Core Viewpoint - The launch of the Ningxia-Hunan ±800 kV UHVDC project marks a significant advancement in China's renewable energy transmission capabilities, with over 36 billion kWh of electricity expected to be delivered annually, meeting the needs of over 10 million households, and more than 50% of this power coming from renewable sources [1] Industry Overview - The UHV construction boom is driving high growth in the performance of related listed companies, with the industry entering a high prosperity cycle due to the increasing demand for renewable energy transmission [1][4] - China's UHV construction capabilities are globally leading, covering the entire spectrum from original technology to complete equipment, and from engineering design to operation and maintenance [1] Company Performance - Baoding Tianwei Baobian Electric Co., Ltd. reported a revenue of 2.995 billion yuan, a year-on-year increase of 60.89%, and a net profit of 75.37 million yuan, up 230.76% [2] - Henan Tongda Cable Co., Ltd. achieved a revenue of 3.618 billion yuan, a year-on-year increase of 37.28%, and a net profit of 61.87 million yuan, up 68.42%, with significant growth in new orders across various sectors [2] - Pinggao Group Co., Ltd. reported a revenue of 5.696 billion yuan, a year-on-year increase of 12.96%, and a net profit of 666 million yuan, up 24.59%, with a notable increase in market share [3] Future Outlook - The investment in the UHV sector is expected to continue increasing in the coming years, driving high prosperity in the high-end equipment, key materials, and construction segments of the industry [5]

证券代码：600550 证券简称：保变电气 公告编号：临 2025-035 保定天威保变电气股份有限公司 关于独立董事任职到期辞职的公告 庆元先生正式离任后将不在公司及控股子公司担任任何职务。公司将 按照《上海证券交易所股票上市规则》《公司章程》《公司独立董事制 度》相关规定，尽快完成独立董事的补选工作。 张庆元先生在任职公司独立董事期间恪尽职守、勤勉尽责，公司 董事会对张庆元先生任职期间为公司发展做出的贡献表示衷心感谢！ 保定天威保变电气股份有限公司（以下简称"公司"）董事会于 2025 年 8 月 21 日收到公司独立董事张庆元先生的书面辞职报告，因 连续担任公司独立董事职务即将届满六年，根据《上市公司独立董事 管理办法》的规定，张庆元先生申请辞去公司独立董事及董事会专门 委员会相关职务。 | 姓名 | 离任职务 | 离任时间 | 原定任期 | | 是否继续在上 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | 离任原因 | 市公司及其控 股子公司任职 | （如适用） | 毕的公开 承诺 ...

索通发展：披露半年报。公司2025年上半年实现营业收入8,306,421,528.09元，同比增长28.28%；归属 于上市公司股东的净利润523,092,440.06元，同比增长1,568.52%；基本每股收益1.05元。拟向全体股东 每10股派发现金股利2.1元（含税）。 ▼聚焦二：恒瑞医药：拟斥资10亿至20亿元回购股份 公司拟使用自有资金以集中竞价交易方式回购公司A股股份，本次回购的股份拟用于A股员工持股计 划；回购资金总额不低于人民币10亿元，不超过人民币20亿元；回购价格不超过人民币90.85元/股；回 购股份期限为自公司董事会审议通过回购方案之日起不超过12个月。 牧原股份（002714）和索通发展（603612）半年报净利增长逾10倍；恒瑞医药：拟斥资10亿至20亿元回 购股份；天味食品：筹划发行H股股票并在香港联交所上市；居然智家：选举王宁担任董事长…… 今日看点 ▼聚焦一：牧原股份和索通发展半年报净利增长逾10倍 牧原股份：披露半年报。公司2025年上半年实现营业收入764.63亿元，同比增长34.46%；实现归属于上 市公司股东的净利润105.3亿元，同比增长1169.77%；基本每股收 ...

Summary of High Voltage Direct Current (HVDC) Conference Call Industry Overview - The HVDC industry is entering a new construction cycle with the approval of two major projects: the Tibet to Guangdong-Hong Kong-Macao and the Inner Mongolia to Beijing-Tianjin-Hebei lines, with a target of four approvals for the year 2025 [1][3] - Six ongoing DC projects are nearing completion, with two expected to be operational by mid to late 2026, providing support for future HVDC construction [1][5] Key Points and Arguments - **Upcoming Projects**: Several projects are expected to enter the approval phase in the second half of 2025, including the Datarat to Inner Mongolia and Zhejiang HVDC ring network [6] - **Market Demand**: The total bidding amount for HVDC equipment in the first half of 2025 was 2.48 billion yuan, with an anticipated total of 71 billion yuan in bids for the second half, including approximately 16.6 billion yuan for converter valves [7] - **Unstarted Projects**: There are numerous unstarted projects from the 14th Five-Year Plan, which are expected to create significant demand in the early stages of the 15th Five-Year Plan [8] - **Back-to-Back Projects**: Six back-to-back DC projects have been bid on, with a total capacity of approximately 3GW, indicating a positive trend for DC project development [4][9] Additional Important Content - **Market Share**: As of 2023, major players in the HVDC equipment market include China XD Group with a 26% share in converter transformers, and State Grid Corporation with nearly 50% in converter valve systems [12] - **Future Expectations**: The overall sentiment for the second half of 2025 is optimistic, with expectations of improved stock performance for companies involved in HVDC projects, as they are likely to benefit from the release of new orders [13]

