Market Performance - On September 15, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.04% during intraday trading [1] - The machine tool sector continued to strengthen, with the Machine Tool ETF (159663) rising by 1.09% and reaching a historical high [1] Sector Highlights - Key sectors with notable gains included electrical engineering and grid, leisure products, and automobiles, while comprehensive and real estate sectors experienced declines [1] - Major stocks within the machine tool sector showed significant increases, including Huagong Technology up by 6.80%, Greentech Harmony up by 5.81%, and Xinjie Electric up by 3.54% [1] Company Developments - Tesla is expected to hold its Q3 2025 earnings call in late October and its 2025 annual shareholder meeting on November 6, with the release of Optimus V3 imminent [1] - Domestic companies such as Yushu Technology plan to submit IPO application materials in Q4 2025, while Zhiyuan Robotics has taken over Shuangwei New Materials and Leju Robotics has completed its restructuring [1] Industry Outlook - Northeast Securities indicates that humanoid robots will be a key industry focus over the next decade, emphasizing the importance of sensors, lead screws, and reducers, which have significant value and barriers to entry [1] - Policies aimed at equipment upgrades and economic stimulation are expected to continue, potentially driving the recovery of general sectors like machine tools [1] ETF Overview - The Machine Tool ETF (159663) closely tracks the China Securities Machine Tool Index, covering critical areas in high-end equipment manufacturing, including laser equipment, machine tools, robots, and industrial control equipment [2]

Group 1 - The core viewpoint of the news is that Xinjie Electric has seen a significant increase in its stock price, rising by 5.04% to reach 60.80 CNY per share, with a trading volume of 199 million CNY and a turnover rate of 2.42%, resulting in a total market capitalization of 9.554 billion CNY [1] - Xinjie Electric, established on April 22, 2008, and listed on December 21, 2016, specializes in the research, production, and sales of industrial automation control products, providing intelligent control system solutions for the OEM automation industry. The main business revenue composition is 99.78% from equipment sales and other main businesses, with 0.22% from other sources [1] Group 2 - From the perspective of fund holdings, Xinjie Electric is a significant investment for Nanhua Fund, with its Nanhua Fengchun Mixed A Fund (005296) holding 66,100 shares, accounting for 5.1% of the fund's net value, making it the fourth-largest holding. The estimated floating profit today is approximately 193,000 CNY [2] - The Nanhua Fengchun Mixed A Fund was established on December 26, 2017, with a latest scale of 46.5424 million CNY. Year-to-date returns are 37.04%, ranking 1373 out of 8175 in its category; the one-year return is 69.1%, ranking 1325 out of 7982; and since inception, the return is 95.68% [2]

二〇二五年九月 无锡信捷电气股份有限公司 2025 年第一次临时股东会会议资料 无锡信捷电气股份有限公司 2025 年第一次临时股东会参会须知 为维护股东的合法权益，保障股东在公司 2025 年第一次临时股东会期间 依法行使权利，确保股东会的正常秩序和议事效率，根据《中华人民共和国公 司法》《无锡信捷电气股份有限公司章程》《无锡信捷电气股份有限公司股东 会议事规则》的有关规定，公司现制定本须知。 一、各股东请按照本次股东会会议通知（详见刊登于上海证券交易所网站 （www.sse.com.cn）的《无锡信捷电气股份有限公司关于召开 2025 年第一次临 时股东会的通知》）中规定的时间和登记方法办理参加会议手续，证明文件不 齐或手续不全的，谢绝参会。 二、本公司设立股东会会务组，具体负责大会有关程序和服务等各项事 宜。 三、大会期间，全体参会人员应自觉维护会场秩序，确保大会的正常秩序 和议事效率。进入会场后，请关闭手机或调至静音或震动状态。股东（或股东 代表）参加股东会，应当认真履行其法定义务，不得侵犯其他股东的权益，不 得扰乱大会正常秩序。 四、股东（或股东代表）参加股东会依法享有发言权、质询权、表决权等 权利 ...

