（编辑 任世碧） 证券日报网讯 9月3日晚间，保变电气发布公告称，公司董事会于2025年9月3日收到董事会秘书刘小飞 先生递交的书面辞职报告。因工作变动，刘小飞先生申请辞去公司董事会秘书职务。辞职后，刘小飞先 生将不再担任公司任何职务。 ...

Group 1 - The company announced the resignation of Liu Xiaofei as the Secretary of the Board due to work changes, effective from September 3, 2025 [1][2] - Liu Xiaofei will no longer hold any position within the company after his resignation [1] - The Board of Directors expressed gratitude for Liu Xiaofei's contributions during his tenure [2] Group 2 - The company will have the Chairwoman, Liu Shujuan, temporarily assume the responsibilities of the Secretary of the Board until a new appointment is made [2] - The transition of responsibilities has been properly managed, ensuring no adverse impact on the company's normal operations [2]

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 9 月 3 日收到董事会秘书刘小飞先生递交的书面辞职报告。 因工作变动，刘小飞先生申请辞去公司董事会秘书职务。辞职后，刘 小飞先生将不再担任公司任何职务。 二、离任对公司的影响 根据《公司法》《公司章程》以及法律法规的相关规定，刘小飞 先生的辞职报告自送达董事会之日起生效。 证券代码：600550 证券简称：保变电气 公告编号：临 2025-036 保定天威保变电气股份有限公司 关于董事会秘书离任的公告 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。 重要内容提示： 公司董事会对刘小飞先生在担任公司董事会秘书期间为公司发 展所做出的贡献表示衷心的感谢！ 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 3 日 2 根据《上海证券交易所股票上市规则》等有关规定，在聘任新的 董事会秘书之前，由公司董事长刘淑娟女士代行董事会秘书职责。公 司董事会将按照相关规定尽快聘任新的董事会秘书。刘小飞先生所负 责的工作已经妥善交接，其职务变动不会对公司 ...

Core Viewpoint - The resignation of Liu Xiaofei as the board secretary of Baobian Electric (600550) is due to work changes, and the company will appoint a new secretary soon [1] Group 1 - Liu Xiaofei submitted a written resignation report to the board, effective immediately upon delivery [1] - Liu Xiaofei will no longer hold any position in the company after his resignation [1] - The chairman, Liu Shujuan, will temporarily assume the responsibilities of the board secretary until a new appointment is made [1] Group 2 - The company has confirmed that the work previously handled by Liu Xiaofei has been properly transitioned [1] - The management believes that this personnel change will not adversely affect the normal operations of the company [1] - The company expressed gratitude for Liu Xiaofei's contributions during his tenure [1]

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]

Core Points - The company announced the resignation of independent director Zhang Qingyuan due to the completion of his six-year term [1] Summary by Category - **Company Announcement** - The board of directors received a written resignation report from independent director Zhang Qingyuan on August 21, 2025 [1] - Zhang Qingyuan applied to resign from his position as independent director and related roles in the board's special committees [1]

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 ...

Core Viewpoint - The company has reported significant growth in its financial performance for the first half of 2025, driven by strong revenue and profit increases, alongside a strategic change in its controlling shareholder, which is expected to enhance future development opportunities [1][2][3]. Financial Performance - The company's revenue reached 2.995 billion yuan, marking a year-on-year increase of 60.89%, indicating effective market expansion and strong demand for its products [2]. - Total profit increased by 161.01%, while net profit attributable to shareholders surged by 230.76%, reflecting improved cost management and operational efficiency [2]. - The weighted average return on equity (ROE) rose from 4.40% to 11.80%, an increase of 7.40%, demonstrating enhanced efficiency in utilizing equity capital [2]. - Basic earnings per share increased from 0.012 yuan to 0.041 yuan, a growth of 241.67%, benefiting shareholders directly [2]. Governance Structure - The controlling shareholder changed to China Electric Equipment Group Co., Ltd. on February 7, 2025, marking a significant upgrade in the company's governance structure [3]. - The new controlling shareholder, a state-owned enterprise, brings substantial industry strength and resource integration capabilities, positioning the company within a national strategic industrial cluster [3]. - This change is expected to provide various synergistic benefits, including market channel expansion, access to internal orders, shared R&D resources, and cost efficiencies in procurement and production [3]. Business Focus - The company continues to concentrate on high-end product development and manufacturing in the ultra-high voltage transformer sector, with a growing proportion of sales from high voltage and high-margin products [4]. - Over 60% of revenue growth is supported by strong market orders, with notable performance in key project tenders from major clients like State Grid and Southern Power Grid [4]. - The company emphasizes both market expansion and cost control, implementing lean management practices across procurement, production, and operations to maximize operational efficiency and solidify its industry-leading position [4].

