保定天威保变电气股份有限公司 关于对兵器装备集团财务有限责任公司的风险持续评估报告 按照上海证券交易所《上市公司自律监管指引第 5 号―交易与关联 交易》等规则要求，保定天威保变电气股份有限公司（以下简称"本公 司"）与兵器装备集团财务有限责任公司（以下简称"财务公司"） 作为关联方，须以公正、合理的原则对本公司与财务公司之间的存、 贷款等关联交易进行定期风险评估。本公司通过查验财务公司《金融许 可证》、《企业法人营业执照》等证件资料，审阅财务公司相关财务报表 及风险管理报告等经营资料，重点对财务公司所面临的信用风险、市场 风险、操作风险及其它风险因素予以关注和评估。现就财务公司 2025 年半年度风险评估状况报告如下： 一、财务公司基本情况 财务公司是经国家金融监督管理总局（原中国银行保险监督管理 委员会）批准成立的非银行金融机构,其中中国兵器装备集团有限公 司出资人民币69,456万元，占注册资本的22.90%；南方工业资产管理 有限责任公司出资人民币68,546万元，占注册资本的22.60%；中国长 安汽车集团有限公司（自2025年6月20日起更名为辰致汽车科技集团 有限公司）出资人民币40,249万元 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2025-031 保定天威保变电气股份有限公司 第八届监事会第十七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 保定天威保变电气股份有限公司（以下简称"公司"或"保变电气"） 于 2025 年 8 月 8 日以邮件或送达方式发出关于召开公司第八届监事会第 十七次会议的通知，于 2025 年 8 月 19 日以通讯表决的方式召开了公司 第八届监事会第十七次会议，3 名监事全部出席了会议。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定。 二、监事会会议审议情况 与会监事经过认真审议，通过了以下议案： （一）审议通过了《关于计提资产减值准备的议案》（该项议案同 意票 3 票，反对票 0 票，弃权票 0 票） 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计提资产减值准备的 公告》。 （二）审议通过了《关于<公司 2025 ...

第八届董事会第三十七次会议决议公告 证券代码：600550 证券简称：保变电气 公告编号：临 2025-030 保定天威保变电气股份有限公司 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。 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"或"保变电 气"）于 2025 年 8 月 8 日以邮件或送达方式发出了召开公司第八届董 事会第三十七次会议的通知，于 2025 年 8 月 19 日以现场召开与通讯 表决相结合的方式召开了第八届董事会第三十七次会议，公司现任 9 名董事全部出席了本次会议（参加现场会议董事：刘淑娟、刘东升、 赵永强、张超、刘延、鹿盟，参加通讯表决董事：张庆元、杨璐、高 理迎），现场会议由董事长刘淑娟女士主持，公司监事及部分高管人 员列席了会议，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定。 二、董事会会议审议情况 与会董事经过认真审议和表决，通过了以下议案： （一）审议通过了《关于计提资产减值准备的议案》（该议案同 意票 9 票，反对票 0 票，弃权票 0 ...

保定天威保变电气股份有限公司2025 年半年度报告 公司代码：600550 公司简称：保变电气 保定天威保变电气股份有限公司 2025 年半年度报告 1 / 130 保定天威保变电气股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘淑娟、主管会计工作负责人苟通泽及会计机构负责人（会计主管人员）樊华 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 ...

保变电气公告，2025年上半年营业收入29.95亿元，同比增长60.89%。净利润7536.67万元，同比增长 230.76%。基本每股收益0.041元／股，同比增长241.67%。 ...

