中信证券股份有限公司 关于 重庆望变电气（集团）股份有限公司 终止实施 2024 年限制性股票激励计划 暨回购注销相关股票并调整回购价格 相关事项 之 独立财务顾问报告 股票代码：603191 股票简称：望变电气 地点：上海证券交易所 独立财务顾问 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年十二月 | 一、释义 2 | | --- | | 二、声明 3 | | 三、基本假设 4 | | 四、本次限制性股票回购注销及价格调整事项履行的审批程序 5 | | 五、本次限制性股票回购注销及价格调整情况 6 | | （一）本次回购注销限制性股票的原因及依据 6 | | （二）本次回购注销的相关人员、数量 7 | | （三）本次回购的价格调整 7 | | （四）本次回购的资金总额及来源 8 | | 六、本次回购注销后的股本变化 8 | | 七、独立财务顾问意见 8 | 一、释义 除非另有说明，本报告中下列简称具有如下特定含义： | 望变电气、公司、上 | 指 | 重庆望变电气（集团）股份有限公司，股票代码：603191 | | --- | --- | --- | | 市公司 | | | | ...

暨回购注销限制性股票相关事项之 法律意见书 嘉源(2025) -05-473 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 终止实施 2024 年限制性股票激励计划 暨回购注销限制性股票相关事项之 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 原 霍贝库 务 P 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 关于重庆望变电气(集团)股份有限公司 终止实施 2024 年限制性股票激励计划 本法律意见书仅对望变电气本次终止计划暨回购注销相关法律事项的合法 合规性发表意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具之 日以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实 信用原则,进行了充分的核查 ...

格隆汇12月10日丨望变电气(603191.SH)公布，鉴于当前市场宏观环境变化，以及公司战略迭代与升 级，本次限制性股票激励计划不能匹配当前公司发展需要，难以达到核心员工工作目标与公司发展需要 相统一的预期激励目的与效果。综合考虑多方因素，公司决定终止实施2024年限制性股票激励计划，并 回购本次激励计划已授予但尚未解除限售的全部限制性股票，与2024年限制性股票激励计划未授予部分 股票一并注销。同时与2024年限制性股票激励计划相关的《2024年限制性股票激励计划实施考核管理办 法》等文件一并终止。 ...

格隆汇12月10日丨望变电气(603191.SH)公布，鉴于当前市场宏观环境变化，以及公司战略迭代与升 级，本次限制性股票激励计划不能匹配当前公司发展需要，难以达到核心员工工作目标与公司发展需要 相统一的预期激励目的与效果。综合考虑多方因素，公司决定终止实施2024年限制性股票激励计划，并 回购本次激励计划已授予但尚未解除限售的全部限制性股票，与2024年限制性股票激励计划未授予部分 股票一并注销。同时与2024年限制性股票激励计划相关的《2024年限制性股票激励计划实施考核管理办 法》等文件一并终止。 ...

Core Viewpoint - The company has announced a new external guarantee of RMB 100 million for its wholly-owned subsidiary, Yunbian Electric, to support its financing needs with Shanghai Pudong Development Bank Kunming Branch [2][9]. Group 1: Guarantee Details - The company signed a "Maximum Guarantee Contract" with Shanghai Pudong Development Bank Kunming Branch on November 5, 2025, providing a joint liability guarantee for a financing agreement not exceeding RMB 100 million [2]. - The guarantee does not have any counter-guarantee and falls within the authorization scope of the company's third extraordinary general meeting in 2024, thus does not require further board or shareholder approval [2][10]. Group 2: Internal Decision-Making Process - The company’s board approved the proposal for the 2025 fiscal year to provide guarantees for its subsidiaries, including a maximum of RMB 100 million for Huize Electric and RMB 200 million for Qiannan Wangjiang Transformer [3]. - The approved guarantee limits are valid from January 1, 2025, to December 31, 2025, and have been disclosed in previous announcements [3]. Group 3: Necessity and Reasonableness of the Guarantee - The new external guarantee is deemed necessary to meet the daily operational needs of the subsidiary, ensuring smooth business activities, and aligns with the company's overall development strategy [9]. - The company maintains control over the operational activities and credit status of the subsidiary, indicating that the guarantee risks are manageable and will not adversely affect the interests of shareholders, especially minority shareholders [9]. Group 4: Cumulative Guarantee Situation - As of the end of November 2025, the company’s total external guarantees amount to RMB 1,294.74 million, with a balance of RMB 641.73 million, representing 53.65% and 26.59% of the company's latest audited net assets, respectively [11]. - There are no overdue guarantees, and the available guarantee limit for the company and its subsidiaries is RMB 450.26 million [11].

