Core Viewpoint - The power grid equipment sector experienced a significant rally, with multiple companies reaching new highs and notable increases in stock prices [2] Group 1: Stock Performance - Sifang Co. and Sanbian Technology both hit the daily limit up, indicating strong investor interest [2] - New Special Electric surged over 10%, reflecting positive market sentiment [2] - TBEA (特变电工) reached an all-time high, showcasing robust performance in the sector [2] Group 2: Other Companies - Jinpan Technology, Wangbian Electric, Siyuan Electric, Jiangsu Huachen, Zhongneng Electric, and Kelu Electronics also saw price increases, indicating a broad-based rally in the sector [2]

Core Viewpoint - Wangbian Electric is a significant player in the domestic power distribution and oriented silicon steel sector, with advantages in technology research and product quality, making it a valuable investment opportunity [1] Group 1: Business Overview - Wangbian Electric was established on August 16, 1994, and was listed on the Shanghai Stock Exchange on April 28, 2022, with its registered and office address in Chongqing [1] - The main business includes research, production, and sales of power distribution and control equipment and oriented silicon steel, categorized under the power equipment industry, specifically power transmission and transformation equipment [1] Group 2: Financial Performance - For Q3 2025, Wangbian Electric reported a revenue of 2.728 billion yuan, ranking 10th out of 29 in the industry, while the top competitor, Tebian Electric, achieved 72.918 billion yuan [2] - The net profit for the same period was 85.8574 million yuan, placing the company 14th in the industry, with the leading company, Tebian Electric, reporting a net profit of 5.735 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Wangbian Electric's debt-to-asset ratio was 64.94%, an increase from 60.37% in the previous year, exceeding the industry average of 50.78% [3] - The gross profit margin for Q3 2025 was 12.51%, slightly up from 12.10% year-on-year, but still below the industry average of 22.99% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.03% to 27,000, while the average number of circulating A-shares held per shareholder increased by 3.13% to 12,200 [5] Group 5: Executive Compensation - The chairman and general manager, Yang Zemin, received a salary of 581,900 yuan in 2024, which is a decrease of 47,400 yuan compared to 2023 [4]

Core Viewpoint - Wangbian Electric (603191.SH) reported its Q3 2025 results, indicating a decrease in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of October 29, 2025, two institutional investors disclosed holdings in Wangbian Electric A-shares, totaling 4.7652 million shares, which represents 1.43% of the total share capital [1] - The institutional holding ratio decreased by 0.21 percentage points compared to the previous quarter [1] Public Fund Holdings - One new public fund was disclosed in this period, namely the Southern Quantitative Growth Stock [1] - A total of 39 public funds were not disclosed in this period compared to the previous quarter, including notable funds such as Bosera Specialized New Theme Mixed A, China Merchants CSI 2000 Index Enhanced A, and Guotai Junan Quantitative Multi-Factor A [1]

Core Viewpoint - The company, Chongqing Wangbian Electric (Group) Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information disclosed [8][12]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3][5]. - The report includes major accounting data and financial indicators, with specific emphasis on non-recurring gains and losses [3][4]. Shareholder Information - The report does not indicate any changes in the top ten shareholders or significant shareholders participating in the securities lending business [4]. Meeting Details - The fourth Supervisory Board meeting was held on October 28, 2025, with all three supervisors present, and the meeting was deemed legally valid [9]. - The Supervisory Board approved the third-quarter report, affirming that it fairly reflects the company's financial status and operational results [9][11]. Board Meeting - The fourth Board of Directors meeting took place on October 28, 2025, with all nine directors present, and the meeting followed legal and procedural requirements [13]. - The Board approved the third-quarter report, which will be published on the Shanghai Stock Exchange website [14][15].

