据证券之星公开数据整理，近期新雷能(300593)发布2025年中报。截至本报告期末，公司营业总收入 5.52亿元，同比上升12.93%，归母净利润-9513.85万元，同比下降39.82%。按单季度数据看，第二季度 营业总收入3.19亿元，同比上升10.29%，第二季度归母净利润-5139.79万元，同比下降74.35%。本报告 期新雷能公司应收账款体量较大，当期应收账款占最新年报营业总收入比达98.11%。 证券之星价投圈财报分析工具显示：业务评价：去年的净利率为-55.77%，算上全部成本后，公司产品 或服务的附加值不高。从历史年报数据统计来看，公司上市以来中位数ROIC为10.72%，投资回报也较 好，其中最惨年份2024年的ROIC为-12.59%，投资回报极差。公司历史上的财报相对一般(注：公司上 市时间不满10年，上市时间越长财务均分参考意义越大。)，公司上市来已有年报7份，亏损年份1次， 需要仔细研究下有无特殊原因。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为99.73%、近3年经营性现金流均 值/流动负债仅为-14.31%)建议关注公司债务状况(有息资产负债率已达29. ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 27.92 [1][5] Core Views - The company reported a revenue of RMB 552 million for H1 2025, representing a year-on-year increase of 12.93%, but a net loss attributable to shareholders of RMB 95.14 million, a decrease of 39.82% year-on-year [1] - The company is experiencing a significant recovery in downstream demand, particularly in the defense sector, which is expected to lead to a performance turning point in the future [1][2] - The company has successfully advanced its server power supply projects and is expanding into low-orbit satellite products, indicating substantial growth potential [1][2] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of RMB 319 million, a year-on-year increase of 10.29% and a quarter-on-quarter increase of 36.62% [1] - The gross margin for the high-end equipment business was 39.10%, down 3.99 percentage points year-on-year due to changes in product mix [2] Business Segments - The high-end equipment business generated RMB 546 million in revenue, up 13.69% year-on-year, driven by increased sales due to recovering downstream demand [2] - The communication power supply business has shown steady growth, supported by the ongoing construction of 5G base stations, which totaled 4.549 million as of June 2025, an increase of 298,000 from the end of the previous year [3] Cost and Liabilities - The company's expense ratio decreased slightly to 54.30%, with a notable increase in contract liabilities by 529.23% year-on-year, indicating strong downstream demand [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 has been revised down by 18.80% to RMB 119.21 million, with a compound annual growth rate (CAGR) of 65.04% expected from 2025 to 2027 [5][8] - The target price has been adjusted to RMB 27.92, based on a 68 times price-to-earnings (PE) ratio for 2026 [5]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the special power supply industry and strategic layout in multiple fields, including data centers [4][6]. Core Viewpoints - The company reported a revenue of 550 million yuan for the first half of 2025, a year-over-year increase of 12.9%, but incurred a net loss of 95 million yuan, compared to a loss of 68 million yuan in the same period last year [1]. - In the second quarter of 2025, revenue increased by 37% quarter-over-quarter, but profitability remains under pressure due to uneven demand recovery and new business expansion [1]. - The company is actively promoting data center products and has seen a significant recovery in its subsidiary, Wuhan Yongli, with a revenue increase of 40.9% [2]. - Research and development expenses remain high, with a notable increase in construction in progress by 61% [3]. Summary by Sections Financial Performance - In 1H25, the company achieved a revenue of 550 million yuan, with a net profit of -95 million yuan and a non-recurring net profit of -102 million yuan [1]. - The gross margin for 1H25 decreased by 3.8 percentage points to 39.1%, while the net margin fell by 2.5 percentage points to -17.0% [1]. Subsidiary Performance - Shenzhen Leino's revenue decreased by 4.5% to 127 million yuan, while Wuhan Yongli's revenue increased by 40.9% to 135 million yuan [2]. R&D and Investments - The company maintained a high level of R&D investment, with R&D expenses accounting for 35.7% of total expenses [3]. - Construction in progress increased significantly, primarily due to factory construction expenditures, with a total of 1.05 billion yuan invested across various projects [3]. Future Outlook - The company is expected to see a gradual recovery in demand, with projected net profits of 44 million yuan, 253 million yuan, and 476 million yuan for 2025, 2026, and 2027, respectively [4][5]. - The current stock price corresponds to a PE ratio of 248x for 2025, 43x for 2026, and 23x for 2027 [4][5].

