Group 1 - The core point of the article is that Pinggao Electric (SH 600312) announced the establishment of a wholly-owned subsidiary, Pinggao Electric (Henan) Power Equipment Technology Co., Ltd., during a board meeting held on September 10, 2025 [1] - For the year 2024, the revenue composition of Pinggao Electric is reported to be 99.25% from the power transmission and transformation equipment manufacturing industry, with other businesses contributing 0.75% [1] - As of the time of reporting, the market capitalization of Pinggao Electric is 20.7 billion yuan [1]

证券代码：600312 证券简称：平高电气 公告编号：2025-028 河南平高电气股份有限公司 为充分激发经营活力、提升经营质效、积极拓展市场。公司以货币资金及非 关于对外投资设立全资子公司的公告 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： 投资标的名称:（1）平高电气（河南）高压开关有限公司（暂定名，最 终以市场监管局核定为准，以下简称"高压开关公司"）、（2）平高电气（河南） 电力装备科技有限公司（暂定名，最终以市场监管局核定为准，以下简称"电力 装备公司"） 投资金额:（1）河南平高电气股份有限公司（以下简称"公司"）拟以货 币资金 2 亿元、非货币资产 3 亿元出资设立全资子公司高压开关公司；（2）公司 拟以货币资金1.5亿元、非货币资产2.5亿元出资设立全资子公司电力装备公司。 非货币出资方式以专项审计为准，超额或不足部分以货币出资方式进行调整。 交易实施尚需履行的审批及其他相关程序：本次交易未达到股东大会审 议标准。 相关风险提示:全资子公司设立之后可能面临宏观经济及行业政策变化、 市场竞争等 ...

股票简称：平高电气 股票代码：600312 编号：2025—027 河南平高电气股份有限公司 第九届董事会第十五次临时会议决议公告 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。 2025 年 9 月 11 日 1 一、会议以 9 票赞成，0 票反对，0 票弃权审议通过《关于设立全资子公司平高 电气（河南）高压开关有限公司的议案》 本议案已经公司董事会发展战略与 ESG 委员会审议通过并同意提交董事会审议。 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《河南平高电 气股份有限公司关于对外投资设立全资子公司的公告》。 二、会议以 9 票赞成，0 票反对，0 票弃权审议通过《关于设立全资子公司平高 电气（河南）电力装备科技有限公司的议案》 本议案已经公司董事会发展战略与 ESG 委员会审议通过并同意提交董事会审议。 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《河南平高电 气股份有限公司关于对外投资设立全资子公司的公告》。 特此公告。 河南平高电气股份有限公司董事会 河南 ...

Core Viewpoint - Pinggao Electric (600312.SH) has announced the establishment of two wholly-owned subsidiaries to enhance operational vitality, improve operational quality, and actively expand the market [1] Group 1: Company Initiatives - The company is setting up Pinggao Electric (Henan) High Voltage Switch Co., Ltd. with a registered capital of 500 million yuan, where the company holds 100% ownership [1] - Another subsidiary, Pinggao Electric (Henan) Power Equipment Technology Co., Ltd., is being established with a registered capital of 400 million yuan, also fully owned by the company [1] - The establishment of these subsidiaries is a significant step in implementing the company's development strategy, which is expected to positively impact future growth [1] Group 2: Market Impact - The creation of these wholly-owned subsidiaries is aimed at further stimulating corporate vitality, increasing market development efforts, and enhancing the company's core competitiveness and profitability [1] - This strategic move is anticipated to contribute to the company's sustainable and stable development in the long term [1]

Core Viewpoint - Pinggao Electric (600312.SH) has announced the establishment of two wholly-owned subsidiaries to enhance operational vitality, improve operational quality, and actively expand the market [1] Group 1: Company Initiatives - The company is setting up Pinggao Electric (Henan) High Voltage Switch Co., Ltd. with a registered capital of 500 million yuan, where the company holds 100% ownership [1] - Additionally, Pinggao Electric (Henan) Power Equipment Technology Co., Ltd. is being established with a registered capital of 400 million yuan, also fully owned by the company [1] - The establishment of these subsidiaries is a significant step in implementing the company's development strategy, which is expected to positively impact future growth [1] Group 2: Strategic Implications - The creation of wholly-owned subsidiaries is aimed at further stimulating corporate vitality and enhancing market expansion efforts [1] - This initiative is anticipated to improve the company's core competitiveness and profitability, contributing to sustainable and stable development [1]