Summary of Conference Call Records Industry Overview: Power Equipment Key Points on Domestic and International Demand - The acceleration of ultra-high voltage (UHV) project approvals is expected, with multiple AC lines approved in the second half of the year, significantly higher than the first half. The total investment for the Shaanxi to Henan and Nanjing to Sichuan projects exceeds 30 billion yuan [1] - The investment budget for distribution networks is projected to grow by approximately 5% in 2025, focusing on smart technology, replacement of old equipment, and energy-saving renovations. Investment in grid intelligence is expected to increase by 60% year-on-year [1][5] - The European power market is seeing substantial investment in grid upgrades, with the EU planning to invest 584 billion euros by 2030, with one-third for transmission and two-thirds for distribution [1][7] Core Insights and Arguments - The approval of UHV projects is expected to increase from 2-3 AC lines in 2024 to 4-5 in 2025, indicating a significant growth trajectory [4] - The regional joint procurement in the distribution network sector has pressured the gross margins of leading companies by about 10 percentage points, but it has also increased market share for companies like XJ Electric, Samsung Medical, and Oriental Electronics [5] - The demand for low-voltage transformers and UHV equipment in Europe is rising, with Chinese manufacturers having advantages in conversion efficiency and power density [8] Company-Specific Developments - **Pinggao Electric**: New order growth of approximately 15% in the first half of 2025, with a significant increase in UHV GIS delivery expected from 2026 [11] - **China XD Electric**: Improved gross margins through cost management, with a projected delivery of 30-40 billion yuan in UHV projects for the year [12] - **XJ Electric**: Anticipates a significant increase in delivery volume for UHV products in 2026, with current orders exceeding 3 billion yuan [13] - **Siyuan Electric**: Actively expanding in the North American data center market, with a projected net profit growth of about 30% for 2025 [15] - **Samsung Medical**: Achieved a 124% year-on-year increase in overseas distribution network orders, with a projected net profit growth of 10-15% [16] - **Huaming Equipment**: European market contributes 50% of overseas revenue, with a projected net profit growth of about 15% [17] - **Guodian NARI**: Strong performance in the low-carbon energy sector, with expected revenue growth of 14-15% [18] - **Sifang Co.**: Domestic business exceeded expectations, with a 15% growth in main network orders [19] Other Important Insights - The focus on smart grid investments is expected to reshape the competitive landscape in the distribution network sector, benefiting leading companies in the medium term [5] - The North American market is experiencing tight supply for transformers and switches, creating significant opportunities for domestic companies [9] - The overall trend in the power equipment industry indicates a shift towards intelligent and sustainable solutions, aligning with global energy transition goals [10]

证券代码：603416 证券简称:信捷电气 公告编号：2025-040 无锡信捷电气股份有限公司 关于召开 2025 年半年度业绩暨现金分红说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 11 日 （星期四） 至 09 月 17 日 （星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@xinje.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 09 月 18 日 （星期四） 15:00-16:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 无锡信捷电气股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公 ...

