Revenue and Profit - The company's total operating revenue reached 2.544 billion yuan, an increase of 4.6% year-on-year. The net profit attributable to shareholders was 188 million yuan, up 12.98% year-on-year. However, the net profit after deducting non-recurring gains and losses was 105 million yuan, a decrease of 28.84% year-on-year. In the second quarter, the operating revenue was 1.335 billion yuan, a year-on-year increase of 13.93%, and the net profit attributable to shareholders was 136 million yuan, up 27.86% year-on-year, but the net profit after deducting non-recurring gains and losses was 67.4 million yuan, down 28.82% year-on-year [1][6]. Profitability - The company's gross profit margin was 15.76%, a decrease of 15.94% year-on-year. The net profit margin was 7.43%, an increase of 8.21% year-on-year. Despite the increase in net profit margin, the decline in gross profit margin indicates certain pressures in cost control. The total operating expenses (selling, administrative, and financial expenses) amounted to 189 million yuan, accounting for 7.44% of revenue, a decrease of 2.47% year-on-year [2]. Cash Flow and Balance Sheet - The operating cash flow per share was -0.14 yuan, a decrease of 40.8% year-on-year, indicating reduced cash collection from operating activities. Additionally, accounts receivable were significantly high, with accounts receivable accounting for 1662.24% of the latest annual net profit, which may adversely affect future cash flow. Cash and cash equivalents were 1.83 billion yuan, a decrease of 1.94% year-on-year, while interest-bearing liabilities were 2.531 billion yuan, a decrease of 0.17% year-on-year [3]. Main Business and Market Environment - The company's main business includes the design, production, and sales of generators, AC and DC motors, special motors, and marine propulsion systems. In the first half of 2025, the company successfully won multiple major projects and expanded into overseas markets. Benefiting from national policy support, the market for explosion-proof, high-efficiency, and energy-saving motors continues to grow, with the penetration rate of high-efficiency motors increasing from 35% in 2024 to 45% in 2025. The marine generator and motor industry is rapidly developing, with growing demand in the defense equipment motor market and the full entry of new energy into the electricity market, providing new development opportunities for the company [4]. Core Competitiveness and Future Development - The company possesses strong technical capabilities in its core businesses of electromagnetic energy, motors, and motor control, with multiple national and provincial innovation platforms and has participated in the formulation of 136 standards. The marketing network covers the entire country, with a continuous increase in market share in traditional markets, and products are exported to over 80 countries and regions. The company will continue to strengthen its technological innovation capabilities, optimize marketing resource allocation, restructure its organizational management system, and deepen digital transformation to respond to market competition and industry changes [5]. Summary - Overall, the company's mid-2025 report shows growth in revenue and net profit attributable to shareholders, but challenges exist in net profit after deducting non-recurring gains and losses, gross profit margin, and cash flow. Particularly, the high proportion of accounts receivable may adversely affect future cash flow. The company needs to further strengthen cost control and accounts receivable management to ensure sustainable development [6].

湘电股份7月29日股价报14.06元，较前一交易日下跌0.35元，跌幅2.43%。当日成交量为530697手，成 交金额达7.44亿元。 7月29日主力资金净流出9550.92万元，占流通市值的0.51%。 风险提示：投资有风险，入市需谨慎。 公司7月28日晚间发布公告，拟以现金方式收购控股股东湘电集团持有的通达电磁能12.5%股权，交易 价格为2.08亿元。通达电磁能2024年实现营业收入4.03亿元，净利润3618万元。 同日公布的半年报显示，湘电股份2025年上半年实现营业收入25.44亿元，同比增长4.6%；归属于上市 公司股东的净利润1.88亿元，同比增长12.98%。社保基金五零三组合二季度新进成为公司第十大流通股 东，持股800万股。 湘电股份主营业务为电机及配套产品的研发、生产和销售，产品广泛应用于电力、冶金、石油化工等行 业。公司是国内领先的电机生产企业，产品远销全球80多个国家和地区。 ...

