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 ...

Core Viewpoint - The photovoltaic sector in A-share market has shown a significant shift, with companies in the inverter and equipment segments achieving profitability, while the module segment struggles amidst a price decline [1][3]. Revenue Summary - A total of 33 companies reported year-on-year revenue growth, with Dongfang Shenghong leading at 137.68 billion yuan, followed by Tebian Electric at 97.87 billion yuan [2]. - JinkoSolar, Longi Green Energy, Trina Solar, and JA Solar ranked third, fifth, sixth, and eighth in revenue, respectively [2]. - JinkoSolar maintained its position as the global leader in module shipments, achieving 92.87 GW in 2024, a year-on-year increase of 18.28% [2]. Profit Summary - Sunshine Power topped the profit rankings with a net profit of 11.036 billion yuan, the only company to exceed 10 billion yuan [3]. - Tebian Electric and Chint Electric followed with net profits of 4.135 billion yuan and 3.874 billion yuan, respectively [3]. - The photovoltaic equipment manufacturers, such as Jiejia Weichuang and Jing Sheng Mechanical, also reported strong profits [3]. Market Dynamics - The overseas market has become a crucial profit driver for many companies, with only two module-focused firms, Canadian Solar and Hengdian East Magnetic, making it to the profit leaderboard [5]. - Canadian Solar reported a revenue of 46.165 billion yuan, with nearly 80% of its revenue coming from international markets, while its domestic market faced negative margins [5][6]. - Hengdian East Magnetic achieved a revenue of 18.559 billion yuan, with 60% from photovoltaic operations, and plans to increase its European market share [6][7]. Future Outlook - Companies are focusing on diversifying their markets, with Hengdian East Magnetic targeting a 20 GW shipment by 2025, emphasizing growth in Europe and North America [7]. - JinkoSolar's profitability is heavily reliant on its overseas markets, with a gross margin of 26.21% in the Americas, contrasting with a negative margin in the Chinese market [8].

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].

Core Viewpoint - TBEA achieved stable development in 2024 with a revenue of 97.78 billion RMB and a net profit of 3.598 billion RMB, reflecting its resilience and growth in both domestic and international markets [1][2]. Domestic Market Performance - In the domestic market, TBEA signed contracts worth 49.1 billion RMB, focusing on the power transmission and transformation industry and expanding its market share [2]. - The company produced 198,800 tons of high-purity polysilicon and completed the installation of approximately 3 GW of wind and solar power projects, with a total installed capacity of 3.61 GW by the end of 2024 [2]. - TBEA's power generation reached 8.057 billion kWh, with coal production achieving full capacity and over 25% of sales occurring outside Xinjiang [2]. International Business Growth - TBEA's international projects had over 5 billion USD in unrecognized revenue and pending contracts, with cumulative contracts signed exceeding 1.2 billion USD [2][3]. Competitive Advantages - The company has established a strong innovation platform with national-level research centers and has been involved in significant national technology projects, leading to the acquisition of 417 new patents in 2024 [3]. - TBEA's production capacity in transformers and reactors reached 420 million kVA, ranking among the top in the industry, and it is a leading producer of high-purity aluminum and electrolytic aluminum foil [3][4]. Financial Performance - TBEA's core products, including electrical equipment and power generation, saw revenue growth of 20.98%, 15.81%, and 30.99% respectively compared to the previous year [4]. - The gross margin for electrical equipment products increased by 1.93%, reaching 17.58% due to enhanced cost control [4]. Future Outlook - Despite challenges in domestic demand, TBEA remains optimistic about market potential and economic resilience, aiming to expand both domestic and international markets while transitioning towards a service-oriented manufacturing model [4]. - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, totaling 1.255 billion RMB, which represents 30.35% of the net profit attributable to shareholders [5].

4月21日晚间，电力设备龙头特变电工（600089）(SH600089，股价11.58元，市值585.11亿元)发布2024 年年报及2025年一季报。2024年度，公司实现营业收入977.82亿元，同比下降0.35%；归属于上市公司 股东的净利润为41.35亿元，同比下降61.37%。 分产品来看，2024年度，电气设备产品、电线电缆产品收入分别为223.64亿元、156.92亿元，同比分别 增长20.98%、15.81%。煤炭产品收入为192.64亿元，受煤炭价格下降影响，毛利率减少13.99个百分点 至32.42%。往年毛利率较高的新能源产品及工程承压明显，收入为185.31亿元，同比下降33.94%，毛利 率仅为1.41%，大幅减少29.94个百分点。对此，公司解释称，主要系高纯多晶硅产品销售均价大幅下降 所致。 不过，去年公司高毛利的发电业务实现收入56.03亿元，同比增长30.99%，毛利率增加4.58个百分点至 54.68%。 目前，特变电工发电仍以煤电为主，但公司正在大力扩展新能源发电装机。公司同步公告称，将投资 14.88亿元建设盱眙县天泉湖镇300MW光伏复合发电项目。截至2025年一季度 ...

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 ...