Group 1 - The core point of the article is that TBEA (特变电工) has disclosed that as of September 30, 2025, the total number of shareholders is 354,115 [2]

Group 1 - The core viewpoint of the article highlights the application differences between amorphous alloy transformers and silicon steel transformers, with the former being primarily used in renewable energy and low-voltage distribution networks, while the latter is utilized in high-voltage transmission systems and various industrial applications [2] - Silicon steel transformers currently hold a larger market share compared to amorphous alloy transformers in the transformer market [2]

Core Insights - The company TBEA has unexpectedly benefited from the rising gold prices, achieving significant revenue growth in its gold business, with revenues of 1.194 billion yuan in 2024, a year-on-year increase of 187%, and 766 million yuan in the first half of 2025, continuing to grow by 61.65% [2][10] - TBEA's gold business has a gross margin exceeding 53%, significantly higher than its traditional business, making it a key driver of profit growth [4][10] - The company's diversification strategy, which contrasts with competitors focusing on deep specialization, has allowed it to explore various sectors, including gold mining, which has become a stabilizing factor amid industry fluctuations [4][14] Gold Business Development - TBEA's connection to gold mining began with a 2012 agreement with Tajikistan, where it exchanged project construction for mining rights, leading to the establishment of its gold mining operations [6][12] - The company demonstrated patience and execution in developing its gold mines, with the first mine starting production in 2021, achieving an annual gold output capacity of approximately 1.28 tons [7][10] - By 2025, TBEA expects to add 2.5 tons of annual gold production capacity from its second phase of the Kumark mine, coinciding with rising global gold prices [10][12] Diversification Strategy - TBEA's diversification strategy has led to significant revenue growth during favorable market conditions, with net profits soaring from 2.448 billion yuan in 2020 to 15.91 billion yuan in 2022 [15] - However, the company faced challenges in 2023 due to downturns in the renewable energy and coal markets, leading to a decline in profits [17] - Despite these challenges, TBEA's core transformer business has remained robust, benefiting from national initiatives to upgrade the power grid, with transformer revenues reaching 13.37 billion yuan in the first half of 2025, a nearly 30% year-on-year increase [18][19] International Expansion and Technological Strength - TBEA has established a strong international presence, securing contracts worth over 50 billion yuan in its transmission and transformation business across more than 40 countries [23] - The company recently won a significant contract in Saudi Arabia worth 16.4 billion yuan for high-voltage equipment, showcasing its technological capabilities and delivery speed [21][22] - TBEA's competitive edge lies in its advanced technology, including the world's highest voltage direct current transmission technology, and its ability to deliver products faster than international competitors [22] Renewable Energy Sector - TBEA's renewable energy segment, particularly its polysilicon business, is currently facing challenges due to price volatility, but it has a competitive advantage due to low production costs [24][27] - The polysilicon prices have seen a significant decline, but there are signs of recovery, which could enhance TBEA's profitability once the market stabilizes [25][27] - The renewable energy sector is viewed as a potential growth area for TBEA, with the possibility of significant recovery as the industry rebounds [28]

Group 1: AI and Power Equipment - Alphabet plans to raise $20 billion through bond issuance, exceeding previous expectations, to invest heavily in data centers crucial for its AI strategy [1] - The global demand for high-power, stable electricity supply for AI computing is increasing, leading to a supply-demand gap in high-voltage power equipment [1] - TBEA is a leading private transformer manufacturer in China, capable of integrated services in high-voltage cables and accessories [2] Group 2: AI and Security - The integration of AI into cybersecurity is creating new opportunities, with safety and trust becoming core themes in the industry [3] - The implementation of new cybersecurity regulations in China marks a shift towards more detailed governance in the sector [3] - Anheng Information has launched China's first AI security agent, enhancing its capabilities in various security scenarios [4] Group 3: Metal Prices - The price of indium has surged to its highest level in over a decade, with a significant increase of 88% from 2500 RMB/KG to 4700 RMB/KG [5] - China accounts for 70% of global indium production, and the supply growth has been limited, indicating potential for further price increases [5] - Xiyang Co. holds the largest indium resource reserves globally, producing 101.62 tons of indium [5] Group 4: Tourism Industry - The domestic tourism market is expected to see a 300% increase in planned trips during the upcoming Spring Festival, indicating a strong recovery [6] - Companies like Sanxia Tourism are expanding their offerings to meet diverse consumer demands, including high-end cruise services [7] Group 5: AI Content Creation - Reading Group is focusing on AI-driven content creation, aiming to enhance the efficiency and value of IP development [8] - Daily Interactive provides data intelligence services, catering to the short video and short drama sectors [9] Group 6: Automotive Industry - The Ministry of Commerce is implementing measures to boost automotive consumption, including trade reforms and policies to support vehicle replacement [11] - Companies like Feilong Co. and Xingyu Co. are positioned to benefit from the anticipated growth in the automotive sector [11]

