（文章来源：每日经济新闻） 宝光股份（SH 600379，收盘价：13.26元）8月20日晚间发布半年度业绩报告称，2025年上半年营业收 入约6.39亿元，同比减少24.71%；归属于上市公司股东的净利润约3721万元，同比减少18.98%；基本每 股收益0.1127元，同比减少18.98%。 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This unaudited report proposes a semi-annual cash dividend of 0.3381 Yuan per 10 shares, representing 30% of net profit, and contains forward-looking statements - This semi-annual report is unaudited[5](index=5&type=chunk) - The company plans to distribute a cash dividend of **0.3381 Yuan (tax inclusive) per 10 shares** to all shareholders, totaling **11,164,114.88 Yuan (tax inclusive)**[6](index=6&type=chunk) - The cash dividend amount represents **30%** of the unaudited consolidated net profit attributable to shareholders of the listed company for the first half of 2025[6](index=6&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantial commitment to investors, who are advised to be aware of investment risks[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions and explanations for key terms used throughout the report to ensure clarity and accuracy [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides company information, stock overview, and key financial indicators for H1 2025, showing decreased revenue and net profit but improved operating cash flow [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section details the company's full name, abbreviation, and legal representative Company Basic Information | Company's Chinese Name | Shaanxi Baoguang Vacuum Electric Device Co., Ltd. | | :--- | :--- | | Company's Chinese Abbreviation | Baoguang Co., Ltd. | | Company's Legal Representative | Xie Hongtao | [II. Contact Persons and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Zhang Hongyu | Li Guoqiang | | Contact Address | No. 53 Baoguang Road, Weibin District, Baoji City, Shaanxi Province | No. 53 Baoguang Road, Weibin District, Baoji City, Shaanxi Province | | Phone | 0917-3561512 | 0917-3561512 | | Email | office@baoguang.com.cn | office@baoguang.com.cn | [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered and office addresses remain unchanged at No. 53 Baoguang Road, Baoji City Company Address Information | Company Registered Address | No. 53 Baoguang Road, Weibin District, Baoji City, Shaanxi Province | | :--- | :--- | | Historical Changes to Company Registered Address | Not Applicable | | Company Office Address | No. 53 Baoguang Road, Weibin District, Baoji City, Shaanxi Province | [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The semi-annual report is published on the SSE website and stored at the Board of Directors Office, with no changes Information Disclosure and Storage Locations | Website Address for Semi-Annual Report | Shanghai Stock Exchange www.sse.com.cn | | :--- | :--- | | Company Semi-Annual Report Storage Location | Shaanxi Baoguang Vacuum Electric Device Co., Ltd. Board of Directors Office | | Index for Changes During Reporting Period | Not Applicable | [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange under the abbreviation 'Baoguang Co., Ltd.' (stock code 600379) Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-shares | Shanghai Stock Exchange | Baoguang Co., Ltd. | 600379 | Not Applicable | [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) H1 2025 saw a 24.71% YoY revenue decrease and 18.98% net profit decrease, but operating cash flow improved by 35.93% [1. Key Accounting Data](index=5&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) Operating revenue, total profit, and net profit decreased YoY, but operating cash flow improved Key Accounting Data (Jan-Jun) | Item Name | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 639,098,663.74 | 848,894,137.85 | -24.71 | | Total Profit | 43,957,810.74 | 51,786,097.86 | -15.12 | | Net Profit Attributable to Shareholders of Listed Company | 37,212,894.15 | 45,930,366.53 | -18.98 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 35,777,116.80 | 44,696,364.69 | -19.96 | | Net Cash Flow from Operating Activities | -34,684,060.71 | -54,134,096.33 | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company | 774,099,809.22 | 752,322,529.92 | 2.89 | | Total Assets | 1,809,897,640.60 | 1,764,158,401.90 | 2.59 | [2. Key Financial Indicators](index=5&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Basic and diluted EPS decreased by