证券代码：600131 证券简称：国网信通 公告编号：2025-025号 国网信息通信股份有限公司 关于全资子公司重大经营合同中标的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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个 别及连带责任。 重要内容提示: 中标金额合计：47,709.90 万元。 风险提示：本次中标金额为公司全资子公司继远软件、中电飞 华在国家电网公司输变电项目第二次变电设备（含电缆）招标采购中 中标 47,709.90 万元。目前，已收到中标通知书，合同尚未签订，对 业绩的具体影响金额尚不确定，敬请广大投资者注意投资风险。 近日，国网信息通信股份有限公司（以下简称"公司"）全资子公 司安徽继远软件有限公司（以下简称"继远软件"）、北京中电飞华通 信有限公司（以下简称"中电飞华"）中标国家电网公司 2025 年第二 十三批采购（输变电项目第二次变电设备（含电缆）招标采购）部分 设备，现将中标情况公告如下： 一、中标事项主要情况 根 据 国 家 电 网 有 限 公 司 近 期 在 其 电 子 商 务 平 台 （https://ecp.sgcc.com.cn/ec ...

Real Estate - In the first four months of 2025, the total sales amount of the top 100 real estate companies decreased by 8% year-on-year, with April sales amounting to 308.9 billion yuan and sales area of 14.73 million square meters, reflecting a year-on-year decline of 9.2% and 21.8% respectively [4] - Cumulative sales for the top 100 companies from January to April reached 1,093.5 billion yuan and 54.04 million square meters, showing a year-on-year decrease of 7.8% and 19.9%, with slight changes of -0.5 percentage points and -0.7 percentage points compared to the first quarter [4] - Some high-energy cities are gradually stabilizing, indicating that the overall stability of the real estate market needs further consolidation [4] Automotive - The automotive market in April showed stable performance, with new car launches and ongoing discounts for older models boosting sales for new energy vehicle manufacturers [5] - The domestic sales outlook for 2025 is expected to improve, driven by trade-in incentives, and there is a recommendation to continuously monitor order volumes and changes in terminal discounts [5] - The synergy between intelligent driving and robotics is anticipated to continue to develop, with a focus on companies that have strong self-research capabilities in driving algorithms and chips, as well as those extending into the robotics supply chain [5] National Grid Information Communication - In Q1 2025, the company reported a revenue of 1.112 billion yuan, reflecting a year-on-year increase of 9.14%, while the net profit attributable to shareholders was 26 million yuan, up 117.20% year-on-year [6] - For the full year 2024, the company achieved a revenue of 7.315 billion yuan, down 4.67% year-on-year, and a net profit of 682 million yuan, down 17.60% year-on-year [6] Zoomlion - In Q1 2025, Zoomlion achieved an operating income of 12.12 billion yuan, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 1.41 billion yuan, up 54.0% year-on-year [6] - The company reported a significant increase in operating cash flow, with a net cash flow of 740 million yuan, reflecting a year-on-year growth of 141.0% [6] - The gross margin was 28.7%, up 0.2 percentage points year-on-year, while the net margin was 11.6%, an increase of 3.9 percentage points year-on-year [6] Tencent - Tencent showcased 46 product updates at the SPARK 2025 game launch event, highlighting flagship games and self-developed new titles, demonstrating the company's comprehensive strength in research, development, and investment [7] Eurasia Group - In Q1 2025, the company reported an operating income of 1.951 billion yuan, a year-on-year increase of 0.38%, but the net profit attributable to shareholders was only 3 million yuan, down 74.64% year-on-year [8] Supor - In Q1 2025, Supor's gross margin was 23.9%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 8.6%, down 0.14 percentage points year-on-year, indicating stable profitability [9] - The company reported various expense ratios, with sales, management, financial, and R&D expenses at 10.0%, 1.6%, -0.1%, and 1.8% respectively, showing minor year-on-year changes [9]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed growth in Q1 2025, indicating potential recovery and