Group 1 - The core viewpoint of the article highlights the growth in revenue and net profit for Wangbian Electric in the first three quarters, driven by improved profitability in the oriented silicon steel business [1][2] - In the first three quarters, the company achieved operating revenue of 2.728 billion yuan, a year-on-year increase of 14.90%, and a net profit attributable to shareholders of 80.9321 million yuan, a year-on-year increase of 50.68% [1] - The third quarter saw a decline in operating revenue to 892 million yuan, a year-on-year decrease of 5.99%, while net profit increased by 39.01% to 26.2999 million yuan [1][2] Group 2 - The increase in revenue is attributed to a 339 million yuan growth in the income from power distribution and control equipment, along with a 5.53 percentage point increase in gross margin from the oriented silicon steel business [1][2] - The company expects an annual shipment volume of 170,000 to 180,000 tons for oriented silicon steel, with a gross margin increase of 3-5% noted in the first half of the year [2] - The company has reported that its orders are saturated, with oriented silicon steel being fully produced and sold, and prices aligning with market trends [2] Group 3 - Wangbian Electric's main business includes the research, production, and sales of oriented silicon steel and power distribution and control equipment [3] - Oriented silicon steel is primarily used in the manufacturing of power transformers and large motors, with different grades designated by numerical values indicating their magnetic properties [3] - The power distribution and control equipment segment includes products such as power transformers and complete electrical equipment [3]

Core Insights - The company reported a revenue of 2,728,120,019.70 yuan for the first three quarters of 2025, representing a year-on-year growth of 14.90% [1] - The net profit attributable to shareholders of the listed company reached 80,932,126.43 yuan, showing a significant year-on-year increase of 50.68% [1] Financial Performance - Revenue for the first three quarters of 2025: 2,728,120,019.70 yuan, up 14.90% year-on-year [1] - Net profit for the same period: 80,932,126.43 yuan, up 50.68% year-on-year [1]

证券代码：603191 证券简称：望变电气 公告编号：2025-051 相 关 内 容 详 见 2025 年 10 月 30 日 刊 登 于 上 海 证 券 交 易 所 网 站 www.sse.com.cn 的《2025 年第三季度报告》。 监事会认为公司 2025 年度第三季度报告公允地反映了公司报告期内的财务 状况和经营成果，所包含的信息能从各个方面真实地反映出公司报告期内的经营 管理和财务状况等事项。 1 监事会成员保证公司 2025 年度第三季度报告所披露的信息真实、准确、完 整，承诺其中不存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、 准确性和完整性承担个别和连带的法律责任。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 本公司监事会及全体监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。 一、 监事会会议召开情况 重庆望变电气（集团）股份有限公司（以下简称"公司"）第四届监事会第 十三次会议于 2025 年 10 月 28 日在公司会议室以现场的方式召开。会议通知于 2025 年 10 月 18 日以邮件的方式发出。本 ...

证券代码：603191 证券简称：望变电气 公告编号：2025-050 重庆望变电气（集团）股份有限公司 第四届董事会第十四次会议决议公告 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。 一、 董事会会议召开情况 表决结果：同意9票；反对0票；弃权0票。 1 该议案已经公司第四届董事会审计委员会第九次会议审议通过。 特此公告。 重庆望变电气（集团）股份有限公司（以下简称"公司"或"望变电气"） 第四届董事会第十四次会议通知于2025年10月18日以邮件的方式发出，会议于 2025年10月28日以现场结合通讯方式召开。本次会议应出席董事9人，实际出席 董事9人（其中委托出席1人，以通讯方式出席4人），公司董事长杨泽民因工作 原因委托董事胡守天出席本次董事会会议，会议由半数以上董事推举董事胡守天 主持，公司监事及部分高级管理人员列席了会议，会议召集、召开、表决程序及 审议事项符合《中华人民共和国公司法》《中华人民共和国证券法》等相关法律 法规、规范性文件及《重庆望变电气（集团）股份有限公司章程》的规定，会议 形成的决议合法、有效。 ...