approximately 19% YoY, with weighted average ROE down 1.5 percentage points Key Financial Indicators (Jan-Jun) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (Yuan/share) | 0.1127 | 0.1391 | -18.98 | | Diluted EPS (Yuan/share) | 0.1127 | 0.1391 | -18.98 | | Basic EPS (Excluding Non-Recurring Items) (Yuan/share) | 0.1083 | 0.1354 | -20.01 | | Weighted Average ROE (%) | 4.8758 | 6.4029 | Decreased by 1.5271 percentage points | | Weighted Average ROE (Excluding Non-Recurring Items) (%) | 4.6877 | 6.2308 | Decreased by 1.5431 percentage points | - Net cash flow from operating activities increased by **35.93%** YoY, primarily due to increased cash collection during the period[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses were 1,435,777.35 Yuan, primarily from government subsidies and non-current asset disposals Non-Recurring Gains and Losses | Non-Recurring Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -155,501.01 | | Government Subsidies Included in Current Profit/Loss | 1,976,360.86 | | Other Non-Operating Income and Expenses Apart from the Above | 68,635.63 | | Less: Income Tax Impact | 292,226.90 | | Minority Interest Impact (After Tax) | 161,491.23 | | Total | 1,435,777.35 | [XI. Other](index=7&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96) Accounts receivable financing decreased by 80,208,368.10 Yuan to 99,773,227.29 Yuan, with no impact on current profit Fair Value Measurement Items | Item Name | Beginning Balance (Yuan) | Ending Balance (Yuan) | Current Period Change (Yuan) | Impact on Current Period Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 179,981,595.39 | 99,773,227.29 | -80,208,368.10 | 0.00 | | Total | 179,981,595.39 | 99,773,227.29 | -80,208,368.10 | 0.00 | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes industry trends, business operations, and core competitiveness, addressing market challenges and highlighting strategic advancements [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in the power equipment industry, facing market competition and rising raw material costs, while expanding into new energy sectors [1. Industry Development During the Reporting Period](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) H1 2025 saw power grid investment exceed 270 billion Yuan, but market competition intensified, and copper and silver prices rose significantly - In H1 2025, State Grid completed fixed asset investment exceeding **270 billion Yuan**, a **11.7%** YoY increase, setting a new historical high for the same period[30](index=30&type=chunk) - In 2025, State Grid committed to annual power grid investment exceeding **650 billion Yuan**, with distribution network investment accounting for over **60%**[30](index=30&type=chunk) - In H1 2025, LME copper price reached **9878 USD/ton**, a **12.49%** increase year-to-date; international silver price rose from **22 USD/ounce to 28.5 USD/ounce**, a **29.5%** increase[31](index=31&type=chunk) [2. Company's Main Business, Products, Uses, and Market Position](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94%E3%80%81%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) Core businesses are power equipment and new energy, with vacuum interrupters achieving domestic substitution and hydrogen energy revenue growing by 49.11% - The company's main product, vacuum interrupters, covers voltage levels from **0.38kV to 252kV**, widely used in power generation, transmission, distribution, and industrial enterprises[32](index=32&type=chunk) - Baoguang-brand vacuum interrupters have achieved domestic substitution and reached international leading levels in high-speed rail, UHV converter transformer on-load tap changers, and pumped-storage power generation motor vacuum circuit breakers[32](index=32&type=chunk) - Subsidiary Baoguang Zhizhong's energy storage segment, centered on the **EMS energy management system**, provides auxiliary power services and industrial/commercial energy storage solutions[34](index=34&type=chunk) - Subsidiary Baoguang Lianyue's hydrogen energy segment's operating revenue increased by **49.11%** YoY[34](index=34&type=chunk) [3. Company's Main Operating Model](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates as the world's largest vacuum interrupter producer, expands metallized ceramics into new sectors, and focuses on EMS software