Key Points - The company reported a closing price of 11.85 yuan on January 19, 2026, with a 5.05% increase and a trading volume of 134,600 shares, amounting to a total transaction value of 157 million yuan [1] - On January 19, 2026, the net inflow of main funds was 7.2177 million yuan, accounting for 4.6% of the total transaction value, while retail investors had a net inflow of 54,200 yuan, representing 0.03% of the total [1] Company Announcements - The company held its 11th meeting of the 4th Board of Directors on January 15, 2026, where it approved several resolutions, including the postponement of certain fundraising projects and the initiation of futures hedging business [1][2] - The company plans to conduct futures hedging for copper, aluminum, and stainless steel to mitigate the adverse effects of raw material price fluctuations, with a maximum margin of 10 million yuan and a duration of 12 months [1][2] - The company decided to postpone the "Park Comprehensive Energy Low-Carbon Control System Construction Project" from January 19, 2026, to June 30, 2027, due to equipment price fluctuations and technological development trends, with a current investment progress of 39.45% [3][5] Futures Hedging Business - The company has established a "Futures Hedging Business Management System" to ensure that the hedging activities align with actual production needs and to prevent speculative trading [2][4] - The maximum position for the hedging business will not exceed the actual procurement volume, and the total margin account will not exceed 10 million yuan, funded by self-owned funds or bank financing [2][5] - The management system includes risk control measures, such as authorization management, separation of duties, regular inspections, and stop-loss mechanisms [2][5]

（文章来源：证券日报） 证券日报网讯 1月19日，许昌智能发布公告称，公司开展套期保值业务的风险保证金账户资金总额不超 过1，000.00万元人民币，有效期内资金可循环使用，任一时点商品期货套期保值业务所需保证金（不 含期货标的实物交割款项）均不超过上述额度。期限为公司董事会审议通过之日起12个月内有效。证券 日报网讯 1月19日，许昌智能发布公告称，公司开展套期保值业务的风险保证金账户资金总额不超过 1，000.00万元人民币，有效期内资金可循环使用，任一时点商品期货套期保值业务所需保证金（不含 期货标的实物交割款项）均不超过上述额度。期限为公司董事会审议通过之日起12个月内有效。 ...

证券日报网讯 12月15日晚间，许昌智能发布公告称，近期，公司收到国家电网有限公司（简称"国家电 网"）相关项目的《中标通知书》，确认公司为国家电网各省电力公司的中标单位，合计中标金额为 10，789.35万元。 （文章来源：证券日报） ...

1、国网河南省电力公司 2025 年第一次配网物资协议库存公开 招标采购（招标编号：1725AA），继电器研究所中标线路在线监测 装置，合计中标金额 333.76 万元； 证券代码：831396 证券简称：许昌智能 公告编码：2025-103 许昌智能继电器股份有限公司 关于子公司中标国家电网相关项目的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带法律责任。 近期，许昌智能继电器股份有限公司子公司许昌继电器研究所有 限公司（以下简称"继电器研究所"）收到国家电网有限公司（以下 简称"国家电网"）项目的《中标通知书》，现将具体中标情况公告 如下： 一、中标项目基本情况 二、中标项目对公司的影响 本次中标的 PMF685 输电线路图像监测装置为继电器研究所自 主研发产品，该装置融合人工智能技术，具备输电线路智能巡检与故 障精准识别等功能，有助于提升电网运维的智能化水平。该产品已被 河南省工业和信息化厅认定为"河南省人工智能创新产品"，经河南 省电器工业协会鉴定，技术达到国内领先水平。本次中标体现了客户 对 ...

证券代码：831396 证券简称：许昌智能 公告编号：2025-111 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 许昌智能继电器股份有限公司 2025 年第三次临时股东会决议公告 1.会议召开时间：2025 年 9 月 16 日 2.会议召开地点：河南省许昌市中原电气谷—许昌智能科技大厦四楼会议室 3.会议召开方式：现场和网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长张洪涛 6.召开情况合法合规的说明： 本次股东会的召集、召开、议案审议程序等方面均符合《公司法》等相关法 律、法规、规范性文件及《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 9 人，持有表决权的股份总数 70,356,567 股，占公司有表决权股份总数的 42.49%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、高级管理人员出席或列席股东会情况 1.公司在任董事 ...

北京德恒（郑州）律师事务所 关于许昌智能继电器股份有限公司 2025 年第三次临时股东会的 法律意见书 郑州市郑东新区中兴南路与寿丰街交叉内凯利国际中心Ａ座14层、9层 电话/传真：0371-55913339 北京德恒(郑州)律师事务所 关于许昌智能继电器股份有限公司 2025年第三次临时股东会的法律意见书 北京德恒（郑州）律师事务所 关于许昌智能继电器股份有限公司 2025年第三次临时股东会的 所认定的事实真实、准确、完整,所发表的结论性意见合法、准确,不存在虚假 记载、误导性陈述或者重大遗漏,并承担相应法律责任。 法律意见书 德恒14G20240016-00007号 致:许昌智能继电器股份有限公司 根据《中华人民共和国证券法》(以下简称"《证券法》")《中华人民共 和国公司法》(以下简称"《公司法》")《上市公司股东会规则》(以下简 称"《股东会规则》")等法律、法规和规范性文件及《许昌智能继电器股份有 限公司章程》(以下简称"《公司章程》")的规定,北京德恒(郑州)律师事 务所(以下简称"本所")接受许昌智能继电器股份有限公司(以下简称"许昌 智能"或"公司")的委托,指派律师参加 2025年第三次临时 ...

