Financial Performance - The company's operating revenue for Q3 2025 reached ¥14.33 billion, representing a year-on-year increase of 16.65% compared to ¥12.20 billion in the same period last year[4] - The total profit for the quarter was ¥2.31 billion, up 6.79% from ¥2.16 billion in the previous year[4] - Net profit attributable to shareholders was ¥1.90 billion, reflecting a growth of 7.81% from ¥1.76 billion year-on-year[4] - The company reported a basic earnings per share of ¥0.24, an increase of 8.05% compared to ¥0.22 in the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥38.58 billion, a 18.5% increase from ¥32.57 billion in the same period of 2024[21] - Net profit for the first three quarters of 2025 was ¥5.15 billion, representing a 8.4% increase compared to ¥4.75 billion in the previous year[22] - The company reported a total profit of ¥5.87 billion, up from ¥5.45 billion year-over-year[22] - Earnings per share for the current period was ¥0.61, up from ¥0.56 in the same period last year[23] Cash Flow - The net cash flow from operating activities increased significantly by 161.27%, amounting to ¥4.71 billion, primarily due to a substantial increase in collections[10] - In the first three quarters of 2025, the cash inflow from operating activities reached ¥46,084,023,072.45, a significant increase of 28.5% compared to ¥35,978,935,017.76 in the same period of 2024[25] - The net cash flow from operating activities for the first three quarters of 2025 was ¥4,714,110,770.90, up from ¥1,804,281,450.56 in 2024, representing a growth of 161.5%[25] - Cash inflow from investment activities totaled ¥47,824,182,807.45 in 2025, compared to ¥21,448,301,382.00 in 2024, marking an increase of 122.5%[26] - The net cash flow from investment activities was -¥3,385,492,166.37 in 2025, slightly worsening from -¥3,157,155,519.18 in 2024[26] - Cash outflow from financing activities was ¥5,687,750,417.58 in 2025, compared to ¥5,232,444,290.63 in 2024, indicating an increase of 8.7%[26] - The net cash flow from financing activities was -¥5,375,266,692.43 in 2025, compared to -¥4,874,717,942.39 in 2024, reflecting a decline of 10.3%[26] - The ending balance of cash and cash equivalents decreased to ¥3,305,061,201.46 in 2025 from ¥10,386,470,733.05 in 2024, a decline of 68.2%[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥92.82 billion, showing a slight decrease of 0.27% from the previous year[5] - Total current assets as of September 30, 2025, amount to ¥76,575,475,093.77, compared to ¥75,600,850,879.42 at the end of 2024, showing an increase[17] - Cash and cash equivalents are reported at ¥6,128,493,944.18, down from ¥9,033,417,046.54 at the end of 2024[16] - Inventory has increased significantly to ¥15,936,892,141.33 from ¥11,334,240,219.45 year-over-year[16] - The total liabilities include short-term borrowings of ¥600,844,425.01, up from ¥485,234,485.06 in the previous year[17] - The total assets amount to ¥92,817,857,412.04, slightly down from ¥93,072,232,247.21 at the end of 2024[17] - Total liabilities amounted to ¥40.08 billion, slightly down from ¥40.23 billion year-over-year[19] - Total equity decreased to ¥52.74 billion from ¥52.84 billion in the previous year[19] Shareholder Information - The largest shareholder, State Grid Electric Power Research Institute, holds 4,570,558,438 shares, representing 56.90% of total shares[13] - The total equity of the company remains stable, with no significant changes reported in the equity structure[15] - The company has not engaged in any share lending or borrowing activities during the reporting period[15] Acquisitions and Investments - The company completed the acquisition of a 56% stake in Fujian Wangneng Technology, which is now included in the consolidated financial statements[6] - The company completed the acquisition of a 56% stake in Fujian Wangneng Technology Development Co., Ltd. for ¥64,230,400, making it a subsidiary[15] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥2.31 billion, an increase from ¥2.11 billion in the same period of 2024[21] Government Subsidies - The company received government subsidies amounting to ¥25.30 million, which are closely related to its normal business operations[8] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[27]

