浙江正泰电器股份有限公司2025 年半年度报告 公司代码：601877 公司简称：正泰电器 浙江正泰电器股份有限公司 2025 年半年度报告 1 / 251 浙江正泰电器股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人南存辉、主管会计工作负责人林贻明及会计机构负责人（会计主管人员）林贻 明声明：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经营计划、发展战略等前瞻性陈述，均不构成公司对投资者的实质承 诺，敬请投资者及相关人士对此保持足够的风险认识，并且理解计划、预测与承诺之间的差异。 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 ...

每经AI快讯，8月27日，正泰电器公告称，2025年上半年实现营业收入296.19亿元，同比增长2.18%；归 属于上市公司股东的净利润25.54亿元，同比增长32.9%。 （文章来源：每日经济新闻） ...

浙江正泰电器股份有限公司 第十届董事会 2025 年第二次独立董事专门会议审核意见 根据《上海证券交易所股票上市规则》《上市公司独立董事管理办法》等有关法律法规和《浙 江正泰电器股份有限公司章程》《浙江正泰电器股份有限公司独立董事制度》的有关规定，浙江 正泰电器股份有限公司（以下简称"公司")独立董事于 2025 年 8 月 26 日召开第十届董事会 2025 年第二次独立董事专门会议，基于独立判断立场，本着认真、严谨、负责的态度，就本次 会议的事项发表审核意见如下： 一、对《关于正泰集团财务有限公司 2025 年半年度风险持续评估报告的议案》的审核意见 公司出具的《关于正泰集团财务有限公司 2025 年半年度风险持续评估报告》全面、真实地 反映了正泰集团财务有限公司（以下简称"正泰财务公司"）的内部控制、经营管理及风险管理 情况，其结论客观、公正。正泰财务公司业务范围、业务内容和流程、内部的风险控制等措施 都受到监管机构的严格监管，与公司之间的金融业务风险可控，不存在损害公司及股东特别是 中小股东利益的情形。我们同意将该事项提交公司第十届董事会第五次会议审议，审议该议案 时关联董事需回避表决。 独立董事：黄 ...

正泰电器：上半年净利润25.5亿元人民币。 ...

智通财经APP讯，正泰电器(601877.SH)发布2025年半年度报告，报告期内，公司实现营业收入296.19亿 元，同比增长2.18%。实现归属于上市公司股东的净利润25.54亿元，同比增长32.90%。实现归属于上市 公司股东的扣除非经常性损益的净利润25.33亿元，同比增长32.63%。基本每股收益1.19元。 ...

Core Viewpoint - The solar cell industry in China is experiencing significant growth, with production figures indicating a robust increase in output and a positive outlook for the coming years [1] Industry Summary - As of June 2025, China's solar cell (photovoltaic cell) production reached 67.39 million kilowatts, marking a year-on-year growth of 24.1% [1] - Cumulatively, from January to June 2025, the total production of solar cells in China was 370.19 million kilowatts, reflecting an 18.2% increase compared to the previous year [1] - The report by Zhiyan Consulting outlines the competitive landscape and investment recommendations for the solar cell industry in China from 2025 to 2031 [1] Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), and TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129) [1]

Group 1 - The Guozheng Free Cash Flow Index decreased by 0.74% as of August 26, 2025, with mixed performance among constituent stocks, including a limit-up for Yaxiang Integration and declines for SAIC Motor, Anfu Technology, and Shanghai Electric [3] - The Free Cash Flow ETF (159201) fell by 0.70%, with a latest price of 1.13 yuan, but it has seen a cumulative increase of 4.21% over the past week, ranking first among comparable funds [3] - The Free Cash Flow ETF has experienced significant net inflows, totaling 436 million yuan over the past six days, indicating strong demand [3] Group 2 - As of August 25, the Free Cash Flow ETF's net value increased by 13.57% over the past six months, with a maximum monthly return of 3.62% since inception [4] - The ETF has a management fee of 0.15% and a custody fee of 0.05%, which are the lowest among comparable funds [4] - The Free Cash Flow ETF closely tracks the Guozheng Free Cash Flow Index, which reflects the price changes of listed companies with high and stable free cash flow levels [4] Group 3 - The top ten weighted stocks in the Guozheng Free Cash Flow Index account for 57.66% of the index, including SAIC Motor, China National Offshore Oil, Midea Group, and Gree Electric [4] - The performance of the top ten stocks shows a mix of gains and losses, with SAIC Motor declining by 5.26% and Midea Group increasing by 0.34% [6]