Core Viewpoint - Xiangtan Electric Machine Co., Ltd. (hereinafter referred to as "Xiang Electric") reported positive performance in the first half of 2025, driven by the growth of the energy-efficient motor market as the national "dual carbon" goals advance [2][3] Financial Performance - In the first half of 2025, Xiang Electric achieved operating revenue of 2.544 billion yuan, a year-on-year increase of 4.6% [2] - The net profit attributable to shareholders reached 188 million yuan, reflecting a year-on-year growth of 12.98% [2] Market Dynamics - The new national standard sets the IE3 efficiency level as the minimum threshold, increasing the penetration rate of energy-efficient motors from 35% in 2024 to 45% in 2025 [2] - Various provinces, including Heilongjiang and Shandong, provide procurement subsidies for energy-efficient motors, with subsidy rates ranging from 15% to 20% of the equipment price, accelerating the replacement of traditional motors [2] Company Positioning - Xiang Electric is one of the largest motor manufacturers in China and has significant international recognition, exporting to over 80 countries and regions [2] - The company holds a leading market share in the domestic large and medium-sized AC motor sector [2] R&D and Innovation - The company's independent R&D capabilities are crucial for converting market demand into performance growth, focusing on high-end and differentiated R&D strategies [3] - In the first half of 2025, Xiang Electric accelerated the development and application of new technologies and products across 10 strategic product R&D directions and 20 product types [3] - Notable projects include a permanent magnet energy-saving system with over 20% energy savings and a successful pilot project for a flywheel energy storage system in Guangzhou [3] Strategic Acquisitions - Xiang Electric announced plans to acquire 12.5% of Tongda Electromagnetic Energy Co., Ltd. from its controlling shareholder, Xiang Electric Group, for 208 million yuan [3] - Tongda Electromagnetic Energy is recognized as a significant player in the electromagnetic energy and motor industry, with improving operational performance and good growth potential [3] Market Outlook - Analysts express confidence in Xiang Electric's future growth, particularly in light of the national "dual carbon" strategy and the successful approval of the company's private placement [3]

证券之星消息，7月29日电机板块较上一交易日下跌0.18%，湘电股份领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。电机板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300907 | 康平科技 | 31.93 | 8.94% | 15.06万 | | 4.86亿 | | 002176 | 江特电机 | 8.12 | 4.91% | 182.33万 | | 14.99 Z | | 603988 | 中电电机 | 24.20 | 0.88% | 2.67万 | | 6423.64万 | | 603489 | 八方股份 | 27.94 | 0.58% | 2.68万 | | 7420.24万 | | 603320 | 迪贝电气 | 19.20 | 0.00% | 3.13万 | | 5995.79万 | | 60381a | 神力股份 | 14.78 | -0.07% | 7.22万 | | 1.08亿 ...

Core Viewpoint - Xiangtan Electric Machine Co., Ltd. reported a total profit of approximately 198.86 million yuan for the first half of 2025, reflecting a year-on-year increase of 9.24% compared to 182.04 million yuan in the same period last year [1] Financial Summary - Total assets at the end of the reporting period amounted to approximately 15.29 billion yuan, a decrease of 0.52% from the previous year [1] - Operating revenue for the reporting period was approximately 2.54 billion yuan, representing a year-on-year increase of 4.60% from 2.43 billion yuan [1] - Net profit attributable to shareholders of the listed company was approximately 188.44 million yuan, up 12.98% from 166.79 million yuan in the same period last year [1] - The net cash flow from operating activities was negative at approximately -180.31 million yuan, a decline of 40.80% compared to -128.06 million yuan in the previous year [1] - Basic earnings per share were reported, with diluted earnings per share also noted [1] Shareholder Information - The total number of shareholders at the end of the reporting period was 43,870 [1] - Major shareholders include Hunan Xingxiang Investment Holding Group Co., Ltd. with a holding of 13.66% [1] - The company has noted that its controlling shareholder, Xiangdian Group, and Xingxiang Group are acting in concert [1]

Group 1 - The board of directors of Xiangtan Electric Machine Co., Ltd. held its eighth meeting of the ninth session on July 28, 2025, with all 9 directors present, ensuring compliance with legal and regulatory requirements [1] - The board unanimously approved the 2025 semi-annual report and the special report on the use of raised funds, which were published on the Shanghai Stock Exchange website on July 29, 2025 [1] Group 2 - The company approved a related party transaction to acquire a 12.5% stake in Tongda Electromagnetic Energy Co., Ltd. from Xiang Electric Group Co., Ltd., with the acquisition price based on the assessed value of the shares [2] - The independent directors deemed the acquisition necessary for the company's operational development and beneficial for all shareholders, enhancing the company's control over the industrial chain and its technological innovation capabilities [2]

