Summary of Key Points Core Viewpoint The announcement details the share reduction plans of major shareholders of Chongqing Wangbian Electric (Group) Co., Ltd., highlighting the reasons for the reduction and the specific amounts involved. Group 1: Shareholder Reduction Details - Shareholder Yang Houqun holds 7,500,000 shares, representing 2.25% of the total share capital of 333,167,407 shares [1] - Shareholder Qin Yong holds 5,400,000 shares, representing 1.62% of the total share capital [1] - Shareholder Yang Xiaolin holds 1,730,000 shares, representing 0.52% of the total share capital [1] Group 2: Reduction Plans - Yang Houqun plans to reduce shares by up to 3,040,600 shares, which is 0.91% of the total share capital, through centralized bidding and block trading [4] - Qin Yong plans to reduce shares by up to 5,400,000 shares, which is 1.62% of the total share capital, with a maximum of 1,107,844 shares through centralized bidding and 4,292,156 shares through block trading [4] - Yang Xiaolin plans to reduce shares by up to 1,530,000 shares, which is 0.46% of the total share capital, with a maximum of 1,107,844 shares through centralized bidding and 422,156 shares through block trading [4] Group 3: Reasons for Reduction - The primary reason for the share reductions by all three shareholders is personal funding needs [4][5] - The shareholders have committed to adhering to the regulations regarding share reductions and have made prior commitments to hold their shares long-term [4][7]

望变电气（603191）公告，股东杨厚群拟通过集中竞价和大宗交易方式减持公司股份，减持数量不超过 304.06万股，占公司总股本的0.91%。秦勇计划通过集中竞价和大宗交易方式减持公司股份，减持数量 不超过540万股，占公司总股本的1.62%。杨小林计划通过集中竞价和大宗交易方式减持公司股份，减 持数量不超过153万股，占公司总股本的0.46%。减持期间为2025年7月15日至2025年10月14日，减持价 格不低于公司首次公开发行股票时的发行价格。 ...

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： ? 每股分配比例 证券代码：603191 证券简称：望变电气 公告编号：2025-031 重庆望变电气（集团）股份有限公司 A 股每股现金红利0.05元（税前） ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/23 | － | 2025/6/24 | 2025/6/24 | | 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，公司回购专用证券账户中的股份不参与本次利润分配。 （1） 差异化分红方案 根据公司 2024 年年度股东会审议 ...

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 差异化分红事项之法律意见书 嘉源律师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 ·北京 ิ 源 IIA YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 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 关于重庆望变电气(集团) 股份有限公司 差异化分红事项之法律意见书 为出具本法律意见书,本所按照律师行业公认的业务标准、道德规范和勤勉 尽责精神审查了公司提供的相关文件。本所在进行法律审查时,公司向本所作出 如下保证:公司已经向本所提供了为出具本法律意见书所需的全部资料,并保证 上述资料的真实性、准确性、完整性,所有副本与正本、复印件与原件一致。对 出具本法律意见书至关重要而又无法得到独立证据支持的事实,本所依赖政府有 关部门、公司或其他有关单位出具的证明材料做出判断。 本所依据本法律意见书出具日以前已经发生或存在的事实及国家正式公布、 实施 ...

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。 证券代码：603191 证券简称：望变电气 公告编号：2025-031 重庆望变电气（集团）股份有限公司 2024年年度权益分派实施公告 重要内容提示： 每股分配比例 A 股每股现金红利0.05元（税前） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/23 | － | 2025/6/24 | 2025/6/24 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 ...

