Core Viewpoint - Baobian Electric has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities in the power equipment sector [1][2]. Company Overview - Baoding Tianwei Baobian Electric Co., Ltd. was established on September 28, 1999, and listed on February 28, 2001. The company specializes in the manufacturing and sales of power transmission and transformation equipment, including transformers, current transformers, and reactors [1]. - The main revenue composition of Baobian Electric is 99.30% from power transmission and transformation products, 0.42% from material sales, and 0.28% from other sources [1]. Financial Performance - For the first half of 2025, Baobian Electric achieved a revenue of 2.995 billion yuan, representing a year-on-year growth of 60.89%. The net profit attributable to shareholders was 75.3667 million yuan, showing a remarkable increase of 230.76% [2]. - Since its A-share listing, Baobian Electric has distributed a total of 675 million yuan in dividends, with no dividends paid in the last three years [3]. Stock Market Activity - As of October 10, Baobian Electric's stock price increased by 11.85% year-to-date, with a 6.81% rise over the last five trading days and a 5.40% increase over the last 20 days [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on May 26, where it recorded a net purchase of 131 million yuan [1]. Shareholder Structure - As of June 30, 2025, Baobian Electric had 161,800 shareholders, an increase of 5.22% from the previous period. The average number of circulating shares per shareholder was 11,384, a decrease of 4.96% [2]. - Notable institutional shareholders include Southern CSI 1000 ETF, which increased its holdings by 1.6363 million shares, and Hong Kong Central Clearing Limited, which added 395,700 shares [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].

证券代码：600550 证券简称：保变电气 公告编号：临 2025-041 | 交易目的 | □获取投资收益 √套期保值（合约类别：√商品；□外汇；□其他：________） | | | --- | --- | --- | | | □其他：________ | | | 交易品种 | 上海期货交易所铜期货合约 | | | 交易金额 | 预计动用的交易保证金和权利金上限（单位：万元） | 4800 | | | 预计任一交易日持有的最高合约价值（单位：万元） | 29000 | | 资金来源 | √自有资金 □借贷资金 □其他：___ | | | 交易期限 | 2025年9月30日至2026年9月29日 | | 交易主要情况 已履行及拟履行的审议程序 保定天威保变电气股份有限公司（以下简称"公司"）董事会审 计与风险管理委员会于 2025 年 9 月 25 日召开 2025 年第三次会议， 审议通过了《关于开展商品期货套期保值业务的议案》，同意将该议 案提交公司董事会审议。 公司于 2025 年 9 月 30 日召开第八届董事会第三十八次会议，审 议通过了《关于开展商品期货套期保值业务的议案》。该议案无需提 交股东 ...

保定天威保变电气股份有限公司 第八届董事会第三十八次会议决议公告 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。 证券代码：600550 证券简称：保变电气 公告编号：临 2025-040 该议案经董事会审计与风险管理委员会审议通过。 公司使用自有资金通过上海期货交易所挂牌交易的铜期货合约 进行套期保值业务，具体情况详见同日披露于上海证券交易所网站 http://www.sse.com.cn 和《证券日报》的《保定天威保变电气股份有 限公司关于开展商品期货套期保值业务的公告》。 特此公告。 保定天威保变电气股份有限公司董事会 2025 年 9 月 30 日 1 一、董事会会议召开情况 保定天威保变电气股份有限公司（以下简称"公司"）于 2025 年 9 月 25 日以邮件或送达方式发出了关于召开公司第八届董事会第三 十八次会议的通知，于 2025 年 9 月 30 日以通讯表决方式召开了第八 届董事会第三十八次会议，公司 9 名董事全部出席了本次会议。本次 会议召开符合有关法律、行政法规、部门规章、规范性文件和公司章 程的规 ...

（编辑 任世碧） 证券日报网讯 9月25日晚间，保变电气发布公告称，保定天威互感器有限公司（简称"互感器公司"）为 公司控股子公司，其中，保变电气持有互感器公司97.78%股权，保定天威卓创电工设备科技有限公司 （简称"卓创公司"）持有互感器公司2.22%股权。根据河北省保定市竞秀区人民法院（2024）冀0602执 恢66号《执行裁定书》，裁定将卓创公司持有的互感器公司股权作为折价抵偿转移至保变电气，互感器 公司成为保变电气全资子公司。近日，互感器公司完成工商变更登记，取得保定国家高新区行政审批局 换发的营业执照。 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2025-039 保定天威保变电气股份有限公司 关于子公司完成工商变更登记的公告 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。 保定天威互感器有限公司（以下简称"互感器公司"）为保定天威 保变电气股份有限公司（以下简称"保变电气"）控股子公司，其中， 保变电气持有互感器公司 97.78%股权，保定天威卓创电工设备科技 有限公司（以下简称"卓创公司"）持有互感器公司 2.22%股权。根 据河北省保定市竞秀区人民法院（2024）冀 0602 执恢 66 号《执行裁 定书》，裁定将卓创公司持有的互感器公司股权作为折价抵偿转移至 保变电气，互感器公司成为保变电气全资子公司。 近日，互感器公司完成工商变更登记，取得保定国家高新区行政 审批局换发的营业执照，相关登记信息如下： 统一社会信用代码：91130605763421612N 名称：保定天威互感器有限公司 类型：有限责任公司（非自然人投资或控股的法人独资） 住所：保定市天威西路 2222 号 法定代表人：王晔 注册资本：捌 ...

