证券代码：600406 证券简称：国电南瑞 公告编号：临 2025- 051 国电南瑞科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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： 基本情况 公司及募投项目实施子公司使用部分闲置募集资金进行现金管理，具体如下： | 产品名称 | 共赢慧信汇率挂钩人民币结构性存款 A11706 期 | | --- | --- | | 受托方名称 | 中信银行股份有限公司南京分行城北支行 | | 购买金额 | 16,200 万元 | | 产品期限 | 88 天 | | 产品名称 | 招商银行点金系列看涨三层区间 88 天结构性存款 | | 受托方名称 | 招商银行股份有限公司南京分行南昌路支行 | | 购买金额 | 48,650 万元 | | 产品期限 | 88 天 | | 产品名称 | 招商银行点金系列看跌三层区间 88 天结构性存款 | | 受托方名称 | 招商银行股份有限公司南京分行南昌路支行 | | 购买金额 | 48,650 万元 | | 产品期限 | ...

Summary of NARI Technology (600406.SS) 2Q25 Conference Call Company Overview - **Company**: NARI Technology (600406.SS) - **Industry**: Power Equipment and Grid Automation Key Financial Results - **2Q25 Revenue**: Rmb 15,348 million, +24% YoY - **Gross Profit**: Rmb 4,260 million, +8% YoY - **EBIT**: Rmb 2,636 million, +12% YoY - **Net Profit**: Rmb 3,137 million, +7% YoY - **Gross Margin (GPM)**: 28%, down 4 percentage points (pp) YoY - **Operating Margin (OPM)**: 17%, down 2 pp YoY - **Net Margin (NPM)**: 15%, down 2 pp YoY - **1H25 Revenue**: Rmb 28,243 million, +24% YoY - **1H25 GPM**: 28%, down 2.6 pp YoY Segment Performance - **Grid Automation Segment**: - Revenue: Rmb 12,225 million, +28% YoY in 1H25 - GPM: 30.3%, down 3 pp YoY - **Grid Digitalization Segment**: - Revenue: Rmb 3,900 million, +4% YoY in 1H25 - GPM: 23.4%, down 3 pp YoY - **Power Generation Segment**: - Revenue: Rmb 6,541 million, +30% YoY in 1H25 - GPM: 21.6%, down 2 pp YoY - **Industrial Internet Segment**: - Revenue: Rmb 1,245 million, +3% YoY in 1H25 - GPM: 20.0%, down 3 pp YoY - **Overseas Business**: - Revenue: Rmb 1,987 million, +139% YoY in 1H25 - Newly signed overseas contracts grew 200% YoY Expense Management - **SG&A Expense**: 13% of total revenue in 1H25, down from 14.9% in 1H24 - **Cash Flow from Operations**: Rmb 2,809 million in 1H25, representing 95% of net profit Investment Thesis - NARI Technology is positioned as a leading player in the power equipment sector in China, with significant market shares in various segments (34%-70%). - Expected to benefit from China's power grid modernization, with projected revenue and net profit CAGR of 10% and 12% respectively from 2025 to 2030. - Anticipated catalysts include State Grid's work plans and the upcoming 15th Five-Year Energy/Grid Plan in 2026. Valuation and Risks - **12-Month Target Price**: Rmb 30.2, based on a P/E ratio of 25X for 2026E - **Key Risks**: - Lower-than-expected fiscal support from the State Grid - Delays in UHV project approvals Conclusion - Despite pressure on GPM, NARI Technology shows strong revenue growth and effective expense management, maintaining a positive outlook for future performance and investment potential. The company is rated as a "Buy" with significant upside potential.

Group 1 - The company reported a revenue of 24.243 billion yuan for the first half of the year, representing a year-on-year growth of 19.54% [1] - The net profit attributable to shareholders was 2.952 billion yuan, with a year-on-year increase of 8.82% [1] - The company plans to distribute a cash dividend of 1.47 yuan per 10 shares, totaling 1.175 billion yuan [1] Group 2 - The construction of a new power system and new energy system is advancing, with increasing demand for energy security, digital transformation, and high-quality development of new energy [2] - The company adheres to the value concept of "technology as the foundation, industry as the result, and support as the responsibility," establishing a three-domain and four-layer industrial layout [2] - The company focuses on four major industrial clusters: smart grid, energy digital integration, low-carbon energy, and industrial interconnection [2] Group 3 - The company will advance its technology and business development in two directions: flexible and reconfigurable power electronics technology, and digitalization and intelligence through AI and digital twin technology [3] - The company aims to enhance research and development in flexible power grid technology and equipment, focusing on core technologies such as FACTS and wide-bandgap semiconductor applications [3] - The company plans to create a high-fidelity dynamic virtual model of the physical grid in the digital space, leveraging data mining and intelligent inference for operational efficiency [3]

