股票上市地点：深圳证券交易所 股票简称：星云股份 福建星云电子股份有限公司 股票代码：300648 简式权益变动报告书 信息披露义务人：汤平 （汤平） 住所：福建省福州市鼓楼区福飞南路**号 通讯地址：福建省福州市鼓楼区福飞南路**号 上市公司名称：福建星云电子股份有限公司 股份变动性质：股份减少，持股比例降至 5%以下 签署日期：2025 年 12 月 16 日 1 信息披露义务人声明 一、本信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理 办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 等相关法律、法规和规范性文件编制本报告书。 二、信息披露义务人签署本报告书不需要获得授权和批准，其履行亦不违反 福建星云电子股份有限公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券 的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本报告 书已全面披露了信息披露义务人在福建星云电子股份有限公司中拥有权益的股 份变动情况。截至本报告书签署日，除本报告书披露的信息外，上述信息披露义 务人没有通过 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-12-17 | 300648 | 星云股份 | 43.69 | 11.90 | 519.91 机构专用 | 兴业证券股份有限 | | | | | | | | 公司长乐西洋中路 | | | | | | | | 证券营业部 | | 2025-12-17 | 300648 | 星云股份 | 43.69 | 5.00 | 218.45 机构变用 | 兴业证券股份有限 | | | | | | | | 公司长乐西洋中路 | | | | | | | | 证券营业部 | | 2025-12-17 | 300648 | 星云股份 | 43.69 | 4.58 | 200.10 机构专用 | 兴业证券股份有限 | | | | | | | | 公司长乐西洋中路 | | | | | | | | 证券营业部 | | 2025-12-17 | 300648 | ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-12-16 | 300648 | 星云股份 | 43.18 | 10.00 | 431.80 中国中金财富证券 | 兴业证券股份有限 | | | | | | | 有限公司北京建国 | 公司长乐西洋中路 | | | | | | | 门外大街证券营业 | 证券营业部 | | | | | | | सार | | 12月16日，星云股份大宗交易成交10万股，成交额431.8万元，占当日总成交额的1.93%，成交价43.18 元，较市场收盘价51.4元折价15.99%。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-15 | 300648 | 星云股份 | 44.29 | 30.00 | | 1,328.70中信证券股份有限 | 兴业证券股份有限 | | | | | | | | 公司北京三元桥证 | 公司长乐西洋中路 | | | | | | | 劳营业部 | | 证券营业部 | | 2025-12-15 | 300648 | 星云股份 | 44.29 | 4.60 | 203.73 机构专用 | | 兴业证券股份有限 | | | | | | | | | 公司长乐西洋中路 | | | | | | | | | 证券量非部 | 12月15日，星云股份大宗交易成交34.6万股，成交额1532.43万元，占当日总成交额的4.33%，成交价 44.29元，较市场收盘价51.5元折价14%。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-11 | 300648 | 星云股份 | 43.01 | 10.00 | 430.10 中国中金财富证券 | | 兴业证券股份有限 | | | | | | | | 有限公司北京建国 | 公司长乐西洋中路 | | | | | | | | 门外大街证券营业 | 证券营业部 | | | | | | | ਜੀ | | | 12月11日，星云股份大宗交易成交10万股，成交额430.1万元，占当日总成交额的1.74%，成交价43.01 元，较市场收盘价50.27元折价14.44%。 ...

Core Insights - The rapid development of the electric vehicle industry in China has significantly increased the demand for lithium battery intelligent equipment, with the market size growing from 27.5 billion yuan in 2020 to 72.2 billion yuan in 2022. However, a slowdown in downstream market demand is expected to reduce the market size to 20.2 billion yuan in 2024, before recovering to 26 billion yuan in 2025 due to increased production rates from leading battery companies [1][7]. Industry Overview - Lithium battery intelligent equipment integrates advanced technologies such as AI, IoT, big data, and automation to enhance the efficiency and digitalization of the entire lithium battery production process [2]. - The production process is divided into three stages: front-end (electrode preparation), mid-stage (cell assembly), and back-end (testing and packaging), with intelligent equipment corresponding to each critical stage [4]. Industry Policies - The Chinese government has implemented various policies to promote the transformation and high-quality development of the lithium battery intelligent equipment industry, including the "Action Plan for Promoting Large-Scale Equipment Updates" and the "High-Quality Development Action Plan for New Energy Storage Manufacturing" [2]. Market Dynamics - The global lithium battery intelligent equipment market grew from $6.524 billion in 2020 to $17.811 billion in 2022. However, it is projected to decline in 2023-2024 due to changes in terminal market demand. Recovery is expected in 2025, with the market size reaching $10.882 billion [5][6]. - In 2024, China is expected to account for 34.1% of the global market, with significant contributions from the Asia-Pacific region, Europe, and North America [5]. Application Segments - In 2024, the application of lithium battery intelligent equipment is primarily in the electric vehicle sector (68%), followed by consumer electronics (17%) and energy storage (13%) [7]. Competitive Landscape - The competitive landscape of the lithium battery intelligent equipment industry in China is characterized by a leading player, XianDao Intelligent, followed by strong competitors like YingHe Technology and HuaZi Technology. The market is also populated by numerous small and medium-sized enterprises [8][10]. - XianDao Intelligent holds a significant market share due to its comprehensive product line and strong R&D capabilities, while other companies focus on specific segments and maintain competitive advantages through technology and customer service [8]. Development Trends - Future trends in the lithium battery intelligent equipment industry include the evolution towards integrated "turnkey" solutions, deep integration with AI and industrial big data, and the adoption of flexible and modular designs to adapt to rapid technological changes and market fluctuations [11][12][13].

