Core Insights - Jiangsu Huachen has launched the first phase of its new energy power equipment industrial base, with a total planned investment of approximately 2 billion yuan, aimed at producing transformers with a voltage level of 500kV [2] - The company’s revenue from new energy has significantly increased from nearly 20% in 2022 to over 50% currently, indicating a strong growth engine for the company [3] - The domestic distribution transformer market is highly competitive, with price competition leading to significant variations in bidding prices, necessitating a shift towards high-end, automated, and integrated product development [5][6] Investment and Market Trends - The new energy sector is expected to see substantial growth, with China aiming for a total installed capacity of 3.6 billion kilowatts for wind and solar power by 2035, translating to an annual increase of approximately 200 gigawatts over the next decade [2] - Jiangsu Huachen's revenue and net profit for the first three quarters of the year grew by 37.5% and 15.4%, reaching 1.443 billion yuan and 72.2038 million yuan respectively, driven by increased market expansion in wind, solar, storage, and charging facilities [3] - The company is focusing on global expansion, particularly in Europe and the Middle East, where aging power grid infrastructure presents significant opportunities for new equipment and upgrades [7] Strategic Developments - The company plans to establish at least three joint ventures or companies overseas within the next three years, shifting its strategy from merely finding customers to seeking strategic partners for global expansion [7] - The new industrial base is expected to enhance production capacity and facilitate the transition towards becoming a high-end power equipment manufacturer [6] - The market for distribution transformers is predicted to consolidate, with expectations that within three years, there may be around ten companies in China reaching a scale of 10 billion yuan [6]

Core Viewpoint - The future growth of China's new energy industry is expected to be significant, driven by the demand for clean energy and the government's policy to accelerate the construction of a new energy system [2][5]. Industry Overview - By the end of the 14th Five-Year Plan, most of the new electricity demand will be met by new clean energy generation [2]. - The market for power transmission and distribution is rapidly increasing alongside the growth of wind, solar, and energy storage sectors [2]. - The demand for transformer capacity has risen sharply, necessitating quick adaptation to market needs to avoid competitive disadvantages [2]. Company Insights - Jiangsu Huachen's new energy power equipment industrial base has attracted industry attention, with a planned total investment of approximately 2 billion RMB [2]. - The company recognizes the need for new investments to meet current market demands, emphasizing that without new inputs, it risks missing opportunities [4]. - The company plans to establish at least three joint venture factories in overseas markets within the next three years, focusing on Europe and the Middle East [6]. Market Dynamics - The clean energy sector is projected to see a significant increase in installed capacity, with a target of reaching 3.6 billion kilowatts of wind and solar power by 2035 [5]. - The competition in the distribution transformer market is intense, with many players, while the high-voltage transformer market is more concentrated with only a few capable manufacturers [7]. - The rapid growth of new energy installations may lead to imbalances in the distribution network, posing challenges for the industry [8]. Future Directions - The company is considering the development of solid-state transformers, which offer advantages such as reduced size and improved energy conversion efficiency, while also facing challenges in maintaining insulation and thermal control [10].

Core Viewpoint - The company, Jiangsu Huachen Transformer Co., Ltd., is set to hold a third-quarter performance briefing on November 6, 2025, to discuss its operational results and financial status for the third quarter of 2025 [9][10][11]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3][7]. - The company assures that the quarterly report's content is true, accurate, and complete, with no false records or significant omissions [2][8]. Shareholder Information - The company has provided details regarding the total number of ordinary shareholders and the top ten shareholders, although specific data on changes in shareholding due to securities lending is not applicable [5]. Investor Interaction - Investors can participate in the performance briefing through an online platform, with the opportunity to submit questions prior to the event [12][13]. - The meeting will feature key personnel, including the Chairman and General Manager, Zhang Xiaojin, and the Chief Financial Officer, Du Xiumei [12]. Additional Information - The company emphasizes the importance of the briefing for investors to gain a comprehensive understanding of its third-quarter performance [10][11].

Core Insights - Jiangsu Huachen (603097.SH) reported a revenue of 1.443 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 37.46% [1] - The company's net profit attributable to shareholders reached 72.2 million yuan, an increase of 15.41% year-on-year [1] - The non-recurring net profit was 65.72 million yuan, reflecting a year-on-year growth of 13.02% [1] - Basic earnings per share stood at 0.4457 yuan [1]

| 证券代码：603097 | 证券简称：江苏华辰 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：113695 | 债券简称：华辰转债 | | 江苏华辰变压器股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 行交流。 一、说明会类型 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： 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 6 日 前 访 问 网 址 https://eseb.cn/1sJu5xrCxIQ 或使用微信扫描下方小程序码进行会前提问，公司将 通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 江苏华辰变压器股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公 司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 6 日（星期 四）下午 14:00-15:00 举行 2025 年第三 ...

