Core Viewpoint - The article highlights concerns regarding the discrepancies in signatures of key personnel at Xuchang Intelligent Relay Co., Ltd. during its IPO process, raising questions about the accuracy and integrity of its financial disclosures [1][9][10]. Company Overview - Xuchang Intelligent Relay Co., Ltd. is set to be listed on the Beijing Stock Exchange in January 2024, with Minsheng Securities as its sponsor [5]. - The company specializes in the research, design, assembly, sales, and service of smart power distribution products, new energy products, and power engineering contracting [6]. Financial Performance - For the year 2024, the company reported a revenue of 629,547,222.50 yuan, an increase of 7.37% compared to the previous year [7][8]. - The net profit attributable to shareholders decreased by 8.40% to 42,462,092.47 yuan [7][8]. IPO Process and Regulatory Issues - The IPO application was accepted on December 30, 2022, and after three rounds of inquiries, it was approved on September 14, 2023 [5][6]. - Prior to the IPO review, the company and its key executives received a warning letter from the Beijing Stock Exchange due to financial data misreporting [9][10]. - The company failed to adequately assess risks related to receivables from a group that had multiple subsidiaries listed as dishonest executors, leading to improper bad debt provisions [11]. Compliance and Accountability - The Beijing Stock Exchange determined that the financial data submitted in the IPO application was inaccurate and did not meet the requirements for authenticity and completeness [10][11]. - Key executives, including the chairman and financial officer, were found to have not exercised due diligence in ensuring the accuracy of the IPO application documents [10][11].

Core Viewpoint - The article highlights concerns regarding the discrepancies in signatures of key executives at Xuchang Intelligent during its IPO process, raising questions about the integrity of its financial disclosures and the company's governance practices [1][11][14]. Group 1: Company Background - Xuchang Intelligent Relay Co., Ltd. specializes in the research, design, assembly, sales, and service of smart power distribution products, new energy products, and power engineering contracting [7]. - The company is set to officially list on the Beijing Stock Exchange on January 26, 2024, with Minsheng Securities as its sponsor [5]. Group 2: Financial Performance - In 2024, Xuchang Intelligent reported a revenue of 629,547,222.50 yuan, an increase of 7.37% compared to the previous year [8][10]. - The net profit attributable to shareholders was 42,462,092.47 yuan, reflecting a decrease of 8.40% year-on-year [8][10]. Group 3: IPO and Regulatory Issues - Prior to the IPO approval on September 14, 2023, the company and its key executives received a warning letter from the Beijing Stock Exchange due to financial data misreporting [11][12]. - The company failed to adequately assess the risks associated with receivables from a group of companies that were listed as dishonest executors, leading to a miscalculation in bad debt provisions [13][14]. - A correction announcement revealed adjustments to the financial statements, reducing the 2022 net profit by 370.95 million yuan, which constituted an 8.14% adjustment [13][14].

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。 许昌智能继电器股份有限公司 2024 年年度权益分派方案已获 2025 年 4 月 22 日召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间未 超过两个月。 现将权益分派事宜公告如下： 本次权益分派基准日合并报表归属于母公司的未分配利润为 162,643,146.54 元，母公司未分配利润为 66,677,382.62 元。本次权益分派共计派发现金红利 8,278,750.00 元。 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司现有总股本 165,575,000 股为基数，向全体股东每 10 股派 0.500000 元人民币现金。 证券代码：831396 证券简称：许昌智能 公告编号：2025-045 许昌智能继电器股份有限公司 2024 年年度权益分派实施公告 本次权益分派权益登记日为：2025 年 6 月 18 日 除权除息日为：2025 年 6 月 19 日 三、权益分派对象 本次分派对象为：截止 2025 年 ...

Financial Performance - The company reported a basic earnings per share of 0.0100 yuan for Q1 2025, unchanged from Q1 2024, and an improvement from -0.0300 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.02 billion yuan, a 100% increase compared to 0.01 billion yuan in Q1 2024, and a recovery from a loss of -0.03 billion yuan in Q1 2023 [1] - The operating revenue for Q1 2025 reached 1.08 billion yuan, representing a 54.29% increase from 0.7 billion yuan in Q1 2024 and a significant rise from 0.57 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 0.32% in Q1 2025 from 0.27% in Q1 2024, recovering from -0.90% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 59.86 million shares, accounting for 41.25% of the circulating shares, with an increase of 49.88 million shares compared to the previous period [1] - New entrants among the top shareholders include Shanghai Xudu Investment Management Partnership (14.51%), Xin Lifang (11.60%), and Zhang Hongtao (4.49%) [2] - Notable exits from the top ten shareholders include Shaanxi Qinxin Coal Industry Group, which has withdrawn with a holding of 0.975 million shares [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]