Financial Performance - The company's operating revenue for the third quarter was ¥892,136,929.87, a decrease of 5.99% compared to the same period last year[4]. - The total profit for the quarter was ¥29,699,477.81, down 6.67% year-on-year[4]. - Net profit attributable to shareholders was ¥26,299,908.65, reflecting a year-on-year increase of 39.01%[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥26,966,510.80, up 78.69% compared to the same period last year[4]. - The basic earnings per share for the quarter was ¥0.08, an increase of 33.33% year-on-year[4]. - Total operating revenue for the first three quarters of 2025 reached ¥2,728,120,019.70, an increase of 14.9% compared to ¥2,374,381,716.56 in the same period of 2024[19]. - Net profit for the first three quarters of 2025 was ¥85,857,415.58, representing a 37.5% increase from ¥62,473,486.34 in the same period of 2024[20]. - Earnings per share for the first three quarters of 2025 were ¥0.25, compared to ¥0.16 in the same period of 2024, indicating a significant improvement[21]. - The company reported a total of 26,994 ordinary shares outstanding at the end of the reporting period[11]. - The company’s total profit for the first three quarters of 2025 was ¥84,208,646.91, compared to ¥27,636,507.19 in 2024, reflecting a growth of 204.5%[30]. Assets and Liabilities - The total assets at the end of the quarter were ¥7,137,656,086.85, representing a 9.27% increase from the end of the previous year[5]. - The total assets as of September 30, 2025, amounted to RMB 7,137,656,086.85, an increase from RMB 6,531,948,941.04 as of December 31, 2024, reflecting a growth of approximately 9.3%[16]. - Current assets totaled RMB 4,847,856,452.61, up from RMB 4,140,062,821.47, indicating an increase of about 17.1%[15]. - The total liabilities increased to ¥4,634,963,572.82 in 2025 from ¥3,979,107,044.01 in 2024, marking a rise of 16.4%[17]. - The total current liabilities were RMB 2,870,096,896.54, compared to RMB 2,752,501,657.02, reflecting an increase of about 4.3%[16]. - Long-term borrowings increased significantly to RMB 1,492,764,480.02 from RMB 1,103,571,465.88, representing a growth of approximately 35.3%[16]. - The company's total liabilities increased to CNY 3,525,885,452.89 from CNY 3,078,186,982.66, representing a growth of approximately 14.5%[28]. Cash Flow - The net cash flow from operating activities for the quarter was ¥145,915,200.15, not applicable for year-on-year comparison[4]. - The net cash flow from operating activities was CNY 165,746,389.38, a significant improvement from a negative CNY 364,071,490.75 in the previous period[24]. - Cash received from sales of goods and services in the first three quarters of 2025 was ¥1,961,567,533.70, an increase from ¥1,549,822,240.15 in 2024, showing a growth of 26.5%[23]. - Cash inflow from operating activities totaled ¥1,604,050,692.08 in 2025, compared to ¥1,358,510,290.39 in 2024, marking an increase of 18.0%[31]. - The company's cash and cash equivalents at the end of the period amounted to CNY 1,245,346,134.13, up from CNY 877,949,248.41, reflecting a net increase of CNY 248,924,800.33[25]. - Total cash inflow from financing activities reached CNY 1,318,093,793.35, compared to CNY 1,007,226,053.92 in the prior period, indicating a 31% increase[25]. Shareholder Information - The top shareholder, Yang Zemin, holds 52,618,391 shares, representing 15.83% of the total shares[11]. - The company has not reported any significant changes in shareholder structure or any related party transactions during the reporting period[12]. Research and Development - Research and development expenses for the first three quarters of 2025 were ¥31,203,561.21, slightly down from ¥32,207,154.22 in 2024[20]. - Research and development expenses for the first three quarters of 2025 were ¥20,634,269.86, a decrease of 7.0% from ¥22,176,887.49 in 2024[29]. Financial Management - The company reported a decrease in financial expenses to ¥16,208,336.79 in 2025 from ¥670,542.11 in 2024, indicating improved financial management[20]. - Financial expenses increased to ¥4,644,504.58 in 2025 from ¥3,475,478.38 in 2024, with interest expenses rising to ¥36,605,864.82 from ¥27,287,247.66[29]. - The company reported an investment loss of ¥1,958,968.30 in 2025, contrasting with an investment gain of ¥7,256,950.36 in 2024[30].

Core Insights - The company reported a third-quarter revenue of 892 million yuan, a year-on-year decrease of 5.99% [1] - The net profit for the third quarter was 26.30 million yuan, showing a year-on-year increase of 39.01% [1] - For the first three quarters, the company achieved a revenue of 2.73 billion yuan, representing a year-on-year growth of 14.90% [1] - The net profit for the first three quarters was 80.93 million yuan, reflecting a year-on-year increase of 50.68% [1]