证券代码：601179 证券简称：中国西电 公告编号：2025-036 中国西电电气股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度 的提示性公告 GE SMALLWORLD (SINGAPORE) PTE LTD 保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 10.00% | | | | 权益变动后合计比例 | 9.00% | | | | 本次变动是否违反已作出的承诺、 意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | ☑其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控 | | | ...

Core Points - GESMALLWORLD (SINGAPORE) PTE LTD reduced its stake in China Xidian Electric Co., Ltd. by selling 51,258,823 shares, which represents 1% of the total share capital [1] - Following this transaction, GESMALLWORLD's ownership decreased from 10.00% to 9.00% [1] - The share reduction aligns with previously disclosed plans and commitments, and it does not trigger a mandatory tender offer or change the company's controlling shareholder or actual controller [1] - The reduction plan is not yet fully executed, and the company will ensure compliance with the reduction and timely disclosure of information [1]

中国西电公告，GE SMALLWORLD(SINGAPORE)PTE LTD于2025年8月28日至2025年9月8日期间通过 集中竞价方式累计减持中国西电股份5125.88万股，占公司总股本的比例为1%。权益变动后，GE SMALLWORLD持股比例由10.00%降至9.00%。此次减持符合此前披露的减持计划，不会导致公司控股 股东、实际控制人发生变化。 ...

Core Viewpoint - China Xidian's stock price has shown fluctuations with a recent increase of 2.02%, while the company has experienced a year-to-date decline of 13.15% in stock price [1] Financial Performance - For the first half of 2025, China Xidian achieved operating revenue of 11.331 billion yuan, representing a year-on-year growth of 9.57%, and a net profit attributable to shareholders of 598 million yuan, which is a 32.23% increase compared to the previous year [2] - Cumulatively, since its A-share listing, China Xidian has distributed a total of 4.429 billion yuan in dividends, with 999.4 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for China Xidian reached 166,400, an increase of 6.78% from the previous period, while the average number of circulating shares per person decreased by 6.35% to 30,799 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 113 million shares, a decrease of 835,300 shares from the previous period, and Southern CSI 500 ETF, which increased its holdings by 4.2112 million shares to 30.4401 million shares [3] Market Activity - As of September 8, 2023, China Xidian's stock was trading at 6.55 yuan per share, with a total market capitalization of 33.575 billion yuan and a trading volume of 325 million yuan [1] - The stock has seen a net inflow of 2.2112 million yuan from major funds, with significant buying and selling activity noted [1] Business Overview - China Xidian Electric Co., Ltd. specializes in the research, design, manufacturing, sales, testing, and engineering contracting of power transmission and distribution equipment [1] - The company's main revenue sources include product sales (90.58%), service provision (4.65%), engineering construction (3.64%), and other income (1.13%) [1] Industry Classification - China Xidian is classified under the power equipment industry, specifically in the sub-sector of power transmission and transformation equipment [1] - The company is associated with several concept sectors, including state-owned enterprise reform, nuclear power, and direct current transmission [1]

Core Viewpoint - China's High Voltage Direct Current Transmission System (HVDCS) has become a core technology for building a new energy system, leveraging its advantages in long-distance and high-power transmission. The market for HVDC is projected to reach 89.2 billion yuan in 2024 and exceed 300 billion yuan by 2028, driven by the expansion of wind and solar power installations and the explosive demand for AI computing power [1][7]. Industry Overview - HVDCS utilizes direct current for high-power, long-distance electricity transmission, converting three-phase alternating current to direct current and back again, enabling efficient and stable energy transfer [2]. - The industry has developed a complete upstream and downstream industrial system, focusing on raw materials, equipment manufacturing, and system integration, with major investments from state-owned enterprises [4]. Market Size and Growth - The HVDC market in China reached 89.2 billion yuan in 2024, a 42.3% increase year-on-year, and is expected to surpass 300 billion yuan by 2028 [7]. - The demand for 800V HVDC technology is anticipated to surge, particularly in the context of AI data centers, with the market projected to grow from 2 billion yuan in 2028 to 6.4 billion yuan by 2030, reflecting a compound annual growth rate of 47% [1][8]. Industry Chain - The HVDCS industry chain includes upstream raw materials, midstream equipment manufacturing, and downstream operation by major power grid companies, facilitating large-scale applications in long-distance transmission and renewable energy integration [4]. Competitive Landscape - The industry is characterized by a concentration of market share among state-owned enterprises like China Xidian and TBEA, while private companies and foreign firms compete in niche areas [10]. - China Hengtian Electric holds a 28% market share, benefiting from partnerships with leading internet companies in the AI data center sector [10]. Development Trends - The industry is expected to see technological advancements, with a shift towards 800V high-voltage platforms and silicon carbide devices, enhancing system efficiency and reliability [11]. - The application scenarios for HVDC are diversifying, including cross-border energy interconnections and industrial microgrids, creating a multi-billion market for related services [12]. - Chinese HVDC companies are transitioning to a global operational model, focusing on technology, standards, and capital, with exports expected to rise to 40% by 2030 [13][14].