Core Viewpoint - The company Baoding Tianwei Baobian Electric Co., Ltd. reported significant growth in its financial performance for the first half of 2025, with a new controlling shareholder, China Electric Equipment Group Co., Ltd., enhancing its future development potential [1][3]. Financial Performance - The company's revenue reached 2.995 billion yuan, a substantial year-on-year increase of 60.89%, indicating strong market expansion and robust demand for its products [2]. - Total profit increased by 161.01%, while net profit attributable to shareholders surged by 230.76%, reflecting improved cost management and operational efficiency [2]. - The weighted average return on equity (ROE) rose from 4.40% to 11.80%, an increase of 7.40%, demonstrating enhanced efficiency in utilizing equity capital [2]. - Basic earnings per share increased from 0.012 yuan to 0.041 yuan, a growth of 241.67%, benefiting shareholders directly [2]. Governance Structure - The governance structure underwent a significant change with the controlling shareholder officially changing to China Electric Equipment Group Co., Ltd. on February 7, 2025, marking a new phase in corporate governance [3]. - The new controlling shareholder, a state-owned enterprise, brings substantial industry strength and resource integration capabilities, positioning the company within a national strategic industrial cluster [3]. - This change is expected to provide various synergistic benefits, including market channel expansion, access to internal orders, shared R&D resources, and cost efficiencies in procurement and production [3]. Business Focus - The company continues to focus on high-end product research and manufacturing in the ultra-high voltage transformer sector, with an increasing sales revenue share from high voltage and high-margin products [4]. - Over 60% of revenue growth is supported by strong market orders, with successful participation in key project tenders from major clients like State Grid and Southern Power Grid [4]. - The company emphasizes both market expansion and cost control, implementing lean management practices across procurement, production, and operations to maximize operational efficiency and solidify its industry-leading position [4].

Core Insights - The company reported a total operating revenue of 2.995 billion yuan, an increase of 1.133 billion yuan compared to the same period last year, achieving a year-on-year growth of 60.89% [1] - The net profit attributable to shareholders reached 75.3667 million yuan, up by 52.5810 million yuan from the same period last year, marking a year-on-year increase of 230.76% [1] - The company experienced a net cash outflow from operating activities of 625 million yuan [1] Financial Ratios - The latest debt-to-asset ratio stands at 89.35%, a decrease of 0.39 percentage points from the previous quarter and a decrease of 1.44 percentage points from the same period last year [3] - The latest gross profit margin is 12.86%, an increase of 3.57 percentage points from the previous quarter [3] - The return on equity (ROE) is 11.12%, an increase of 6.82 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.04 yuan, an increase of 0.03 yuan from the same period last year, achieving a year-on-year growth of 241.67% [3] - The total asset turnover ratio is 0.40 times, an increase of 0.12 times from the same period last year, representing a year-on-year growth of 40.47% [3] - The inventory turnover ratio is 1.31 times, an increase of 0.18 times from the same period last year, achieving a year-on-year growth of 15.99% [3] Shareholder Structure - The number of shareholders is 161,800, with the top ten shareholders holding a total of 1.09 billion shares, accounting for 59.21% of the total share capital [3] - The largest shareholders include China Electric Equipment Group Co., Ltd. and China Ordnance Equipment Group Co., Ltd., holding 37.98% and 16.00% respectively [3]