Core Viewpoint - The company plans to invest 800 million yuan in a robot intelligent drive control system production project to enhance its overall strength and competitiveness, with a construction period of 24 months [1] Investment and Project Details - The company intends to acquire approximately 55,000 square meters of industrial land in Wuxi for the project, with total investment estimated at 800 million yuan, including land purchase of about 50 million yuan, factory construction of about 450 million yuan, and equipment and other investments of about 350 million yuan [1] Market Position and Strategy - The company has established itself as a leader in the domestic small PLC market, holding an 8% market share as of the first half of 2025, and ranks first among domestic brands [2] - The company aims to diversify its business by entering the humanoid robot sector, leveraging its existing technology and customer base in industrial automation [4] Product Development and Innovation - The company is actively developing core components for humanoid robots, including frameless torque motors, hollow cup motors, drivers, and encoders, and has achieved a revenue of 28 million yuan from its intelligent device (robot) business in the first half of 2025, marking a 31.87% year-on-year growth [5][7] - The company has a strong R&D foundation, with a research and production base of 160,000 square meters and a research investment of approximately 84.75 million yuan, accounting for 9.66% of its revenue [4] Industry Trends and Collaborations - The humanoid robot industry is at a critical stage of technological breakthroughs and commercial implementation, supported by favorable policies and capital [8] - The company has partnered with Huawei to develop intelligent robots for welding and sorting applications, showcasing its transition from a core component supplier to a vertical scene solution provider [9][11] Financial Performance - In the first half of 2025, the company reported revenue of 877 million yuan, a year-on-year increase of 10.01%, and a net profit of 127 million yuan, reflecting a growth of 0.39% [14] - The company is expanding its overseas market presence, with overseas orders increasing by nearly 50% during the reporting period, focusing on regions such as Russia, the Middle East, Southeast Asia, and Japan [14]

Core Viewpoint - The company, Xinjie Electric, is investing 800 million yuan in a robot intelligent drive control system production project to enhance its overall strength and competitiveness, with a construction period of 24 months [1]. Group 1: Investment and Project Details - Xinjie Electric plans to acquire an industrial land in Wuxi, covering approximately 55,000 square meters, to establish the intelligent drive control system production project [1]. - The total investment for the project is approximately 800 million yuan, which includes land purchase costs of about 50 million yuan, factory construction costs of around 450 million yuan, and equipment and other expenses of about 350 million yuan [1]. Group 2: Market Position and Product Development - Established in 2008 and listed in 2016, Xinjie Electric is a pioneer in small PLCs and touch screens, holding the top position in the domestic small PLC shipment volume for several years [2]. - As of the first half of 2025, Xinjie Electric holds an 8% market share in the small PLC market in China, ranking first among domestic brands, and is second in the servo system market [2]. Group 3: Strategic Expansion into Humanoid Robots - The company aims to diversify its business by entering the humanoid robot sector, leveraging its existing technology and customer channels from the PLC and servo system markets [4]. - Xinjie Electric has developed various core components such as motors, drivers, and encoders that can be utilized in humanoid robot applications, indicating a strong technological synergy with its current operations [4][5]. Group 4: R&D and Innovation - The company has a significant R&D investment, amounting to approximately 84.75 million yuan, which represents 9.66% of its revenue during the reporting period [5]. - Xinjie Electric is actively developing core components suitable for humanoid robots, including frameless torque motors and hollow cup motors, and has established a comprehensive solution for smart manufacturing [5]. Group 5: Industry Trends and Collaborations - The humanoid robot industry is at a critical juncture of technological breakthroughs and commercial implementation, supported by favorable policies and capital activity [8]. - Xinjie Electric's collaboration with Huawei focuses on developing intelligent welding and sorting robots, showcasing its transition from a core component supplier to a complete solution provider [9][12]. Group 6: Financial Performance and Market Outlook - In the first half of 2025, Xinjie Electric reported revenues of 877 million yuan, a year-on-year increase of 10.01%, and a net profit of 127 million yuan, reflecting a growth of 0.39% [15]. - The company is expanding its overseas market presence, with a nearly 50% increase in overseas orders, targeting regions such as Russia, the Middle East, and Southeast Asia [15].