opportunities for future growth [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 7.315 billion yuan, a year-on-year decrease of 4.67%, and a net profit of 682 million yuan, down 17.60% [2]. - For Q1 2025, the company reported revenue of 1.112 billion yuan, an increase of 9.14% year-on-year, and a net profit of 26 million yuan, up 117.20% [2]. Group 2: Segment Performance - The digital infrastructure segment generated revenue of 3.365 billion yuan in 2024, a year-on-year increase of 1.56%, driven by growth in information technology procurement, although gross margin decreased to 16.55%, down 3.22 percentage points [3]. - The enterprise digital application segment saw revenue decline to 877 million yuan, down 20.20%, despite an increase in gross margin to 28.79%, up 5.82 percentage points [3]. - The power digital application segment achieved revenue of 2.254 billion yuan, a year-on-year increase of 7.45%, with gross margin improving to 21.66%, up 1.12 percentage points [3]. - Revenue from cutting-edge technology innovation and energy innovation services declined significantly, down 33.34% and 18.20%, respectively, totaling 506 million yuan and 312 million yuan [3]. - Overall, the company's gross margin for 2024 was 20.17%, a decrease of 1.39 percentage points [3]. Group 3: Strategic Initiatives - The company is accelerating the acquisition of Yili Technology to optimize its industrial layout, with a signed intention to acquire shares expected to be finalized by August 31, 2025 [4]. - Yili Technology, a subsidiary of the State Grid Information Communication Group, reported revenue of 1.45 billion yuan and a net profit of 102 million yuan for the first nine months of 2024 [4]. - The company is focusing on digital transformation trends, enhancing technological innovation capabilities, and optimizing its industrial layout by concentrating on core competencies and value creation [5].

2025 年 5 月 7 日 公司研究 25Q1 业绩稳健，拟收购亿力科技加快产业优化 ——国网信通（600131.SH）2024 年年报暨 2025 年一季度报点评 要点 事件：公司发布 2024 年及 2025 年一季报公告。2024 年，公司实现营收 73.15 亿元，同比-4.67%；归母净利润 6.82 亿元，同比-17.60%。25Q1 公司实现营收 11.12 亿元，同比+9.14%；归母净利润 0.26 亿元，同比+117.20%。 24 年各板块表现迥异，强势板块有所突破。2024 年，公司营收占比较高的数字 化基础设施板块实现营收 33.65 亿元，同比+1.56%，主要系信息化集采业务营 收增长，毛利率水平有所下降（16.55%，同比-3.22pct）；公司毛利占比较高 的企业数字化应用板块收入 8.77 亿元，同比-20.20%，主要系财务、后勤领域 数字化应用业务收入规模下降，毛利率水平同比仍有所提升（28.79%，同比 +5.82pct）；电力数字化应用板块收入 22.54 亿元，同比+7.45%，主要系拓展 电网营销、电网安监、电网配电业务，毛利率有所提升（21.66%，同比+1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 7.315 billion yuan in 2024, a decrease of 4.67% year-on-year, with a net profit of 682 million yuan, down 17.60% year-on-year. In Q1 2025, revenue increased by 9.14% year-on-year to 1.112 billion yuan, and net profit surged by 117.20% year-on-year to 26 million yuan [1][2]. - The company is accelerating the acquisition of Yili Technology to optimize its industrial layout, with the acquisition expected to be completed by August 31, 2025. Yili Technology generated 1.45 billion yuan in revenue and 102 million yuan in net profit in the first nine months of 2024 [3]. - The company is focusing on digital transformation trends and enhancing its technological innovation capabilities, targeting major demands in the new power system and various significant projects [3]. Summary by Sections Financial Performance - In 2024, the digital infrastructure segment generated 3.365 billion yuan, up 1.56% year-on-year, while the enterprise digital application segment saw a decline of 20.20% to 877 million yuan. The power digital application segment grew by 7.45% to 2.254 billion yuan [2]. - The overall gross margin for 2024 was 20.17%, a decrease of 1.39 percentage points year-on-year [2]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been slightly adjusted to 973 million yuan and 1.168 billion yuan, respectively, with a new forecast for 2027 at 1.345 billion yuan. The corresponding EPS for these years is projected to be 0.81, 0.97, and 1.12 yuan, with P/E ratios of 22, 19, and 16 [4][10]. - The company is expected to benefit from its status as an important subsidiary of the State Grid, which ensures a stable order flow and performance [4]. Market Data - The current share price is 18.09 yuan, with a total market capitalization of 21.732 billion yuan [6].