Core Insights - The performance of TBEA has come under scrutiny due to a significant decline in revenue and profit, raising questions about the strategic leadership of Chairman Zhang Xin [2][10] Financial Performance - TBEA's revenue growth was positive from 2019 to 2022, but it has stagnated in 2023 and 2024, with a projected revenue decline of 0.35% in 2024 [2] - Net profit peaked in 2022 but has since dropped by 32.62% in 2023 and is expected to plummet by 61.37% in 2024, with a further decline of 19.74% anticipated in Q1 2025 [2] Business Segment Challenges - The new energy sector, once a growth driver, has become a major area of concern, particularly for TBEA's subsidiary, New Special Energy, which has faced significant losses due to falling polysilicon prices [6] - The coal business, while showing revenue growth in 2024, has experienced a 26.19% decrease in gross profit, marking the first profit decline since coal became a main business in 2014 [7] Strategic Leadership and Management - Zhang Xin's past successes contrast sharply with the current challenges, leading to doubts about his strategic direction and ability to adapt to market changes [2][10] - The company has faced management issues in the past, particularly during a failed hedging strategy in 2004, which highlighted weaknesses in risk management and operational oversight [8][9] Market Confidence and Stock Performance - TBEA's stock price has halved since 2022, reflecting a loss of market confidence, with a significant reduction in institutional investor holdings by the end of 2024 compared to the peak in 2022 [9][10] Future Outlook - The company must address its strategic misalignment and adapt to the rapidly changing energy sector to regain its competitive edge and restore investor confidence [10]

特变电工股份有限公司 特变电工股份有限公司 2024 年年度股东大会会议资料 新疆·昌吉 2025 年 5 月 12 日 特变电工股份有限公司 目 录 | 1、.公司 | 2024 | 年度董事会工作报告 | 2 | | --- | --- | --- | --- | | 2、.公司 | 2024 | 年度监事会工作报告 | 12 | | 3、.公司 | 2024 | 年度财务决算报告 | 16 | | 4、.公司 | 2024 | 年度利润分配方案 | 22 | | 5、.公司独立董事 | | 2024 年度述职报告 | 23 | | 6、.公司 | 2024 | 年年度报告及年度报告摘要 | 59 | | 7、.公司 | 2025 | 年度续聘会计师事务所的议案 | 60 | | 8、.公司董事长 | | 2025 年度薪酬方案 | 62 | | 9、.关于开展应收账款资产证券化的议案 | | | 63 | 特变电工股份有限公司 特变电工股份有限公司 2024 年年度股东大会议程 一、现场会议召开时间：2025 年 5 月 12 日（星期一）13:00 二、现场会议地点：新疆维吾尔自治区昌吉市北京南路 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6][14]. Core Views - The company achieved a revenue of 97.87 billion yuan in 2024, a slight decrease of 0.35% year-on-year, with a net profit attributable to shareholders of 4.14 billion yuan, down 61.37% year-on-year. For Q1 2025, revenue was 23.38 billion yuan, a decrease of 0.77% year-on-year, but net profit improved to 1.6 billion yuan, a 19.74% decrease year-on-year, indicating a recovery from previous losses [1][4]. - The company plans to achieve revenue exceeding 100 billion yuan in 2025, with a focus on controlling operating costs within 84 billion yuan. Despite challenges in the silicon material business, other segments such as coal, power transmission, and gold are expected to support revenue and cost control targets [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 97.87 billion yuan, with a net profit of 4.14 billion yuan. The Q1 2025 results showed a revenue of 23.38 billion yuan and a net profit of 1.6 billion yuan [1][4]. - The company’s silicon material sales volume decreased by 1.82% to 199,200 tons, with an average selling price dropping approximately 60% to 38,400 yuan per ton, leading to a 33.94% decline in revenue from new energy products and engineering services [2]. - The gold business saw a significant revenue increase of 187.75% to 1.193 billion yuan, despite a decrease in gross margin [2]. Business Segments - The power transmission and transformation sector showed steady growth, with revenues of 22.36 billion yuan from electrical equipment, 15.69 billion yuan from wires and cables, and 4.93 billion yuan from complete power transmission and transformation projects, reflecting year-on-year growth of 20.98%, 15.81%, and 0.26% respectively [3]. - The company secured domestic contracts worth 49.1 billion yuan in the power transmission sector, a year-on-year increase of approximately 21%, and international project contracts exceeded 1.2 billion USD, with a growth rate of over 70% [3]. Future Outlook - The company aims for a revenue target of 105 billion yuan in 2025, with a focus on maintaining cost control despite ongoing pressures in the silicon material sector. The coal and power transmission segments are expected to contribute positively to the overall performance [4][5]. - The profit forecast for 2025-2027 anticipates net profits of 7.22 billion yuan, 8.39 billion yuan, and 9.13 billion yuan respectively, with a current price-to-earnings ratio of 8 times for 2025 [5][12].

