9 日，公司召开第一届董事会第三十次会议，会议审议 通过了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股 东大会授权董事会办理 2023 年限制性股票激励计划相关事宜的议案》等议案。 公司独立董事对相关议案发表了同意的独立意见。 关于调整 2023 年限制性股票激励计划授予价格及作 废部分已授予尚未归属的限制性股票的公告 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 ...

关于 2023 年限制性股票激励计划预留授予部分 第二个归属期符合归属条件的公告 珠海冠宇电池股份有限公司 | 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2026-006 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | （一）本次股权激励计划方案及履行的程序 1、本次股权激励计划主要内容 （3）授予价格：本激励计划限制性股票的授予价格（含预留授予）为 8.39 元/股（调整后）。 （4）激励人数：本激励计划首次授予激励对象共计 957 人（因有 3 名激励 对象自愿放弃，实际首次授予激励对象共计 954 人），占公司员工总人数（截至 限制性股票拟归属数量：11.6853 万股 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 2022 年 12 月 31 日公司员工总人数为 14,879 人）的 6.43%，包括公司董事、高 级管理人员、核心技术人员及技术（业务）骨干（不包括独立董事、监事）。本 激励计划预留授予激励对象共计 24 人。 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 ...

ZHONG LUN 中倫律師事務所 特殊的普通合伙 Limited Liability Partnership 北京市中伦(深圳)律师事务所 关于珠海冠宇电池股份有限公司 2023 年限制性股票激励计划调整授予价格、作废部 分已授予但尚未归属的限制性股票及预留授予部分 第二个归属期归属条件成就事项的 法律意见书 二〇二六年一月 北京 ・ 上海 ・ 深圳 ・ 广州 ・ 武汉 ・ 成都 ・ 重庆 ・ 青岛 ・ 杭州 ・ 南京 ・ 海口 ・ 东京 ・ 香港 ・ 佐敦 ・ 組倉山 ・ 阿拉木区 Bejing ・Sharghin ・Sharaban ・Gungging ・Nuhan ・Clongdo ・Hangzhu・Hanjakar ・Najner Hatikor ・Na 57/58/59/F. Tower A, Ping An Finance Centre, 5033 Yitian Road 电话/Tel : +86 755 3325 6666 在直 Fax,+86755 3 北京市中伦(深圳)律师事务所 关于珠海冠宇电池股份有限公司 2023 年限制性股票激励计划调整授予价格、作废部分已授予 但尚未归属的限制性股 ...

珠海冠宇电池股份有限公司（以下简称"公司"）董事会薪酬与考核委员会依据 《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）等相关法律、法规、 规章及规范性文件和《珠海冠宇电池股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，对公司《2023 年限制性股票激励计划（草案）》（以下简称"本次激励 计划"）预留授予部分第二个归属期归属名单进行审核，并发表核查意见如下： 本次拟归属的激励对象符合《公司法》《证券法》等法律、法规和规范性文件 以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、法规 和规范性文件规定的激励对象条件，符合公司本次激励计划规定的激励对象范围， 其作为公司本次激励计划激励对象的主体资格合法、有效，其获授的第二类限制性 股票的归属条件已成就。 珠海冠宇电池股份有限公司董事会 薪酬与考核委员会 综上所述，我们一致同意公司为本次符合条件的 16 名激励对象办理归属事宜， 对应限制性股票的归属数量为 ...

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2026-004 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | 珠海冠宇电池股份有限公司 第二届董事会第三十六次会议决议公告 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。 一、董事会会议召开情况 珠海冠宇电池股份有限公司（以下简称"公司"）第二届董事会第三十六次 会议于 2026 年 1 月 20 日以现场结合通讯方式召开。本次会议通知已于 2026 年 1 月 15 日发出。本次会议由徐延铭先生召集并主持，应出席董事 9 人，实际到 会董事 9 人。本次会议的召集、召开程序符合《中华人民共和国公司法》等法律 法规以及《珠海冠宇电池股份有限公司章程》的相关规定，会议决议合法、有效。 表决结果：同意 5 票，反对 0 票，弃权 0 票，回避 4 票。董事徐延铭先生、 付小虎先生、牛育红先生、林文德先生作为本激励计划的激励对象，回避本议案 的表决。 本议案已经公司薪酬与考核委员会审议通过。 具体内容详见同 ...

Group 1 - The General Aviation ETF Huaxia (159230) experienced a decline of 4.11%, closing at 1.399 yuan with a trading volume of 32.33 million yuan [1] - Key stocks within the General Aviation ETF include: - Wan Feng Ao Wei up by 0.52% - Hongdu Aviation up by 9.79% - Aerospace Rainbow down by 1.63% - Zhongzhichuan down by 0.03% - Zhuhai Guanyu up by 0.20% - Huali Chuantong down by 10.56% - Yingliu Co. up by 0.98% - Southern Network Technology down by 1.43% - Ruichuang Weina down by 2.90% - China Satellite down by 10.00% [1] - The performance benchmark for the General Aviation ETF Huaxia is the National General Aviation Industry Index return rate, managed by Huaxia Fund Management Co., Ltd. The fund manager is Yang Siqi [1] Group 2 - Since its establishment on May 21, 2025, the General Aviation ETF Huaxia has achieved a return of 45.65%, with a return of 26.77% over the past month [1]

Group 1 - The core viewpoint of the news is that Zhuhai Gree's stock performance and financial metrics indicate a mixed outlook, with significant revenue growth but also notable fluctuations in financing activities [1][2][3] Group 2 - As of January 14, Zhuhai Gree's stock price decreased by 0.97%, with a trading volume of 561 million yuan. The financing buy-in amount was 56.16 million yuan, while the financing repayment was 69.75 million yuan, resulting in a net financing outflow of 13.59 million yuan [1] - The total financing and securities balance for Zhuhai Gree reached 498 million yuan, accounting for 2.16% of the circulating market value, which is above the 70th percentile level over the past year [1] - On the short-selling side, Zhuhai Gree had 3,200 shares sold short and 2,300 shares repaid on January 14, with a short-selling balance of 76.77 million yuan, indicating a low level compared to the 10th percentile over the past year [1] Group 3 - For the period from January to September 2025, Zhuhai Gree reported operating revenue of 10.321 billion yuan, reflecting a year-on-year growth of 21.18%, and a net profit attributable to shareholders of 387 million yuan, up 44.37% year-on-year [2] - Since its A-share listing, Zhuhai Gree has distributed a total of 942 million yuan in dividends, with 740 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased to 21,700, with an average of 52,193 circulating shares per person, a decrease of 1.16% from the previous period [2][3]