Core Viewpoint - Baobian Electric has shown a significant increase in stock price and revenue, indicating strong performance in the power equipment sector, particularly in the transmission and transformation equipment market [1][2]. Company Performance - As of October 28, Baobian Electric's stock price rose by 2.01% to 8.63 CNY per share, with a total market capitalization of 15.892 billion CNY [1]. - Year-to-date, the stock price has increased by 9.94%, with a 3.98% rise over the last five trading days and a 5.50% increase over the last 20 days [1]. - For the period from January to September 2025, Baobian Electric reported a revenue of 4.502 billion CNY, representing a year-on-year growth of 41.90%, and a net profit attributable to shareholders of 146 million CNY, up 72.91% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 138,500, a reduction of 14.36%, while the average number of circulating shares per person increased by 16.77% to 13,294 shares [2]. - The company has cumulatively distributed 675 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Institutional Holdings - Among the top ten circulating shareholders, the Southern CSI 1000 ETF holds 8.4182 million shares, a decrease of 111,400 shares compared to the previous period [3]. - The Hong Kong Central Clearing Limited increased its holdings to 8.4125 million shares, an increase of 1.8253 million shares [3].

Core Viewpoint - The company has announced its third-quarter report for 2025, which includes significant financial data and decisions made by the board and supervisory committee regarding the company's operations and governance structure [10][22][43]. Financial Data - The third-quarter report for 2025 has not been audited, and the company has provided key financial data in RMB [3][6]. - The company plans to accept a loan of RMB 36.9 million from its controlling shareholder, China Electrical Equipment Group, at an interest rate of 2.3% for a term of three years [44][52]. Governance Changes - The supervisory board has been dissolved, and the relevant rules have been abolished, with the decision requiring approval from the upcoming shareholders' meeting [11][18]. - The board has approved amendments to the company's articles of association and meeting rules, which also need to be ratified by the shareholders [17][19]. Shareholder Meeting - The third extraordinary general meeting of shareholders is scheduled for November 13, 2025, to discuss the approved proposals [25][26]. - The meeting will utilize both on-site and online voting methods, with specific timeframes for participation [27][30]. Related Transactions - The loan from the controlling shareholder is classified as a related party transaction but does not constitute a major asset restructuring as per regulatory definitions [45][48]. - The transaction aims to support the company's research projects and is expected to enhance its overall business capabilities and competitiveness [54].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and potential for future investment opportunities [1] Financial Performance - The total operating revenue for the first three quarters reached 4.502 billion yuan, representing a year-on-year increase of 41.9% [1] - The net profit attributable to shareholders was 146 million yuan, showing a year-on-year growth of 72.91% [1] - The basic earnings per share were reported at 0.079 yuan [1]

保定天威保变电气股份有限公司 二〇二五年第三次临时股东大会会议材料 二〇二五年十一月 保变电气 二〇二五年第三次临时股东大会会议材料目录 目 录 | 1.保变电气二〇二五年第三次临时股东大会会议须知 2 | | --- | | 2.保变电气二〇二五年第三次临时股东大会授权委托书 4 | | 3.保变电气二〇二五年第三次临时股东大会会议议程 5 | | 4.保变电气二〇二五年第三次临时股东大会会议议案 6 | | （1）关于修订《公司章程》的议案 6 | | （2）关于修订《股东大会议事规则》的议案 7 | | （3）关于修订《董事会议事规则》的议案 8 | | （4）关于取消监事会并废止《监事会议事规则》的议案 9 | | （5）关于公司接受控股股东以委托贷款方式拨付国有资本经营预算资金 | | 的议案 10 | 1 保变电气 二〇二五年第三次临时股东大会会议须知 保定天威保变电气股份有限公司 二〇二五年第三次临时股东大会会议须知 为了维护投资者的合法权益，保证股东大会的正常秩序和议事效率， 依据中国证监会发布的《上市公司股东大会规范意见》以及《公司章程》 的规定，制定如下规定，望出席股东大会的全体人员遵守执 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2025-048 保定天威保变电气股份有限公司 关于召开2025年第三次临时股东大会的通知 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： 股东大会召开日期：2025年11月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会 网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第三次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和 网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 13 日 9 点 30 分 召开地点：公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 13 日至2025 年 11 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2025-044 保定天威保变电气股份有限公司 第八届董事会第三十九次会议决议公告 本议案尚需经公司 2025 年第三次临时股东大会审议通过。 （二）审议通过了《关于修订<股东大会议事规则>的议案》（该 议案同意票9票，反对票0票，弃权票0票） 1 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取消监事会并修订 <公司章程>及相关议事规则的公告》。 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。 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 10 月 14 日以邮件或送达方式发出了召开公司第八届 董事会第三十九次会议的通知，于 2025 年 10 月 24 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三十九次会议，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，参加通讯表决董事：张 ...

