Core Viewpoint - Sifang Co., Ltd. (601126.SH) reported a strong performance in the third quarter of 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 6.132 billion yuan, representing a year-on-year increase of 20.39% [1] - The net profit attributable to shareholders of the parent company was 704 million yuan, showing a year-on-year growth of 15.57% [1] - The basic earnings per share stood at 0.86 yuan [1]

Core Insights - The company reported a revenue of 6.132 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 20.39% [1] - The net profit attributable to shareholders for the same period was 704 million yuan, showing a year-on-year increase of 15.57% [1] Company Overview - The main business of the company focuses on providing relay protection, automation and control systems, power electronics, integration of primary and secondary systems, and smart IoT solutions for sectors such as smart power generation, renewable energy, smart grids, new distribution networks, and smart electricity [1]

证券代码：601126 证券简称：四方股份 公告编号：2025-048 北京四方继保自动化股份有限公司 关于回购注销部分激励对象已获授但尚未解除限售 的限制性股票的公告 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个别及连带责任。 重要内容提示： 北京四方继保自动化股份有限公司（以下简称"公司"）于2025年10月28 日召开了第八届董事会第三次会议，审议通过了《关于启航2号限制性股票激励 计划首次授予部分第二个解除限售期解除限售条件成就的议案》《关于回购注销 部分激励对象已获授但尚未解除限售的限制性股票的议案》。鉴于公司启航2号 限制性股票激励计划中1名激励对象因离职不再具备激励对象资格，公司董事会 同意对其持有的已获授但尚未解除限售的全部限制性股票共计10,000股进行回 购注销；1名激励对象2024年度个人考核结果不符合第二个解除限售期解除限售 条件，公司董事会同意对其持有的第二个解除限售期限制性股票15,000股进行回 购注销；本次将对上述2名激励对象持有的限制性股票共计25,000股进行回购注 销，回购价格6.27元/股。根 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-047 北京四方继保自动化股份有限公司 关于启航 2 号限制性股票激励计划首次授予部分 第二个解除限售期解除限售条件成就的公告 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个别及连带责任。 重要内容提示： 本次符合解除限售条件的激励对象人数：445 人 本次解除限售股票数量：556.92 万股，约占目前公司总股本的 0.67% 本次解除限售事宜需在有关机构办理相关手续结束后方可解除限售，届 时公司将另行公告，敬请投资者注意。 北京四方继保自动化股份有限公司（以下简称"公司"）于2025年10月28 日召开第八届董事会第三次会议，审议通过了《关于启航2号限制性股票激励计 划首次授予部分第二个解除限售期解除限售条件成就的议案》。根据《上市公司 股权激励管理办法》（以下简称"《管理办法》"）及《北京四方继保自动化股 份有限公司启航2号限制性股票激励计划》（以下简称"《激励计划》"或"本 激励计划"）的相关规定，董事会认为公司启航2号限制性股票激励计划首次授 予部分第二个解除限售 ...

北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划首次授予部分 第二个解除限售期解除限售条件成就 之 证券代码：601126 证券简称：四方股份 上海荣正企业咨询服务（集团）股份有限公司 关于 独立财务顾问报告 2025 年 10 月 | | | | | | 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由四方股份提供，本计划所 涉及的各方已向独立财务顾问保证：所提供的出具本独立财务顾问报告所依据的 所有文件和材料合法、真实、准确、完整、及时，不存在任何遗漏、虚假或误导 性陈述，并对其合法性、真实性、准确性、完整性、及时性负责。本独立财务顾 问不承担由此引起的任何风险责任。 （二）本独立财务顾问仅就本次限制性股票激励计划解除限售条件成就相关 事项对四方股份股东是否公平、合理，对股东的权益和上市公司持续经营的影响 发表意见，不构成对四方股份的任何投资建议，对投资者依据本报告所做出的任 何投资决策而可能产生的风险，本独立财务顾问均不承担责任。 （三）本独立财务顾问未委托和授权任何其它机构和个人提供未在本独立财 务顾问报告中列载的信息和对本报告做任何解释或者说明。 （四 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划 首次授予部分第二个解除限售期解除限售条件成就及回购 注销部分限制性股票的 法律意见书 二〇二五年十月 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于北京四方继保自动化股份有限公司 北京市竞天公诚律师事务所 启航 2 号限制性股票激励计划 首次授予部分第二个解除限售期解除限售条件成就及回购 注销部分限制性股票的 法律意见书 致：北京四方继保自动化股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受北京四方继保自动化 股份有限公司（以下简称"四方股份"或"公司"）委托，担任四方股份启航 2 号限制性股票激励计划（以下简称"本次激励计划"）的专项中国法律顾问，根 据《中华人民共和国公司法》（以下简称"《公 ...