Core Viewpoint - Beijing Xinle Energy Technology Co., Ltd. reported a revenue of 552 million yuan for the first half of 2025, reflecting a year-on-year increase of 12.93%, but the company incurred a net loss of approximately 95.14 million yuan [2] Group 1: Company Performance - The company achieved an operating income of 552 million yuan in the first half of 2025, which is a 12.93% increase compared to the previous year [2] - The net profit attributable to shareholders was a loss of about 95.14 million yuan [2] Group 2: Business Overview - Xinle Energy specializes in the research, production, and sales of high-efficiency, high-reliability, and high-power-density power supply products, including integrated circuits (IC), power supply products, electric drives, and motor products [2] - The company's power supply products are widely used in aviation, aerospace, shipping, telecommunications, and data centers [2] Group 3: Growth Drivers - The growth in performance is driven by the increasing demand in high-reliability special fields such as aviation, aerospace, shipping, and railways, as well as the steady development of the telecommunications and data center industries [2] - The investment scale in aviation and aerospace sectors has increased, leading to a continuous rise in the variety and quantity of power electronic products entering mass delivery [2] - Xinle Energy has established itself as a leading supplier of high-performance power electronic products in the domestic market, benefiting from the rapid growth of the domestic power electronics industry [2]

Core Viewpoint - Xinlei Energy (300593) announced that as of the date of the announcement, the company and its subsidiaries have no overdue external guarantees, no external guarantees involved in litigation, and no losses incurred due to being judged against in guarantee cases [1] Summary by Relevant Categories - Company Status - Xinlei Energy has confirmed that there are no overdue external guarantees [1] - The company and its subsidiaries are not involved in any litigation related to external guarantees [1] - There are no losses that the company needs to bear due to adverse judgments related to guarantees [1]

Group 1 - The company, Xinle Energy, announced that it and its subsidiaries have obtained intellectual property certificates issued by the National Intellectual Property Administration [2]

Core Viewpoint - New Ray Energy (300593.SZ) reported a revenue of 552 million yuan for the first half of 2025, reflecting a year-on-year growth of 12.93% [1] Financial Performance - The company recorded a net loss attributable to shareholders of 95.1385 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 102 million yuan [1] - Basic earnings per share stood at -0.18 yuan [1]

北京新雷能科技股份有限公司 董事会议事规则 (一) 召集股东会，并向股东会报告工作； (二) 执行股东会的决议； 第一章 总则 北京新雷能科技股份有限公司 第一条 为了规范北京新雷能科技股份有限公司（以下简称公司）董事会的 议事方式和决策程序，促使董事和董事会更有效地履行其职责，提高董事会规范 运作和科学决策水平，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《深圳证券交易所创业板 股票上市规则》（以下简称《股票上市规则》）、《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》《北京新雷能科技股份有限公司 章程》（以下简称《公司章程》）以及其他法律、法规和规范性文件的相关规定， 制定本规则。 第二章 董事会的组成和职权 第二条 董事会是公司常设机构，时股东会决议的执行机构，是公司的经营 决策和业务领导机构，由股东会选举产生，对股东会负责，依照《公司章程》的 规定行使如下职权： 董事会议事规则 (三) 决定公司的经营计划和投资方案； (四) 制订公司的利润分配方案和弥补亏损方案； (五) 制订公司增加或者减少注册资本、发行债券或其他证 ...

北京新雷能科技股份有限公司 董事会战略委员会工作细则 第一章 总则 第一条 为适应北京新雷能科技股份有限公司（以下简称"公司"）战略发 展需要，增强公司核心竞争力，确定公司发展规划，提高业务发展水平与能力， 规范投资决策程序，加强决策科学性，提高重大决策的效益和决策的质量，完善 公司治理结构，根据《中华人民共和国公司法》《中华人民共和国证券法》《深 圳证券交易所创业板股票上市规则》《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》《上市公司独立董事管理办法》以及《北京 新雷能科技股份有限公司章程》（以下简称"《公司章程》"）及其他有关规定， 公司设立董事会战略委员会，并制定本工作细则。 第二条 董事会战略委员会是董事会设立的专门委员会，主要负责对公司长 期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会委员由三名董事组成。 北京新雷能科技股份有限公司 第四条 战略委员会委员由董事长、二分之一以上独立董事或三分之一以上 董事提名，并由董事会选举产生。选举委员的提案获得通过后，新任委员在董事 会会议结束后立即就任。 董事会战略委员会工作细则 第五条 战略委员 ...

北京新雷能科技股份有限公司 董事会审计委员会工作细则 北京新雷能科技股份有限公司 董事会审计委员会工作细则 第一章 总则 第一条 为充分发挥董事会审计委员会（以下简称"审计委员会"）对北京 新雷能科技股份有限公司（以下简称"公司"）财务信息、内部控制、内外部审 计等工作的监督作用，健全公司内部监督机制，规范审计委员会履职行为，根据 《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创业板 股票上市规则》《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》《上市公司独立董事管理办法》以及《北京新雷能科技股份有限 公司章程》（以下简称"《公司章程》"）及其他有关规定，制定本工作细则。 第二条 审计委员会是董事会设立的专门委员会，对董事会负责。 审计委员会成员应当勤勉尽责，切实有效地监督、评估公司内外部审计工作， 促进公司建立有效的内部控制并提供真实、准确、完整的财务报告。 审计委员会成员应当具备胜任工作职责的专业知识、工作经验和良好的职业 操守，保证足够的时间和精力履行委员会的工作职责。 审计委员会成员应当持续加强法律、会计和监管政策等方面的学习和培训， 不断提高履职能力。 ...