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 27.20 CNY, based on a projected 2025 PE of 30 times [1][5]. Core Insights - The company is expected to benefit from the acquisition of Yili Technology, which will enhance resource integration and eliminate competition in the telecommunications procurement sector [5][26]. - The company is positioned to take advantage of the ongoing digital transformation in the energy sector, with significant investments in the power grid projected to exceed 650 billion CNY in 2025 [5][34]. - The report highlights the company's diversified business strategy aimed at reducing reliance on related party transactions, with a commitment to lower such transactions to below 50% by 2029 [5][31]. Financial Summary - Revenue is projected to grow from 7,673 million CNY in 2023 to 11,339 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [3][12]. - Net profit attributable to the parent company is expected to increase from 828 million CNY in 2023 to 1,275 million CNY in 2026, with a CAGR of about 17.1% [3][12]. - The company's earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 1.06 CNY in 2026 [3][12]. Business Development - The acquisition of Yili Technology is anticipated to significantly enhance the company's scale and operational performance, with Yili contributing approximately 38.7% of the company's revenue and 34.2% of its net profit in the first three quarters of 2024 [5][30]. - The company is actively pursuing a diversified business model to capitalize on opportunities in the digital transformation of the energy sector, focusing on areas such as smart energy and digital infrastructure [5][42]. - The report emphasizes the importance of digital technology in the new power system, which is crucial for achieving carbon neutrality goals and managing the complexities of energy supply and demand [8][41]. Market Position - The company is recognized as a key player in supporting the digital transformation of the State Grid, leveraging its extensive experience in the energy sector [5][42]. - The ongoing investment in high-voltage power transmission and digital infrastructure is expected to drive significant growth opportunities for the company [5][34]. - The report notes that the company has established a comprehensive business framework that includes foundational network infrastructure, computing resources, and energy application services, enhancing its competitive advantage [5][42].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company's 2024 full-year revenue is projected at 7.32 billion yuan, a year-on-year decrease of 4.7% - The net profit attributable to shareholders is expected to be 680 million yuan, down 17.6% year-on-year - The first quarter of 2025 shows a revenue increase of 9.1% year-on-year, reaching 1.11 billion yuan, with a net profit increase of 117.2% to 30 million yuan [2][5]. Financial Performance Summary - For 2024, the company's digital infrastructure revenue is 3.365 billion yuan, up 1.56% year-on-year, while power digitalization revenue is 2.254 billion yuan, up 7.45% year-on-year - The company’s gross margin for 2024 is 20.17%, a decrease of 1.39 percentage points year-on-year, with a gross margin of 19.14% in Q4 2024, down 3.48 percentage points year-on-year [10]. - The company expects a revenue of 8.22 billion yuan for 2025, representing a year-on-year increase of 12.3% [10].