Group 1 - The core viewpoint of the article highlights the strong financial performance of Baobian Electric in Q3 2025, with significant year-on-year growth in revenue and net profit [1] - Baobian Electric reported revenue of approximately 4.502 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 41.9% [1] - The net profit attributable to shareholders of the listed company was approximately 146 million yuan, showing a year-on-year increase of 72.91% [1] - Basic earnings per share reached 0.079 yuan, reflecting a year-on-year increase of 72.37% [1] Group 2 - As of the report, Baobian Electric has a market capitalization of 15.6 billion yuan [2]

Group 1 - The core point of the article is that Baobian Electric (SH 600550) announced its third quarterly report for 2025 during a board meeting held on October 24, 2025, which combined on-site and remote voting methods [1] - For the year 2024, Baobian Electric's revenue composition is as follows: 98.06% from power transmission and transformation products, 1.35% from other businesses, and 0.59% from other sources [1] - As of the report date, Baobian Electric has a market capitalization of 15.6 billion yuan [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥1,507,495,613.13, an increase of 14.95% compared to the same period last year[4] - The total profit for the period was ¥78,125,498.05, reflecting a growth of 17.47% year-over-year[4] - Net profit attributable to shareholders was ¥70,567,148.08, up 14.53% from the previous year[4] - The net profit excluding non-recurring gains and losses decreased by 79.94% to ¥11,690,136.39, primarily due to changes in sales structure and increased related expenses[9] - The basic earnings per share for the year-to-date period was ¥0.079, an increase of 72.37% year-over-year[4] - The company reported non-recurring gains of ¥58,877,011.69 for the current period, including a gain from the transfer of shares in a subsidiary[7] Assets and Liabilities - The total assets at the end of the period were ¥7,360,711,810.13, a decrease of 2.03% from the end of the previous year[5] - Shareholders' equity attributable to the parent company increased by 30.51% to ¥782,884,735.76 compared to the end of the previous year[5] - The total liabilities as of September 30, 2025, were RMB 6,465,252,311.40, a decrease from RMB 6,809,560,710.71 at the end of 2024, reflecting a reduction of approximately 5.1%[15] - The total assets as of September 30, 2025, were RMB 7,360,711,810.13, down from RMB 7,513,323,652.85 at the end of 2024, indicating a decrease of about 2.0%[16] Revenue and Costs - Total operating revenue for the first three quarters of 2025 reached RMB 4,502,410,058.73, a significant increase from RMB 3,172,980,176.29 in the same period of 2024, representing a growth of approximately 41.8%[18] - Total operating costs for the first three quarters of 2025 were RMB 4,380,907,718.61, compared to RMB 3,073,240,068.93 in 2024, indicating an increase of about 42.5%[18] - The gross profit margin for the first three quarters of 2025 was approximately 2.9%, down from the previous year's margin, reflecting increased costs[18] Cash Flow and Investments - The company's cash and cash equivalents as of September 30, 2025, were RMB 876,785,431.34, a decrease from RMB 1,176,310,907.43 at the end of 2024, representing a decline of about 25.5%[13] - The company reported an investment income of RMB 58,258,161.42 for the first three quarters of 2025, a significant increase from RMB 4,258,597.71 in the same period of 2024[18] - The cash flow from operating activities showed a net outflow of CNY -470,170,696.61 for the first three quarters of 2025, an improvement compared to CNY -605,806,221.18 in 2024[21] - The company generated CNY 2,966,574,090.82 in cash from borrowings during the financing activities, compared to CNY 1,479,500,000.00 in the previous year, reflecting a growth of approximately 100.5%[22] - The total cash outflow from financing activities was CNY 2,857,543,855.63, which is an increase from CNY 1,150,554,622.94 in the previous year, indicating a rise of about 148.9%[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 138,522[10] - The basic and diluted earnings per share for the current period were both CNY 0.079, up from CNY 0.046 in the same period last year, representing a growth of approximately 71.7%[20] Profitability - The company's net loss for the first three quarters of 2025 was RMB 5,415,793,095.40, an improvement compared to a net loss of RMB 5,561,726,924.45 in the same period of 2024[16] - The net profit for the first three quarters of 2025 reached CNY 164,981,713.01, a significant increase from CNY 99,184,362.44 in the same period of 2024, representing a growth of approximately 66.3%[19] - The operating profit for the current period was CNY 173,231,238.07, up from CNY 103,155,165.47 in the previous year, reflecting a growth of approximately 67.8%[19] - The company reported a total comprehensive income of CNY 164,200,597.81 for the current period, compared to CNY 98,528,882.20 in the previous year, marking an increase of about 66.6%[19] Inventory and Receivables - Accounts receivable as of September 30, 2025, totaled RMB 1,782,272,335.56, down from RMB 1,982,132,254.99 at the end of 2024, indicating a reduction of approximately 10.1%[13] - Inventory increased to RMB 2,328,603,610.16 as of September 30, 2025, compared to RMB 2,052,179,217.84 at the end of 2024, marking an increase of about 13.4%[14] Foreign Exchange Impact - The company recorded a foreign exchange impact of CNY 4,569,346.06 on cash and cash equivalents, compared to a negative impact of CNY -548,992.87 in the previous year[22]

保定天威保变电气股份有限公司 董事会议事规则 第一条 宗旨：为了进一步规范本公司董事会的议事方式和决策 程序，促使董事和董事会有效地履行其职责，提高董事会规范运作和 科学决策水平，根据《公司法》、《证券法》、《上市公司治理准则》和 《上海证券交易所股票上市规则》等有关规定，制订本规则。 第二条 董事会组成结构、职权与工作机构 董事会由九名董事组成，设董事长一人。外部董事人数应当超过 董事会全体成员的半数，独立董事三人，职工董事一人。 （四）制订公司发展战略和规划； （五） 制订公司投资计划，决定公司的经营计划和投资方案； （六）制订公司的年度财务预算方案、决算方案； （七）制订公司的利润分配方案和弥补亏损方案； （八）制订公司增加或者减少注册资本、发行债券或者其他证券 及上市方案； 董事会行使下列职权： （一）制定贯彻党中央、国务院决策部署和落实国家发展战略重 大举措的方案； （二）召集股东会，并向股东会报告工作； （三）执行股东会的决议； （九）拟订公司重大收购、收购本公司股票或者合并、分立、解 散、申请破产及变更公司形式的方案； （十）在股东会授权范围内,决定公司对外投资、收购出售资产、 资产抵押、对外担 ...