重庆望变电气（集团）股份有限公司 证券代码：603191 证券简称：望变电气 公告编号：2025-054 2025 年 11 月对子公司提供担保的进展公告 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 本次担保金额 | 云南变压器电气股份有限公司（以 下简称"云变电气"） 10,000.00 万元 | | | | --- | --- | --- | --- | --- | --- | | 担 | 保 | | | | | | 对 | 象 | 实际为其提供的担保余额 | 59,078.21 万元 | | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至 11 月末上市公司及其控股 | 129,474.10 | | 子公司对外担保 ...

Core Viewpoint - The establishment of Chongqing Changshou Wanglai Charging New Energy Co., Ltd. indicates a growing focus on the electric vehicle charging infrastructure in China, reflecting the industry's expansion and investment opportunities in renewable energy solutions [1] Company Summary - Chongqing Changshou Wanglai Charging New Energy Co., Ltd. has been recently established with a registered capital of 30 million yuan [1] - The legal representative of the company is Liu Bailin [1] - The company's business scope includes power generation, transmission, and distribution services, as well as centralized fast charging stations and sales of charging piles [1] Industry Summary - The company is jointly held by Wangbian Electric's wholly-owned subsidiary Wanglai Charging (Chongqing) Technology Co., Ltd. and Chongqing Changshou Port International Logistics Co., Ltd., indicating strategic partnerships within the industry [1] - The establishment of this company aligns with the increasing demand for electric vehicle infrastructure and energy management services in the context of China's push for sustainable energy solutions [1]

Core Viewpoint - The company anticipates a continued decrease in market demand for general orientation silicon steel, while demand for high magnetic orientation silicon steel is expected to increase. After market adjustments, the prices of oriented silicon steel are projected to stabilize gradually [1] Group 1: Market Demand and Pricing - Future demand for general orientation silicon steel is expected to decline [1] - There is an anticipated increase in demand for high magnetic orientation silicon steel [1] - Prices of oriented silicon steel are expected to stabilize after experiencing market adjustments [1] Group 2: Production and Sales - The company's 80,000-ton high-end magnetic material project is set to achieve full production and sales by June 2024 [1] - The project is currently operating at full capacity and full sales [1]

Core Viewpoint - The company has not directly exported oriented silicon steel to the United States, but its end customers have penetrated into the European and American markets. The company is monitoring trade policy developments and assessing potential impacts on its business [1] Group 1: Trade Policy and Market Impact - The company has not received any official announcement from the U.S. regarding the "complete removal of restrictions on oriented silicon steel for transformers" [1] - The company will continue to track the latest developments in trade policies and evaluate their potential impact on its operations [1] Group 2: International Business Expansion - The company aims to actively seize market opportunities and continuously expand its international business [1] - Specific export regions and business proportions will be detailed in the company's periodic reports and temporary announcements [1]

Core Insights - Solid-State Transformers (SST) are leading innovations in power transmission and distribution, utilizing power electronics and high-frequency electromagnetic induction principles [1][2] - China has established a well-defined vertical industry chain for SST, with upstream focusing on wide bandgap semiconductors and soft magnetic materials, midstream on modular manufacturing, and downstream on applications in smart grids and data centers [1][6] - The SST industry is transitioning from technology validation to large-scale commercialization, driven by AI computing power and energy transition, despite facing technical bottlenecks [1][12] Industry Overview - SST, also known as Power Electronic Transformer (PET), replaces traditional transformer components with semiconductor devices to achieve voltage transformation and electrical isolation [2][3] - The main types of SST include AC-SST, DC-SST, and Hybrid-SST, each serving different applications from smart grids to data centers [4][5] Cost Structure - The cost structure of SST is heavily concentrated in upstream components, with power electronic devices accounting for approximately 40% of costs, followed by high-frequency transformers, structural cooling, and control systems each at about 15% [8][10] Market Dynamics - The demand for SST is rapidly diversifying, primarily driven by global energy transition and digital infrastructure development, with AI data centers being the largest application segment [11][12] - The Chinese silicon carbide (SiC) market is projected to grow from approximately 1.6 billion yuan in 2024 to 1.91 billion yuan in 2025, indicating strong growth potential [10] Development Status - The SST industry in China is at a critical stage of transitioning from technology validation to commercialization, with challenges including high costs and lack of standards [12][13] - Major companies like China Xidian and TBEA are leading the market, with significant shares in high-end applications [15] Future Trends - The industry is expected to see breakthroughs in material performance and technology, leading to cost reductions and performance improvements [16] - Application scenarios are anticipated to expand from data centers and smart grids to electric vehicle charging and industrial applications [17] - The competitive landscape will evolve, emphasizing technology, capital, and supply chain capabilities, with a focus on domestic material sourcing [18]