Group 1 - The company, Zhengtai Electric, announced that as of the end of August 2025, it has repurchased a total of 17.414 million shares, accounting for 0.81% of its total share capital, with a total expenditure of approximately 400 million yuan [1] - The highest purchase price for the repurchased shares was 23.67 yuan per share, while the lowest was 22.15 yuan per share [1] - As of the report date, Zhengtai Electric's market capitalization stands at 60 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Zhengtai Electric is as follows: photovoltaic business accounts for 58.86%, low-voltage electrical appliances account for 40.42%, and other businesses account for 1.4%, with inter-segment eliminations at -0.68% [1]

证券代码：601877 证券简称：正泰电器 公告编号：临 2025-052 浙江正泰电器股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购 股份》的相关规定，公司在回购股份期间，应当在每个月的前 3 个交易日内公告截至上月末 的回购进展情况。现将公司回购进展情况公告如下： 2025 年 8 月，公司通过集中竞价交易方式已累计回购股份 427.73 万股，占公司总股本的 比例为 0.20%，购买的最高价为 23.67 元/股、最低价为 22.78 元/股，支付的金额为 9,999.54 万元（不含交易费用）。截至 2025 年 8 月末，公司已累计回购股份 1,741.40 万股，占公司总 股本的比例为 0.81%，购买的最高价为 23.67 元/股、最低价为 22.15 元/股，已支付的总金额为 39,991.55 万元（不含交易费用）。 公司本次回 ...

2022 年 10 月 28 日，公司召开第九届董事会第四次会议和第九届监事会第三次会议， 审议通过了《关于筹划控股子公司分拆上市的议案》，同意公司控股子公司正泰安能数字能 源（浙江）股份有限公司（以下简称"正泰安能"）筹划分拆上市事宜，并授权公司及正泰 安能管理层启动分拆正泰安能上市的前期筹备工作。 2023 年 6 月 4 日，公司召开第九届董事会第十四次会议和第九届监事会第十二次会议， 审议通过了《关于分拆所属子公司正泰安能数字能源（浙江）股份有限公司至上海证券交易 所主板上市方案的议案》等议案，并提请股东大会授权董事会及其授权人士办理本次分拆相 关事宜。2023 年 6 月 21 日，公司召开 2023 年第三次临时股东大会审议通过上述议案。 2023 年 9 月 6 日，公司收到上海证券交易所（以下简称"上交所"）出具的《关于受 理正泰安能数字能源（浙江）股份有限公司首次公开发行股票并在沪市主板上市申请的通知》 （上证上审〔2023〕683 号）。 2025 年 4 月 28 日，公司召开第九届董事会第三十四次会议审议通过《关于提请股东大 会授权董事会及其授权人士办理分拆有关事宜延长有效期的议案》， ...

Core Viewpoint - The company has decided to terminate the plan for the spin-off listing of its subsidiary, Zhengtai Aneng, on the Shanghai Stock Exchange due to favorable business development and performance growth [1] Group 1 - The company has actively advanced the relevant matters since planning the spin-off, including organizing due diligence by intermediary institutions [1] - The decision to terminate the spin-off was made after comprehensive consideration of the current market environment and thorough communication with relevant parties [1] - The company has adhered to legal regulations and disclosure obligations throughout the decision-making process [1]

人民财讯9月1日电，正泰电器(601877)9月1日晚间公告，鉴于公司控股子公司正泰安能业务发展较好、 业绩增速快，为统筹安排公司业务发展，经公司综合判断当前市场环境等因素考虑，公司决定终止分拆 正泰安能至上交所主板上市，并撤回相关上市申请文件。此次分拆上市终止不会对公司产生实质性影 响。 转自：证券时报 ...

Core Viewpoint - The company has decided to terminate the spin-off of Zhengtai Aneng for listing on the Shanghai Stock Exchange main board and has withdrawn the related listing application documents [1] Group 1 - The termination of the spin-off will not have a substantial impact on the company [1] - There will be no significant adverse effects on the company's production, operational activities, or financial status [1] - The company's overall strategic planning implementation will not be affected by this decision [1]

Core Insights - A-share semi-annual report reveals a number of companies with better-than-expected performance [1] - According to statistics from Securities Times·Data Treasure, 130 stocks are identified as having exceeded performance expectations in the first half or second quarter of this year [1] Group 1: Performance Highlights - Among the stocks with better-than-expected performance, 41 were held by social security funds at the end of the second quarter [1] - Seven of these stocks have a market value exceeding 1 billion yuan held by social security funds, including SANY Heavy Industry (600031), Yun Aluminum (000807), Chint Electric (601877), Jincheng Holdings (603979), Pengding Holdings (002938), Western Superconducting (600989), and Chifeng Gold (600988) [1]

