浙江永贵电器股份有限公司相关 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【884】号 02 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权 ...

Investment Rating - The industry investment rating is "Positive" and maintained [5] Core Viewpoints - The charging pile industry is transitioning towards high-quality development, with recent policies focusing on the construction of high-power charging facilities, which are expected to accelerate the promotion of ultra-fast charging [3][7] - By the end of 2027, the goal is to have over 100,000 high-power charging facilities nationwide, with a significant emphasis on facilities that output over 250kW [7] - The upgrade to high-power charging will require advancements in core components and integrated systems, benefiting leading companies with superior product and technology capabilities [7] Summary by Sections Industry Overview - The charging pile market is moving from a focus on speed and scale to a new phase of high-quality development, with over half of the public charging piles still being low-power AC piles as of May 2025 [7] Policy Impact - Recent notifications from the National Development and Reform Commission and the National Energy Administration emphasize the need for a rational layout and quality upgrade of high-power charging infrastructure [7] Market Opportunities - The promotion of high-power ultra-fast charging is expected to accelerate, with a target of approximately 5,000 ultra-fast charging stations by 2025, which is still significantly below the 100,000 target for 2027 [7] Technological Advancements - High-power charging requires higher voltage and current, leading to increased technical demands on charging piles and core components, with silicon carbide power devices expected to replace traditional IGBTs [7]

Core Insights - The A-share market saw a significant rise in charging pile concept stocks following the release of a government notice aimed at optimizing the construction of high-power charging infrastructure in China [1][2] - The notice outlines nine measures to enhance the layout and quality of charging facilities, addressing issues such as uneven development and user experience [2][4] Group 1: Industry Growth and Infrastructure Development - As of March 2025, China's charging infrastructure is projected to reach 13.749 million units, a year-on-year increase of 47.6%, with public charging facilities accounting for 3.9 million units [2] - The notice aims for over 100,000 high-power charging facilities nationwide by the end of 2027, with a focus on improving service quality and technology application [3][4] - The current public charging infrastructure includes 4.083 million public charging piles, with a 33.9% year-on-year growth [3] Group 2: Operational Management and Investment - The notice emphasizes the need for better management of high-power charging facilities, including the establishment of intelligent operation and maintenance platforms to enhance monitoring and fault handling capabilities [4][5] - It encourages long-term leasing agreements and financial support mechanisms to address challenges such as high costs and long investment recovery periods in the charging industry [4][5] Group 3: Technological Advancements and Challenges - The industry is experiencing a shift towards higher power charging technologies, with a focus on 250kW and above charging facilities, although the current utilization rates indicate room for improvement [3][6] - The integration of high-power charging facilities with the power grid is crucial, with the notice calling for research on the impact of charging loads on regional distribution systems [7] - Challenges remain in the economic viability of ultra-fast charging stations, with operators reporting low utilization rates and high equipment costs [6][7]

Group 1 - The core viewpoint is that the battery swapping concept stocks are experiencing a significant rise, with companies like Aotexun (002227) hitting the daily limit, while others such as Yonggui Electric (300351), Jicheng Electronics (002339), Kanshe Shares (603458), and Shenghong Shares (300693) also see substantial increases [1] - The National Development and Reform Commission, along with three other departments, has issued a notice to promote the scientific planning and construction of high-power charging facilities, emphasizing the need for timely upgrades and the integration of photovoltaic power generation and energy storage facilities [1] - There is a notable influx of dark pool funds into these stocks, indicating strong investor interest and potential for further price movements [1]

Core Viewpoint - The rapid growth of the battery swapping connector market is driven by the increasing popularity of the battery swapping model in the electric vehicle sector, with the market expected to reach 5 billion yuan in 2024, a year-on-year increase of 35.7%, and further grow to approximately 6.42 billion yuan in 2025 [1][15][22]. Industry Overview - Battery swapping connectors are high-voltage connectors that facilitate the rapid transfer of energy and data signals from battery swapping station equipment to electric vehicle battery packs, ensuring stable and reliable connections during the battery swapping process [3][11]. - The battery swapping connector market in China is experiencing significant growth, with applications extending beyond passenger and commercial vehicles to energy and industrial sectors [1][15]. Market Size and Growth - The market size of the battery swapping connector industry in China is projected to reach 5 billion yuan in 2024, reflecting a 35.7% year-on-year increase, and is expected to grow to around 6.42 billion yuan by 2025 [1][15]. - The demand for battery swapping connectors is anticipated to continue rising due to the increasing number of battery swapping stations, which are expected to reach 4,819 by May 2025, an increase of 376 from the end of 2024 [13][15]. Competitive Landscape - The battery swapping connector industry features competition from both international brands, such as TE Connectivity and Amphenol, and domestic brands like AVIC Optoelectronics and Yonggui Electric, with the latter gaining traction in the mid-to-high-end market [17][18]. Policy Support - The Chinese government has introduced several policies to promote the development of the battery swapping connector industry, including guidelines to enhance the resilience of the supply chain and support the construction of battery swapping stations [8][9]. Industry Chain - The battery swapping connector industry consists of an upstream segment involving raw materials like metals and plastics, a midstream segment focused on manufacturing, and a downstream segment that includes applications in battery swapping stations and electric vehicles [9][11]. Future Trends - The industry is expected to see advancements in technology and materials, with a focus on introducing new conductive materials and smart monitoring systems to enhance user experience [22][23]. - Standardization and unification of battery swapping connectors will be crucial for compatibility across different brands and models, reducing production costs and maintenance challenges [23]. - The industry will increasingly emphasize environmental sustainability by utilizing low-carbon materials and improving energy efficiency [25].

