国网英大股份有限公司2025 年第三季度报告 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 1 / 11 证券代码：600517 证券简称：国网英大 国网英大股份有限公司 2025 年第三季度报告 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。 单位：元 币种：人民币 项目 本报告期 本报告期比 上年同期增 减变动幅度 (%) 年初至报告期末 年初至报告期 末比上年同期 增减变动幅度 (%) 营业总收入 2,564,195,212.99 -5.19 7,870,312,410.23 2.30 营业收入 1,613,468,893.45 -10.43 5,055,996,965.75 4.05 利息收入 120,141,418.3 ...

Market Overview - The diversified financial sector experienced a decline of 2.68% on October 17, with Hainan Huate leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable gainers included *ST Rindong, which rose by 4.38% to a closing price of 6.91, and Bohai Leasing, which increased by 1.78% to 3.44 [1] - Hainan Huate saw the largest decline, dropping 6.96% to a closing price of 7.09, with a trading volume of 3.57 million shares and a transaction value of 2.50 billion [2] - Other significant decliners included Sichuan Shuangma (-5.82%), State Grid Yingda (-4.77%), and Sinopec Capital (-4.72%) [2] Capital Flow - The diversified financial sector saw a net outflow of 666 million from institutional investors, while retail investors contributed a net inflow of 602 million [2] - The table of capital flow indicates that Bohai Leasing had a net inflow of 85.51 million from institutional investors, while it faced a net outflow of 21.25 million from speculative funds [3] - The overall trend shows a mixed capital flow, with institutional investors withdrawing while retail investors remained active in the market [3]

Overview - The report provides a comprehensive analysis of the global and Chinese power transmission and distribution equipment industry, including market trends, technological advancements, and competitive landscape [2][3][4]. Industry Definition and Classification - Power transmission and distribution equipment is defined and differentiated from similar concepts, with a clear classification of the industry [3][4]. - The report outlines the regulatory framework and standard systems governing the industry in China [3][4]. Global Industry Development - The global power transmission and distribution equipment industry has a rich development history, with current technological and supply-demand conditions analyzed [4][5]. - The competitive landscape includes insights into mergers and acquisitions within the industry [4][5]. Market Size and Trends - The report estimates the market size of the global power transmission and distribution equipment industry and provides forecasts for the next five years [4][5]. - Key trends include technological advancements and shifts in market demand [4][5]. Chinese Industry Analysis - The development history and technological progress of the Chinese power transmission and distribution equipment industry are detailed, including research and innovation efforts [5][6]. - The report discusses the import and export statistics of power transmission and distribution equipment, highlighting trade dynamics [5][6]. Market Participants - An analysis of market participants includes types of companies, their entry strategies, and the distribution of registered enterprises across regions [5][6]. - The report also examines the bidding market for power transmission and distribution equipment in China, including key players and their bidding behaviors [5][6]. Competitive Landscape - The competitive dynamics of the Chinese power transmission and distribution equipment industry are analyzed, including market concentration and competitive clusters [6][7]. - The report employs Porter's Five Forces model to assess the competitive environment [6][7]. Investment and Financing - The report outlines the investment landscape, including sources of funding, investment trends, and notable financing events in the industry [6][7]. - Mergers and acquisitions are discussed, highlighting motivations and significant case studies [6][7]. Supply Chain and Cost Structure - The structure of the power transmission and distribution equipment industry supply chain is mapped out, along with an analysis of cost components [7][8]. - The report examines the market for raw materials essential to the industry, such as silicon steel and copper [7][8]. Product Market Analysis - The report provides insights into various segments of the power transmission and distribution equipment market, including transformers, switchgear, capacitors, and more [8][9]. - Trends in product development, such as miniaturization and increased reliability, are highlighted [8][9]. Application Market Analysis - The report analyzes application scenarios and market distribution for power transmission and distribution equipment, including power grid construction and renewable energy integration [9][10]. - Specific sectors such as rail transportation and automotive manufacturing are examined for their demand for power transmission and distribution equipment [9][10]. SWOT Analysis - A SWOT analysis of the Chinese power transmission and distribution equipment industry identifies strengths, weaknesses, opportunities, and threats [17][18]. - The report discusses the macroeconomic environment, social factors, and policy impacts on the industry [17][18]. Future Outlook - The report forecasts the future development potential of the Chinese power transmission and distribution equipment industry, identifying key growth areas and trends [18][19]. - It emphasizes the importance of technological innovation and market adaptation in shaping the industry's future [18][19].

