Core Viewpoint - Xidian New Energy has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing Summary - On September 30, Xidian New Energy's financing buy-in amounted to 19.52 million yuan, while financing repayment was 28.82 million yuan, resulting in a net financing outflow of 9.29 million yuan [1]. - As of September 30, the total financing and securities balance for Xidian New Energy was 143 million yuan, which represents 5.37% of its market capitalization, indicating a high level of financing activity compared to the past year [1]. - The company had no short-selling activity on September 30, with a short-selling balance of 0 yuan, also reflecting a high position relative to the past year [1]. Business Performance - For the first half of 2025, Xidian New Energy reported a revenue of 1.392 billion yuan, marking a year-on-year increase of 65.90%, and a net profit attributable to shareholders of 139 million yuan, up 51.66% year-on-year [2]. - The company's main business revenue composition includes battery connection systems (77.10%), electric control busbars (11.45%), industrial electrical busbars (7.97%), and other products (4.48%) [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xidian New Energy was 10,100, a decrease of 3.58% from the previous period, while the average circulating shares per person increased by 3.71% to 5,214 shares [2]. - The top ten circulating shareholders include notable institutional investors, with significant changes in holdings among them, such as an increase in shares held by Xin'ao New Energy Industry Stock A and a decrease by GF Multi-Factor Mixed Fund [3].

Investment Rating - The report gives an "Accumulate" rating for the company [3]. Core Views - The company has significant technological advantages and is expected to increase its contribution from the energy storage business. The management team has a strong technical background and emphasizes R&D investment, leading to high operational efficiency. The introduction of a new generation of products in 2024 is anticipated to enhance cost-effectiveness and automation, facilitating broader market adoption [1][7][30]. Summary by Sections Company Overview - The company, Suzhou Xidian New Energy Electric Co., Ltd., was established in 2007 and focuses on research, development, and application of electrical connection technology. It has expanded into various sectors, including industrial frequency conversion and new energy generation, with a strong presence in the electric vehicle market [12]. Financial Data and Valuation - The company is projected to achieve total revenue of 3,286 million yuan in 2025, reflecting a year-on-year growth of 52%. The net profit attributable to shareholders is expected to reach 339 million yuan in 2025, with a corresponding PE ratio of 24.2 [2][8]. Technological Advantages and Customer Resources - The management team prioritizes R&D, with a high-quality team and significant investment in technology. The company has developed key production equipment in-house, enhancing its competitive edge. The introduction of the new film technology is expected to reduce costs and improve reliability, positioning the company favorably in the market [30][36]. Market Potential - The demand for large-scale energy storage in overseas markets, particularly in regions like California and Texas, is expected to grow significantly. Legislative support in the U.S. and EU for energy storage solutions further enhances the market potential for the company [7][30]. Profit Forecast - The company is expected to achieve a net profit of 3.39 billion yuan in 2025 and 4.22 billion yuan in 2026, with a PE ratio of 19x for 2026. The report emphasizes the company's strong growth trajectory and profitability outlook [8][30].

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management by investing in low-risk financial products, ensuring that it does not affect the operational needs or safety of the funds [2][11]. Summary by Sections 1. Use of Idle Raised Funds - The company has redeemed a structured deposit of 150 million RMB purchased from China Minsheng Bank, returning the principal and earnings to the raised funds account [3]. - The purpose of this cash management is to enhance the efficiency of fund usage and increase returns for the company and its shareholders while ensuring the safety of the raised funds [3]. 2. Details of the Financial Management - The total amount for this cash management is set at 111 million RMB, sourced from idle raised funds [4]. - The financial products involved include structured deposits from China Minsheng Bank and fixed-term deposits from Bank of China, with terms of 30 days and 3 months [4]. 3. Impact on Fund Utilization - The investment in financial products will not affect the implementation progress of the fundraising projects and is aimed at improving the efficiency of fund usage [6][9]. - The company has established a dedicated account management system for the raised funds, ensuring their safety and compliance with regulatory requirements [5]. 4. Risk Management Measures - The company has implemented a separation of decision-making, execution, and supervision roles to ensure the safety of cash management funds [8]. - Strict investment principles are followed, focusing on reputable and large-scale issuers to mitigate risks [8]. 5. Financial Performance Indicators - The company has reported a maximum single-day investment of 560.77 million RMB in cash management over the past 12 months, remaining within the approved limit of 700 million RMB [12]. - The total approved limit for cash management is 400 million RMB, valid for 12 months from the shareholders' meeting [12].

证券代码：603312 证券简称：西典新能 公告编号：2025-075 苏州西典新能源电气股份有限公司 关于使用部分暂时闲置募集资金购买理财产品到期赎 回并继续购买理财产品的公告 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： 履行的审议程序：苏州西典新能源电气股份有限公司（以下简称"公司"） 于 2025 年 2 月 24 日召开第二届董事会第三次会议和第二届监事会第三次会议，并 于 2025 年 3 月 12 日召开 2025 年第一次临时股东大会，分别审议通过了《关于使用 部分暂时闲置募集资金进行现金管理的议案》。同意在不影响公司经营资金需求和保 障资金安全的情况下，使用不超过人民币 40,000 万元暂时闲置募集资金进行现金管 理，投资对象为安全性高、流动性好的保本型投资产品，包括不限于银行结构性存 款、定期存款、大额存单、通知存款、固定收益凭证等。投资期限不超过 12 个月。 授权的额度使用期限为自股东大会审议通过之日起 12 个月内。公司监事会、保荐机 构发表了明确同意意见。具体内容详见公司于 20 ...

