Group 1 - The core point of the article is that Hekang New Energy (SZ 300048) held its 24th meeting of the 6th board of directors on October 23, 2025, to discuss the fourth vesting period of the 2020 restricted stock incentive plan [1] - For the first half of 2025, Hekang New Energy's revenue composition was 90.75% from new energy, 6.25% from industrial automation, and 3.0% from other industries [1] - As of the report date, Hekang New Energy had a market capitalization of 7.3 billion yuan [1] Group 2 - A notable transaction involved a well-known brand spending 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Viewpoint - Beijing Hekang New Energy Technology Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, indicating a robust business performance [1]. Financial Performance - The company achieved total revenue of 6.182 billion yuan, representing a year-on-year increase of 98.61% [1]. - The net profit attributable to shareholders reached 73.9959 million yuan, showing a substantial year-on-year growth of 584.4% [1]. - In Q3 alone, the company generated revenue of 1.685 billion yuan, which is a 20.08% increase compared to the same quarter last year [1]. - The net profit for Q3 was 2.8122 million yuan, reflecting a year-on-year growth of 24.18% [1]. Business Developments - Hekang New Energy secured multiple orders for its high-voltage variable frequency business from nuclear power projects [1]. - The company participated in the world's first "dual-tower single machine" solar thermal storage power station project, which has received recognition for its products and technology [1]. - Hekang New Energy's subsidiary completed its first batch of green certificate applications and green electricity transactions, indicating a shift towards a stable and reliable renewable energy supply platform [1]. - The company has begun ramping up production of its first-generation overseas household energy storage products since June, with installations in Europe occurring in Q3 [1]. - New products, including the second-generation household energy storage integrated machine and separate machine series, are expected to be launched in Q4 [1].

Financial Performance - The company's total revenue for Q3 2025 is 6.182 billion yuan, with a net profit attributable to shareholders of 73.9959 million yuan [1] - The net cash inflow from operating activities is 268 million yuan, which is a decrease of 170 million yuan compared to the same period last year, representing a year-on-year decline of 38.83% [1] Financial Ratios - The latest debt-to-asset ratio is 61.56%, an increase of 1.67 percentage points compared to the same period last year [3] - The latest gross profit margin is 8.66%, which is a decrease of 0.24 percentage points from the previous quarter and a decrease of 6.36 percentage points from the same period last year [3] - The latest return on equity (ROE) is 4.03% [3] Earnings and Efficiency - The diluted earnings per share (EPS) is 0.07 yuan [4] - The latest total asset turnover ratio is 1.29 times [4] - The latest inventory turnover ratio is 6.91 times [4] Shareholder Information - The number of shareholders is 27,800, with the top ten shareholders holding a total of 367 million shares, accounting for 32.51% of the total share capital [4] - The largest shareholder is Guangdong Midea HVAC Equipment Co., Ltd., holding 18.50% of the shares [4]

Core Viewpoint - Hekang New Energy (300048.SZ) reported significant growth in its financial performance for the first three quarters of 2025, indicating strong operational momentum and profitability improvements [1] Financial Performance - The company's operating revenue for the first three quarters reached 6.182 billion yuan, representing a year-on-year increase of 98.61% [1] - The net profit attributable to shareholders of the listed company was 73.9959 million yuan, showing a substantial year-on-year growth of 584.40% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 42.5393 million yuan, reflecting a year-on-year increase of 451.42% [1] - Basic earnings per share stood at 0.0662 yuan [1]