Core Viewpoint - The A-share market has reached a nearly four-year high, with the Shanghai Composite Index closing at 3683.46 points, up 0.48%, surpassing the previous high of 3674.4 points from October 8 of the previous year. However, 172 stocks have fallen below their prices at the start of the "924" market rally, indicating a divergence in stock performance [1][3]. Group 1: Market Performance - As of August 13, 2025, 3511 stocks have surpassed their opening prices from October 8, 2024, accounting for 65.9% of the total [1]. - The A-share market saw a total trading volume of 2.15 trillion yuan, a significant increase of 269.4 billion yuan compared to the previous trading day, marking a return to above 2 trillion yuan after 114 trading days [1]. Group 2: Underperforming Stocks - Among the 172 stocks that closed below their prices from September 24, 2024, the ST sector is particularly affected, with 39 stocks in this category [1][3]. - The stock *ST Suwu (002005.SZ) has seen the largest decline, down 87.8% from its opening price of 8.50 yuan on September 24, 2024, closing at 1.04 yuan on August 13, 2025 [3][4]. - Other notable declines include *ST Zitian (300280.SZ) and *ST Mubang (603398.SH), with decreases of 77.8% and 60.0%, respectively [3][4]. Group 3: Sector Analysis - The food and beverage and real estate sectors are under pressure, with stocks like Yingjia Gongjiu (603198.SH) and *ST Zhongdi (000736.SZ) experiencing declines of 20.2% and 58.2%, respectively [12][13]. - The report from Guotai Junan Securities suggests that the industry is moving towards an earnings bottom, with expectations for a recovery in 2026 [13]. Group 4: High-Performing Stocks - In contrast, sectors such as defense and biomedicine have seen significant gains, with 60 stocks rising over 200% since October 8, 2024 [15]. - Notable performers include Changcheng Military Industry (601606.SH) and Hotgen Biotech (688068.SH), with increases of 466.11% and 553.4%, respectively [15][16]. Group 5: Future Outlook - Analysts from Zheshang Securities predict that the market is in a "systematic slow bull" phase, with expectations for the Shanghai Composite Index to exceed previous highs [18]. - Pacific Securities indicates a long-term upward trend in the A-share market, supported by policy shifts towards increased fiscal spending aimed at boosting consumer demand [19].

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The report emphasizes the significance of the Yarlung Tsangpo River downstream hydropower project, which aims to harness the region's abundant hydropower potential and drive economic development [1][10] - The development of large-capacity impulse turbines, with a single unit capacity of approximately 800 MW, represents a world-first achievement, addressing extreme challenges in high-altitude and high-head environments [1][10] - The gas-insulated transmission line (GIL) technology is highlighted for its advantages in high-capacity power transmission, low losses, and adaptability to various environments, making it a preferred choice in special scenarios [2][26] Summary by Sections 1. Large Capacity Impulse Turbines - The Yarlung Tsangpo River downstream hydropower project is set to utilize impulse turbines with a capacity of 800 MW, surpassing current global standards [1][10] - The project faces significant technical challenges due to high water heads and extreme environmental conditions, necessitating advanced turbine designs and manufacturing techniques [10][11] 2. Gas-Insulated Transmission Lines (GIL) - GIL technology is recognized for its ability to efficiently transmit high voltage and large currents in confined spaces, making it suitable for urban and challenging geographical environments [2][26] - The report notes successful applications of GIL in various projects, including the Su Tong GIL comprehensive corridor, which is the highest voltage and largest capacity GIL project globally [27][33] 3. High-Altitude Electrical Equipment - The report discusses the need for altitude adjustments in electrical equipment due to the unique challenges posed by high-altitude environments, particularly in the Yarlung Tsangpo River project [2][3] - The development of high-altitude, high-seismic equipment is crucial for the effective transmission and consumption of clean energy [2][3] 4. Reliable Key Supply Chain - The report identifies key companies in the supply chain for hydropower equipment, including Harbin Electric, Dongfang Electric, and China XD Electric, among others [3][4] - The supply chain's reliability is essential for supporting the ambitious hydropower projects outlined in national plans [3][4]

Core Viewpoint - Several companies have announced uncertainties regarding their potential involvement in the "Yarlung Tsangpo River downstream hydropower project," reflecting the cautious sentiment in the market about this project and its related opportunities [3][4][5][6]. Group 1: Company Announcements on Yarlung Tsangpo Project - Kailong Co., Ltd. has noted uncertainty about its participation in the Yarlung Tsangpo hydropower project, as it primarily operates in the civil explosives industry [3]. - *ST Zhengping has also expressed uncertainty regarding its potential involvement in the Yarlung Tsangpo hydropower project, leveraging its extensive experience in high-altitude construction management [4]. - Huaxin Cement has indicated that it has the capacity to provide construction materials for the Yarlung Tsangpo hydropower project but acknowledges uncertainty about the revenue and profit it may derive from this project [5]. - Dayu Water-saving has emphasized that it currently does not have any contracts related to the Yarlung Tsangpo project, despite its experience in water conservancy projects in Tibet [6]. - ST Xifa has clarified that its main business is beer production and does not involve any projects related to hydropower station construction [7]. Group 2: Financial Performance and Market Position - Rongzhi Rixin expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 2027.62% to 2.18 billion yuan, driven by the digital transformation across various industries [16]. - Weiguang Co., Ltd. reported a total revenue of 750 million yuan for the first half of 2025, reflecting a year-on-year growth of 10% [17]. Group 3: Major Contracts and Projects - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder, which will span three years [18]. - China Communication Signal has won seven important projects in the rail transit market, with a total bid amount of approximately 1.431 billion yuan, accounting for 4.41% of its projected revenue for 2024 [19]. - Beixin Road and Bridge announced that its subsidiaries have won contracts totaling 1.629 billion yuan for highway projects, which is expected to positively impact future performance [20]. Group 4: Shareholding Changes - Tiancheng Zikong announced that Yunnan Trust plans to reduce its stake in the company by up to 1% [21]. - Baobian Electric has disclosed that the Equipment Finance Group intends to reduce its stake by up to 1% as well [22][23]. - Hongchang Technology's employee shareholding platform plans to reduce its stake by up to 2.56% [24].