(本文来自第一财经) 索通发展：上半年净利润5.23亿元，同比增长1568.52% 牧原股份：上半年净利润105.3亿元，同比增长1169.77% 春秋电子：上半年净利润9332万元，同比增长248.44% 保变电气：上半年净利润7536.67万元，同比增长230.76% 白云机场：上半年净利润7.5亿元，同比增长71.32% 横店东磁：上半年净利润10.2亿元，同比增长58.94% 中国西电：上半年净利润5.98亿元，同比增长30.08% 恒瑞医药：上半年净利润44.5亿元，同比增长29.67% 盐津铺子：上半年净利润3.73亿元，同比增长16.7% 丽珠集团：上半年净利润12.81亿元，同比增长9.4% ►下降、亏损 中恒电气（维权）：上半年净利润4748.26万元，同比下降30.19% 永辉超市：上半年净亏损2.41亿元，同比转亏 万泰生物：上半年净利润亏损1.44亿元，同比转亏 济民健康（维权）：上半年净亏损5269.59万元 ►增长 ...

Core Insights - The company reported a revenue of 2.995 billion yuan for the first half of 2025, representing a year-on-year increase of 60.89% [1] - The net profit attributable to shareholders reached 75.3667 million yuan, marking a significant year-on-year growth of 230.76% [1] - The increase in revenue and profit is primarily attributed to a rise in product orders won by the company, which led to sales realization during the period [1]

智通财经APP讯，保变电气(600550.SH)发布2025年半年度报告，该公司营业收入为29.95亿元，同比增 长60.89%。归属于上市公司股东的净利润为7536.67万元，同比增长230.76%。归属于上市公司股东的扣 除非经常性损益的净利润为7159.26万元，同比增长297.25%。基本每股收益为0.041元。报告期营业收 入同比增加，主要是由于公司中标的产品订单增加，本期陆续实现销售所致。 ...

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of 2025, indicating strong operational performance and potential for future investment opportunities [2]. Financial Performance - The company's revenue for the first half of 2025 is approximately 2.995 billion yuan, representing a year-on-year increase of 60.89% [2]. - The net profit attributable to shareholders is around 75.37 million yuan, showing a year-on-year increase of 230.76% [2]. - Basic earnings per share are 0.041 yuan, which is a year-on-year increase of 241.67% [2].

证券代码：600550 证券简称：保变电气 公告编号：临 2025-034 保定天威保变电气股份有限公司 股东权益变动触及 1%刻度及减持计划完成暨减持 股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 兵装财务的一致行动人兵装集团直接持有保变电气 294,734,746 股，占保变电气总股本的比例为 16.00%。 减持计划的实施结果情况 2025 年 7 月 24 日,公司披露了《保定天威保变电气股份有限公司 关于持股 5%以上股东的一致行动人减持股份计划公告》（公告编号： 临 2025-029）。兵装财务拟通过集中竞价方式减持其所持有的公司股 份合计不超过 18,415,284 股，即不超过公司总股本的 1.00%。 公司于 2025 年 8 月 19 日收到兵装财务出具的《关于减持计划完 成暨股东权益变动触及 1%刻度的告知函》。截至本公告披露日，兵装 财务已通过集中竞价方式减持公司股份 18,415,284 股，占公司总股本 1 的 1.00%。本次减持计划 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2025-032 1、坏账准备 2025 年上半年计提坏账准备 2,061.60 万元，主要是公司按照期 末实际账龄或个别认定法计算计提坏账损失 2,061.60 万元。其中应收 账款计提与转回坏账准备增加坏账准备 2,157.31 万元，其他应收款计 提与转回坏账准备减少坏账准备 95.71 万元。本期计提坏账准备对合 并报表利润总额的影响数为-2,061.60 万元。 2、存货跌价准备 2025 年上半年公司部分存货存在减值迹象，按照存货可变现净 值与账面成本的差额相应计提跌价准备 2,436.02 万元；其中原材料计 提 55.38 万元，在产品计提 1,815.41 万元，产成品计提 565.23 万元。 保定天威保变电气股份有限公司 关于计提资产减值准备的公告 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。 保定天威保变电气股份有限公司(以下简称"保变电气"或"公司") 第八届董事会第三十七次会议和第八届监事会第十七次会议审议通 过了《关于计提资产减值准备的 ...