Core Viewpoint - Xingyun Co., Ltd. is a leading provider of smart energy solutions in China, focusing on battery testing technology and expanding into energy storage and charging solutions [1] Group 1: Company Overview - Founded in 2005 and listed on the Shenzhen Stock Exchange in 2017, Xingyun specializes in comprehensive testing solutions for lithium batteries throughout their lifecycle, including R&D, manufacturing, application, and recycling [1] - The company has developed products such as energy storage inverters, charging piles, battery swap cabinets, and a smart energy management cloud platform, enhancing its service offerings [1] Group 2: Market Demand and Growth - The demand for lithium battery equipment is driven by the growing markets for electric vehicles, energy storage, and consumer electronics, leading to an increase in battery shipments and equipment space [1] - Xingyun is enhancing its R&D investments and diversifying its product line to provide comprehensive testing solutions covering critical stages of battery development and application [1] Group 3: Testing Services and AI Integration - The establishment of the subsidiary Xingyun Testing marks a transition from a traditional equipment provider to a service-oriented company, with a focus on battery testing services [2] - The "Battery Health AI Model" developed in collaboration with the Transportation Research Institute aims to create an intelligent evaluation system for battery safety and performance, utilizing extensive original testing data [2] Group 4: Expansion into Charging and Energy Storage - Xingyun offers a complete range of charging solutions for electric buses, heavy trucks, and two/three-wheeled vehicles, with power outputs ranging from 3.5 kW to 1 MW, catering to diverse energy needs [3] - The company’s energy storage inverters cover a power range of 100 kW to 3450 kW, supporting various technologies and applications, including commercial energy storage and renewable energy integration [3] Group 5: Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.218 billion, 1.450 billion, and 1.830 billion yuan, reflecting year-on-year growth rates of 11.6%, 19.0%, and 26.2% respectively [4] - The net profit attributable to shareholders is projected to be -0.16 billion, 0.65 billion, and 1.41 billion yuan for the same years, with significant growth rates of 80.5%, 504.4%, and 115.6% [4]

Core Insights - The Fujian Province Electric Vessel Industry Development Action Plan (2026-2028) aims to transform the electric vessel industry into an advanced and competitive sector in the region [1] Group 1: Industry Development Goals - The plan emphasizes the promotion of "ship electrification, technology industrialization, industry clustering, specialized construction, integrated shore power, market-oriented operations, systematic management, and innovative models" [1] - The objective is to cultivate globally leading suppliers of electric vessel power batteries and propulsion systems, with a target of creating at least two internationally influential brands [1] Group 2: Infrastructure Development - The plan includes accelerating the construction of charging and swapping facilities, focusing on areas such as the Min River basin and coastal waters [1] - It encourages companies like State Grid Fujian Electric Power, provincial port groups, and others to leverage their resources and technological advantages to develop electric vessel charging stations and fuel supply facilities [1] - Support will be provided for the introduction and cultivation of electric vessel charging interface production companies, promoting the standardization, serialization, and industrialization of charging and swapping facilities based on market demand [1]

Core Viewpoint - The Fujian Province Electric Vessel Industry Development Action Plan (2026-2028) aims to establish the electric vessel industry as an advanced and advantageous sector in the region, focusing on various aspects such as electrification, industrialization, and market operation [1] Group 1: Industry Development Goals - The plan emphasizes the promotion of "ship electrification, technology industrialization, industrial clustering, specialized construction, integrated shore power, market-oriented operation, systematic management, and innovative models" [1] - The objective is to cultivate globally leading suppliers of electric vessel power batteries and propulsion systems, aiming to create at least two internationally influential brands [1] Group 2: Infrastructure and Support - The plan includes accelerating the construction of charging and swapping facilities, particularly in the Min River basin and coastal areas [1] - It encourages companies such as State Grid Fujian Electric Power, provincial port groups, and others to leverage their resources and technological advantages to develop electric vessel charging stations and fuel supply facilities [1] - Support will be provided for the introduction and cultivation of electric vessel charging interface manufacturers, promoting the standardization, serialization, and industrialization of charging and swapping facilities based on market demand [1]

Core Viewpoint - The company has successfully redeemed part of its idle raised funds used for cash management, achieving a principal return of 200 million yuan and earning 1.46 million yuan in investment income [2][3]. Group 1: Fund Management - The company approved the use of up to 550 million yuan of idle raised funds for cash management, allowing for the purchase of principal-protected financial products or deposit products with a maximum investment period of 12 months [2]. - The cash management period is set for 18 months from the date of approval by the 2024 annual general meeting [2]. - The company has redeemed the financial products as scheduled, with the principal and investment income fully returned to the designated raised funds account [3]. Group 2: Account Management - Due to the redemption of cash management products, the company’s specialized settlement accounts for raised funds management have been automatically canceled by the bank [3]. - The total amount of idle raised funds not yet redeemed stands at 225 million yuan, which remains within the authorized limits set by the board and shareholders [3]. Group 3: Documentation - The company has provided documentation including customer receipts from banks involved in the cash management process [4][5].