Core Viewpoint - The recent leadership change at Yingda Securities, with Ma Xiaoyan appointed as the new chairman, reflects a continuation of internal selection traditions within the State Grid system, following the resignation of Duan Guangming after a three-year tenure [1][2][3]. Group 1: Leadership Changes - Ma Xiaoyan has been appointed as the chairman of Yingda Securities, succeeding Duan Guangming, who served since August 2022 [1][2]. - Duan Guangming's resignation as chairman aligns with his earlier departure from the board of State Grid Yingda on August 27, 2025, indicating a planned transition [2]. - Ma Xiaoyan has a strong background within the State Grid system, having held various key positions prior to this appointment, including roles at Yingda International Holdings and as the general manager of Yingda Securities [3]. Group 2: Management Team Adjustments - Yingda Securities has experienced frequent changes in its executive team, with significant adjustments in key positions such as general manager and chief risk officer since 2021 [4]. - The company has implemented a public selection process for managerial roles, reflecting a shift towards a more professional management structure [4]. - The rapid turnover in leadership positions, including the appointment of new executives in various roles, indicates a dynamic management environment [4]. Group 3: Financial Performance - Yingda Securities has shown a trend of fluctuating revenues but increasing net profits, with total revenue for 2024 reported at 860 million, a decrease of 25.64% year-on-year, while net profit reached 176 million, a significant increase of 64.43% [5]. - In the first half of 2025, the company reported total revenue of 389 million, down 3.72% year-on-year, but net profit increased by 36.81% to 107 million [5]. - The company's classification rating improved from B class BB to BBB in the 2024 evaluation by the China Securities Regulatory Commission, indicating a positive shift in industry standing [5].

Core Insights - Yingda Securities has undergone a significant leadership change with Ma Xiaoyan officially appointed as the new chairman and legal representative, succeeding Duan Guangming after a three-year term [1] - Ma Xiaoyan, born in 1969, has a background in the State Grid system and has held several important positions within the State Grid [1] - The company is currently experiencing a restructuring of its revenue model and an improvement in profit quality [1] - On September 10, Yingda Securities completed its first large-scale short-term financing bond issuance [1]

Core Viewpoint - The leadership transition at Yingda Securities marks a significant change within the company, with Ma Xiaoyan taking over as chairman from Duan Guangming, who served for three years. This change comes amid a backdrop of fluctuating financial performance and strategic growth initiatives within the company [1][2]. Company Leadership Change - Ma Xiaoyan has officially been appointed as the chairman of Yingda Securities, succeeding Duan Guangming, who resigned after a three-year tenure. The change was formalized on September 19, 2023, with Ma Xiaoyan also becoming the legal representative of the company [1][2]. - Both Ma Xiaoyan and Duan Guangming are seasoned professionals from the State Grid system, with Ma having extensive experience in financial management and corporate governance [3]. Financial Performance - For the first half of 2025, Yingda Securities reported total operating revenue of 389 million yuan, a decrease of 3.72% year-on-year, while net profit increased by 36.81% to 107 million yuan. The company's total assets and net assets stood at 20.188 billion yuan and 6.831 billion yuan, respectively [1][4][6]. - The company has seen significant growth in its brokerage business, which contributed 45.24% of total revenue, with brokerage income reaching 176 million yuan, up 21.33% year-on-year [6][5]. Business Development and Strategy - Yingda Securities has established a comprehensive business structure encompassing nine major sectors, including investment banking, asset management, and securities investment, with 31 branches nationwide [4]. - The company is actively involved in underwriting local government bonds and providing financial advisory services to various enterprises, enhancing its role in supporting the State Grid's industrial development [6]. Asset Management and Investment Performance - The asset management segment has shown promising results, with entrusted client assets reaching 3.084 billion yuan, and the company launched its first multi-factor strategy mixed asset management plan [7]. - The company has effectively navigated market conditions, achieving a notable investment return rate that exceeds the overall bond index by 357 basis points [7]. Challenges and Market Conditions - Despite the growth in certain areas, the company faced challenges in its futures business, with fee income declining by 36.27% due to reduced trading fees and other market pressures [8].

