特变电工股份有限公司2025 年半年度报告 公司代码：600089 公司简称：特变电工 特变电工股份有限公司 2025 年半年度报告 1 / 308 特变电工股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告 内容的真实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏， 并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人张新、主管会计工作负责人白云罡及会计机构负责人（会 计主管人员）李爱华声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资 者的实质承诺，请投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准 确性和完整性 否 十、重大风险提示 无 十一、其他 □适用 √ ...

特变电工股份有限公司 会议召开时间：2025 年 9 月 5 日（星期五）13:00-14:30 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播结合网络互动 投资者可于 2025 年 8 月 29 日（星期五）至 9 月 4 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tbeazqb@tbea.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 特变电工股份有限公司（以下简称"公司"）将于 2025 年 8 月 30 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 2025 年 9 月 5 日（星期五）13:00-14:30 举 行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 证券代码：600089 证券简称：特变电工 公告编号：临 2025-054 特变电工股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容 ...

特变电工股份有限公司 2025 年第三次临时股东大会会议资料 新疆·昌吉 2025 年 9 月 3 日 特变电工股份有限公司 （二）审议议案： 特变电工股份有限公司 目 录 | 1、特变电工股份有限公司 2025 年第三次临时股东大会议程 1 | | | --- | --- | | 2、公司符合向不特定对象发行可转换公司债券条件的议案 2 | | | 3、公司向不特定对象发行可转换公司债券的方案 3 | | | 4、公司向不特定对象发行可转换公司债券预案 | 12 | | 5、公司向不特定对象发行可转换公司债券方案的论证分析报告 | 13 | | 6、公司向不特定对象发行可转换公司债券募集资金使用可行性分析报告 ... | 14 | | 7、公司向不特定对象发行可转换公司债券摊薄即期回报与填补措施及相关主体 | | | 承诺的议案 | 15 | | 8、公司未来三年股东回报规划（2025 年-2027 年） | 16 | | 9、公司可转换公司债券持有人会议规则 | 17 | | 10、公司无需编制前次募集资金使用情况报告的议案 | 18 | | 11、提请股东大会授权董事会或董事会授权人士全权办理本次向不特 ...

Group 1 - The core viewpoint of the articles highlights the positive performance of the new energy sector, with the China Securities New Energy Index rising by 0.70% and significant gains in key stocks such as Jiejia Weichuang and Zhengtai Electric [1][4] - The New Energy ETF (159875) has shown a weekly average trading volume of 65.82 million yuan and a net asset value increase of 8.81% over the past six months, indicating strong investor interest and market activity [1] - The top ten weighted stocks in the China Securities New Energy Index account for 43.41% of the index, with notable companies including Ningde Times and Sunshine Power [4] Group 2 - The National Energy Administration and the National Development and Reform Commission are advancing the construction of the electricity market, aiming for equal market participation for new energy storage and the establishment of a provincial-level electricity spot market by the end of 2025 [3] - The "2025 Energy Work Guidance Opinion" emphasizes the need for a coordinated approach to new energy development and consumption systems, suggesting that policy improvements may lead to marginal enhancements in new energy consumption and pricing [4]

Group 1 - The photovoltaic industry is experiencing a steady advancement in reversing internal competition, with a focus on short-term rebounds and long-term investment opportunities due to low valuations [1] - As of August 28, 2025, the CSI Photovoltaic Industry Index (931151) increased by 0.87%, with notable stock performances including Zhengtai Electric (601877) up 9.16% and Meichang Co., Ltd. (300861) up 8.50% [1] - The Photovoltaic ETF (516180) rose by 1.06%, with a recent price of 0.67 yuan, and has accumulated a 1.39% increase over the past week [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Yangguang Electric (300274) and Longi Green Energy (601012), collectively accounting for 56.16% of the index [2]

Group 1 - The stock price of TBEA is reported at 14.09 yuan, down 0.45 yuan or 3.09% from the previous trading day, with a trading volume of 2.043 billion yuan [1] - TBEA's main business includes transformers, wires and cables, and new energy, with products widely used in power systems, coal, and oil sectors [1] - The company has a complete industrial chain layout and holds an important position in the manufacturing of power transmission and transformation equipment [1] Group 2 - According to the latest semi-annual report, TBEA achieved a profit of over 1 billion yuan in the first half of 2025, ranking among the top in profitability within the photovoltaic industry [1] - On August 27, the net outflow of main funds was 317 million yuan, with a cumulative net outflow of 270 million yuan over the past five trading days [1]