Summary of TBEA Conference Call Company Overview - **Company**: TBEA Co., Ltd. (特变电工) - **Industry**: Electrical equipment and renewable energy Key Financials - **2024 Revenue**: 97.782 billion CNY, with a total profit of 5.022 billion CNY and net profit attributable to shareholders of 4.135 billion CNY [2][3] - **2025 Q1 Revenue**: 23.3 billion CNY, total profit of 2.1 billion CNY, and net profit of 1.6 billion CNY [2][4] - **Transmission and Transformation Industry Revenue**: 42.987 billion CNY in 2024, with a domestic market contract signing of 12.1 billion CNY in Q1 2025, a nearly 20% increase year-on-year [2][4] Industry Insights - **High Voltage Construction**: The key growth driver for TBEA, with expected investments of 650 billion CNY from the State Grid and 175 billion CNY from the Southern Power Grid in 2025 [2][5][7] - **Polysilicon Industry Challenges**: Facing overcapacity and price declines, with TBEA controlling operating rates at around 20% to mitigate losses [2][8] Strategic Focus - **Green Energy Development**: Emphasis on opportunities in the western regions of China, particularly in Xinjiang, with plans for three large-scale green energy bases totaling approximately 3 trillion CNY in investment [3][9][10] - **High-End Equipment Manufacturing**: Aiming to lead in high-end, intelligent, green, integrated, and platform-based development to support China's dual carbon strategy [3][11] Market Trends - **Electric Grid Investment**: Significant investments planned for 2025, focusing on strengthening the main grid and integrating renewable energy [7] - **Polysilicon Production**: TBEA aims to enhance production quality and efficiency while managing inventory to avoid excess [8][16] Future Outlook - **Expansion Plans**: TBEA plans to add 3 to 4 GW of new energy capacity annually over the next three years, with a focus on wind and solar projects [25][26] - **International Market Growth**: Anticipated growth in overseas business, with a 70% increase in contracts signed last year, particularly in the Middle East and Africa [27][29] Additional Considerations - **Coal Production Strategy**: TBEA is involved in large-scale coal projects to support energy self-sufficiency and green energy transition [20][22] - **Technological Innovations**: Investments in flexible DC transmission technology and collaboration with research institutions to enhance energy supply security [35][36] Conclusion - TBEA is strategically positioned to capitalize on the growing demand for renewable energy and high-voltage infrastructure, with a strong focus on innovation and sustainable development to meet China's energy needs and environmental goals [3][11][36]

Core Viewpoint - TBEA Co., Ltd. reported a slight decline in revenue and a significant drop in net profit for 2024, indicating challenges in the current market environment while maintaining a diversified business strategy to mitigate risks and capture growth opportunities [1][2]. Financial Performance - In 2024, TBEA achieved operating revenue of 97.782 billion yuan, a year-on-year decrease of 0.35% - The net profit attributable to shareholders was 4.135 billion yuan, down 61.37% - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares (including tax) [1]. Business Strategy - TBEA's diversified business strategy includes power transmission and transformation, new energy, energy, and new materials, which helps balance resource allocation and enhance overall efficiency [1][2]. - The company has established a collaborative development framework among its four major industries, allowing for mutual support and risk diversification [1]. Market Position - TBEA is one of the few domestic companies capable of providing integrated services in the high-voltage cable sector, including cables, accessories, and construction [1]. - In the power transmission and transformation sector, TBEA signed contracts worth 49.1 billion yuan in the domestic market last year [1]. Future Investments - TBEA is focusing on smart manufacturing and overcoming industry chain bottlenecks, with digital factories being put into operation and the acquisition of Capacitor and Hollow Reactor Co., Ltd. to enhance product offerings [2]. - The company plans to invest 17.04 billion yuan in a coal-to-natural gas project, aiming to produce 2 billion cubic meters annually, leveraging its substantial coal reserves and advancing coal-to-natural gas technology [2][3]. Industry Outlook - The State Grid's investment is projected to exceed 650 billion yuan in 2025, with the Southern Power Grid planning an investment of 175 billion yuan, indicating a strong growth trajectory for the power equipment sector [2]. - The increasing fixed asset investment in the power grid is expected to support sustained growth in the performance of power equipment companies [2].