Core Viewpoint - Pinggao Electric (600312.SH) has announced the establishment of two wholly-owned subsidiaries to enhance operational vitality, improve operational quality, and actively expand the market [1] Group 1: Company Investment - The company has invested in the establishment of Pinggao Electric (Henan) High Voltage Switch Co., Ltd. with a registered capital of 500 million yuan, holding 100% of the shares [1] - Additionally, Pinggao Electric (Henan) Power Equipment Technology Co., Ltd. has been established with a registered capital of 400 million yuan, also with 100% ownership by the company [1] Group 2: Strategic Importance - The establishment of these wholly-owned subsidiaries is a significant measure for implementing the company's development strategy, which is expected to have a positive impact on future growth [1] - The new subsidiaries are anticipated to further stimulate corporate vitality, enhance market expansion efforts, and improve the company's core competitiveness and profitability, contributing to sustainable and stable development [1]

Core Viewpoint - The company plans to establish two wholly-owned subsidiaries using cash and non-cash assets, indicating a strategic expansion in the high-voltage switch and power equipment sectors [1] Group 1: Company Structure - The two subsidiaries are named Pinggao Electric (Henan) High Voltage Switch Co., Ltd. and Pinggao Electric (Henan) Power Equipment Technology Co., Ltd. [1] - The registered capital for the high voltage switch company is 500 million yuan, while the power equipment company has a registered capital of 400 million yuan [1] Group 2: Investment Details - The total investment for the high voltage switch company is 900 million yuan, and for the power equipment company, it is 600 million yuan [1] - Non-cash contributions will be subject to special audits, with any excess or shortfall adjusted through cash contributions [1] Group 3: Governance - This transaction does not meet the threshold for shareholder meeting approval, thus no submission to the shareholder meeting is required [1]

Group 1: Solid-State Battery Industry - The solid-state battery industrialization is progressing with support from policies, material advancements, and application developments. Key companies to watch include Xiamen Tungsten, Tianqi Lithium, and others in the supply chain [2][3] - Major developments include the mass production of semi-solid batteries by Zhuhai Guanyu and the upcoming solid-state battery projects by Yiyuan Lithium Energy and others [2] Group 2: Domestic Energy Storage Systems - The domestic energy storage system bidding capacity reached 47.2 GWh in August 2025, reflecting a year-on-year increase of 2158% and a month-on-month increase of 1142%. Cumulative bidding for the year reached 144.1 GWh, up approximately 216% year-on-year [3] - The high demand for energy storage systems indicates a strong need for new power systems in China, laying a foundation for stable market development in 2026-2027. Key companies include Sungrow Power, Yiyuan Lithium Energy, and others [3] Group 3: AIDC Power Equipment Sector - AIDC power equipment companies are expected to benefit from increased capital expenditures, with Alibaba reporting a capital expenditure of 38.7 billion yuan in Q2 2025, up 220% year-on-year [3][32] - The demand for data center construction remains strong, and companies like Jinpan Technology and New Special Electric are positioned to gain from this trend [3][32] Group 4: Power Grid Equipment Sector - Power grid equipment companies are experiencing steady growth, with major firms maintaining robust performance in the first half of 2025. A surge in high-voltage bidding is anticipated in the second half of the year [4][42] - Key companies to focus on include Guodian NARI, Siyi Electric, and others, as they expand their product offerings and international presence [4][42] Group 5: Wind Power Sector - Wind power companies are seeing simultaneous increases in volume and profit, with significant growth in both onshore and offshore projects expected in the latter half of 2025 [4][59] - Companies like Goldwind Technology and Dongfang Cable are recommended for investment as they are well-positioned to benefit from this growth [4][59] Group 6: Investment Recommendations - The report suggests monitoring the recovery of the power grid equipment sector, the progress of offshore wind projects, the advancement of solid-state battery industrialization, and the global demand for energy storage installations [4]

