股票简称：百利电气 股票代码：600468 公告编号：2025-042 天津百利特精电气股份有限公司 关于召开2025 年第三季度业绩说明会的公告 特别提示 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： 会议召开时间：2025 年 11 月 24 日（星期一）下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 17 日（星期一）至 11 月 21 日（星 期五）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 600468@benefo.tj.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 天津百利特精电气股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 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 2 ...

Market Overview - On November 12, the Tianjin state-owned enterprise reform sector declined by 0.36% compared to the previous trading day, with Baili Electric leading the decline [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with T-712 rising by 1.98% to close at 20.56, and Baili Electric falling by 3.54% to close at 7.08 [1][2] - The trading volume and turnover for T-712 were 302,000 shares and 636 million yuan, respectively [1] Capital Flow - The Tianjin state-owned enterprise reform sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 168 million yuan [2] - The capital flow data indicates that while institutional and speculative funds withdrew, retail investors were actively buying into the sector [2][3] Individual Stock Analysis - T-712 had a net inflow of 78.32 million yuan from institutional investors, while Baili Electric saw a significant outflow of 78.51 million yuan [3] - The stock of Tianjin Port closed at 4.89, down 0.41%, with a trading volume of 209,600 shares [2][3]

Core Viewpoint - Baili Electric (600468.SH) stated that its products are currently not applicable to thorium-based molten salt reactor technology [1] Group 1: Company Overview - The company specializes in the research, development, production, and sales of power distribution and control equipment, wires and cables, and pumps [1] - Baili Electric aims to focus on high-end products and services in the power equipment sector, seizing opportunities from energy structure optimization and the construction of new power systems [1] Group 2: Future Strategy - The company plans to implement a new energy industry layout while closely monitoring the development of new technologies [1] - Future strategies will be aligned with the company's actual situation to empower its development [1]

Core Viewpoint - The company, Baoli Electric (600468.SH), has stated that its products are currently not applicable to thorium-based molten salt reactor technology, while focusing on high-end products and services in the power equipment sector [1] Group 1: Company Overview - Baoli Electric specializes in the research, production, and sales of power distribution and control equipment, wires and cables, and pumps [1] - The company aims to leverage opportunities arising from energy structure optimization and the construction of new power systems [1] Group 2: Strategic Focus - The company is committed to implementing new energy industry layouts and closely monitoring the development of new technologies [1] - Future strategies will be aligned with the company's actual situation to empower its development [1]

Core Insights - The Tianjin state-owned enterprise reform sector saw a slight increase of 0.2% on October 31, with Haitai Development leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance Summary - Haitai Development (600082) closed at 4.72, up 6.07% with a trading volume of 399,300 shares and a turnover of 185 million yuan [1] - Guifaxiang (002820) closed at 12.80, up 3.90% with a trading volume of 137,100 shares and a turnover of 174 million yuan [1] - Tianbao Infrastructure (000965) closed at 4.38, up 2.10% with a trading volume of 861,500 shares and a turnover of 380 million yuan [1] - Other notable stocks include Jinmeng Technology (300334) at 7.50 (+1.90%), Bohai Chemical (600800) at 3.83 (+1.86%), and Jintou City Development (600322) at 2.51 (+1.21%) [1] Capital Flow Analysis - The Tianjin state-owned enterprise reform sector experienced a net inflow of 67.98 million yuan from institutional investors, while retail investors saw a net outflow of 84.03 million yuan [2][3] - The main capital inflow was observed in Tianbao Infrastructure (000965) with a net inflow of 49.38 million yuan, while Jin Kai New Energy (600821) faced a significant net outflow of 66.21 million yuan [3]

Core Insights - The company reported a total revenue of 1.626 billion yuan for Q3 2025, marking an increase of 209 million yuan or 14.75% year-on-year [1] - The net profit attributable to shareholders decreased to 82.7632 million yuan, down 20.2002 million yuan or 19.62% compared to the same period last year [1] - The net cash flow from operating activities was -76.6517 million yuan, a decrease of 75.7220 million yuan year-on-year [1] Financial Metrics - The latest debt-to-asset ratio is 44.77%, an increase of 1.51 percentage points from the previous quarter and 3.56 percentage points from the same period last year [3] - The gross profit margin is 20.14%, down 1.40 percentage points from the previous quarter and 4.03 percentage points year-on-year [3] - The return on equity (ROE) stands at 4.12%, a decrease of 0.72 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.08 yuan, down 0.02 yuan or 19.64% year-on-year [3] - The total asset turnover ratio is 0.42 times, an increase of 0.06 times year-on-year [3] - The inventory turnover ratio is 2.71 times, up 0.58 times or 26.93% year-on-year [3] Shareholder Structure - The number of shareholders is 89,400, with the top ten shareholders holding 654 million shares, accounting for 60.14% of the total share capital [3] - The largest shareholder is Tianjin Hydraulic Machinery (Group) Co., Ltd., holding 53.29% of the shares [3]

Core Insights - The company reported a revenue of 1.626 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.75% [1] - The net profit attributable to shareholders decreased to 82.76 million yuan, a decline of 19.62% year-on-year [1] - The non-recurring net profit was 78.67 million yuan, down 17.83% compared to the previous year [1] - The basic earnings per share stood at 0.0761 yuan [1]

