Core Viewpoint - Chongqing Wangbian Electric (Group) Co., Ltd. expects a significant increase in net profit for the first half of 2025, driven by the successful launch of its high-end magnetic materials project and steady growth in its subsidiary's revenue [2][3]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders of the parent company between 46 million yuan and 54 million yuan for the first half of 2025, representing an increase of 11.21 million yuan to 19.21 million yuan compared to the same period last year, which corresponds to a year-on-year growth of 32.21% to 55.20% [2][3]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between 42 million yuan and 50 million yuan, reflecting an increase of 25.45 million yuan to 33.45 million yuan year-on-year, translating to a growth rate of 153.79% to 202.13% [2][3]. Business Drivers - The increase in overall performance is attributed to the production of the company's 80,000-ton high-end magnetic materials project, which has led to a steady improvement in the gross profit margin of oriented silicon steel products [2]. - Additionally, the revenue growth from the subsidiary Yunbian Electric's power distribution and control equipment business has contributed positively to the profit increment [2].

[Wangbian Electric 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Chongqing%20Wangbian%20Electric%20(Group)%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Summary of Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant increase in net profit attributable to shareholders for H1 2025, ranging from 46 million to 54 million CNY, with non-recurring adjusted net profit showing even stronger growth Key Financial Performance Indicators | Metric | 2025 H1 Estimate | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Owners | 46.00 million - 54.00 million CNY | 34.7932 million CNY | +32.21% to +55.20% | | Net Profit Attributable to Parent Company Owners After Deducting Non-Recurring Gains and Losses | 42.00 million - 50.00 million CNY | 16.5489 million CNY | +153.79% to +202.13% | - This performance forecast is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[5](index=5&type=chunk)[9](index=9&type=chunk) [Review of Prior Period Performance](index=2&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Status%20in%20the%20Prior%20Period) The company's H1 2024 performance, including net profit attributable to shareholders of 34.7932 million CNY and EPS of 0.11 CNY, serves as the baseline for current period growth comparisons - Net profit attributable to parent company owners for H1 2024 was **34.7932 million CNY**[6](index=6&type=chunk) - Net profit attributable to parent company owners after deducting non-recurring gains and losses for H1 2024 was **16.5489 million CNY**[6](index=6&type=chunk) - Earnings per share for H1 2024 was **0.11 CNY**[7](index=7&type=chunk) [Drivers of Performance Growth](index=2&type=section&id=III.%20Main%20Reasons%20for%20the%20Current%20Period's%20Expected%20Performance%20Increase) Performance growth is primarily driven by improved gross margins from high-grade grain-oriented silicon steel products and steady revenue growth from power transmission and distribution equipment - The company's 80,000-ton high-end magnetic new material project commenced operations, steadily improving high magnetic induction grain-oriented silicon steel grades and effectively boosting the overall gross margin of the grain-oriented silicon steel business[8](index=8&type=chunk) - Subsidiary Yunbian Electric's power transmission and distribution equipment business achieved steady revenue growth compared to the same period last year, contributing to the company's profit increment[8](index=8&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) This performance forecast is an unaudited preliminary estimate with no major uncertainties, and final financial data will be disclosed in the 2025 semi-annual report, advising investor caution - This performance forecast is a preliminary estimate by the finance department, unaudited, and the company currently has no significant uncertainties affecting the accuracy of the forecast content[9](index=9&type=chunk) - The final detailed financial data will be released in the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[10](index=10&type=chunk)

望变电气（603191）公告，预计2025年半年度实现归属于母公司所有者的净利润为4600万元至5400万 元，与上年同期相比增加1121万元至1921万元，同比增加32.21%到55.20%。预计2025年半年度实现归 属于母公司所有者的扣除非经常性损益的净利润为4200万元至5000万元，与上年同期相比增加2545万元 到3345万元，同比增加153.79%到202.13%。 ...