证券代码：831396 证券简称：许昌智能 公告编号：2025-043 许昌智能继电器股份有限公司 第四届监事会第六次会议决议公告 1.会议召开时间：2025 年 4 月 28 日 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2025 年 4 月 17 日以电话方式发出 5.会议主持人：田振军 6.召开情况合法、合规、合章程性说明： 了 2025 年第一季度报告，现提交本次会议讨论。 本公司及监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 本次会议召集、召开和表决程序均符合《中华人民共和国公司法》等法律、 行政法规以及《公司章程》、《监事会议事规则》的有关规定。所作决议合法有效。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于审议 2025 年第一季度报告的议案》 1.议案内容： 公司根据北京证券交易所的《北京证券交易所上市公司业务办理指南第 6 号—— ...

证券代码：831396 证券简称：许昌智能 公告编号：2025-042 许昌智能继电器股份有限公司 第四届董事会第六次会议决议公告 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。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 4 月 28 日 2.会议召开地点：公司四楼会议室 3.会议召开方式：现场 4.发出董事会会议通知的时间和方式：2025 年 4 月 17 日以电话方式发出 5.会议主持人：张洪涛 6.会议列席人员：高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议召集、召开和表决程序均符合《中华人民共和国公司法》等法律、 行政法规以及《公司章程》、《董事会议事规则》的有关规定。所作决议合法有效。 （二）会议出席情况 3.回避表决情况： 本议案不涉及关联交易事项，无需回避表决。 4.提交股东会表决情况： 会议应出席董事 7 人，出席和授权出席董事 7 人。 二、议案审议情况 （一）审议通过《关于审议 2025 年第一季度报告的议案》 1.议案内容： 公司根 ...

Financial Performance - Operating revenue for the first quarter of 2025 was CNY 108,130,974.37, representing a growth of 53.65% year-over-year[10] - Net profit attributable to shareholders for the first quarter of 2025 was CNY 1,862,179.15, up 30.41% from the same period last year[10] - Total operating revenue for Q1 2025 reached ¥108,130,974.37, a significant increase of 53.7% compared to ¥70,374,480.00 in Q1 2024[36] - Net profit for Q1 2025 was ¥1,499,171.47, compared to ¥956,498.05 in Q1 2024, reflecting a year-over-year increase of 56.8%[37] - Operating profit for Q1 2025 was ¥252,847.31, a recovery from a loss of -¥501,490.20 in Q1 2024[37] - Total comprehensive income for Q1 2025 was ¥2.08 million, compared to a total comprehensive loss of ¥2.21 million in Q1 2024[41] - Net profit for Q1 2025 was ¥2.08 million, compared to a net loss of ¥2.21 million in Q1 2024, indicating a turnaround in profitability[40] Assets and Liabilities - Total assets as of March 31, 2025, reached CNY 1,041,455,759.78, an increase of 1.89% compared to the end of 2024[10] - Total liabilities increased to CNY 458,239,576.51 from CNY 440,377,043.54, marking a growth of approximately 4.1%[32] - Current assets totaled CNY 848,424,959.75 as of March 31, 2025, compared to CNY 827,571,937.67 at the end of 2024, indicating an increase of about 2.1%[30] - Total liabilities rose to ¥583,129,800.91 in 2025, compared to ¥562,282,541.29 in 2024, indicating an increase of 3.0%[35] - The company's equity attributable to shareholders reached CNY 578,022,697.96, slightly up from CNY 576,160,518.81, reflecting a marginal increase of about 0.3%[32] Cash Flow - The company's cash flow from operating activities showed a significant decline, with a net outflow of CNY 50,320,393.07, a decrease of 1,386.70% compared to the previous year[10] - Cash flow from operating activities in Q1 2025 was negative at -¥50.32 million, contrasting with a positive cash flow of ¥3.91 million in Q1 2024[42] - Cash inflow from investment activities totaled $20,112,109.59, while cash outflow amounted to $29,238,610.00, resulting in a net cash flow of -$9,126,500.41 from investment activities[46] - Cash inflow from financing activities was $51,300,811.04, with cash outflow of $1,488,501.76, leading to a net cash flow of $49,812,309.28 from financing activities[46] Shareholder Information - The total number of unrestricted shares increased from 94,149,366 (56.86%) to 145,118,432 (87.65%), representing a change of 14.10%[17] - The total number of restricted shares decreased from 71,425,634 (43.14%) to 20,456,568 (12.35%), indicating a significant reduction[17] - The total share capital remains at 165,575,000 shares, with 8,500 shareholders[18] - The largest shareholder, Zhang Hongtao, holds 26,075,424 shares (15.75%), while the second-largest, Shanghai Xudu Investment Management, holds 21,594,802 shares (13.04%)[19] - The total number of shares held by the top ten shareholders accounts for 48.29% of the total share capital[19] Investments and Acquisitions - The company plans to acquire 49% of the equity of its subsidiary, Haikai (Hainan) Industrial Co., Ltd., from Hainan Xinan Data Security Co., Ltd., to gain 100% ownership[24] - The acquisition was approved by the board with unanimous votes, indicating strong internal support for the transaction[25] Other Financial Metrics - Investment income rose by 247.34% to CNY 868,984.52, driven by profits from investee companies and increased returns from financial products[12] - The company reported a significant decrease in credit impairment losses, which were -¥1,541,079.90 in Q1 2025 compared to ¥3,889,418.53 in Q1 2024[37] - Research and development expenses decreased to ¥3.19 million in Q1 2025 from ¥3.96 million in Q1 2024, reflecting a 19.5% reduction[40] - The company incurred a credit impairment loss of -¥1.67 million in Q1 2025, a notable change from a gain of ¥3.90 million in Q1 2024[40] Compliance and Commitments - There are no new commitments or violations of existing commitments reported during the period[26] - The company has no litigation, arbitration, or external guarantees reported during the period[23]