Market Overview - On October 29, the Tianjin state-owned enterprise reform sector fell by 0.13% compared to the previous trading day, with Gui Faxiang leading the decline [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with Jin Kai New Energy (600821) rising by 1.93% to close at 5.81, and Gui Faxiang (002820) falling by 3.39% to close at 12.55 [1][2] - The trading volume and turnover for notable stocks included: - Jin Kai New Energy: 455,800 shares traded, turnover of 263 million yuan - Tianjin Port (600717): 253,400 shares traded, turnover of 122 million yuan - Gui Faxiang: 141,400 shares traded, turnover of 178 million yuan [1][2] Capital Flow - The Tianjin state-owned enterprise reform sector experienced a net outflow of 85.1 million yuan from institutional investors, while retail investors saw a net inflow of 108 million yuan [2][3] - Notable capital flows for specific stocks included: - Tianjin Investment City Development (600322): Net inflow of 24.4 million yuan from institutional investors - Jin Kai New Energy (600821): Net inflow of 13.05 million yuan from institutional investors - Gui Faxiang (002820): Net outflow of 9.5 million yuan from institutional investors [2][3]

Financial Performance - The company's operating revenue for the third quarter was CNY 596,185,910.50, an increase of 16.62% compared to the same period last year[4]. - The total profit for the third quarter decreased by 36.02% to CNY 29,795,984.83, while the net profit attributable to shareholders fell by 32.39% to CNY 25,848,469.07[4]. - The gross profit margin decreased by 4.8 percentage points compared to the same period last year, impacting overall profitability[8]. - Total operating revenue for the first three quarters of 2025 reached ¥1,626,083,938.65, an increase of 14.74% compared to ¥1,417,122,148.19 in the same period of 2024[21]. - Net profit for the first three quarters of 2025 was ¥85,930,487.48, a decrease of 21.67% from ¥109,680,339.93 in the same period of 2024[22]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,952,377,603.92, representing a 4.75% increase from the previous year[5]. - The total liabilities increased to ¥1,769,606,828.56 in 2025 from ¥1,670,801,481.08 in 2024, reflecting a growth of 5.91%[19]. - The total equity attributable to shareholders of the parent company rose to ¥2,008,382,909.08 in 2025, up from ¥1,920,051,290.53 in 2024, marking a growth of 4.83%[19]. - Current assets totaled 2,817,364,870.33 RMB, up from 2,673,298,038.20 RMB at the end of 2024, indicating a growth in liquidity[17]. - Total current liabilities rose to 1,698,317,953.50 RMB from 1,580,993,236.76 RMB, reflecting an increase in operational obligations[18]. Cash Flow - The company reported a net cash flow from operating activities of CNY -76,651,719.19 for the year-to-date period[4]. - The company's net cash flow from operating activities for the first three quarters of 2025 was -¥76,651,719.19, compared to -¥929,717.29 in the same period of 2024[23]. - Investment activities cash outflow totaled $58,519,395.94, compared to $46,897,028.45 in the previous period[24]. - Net cash flow from investment activities was -$32,367,595.87, slightly improved from -$35,057,756.20[24]. - The net decrease in cash and cash equivalents was -$203,515,176.40, compared to -$92,576,305.92 in the prior period[24]. Shareholder Information - The company plans to reduce its shareholding by up to 2.00%, equivalent to 21,754,706 shares, during the period from August 4 to November 1, 2025[11]. - The top ten shareholders hold a combined 57.00% of the company's shares after recent reductions by Tianjin Xin Hao Investment Development Co., Ltd.[10]. - Xin Hao Investment reduced its shareholding by 10,877,400 shares, accounting for 1.00% of the total share capital, decreasing its ownership from 1.31% to 0.31%[12]. - The total share reduction by Xin Hao Investment amounted to 2% of the company's total share capital, completed through both block trading and centralized bidding[12]. Governance and Management - The company has restructured its governance by abolishing the supervisory board, transferring its responsibilities to the audit committee of the board of directors[14]. - The board of directors announced the financial results on October 28, 2025[26]. - The company plans to implement new accounting standards starting in 2025[25]. Other Financial Metrics - Research and development expenses for the first three quarters of 2025 were ¥78,788,807.85, slightly up from ¥77,830,120.78 in the same period of 2024[21]. - The company reported an increase in investment income to ¥42,834,153.26 in 2025, compared to ¥38,378,109.15 in 2024, representing a growth of 11.43%[21]. - Cash received from sales of goods and services was ¥1,262,474,045.81 in 2025, a marginal increase from ¥1,258,429,519.33 in 2024[23].

Group 1 - The core viewpoint of the article highlights the financial performance of Baoli Electric in the third quarter, showing a revenue increase but a decline in net profit [1] Group 2 - In the third quarter, Baoli Electric reported a revenue of 596 million yuan, representing a year-on-year growth of 16.62% [1] - The net profit for the third quarter was 25.85 million yuan, which reflects a year-on-year decrease of 32.39% [1] - For the first three quarters, the total revenue reached 1.626 billion yuan, marking a year-on-year increase of 14.75% [1] - The net profit for the first three quarters was 82.76 million yuan, showing a year-on-year decline of 19.62% [1]