Core Viewpoint - Guodian NARI (600406.SH) reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, indicating a positive trend in the company's financial health [1] Financial Performance - The company achieved an operating revenue of 24.243 billion yuan, representing a year-on-year increase of 19.54% [1] - The net profit attributable to shareholders reached 2.952 billion yuan, showing a year-on-year growth of 8.82% [1] - Basic earnings per share were reported at 0.37 yuan [1] Dividend Distribution - The company proposed a cash dividend of 1.47 yuan per 10 shares (including tax) for all shareholders [1]

Group 1 - The article discusses the independent financial advisory role of CITIC Securities for Guodian NARI Technology Co., Ltd. regarding the issuance of shares and cash payment for asset acquisition, as well as the management of idle raised funds [1][10] - The company raised a total of RMB 6,020,040,632.51 through a non-public offering to seven specific investors, with all funds received by April 8, 2018 [1][2] - The company has established special accounts for the raised funds and signed regulatory agreements to ensure the safety of fund usage [2] Group 2 - The company approved the use of up to RMB 1.431 billion of idle raised funds for cash management, specifically for purchasing structured deposits with high safety and liquidity, with a maximum term of 12 months [2][5] - As of June 30, 2025, the company has utilized RMB 4,808.7652 million of the raised funds, with a remaining balance of RMB 1,550.8496 million, including interest income [3][9] - The company plans to use part of the idle funds to temporarily supplement working capital, ensuring that the main investment projects are not affected [5][9] Group 3 - The company has a total asset of RMB 9,270,531.31 million and a total liability of RMB 3,996,942.02 million as of June 30, 2025, resulting in an equity of RMB 4,922,441.59 million [8] - The independent financial advisor has confirmed that the company's actions comply with relevant regulations and will enhance fund usage efficiency while not affecting the main business operations [10]

Core Points - The board of directors of Guodian NARI Technology Co., Ltd. held its seventh meeting of the ninth session on August 15, 2025, and made several important resolutions [1][2][3] Group 1: Fund Management and Financial Reports - The board approved the special report on the use and storage of raised funds for the first half of 2025 with unanimous consent [1] - The board approved the use of part of the idle raised funds for cash management and temporary replenishment of working capital, also with unanimous consent [2] - The board approved the profit distribution plan for the first half of 2025, again with unanimous consent [2][5] Group 2: Risk Assessment and Credit Facilities - The board reviewed and approved the risk assessment report for financial business conducted with China Electric Power Finance Co., Ltd., with specific directors abstaining from voting [3][4] - The company is authorized to apply for a comprehensive credit limit not exceeding RMB 31 billion from various banks, with specific allocations detailed for each bank [4] Group 3: Operational and Management Reports - The board approved the half-year report and summary for 2025, confirming the accuracy and completeness of the financial report [5] - The board approved the half-year evaluation report of the "Quality Improvement and Efficiency Enhancement" action plan for 2025 [5] - The board approved the revision of the "Company Authorization Management Measures" [5]

Fundraising Overview - The company raised a total of RMB 6,103,279,992.42 through a non-public offering of 381,693,558 shares at a price of RMB 15.99 per share, with a net amount of RMB 6,020,040,632.51 after deducting issuance costs [1] - As of June 30, 2025, the cumulative use of raised funds amounted to RMB 4,808,765,200, with RMB 4,512,690 allocated in the 2025 fiscal year [1] - The remaining balance of unused funds is RMB 1,550,849,557.38, which includes interest income of RMB 352,225,400 [1] Fund Management - The company has established a fundraising management method in compliance with relevant laws and regulations to ensure proper management and usage of the funds [1] - The company signed tripartite supervision agreements with banks and independent financial advisors to manage the funds securely [1] Fund Usage - The company has not used idle funds to temporarily supplement working capital during the reporting period [2] - The company has approved the use of up to RMB 1,431,000,000 of temporarily idle funds for cash management, with a rolling usage within a 12-month period [2] - As of June 30, 2025, the company maintained a balance of RMB 1,431,000,000 in structured deposits [2] Investment Projects - The company has not reported any early investments or replacements for fundraising projects during the reporting period [2] - There are no instances of using excess funds for ongoing or new projects, including asset acquisitions [5] Financial Products - The company has engaged in cash management through structured deposits, which are considered low-risk and provide liquidity [5] - The total income from financial products that have matured is RMB 20,858,500, with no overdue or restricted funds reported [5]

Core Viewpoint - The report evaluates the financial operations and risk management of China Electric Power Finance Co., Ltd. (China Electric Finance), highlighting its compliance with regulations and effective internal controls [1][5]. Group 1: Company Overview - China Electric Finance is a non-bank financial institution approved by the People's Bank of China, with a registered capital of 28 billion yuan, controlled by State Grid Corporation of China [1]. - The company has a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management, ensuring clear responsibilities in risk management [1]. Group 2: Risk Management - China Electric Finance identifies and assesses risks based on the likelihood of occurrence and impact, focusing on liquidity, credit, operational, market, and cybersecurity risks [2]. - The company has established a comprehensive risk control system, including asset-liability management, credit risk assessment, and emergency liquidity management [2][4]. Group 3: Financial Performance - As of June 30, 2025, China Electric Finance reported total assets of 269.48 billion yuan and net assets of 50.54 billion yuan, with a revenue of 2.57 billion yuan and a net profit of 1.43 billion yuan for the first half of 2025 [5]. - The company adheres to legal and regulatory requirements, ensuring compliance with financial management standards [5]. Group 4: Loan and Deposit Situation - As of June 30, 2025, the company had a deposit balance of 1.973 billion yuan with China Electric Finance, accounting for 30.66% of its total deposits [6]. - The company has no outstanding loans with China Electric Finance but has a loan balance of 641 million yuan with other banks [6]. Group 5: Risk Assessment Opinion - The company concludes that China Electric Finance possesses valid financial licenses and has established a robust internal control system, effectively managing risks and complying with regulatory requirements [6].