Core Insights - As of April 25, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 5.258 billion yuan, a decrease of 56.9734 million yuan from the previous trading day [1] - The top three stocks by margin financing balance were Jinbo Biological, Airon Software, and Better Ray, with balances of 204 million yuan, 145 million yuan, and 134 million yuan respectively [1] - The average margin financing balance as a percentage of market capitalization for these stocks was 1.18%, with the highest ratios for Pino Technology, Meideng Technology, and Guozi Software at 6.67%, 5.60%, and 4.17% respectively [1] Margin Financing Activity - On April 25, 99 stocks on the BSE had net margin purchases, with 26 stocks having net purchases exceeding 1 million yuan [2] - Changfu Co. led with a net purchase of 6.7713 million yuan, followed by Kaifa Technology and Xuchang Intelligent with net purchases of 6.4205 million yuan and 5.2924 million yuan respectively [2] - The stocks with the highest net margin sales included Jinbo Biological, Parallel Technology, and Zhuozhao Point Glue, with net sales of 16.7692 million yuan, 8.4805 million yuan, and 5.1862 million yuan respectively [2] Industry Performance - The industries with the most stocks receiving net margin purchases over 1 million yuan were machinery equipment, basic chemicals, and computers, with 5, 4, and 3 stocks respectively [2] - On average, stocks with net margin purchases over 1 million yuan saw a decline of 2.10% on April 25, with Bawei Co., Guozi Software, and Xuchang Intelligent showing increases of 9.03%, 3.36%, and 2.27% respectively [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 5.18%, with the highest turnover rates for Kaibaier, Bawei Co., and Kaifa Technology at 35.50%, 33.85%, and 23.00% respectively [2] Notable Stocks - The stocks with the largest increases in margin financing balance on April 25 included Changfu Co. (increase of 6.7713 million yuan), Kaifa Technology (increase of 6.4205 million yuan), and Xuchang Intelligent (increase of 5.2924 million yuan) [3] - Other notable stocks with significant margin financing increases included New Ganjing, Dingzhi Technology, and Lusi Co. [3] - The stocks with the largest decreases in margin financing balance included Jinbo Biological, Parallel Technology, and Zhuozhao Point Glue [3]

证券代码：831396 证券简称：许昌智能 公告编码：2025-044 许昌智能继电器股份有限公司 关于取得中标通知书的公告 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（以下简称"公司"）收到 国家电网有限公司（以下简称"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 6132.70 万元，现将具体中标情况公告如下： 一、中标项目基本情况 3、国家电网有限公司 2025 年东北区域一二次融合成套柱上断 路器协议库存第一次联合采购（招标编号：SG25L9），中标一二次 融合成套柱上断路器，合计中标金额 496.28 万元； 4、国网浙江省电力有限公司 2025 年第一次配网物资协议库存 招标采购（招标编号：ZBGW25-007），中标环网柜，合计中标金额 585.88 万元； 5、国家电网有限公司 2025 年华中、川渝区域联合采购示范项目 一二次融合成套环网箱协议库存招标采购（招标编号：SG25L7）， 中标一二次 ...

证券代码：831396 证券简称：许昌智能 公告编号：2025-039 许昌智能继电器股份有限公司 2024 年年度股东大会决议公告 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。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 4 月 22 日 2.会议召开地点：河南省许昌市中原电气谷许继集团新能源产业园——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、合章程性说明： 本次股东大会的召集、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大会的股东共 9 人，持有表决权的股份总数 71,967,063 股，占公司有表决权股份总数的 43.46%。 其中通过网络投票参与本次股东大会的股东共 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、监事、高级管理 ...