Core Viewpoint - The article highlights the strategic development of the Taishan District in the transformer and high-voltage switchgear industry, focusing on industrial clustering, technological empowerment, and the "relocation project" to enhance the local economy and industry capabilities [1][9]. Group 1: Industrial Development - Taishan District is one of the five major R&D and manufacturing bases for transformers and high-voltage switchgear in China, with 28 large-scale enterprises in the industry [1]. - The district has established a high-end intelligent electrical industry park covering 1,500 acres, with the first phase occupying 500 acres and currently hosting five enterprises [2]. - The relocation of enterprises into the park is expected to generate an additional output value of 400 million yuan and an industrial tax revenue of 15 million yuan [2]. Group 2: Technological Innovation - Taishan District is focusing on enhancing production capacity and project implementation by guiding enterprises to cluster in industrial parks, creating a collaborative development environment [3]. - The district has implemented a "four replacement project" to encourage enterprises to upgrade their equipment and processes, leading to significant efficiency improvements [5]. - Taikai Electric has upgraded 706 pieces of equipment, achieving a 40% increase in efficiency and doubling production capacity through technological innovations [4]. Group 3: Economic Impact - The transformer industry in Taishan District achieved a revenue of 4.66 billion yuan in the first half of 2025, representing a 27% year-on-year increase, with profits rising by 50% to 393 million yuan [9]. - The industrial tax revenue reached 200 million yuan, marking a 36% increase compared to the previous year, with expectations for the industry to become a 10 billion yuan sector by the end of the year [9]. Group 4: Service and Support - The district has optimized its service environment by providing customized and professional support to enterprises, ensuring efficient project execution and problem resolution [8]. - A "one-stop" service model has been established to streamline project approval processes, enhancing the overall business environment [8]. - The district has successfully addressed challenges such as land acquisition and project construction delays through proactive coordination among various departments [7][8].

Core Viewpoint - The A-share market continues to show an upward trend, particularly in the photovoltaic sector, with significant increases in key stocks and ETFs [1][3]. Industry Performance - The Zhongzheng Photovoltaic Industry Index rose by 1.81%, with notable stocks such as Robotech (300757) hitting the daily limit, Daqo Energy (688303) increasing by 11.55%, and Jiejia Weichuang (300724) up by 8.09% [3]. - Key stocks in the photovoltaic sector include: - Yangguang Electric (300274): up 4.02% with a transaction volume of 684 million - Longi Green Energy (601012): up 1.21% with a transaction volume of 2.949 billion - TBEA (600089): up 1.34% with a transaction volume of 2.097 billion [4]. Market Dynamics - A meeting on August 19 emphasized four key points for the photovoltaic industry: strengthening industry regulation, curbing low-price competition, standardizing product quality, and supporting industry self-discipline [5]. - Guosheng Securities suggests that optimizing supply-side through industry regulation and price control will benefit profitability recovery in the industry [5]. - Goldman Sachs indicates that successful "anti-involution" actions could enhance corporate profitability through interconnected channels, particularly in undervalued sectors like cement, photovoltaic, and chemicals [5]. Investment Opportunities - The photovoltaic sector is expected to experience a fundamental recovery, with positive sentiment anticipated for the sector [5]. - The photovoltaic leader ETF (516290) is highlighted as a low-fee option, with management fees at 0.15% and custody fees at 0.05%, significantly lower than the market average [5].

Group 1 - The core viewpoint of the article highlights the growth of China's solar power generation, with a production volume of 501 billion kilowatt-hours in June 2025, representing an 18.3% year-on-year increase [1] - In the first half of 2025, China's cumulative solar power generation reached 2,666.9 billion kilowatt-hours, marking a cumulative growth of 20% [1] Group 2 - The article lists key companies in the solar energy sector, including Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar, Trina Solar, TBEA, Chint Electric, TCL Zhonghuan, Linyang Energy, and Sungrow Power [1] - The report referenced is the "2025-2031 China Solar Power Station Industry Market Situation Monitoring and Investment Prospects Report" published by Zhiyan Consulting [1]