Core Viewpoint - The company, Guodian NARI Technology Co., Ltd., is undergoing significant management changes and governance updates, alongside plans for financial risk management through foreign exchange hedging in 2026. Group 1: Company Announcements - Guodian NARI's stock closed at 22.77 yuan on December 26, 2025, down 0.31% from the previous week, with a total market capitalization of 180.55 billion yuan, ranking 1st in the power grid equipment sector and 83rd among all A-shares [1] - The company will hold its 10th meeting of the 9th Board of Directors on December 30, 2025, to appoint Luo Hanwu as the new General Manager, who currently holds positions at the State Grid Electric Power Research Institute [1] - The Board approved the unlocking of 11,851,404 shares for 1,276 incentive recipients under the 2021 restricted stock incentive plan, confirming that performance targets have been met [1][4] Group 2: Financial and Governance Updates - The company plans to conduct foreign exchange hedging activities in 2026 with a limit of 3.225 billion yuan, aiming to mitigate currency fluctuation risks [2][4] - The second extraordinary general meeting of 2025 approved several governance changes, including the cancellation of the supervisory board and amendments to the company's governance structure [2][4] - The company intends to engage in related party transactions in 2026, with total expenditures not exceeding 409.83 million yuan, including rental and service fees [2][4] Group 3: Governance Structure Enhancements - Multiple governance documents have been revised to improve the company's governance structure, including rules for various board committees and management systems [3] - The establishment of a branch in Oman is part of the company's strategy to enhance its international presence [3]

Group 1 - The core point of the article is the appointment of Luo Hanwu as the General Manager of Guodian NARI Technology Co., Ltd., effective until the current board's term ends [1] - The decision was made during the 10th meeting of the 9th board of directors held on December 30, 2025, in accordance with the Company Law and the company's articles of association [1] - Luo Hanwu has an extensive background in the power industry, having held various leadership positions in State Grid Inner Mongolia Eastern Power Co., Ltd. and State Grid Qinghai Electric Power Co., Ltd. [1][4] Group 2 - Luo Hanwu was born in September 1975, holds a master's degree, a doctoral degree, and is a senior engineer [4] - Currently, he serves as a board member and deputy secretary of the Party Committee at the State Grid Electric Power Research Institute Co., Ltd. (NARI Group Co., Ltd.) [4] - As of now, Luo Hanwu does not hold any shares in Guodian NARI Technology Co., Ltd. and has no other related relationships with the company's directors, senior management, or major shareholders [4]

Core Insights - The recent initiation of back-to-back interconnection projects in Yuchuan, Xiangyue, and Minjiang provinces aims to enhance the flexibility and stability of power supply between different regional power grids [1][2]. Group 1: Project Details - The Xiangyue back-to-back interconnection project commenced on December 27 in Chenzhou, Hunan, which will facilitate flexible mutual assistance between the State Grid and the Southern Power Grid, significantly improving Hunan's power supply stability [1]. - The Yuchuan back-to-back interconnection project started on December 26 in Chongqing, designed to strengthen the interconnection between the State Grid and the Southern Power Grid, aiding power mutual assistance between Chongqing and Guizhou [1]. - The Minjiang back-to-back interconnection project began on December 25 in Ruijin, Jiangxi, establishing Jiangxi's first flexible direct current back-to-back converter station, creating a high-speed channel for interconnection between Minjiang and Jiangxi [1]. Group 2: Technical Explanation - Back-to-back interconnection projects involve connecting asynchronously operating power grids through a converter station that enables safe and efficient power transfer between them [2]. - The recent approval of five back-to-back interconnection projects, with a total investment of 24.4 billion yuan, includes the construction of five converter stations with a capacity of 3 million kilowatts and a total line length of 1,227 kilometers [2]. Group 3: Market Implications - The acceleration of building a unified national electricity market is aimed at facilitating cross-provincial electricity trading and optimizing resource allocation [3]. - The implementation of these flexible interconnection projects is expected to significantly enhance the mutual support and emergency response capabilities between regions, providing a solid physical foundation for regular cross-grid electricity trading [3].

Core Insights - The seminar focused on sustainable brand development and value enhancement for enterprises, highlighting the role of sustainable branding in leading corporate practices [1] - State Grid Corporation of China ranked first in the sustainable brand value list for energy companies for three consecutive years, showcasing its leadership in sustainable brand building [1] Group 1: Sustainable Brand Development - The seminar was co-hosted by Tsinghua University's National Image Communication Research Center and Zeyang Tianxia, emphasizing the importance of sustainable branding [1] - The "Happiness Benefit Electricity" brand was introduced by State Grid Zhejiang Electric Power Company, showcasing its commitment to sustainable brand construction from a grassroots perspective [3][4] Group 2: Community Engagement and Social Responsibility - The company has initiated various projects since 2016 to address the urgent needs of disadvantaged communities, including the "Happiness Nest," "Happiness Wheel Friends," and "Happiness Light and Shadow" projects [4] - The "Happiness Benefit Electricity" brand represents a shift from ad-hoc actions to systematic brand building, integrating resources and experiences to create lasting social value [4][5] Group 3: Implementation and Impact - A three-in-one model was established to ensure effective execution of the "Happiness Benefit Electricity" brand, focusing on project incubation, resource integration, and communication empowerment [6] - Eight brand actions have been successfully launched, covering various aspects of community welfare, including housing, employment, culture, and elderly care [7] - The practical approach of "Happiness Benefit Electricity" has received high praise from industry experts, highlighting its potential as a replicable model for other state-owned enterprises [7]