中化新网讯 近日，由平高电气（600312）联合中国电科院、国网安徽电力等自主研制的世界首台550千 伏全氟异丁腈环保气体绝缘金属封闭输电管道(GIL)在安徽安庆500千伏荣升变电站工程成功投运。 据悉，该项目温室效应较六氟化硫下降97%，且实现与常规550千伏六氟化硫气体绝缘输电线路"同尺 寸、同参数、同性能"，兼容六氟化硫及六氟化硫/氮气混合气体，对存量电站换气改造及新建电站建设 提供优质方案，推动了我国电网输变电设备环保化升级迈向更高水平。 该项目采用福建省三明市海斯福化工有限责任公司全氟异丁腈环保气体与二氧化碳混合后作为输电线路 设备的绝缘介质，由平高电气联合中国电科院、国网安徽电力等单位协同攻关，成功攻克了基于全氟异 丁腈环保气体的输电线路设备绝缘、升温等核心技术，研制出550千伏全氟异丁腈环保气体GIL设备。 2024年11月，生态环境部公开了第11批新化学物质环境管理常规登记证审批结果，海斯福公司获得全氟 异丁腈的常规登记证批准。 ...

Summary of Conference Call Records Industry Overview: Power Equipment Key Points on Domestic and International Demand - The acceleration of ultra-high voltage (UHV) project approvals is expected, with multiple AC lines approved in the second half of the year, significantly higher than the first half. The total investment for the Shaanxi to Henan and Nanjing to Sichuan projects exceeds 30 billion yuan [1] - The investment budget for distribution networks is projected to grow by approximately 5% in 2025, focusing on smart technology, replacement of old equipment, and energy-saving renovations. Investment in grid intelligence is expected to increase by 60% year-on-year [1][5] - The European power market is seeing substantial investment in grid upgrades, with the EU planning to invest 584 billion euros by 2030, with one-third for transmission and two-thirds for distribution [1][7] Core Insights and Arguments - The approval of UHV projects is expected to increase from 2-3 AC lines in 2024 to 4-5 in 2025, indicating a significant growth trajectory [4] - The regional joint procurement in the distribution network sector has pressured the gross margins of leading companies by about 10 percentage points, but it has also increased market share for companies like XJ Electric, Samsung Medical, and Oriental Electronics [5] - The demand for low-voltage transformers and UHV equipment in Europe is rising, with Chinese manufacturers having advantages in conversion efficiency and power density [8] Company-Specific Developments - **Pinggao Electric**: New order growth of approximately 15% in the first half of 2025, with a significant increase in UHV GIS delivery expected from 2026 [11] - **China XD Electric**: Improved gross margins through cost management, with a projected delivery of 30-40 billion yuan in UHV projects for the year [12] - **XJ Electric**: Anticipates a significant increase in delivery volume for UHV products in 2026, with current orders exceeding 3 billion yuan [13] - **Siyuan Electric**: Actively expanding in the North American data center market, with a projected net profit growth of about 30% for 2025 [15] - **Samsung Medical**: Achieved a 124% year-on-year increase in overseas distribution network orders, with a projected net profit growth of 10-15% [16] - **Huaming Equipment**: European market contributes 50% of overseas revenue, with a projected net profit growth of about 15% [17] - **Guodian NARI**: Strong performance in the low-carbon energy sector, with expected revenue growth of 14-15% [18] - **Sifang Co.**: Domestic business exceeded expectations, with a 15% growth in main network orders [19] Other Important Insights - The focus on smart grid investments is expected to reshape the competitive landscape in the distribution network sector, benefiting leading companies in the medium term [5] - The North American market is experiencing tight supply for transformers and switches, creating significant opportunities for domestic companies [9] - The overall trend in the power equipment industry indicates a shift towards intelligent and sustainable solutions, aligning with global energy transition goals [10]