Core Viewpoint - The company has actively responded to the Shanghai Stock Exchange's initiative for quality improvement and return enhancement, implementing a comprehensive action plan for 2025 that focuses on operational efficiency and investor returns [1] Group 1: Operational Quality Improvement - The company signed new contracts worth 35.432 billion yuan, a year-on-year increase of 23.46%, and achieved a basic earnings per share of 0.37 yuan [1] - Main business revenue in the power grid sector reached 13.070 billion yuan, up 15.56% year-on-year, while revenue from non-power grid sectors was 11.141 billion yuan, increasing by 24.72% [1] - Major projects have been successfully commissioned, including the Ningxia-Hunan ultra-high voltage project and various renewable energy projects [1] Group 2: Mechanism Reform and Internal Growth - The company has established cross-functional teams and research groups to enhance technological capabilities and market expansion in the energy sector [2] - A comprehensive evaluation mechanism for research activities has been implemented to identify valuable projects and improve research output [2] - The company has improved its organizational structure, moving from an administrative to a value-driven model, resulting in a rise in its ranking as a "model for scientific reform" [2] Group 3: Efficiency and Management - The company has made significant progress in talent acquisition, adding 1 national-level and 19 provincial-level talents, enhancing its workforce structure [3] - Non-production expenses have been strictly controlled, leading to a 0.6 percentage point improvement in the ratio of sales, management, and financial expenses to revenue [3] - The company has strengthened safety and risk management, with no significant safety incidents reported in the first half of the year [4] Group 4: Technological and Industrial Innovation - The company has engaged in significant technological projects, including offshore wind power and carbon accounting, and has achieved breakthroughs in various advanced technologies [4][5] - New products and platforms have been developed, enhancing the company's market presence in both power grid and non-power grid sectors [5] Group 5: Corporate Governance - The company has optimized its governance mechanisms, holding multiple board meetings and successfully completing the board and supervisory committee restructuring [6] - An ESG management system has been established, with the company receiving a "five-star" rating for its ESG report [7] Group 6: Investor Returns - The company plans to distribute a cash dividend of 0.57 yuan per share for the 2024 fiscal year, totaling 4.562 billion yuan, with a dividend payout ratio of approximately 39.79% for the mid-2025 dividend plan [8] - A share repurchase plan has been initiated, with a target of repurchasing between 500 million and 1 billion yuan worth of shares [8] Group 7: Investor Communication - The company has enhanced its information disclosure practices, ensuring compliance and improving the readability of reports [9] - A multi-channel communication network has been established to engage with investors, conducting 46 investor interactions in the first half of the year [9]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of NARI Technology Co., Ltd. for the first half of 2025, showcasing significant revenue growth and a focus on innovation in the energy and industrial control sectors [1][3]. Financial Performance - The company's consolidated net profit attributable to shareholders for the first half of 2025 was approximately RMB 2.95 billion, with an undistributed profit of about RMB 31.51 billion as of June 30, 2025 [1]. - Total revenue for the first half of 2025 reached approximately RMB 24.24 billion, representing a year-on-year increase of 19.54% [3]. - The total profit for the period was approximately RMB 3.55 billion, an increase of 8.08% compared to the previous year [3]. - The basic earnings per share increased by 9.26% to RMB 0.37 [4]. Business Overview - NARI Technology is a leading enterprise in the energy and industrial control sectors, focusing on intelligent energy solutions and automation technologies [5][6]. - The company provides a wide range of products and solutions across various industries, including energy, municipal utilities, and environmental protection, serving over 100 countries [5][6]. Strategic Initiatives - The company is committed to advancing its technological capabilities, focusing on areas such as smart grids, digital transformation, and low-carbon energy solutions [5][10]. - NARI Technology aims to enhance its core competitiveness by integrating cutting-edge technologies like artificial intelligence, edge computing, and digital twins into its operations [5][8]. - The company has established a comprehensive industrial layout, emphasizing the development of four major industry clusters: smart grid, energy internet, industrial internet, and low-carbon energy [5][10]. Market Expansion - In the first half of 2025, NARI Technology signed contracts worth approximately RMB 35.43 billion, marking a year-on-year increase of 23.46% [19]. - The company has successfully expanded its international business, with significant growth in markets such as Saudi Arabia and South America, and has secured contracts for major projects [19].