关于计提资产减值损失和冲回信用减值损失的公告 证券代码：300048 证券简称：合康新能 编号：2025－076 北京合康新能科技股份有限公司 关于计提资产减值损失和冲回信用减值损失的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次计提资产减值损失和冲回信用减值损失情况概述 （一）本次计提减值损失的原因 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 2 号—创 业板上市公司规范运作》等相关规定，为公允反映公司财务状况、资产价值及经 营成果，北京合康新能科技股份有限公司（以下简称"公司"）对截至 2025 年 9 月 30 日合并报表范围内的存在减值迹象的各项资产进行减值测试，根据测试结 果，公司 2025 年三季度计提资产减值损失 9,696,444.69 元，冲回信用减值损失 4,679,670.27 元。 关于计提资产减值损失和冲回信用减值损失的公告 关规定执行，无需公司董事会、股东会审议。 二、本次计提减值损失的确认标准及计提方法 （二）本次计提减值损失的范围和金额 公司 2025 年三季度计提减值损失项目明细如下： 单位：元 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,684,711,919.62, representing a 20.08% increase year-over-year[5] - Net profit attributable to shareholders was ¥2,812,205.82, up 24.18% compared to the same period last year[5] - Basic earnings per share for the period was ¥0.0025, reflecting a 25.00% increase from the previous year[5] - Operating revenue for the first nine months of 2025 reached ¥6,181,620,984.64, a 98.61% increase compared to ¥3,112,440,983.02 in the same period of 2024, primarily due to the growth in photovoltaic EPC business scale[10] - Total operating revenue for the current period reached ¥6,181,620,984.64, a significant increase from ¥3,112,440,983.02 in the previous period, representing a growth of approximately 98.5%[21] - Net profit for the current period was ¥91,341,982.18, up from ¥24,073,480.87 in the previous period, reflecting a growth of approximately 279.5%[22] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥4,970,757,956.29, a 7.27% increase from the end of the previous year[5] - The company's total assets increased to ¥4,970,757,956.29 from ¥4,633,716,015.47, marking a rise of about 7.3%[20] - Total liabilities rose to ¥3,059,894,843.17, compared to ¥2,872,234,491.00 in the previous period, an increase of approximately 6.5%[20] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥268,325,548.87, down 38.83%[5] - Cash inflow from operating activities reached 7,137,071,695.20, up from 3,502,501,769.25 in the previous period, indicating a growth of approximately 103%[24] - Net cash flow from operating activities was 268,325,548.87, a decrease from 438,685,133.66 in the previous period[25] - Cash flow from investment activities resulted in a net outflow of 452,665,889.08, compared to a smaller outflow of 58,744,310.41 in the previous period[25] - The company's cash balance was ¥1,165,796,276.02 at the end of the period, down from ¥1,250,746,391.04 at the beginning[18] Inventory and Receivables - The company's inventory decreased by 35.76% to ¥639,188,816.47, attributed to increased inventory clearance efforts[9] - Accounts receivable increased to ¥1,327,648,670.51 from ¥979,976,167.08[18] - The company's accounts receivable decreased by 61,324,610.45 compared to the previous period[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 27,751[13] - Guangdong Midea HVAC Equipment Co., Ltd. holds 18.50% of shares, making it the largest shareholder[13] - The top 10 shareholders account for a significant portion of the company's equity, with the largest shareholder holding 18.50%[13] Expenses - Operating costs increased by 110.98% to ¥5,646,015,674.85 from ¥2,676,086,136.03, mainly driven by the rise in revenue[10] - Research and development expenses for the current period were ¥249,327,604.13, compared to ¥229,811,643.12 in the previous period, reflecting an increase of approximately 8.5%[22] - The company reported a significant increase in sales expenses, which totaled ¥124,608,503.68, up from ¥107,829,351.55, indicating a rise of about 15.5%[22] Investment and Financing Activities - Investment income surged by 1230.41% to ¥24,676,427.85, compared to a loss of ¥2,182,964.50 in the previous year, attributed to gains from the disposal of subsidiaries[10] - Cash flow from financing activities netted ¥52,850,717.40, a 546.83% increase from ¥8,170,671.59, mainly due to increased employee subscription payments from restricted stock incentives[11] - The company recorded a 449.06% increase in cash received from investment, totaling ¥55,256,485.00, attributed to employee stock option exercises[11] Other Financial Metrics - The company's deferred income increased significantly by 6230.68% to ¥3,418,566.69, due to an increase in government subsidies related to assets[9] - The company's intangible assets rose by 88.19% to ¥176,520,778.46, primarily due to the construction of the EMC project[9] - The company’s deferred tax assets rose to ¥28,362,636.77 from ¥25,026,884.89, an increase of about 9.3%[20] - Total comprehensive income amounted to 91,341,982.18, with 73,995,942.99 attributable to the parent company[23] - Basic and diluted earnings per share were both 0.0662, compared to 0.0097 in the previous period, reflecting a significant increase[23] Cautionary Note - The financial report for the third quarter was not audited, indicating a need for caution in interpreting the results[27]