Company Performance - Xidian New Energy's stock price reached a historical high, increasing by 2.18% to 51.08 yuan, with a trading volume of 1.112 million shares and a transaction value of 55.93 million yuan, resulting in a turnover rate of 2.12% [2] - The company's latest A-share total market capitalization is 8.255 billion yuan, with a circulating market capitalization of 2.683 billion yuan [2] - The company reported a revenue of 1.392 billion yuan for the first half of the year, representing a year-on-year growth of 65.90%, and a net profit of 139 million yuan, up 51.66% year-on-year, with basic earnings per share of 0.8600 yuan and a weighted average return on equity of 7.92% [2] Industry Overview - The power equipment industry, to which Xidian New Energy belongs, has an overall increase of 2.42%, with 268 stocks rising and 8 stocks hitting the daily limit, including Yicheng New Energy and Wanrun New Energy [2] - Conversely, 117 stocks in the industry experienced declines, with the largest drops recorded by C Haocreat, Jinshi Technology, and Youyou Green Energy, with declines of 7.96%, 6.25%, and 4.00% respectively [2] Margin Trading Data - As of September 26, the margin trading balance for Xidian New Energy was 140 million yuan, with a financing balance of 140 million yuan, reflecting an increase of 28.35 million yuan over the past 10 days, which is a 25.45% increase [2]

Company Overview - The full name of the company is Suzhou Xidian New Energy Electric Co., Ltd., abbreviated as Xidian New Energy, with the stock code 603312.SH [1] - The IPO application date is January 13, 2023, and the listing date is January 11, 2024, on the Shanghai Stock Exchange Main Board [1] - The company operates in the electrical machinery and equipment manufacturing industry [1] - The IPO sponsor is Huatai United Securities, with representatives Shen Shuliang and Bai Lan [1] Performance Evaluation - The underwriting and sponsorship fees amount to 82.0686 million yuan, with a commission rate of 7.00%, lower than the average of 7.71% [2] - On the first day of listing, the stock price increased by 43.69% compared to the issue price [2] - Over the first three months post-listing, the stock price rose by 6.20% compared to the issue price [2] Financial Metrics - The issuance price-to-earnings (P/E) ratio is 30.55 times, significantly higher than the industry average of 17.02 times, representing 179.49% of the industry mean [3] - The expected fundraising amount is 969 million yuan, while the actual fundraising reached 1.172 billion yuan, resulting in an oversubscription ratio of 20.99% [4] Short-term Performance - In 2024, the company's operating revenue is projected to grow by 17.94% year-on-year, with net profit attributable to shareholders increasing by 14.98%, and non-recurring net profit rising by 12.15% year-on-year [5] - The abandonment rate for the IPO is 0.55% [5] Overall Assessment - The total score for Xidian New Energy's IPO project is 84.5, classified as B-level [5] - Negative factors affecting the score include the need for improved disclosure quality, a high issuance P/E ratio, and the abandonment rate of 0.55% [5]

Core Viewpoint - The company, Suzhou Xidian New Energy Electric Co., Ltd., has announced its semi-annual profit distribution plan for 2025, which includes a cash dividend of 0.40 CNY per share [2][8]. Distribution Plan - The cash dividend distribution was approved at the company's third extraordinary general meeting on September 4, 2025 [2]. - The total number of shares eligible for the cash dividend distribution is 156,846,830 shares, after excluding 4,753,170 shares held in the company's repurchase account [4][3]. - The total cash dividend to be distributed amounts to 62,738,732 CNY (including tax) [4]. Dividend Calculation - The reference price for ex-dividend is calculated as the previous closing price minus the cash dividend of approximately 0.39 CNY per share [6]. - The actual cash dividend per share for shareholders holding unrestricted shares is 0.40 CNY, while for those holding restricted shares, it is 0.36 CNY after tax deductions [9][10]. Taxation Details - For individual shareholders holding unrestricted shares, the tax rate varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [8]. - For qualified foreign institutional investors (QFII), a 10% tax rate applies, resulting in a net cash dividend of 0.36 CNY per share after tax [9][10]. - Other institutional investors are responsible for their own tax obligations, with a cash dividend of 0.40 CNY per share [11].

Group 1 - The core point of the announcement is that Xidian New Energy has declared a cash dividend of 0.40 yuan per share (tax included) for the first half of 2025 [1] - The record date for the dividend distribution is set for October 9, 2025 [1] - The ex-dividend date and the date of cash dividend payment are both scheduled for October 10, 2025 [1]

华泰联合证券有限责任公司 关于苏州西典新能源电气股份有限公司 2025 年半年度差异化分红的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 苏州西典新能源电气股份有限公司（以下简称"西典新能"、"公司"或"发行人"） 首次公开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 7 号—— 回购股份》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等 法律法规的规定，对西典新能在 2025 年半年度利润分配所涉及的差异化分红（以 下简称"本次差异化分红"）事项进行了核查，核查情况及核查意见如下： 一、本次差异化分红的原因 公司于 2024 年 7 月 12 日召开第一届董事会第十七次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，根据上述议案，公司拟用部 分超募资金以集中竞价交易方式回购公司 A 股股份。本次用于回购的资金总额 不低于人民币 5,500 万元（含）且不超过人民币 11,000 万元（含），回购价格不 超过 40 元/股（含），回购期限为自公司董事会审议通 ...

证券代码：603312 证券简称：西典新能 公告编号：2025-074 苏州西典新能源电气股份有限公司 2025年半年度权益分派实施公告 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。 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.40元 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 | 2025/10/9 | － | 2025/10/10 | 2025/10/10 | 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 9 月 4 日的2025年第三次临时股东会审议通过。 二、 分配方案 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 4,753,170 股不 ...