Core Viewpoint - Guodian NARI announced that it will hold the second extraordinary general meeting of shareholders on December 30, 2025, to review and approve multiple proposals, including the proposal to cancel the supervisory board and amend relevant articles [2] Group 1 - The company will convene a shareholder meeting on December 30, 2025 [2] - The agenda includes the proposal to cancel the supervisory board [2] - The meeting will also address amendments to relevant articles [2]

Group 1 - The core point of the article is the appointment of Mr. Luo Hanwu as the new general manager of Guodian Nari Technology Co., Ltd. [1] - The decision was made during the 10th meeting of the 9th Board of Directors, scheduled for December 30, 2025 [1] - The appointment follows the procedures outlined in the Company Law and the company's articles of association, with the chairman's nomination and the board's approval [1]

期、预留授予第一期解除限售条件成就的公告 证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-079 国电南瑞科技股份有限公司 关于 2021 年限制性股票激励计划首次授予及暂缓授予第二 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个别及连带责任。 重要内容提示： 解除限售条件成就情况：公司 2021 年限制性股票激励计划（以下简称 "2021 年激励计划"）首次授予及暂缓授予第二个解除限售期、预留授予第一 个解除限售期解锁条件已成就，公司将为 1,276 名符合解除限售资格的激励对象 办理限制性股票解除限售事宜，共计解除限售 11,851,404 股，涉激励对象 1,276 人。其中首次授予第二个解除限售期解除限售 11,658,996 股，涉激励对象 1253 人；暂缓授予第二个解除限售期解除限售 21,888 股，涉激励对象 1 人；预留授 予第一个解除限售期解除限售 170,520 股，涉激励对象 22 人。 国电南瑞科技股份有限公司（以下简称"公司"）第九届董事会第十次会议 于 2025 年 12 月 30 ...

上海东方华银律师事务所 东 方 华 银 律 师 事 务 所 C A P I T A L L A W& P A RT N E RS 关于 国电南瑞科技股份有限公司 2021 年限制性股票激励计划 首次授予及暂缓授予第二期、预留授予第一期 解锁事项 之 法律意见书 上海东方华银律师事务所 上海市虹桥路 1591 号虹桥迎宾馆 34 号楼 电话：(8621) 68769686 传真：(8621) 58304009 上海市虹桥路 1591 号虹桥迎宾馆 34 号楼 邮编：200122 34th Building, Hongqiao State Guest House, 1591 Hong Qiao Road, Shanghai, p.c: 200122 电话：+86 21 68769686 Tel ：+86 21 68769686 传真：+86 21 58304009 Fax：+86 21 58304009 网址：http://www.capitallaw.cn E-mail：mail@capitallaw.cn 上海东方华银律师事务所 关于 国电南瑞科技股份有限公司 2021 年限制性股票激励计划 首次授予及暂缓授 ...

国电南瑞科技股份有限公司 2021 年限制性股票激励计划 首次授予及暂缓授予第二期、预留授予第 一期解除限售条件成就事项 证券代码：600406 公司简称：国电南瑞 上海荣正企业咨询服务（集团）股份有限公司 关于 1 1、上市公司、公司、国电南瑞：指国电南瑞科技股份有限公司 2、激励计划：指《2021 年限制性股票激励计划（草案）》 3、限制性股票：公司按照预先确定的条件授予激励对象一定数量的公司股票， 激励对象只有在公司业绩目标和个人绩效考核结果符合股权激励计划规定条 件的，方可出售限制性股票并从中获益 4、激励对象：按照激励计划有资格获授一定数量限制性股票的员工 5、授予日：指公司向激励对象授予限制性股票的日期，授予日必须为交易日 6、授予价格：公司授予激励对象每一股限制性股票的价格 7、限售期：限制性股票被禁止转让、用于担保、偿还债务的期间 8、解除限售期：激励对象持有的限制性股票可以解除限售并上市流通的期间 9、解除限售条件：激励对象所获限制性股票解除限售所必需满足的条件 10、《公司法》：《中华人民共和国公司法》 11、《证券法》：《中华人民共和国证券法》 12、《管理办法》：《上市公司股权激励管理 ...

第四条 董事可受聘兼任总经理或者其他高级管理人员，但兼任总经理或者 其他高级管理人员职务的董事以及由职工代表担任的董事，总计不得超过公司董 事总数的二分之一。 国电南瑞科技股份有限公司 总经理工作细则 （2025 年修订） 第一章 总 则 第一条 为进一步完善国电南瑞科技股份有限公司（以下简称"公司"）治 理结构，规范公司总经理和其他高级管理人员的生产经营管理工作和行为，保护 公司及股东利益，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）等规定及《国电南瑞科 技股份有限公司章程》（以下简称"《公司章程》"），制定本工作细则。 第二条 本工作细则所适用的人员范围为总经理以及其他高级管理人员。 其他高级管理人员是指公司的副总经理、财务负责人、总工程师、董事会秘书。 第二章 任职资格与任免 第三条 公司设总经理一名，由董事会聘任或解聘。公司设副总经理、财务 负责人、总工程师等高级管理人员，协助总经理工作。 第五条 总经理每届任期三年，连聘可以连任。 第六条 高级管理人员应当遵守法律、行政法规和《公司章程》，履行诚信 和勤勉的义务。 第七条 有下列情形之一的 ...