Summary of Conference Call Records Industry Overview: Power Equipment Key Points on Domestic and International Demand - The acceleration of ultra-high voltage (UHV) project approvals is expected, with multiple AC lines approved in the second half of the year, significantly higher than the first half. The total investment for the Shaanxi to Henan and Nanjing to Sichuan projects exceeds 30 billion yuan [1] - The investment budget for distribution networks is projected to grow by approximately 5% in 2025, focusing on smart technology, replacement of old equipment, and energy-saving renovations. Investment in grid intelligence is expected to increase by 60% year-on-year [1][5] - The European power market is seeing substantial investment in grid upgrades, with the EU planning to invest 584 billion euros by 2030, with one-third for transmission and two-thirds for distribution [1][7] Core Insights and Arguments - The approval of UHV projects is expected to increase from 2-3 AC lines in 2024 to 4-5 in 2025, indicating a significant growth trajectory [4] - The regional joint procurement in the distribution network sector has pressured the gross margins of leading companies by about 10 percentage points, but it has also increased market share for companies like XJ Electric, Samsung Medical, and Oriental Electronics [5] - The demand for low-voltage transformers and UHV equipment in Europe is rising, with Chinese manufacturers having advantages in conversion efficiency and power density [8] Company-Specific Developments - **Pinggao Electric**: New order growth of approximately 15% in the first half of 2025, with a significant increase in UHV GIS delivery expected from 2026 [11] - **China XD Electric**: Improved gross margins through cost management, with a projected delivery of 30-40 billion yuan in UHV projects for the year [12] - **XJ Electric**: Anticipates a significant increase in delivery volume for UHV products in 2026, with current orders exceeding 3 billion yuan [13] - **Siyuan Electric**: Actively expanding in the North American data center market, with a projected net profit growth of about 30% for 2025 [15] - **Samsung Medical**: Achieved a 124% year-on-year increase in overseas distribution network orders, with a projected net profit growth of 10-15% [16] - **Huaming Equipment**: European market contributes 50% of overseas revenue, with a projected net profit growth of about 15% [17] - **Guodian NARI**: Strong performance in the low-carbon energy sector, with expected revenue growth of 14-15% [18] - **Sifang Co.**: Domestic business exceeded expectations, with a 15% growth in main network orders [19] Other Important Insights - The focus on smart grid investments is expected to reshape the competitive landscape in the distribution network sector, benefiting leading companies in the medium term [5] - The North American market is experiencing tight supply for transformers and switches, creating significant opportunities for domestic companies [9] - The overall trend in the power equipment industry indicates a shift towards intelligent and sustainable solutions, aligning with global energy transition goals [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant improvement in gross margin and achieved rapid growth in performance, with total revenue of 11.33 billion yuan in the first half of 2025, representing a year-on-year increase of 8.9%. The net profit attributable to shareholders reached 600 million yuan, up 30.1% year-on-year [3][8]. - In Q2 2025, the company achieved a total revenue of 6.07 billion yuan, a year-on-year increase of 7.2% and a quarter-on-quarter increase of 15.4%. The net profit attributable to shareholders was 300 million yuan, reflecting a year-on-year increase of 20.2% and a quarter-on-quarter increase of 2.9% [3][8]. Revenue Analysis - In the first half of 2025, the company's revenue from transformers was 4.935 billion yuan, up 10.5% year-on-year; switch revenue was 4.245 billion yuan, up 4.0%; power electronics revenue was 399 million yuan, up 517.5%; R&D and testing revenue was 371 million yuan, up 51.1%; capacitor revenue was 291 million yuan, up 5.3%; and insulators and lightning arresters revenue was 110 million yuan, down 29.8%. The significant increase in power electronics revenue is mainly attributed to the delivery of ultra-high voltage direct current converter stations [8]. - The company's overseas revenue reached 2.171 billion yuan, a year-on-year increase of 64.0%, indicating strong growth [8]. Margin and Cost Management - The gross margin for the first half of 2025 was 21.82%, an increase of 2.15 percentage points year-on-year. In Q2 2025, the gross margin was 22.29%, up 1.82 percentage points year-on-year and 1.02 percentage points quarter-on-quarter. The improvement in gross margin is expected to be due to product mix optimization and cost reduction in transformer products [8]. - The company's expense ratio for the first half of 2025 was 12.55%, a decrease of 0.41 percentage points year-on-year, with the sales expense ratio at 2.87%, down 0.57 percentage points; management expense ratio at 6.29%, roughly unchanged; R&D expense ratio at 3.81%, up 0.25 percentage points; and financial expense ratio at -0.42%, down 0.10 percentage points [8]. Inventory and Contract Liabilities - As of the end of Q2 2025, the company's inventory was 4.998 billion yuan, a year-on-year increase of 29.2% and a quarter-on-quarter increase of 2.7%. Contract liabilities reached 5.319 billion yuan, up 38.1% year-on-year and 28.3% quarter-on-quarter, indicating a positive trend in future deliveries [8]. Future Outlook - With the delivery of ultra-high voltage orders in the second half of the year and ongoing cost reduction and efficiency improvements, the company is expected to achieve sustained rapid growth in operations. The estimated net profit attributable to shareholders for 2025 is approximately 1.5 billion yuan, corresponding to a PE ratio of about 23 times [8].