and hydrogen production - Baoguang-brand vacuum interrupter products are sold in over **40 countries and regions** globally, consistently ranking as the world's largest production and sales base for vacuum interrupters for many years[35](index=35&type=chunk) - Metallized ceramic business has expanded into medical, military, and high-end semiconductor fields, breaking foreign technological monopolies[35](index=35&type=chunk) - Energy storage business, centered on **EMS software**, sells system software and invests in and operates various power storage assets, providing auxiliary power services such as frequency regulation, voltage regulation, peak shaving, and backup[36](index=36&type=chunk) [4. Main Performance Drivers](index=8&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance was affected by rising raw material costs and market competition, but new market entry for ceramics and energy storage transformation improved quality - Significant increases in raw material precious metals, **copper and silver**, led to lower gross margins for main products[37](index=37&type=chunk) - Intense competition in the distribution network market, with increased price competition in bidding, transferred price pressure to suppliers[37](index=37&type=chunk) - Metallized ceramic business advanced into medical, military, and high-end semiconductor fields, laying the foundation for expansion into 'high-precision and sophisticated' application areas[38](index=38&type=chunk) - Energy storage business transformation shifted focus away from low-margin energy storage equipment integration, now concentrating on **EMS software sales** and frequency regulation services, leading to improved profitability[38](index=38&type=chunk) [II. Discussion and Analysis of Operating Performance](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Operations remained stable with increased sales, but gross margin declined due to market factors, while core competitiveness was enhanced through strategic initiatives [1. Analysis of Company's Operating Performance During the Reporting Period](index=9&type=section&id=1.%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) H1 operating revenue decreased by 24.71% to 639 million Yuan, and net profit by 18.98% to 37.2129 million Yuan, due to business adjustments and cost pressures - During the reporting period, the company achieved operating revenue of **639 million Yuan**, a **24.71%** YoY decrease; total profit of **43.9578 million Yuan**, a **15.12%** YoY decrease; and net profit attributable to shareholders of **37.2129 million Yuan**, an **18.98%** YoY decrease[38](index=38&type=chunk) - The company proactively adjusted its energy storage development strategy, no longer prioritizing energy storage system integration, which led to a **95%** YoY decrease in energy storage business revenue and consequently impacted overall operating revenue[38](index=38&type=chunk) - Facing the dual challenges of product price reductions and rising costs, the company actively promoted technological innovation and cost reduction, achieving a **68%** YoY increase in sales revenue for vacuum interrupters used in rail transit, on-load tap changers for converter transformers, and high-voltage products[39](index=39&type=chunk) [2. Coordinated Development of Core Businesses, Significant Optimization of Revenue Structure](index=9&type=section&id=2.%E6%A0%B8%E5%BF%83%E4%B8%9A%E5%8A%A1%E5%8D%8F%E5%90%8C%E5%8F%91%E5%B1%95%EF%BC%8C%E6%94%B6%E5%85%A5%E7%BB%93%E6%9E%84%E4%BC%98%E5%8C%96%E6%98%8E%E6%98%BE) Acquisition of Kaiser Technology boosted vacuum interrupter sales by 18% and revenue by 24%, core technical products grew by 68%, and hydrogen energy revenue increased by 49.11% - Following the acquisition of **51.16%** equity in Kaiser Technology, its vacuum interrupter sales volume increased by **18%** YoY, and sales revenue increased by **24%** YoY[40](index=40&type=chunk) - Sales revenue for core technical products such as vacuum interrupters for rail transit, on-load tap changers, and high-voltage vacuum interrupters significantly increased by **68%** YoY[40](index=40&type=chunk) - High-voltage interrupters successfully entered potential markets in Europe and America, and vacuum interrupter sales in the South Asian market **doubled**[40](index=40&type=chunk) - Subsidiary Lianyue Hydrogen Energy's business revenue increased by **49.11%** YoY[40](index=40&type=chunk) [3. Abundant R&D Achievements, Significantly Enhanced Core Competitiveness](index=9&type=section&id=3.