Company Overview - TBEA Co., Ltd. is located in Changji City, Xinjiang Uygur Autonomous Region, established on February 26, 1993, and listed on June 18, 1997. The company primarily engages in power transmission and transformation, renewable energy, and energy-related businesses [1][2]. Financial Performance - As of March 31, 2025, TBEA reported operating revenue of 23.383 billion yuan, a year-on-year decrease of 0.77%, and a net profit attributable to shareholders of 1.6 billion yuan, down 19.74% year-on-year [2]. - The company has cumulatively distributed 15.118 billion yuan in dividends since its A-share listing, with 6.591 billion yuan distributed over the past three years [3]. Stock Performance - On August 27, TBEA's stock price fell by 2.06%, trading at 14.24 yuan per share, with a total market capitalization of 71.952 billion yuan. The stock has increased by 14.01% year-to-date, with a 5-day increase of 5.72%, a 20-day increase of 2.89%, and a 60-day increase of 24.37% [1]. - The stock experienced a net outflow of 225 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of March 31, 2025, TBEA had 334,000 shareholders, a decrease of 0.44% from the previous period, with an average of 15,127 circulating shares per shareholder, an increase of 0.45% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Huatai-PB CSI 300 ETF, with both reducing their holdings compared to the previous period [3]. Business Segments - TBEA's main business revenue composition includes: electrical equipment products (22.87%), coal products (19.70%), renewable energy products and engineering (18.95%), wire and cable products (16.05%), aluminum electronic materials and aluminum alloy products (5.73%), power generation (5.73%), transmission and transformation engineering (5.04%), and others [1]. Industry Classification - TBEA is classified under the power equipment sector, specifically in the transmission and transformation equipment category, with involvement in concepts such as polysilicon, western development, ultra-supercritical power generation, DC transmission, and transformers [2].

Core Viewpoint - The solar cell industry in China is experiencing significant growth, with production figures indicating a robust increase in output and a positive outlook for the coming years [1] Industry Summary - As of June 2025, China's solar cell (photovoltaic cell) production reached 67.39 million kilowatts, marking a year-on-year growth of 24.1% [1] - Cumulatively, from January to June 2025, the total production of solar cells in China was 370.19 million kilowatts, reflecting an 18.2% increase compared to the previous year [1] - The report by Zhiyan Consulting outlines the competitive landscape and investment recommendations for the solar cell industry in China from 2025 to 2031 [1] Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), and TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129) [1]

Core Viewpoint - The A-share market continues to show an upward trend, particularly in the photovoltaic sector, with significant increases in key stocks and ETFs [1][3]. Industry Performance - The Zhongzheng Photovoltaic Industry Index rose by 1.81%, with notable stocks such as Robotech (300757) hitting the daily limit, Daqo Energy (688303) increasing by 11.55%, and Jiejia Weichuang (300724) up by 8.09% [3]. - Key stocks in the photovoltaic sector include: - Yangguang Electric (300274): up 4.02% with a transaction volume of 684 million - Longi Green Energy (601012): up 1.21% with a transaction volume of 2.949 billion - TBEA (600089): up 1.34% with a transaction volume of 2.097 billion [4]. Market Dynamics - A meeting on August 19 emphasized four key points for the photovoltaic industry: strengthening industry regulation, curbing low-price competition, standardizing product quality, and supporting industry self-discipline [5]. - Guosheng Securities suggests that optimizing supply-side through industry regulation and price control will benefit profitability recovery in the industry [5]. - Goldman Sachs indicates that successful "anti-involution" actions could enhance corporate profitability through interconnected channels, particularly in undervalued sectors like cement, photovoltaic, and chemicals [5]. Investment Opportunities - The photovoltaic sector is expected to experience a fundamental recovery, with positive sentiment anticipated for the sector [5]. - The photovoltaic leader ETF (516290) is highlighted as a low-fee option, with management fees at 0.15% and custody fees at 0.05%, significantly lower than the market average [5].

Group 1 - The core viewpoint of the article highlights the growth of China's solar power generation, with a production volume of 501 billion kilowatt-hours in June 2025, representing an 18.3% year-on-year increase [1] - In the first half of 2025, China's cumulative solar power generation reached 2,666.9 billion kilowatt-hours, marking a cumulative growth of 20% [1] Group 2 - The article lists key companies in the solar energy sector, including Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar, Trina Solar, TBEA, Chint Electric, TCL Zhonghuan, Linyang Energy, and Sungrow Power [1] - The report referenced is the "2025-2031 China Solar Power Station Industry Market Situation Monitoring and Investment Prospects Report" published by Zhiyan Consulting [1]