关于 2020 年限制性股票激励计划预留授予部分第四个归属期符合归属条件的公告 证券代码：300048 证券简称：合康新能 编号：2025－072 北京合康新能科技股份有限公司 关于 2020 年限制性股票激励计划预留授予部分 第四个归属期符合归属条件的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次符合归属条件的激励对象人数：8 人； 2、本次拟归属股票数量：537,500 股，占目前公司总股本的 0.0477%。 3、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。 （一）本激励计划的主要内容 2020 年 12 月 22 日、2021 年 1 月 11 日公司召开第五届董事会第九次会议和 2021 年第一次临时股东大会，审议通过《关于<北京合康新能科技股份有限公司 2020 年限制性股票激励计划（草案）>及其摘要的议案》《关于<北京合康新能科 技股份有限公司 2020 年限制性股票激励计划实施考核管理办法>的议案》《关于 1 关于 2020 年限制性股票激励计划预留授予部分第四个归属期符合归属条件的公告 提请股东大会 ...

北京合康新能科技股份有限公司 监事会关于 2020 年限制性股票激励计划预留授予部分 第四个归属期归属名单的核查意见 监事会关于 2020 年限制性股票激励计划预留授予部分第四个归属期归属名单的核查意见 证券代码：300048 证券简称：合康新能 编号：2025－073 本激励计划预留授予部分第四个归属期 8 名激励对象符合《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》等法律、法规和规范性文件规定的激励对象条件，符合本激励计划规定的 激励对象范围，其作为本激励计划激励对象的主体资格合法、有效，激励对象获 授限制性股票的归属条件已成就。 监事会同意为本次符合归属条件的 8 名激励对象办理归属，对应限制性股票 的归属数量为 53.75 万股。上述事项符合相关法律、法规及规范性文件所规定的 条件，不存在损害公司及股东利益的情形。 北京合康新能科技股份有限公司 监事会 2025 年 10 月 25 日 1 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京合康新能科技股份有限公司（以下简称"公司"）监事会依据《中华人 ...

关于北京合康新能科技股份有限公司 股权激励计划 预留授予部分第四个归属期归属条件成就的 法律意见书 二〇二五年十月 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 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 法律意见书 北京市中伦律师事务所 关于北京合康新能科技股份有限公司 股权激励计划 预留授予部分第四个归属期归属条件成就的 法律意见书 致：北京合康新能科技股份有限公司 根据北京合康新能科技股份有限公司（以下简称"合康新能"、"公司"）与 北京市中伦律师事务所（以下简称"本所"）签订的《专项法律服务合同》的约 定及受本所 ...

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 监事会召开情况 北京合康新能科技股份有限公司（以下简称"公司"）第六届监事会第二十 二次会议于 2025 年 10 月 23 日在公司会议室以现场结合通讯表决的方式召开， 会议通知于 2025 年 10 月 17 日以邮件、电话方式送达。会议应到监事 3 人，实 到监事 3 人，其中邱新锋先生和林婕萍女士以通讯方式参加。会议由监事会主 席邵篪先生主持。会议召集及召开程序符合国家有关法律、行政法规、部门规 章和公司章程的规定。 二、 监事会会议审议情况 第六届监事会第二十二次会议决议公告 证券代码：300048 证券简称：合康新能 编号：2025－075 北京合康新能科技股份有限公司 第六届监事会第二十二次会议决议公告 1 第六届监事会第二十二次会议决议公告 则》等法律、法规和规范性文件规定的激励对象条件，符合本激励计划规定的 激励对象范围，其作为本激励计划激励对象的主体资格合法、有效。因此，监 事会同意公司依据 2021 年第一次临时股东大会的授权以及相关规定为符合条 件的 8 名激励对象办理股票归属相关事 ...