Market Overview - The electric grid equipment sector experienced a decline of 0.65% on the previous trading day, with Yintu Network leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the electric grid equipment sector included: - Zhongchen Co., Ltd. (300933) with a closing price of 8.60, up 3.12% and a trading volume of 238,100 shares [1] - Meishuo Technology (301295) closed at 32.86, up 2.53% with a trading volume of 45,900 shares [1] - Guancheng New Materials (600067) closed at 3.03, up 2.36% with a trading volume of 300,800 shares [1] - Conversely, significant decliners included: - Gutu Network (835508) with a closing price of 30.75, down 6.56% and a trading volume of 29,400 shares [2] - Jinlongyu (002882) closed at 34.37, down 5.53% with a trading volume of 319,100 shares [2] Capital Flow - The electric grid equipment sector saw a net outflow of 1.31 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.103 billion yuan [2][3] - Key stocks with significant capital flow included: - Siyuan Electric (002028) with a net inflow of 28.02 million yuan from institutional investors [3] - Congsheng Co., Ltd. (301002) with a net inflow of 22.31 million yuan from institutional investors [3] - Zhongchen Co., Ltd. (300933) experienced a net outflow of 6.26 million yuan from retail investors [3]

Overview - The report outlines the continuous supervision work conducted by Minsheng Securities on Xuchang Intelligent Relay Co., Ltd. for the first half of 2025, confirming compliance with relevant regulations and effective execution of governance systems [1][2]. Group 1: Continuous Supervision Work - The company has effectively implemented governance rules during the supervision period [1]. - Minsheng Securities regularly reviewed the company's fundraising account statements and verified the usage of raised funds, confirming compliance with regulations [1]. - No significant violations were found during the supervision, and the company maintained compliance in various aspects [1]. Group 2: Issues Identified and Measures Taken - No issues were identified regarding external investments, risk investments, entrusted financial management, or financial assistance [2]. - The company and its shareholders have fulfilled their commitments, with no reasons for non-fulfillment reported [2]. Group 3: Market Risks - The company faces increased competition as it operates primarily in central and eastern regions, with the transition to new power systems and microgrids creating new market opportunities [2]. - The loss of core technical personnel poses risks to product quality, technological development, and responsiveness to market changes [3]. Group 4: Technological and Material Risks - The company must invest adequately in technology development and innovation to keep pace with rapid industry changes and diverse user demands [5]. - Fluctuations in raw material prices, such as circuit breakers and metal components, can directly impact procurement costs and profit margins [5]. Group 5: Shareholder and Management Control - The main founder and actual controllers of the company hold significant influence over operational decisions, which could potentially harm the interests of minority shareholders if mismanaged [5]. - As of June 30, 2025, there were no pledges or freezes on shares held by the controlling shareholders or senior management [5].

民生证券股份有限公司 关于许昌智能继电器股份有限公司的 2025 年半年度持续督导跟踪报告 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅了公司信息披露文件 。 | | 2、督导公司建立健全并有效执行 | 保荐机构督导公司建立健全规则制度（包括但不限于 | | | 根据新《公司法》及《上市规则》的规定，修改完善公 | | 规则制度的情况 | 司治理制度，本督导期内，许昌智能有效执行了规则制 | | | 度。 | | 3、募集资金使用监督情况 | 保荐机构定期查阅公司募集资金账户对账单，核查公 | | | 司募集资金使用情况；前往公司现场核查募集资金使用 | | | 情况。本督导期内，许昌智能募集资金存放与使用符合 | | | 相关规定。 | | 4、督导公司规范运作情况 | 保荐机构通过日常沟通、现场核查、查阅资料等方式， | | | 督促公司规范运作；本持续督导内，公司在规范运作方 | | | 面不存在重大违规。 | | 5、现场检查情况 | 保荐机构开展现场核查，对公司是否存在重大违规、 | | | 经营财务状况是否存在重大风险、公司治理和信息披 ...

Market Overview - The net outflow of main funds in the power equipment sector was 299 million yuan, while retail investors saw a net inflow of 359 million yuan [2][3] - The Shanghai Composite Index closed at 3765.88, down 1.25%, and the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Jinlongyu (002882) led the gains with a closing price of 37.16, up 10.01% with a trading volume of 623,100 shares [1] - Kelun Electronics (002121) followed with a closing price of 7.34, up 8.26% and a trading volume of 2,225,100 shares [1] - The worst performer was Songsheng Co. (301002), which closed at 27.97, down 9.10% with a trading volume of 108,100 shares [2] Fund Flow Analysis - Jinlongyu had a main fund net inflow of 4.35 billion yuan, while retail investors had a net outflow of 1.76 billion yuan [3] - Kelun Electronics experienced a main fund net inflow of 1.82 billion yuan, with retail investors seeing a net outflow of 1.78 billion yuan [3] - The overall trend indicates that while institutional investors were pulling out, retail investors were actively buying into certain stocks [2][3]