Key Points - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, has passed away [1] - Jianghe Group's construction and decoration segment won contracts worth approximately 13.694 billion yuan in the first half of the year, representing a year-on-year increase of 6.29% [2] - Dele Shares plans to transfer 100% equity of Derui Mining to Fengyang Mining Investment [2] - Sichuan Chengyu led a consortium that won the bid for the G5 Jingkun Expressway expansion project from Chengdu to Ya'an [1] - Huai City Environmental Protection reported a net profit of 5.0204 million yuan in the first half of the year, a year-on-year decrease of 85.63% [2] - Awei Electronics intends to issue convertible bonds to raise no more than 1.901 billion yuan for the construction of a global R&D center [3] - The company Tianyi plans to participate in the e-enterprise network terminal production procurement project [1]

Group 1: Company Performance - WuXi AppTec reported a net profit of 8.561 billion yuan for the first half of the year, a year-on-year increase of 101.92% [1] - The company's revenue for the first half reached 20.799 billion yuan, reflecting a growth of 20.64% year-on-year [1] - WuXi AppTec plans to distribute a cash dividend of 3.5 yuan per share to all shareholders [1] - The company has revised its revenue forecast for the full year to between 42.5 billion and 43.5 billion yuan [1] - SANY Heavy Industry plans to issue non-financial corporate debt financing tools not exceeding 20 billion yuan to optimize its financing structure [1] Group 2: Film Industry Impact - Happiness Blue Sea announced that the film "Nanjing Photo Studio" has surpassed 412 million yuan in cumulative box office, exceeding 50% of the company's audited revenue for the most recent fiscal year [2] - The film's impact on the company's revenue is currently negligible as it is still in theaters [2] Group 3: Corporate Actions - Zhonghua Equipment plans to issue shares to acquire 100% equity of two companies, marking a significant asset restructuring [2] - Dahua Intelligent is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [3] - Shiming Technology's actual controller and chairman has been placed under detention due to personal matters unrelated to the company [4] Group 4: Financial Performance - Ju Chen Co. reported a net profit growth of 43.5% for the first half of the year [6] - Qizheng Tibetan Medicine's net profit increased by 9.94% year-on-year [6] - China Minmetals' new contract value decreased by 19.1% year-on-year [6] - Huicheng Environmental's net profit declined by 85.63% year-on-year [6] Group 5: Mergers and Acquisitions - Kaishan Holdings plans to acquire a minority stake in SMGP for 3 million USD [6] - Zhonghua International intends to purchase 100% equity of Nantong Xingchen Composite Materials Co., Ltd. [6] - Xiangdian Co. plans to acquire a 12.5% stake in Tongda Electromagnetic Energy for 208 million yuan [6]

本资产评估报告依据中国资产评估准则编制 湘潭电机股份有限公司拟收购股权 涉及的通达电磁能股份有限公司股东全部权益价值 资产评估报告 中威正信评报字(2025)第 9026 号 (共一册,第一册) 中威正信（北京）资产评估有限公司 2025 年 5 月 20 日 中国资产评估协会 湘潭电机股份有限公司拟收购股权涉及的 通达电磁能股份有限公司股东全部权益价值资产评估报告 录 | 声 明 | | --- | | 资产评估报告摘要 . | | 资产评估报告 . | | 一、委托人、被评估单位和资产评估委托合同约定的其他评估报告使用人概况 | | 二、评估目的 . | | 三、评估对象和评估范围 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 四、价值类型及其定义 | | 五、 评估基准日 . | | 六、评估依据 . | | 七、评估方法 ………………………………………………………………………………………………………………………………………………… ...

通达电磁能股份有限公司 审计报告 上会师报字(2025)第 9195 号 上会会计师事务所（特殊普通合伙） 中国 the state 审计报告 上会师报字(2025)第 9195 号 通达电磁能股份有限公司全体股东: 一、审计意见 我们审计了通达电磁能股份有限公司（以下简称"通达电磁能"）财务报表, 包括 2024 年 12 月 31 日的资产负债表，2024 年度的利润表、现金流量表、股东权益 变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了通达电磁能 2024 年 12 月 31 日的财务状况以及 2024 年度的经营成果和现金 流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照 中国注册会计师职业道德守则，我们独立于通达电磁能，并履行了职业道德方面的 其他责任。我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供 了基础。 会计师 事务所（特殊普通合伙） Centified Public Accountants ...