Group 1: Healthcare Sector - The provincial government emphasizes the importance of healthcare reform, focusing on the integration of medical services, insurance, and pharmaceuticals to enhance the healthcare system [1] - The government aims to improve public hospital management, enhance medical quality, and optimize the operation of healthcare facilities [1] - There is a call for the establishment of a high-level healthcare service system, with a focus on regulatory mechanisms for medical insurance funds and drug safety [1] Group 2: Industrial Development - The provincial government highlights the significance of the power transmission and transformation equipment industry as a key development area [2] - There is an emphasis on enhancing core competitiveness through innovation and deepening the integration of industry, academia, and research [2] - The government encourages a comprehensive upgrade of the industrial chain, focusing on high-end, intelligent, and green development [2]

Group 1 - The stock price of Zhengtai Electric as of August 29, 2025, is 27.41 yuan, down 1.62% from the previous trading day [1] - The opening price on the same day was 28.05 yuan, with a high of 28.15 yuan and a low of 27.15 yuan, resulting in a trading volume of 1.792 billion yuan and a turnover rate of 3.02% [1] - Zhengtai Electric operates in the power grid equipment sector, with main businesses including low-voltage electrical appliances, renewable energy, and smart electrical equipment, making it one of the leading electrical equipment suppliers in China [1] Group 2 - As of the end of the second quarter, pension accounts held 72.2298 million shares of Zhengtai Electric, ranking as the sixth and tenth largest circulating shareholders [1] - The presence of pension and social security funds among the top ten circulating shareholders indicates long-term capital interest in the company [1] - On August 29, the net outflow of main funds from Zhengtai Electric was 113.6845 million yuan, accounting for 0.19% of the circulating market value, while the net inflow over the past five days was 221.7492 million yuan, representing 0.38% of the circulating market value [1]

Core Insights - The company reported a revenue of 29.619 billion yuan for H1 2025, a year-on-year increase of 2.18%, and a net profit attributable to shareholders of 2.554 billion yuan, up 32.90% year-on-year [1] - In Q2 2025, the company achieved a revenue of 15.060 billion yuan, reflecting a year-on-year growth of 15.22%, and a net profit of 1.391 billion yuan, which is a significant increase of 65.32% year-on-year and 19.59% quarter-on-quarter [1] Group 1: Smart Appliance Industry - The smart appliance segment generated revenue of 12.104 billion yuan in H1 2025, marking a growth of 3.74% year-on-year [2] - Over 50 domestic partners have reached a revenue scale of over 100 million yuan [2] - The sales proportion of "specialized, refined, distinctive, and innovative" products exceeded 15% [2] - The company is expanding into high-potential areas such as wind power and energy storage, and is actively collaborating with China Unicom's B2B platform [2] - The company is strengthening its presence in Europe while expanding into Asia-Pacific, West Asia, and Africa, with notable projects in the Asia-Pacific region [2] Group 2: Green Energy Business - The household photovoltaic business of Zhengtai Aneng achieved revenue of 14.798 billion yuan in H1 2025, with a net profit of 1.901 billion yuan and an added installed capacity of over 9 GW [3] - The company has a total installed capacity of approximately 25 GW and has recruited nearly 3,500 franchise agents in the domestic market [3] - The overseas market has expanded to cover key markets in Germany, France, Poland, Spain, and Italy [3] - The average monthly trading volume of green electricity exceeded 10 million kilowatt-hours [3] - The company has successfully expanded its inverter storage business in North America and Europe, maintaining the top position in North America for three-phase string inverter shipments [3] Group 3: Investment Outlook - The company is projected to achieve revenues of 67.027 billion yuan, 71.538 billion yuan, and 76.887 billion yuan for the years 2025 to 2027, with corresponding growth rates of 3.9%, 6.7%, and 7.5% [4] - The net profit attributable to shareholders is expected to be 4.947 billion yuan, 5.736 billion yuan, and 6.630 billion yuan for the same period, with growth rates of 27.7%, 15.9%, and 15.6% respectively [4] - The company is recognized as a leader in low-voltage electrical appliances and household photovoltaics, with ongoing advancements in new fields such as data centers [4]