Core Viewpoint - Recently, TBEA Co., Ltd. has increased its registered capital from 2.46 billion to 2.966 billion yuan [2] Group 1 - TBEA Co., Ltd. has undergone a business change as reported by Tianyancha App [2] - The registered capital increase amounts to 1.42 billion yuan, reflecting a significant investment in the company's growth [2]

Core Viewpoint - The latest holdings of the "national team" in A-share listed companies have been revealed, with significant investments in major financial institutions and other sectors, indicating a strategic focus on stability and growth in the market [1][2]. Group 1: National Team Holdings - A total of 233 A-share listed companies have the "national team" (China Securities Finance Corporation and Central Huijin) among their top ten shareholders [1]. - There are 30 stocks with a holding value exceeding 10 billion yuan, including major banks like China Construction Bank, Agricultural Bank of China, and Bank of China, with holdings valued at 1.3288 trillion yuan, 1.1429 trillion yuan, and 1.1138 trillion yuan respectively [1][2]. - The top holdings also include companies from various sectors such as insurance, food and beverage, and energy, showcasing a diversified investment strategy [1][2]. Group 2: New Additions and Performance - Farah Electronics has been newly added to the "national team" holdings, with a market value of 158 million yuan [3]. - For the third quarter, Farah Electronics reported a revenue of 3.944 billion yuan, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up by 14.58% [3]. - The company’s capacitor products are utilized in ultra-high voltage transmission applications, indicating a focus on high-demand technology sectors [3].

Core Insights - The latest holdings of the "national team" in A-share listed companies have been revealed, with 233 companies having the "national team" as one of their top ten shareholders [1][2] - In the third quarter, the "national team" held over 10 billion yuan in market value in 30 stocks, including major banks and insurance companies [1] Group 1: Major Holdings - The top three holdings by market value are: - China Construction Bank: 13,288.15 billion yuan - Agricultural Bank of China: 11,429.52 billion yuan - Bank of China: 11,138.27 billion yuan [1] - Other significant holdings include: - Industrial and Commercial Bank of China: 9,914.42 billion yuan - New China Life Insurance: 751.22 billion yuan - Ping An Insurance: 734.02 billion yuan [1][2] Group 2: New Additions - Farah Electronics is a new addition to the "national team" holdings, with a market value of 1.58 billion yuan [2] - The company reported a revenue of 3.944 billion yuan for the first three quarters, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up 14.58% [2] - In the third quarter alone, Farah Electronics achieved a revenue of 1.445 billion yuan, reflecting a year-on-year growth of 9.31% [2]

Summary of Conference Call on Power Equipment Industry Industry Overview - The conference focused on the power equipment industry, specifically high-voltage direct current (HVDC) and distribution networks, with insights into company performance and market trends [1][2][3]. Key Points on HVDC - **Approval Progress**: The approval rate for HVDC lines is expected to accelerate in Q4 compared to the first three quarters of the year. The total number of approved HVDC lines for the year is projected to exceed last year's figures [1][2]. - **Expected Approvals**: In Q4, one direct current line from Shaanxi to Henan is anticipated to be approved, along with efforts to approve four alternating current lines [2]. - **Tender Amounts**: The expected tender amount for the approved direct current lines is approximately 13 billion yuan, representing a 140% increase compared to last year's 5.5 billion yuan for two lines [2][3]. - **Equipment Demand**: The demand for G4 equipment is expected to rise significantly, with over 85 intervals needed for the five alternating current projects, a 70% increase from last year [3][4]. Company Performance Insights - **Pinggao Electric**: - Anticipates a doubling of HVDC G4 deliveries from 10 intervals this year to 20 next year. - Expected revenue from direct current control and protection will increase from 800 million yuan to 1.6 billion yuan [5][6]. - **XJ Electric**: - Orders have increased by 8-7% in the first three quarters, with a significant uptick in revenue recognition in Q3. - Expected revenue from control and protection will also double next year [10][11]. - **China XD Electric**: - Orders remained stable, but domestic orders are expected to accelerate in Q3. - Revenue growth is projected at around 20% for the next two years [11][12]. International Market Trends - **North America**: High demand for data center construction is driving the need for transformers and switchgear. Companies are focusing on expanding their presence in this market [12][13]. - **Europe**: Significant investments are planned for grid upgrades, particularly in countries like Spain, Germany, and Italy, with a focus on replacing aging equipment [13][14]. Distribution Network Insights - **Investment Trends**: Starting in 2027, there will be an increased focus on investment in distribution networks, with a need for hardware and software upgrades to improve reliability and accommodate distributed energy resources [20][21]. - **Company Performance**: Companies like Sifang and Dongfang Electronics are expected to see profit growth of around 15% over the next two years, driven by strong performance in distribution network projects [22][23]. Conclusion - The power equipment industry is poised for growth, particularly in HVDC and distribution networks, with companies expected to benefit from increased approvals and investments in infrastructure. The international market presents additional opportunities, especially in North America and Europe, where demand for modernized equipment is high [24].