证券代码：601126 证券简称：四方股份 上海荣正企业咨询服务（集团） 股份有限公司 关于 北京四方继保自动化股份有限公司 回购注销部分限制性股票相关事项 之 独立财务顾问报告 2025 年 10 月 1 / 10 | 二、声明 | 4 | | --- | --- | | 三、基本假设 | 5 | | 四、本次激励计划的审批程序 6 | | | 五、独立财务顾问意见 9 | | 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 四方股份、本公司、公 | 指 | 北京四方继保自动化股份有限公司 | | --- | --- | --- | | 司、上市公司 | | | | 独立财务顾问、财务顾 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 问 | | | | 本激励计划、本计划、 | | 北京四方继保自动化股份有限公司启航 号限制性股票激励 2 | | 限制性股票激励计划、 股权激励计划 | 指 | 计划 | | | | 公司根据本激励计划规定的条件和价格，授予激励对象一定数 | | 限制性股票 | 指 | 量的公司股票，该等股票设置一定期限的限售期，在达到本激 | | ...

北京四方继保自动化股份有限公司（以下简称"公司"）于2025年10月28 日召开第八届董事会第三次会议，审议通过了《关于启航2号限制性股票激励计 划首次授予部分第二个解除限售期解除限售条件成就的议案》《关于回购注销部 分激励对象已获授但尚未解除限售的限制性股票的议案》。根据《上市公司股权 激励管理办法》《北京四方继保自动化股份有限公司启航2号限制性股票激励计 划（草案）》的相关规定，鉴于公司启航2号限制性股票激励计划中1名激励对象 因离职不再具备激励对象资格，公司董事会同意对其持有的已获授但尚未解除限 售的全部限制性股票共计10,000股进行回购注销；1名激励对象2024年度个人考 核结果不符合第二个解除限售期解除限售条件，公司董事会同意对其持有的第二 个解除限售期限制性股票15,000股进行回购注销；本次将对上述2名激励对象持 有的限制性股票共计25,000股进行回购注销。本次回购注销完成后，公司总股本 预计将减少25,000股，公司注册资本也相应减少25,000元。具体内容详见公司同 日于上海证券交易所网站（www.sse.com.cn）披露的《关于回购注销部分激励对 象已获授但尚未解除限售的限制性股票的 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-046 北京四方继保自动化股份有限公司 第八届董事会第三次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 北京四方继保自动化股份有限公司（以下简称"公司"）于2025年10月28 日在湖州基地以现场方式召开第八届董事会第三次会议。本次会议通知于2025 年10月24日以电子邮件的方式发出，会议由董事长高秀环女士召集和主持，会议 应出席董事9名，实际出席董事9名，全部董事均参与表决所有应表决议案。会议 的召集和召开符合《中华人民共和国公司法》及《公司章程》等法律、行政法规、 部门规章、规范性文件的规定，会议形成的决议内容合法有效。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《四 方股份 2025 年第三季度报告》。 2、审议通过《关于启航 2 号限制性股票激励计划首次授予部分第二个解除 限售期解除限售条件成就的议案》，同意票 3 票，反对票 0 票，弃权票 0 票；其 中关联董事高秀环、 ...