Core Viewpoint - The company, State Grid Information Communication (国网信通), reported a revenue of 7.315 billion yuan and a net profit of 682 million yuan for the year 2024, while also emphasizing its commitment to ESG (Environmental, Social, and Governance) principles through its comprehensive ESG report [1] Group 1: Financial Performance - The company achieved an operating income of 7.315 billion yuan and a net profit attributable to shareholders of 682 million yuan in 2024 [1] - The company received nine ESG-related honors in recognition of its sustainable development efforts [1] Group 2: Technological Innovation - The company is focusing on digital transformation in the energy sector, leveraging its technological and resource advantages in areas such as artificial intelligence, power 5G, and power information innovation [2] - In 2024, the company published 332 scientific papers, filed 363 patent applications, and invested 624 million yuan in R&D [2] - The company enhanced its data transmission platform's capacity by 30 times through technological upgrades, supporting the digitalization of the power sector [2] Group 3: Environmental Management - The company invested 21,830 yuan in environmental management to improve its environmental governance capabilities [3] - The company’s subsidiaries have obtained ISO14001 certification for their environmental management systems, demonstrating a commitment to environmental standards [3] - The green certificate trading platform developed by the company achieved a transaction volume of over 108 million certificates, accounting for 65% of the national total [3] Group 4: Social Responsibility - The company has established a network of 1,285 suppliers, with a significant number certified under ISO14001 and ISO45001, reflecting high standards of social responsibility [4] - In 2024, the company invested 382,000 yuan in charitable activities and organized 485 volunteer service hours, contributing to community welfare [4] Group 5: Corporate Governance - The company has established a clear governance structure and conducted multiple meetings to enhance transparency and communication with stakeholders [5] - In 2024, the company conducted 13 audit projects, identifying 94 issues and providing recommendations to improve internal controls [5] Group 6: Safety and Future Outlook - The company reported zero safety incidents in 2024, achieving a 100% coverage rate for employee safety training [6] - The chairman expressed the company's commitment to continue adhering to ESG principles and contributing to China's modernization efforts through digital transformation and sustainable practices [6]

根据《上市公司治理准则》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关规 范性文件以及《公司章程》《公司董事会审计委员会工作细则》《公司 董事会审计委员会年报工作规程》等制度规定，公司董事会审计委员 会（以下简称"审计委员会"）本着勤勉尽责的原则，积极开展工作， 认真履行职责，现将本年度履职工作报告如下： 一、公司董事会审计委员会构成情况 公司第九届董事会审计委员会由独立董事刘用明先生、张擎女士 和董事王伟先生 3 名委员组成，其中独立董事刘用明先生担任召集 人。审计委员会各委员的任职资格均符合中国证监会、上海证券交易 所及公司的相关规定。 二、公司董事会审计委员会 2024 年度会议召开情况 2024 年度内，审计委员会针对公司财务报告、审计报告、ESG 报 告、变更年度财务及内部控制审计机构、关联交易、内部控制等事项， | 2 | 独立董事、审 计 委 2024 年第二 次 会 | 员 议 | 1、沟通 2023 年度财务报告审计过程中发现的主要 2024 4 月 问题或重要事项等内容； 会 2 日 2、汇报公司 2023 年审计工作总结和 2024 年 ...

国网信息通信股份有限公司 关于中国电力财务有限公司的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》的要求，国网信息通信股份有限公司（以下简称"公司"） 通过查验中国电力财务有限公司（以下简称"中国电财"）《金融许 可证》、《营业执照》等资料，取得并审阅中国电财的财务报表，对 中国电财的经营资质、业务和风险状况进行了评估，具体情况报告如 下： 一、中国电财基本情况 中国电财是经国家金融监督管理总局批准成立的非银行金融机 构，由国家电网有限公司控股 51%、国网英大国际控股集团有限公司 参股 49%，注册资本金 280 亿元。 法定代表人：谭永香 注册地址：北京市东城区建国门内大街乙 18 号院 1 号楼 企业类型：有限责任公司（国有控股） 1、内部控制组织架构 中国电财建立了以股东会、董事会、监事会及高级管理层为主体 的公司治理组织架构，并对各治理主体在风险管理中的责任进行了明 确。股东会决定中国电财的经营方针和投资计划，负责审议批准董事 会、监事会报告，批准财务预决算、利润分配方案等事项。董事会对 股东会负责，执行股东会决议，决定经营计划和投资方案；董事会设 立战略 ...