Market Overview - The Shanghai Composite Index fell by 0.81% on October 31, with 16 industries experiencing gains, led by the pharmaceutical and media sectors, which rose by 2.42% and 2.39% respectively [2] - The telecommunications and electronics sectors saw the largest declines, with drops of 4.07% and 3.06% respectively [2] - The power equipment industry decreased by 0.69% [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 62.903 billion yuan, with 13 industries experiencing net inflows [2] - The pharmaceutical industry led in net capital inflow, attracting 4.494 billion yuan, followed by the media sector with 4.029 billion yuan [2] - The electronics sector had the highest net capital outflow, losing 28.762 billion yuan, followed by telecommunications with an outflow of 11.113 billion yuan [2] Power Equipment Industry Insights - The power equipment industry saw a net capital outflow of 8.329 billion yuan, with 363 stocks in the sector [3] - Among these, 218 stocks rose, with 6 hitting the daily limit, while 136 stocks declined [3] - The top three stocks with significant net inflows were Enjie Co., Ltd. (6.98 billion yuan), Tianji Co., Ltd. (3.26 billion yuan), and Nord Co., Ltd. (3.02 billion yuan) [3] - The stocks with the largest net outflows included TBEA Co., Ltd. (10.90 billion yuan), Sungrow Power Supply Co., Ltd. (9.66 billion yuan), and CATL (9.36 billion yuan) [3][5] Top Gainers in Power Equipment - Enjie Co., Ltd. increased by 10.00% with a turnover rate of 6.02% and a capital flow of 698.04 million yuan [4] - Tianji Co., Ltd. rose by 9.99% with a turnover rate of 8.52% and a capital flow of 325.56 million yuan [4] - Nord Co., Ltd. gained 4.89% with a turnover rate of 11.34% and a capital flow of 301.57 million yuan [4] Top Losers in Power Equipment - TBEA Co., Ltd. fell by 5.64% with a capital outflow of 1.09045 billion yuan [5] - Sungrow Power Supply Co., Ltd. decreased by 2.51% with a capital outflow of 966.21 million yuan [5] - CATL dropped by 2.39% with a capital outflow of 935.83 million yuan [5]

Core Viewpoint - Recently, TBEA Technology Investment Co., Ltd. has increased its registered capital from 2.46 billion RMB to 2.966 billion RMB, representing an approximate increase of 21% [1] Company Summary - TBEA Technology Investment Co., Ltd. was established in July 2020 and is wholly owned by TBEA Co., Ltd. (stock code: 600089) [1] - The legal representative of the company is Zhang Xin [1] - The company's business scope includes investment activities with self-owned funds, technology intermediary services, and intellectual property services [1]

Core Viewpoint - The company, TBEA Co., Ltd., has disclosed its operational and financial performance for the first three quarters of 2025, highlighting its power generation capacity and output across different energy sources [9]. Financial Data Summary - The financial report for the third quarter is unaudited, and the company assures the accuracy and completeness of the financial information provided [3][4]. - The company has made adjustments to its financial statements due to changes in the consolidation scope following the acquisition of shares from its largest shareholder [4]. Power Generation Capacity - As of September 30, 2025, the total installed capacity of the company's power stations is 9,286.45 MW, with coal power accounting for 5,040.00 MW (54.27%), wind power 2,881.00 MW (31.03%), and solar power 1,365.45 MW (14.70%) [9]. Power Generation Output - For the first three quarters of 2025, the total power generation was 2,213,738.20 million kWh, with coal power contributing 1,564,483.55 million kWh, wind power 508,788.33 million kWh, and solar power 140,466.32 million kWh [9]. - The total grid-connected electricity was 2,048,623.56 million kWh [9].