Core Viewpoint - Jiangsu Huachen (603097.SH) reported a significant increase in revenue and net profit for Q3 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 505 million yuan, representing a year-on-year increase of 32.20% [1] - The net profit attributable to shareholders was 24.93 million yuan, showing a year-on-year growth of 10.19% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 23.24 million yuan, reflecting a year-on-year increase of 17.42% [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥505,046,337.77, representing a year-on-year increase of 32.20%[5] - The total profit for the quarter was ¥24,982,933.21, reflecting a growth of 4.38% compared to the same period last year[5] - Net profit attributable to shareholders was ¥24,931,574.95, which is an increase of 10.19% year-on-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,443,308,508.02, a significant increase of 37.5% compared to ¥1,050,011,229.11 in the same period of 2024[21] - Net profit for the first three quarters of 2025 reached CNY 72,015,255.49, an increase from CNY 62,261,506.69 in the same period of 2024, representing a growth of approximately 11.2%[22] - Operating profit for the first three quarters of 2025 was CNY 74,617,131.82, compared to CNY 68,382,400.92 in 2024, indicating an increase of about 9.5%[22] - The company reported a total comprehensive income of CNY 72,015,255.49 for the first three quarters of 2025, compared to CNY 62,261,506.69 in 2024, marking an increase of approximately 15.5%[23] - Net profit for the first three quarters of 2025 was ¥71,533,931.71, compared to ¥65,445,952.16 in 2024, reflecting an increase of 9.5%[37] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥13,552,514.68, a decline of 123.40% compared to the previous year[6] - Cash flow from operating activities showed a net outflow of CNY -37,993,009.06 in 2025, an improvement from CNY -61,501,746.21 in 2024[27] - Cash flow from operating activities showed a net outflow of ¥24,194,342.52 in 2025, an improvement from an outflow of ¥66,589,662.16 in 2024[38] - Cash and cash equivalents at the end of September 2025 amounted to CNY 77,883,559.37, an increase from CNY 66,210,222.01 at the end of 2024[29] - Cash and cash equivalents at the end of the period decreased to $58.59 million from $64.66 million, indicating a reduction in liquidity[39] - The beginning cash and cash equivalents balance was $70.41 million, down from $82.28 million, indicating a decrease in available cash at the start of the period[39] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,109,780,824.13, marking a 31.05% increase from the beginning of the year[6] - The total assets of the company reached ¥3,109,780,824.13 as of September 30, 2025, compared to ¥2,373,026,460.36 at the end of 2024, marking an increase of 30.9%[19] - Total liabilities increased to ¥1,961,217,206.96 as of September 30, 2025, compared to ¥1,339,637,322.79 at the end of 2024, reflecting a growth of 46.3%[19] - The total liabilities increased to ¥1,958,569,881.05 from ¥1,335,344,678.06, marking a rise of 46.7%[32] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,566, indicating a stable shareholder base[12] - The company's equity attributable to shareholders increased to ¥1,136,433,134.41, up 11.30% from the previous year[6] - The company's equity attributable to shareholders rose to ¥1,136,433,134.41 as of September 30, 2025, compared to ¥1,021,070,092.90 at the end of 2024, an increase of 11.3%[19] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 0.45, up from CNY 0.39 in 2024, representing a growth of about 15.4%[23] Investment and R&D - Research and development expenses for the first three quarters of 2025 were ¥45,679,610.32, slightly up from ¥43,578,654.95 in the same period of 2024, indicating a focus on innovation[21] - Research and development expenses for the first three quarters of 2025 were ¥45,679,610.32, compared to ¥43,578,654.95 in 2024, indicating a 4.8% increase[35] - The company reported a net investment loss of ¥532,479.98 for the first three quarters of 2025, compared to a gain of ¥588,941.27 in the same period of 2024[21] Market Expansion - The company has been actively expanding its market presence in the renewable energy sector, contributing to revenue growth in wind, solar, and energy storage fields[11] - The company has shown a strong increase in sales revenue, indicating effective market expansion strategies and product offerings[26] Financing Activities - Cash inflow from financing activities in the first three quarters of 2025 was CNY 802,326,176.97, compared to CNY 339,660,860.01 in 2024, indicating a significant increase of approximately 136.3%[29] - The company repaid $575.39 million in debt, which is significantly higher than $151.10 million in the previous period, highlighting increased debt management efforts[39] - The company distributed $39.07 million in dividends, compared to $7.61 million previously, reflecting a commitment to returning value to shareholders[39] Accounting Practices - The company will not apply new accounting standards starting from 2025, maintaining its current reporting practices[40]