Financial Performance - The company's operating revenue for Q3 2025 reached CNY 2,111,345,645.43, representing a year-on-year increase of 30.65%[4] - The total profit for the period was CNY 257,464,537.43, reflecting a growth of 21.27% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 227,817,414.62, up by 22.78% year-on-year[4] - The basic earnings per share for the quarter was CNY 0.28, an increase of 21.74% from the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥6,131,570,784.23, an increase of 20.4% compared to ¥5,093,273,140.61 in the same period of 2024[26] - Net profit for the first three quarters of 2025 was ¥703,388,366.53, representing a 15.3% increase from ¥610,125,760.91 in the same period of 2024[28] - The total profit for the first three quarters of 2025 was ¥80,214,379.13, up from ¥41,009,872.10 in the first three quarters of 2024, marking a 95.7% increase[46] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 11,853,807,556.43, a 7.32% increase from the end of the previous year[6] - The company's equity attributable to shareholders increased to CNY 4,729,392,500.35, marking a 3.37% rise compared to the previous year-end[6] - Total current assets as of September 30, 2025, amount to ¥10,637,901,645.50, an increase from ¥9,922,690,413.65 at the end of 2024[19] - Total liabilities increased to ¥7,123,664,614.18 from ¥6,466,552,166.92 year-over-year[23] - The company's total liabilities increased slightly to CNY 2,001,115,414.31 from CNY 1,979,366,896.20, reflecting higher short-term obligations[41] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 427,799,213.85, showing a decline of 25.44% year-on-year[4] - Cash generated from operating activities in the first three quarters of 2025 was ¥5,553,203,229.18, an increase from ¥4,853,236,418.16 in the same period of 2024[32] - The net cash inflow from operating activities was CNY 427,799,213.85, a decrease of 25.4% compared to CNY 573,740,733.56 in the previous period[36] - The total cash and cash equivalents at the end of the period stood at CNY 2,580,070,227.43, down from CNY 2,858,637,226.35[36] - Cash and cash equivalents at the end of the third quarter of 2025 were ¥1,006,965,525.88, down from ¥1,377,704,832.16 at the end of the third quarter of 2024[51] Shareholder Information - Total number of common shareholders at the end of the reporting period is 33,761[13] - The largest shareholder, Sifang Electric (Group) Co., Ltd., holds 325,509,686 shares, accounting for 39.06% of total shares[13] - The company has no significant changes in major shareholders or their shareholding status[15] Operational Insights - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming quarters[10] - The company has successfully transitioned its Huzhou intelligent equipment digital factory project into fixed assets, contributing to its growth strategy[10] - There are no significant reminders or other important information regarding the company's operational situation during the reporting period[16] Research and Development - Research and development expenses for the first three quarters of 2025 totaled ¥510,403,788.89, slightly up from ¥493,601,997.57 in the first three quarters of 2024[28] - Research and development expenses for the first three quarters of 2025 were ¥119,928,037.65, slightly higher than ¥117,566,576.14 in the same period of 2024[44] Investment Activities - The company reported a significant increase of 153.95% in trading financial assets due to investments in low-risk financial products[7] - Cash inflow from investment activities totaled CNY 1,786,375,336.06, significantly up from CNY 245,330,741.04, indicating a strong recovery in investment receipts[36] - The net cash outflow from investment activities was CNY 500,004,546.12, worsening from a net outflow of CNY 112,734,113.35 in the previous period[36] - Investment activities generated a net cash flow of -¥51,522,918.88 in the first three quarters of 2025, compared to a positive cash flow of ¥390,455,263.42 in the same period of 2024[49] Other Financial Metrics - The company reported a decrease in other comprehensive income, with a net amount of -¥315,522.79 compared to ¥321,506.33 in the previous year[30] - The company's financial expenses showed a decrease, with interest income of ¥22,168,174.18 in the first three quarters of 2025 compared to ¥29,829,919.02 in the same period of 2024[44] - The company incurred sales expenses of ¥102,631,881.88 in the first three quarters of 2025, a decrease from ¥113,878,671.64 in the same period of 2024[44] - The company reported a total of ¥20,732,224.67 in other income for the first three quarters of 2025, slightly lower than ¥21,695,420.99 in the same period of 2024[44]