%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E6%88%90%E6%9E%9C%E4%B8%B0%E7%A1%95%EF%BC%8C%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E6%98%BE%E8%91%97%E5%A2%9E%E5%BC%BA) R&D progressed on 252kV and 550kV vacuum interrupters, setting a new domestic record with TD□1-126/3150-40B type, and achieving international leading levels - R&D for **252kV vacuum interrupters** is progressing smoothly, with type testing nearing completion; **550kV 1/2-pole vacuum interrupters** have been successfully declared and officially launched[41](index=41&type=chunk) - The company's **TD□1-126/3150-40B type vacuum interrupter** successfully passed type testing, setting a new domestic record with **21 full-capacity interruptions**, reaching international leading levels[41](index=41&type=chunk) - Three types of **40.5-72.5kV eco-friendly gas-insulated metal-enclosed switchgear vacuum interrupters** developed passed type testing and national technical appraisal, reaching international leading levels[42](index=42&type=chunk) - The first domestic **CHVT type on-load tap changer for converter transformers**, utilizing the company's self-developed **BGH7110 type vacuum interrupter**, was successfully put into batch operation in the 'Longdong to Shandong ±800kV UHV DC Transmission Project'[42](index=42&type=chunk) [4. Continuous Deepening of Smart Manufacturing, Dual Improvement in Capacity and Efficiency](index=10&type=section&id=4.%E6%99%BA%E8%83%BD%E5%88%B6%E9%80%A0%E6%8C%81%E7%BB%AD%E6%B7%B1%E5%8C%96%EF%BC%8C%E4%BA%A7%E8%83%BD%E6%95%88%E8%83%BD%E5%8F%8C%E6%8F%90%E5%8D%87) Smart manufacturing deepened with three key production line upgrades, expecting 50% capacity increase for encapsulated poles and 15% for vacuum interrupters - The company initially completed intelligent transformation and capacity expansion projects for **three key production lines**[43](index=43&type=chunk) - The encapsulated pole capacity expansion and intelligent transformation project is expected to increase capacity by **50%** upon full operation[43](index=43&type=chunk) - The metallized ceramic automated blanking line project successfully completed trial runs, achieving a small-batch self-produced output of **20,000 metallized ceramic blanks** in H1[43](index=43&type=chunk) - The vacuum interrupter capacity expansion project was successfully completed, achieving a capacity increase of **15%**[43](index=43&type=chunk) [5. Continuous Improvement in Quality Management, Sustained Positive Quality Indicators](index=10&type=section&id=5.%E8%B4%A8%E9%87%8F%E7%AE%A1%E7%90%86%E7%B2%BE%E7%9B%8A%E6%B1%82%E7%B2%BE%EF%BC%8C%E8%B4%A8%E9%87%8F%E6%8C%87%E6%A0%87%E6%8C%81%E7%BB%AD%E5%90%91%E5%A5%BD) Designated 2025 as 'Quality Improvement Year,' the company achieved stable interrupter yield above 99.50% and reduced quality loss rate - 2025 is the company's 'Quality Improvement Year,' with **116 quality improvement initiatives** specifically deployed and advanced[44](index=44&type=chunk) - Interrupter yield is stably controlled above **99.50%**; the company's overall quality loss rate decreased YoY; market satisfaction further improved[44](index=44&type=chunk) [Significant Changes in Company's Operating Performance During the Reporting Period, and Matters with Significant Current and Future Impact on Operations](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%EF%BC%8C%E4%BB%A5%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%91%E7%94%9F%E7%9A%84%E5%AF%B9%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%9C%89%E9%87%8D%E5%A4%A7%E5%BD%B1%E5%93%8D%E5%92%8C%E9%A2%84%E8%AE%A1%E6%9C%AA%E6%9D%A5%E4%BC%9A%E6%9C%89%E9%87%8D%E5%A4%A7%E5%BD%B1%E5%93%8D%E7%9A%84%E4%BA%8B%E9%A1%B9) The company acquired 51.16% of Kaiser Technology to expand market share and transformed its energy storage business, resulting in a 95% revenue decrease - The company acquired **51.1

智通财经APP讯，宝光股份(600379.SH)发布2025年半年度报告，该公司营业收入为6.39亿元，同比减少 24.71%。归属于上市公司股东的净利润为3721.29万元，同比减少18.98%。归属于上市公司股东的扣除 非经常性损益的净利润为3577.71万元，同比减少19.96%。基本每股收益为0.1127元。 报告期内，公司主营产品国内、国际销售数量同比均实现上升。受配网市场短期政策及贵金属价格上涨 影响，主营产品毛利率略有下降。 此外，拟向全体股东每10股派发现金红利0.3381元(含税)。 ...