| 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2025-052 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 浙江永贵电器股份有限公司 2025 年第一次临时股东大会决议公告 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、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间：2025年7月2日14时 2、召开地点：浙江省天台县白鹤镇东园路5号（西工业区） 3、召开方式：采取现场投票与网络投票相结合的方式，公司通过深圳证券 交易所交易系统和互联网投票系统向公司股东提供网络形式的投票平台。 4、召集人：浙江永贵电器股份有限公司董事会 5、主持人：公司董事长范纪军先生 决权股份总数的 51.1343％。 6、会议召开的合法、合规性：本次会议的召集、召开与表决程序符合《中 华人民共和国公司法》《上市公司股东会规则》《深圳证券交易所创业板股票上 市规则》等法律法规、规范性文件及《 ...

国浩律师（杭州）事务所 关于 浙江永贵电器股份有限公司 2025 年第一次临时股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年七月 永贵电器 2025 年第一次临时股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 浙江永贵电器股份有限公司 为出具本法律意见书，本所律师列席了公司本次股东大会，审查了公司提供 的本次股东大会的有关文件的原件及复印件，包括但不限于公司召开本次股东大 会的各项议程及相关决议等文件，同时听取了公司就有关事实的陈述和说明。 公 ...

Group 1 - The company has decided not to adjust the conversion price of its convertible bonds, "Yonggui Convertible Bonds," despite triggering conditions for a downward adjustment [1][5] - The next period for potential adjustment will start from September 23, 2025, and the board will decide on any future adjustments based on relevant regulations [1][5] - The initial conversion price was set at 18.29 CNY per share, which was adjusted to 18.23 CNY per share effective from June 4, 2025 [2][5] Group 2 - The convertible bonds were issued on March 13, 2025, with a total face value of 980 million CNY and a maturity period of 6 years [1][2] - The conversion period for the bonds is from September 19, 2025, to March 12, 2031 [2] - The company has triggered the downward adjustment clause due to stock prices being below 85% of the conversion price for at least 15 trading days within a 30-day period [4][5]

第五届董事会第十八次会议决议公告 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、董事会会议召开情况 浙江永贵电器股份有限公司（以下简称"公司"）第五届董事会第十八次会 议于 2025 年 6 月 20 日 16 时 00 分以现场结合通讯方式召开，会议通知已于 2025 年 6 月 20 日以传真或电子邮件方式送达。本次会议应参会董事 6 名，实际参会 董事 5 名，其中独立董事刘建先生目前正在接受北京市纪委监委纪律审查和监察 调查而未出席本次会议。会议由公司董事长范纪军先生主持，公司部分高级管理 人员列席会议。本次会议的召集召开符合《中华人民共和国公司法》和《浙江永 贵电器股份有限公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于不向下修正永贵转债转股价格的议案》 自 2025 年 5 月 9 日至 2025 年 6 月 20 日，公司股票已出现任意连续三十个 交易日中至少有十五个交易日的收盘价低于当期转股价格的 85%的情形，触发 "永贵转债"转股价格向下修正条款。 | 证券代码：300351 | 证券简称：永贵电器 ...

浙江永贵电器股份有限公司 | 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2025-051 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 关于不向下修正永贵转债转股价格的公告 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、自 2025 年 5 月 9 日至 2025 年 6 月 20 日，浙江永贵电器股份有限公司（以 下简称"公司"）股票已出现任意连续三十个交易日中至少有十五个交易日的 收盘价低于当期转股价格的 85%的情形，触发"永贵转债"转股价格向下修正 条款。 2、公司于 2025 年 6 月 20 日召开第五届董事会第十八次会议，审议并通过 《关于不向下修正永贵转债转股价格的议案》，公司董事会决定本次不向下修 正"永贵转债"转股价格，且自本次董事会审议通过的次一交易日起未来三个 月内（即 2025 年 6 月 23 日至 2025 年 9 月 22 日），如再次触发"永贵转债"转 股价格向下修正条款，亦不提出向下修正方案。 公司于 2025 年 5 月 13 ...