Core Insights - The company reported a revenue of 72.918 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.84% [1] - The net profit attributable to shareholders reached 5.484 billion yuan, showing a significant year-on-year increase of 27.55% [1] - The non-recurring net profit was 3.85 billion yuan, which represents a year-on-year decline of 3.41% [1] - The basic earnings per share stood at 1.0924 yuan [1]

Core Insights - The company TBEA (特变电工) reported its Q3 2025 financial results, showing a slight increase in revenue and a significant rise in net profit [1] Financial Performance - Q3 2025 revenue reached 24.566 billion yuan, reflecting a year-on-year growth of 0.31% (adjusted) [1] - Q3 2025 net profit was 2.3 billion yuan, marking a substantial year-on-year increase of 81.51% (adjusted) [1] - For the first three quarters of 2025, total revenue amounted to 72.918 billion yuan, with a year-on-year growth of 0.84% (adjusted) [1] - Net profit for the first three quarters of 2025 was 5.484 billion yuan, representing a year-on-year increase of 27.55% (adjusted) [1]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 2,456.64 million, a slight increase of 0.31% compared to CNY 2,448.29 million in the same period last year[4]. - The total profit for the quarter reached CNY 291.62 million, representing a significant increase of 93.87% year-over-year from CNY 149.80 million[4]. - Net profit attributable to shareholders was CNY 230.04 million, up 81.51% from CNY 126.30 million in the previous year[4]. - Basic earnings per share for the quarter were CNY 0.4582, reflecting an increase of 81.54% compared to CNY 0.2516 in the same period last year[4]. - Total operating revenue for the first three quarters of 2025 reached ¥72,988,485,925.27, a slight increase from ¥72,369,400,917.40 in the same period of 2024, representing a growth of approximately 0.86%[18]. - Net profit for the first three quarters of 2025 was ¥5,734,509,170.16, compared to ¥4,495,891,977.42 in 2024, indicating a year-over-year increase of about 27.6%[19]. - Earnings per share for the first three quarters of 2025 was ¥1.0924, compared to ¥0.8564 in the same period of 2024, reflecting an increase of about 27.5%[20]. - The company reported a total comprehensive income of ¥3.19 billion for the first three quarters of 2025, compared to ¥3.94 billion in the same period of 2024[30]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 22,440.13 million, marking a 7.91% increase from CNY 20,762.33 million at the end of the previous year[4]. - The equity attributable to shareholders increased by 10.09% to CNY 7,431.02 million from CNY 6,743.99 million at the end of the previous year[4]. - As of September 30, 2025, total assets amounted to CNY 224.40 billion, an increase from CNY 207.96 billion as of December 31, 2024, reflecting a growth of approximately 7.0%[13]. - The total liabilities increased to ¥125,960,667,064.09 as of September 30, 2025, up from ¥117,649,879,956.16 at the end of 2024, reflecting a growth of approximately 7.5%[15]. - The total equity attributable to shareholders of the parent company increased to ¥74,310,184,789.59 as of September 30, 2025, from ¥67,496,588,818.14 at the end of 2024, reflecting a growth of approximately 10.5%[15]. Cash Flow - The company reported a net cash flow from operating activities of CNY 611.07 million for the year-to-date, down 17.55% from CNY 744.19 million in the same period last year[4]. - Operating cash inflow for the first three quarters of 2025 reached CNY 87.22 billion, an increase of 10.5% compared to CNY 79.10 billion in the same period of 2024[22]. - Net cash flow from operating activities decreased to CNY 6.11 billion in 2025 from CNY 7.41 billion in 2024, representing a decline of 17.6%[23]. - Cash inflow from investment activities surged to CNY 11.34 billion in 2025, compared to CNY 3.01 billion in 2024, marking an increase of 276.5%[23]. - Cash and cash equivalents at the end of September 2025 amounted to CNY 21.59 billion, up from CNY 18.34 billion at the end of 2024, reflecting a growth of 17.3%[24]. - Cash flow from operating activities generated a net amount of ¥1.25 billion in the first three quarters of 2025, significantly higher than ¥245.43 million in the same period of 2024[33]. Investments and Expenses - Non-recurring gains and losses for the period amounted to CNY 1,237.59 million, primarily driven by fair value changes in financial assets[6]. - The company reported an investment income of ¥323,904,895.99 for the first three quarters of 2025, significantly higher than ¥31,250,124.01 in 2024, indicating a substantial increase[19]. - Research and development expenses for the first three quarters of 2025 were ¥71.72 million, a slight increase from ¥68.95 million in the same period of 2024[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 354,115[9]. - The company noted that there were no changes in the top 10 shareholders due to margin trading activities[11].