Group 1: Company Announcements - Nengke Technology's AI products and services are still in the early stages of development [1] - Zhongmin Energy plans to invest 1.177 billion yuan in the construction of the Changle B District offshore wind farm project [1] - Kesi Technology won a bid for a project worth 61.7584 million yuan for hardware and software [1] - Anyang Iron and Steel is selling all shares of Yongtong Company and Yuhe Company to its controlling shareholder, Angang Group [1] - Haomuxing intends to repurchase shares worth between 18 million to 36 million yuan [1] Group 2: Performance Reports - Wuliangye reported a net profit of 19.49 billion yuan for the first half of the year, an increase of 2.28% year-on-year [2] - Transsion Holdings experienced a net profit of 1.213 billion yuan, a decrease of 57.48% year-on-year [2] - China National Offshore Oil Corporation (CNOOC) reported a net profit attributable to shareholders of 69.533 billion yuan, a decrease of 13% year-on-year [2] - China Life Insurance achieved a net profit of 40.931 billion yuan, an increase of 6.9% year-on-year, with total premiums of 525.088 billion yuan [2] Group 3: Shareholding Changes - Hehui Optoelectronics plans to reduce its holdings by no more than 2% [2] - Zheng Liansong, the actual controller of Zhengyu Industrial, intends to reduce his holdings by no more than 1% [2] - Wang Shuqin from Hengyin Technology plans to reduce her holdings by no more than 3% [2]

Core Viewpoint - Xinjie Electric (603416.SH) reported a revenue of 877 million yuan for the first half of 2025, marking a 10.01% year-on-year increase, continuing a five-year growth trend [1] Financial Performance - The company's total revenue reached 877 million yuan, ranking 23rd among disclosed peers, with an increase of 79.83 million yuan compared to the same period last year [1] - Net profit attributable to shareholders was 127 million yuan, ranking 11th among peers, with a slight increase of 493,500 yuan year-on-year, reflecting a 0.39% growth [1] - Operating cash flow showed a net outflow of 7.22 million yuan, an improvement of 2.77 million yuan compared to the previous year [1] Financial Ratios - The latest debt-to-asset ratio stands at 23.99%, ranking 17th among peers, down by 4.03 percentage points from the previous quarter and 3.48 percentage points from the same period last year [3] - The gross profit margin is reported at 38.28%, ranking 20th among peers, with a slight increase of 0.18 percentage points, marking two consecutive quarters of growth [3] - Return on equity (ROE) is at 4.76%, ranking 15th among peers [3] Earnings Per Share - The diluted earnings per share (EPS) is 0.87 yuan, ranking 5th among disclosed peers [4] Asset Management - The total asset turnover ratio is 0.26 times, ranking 16th among peers, while the inventory turnover ratio is 0.87 times [5] - The number of shareholders is 12,400, with the top ten shareholders holding 108 million shares, accounting for 68.85% of the total share capital [5] - The largest shareholder, Li Xin, holds 31.21% of the shares [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 78.23 [1][5]. Core Views - The company reported a revenue of RMB 877 million for H1 2025, representing a year-on-year increase of 10.01%. The net profit attributable to shareholders was RMB 127 million, up 0.39% year-on-year [1]. - The PLC business is developing steadily, while the drive system business is experiencing rapid growth. The company is optimistic about its layout in the embodied intelligence industry, which is expected to open up growth opportunities [1][3]. Summary by Sections Financial Performance - For H1 2025, the company's gross margin was 38.28%, a decrease of 0.21 percentage points year-on-year, and the net margin was 14.49%, down 1.38 percentage points year-on-year. The decline in profitability is attributed to the increased proportion of lower-margin drive systems and a decrease in non-recurring investment income [2]. - The company reported a revenue of RMB 314 million from the PLC business, a year-on-year increase of 0.54%, while the drive system business generated RMB 433 million, up 18.78% year-on-year [3]. Business Segments - The PLC business continues to expand its product range and maintain its technological advantages, holding an 8% market share in the small PLC market, ranking first among domestic brands [3]. - The company is accelerating its layout in the embodied intelligence industry, having sold over 10,000 encoders to leading domestic robotics companies and developing core components for various robotics applications [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of RMB 279 million, RMB 340 million, and RMB 406 million for the years 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 1.78, RMB 2.16, and RMB 2.58 [5][11]. - The target price has been adjusted to RMB 78.23 based on a PE ratio of 44 times for 2025, up from a previous target of RMB 67.64 [5].