Core Viewpoint - The company has confirmed that its digital factory project in Xi'an is progressing as planned, with an increase in inverter production capacity compared to the previous year [1] Group 1 - The company is expanding its production capacity to 50GW for inverters and 10GW for energy storage in its Xi'an digital factory [1] - The third phase of the Xi'an Technology Industrial Park, which includes the digital factory project, has commenced operations as scheduled [1] - The current inverter production capacity has seen a certain level of improvement compared to the previous year [1]

Core Viewpoint - The company TBEA (特变电工) has successfully launched its Xi'an Technology Industrial Park Phase III and digital factory project, which has increased production capacity compared to the previous year [1] Group 1 - The Xi'an Technology Industrial Park Phase III project has commenced operations as planned [1] - The digital factory project is part of the company's ongoing efforts to enhance production capabilities [1] - There has been a notable increase in production capacity compared to the previous year [1]

Core Viewpoint - The company, TBEA Co., Ltd., has provided insights into its production capacity and future output expectations for transformers and reactors by the end of 2025 [2]. Group 1: Production Capacity - By the end of 2025, the company's production capacity for transformers and reactors is expected to reach approximately 500 million kVA per year [2]. Group 2: Future Output - Specific data regarding the production volumes of transformers and inverters will be detailed in the company's annual report for 2025 [2].

Ac t i o n | 08 Feb 2026 18:22:40 ET │ 19 pages TBEA Co (600089.SS) An Under-valued Transformer Maker with Leading PRC Market Share CITI'S TAKE We reiterate our Buy rating on TBEA for (i) strong transformer demand both from China and overseas; (ii) potential turnaround of its polysilicon business and (iii) more profit from gold sales. In 1H25, its segmental gross profits were 29% from coal sales, 28% from electrical equipment, 19% from electricity sales and 5% from gold sales. Our 2026-27E net profits are + ...

特变电工2月5日晚间发布的公告显示，近日，公司控股子公司新疆天池能源有限责任公司(以下简称"天 池能源公司")参与竞买了库木苏五号井田普查探矿权。2026年2月5日，新疆公共资源交易中心发布了 《2025年新疆巴里坤哈萨克自治县三塘湖矿区库木苏五号井田普查探矿权挂牌出让结果公示》，确定天 池能源公司为该普查探矿权竞得人。 根据公告，库木苏五号井田普查矿区面积为65.85平方千米，勘查矿种为煤炭，成交价为27.05亿元。 同时，特变电工发布风险提示，库木苏五号井田地质勘查程度整体达到普查阶段(局部达到详查)，需要 继续开展勘探工作，矿区资源禀赋、开发进度尚存在不确定性。 行业巨头特变电工（600089）(600089.SH)大手笔拓展矿产版图。 2月5日晚间，特变电工公告，公司控股子公司27.05亿元竞得新疆巴里坤哈萨克自治县三塘湖矿区库木 苏五号井田(以下简称"库木苏五号井田")普查探矿权，勘查矿种为煤炭。 长江商报记者注意到，特变电工投资煤炭资源并非单纯为了购买煤炭，而是其深耕能源领域的重要举 措，为旗下能源业务、电力供应提供了坚实的原料支撑。 特变电工主业涉及输变电、新能源、能源、新材料四大行业，近年来， ...

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： ●本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026年2月6日 (二)股东会召开的地点：新疆维吾尔自治区昌吉市北京南路189号公司国际会议中心 (三)出席会议的普通股股东及其持有股份情况： ■ 审议结果：通过 表决情况： ■ (四)股东会主持及表决方式 本次会议采取现场投票和网络投票相结合的方式召开。公司董事长张新先生主持本次股东会现场会议。 本次会议的召集召开及表决方式符合《公司法》《证券法》《上市公司股东会规则》等法律、法规、规 范性文件及《公司章程》的有关规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事11人，列席10人，董事种衍民因工作原因未能列席本次会议； 2、董事会秘书焦海华列席会议；公司部分高级管理人员列席会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：公司对特变电工能源（印度）有限公司提供担保的议案 2、议案名称：公司储架发行50亿元公司债券的议案 审议结果：通过 表决情况： ■ (二) ...