Core Insights - The Chinese zinc oxide varistor industry is experiencing rapid growth, becoming one of the largest producers and consumers globally, with a market size of approximately 2.487 billion yuan in 2024, reflecting a year-on-year growth of 10.63% [1][4] - The primary drivers of this growth include the rapid development of the power industry, particularly in smart grid construction and renewable energy integration, as well as advancements in the electronics and communications sectors [1][4] Industry Overview - Zinc oxide varistors are critical electronic components used for overvoltage protection in power systems, characterized by their nonlinear voltage-current properties [2] - The industry is segmented into multilayer chip and disc/radial lead types [3] Industry Chain - The upstream of the zinc oxide varistor industry includes raw materials such as zinc oxide, bismuth oxide, cobalt oxide, and production equipment [3] - The downstream applications encompass power systems, electronic engineering, communication devices, new energy vehicles, and photovoltaic inverters [3] Market Size - The global zinc oxide varistor market is projected to reach approximately 9.157 billion USD in 2024, with a year-on-year growth of 6.64% [4] - The demand for zinc oxide varistors is closely linked to the upgrades and new projects in the power industry, as well as the rapid development of 5G communication, electric vehicles, and industrial automation [4] Key Companies - Major players in the Chinese zinc oxide varistor industry include China XD Group, Jinguang Electric, and Yikun Electric, which hold significant market shares and brand influence [5] - China XD Group has notable technological advantages and market position, contributing to significant projects in high-voltage direct current transmission [5][6] - Jinguang Electric is recognized for its innovations in high-voltage varistor formulations and has achieved breakthroughs in various product lines [8] Industry Development Trends 1. **Improving Voltage Gradient**: Higher voltage gradients in zinc oxide varistors allow for smaller, more efficient devices, achieved through advanced material and structural innovations [9] 2. **Enhancing Energy Tolerance**: Increasing the energy tolerance of varistors is crucial for meeting the demands of modern power systems, focusing on material optimization and structural improvements [10] 3. **Reducing Residual Voltage**: Lowering the residual voltage enhances protection performance, with ongoing research aimed at developing new materials and designs [11] 4. **Developing AC/DC Universal Varistors**: There is a growing trend towards creating varistors that can function in both AC and DC systems, expanding their application range and market competitiveness [11]

Group 1 - The fourth-generation semiconductor sector experienced a decline of 1.0% [1] - Among the companies, Quzhou Development fell by 2.2% [1] - Blue Sky Technology decreased by 0.84% [1] - China West Electric saw a decline of 0.44% [1]

Core Viewpoint - The report from Minsheng Securities highlights that China Xidian's net profit attributable to shareholders for the first half of 2025 reached 598 million yuan, representing a year-on-year increase of 30.08% [1] - The company's continuous cost reduction and efficiency improvement have led to enhancements in gross and net profit margins [1] Financial Performance - In Q2 of 2025, the net profit attributable to shareholders was 303 million yuan, showing a year-on-year growth of 20.19% [1] - As of the end of the first half of 2025, the company's inventory and contract assets were 4.998 billion yuan and 1.854 billion yuan, respectively, reflecting year-on-year increases of 29.16% and 15.45% [1] Business Outlook - The company is positioned as a leader in domestic primary equipment and is benefiting from the global power grid infrastructure cycle while actively expanding into external markets [1] - The ongoing optimization of the company's core business structure is contributing to its positive performance outlook [1]