Group 1 - Industrial and Commercial Bank of China plans to redeem $2.9 billion of overseas preferred shares, with the redemption scheduled for September 23, 2025 [1] - Everbright Bank's stake held by CITIC Financial Asset Management increased from 7.08% to 8% after acquiring 264 million A-shares and 279 million H-shares [1] - Weiming Environmental reported a 7.54% year-on-year increase in electricity generation, totaling 2.262 billion kWh in the first half of 2025 [1] Group 2 - Tiancheng Automation announced that Yunnan Trust plans to reduce its stake by up to 1%, equating to a maximum of 3.971 million shares [2] - Baobian Electric revealed that the Equipment Finance Group intends to reduce its stake by up to 1%, or 18.4153 million shares [3] Group 3 - Titan Technology plans to acquire 100% of Apollo Scientific Ltd. for approximately 55.85 million yuan to expand its overseas sales channels [4] - China Communication Signal announced winning seven significant projects in the rail transit market, with a total bid amount of approximately 1.431 billion yuan [5] Group 4 - Rongzhi Rixin expects a net profit increase of 2027.62% to 21.7959 million yuan for the first half of 2025, driven by digital and intelligent transformation in various industries [6] Group 5 - Sanmu Group is facing three lawsuits from Fuzhou Rongtou over a sales contract dispute, with the total amount in question being approximately 107 million yuan [8] - Sanfu Outdoor received approval from the China Securities Regulatory Commission for a specific stock issuance [8] - Jin Zai Foods plans to repurchase shares worth between 50 million and 100 million yuan for employee incentive plans [8] - Supor reported a slight decline in net profit to 940 million yuan for the first half of 2025, despite a revenue increase of 4.68% [8] Group 6 - Watson Bio signed a strategic cooperation framework agreement with Yuxi State-owned Capital Operation Company to enhance collaboration in the vaccine and bioproducts industry [9] - Qidi Design, as the lead of a consortium, won a bid for the Henan Airport Intelligent Computing Center project, with a construction bid of 860 million yuan [10] Group 7 - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder [11] - Matrix Co. reported new orders worth 272 million yuan in the second quarter for its decoration business, with total uncompleted orders amounting to 677 million yuan [12] - Beixin Road and Bridge's subsidiaries won contracts totaling 1.629 billion yuan for highway projects, which could positively impact future performance [12]

Group 1 - Kailong Co., Ltd. is uncertain about its participation in the Yaxia Hydropower Project, as the company operates in the civil explosives industry and provides blasting services [3] - Dayu Water-saving has not yet engaged in the Yaxia Hydropower Project, despite having experience in water conservancy projects in Tibet since 2015; the project is still in the early construction phase and has high investment and technical requirements [4] - ST Xifa's main business is beer production and sales, and it does not involve any hydropower station construction projects [5] Group 2 - Liugang Co., Ltd. has a rolling price-to-book ratio of 2.31, significantly higher than the industry average of 1.08, indicating potential trading risks [6] - ST Zitian has received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing [7] - Su Kun Agricultural Development's chairman, Zhu Yadong, has resigned due to work relocation, and the company will proceed with the necessary procedures for a new chairman [8] Group 3 - Rongzhi Rixin expects a net profit increase of 2027.62% to 2179.59 million yuan for the first half of 2025, driven by the acceleration of digital and intelligent transformation in various industries [10] Group 4 - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder, effective for three years [13] - China Communication Signal expects to win contracts worth approximately 1.431 billion yuan in the rail transit market from May to June 2025, accounting for 4.41% of its projected revenue [14] - Blue Sky Gas shareholders and the secretary of the board plan to reduce their holdings by a total of up to 2.61 million shares [15] Group 5 - Tiancheng Self-Control indicates that Yunnan Trust plans to reduce its stake by up to 1% [17] - Baobian Electric has announced that the Equipment Financial Group intends to reduce its stake by up to 1% [18]