Core Viewpoint - The stock of Guodian NARI Technology Co., Ltd. has experienced fluctuations, with a recent decline of 2.01% on October 30, 2023, while showing positive trends over the past month [1][2]. Company Overview - Guodian NARI, established on February 28, 2001, and listed on October 16, 2003, is located in Nanjing, Jiangsu Province. The company specializes in power grid automation, industrial control, power generation, renewable energy, and energy conservation and environmental protection [2]. - The company's main business revenue composition includes: 50.43% from smart grid, 26.98% from low-carbon energy, 16.09% from digital energy integration, 5.13% from industrial interconnection, and 1.24% from integration and others [2]. Financial Performance - For the first half of 2025, Guodian NARI achieved operating revenue of 24.243 billion yuan, representing a year-on-year growth of 20.53%. The net profit attributable to shareholders was 2.952 billion yuan, with a year-on-year increase of 8.97% [2]. - The company has distributed a total of 24.308 billion yuan in dividends since its A-share listing, with 12.674 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Guodian NARI was 100,400, a decrease of 8.75% from the previous period. The average circulating shares per person increased by 9.59% to 79,622 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 1.089 billion shares (a decrease of 27.48 million shares), and various ETFs such as Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, which have increased their holdings [3].

Core Points - The State-Owned Enterprise Reform Index (399974) closed at 1930.82 points, up 0.92%, with a trading volume of 1640.27 billion yuan and a turnover rate of 0.79% [1] - Among the index constituents, 70 stocks rose, with Western Superconducting leading with a 9.34% increase, while 27 stocks fell, with Postal Savings Bank leading the decline at 2.14% [1] Index Constituents Summary - The top ten constituents of the State-Owned Enterprise Reform Index include: - Zijin Mining: 3.46% weight, latest price 30.96, up 3.75%, market cap 8228.42 billion yuan [1] - Northern Huachuang: 3.02% weight, latest price 423.62, down 0.56%, market cap 3067.38 billion yuan [1] - CITIC Securities: 2.94% weight, latest price 30.30, up 1.00%, market cap 4490.63 billion yuan [1] - Changjiang Electric Power: 2.80% weight, latest price 28.29, down 0.60%, market cap 6922.06 billion yuan [1] - Taihai Co.: 2.80% weight, latest price 19.43, up 3.19%, market cap 3425.30 billion yuan [1] - China Merchants Bank: 2.75% weight, latest price 40.77, down 2.00%, market cap 10282.13 billion yuan [1] - Wuliangye: 2.72% weight, latest price 118.83, down 1.06%, market cap 4612.51 billion yuan [1] - Zhongke Shuguang: 2.69% weight, latest price 114.33, up 0.73%, market cap 1672.78 billion yuan [1] - Industrial Bank: 2.67% weight, latest price 20.01, down 2.01%, market cap 4234.69 billion yuan [1] - China Shipbuilding: 2.41% weight, latest price 36.73, up 0.30%, market cap 2764.16 billion yuan [1] Capital Flow Summary - The net capital flow for the index constituents showed a total net outflow of 3.6 billion yuan from main funds and 7.45 billion yuan from speculative funds, while retail investors had a net inflow of 11.05 billion yuan [3] - Key capital flow details include: - Zijin Mining: Main net inflow of 9.96 million yuan, speculative net outflow of 3.35 million yuan, retail net outflow of 6.61 million yuan [3] - Inspur Information: Main net inflow of 4.27 million yuan, speculative net outflow of 1.33 million yuan, retail net outflow of 2.94 million yuan [3] - China Aluminum: Main net inflow of 3.83 million yuan, speculative net outflow of 1.05 million yuan, retail net outflow of 2.78 million yuan [3] - TCL Zhonghuan: Main net inflow of 3.17 million yuan, speculative net outflow of 1.27 million yuan, retail net outflow of 1.91 million yuan [3]