证券代码：603191 证券简称：望变电气 公告编号：2025-034 重庆望变电气（集团）股份有限公司 关于部分限制性股票回购注销实施公告 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。 回购注销原因：因重庆望变电气（集团）股份有限公司（以下简称"公 司"）2024 年年度业绩考核不达标涉及回购注销 2024 年限制性股票激励计划首 次授予的激励对象合计 57 人第一期限售股共计 765,000 股；因公司 2024 年限制 性股票激励计划首次授予的激励对象中有 2 名激励对象离职导致其所持已获授 但尚未解除限售的第二期和第三期限制性股票涉及 49,000 股需进行全部回购注 销，以上共计 814,000 股限制性股票需公司回购注销。 重要内容提示： 本次注销股份的有关情况 （一）本次回购注销限制性股票的原因及依据 1、因绩效考核未达标而不能解除限售 根据公司《2024 年限制性股票激励计划》（以下简称"《2024 年股权激励 计划》"）和《2024 年限制性股票激励计划实施考核管理办法》（以下简称"《考 核管理办法》"）， ...

北京市嘉源律师事务所 关于重庆望变电气(集团) 股份有限公司 2024 年限制性股票激励计划 回购注销部分限制性股票实施相关事项之 法律意见书 嘉 源 律师事务所 LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 RYE UNES A PT YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:重庆望变电气(集团)股份有限公司 北京市嘉源律师事务所(以下简称"本所")是中国境内具有合法执业资格 的律师事务所,接受重庆望变电气(集团)股份有限公司(以下简称"望变电气" 或"公司")的委托,担任望变电气实施2024年限制性股票激励计划(以下简称 "本激励计划")的专项法律顾问,就本激励计划回购注销部分限制性股票(以 下简称"本次回购注销")的实施所涉相关法律事项出具法律意见书。 本法律意见书系依据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股权激励管 理办法》(以下简称"《管理办法》 ...

Core Viewpoint - Wangbian Electric (603191) has seen a stock price increase of 1.13% this week, closing at 12.58 yuan, with a total market capitalization of 4.191 billion yuan as of July 4, 2025 [1] Group 1: Company Announcements - Wangbian Electric has announced a new external guarantee totaling 80 million yuan, which includes a 70 million yuan guarantee for its wholly-owned subsidiary Yunnan Transformer Electric Co., Ltd. and a 10 million yuan guarantee for another subsidiary, Qiannan Wangjiang Transformer Co., Ltd. [2] - As of the end of June 2025, the total external guarantees of the listed company and its subsidiaries amount to 96.5 million yuan, representing 39.99% of the latest audited net assets [2] - The balance of guarantees stands at 47.92739 million yuan, accounting for 19.86% of the latest audited net assets, with no overdue guarantee records [2]

Core Viewpoint - The company has announced the provision of guarantees for its wholly-owned subsidiaries, with a total guarantee amount of RMB 80 million, aimed at supporting their operational financing needs [1][10]. Summary by Sections Guarantee Overview - The company provided a guarantee of RMB 70 million for Yunnan Transformer Electric Co., Ltd. and RMB 10 million for Qiannan Wangjiang Transformer Co., Ltd. [2][10]. - The total external guarantees amount to RMB 399.9 million, which is 19.86% of the company's latest audited net assets [10]. Internal Decision Process - The guarantees were approved during the fourth board meeting on November 26, 2024, and fall within the authorization scope of the 2024 third extraordinary general meeting [2][10]. Financial Details of Guaranteed Entities - Yunnan Transformer Electric Co., Ltd. has a registered capital of RMB 100.41 million and reported total assets of RMB 1.85 billion and net assets of RMB 704.95 million [6]. - Qiannan Wangjiang Transformer Co., Ltd. has a registered capital of RMB 60 million, with total assets of RMB 184.64 million and net assets of RMB 44.36 million [6]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the subsidiaries' daily operations and align with the company's overall development strategy, ensuring manageable risk levels [9][10]. Board Opinion - The board confirmed that the guarantees are within the authorized limits and do not require further approval from the board or shareholders [10].