Core Viewpoint - The financial performance of Wangbian Electric (603191.SH) in Q1 2025 shows significant revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1][3]. Financial Performance Summary - Q1 2025 revenue reached 786 million CNY, a year-on-year increase of 49.16% compared to 527 million CNY in the same period last year [1][3]. - Net profit attributable to shareholders was 14 million CNY, down 38.93% from 24 million CNY in the previous year [1][3]. - The net profit after deducting non-recurring gains and losses was 11 million CNY, reflecting a 50.02% decrease from 21 million CNY year-on-year [1][3]. - The net cash flow from operating activities was 78 million CNY, a significant improvement from a negative cash flow of 134 million CNY in the same period last year [1][3]. Annual Performance Overview - In 2024, the company reported an annual revenue of 3.352 billion CNY, up 23.32% from the previous year [4]. - The annual net profit attributable to shareholders was 65 million CNY, a decline of 72.22% compared to the prior year [4]. - The net profit after excluding non-recurring items was 36 million CNY, down 83.95% year-on-year [4]. - The annual net cash flow from operating activities was 21 million CNY, a decrease of 92.92% from the previous year [4]. IPO and Fundraising - Wangbian Electric raised a total of 988 million CNY from its initial public offering, with a net amount of 855 million CNY after deducting issuance costs [5]. - The funds are intended for the construction of an intelligent complete electrical equipment industrial base and other projects [6].

证券代码：603191 证券简称：望变电气 公告编号：2025-030 重庆望变电气（集团）股份有限公司 关于 2025 年 5 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： 一、担保情况概述 （三）担保预计的实际发生情况 2 担保方 被担保方 担保方 持股比 例 截止 2025.03.3 1 被担保方 资产负债 率（未经审 计） 2025 年预计 担保额度 （万元） 截至 2025 年 5 月末累 计担保总 额 （万元） 截至 2025 年 5 月末担 保余额 （万元） 是否 关联 担保 是否 有反 担保 望变电气 黔南望江 100.00% 76.03% 20,000.00 13,000.00 4,301.05 否 否 望变电气 云变电气 79.97% 61.88% 120,000.00 75,500.00 41,008.77 否 否 望变电气 惠泽电器 100.00% 57.93% 10,000.00 0 0 否 否 合计 — — 150,000.00 88,500.00 45,30 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

Meeting Details - The shareholders' meeting was held on May 16, 2025, at the company's R&D building in Chongqing [1] - The attendance rate of ordinary shareholders and preferred shareholders with restored voting rights was 40.50% [1] - The meeting was conducted in accordance with the Company Law and the company's articles of association, using a combination of on-site and online voting [1] Voting Results - All non-cumulative voting proposals were approved with high support from A-shareholders, with the highest approval rate being 99.2366% for one of the proposals [1][2] - Specific voting results included: - Proposal 1: 133,874,038 votes in favor (99.2366%) [1] - Proposal 2: 133,843,138 votes in favor (99.2137%) [1] - Proposal 3: 133,719,338 votes in favor (99.1219%) [1] - Proposal 4: 133,783,338 votes in favor (99.1694%) [1] - Proposal 5: 133,776,938 votes in favor (99.1646%) [2] Dividend Distribution - The cash dividend proposal was approved unanimously by shareholders holding more than 5% of ordinary shares, with 129,475,141 votes in favor (100.0000%) [2] - Shareholders holding less than 1% of ordinary shares showed a mixed response, with 4,244,197 votes in favor (78.1806%) [2] Legal Compliance - The meeting's procedures, including the qualifications of attendees and voting processes, complied with the Company Law and the company's articles of association, ensuring the validity of the voting results [3]

Group 1 - The company plans to repurchase and cancel a total of 814,000 restricted shares due to performance assessment failures and the departure of certain employees [1][2] - Following the repurchase, the total share capital will decrease from 333,167,407 shares to 332,353,407 shares [2] - The company will notify creditors about the capital reduction, allowing them 30 days to claim debts or provide guarantees [2][3] Group 2 - Creditors must submit proof of their claims, including contracts and identification documents, to the company [3] - The company provides multiple methods for creditors to declare their claims, including in-person and mail submissions [3] - The announcement emphasizes that creditors who do not act within the specified time frame will still retain the validity of their claims [2]