证券代码：600550 证券简称：保变电气 公告编号：临2025-038 截至本公告披露日，公司转让印度公司 90%股权已完成交割，不 再持有印度公司股权。本次股权转让将对公司本年利润产生积极影 1 一、交易概述 保定天威保变电气股份有限公司（以下简称"公司"）于 2025 年 5 月 29 日召开第八届董事会第三十五次会议，于 2025 年 6 月 17 日召 开 2025 年第二次临时股东大会，审议通过了《关于转让保变股份- 阿特兰塔变压器印度有限公司 90%股权的议案》，公司决定向阿特兰 塔电气有限公司（以下简称"阿特兰塔"）转让所持有的保变股份- 阿特兰塔变压器印度有限公司（以下简称"印度公司"）90%股权（详 见 2025 年 5 月 30 日、6 月 18 日披露于上海证券交易所网站 http://www.sse.com.cn 和《证券日报》上的相关公告）。 二、交易进展情况 近日，印度公司已在企业注册地完成产权交割，境外投资证书已 注销，公司已收到北京产权交易所有限公司转来的阿特兰塔支付的关 于印度公司股权转让的全部价款。 同时，按照《产权交易合同》的约定，阿特兰塔已支付了前期公 司向印度公司提 ...

保定天威保变电气股份有限公司 关于参加 2025 年河北辖区上市公司投资者网上集体 接待日暨 2025 年半年报集体业绩说明会的公告 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。 为进一步加强与投资者的互动交流，保定天威保变电气股份有限 公司（以下简称"公司"）将参加由河北省上市公司协会与深圳市全 景网络有限公司联合举办的"2025 年河北辖区上市公司投资者网上 集体接待日暨 2025 年半年报集体业绩说明会"，现将相关事项公告如 下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景 路演 APP，参与本次互动交流，活动时间为 2025 年 9 月 15 日（周 一）15:00-17:00。 届时公司董事长刘淑娟、总经理刘东升、总会计师苟通泽将在线 就公司业绩、公司治理、发展战略、经营状况和可持续发展等投资者 关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 保定天威保变电气股份有限公司董事会 2025 ...

Core Viewpoint - Liu Xiaofei has resigned from the position of Secretary of the Board at Baobian Electric, effective immediately upon submission of his resignation report to the board [2] Group 1 - Liu Xiaofei will no longer hold any position within the company after his resignation [2] - The chairman, Liu Shujuan, will temporarily assume the responsibilities of the Secretary of the Board until a new appointment is made [2] - The company has confirmed that the work previously handled by Liu Xiaofei has been successfully transitioned, and his resignation will not adversely affect the company [2] - Baobian Electric expressed gratitude for Liu Xiaofei's contributions during his tenure [2]

Group 1 - The core viewpoint of the news is that Baobian Electric has experienced a decline in stock price, with a cumulative drop of 5.13% over three consecutive days, currently trading at 8.33 yuan per share and a market capitalization of 15.34 billion yuan [1] - Baobian Electric, established on September 28, 1999, and listed on February 28, 2001, primarily engages in the manufacturing and sales of power transmission and transformation equipment, including transformers, current transformers, and reactors [1] - The company's main business revenue composition is as follows: 99.30% from power transmission and transformation products, 0.42% from material sales, and 0.28% from other sources [1] Group 2 - From the perspective of Baobian Electric's top ten circulating shareholders, Huaxia Fund's Huaxia CSI 1000 ETF (159845) has recently entered the top ten, holding 5.0138 million shares, which accounts for 0.27% of circulating shares [2] - The Huaxia CSI 1000 ETF has a current scale of 38.227 billion yuan and has achieved a return of 22.15% this year, ranking 1852 out of 4222 in its category [2] - The fund manager, Zhao Zongting, has been in position for 8 years and 143 days, with the best fund return during his tenure being 107.43% and the worst being -32.63% [2]