证券代码：603191 证券简称：望变电气 公告编号：2025-033 （一）担保的基本情况 2025 年 6 月，公司及下属子公司新增对外担保人民币 8,000 万元,其中 7,000 万元担保系公司于 2025 年 6 月 4 日与恒丰银行股份有限公司昆明分行（以下简 称"恒丰银行昆明分行"）签署《最高额保证合同》为全资子公司云变电气与恒 丰银行昆明分行签署贷款业务合同提供不超过最高本金余额人民币 7,000 万元 的连带责任担保；1,000 万元担保系公司于 2025 年 6 月 13 日与中国银行股份有 限公司都匀分行（以下简称"中行都匀分行"）签署《最高额保证合同》为全资 子公司黔南望江与中行都匀分行签署的《授信业务总协议》提供不超过最高本金 余额人民币 1,000 万元的连带责任担保。 重庆望变电气（集团）股份有限公司 关于 2025 年 6 月对外担保的进展公告 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： 担保对象及基本情况 | | | 被担保人名称 | 云南变压器电气股份有限公司（以 下简称 ...

Group 1 - The core business of the company is divided into two segments: power transmission and distribution equipment, and oriented silicon steel [1] - The acquisition of 79.97% of Yunnan Transformer Electric Co., Ltd. significantly enhanced the company's supply capacity from 110kV to 500kV, strengthening its competitive position in the railway traction transformer market [1] - In 2024, Yunnan Transformer contributed 696 million yuan in revenue, becoming a major source of growth for the company's power transmission and distribution equipment business [1] Group 2 - The company has established a strategic development framework that focuses on Southwest China while radiating nationwide and globally, forming long-term stable partnerships with key domestic and international clients [2] - The company aims to expand its international presence through technology export and capacity cooperation, participating in power infrastructure construction to enhance global competitiveness [2] - The company plans to actively promote its "Belt and Road" business layout, optimizing its service radius in Southeast Asia to 300 kilometers [2] Group 3 - The company intends to accelerate its intelligent upgrade over the next three years, pushing traditional power transmission and distribution equipment towards digitalization and IoT [3] - The company will explore applications in AI, big data, cloud computing, and 5G, while also advancing the research and development of integrated smart box transformers for energy storage and smart microgrid applications [3]

Core Viewpoint - Chongqing Wangbian Electric (Group) Co., Ltd. announced a share reduction plan by major shareholders due to personal funding needs, which may impact the company's stock performance and investor sentiment [1][3]. Shareholder Reduction Details - Shareholder Yang Houqun holds 7,500,000 shares, accounting for 2.25% of the total share capital of 333,167,407 shares [2]. - Shareholder Qin Yong holds 5,400,000 shares, accounting for 1.62% of the total share capital [2]. - Shareholder Yang Xiaolin holds 1,730,000 shares, accounting for 0.52% of the total share capital [2]. Reduction Plan Specifics - Yang Houqun plans to reduce up to 1,107,844 shares through centralized bidding (0.33% of total shares) and up to 1,932,756 shares through block trading (0.58% of total shares) [3]. - Qin Yong plans to reduce up to 1,107,844 shares through centralized bidding (0.33% of total shares) and up to 4,292,156 shares through block trading (1.29% of total shares) [3]. - Yang Xiaolin plans to reduce up to 1,107,844 shares through centralized bidding (0.33% of total shares) and up to 422,156 shares through block trading (0.13% of total shares) [3]. Compliance and Commitments - The reduction will comply with legal regulations, and the shareholders have committed to not reducing more than 1% of total shares through centralized bidding and 2% through block trading within any 90-day period [3][9]. - The reduction price will not be lower than the company's initial public offering price, adjusted for any corporate actions [3][7]. Shareholder Intentions - The major shareholders have expressed a long-term positive outlook on the company's business and plan to adhere to relevant regulations regarding share reduction [6][8].