Core Insights - The new energy sector is experiencing a significant rally, with stocks such as Sifang Co., Huatong Cable, Changgao Electric, and State Grid Yingda reaching their daily limit up, contributing to a 4% surge in the Electric Grid Equipment ETF and a 3% increase in the Huaxia New Energy ETF [1] Industry Developments - The "14th Five-Year Plan" emphasizes new energy and nuclear fusion as new economic growth points, aiming to increase the supply ratio of new energy and accelerate the construction of a new energy system [2] - Sunshine Power's Q3 earnings exceeded expectations, with a net profit of 4.147 billion yuan, a year-on-year increase of 57.04%. Ganfeng Lithium turned profitable in the first three quarters, while TCL Zhonghuan significantly reduced losses in Q3. The new energy sector is seen as a core area for profit recovery [2] - According to AVIC Securities, demand from data centers will continue to drive overseas electricity and energy storage needs, opening up new applications in the energy storage industry. The rapid development of AI and information technology is expected to sustain global electricity demand growth and raise new requirements for grid reliability and intelligence [2] Notable Products and Performance - The Huaxia New Energy ETF (159368), which tracks the New Energy Index, rose by 3.25%. Key holdings include CATL (global power battery provider), Inovance Technology (automation equipment leader), Sunshine Power (inverter leader), Yiwei Lithium Energy, and XINWANDA (lithium battery giant) [3] - The Electric Grid Equipment ETF (159326), which tracks the China Securities Electric Grid Equipment Theme Index, increased by 4.19%. Major holdings include NARI Technology (domestic smart grid leader), TBEA (core supplier of global ultra-high voltage equipment), and Suyuan Electric (power equipment R&D and manufacturing) [3]

Core Viewpoint - The A-share market experienced a collective rise on October 29, with significant gains in sectors such as ultra-high voltage, energy storage, and nuclear fusion, driven by the unique performance of the only ETF tracking power grid equipment [1] Group 1: Market Performance - The only power grid equipment ETF (159326) opened with a continuous rise, reaching a gain of 3.68% by 10:09 AM, with a trading volume of 31.6 million yuan [1] - Key stocks within the ETF, including Sifang Co., Huatong Cable, Changgao Electric, and State Grid Yingda, hit the daily limit, while Jinpan Technology surged over 10% [1] Group 2: Policy and Industry Trends - The "14th Five-Year Plan" suggests a forward-looking layout for future industries, promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication as new economic growth points [1] - Quantum computing and controllable nuclear fusion industries are expected to receive top-level policy support and funding, indicating a positive trend for these sectors [1] Group 3: ETF Composition and Industry Representation - The power grid equipment ETF (159326) is the only ETF tracking the China Securities Power Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [1] - The ultra-high voltage sector holds a significant weight of 63% in the index, the highest in the market, with leading stocks including Guodian NARI, TBEA, Siyuan Electric, and Teradyne among the top ten holdings [1]

Core Viewpoint - Guodian NARI's stock price has shown a slight increase recently, with a notable rise in trading volume and a positive trend over the past month, indicating potential investor interest and market confidence in the company's performance [1][2]. Company Overview - Guodian NARI Technology Co., Ltd. is located in Nanjing, Jiangsu Province, and was established on February 28, 2001. It was listed on October 16, 2003. The company specializes in power grid automation, industrial control (including rail transit), power generation and renewable energy, and energy conservation and environmental protection [1]. - The main business revenue composition includes: Smart Grid 50.43%, Low Carbon Energy 26.98%, Digital Energy Integration 16.09%, Industrial Interconnection 5.13%, Integration and Others 1.24%, and Other (Supplementary) 0.13% [1]. Financial Performance - For the first half of 2025, Guodian NARI achieved operating revenue of 24.243 billion yuan, representing a year-on-year growth of 20.53%. The net profit attributable to the parent company was 2.952 billion yuan, an increase of 8.97% year-on-year [2]. - Since its A-share listing, Guodian NARI has distributed a total of 24.308 billion yuan in dividends, with 12.674 billion yuan distributed in the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Guodian NARI was 100,400, a decrease of 8.75% from the previous period. The average circulating shares per person increased by 9.59% to 79,622 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 1.089 billion shares, a decrease of 27.4801 million shares from the previous period. Other notable shareholders include various ETFs, which have seen increases in their holdings [3].