(原标题：特变电工（600089）2024年营收978亿元分红12.55亿元国际业务激增体现能源全产业链优势) 4月21日晚间，特变电工披露2024年年报，报告期公司坚持稳健经营，深耕国内国际两个市场、持续培 育发展新动能，加速推进数字化赋能、组织架构变革、降本增效以及人才保障等举措，增强了公司经营 韧性，实现营业收入977.82亿元，实现利润总额50.22亿元，实现净利润35.98亿元，实现归属于母公司 股东的净利润41.35亿元，公司实现平稳发展。 基于特变电工上述领先优势、产能增加及加大市场开拓力度，数据显示，报告期公司核心产品中电气设 备产品、电线电缆产品及发电业务营收规模分别较上年增长20.98%、15.81%和30.99%；从利润率来 看，报告期公司加强成本管控，电气设备产品毛利率增长1.93%，达到17.58%。 展望未来，尽管我国面临"供强需弱"的矛盾和内需增长动能不足的问题，但我国经济发展的基本面没有 改变，市场潜力大、经济韧性强，支撑高质量发展具备一定的积极因素和条件，公司将继续积极开拓国 内外市场，致力于为客户提供绿色科技、智能环保、可靠高效的产品和服务，加快由制造业向制造服务 业升级转 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-030 特变电工股份有限公司关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 交易简要内容：新疆天池能源有限责任公司（以下简称天池能源公司） 购买昌吉特变房地产开发有限公司（以下简称昌吉房地产公司）开发的山水云间 小区 188 套商品房（配套地下车位、地下室）作为专家公寓，购买总价款约为 18,036.03 万元。 本次交易构成关联交易，未构成重大资产重组。 过去 12 个月与同一关联人开展的关联交易情况：2024 年 1 月 1 日-2024 年 12 月 31 日，公司向特变电工集团有限公司（以下简称特变集团，含分子公司） 购买产品 20.19 亿元，接受特变集团提供的劳务 12.79 亿元，接受特变集团提供 的运输一体化、运输、装卸等服务 2.15 亿元；公司向特变集团销售商品、提供 劳务 1.43 亿元，提供租赁等服务 0.62 亿元。 2024 年 1 月至本公告披露日，公司与同一关联人发生的同类关联 ...

特变电工股份有限公司 公司代码：600089 公司简称：特变电工 特变电工股份有限公司 2024年度内部控制评价报告 特变电工股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合本公司（以下简称公司）内部控制 制度和评价办法，在内部控制日常监督和专项监督的基础上，我们对公司2024 年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-025 特变电工股份有限公司关于会计政策变更公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 本次会计政策变更是公司根据财政部发布的《企业会计准则解释第 17 号》（财会〔2023〕21 号）（以下简称"17 号解释"）和《企业会计准则解释第 18 号》（财会〔2024〕24 号）（以下简称"18 号解释"）的规定，对会计政策进 行相应变更。 本次会计政策变更，不会对公司财务状况、经营成果和现金流量产生重 大影响。 公司根据财政部修订并印发的企业会计准则的要求执行的会计政策变更， 无需公司董事会审计委员会、董事会、监事会和股东大会审议。 （一）会计政策变更的原因和变更日期 一、会计政策变更概述 2023 年 11 月 9 日，财政部发布了准则 17 号解释，规定了"关于流动负债 与非流动负债的划分""关于供应商融资安排的披露""关于售后租回交易的 会计处理"的内容，该解释规定自 2024 年 1 月 1 日起施行。 根 ...

| 董事长致辞 | 03 | | --- | --- | | 关于特变电工 | 05 | | 可持续发展管理 | 08 | 合规先行 推动现代化治理 | 公司治理 | 13 | | --- | --- | | 投资者权益保护 | 16 | | 合规与风险管理 | 18 | | 商业道德建设 | 22 | | 信息安全与隐私保护 | 26 | 创新引领 铸造质量强国 02 04 | 研发创新驱动 | 33 | | --- | --- | | 产品责任保障 | 40 | | 客户服务提升 | 46 | 01 03 05 绿色使命 助力美丽中国 | 加强环境管理 | 51 | | --- | --- | | 应对气候变化与能源管理 | 53 | | 优化资源利用 | 63 | | 推进污染防治 | 66 | 以人为本 共谱发展新篇 | 合规雇佣规范 | 73 | | --- | --- | | 员工培养与发展 | 75 | | 员工权益与福利 | 77 | | 职业健康与安全 | 81 | | 公益及社区参与 | 85 | 携手共赢 塑造永续价值链 | 治理 | 89 | | --- | --- | | 战略 | ...