Group 1 - The core viewpoint of the article is that Baoguang Co., Ltd. (600379.SH) reported a steady operational performance in its semi-annual report, with both domestic and international sales quantities of its main products increasing year-on-year [1] - The company's operating revenue for the reporting period was 639 million yuan, a year-on-year decrease of 24.71% [1] - The total profit for the period was 43.96 million yuan, down 15.12% year-on-year, while the net profit attributable to shareholders was 37.21 million yuan, reflecting an 18.98% decline year-on-year [1] Group 2 - The gross profit margin of the main products slightly decreased due to short-term policy impacts in the distribution network market and rising precious metal prices [1] - The company plans to distribute a cash dividend of 0.3381 yuan for every 10 shares to all shareholders [1]

宝光股份公告，2025年上半年营业收入6.39亿元，同比下降24.71%。净利润3721.29万元，同比下降 18.98%。公司拟向全体股东每10股派发现金红利0.3381元（含税），合计拟派发现金红利1116.41万元 （含税），占2025年半年度未经审计合并报表中归属于上市公司股东的净利润的比例为30%。 ...

金融界消息 截至2025年7月31日收盘，宝光股份（600379）报收于13.92元，上涨0.51%，换手率 2.98%，成交量9.85万手，成交金额1.37亿元。 资金流向方面，今日主力资金净流入1533.37万元，占比成交额11.19%。其中，超大单净流入1104.98万 元、占成交额8.06%，大单净流入428.38万元、占成交额3.13%，中单净流出流出448.92万元、占成交额 3.28%，小单净流出1084.44万元、占成交额7.91%。 天眼查商业履历信息显示，陕西宝光真空电器股份有限公司，成立于1997年，位于宝鸡市，是一家以从 事电气机械和器材制造业为主的企业。企业注册资本33020.1564万人民币，实缴资本33020.1564万人民 币。公司法定代表人为谢洪涛。 通过天眼查大数据分析，陕西宝光真空电器股份有限公司共对外投资了9家企业，参与招投标项目3068 次，知识产权方面有商标信息42条，专利信息241条，此外企业还拥有行政许可50个。 来源：金融界 宝光股份最新一期业绩显示，截至2025一季报，公司营业总收入3.19亿元、同比减少20.54%，归属净利 润1874.64万元，同比增长 ...

Summary of Conference Call Company and Industry - The conference call involved **Baoguang Co., Ltd.**, a company in the **high-voltage electrical equipment** industry, specifically focusing on **vacuum circuit breakers** and **energy storage solutions**. Key Points and Arguments 1. **Core Business Performance**: The company's core business, particularly in fire extinguishing water systems, has seen a significant increase in contract liabilities, with a growth rate exceeding 100% in Q1 [2][3]. 2. **Revenue and Profit Trends**: Despite a decline in overall revenue, the company reported an increase in profits year-over-year, attributed to strategic adjustments in the energy storage segment, which saw a revenue drop of approximately 90 million [3][4]. 3. **Market Share and Product Launches**: The company has stabilized its market share at around 30% in Central Asia and successfully launched a new vacuum circuit breaker product in April 2024, which has been operational for a year [4][5]. 4. **Production Capacity Plans**: Baoguang plans to expand its production capacity significantly, with a target of establishing a production line capable of producing 30,000 units over the next three years, while reserving space for a potential 100,000 units [5][6]. 5. **Market Dynamics and Tendering Process**: The timing of large-scale tenders is contingent on the State Grid's bidding processes, with expectations for market volume to increase once the products have been in operation for a sufficient period [6][7]. 6. **International Market Challenges**: The company faces challenges in penetrating the European market due to the dominance of established brands, focusing instead on regions like the Middle East and South America where demand for high-voltage products is growing [9][10]. 7. **Pricing Strategy**: The pricing for the new 126 product is currently between 30,000 to 50,000, with expectations that costs will decrease as production scales up, potentially stabilizing around 15,000 per unit in the future [12][13]. 8. **Hydrogen and Energy Storage Projects**: The company is facing regulatory challenges in expanding its hydrogen projects, but it maintains a stable growth rate of around 10% in its current operations, contributing approximately 30 million annually [14][15]. 9. **Frequency Regulation Services**: The company is investing in frequency regulation services, with a focus on enhancing its market share in this area, which is expected to yield a gross margin of 50% to 60% [18][19]. 10. **Market Trends and Future Outlook**: The company anticipates that as the energy storage market matures, it will present opportunities for growth, particularly in the frequency regulation sector, despite potential competition from independent storage solutions [17][21]. Other Important Content - The company is currently navigating a transition phase in its energy storage segment, focusing on efficiency improvements and strategic partnerships to enhance its market position [16][20]. - The management emphasized the importance of technological advancements and policy support in driving future growth, particularly in the context of China's dual carbon goals [10][19].