Core Insights - Jiangsu Huachen celebrates its 18th anniversary and the successful launch of its new energy industrial base, marking a significant milestone in the company's development journey [1] - The new energy industrial base is expected to drive the company towards a new goal of achieving a hundred billion revenue [2] Company Development - Jiangsu Huachen was founded in 2007 in Xuzhou, with a mission to become the best transformer manufacturer in China, establishing a comprehensive manufacturing system in the Huaihai Economic Zone [1] - The company went public on the Shanghai Stock Exchange in May 2022, becoming the first listed company in the Huaihai Economic Zone focused on transformers [1] Product and Technology Advancements - In 2023, Jiangsu Huachen successfully produced its first 110kV transformer, demonstrating its capability for independent design and mass delivery of products up to 110kV [2] - The company has received three prestigious certifications: "National Intelligent Manufacturing Excellent Scene," "National Specialized and New 'Little Giant' Enterprise," and "National Green Factory" [2] - The company showcased 11 new products at the launch event, including mobile charging robots and various types of transformers, enhancing its market competitiveness [3] Research and Development - Jiangsu Huachen invests an average of 3.8% of its annual revenue in R&D, leading to over 160 authorized patents, including 17 invention patents [3] - The company has seen a significant increase in sales revenue from its new energy integrated products, with a year-on-year growth of 57.99% in the first half of 2025 [3] Future Directions - Jiangsu Huachen plans to continue research on solid-state transformers and high-energy density storage systems, laying the groundwork for the next generation of products [4]

Core Viewpoint - Jiangsu Huachen Transformer Co., Ltd. celebrates its 18th anniversary and the launch of its new energy industrial base, marking a significant milestone in its development and positioning it as a benchmark in the new energy box substation assembly sector [1][2]. Group 1: Company Development - Since its establishment in 2007, Jiangsu Huachen has grown from a small team to a publicly listed company with 1,500 employees and three production sites, serving over 40 countries [2]. - The company emphasizes "technology foundation and intelligent manufacturing" as its core strategy, focusing on innovation, quality, and cultural leadership [2]. Group 2: New Energy Industrial Base - The new energy industrial base is a strategic investment of 2 billion yuan, designed to enhance production capacity and efficiency, with a monthly output of new energy box substations expected to double from 600 to 1,200 units after full operation [3]. - The base features advanced automation and smart management systems, including a 5G industrial internet platform for digital management across the production chain [3]. Group 3: Innovation and R&D - Jiangsu Huachen invests an average of 3.8% of its annual revenue in R&D, having obtained over 160 patents, including 17 invention patents, and actively participates in national and industry standards [4]. - The company has developed solutions addressing challenges in renewable energy integration, achieving over 98.5% conversion efficiency in its energy storage products [4]. Group 4: Market Expansion - The company aims to optimize its product structure and explore new business areas such as hydrogen energy, while also enhancing its presence in the data center and AI sectors [6]. - Jiangsu Huachen is expanding its overseas market presence, having established cooperation intentions with partners in Spain and India to meet the growing demand for power equipment in Europe [6].

Core Viewpoint - Jiangsu Huachen celebrates its 18th anniversary with the launch of a new production line at its renewable energy industrial base, which is expected to double its production capacity and enhance product quality, thereby increasing market competitiveness [1][3]. Group 1: Company Development - Jiangsu Huachen has evolved from a local enterprise to a publicly listed company on the Shanghai Stock Exchange since its establishment in 2007, focusing on power equipment manufacturing [4]. - The company has issued 460 million yuan in convertible bonds to accelerate the construction of its smart manufacturing base for renewable energy equipment [4][6]. Group 2: Production and Technology - The new production line incorporates smart and green manufacturing concepts, serving as a benchmark in the assembly of renewable energy box substations [5]. - The production line features a "working island" model for efficient assembly and utilizes advanced technologies such as hydraulic assist robots and automatic vacuum oil injection equipment to enhance quality and reduce labor intensity [5][6]. Group 3: Market Opportunities - The continuous growth of macroeconomic factors and electricity demand provides significant development space for the power industry, particularly for the transmission and distribution equipment sector [4][6]. - Jiangsu Huachen has seen a 40.46% year-on-year increase in revenue, reaching 938 million yuan in the first half of the year, with over 50% of this revenue coming from the renewable energy sector [6]. Group 4: Innovation and R&D - The company has increased its R&D expenditures, holding 158 patents, including 16 invention patents, covering the entire production process in the transformer and smart distribution sectors [7]. - Jiangsu Huachen aims to build a benchmark factory with high automation and information application capabilities to achieve significant scale effects and market share growth [8]. Group 5: International Expansion - The company is actively pursuing overseas markets, identifying them as a "blue ocean" for growth, particularly in regions where aging power equipment needs replacement [9]. - Jiangsu Huachen has engaged in discussions with partners in Spain and India, focusing on technology output and collaboration to expand its international presence [9].