Core Viewpoint - The recent leadership change at Yingda Securities, with Ma Xiaoyan appointed as the new chairman, is expected to influence the company's business strategy and performance, particularly in enhancing its core competitiveness in the energy sector [1][3][4]. Company Overview - Yingda Securities, established in 1996 and headquartered in Shenzhen, is a comprehensive securities company under the State Grid Corporation of China, with a registered capital of 4.336 billion yuan [5]. - The company underwent a significant restructuring in 2006 and is fully owned by State Grid Corporation through its listed entity, Guo Wang Yingda [5]. Leadership Change - Ma Xiaoyan, the new chairman, has a background in the State Grid system, having held various senior positions, including roles in financial asset management and as a non-independent director candidate [1][3]. - The previous chairman, Duan Guangming, served for three years and also came from the State Grid system, indicating a trend of leadership continuity from the parent company [4]. Financial Performance - In 2024, Yingda Securities reported total revenue of 860 million yuan, a decrease of 25.64% year-on-year, primarily due to a decline in interest income from debt investments and a pause in futures basis trading [5]. - The net profit for 2024 was 176 million yuan, an increase of 64.43%, driven by improved investment returns from proprietary trading [5]. - For the first half of 2025, the company achieved total revenue of 389 million yuan, down 3.72% year-on-year, while net profit rose by 36.81% to 107 million yuan, with brokerage business revenue increasing by 21.33% [5]. Strategic Focus for 2025 - Yingda Securities aims to enhance its core functions and competitiveness, focusing on several key areas: 1. Developing a specialized investment banking service to support the State Grid's operations and new energy system construction [6]. 2. Strengthening asset management services and exploring optimal collaboration paths with public funds [6]. 3. Improving brokerage services through enhanced marketing strategies and governance [6]. 4. Stabilizing proprietary trading while expanding profitability [6]. 5. Ensuring compliance and enhancing risk management systems [6].

Core Points - The company announced a cash dividend distribution of 0.042 CNY per share for the first half of 2025, totaling approximately 240.17 million CNY [2][4] - The distribution plan was approved at the annual shareholders' meeting on May 16, 2025, and was further reviewed by the board on August 27, 2025 [2][4] Distribution Plan - The dividend distribution is based on a total share capital of 5,718,435,744 shares [4] - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [3] Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited [5] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date, while those who have not will have their dividends held until the transaction is completed [5][7] Taxation Information - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax; for those holding shares for one year or less, tax will be withheld upon stock transfer [9] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.0378 CNY per share [10] - For Hong Kong investors through the Stock Connect program, a similar 10% withholding tax applies, with the same net cash dividend of 0.0378 CNY per share [10]

Group 1 - The core point of the announcement is that State Grid Yingda has declared a cash dividend of 0.042 yuan per share (tax included) for the first half of 2025 [2] - The record date for the dividend is set for September 24, 2025 [2] - The ex-dividend date and the date of cash dividend distribution are both scheduled for September 25, 2025 [2]

每股分配比例 证券代码：600517 证券简称：国网英大 公告编号：临2025-030号 国网英大股份有限公司 2025年半年度权益分派实施公告 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： A 股每股现金红利0.042元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/24 | － | 2025/9/25 | 2025/9/25 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东会批准，在 2025 年中期相应期间持续盈利、累计未分配利润为正、现金流可以满足公司正常经营 和长远发展、且满足现金分红条件的情况下，由董事会组织实施 2025 年中期利润 分配。公司于 2025 年 8 月 27 日召开第九届董事会第二次会议审议通过 2025 年中 期利润分配方案。 二、 分配方案 1. ...