证券代码：600379 证券简称：宝光股份 公告编号：2025-022 陕西宝光真空电器股份有限公司 关于收购成都凯赛尔科技有限公司股权及增资控股的 进展暨完成工商变更登记的公告 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。 具体内容详见公司于2024年12月27日披露的《关于收购成都凯赛尔科技有限公 司股权及增资控股的公告》（公告编号：2024-056）及相关评估审计报告。 二、交易的进展情况 截至2025年7月14日，上述股权收购及增资事项已在国资委产权管理系统完成 产权登记，并完成工商变更登记，取得成都市新都区政务服务管理和行政审批局核 发的《营业执照》。本次工商变更登记完成后宝光股份持有凯赛尔科技51.16%股权。 此次工商变更登记后，标的公司具体信息如下： 公司名称：成都凯赛尔科技有限公司 统一社会信用代码：91510114MA69QKRG58 注册资本：肆仟陆佰壹拾玖万叁仟壹佰元整 一、交易概述 类型：其他有限责任公司 陕西宝光真空电器股份有限公司（以下简称"宝光股份"或"公司"）于2024 年12月26日召开了 ...

证券代码：600379 证券简称：宝光股份 公告编号：2025-022 陕西宝光真空电器股份有限公司 关于收购成都凯赛尔科技有限公司股权及增资控股的 进展暨完成工商变更登记的公告 此次工商变更登记后，标的公司具体信息如下： 公司名称：成都凯赛尔科技有限公司 统一社会信用代码：91510114MA69QKRG58 注册资本：肆仟陆佰壹拾玖万叁仟壹佰元整 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。 一、交易概述 陕西宝光真空电器股份有限公司（以下简称"宝光股份"或"公司"）于2024 年12月26日召开了第八届董事会第四次会议，审议并通过《关于收购成都凯赛尔科 技有限公司股权及增资控股的议案》，同意公司与转让方成都凯赛尔贸易有限公司、 标的公司成都凯赛尔科技有限公司（以下简称"凯赛尔科技"）签订《股权转让与 增资扩股协议》，公司通过收购股权及增资方式，以人民币4,200万元取得凯赛尔 科技51.16%股权。 具体内容详见公司于2024年12月27日披露的《关于收购成都凯赛尔科技有限公 司股权及增资控股的公告》（公告编号：202 ...

Summary of Key Points Group 1: Overview of the Share Transfer - The company received a notice regarding the free transfer of state-owned shares from its controlling shareholder, Shaanxi Baoguang Group Co., Ltd. [1] - The transfer involves 99,060,484 shares, representing a significant portion of the company's equity held by the controlling shareholder [1]. Group 2: Completion of the Share Transfer - The share transfer has been completed, with all necessary procedures fulfilled, including the registration of the share transfer [2]. - The transfer confirms that the shares have been officially registered and the process is compliant with regulatory requirements [2]. Group 3: Change in Controlling Shareholder - Following the completion of the share transfer, the direct controlling shareholder has changed from Baoguang Group to Xidian Group, while the actual controller remains the State-owned Assets Supervision and Administration Commission of the State Council [2].