Core Points - The "Electric Power Highway" 2.0 version has doubled its transmission capacity from 600,000 kW to 1,200,000 kW [1] - Since its operation one month ago, the expanded project has delivered a total of 370 million kWh, representing a 62.8% increase compared to the same period in 2024 [1] - The project supports high-quality economic development in Tibet and facilitates large-scale clean energy delivery, promoting green and low-carbon development in the Qinghai-Tibet region [1] Project Overview - The Qinghai-Tibet DC Phase II expansion project was initiated by the State Grid Corporation of China in May 2024, involving capacity upgrades at the Chaidamu and Lhasa converter stations and a comprehensive upgrade of the original control system [2] - The expansion project officially commenced operations on September 28, 2025 [2] Historical Context - The Qinghai-Tibet interconnected project, operational since December 2011, serves as the first "Electric Power Highway" into Tibet, connecting Xining in Qinghai to Lhasa in Tibet [1] - Over nearly 14 years of stable operation, the project has transmitted a total of 24.13 billion kWh, with 13.87 billion kWh delivered from Qinghai to Tibet and 10.26 billion kWh sent from Tibet to Qinghai [1]

Group 1: Power Equipment Industry Overview - The domestic power grid investment has shown rapid growth, with a total investment of 379.6 billion yuan from January to August 2025, representing a year-on-year increase of 14.0%, driven by the significant rise in new energy installed capacity and the demand for ultra-high voltage and distribution network construction [3][13][21] - The bidding amount for the first four batches of ultra-high voltage equipment by the State Grid reached 68.179 billion yuan, a year-on-year increase of 22.9%, indicating a strong growth momentum in the power equipment sector [3][13][19] - The overseas market for power equipment remains robust, with transformer exports totaling 5.338 billion USD from January to August 2025, reflecting a year-on-year growth of 38.0%, driven by demand from North America and other regions [4][33][36] Group 2: Industrial Control Sector - The industrial control market is gradually recovering, with the OEM market experiencing a rebound due to the recovery of emerging industries, while traditional industries show signs of weak recovery [5][12] - In the first half of 2025, revenue and profit for industrial control companies have shown marginal improvement, indicating a positive trend towards recovery [5][12] - The market share is expected to concentrate towards leading domestic industrial control enterprises, which will support the industry's upward trajectory [5][12] Group 3: AI-Driven Demand and Investment - The rise of AI is expected to significantly boost power demand, with the U.S. projected to invest between 170 billion to 340 billion USD in data center power generation, grid, and storage by 2030 [39][40] - Major AI companies are anticipated to increase capital expenditures, with overseas firms expected to reach 336.373 billion USD in 2025, a year-on-year increase of 54.82% [52][53] - The shift from traditional data centers to intelligent computing centers (AIDC) is driving the need for enhanced power supply and infrastructure, as AI applications require substantial computational resources [51][58]

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-056 国电南瑞科技股份有限公司 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 10 月 28 日(星期二)至 11 月 03 日(星期一)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 stock@sgepri.sgcc.com.cn 进行提问。公司将在业绩说明会上对投资者普遍关 注的问题进行回答。 国电南瑞科技股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日 发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 11 月 04 日(星期二)上午 11:00-12:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对2025年第三季度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 关于召开 ...

Core Insights - The Central State-Owned Enterprises Modern Energy Index has seen a strong increase of 1.70%, with notable gains from stocks such as China Xidian up 6.61% and Shanghai Electric up 6.40% [3] - The National Development and Reform Commission has released a plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, enhancing project economics through supportive policies [5] - The demand for energy storage is expected to maintain a high growth rate, with projections indicating a 30%-40% increase in global energy storage installations over the next two years [4] Group 1: Market Performance - The Central State-Owned Enterprises Modern Energy ETF (561790) has increased by 1.63%, marking a three-day consecutive rise, with a latest price of 1.25 yuan [3] - The ETF has seen a weekly cumulative increase of 2.85% as of October 24, 2025, ranking in the top third among comparable funds [3] - The ETF's trading volume reached 416.82 million yuan with a turnover rate of 9.1% [3] Group 2: Policy and Economic Outlook - The new energy storage plan outlines a target of 180 million kilowatts by 2027, with supportive measures from provinces like Henan to enhance project viability [5] - The energy storage market is experiencing robust demand, driven by new pricing policies and increased investment from social capital [4] - The lithium battery demand is projected to exceed 2700 GWh next year, with a year-on-year growth rate of over 30% [4] Group 3: Industry Composition - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 47.72% of the index, including major players like Yangtze Power and China Nuclear Power [6] - The Central State-Owned Enterprises Modern Energy ETF closely tracks the index, which includes 50 listed companies involved in green energy and fossil energy sectors [5]