Summary of the Conference Call for 思维列控 (Sihui Railway Control) Company Overview - 思维列控 achieved robust growth in 2024, with total revenue reaching 1.515 billion yuan, a year-on-year increase of 28.38% [3][4] - Net profit attributable to shareholders was 548 million yuan, up 33.08% year-on-year, while net profit excluding non-recurring items was 549 million yuan, reflecting a growth of 35% [3][4] Financial Performance - Operating cash flow reached 433.9 million yuan, marking a historical high with a growth of 52.47% [3][4] - The company maintained a high dividend payout ratio, distributing 548 million yuan in dividends, which accounted for 100% of the net profit [10][11] Business Segments Performance 1.列控系统 (Control System) - Revenue from the control system business was 886 million yuan, a growth of 25.89% with a gross margin of 66.47% [5][6] - Wireless data replacement orders exceeded expectations, growing by 132% to over 200 million yuan [6][12] 2.铁路安防 (Railway Security) - Railway security business revenue reached 238 million yuan, up 25.64%, with order growth exceeding 40% [5][7] - Major contributions came from vehicle-mounted system orders exceeding 300 million yuan and new contracts for station control subsystems nearing 90 million yuan [7] 3.高铁运行监测 (High-speed Rail Monitoring) - Revenue from high-speed rail monitoring increased by nearly 40% to 358 million yuan, with order growth exceeding 50% [5][8] - Growth was driven by increased production of DMS and US related vehicle-mounted systems and the promotion of new products like the high-speed mobile video platform [8] Research and Development - R&D investment totaled 154 million yuan, a year-on-year increase of approximately 10% [9] - Key projects include the improvement of FT15 and the development of the domestically produced LKJ-15 control system [9] Dividend Policy - The company has a tradition of high dividend payouts, proposing a dividend of 11.88 yuan per share for 2024, which is 82.62% of the net profit [10][11] - The board revised the three-year dividend plan to ensure a cash dividend ratio of no less than 60% annually [11] Market Trends and Future Outlook - The wireless replacement market is expected to reach a penetration rate of nearly 60% in the next two years, contributing significantly to revenue growth [12] - The company anticipates a stable growth trajectory in 2025, with a focus on technological upgrades and new product applications [30][35] Strategic Insights - The company is well-positioned to benefit from the railway system's focus on safety, technological innovation, and equipment upgrades in 2025 [33][35] - The emphasis on digital transformation and AI applications in the railway sector is expected to create new market opportunities [33][34] Conclusion - 思维列控 demonstrated strong financial performance and growth across its business segments in 2024, with a solid outlook for 2025 driven by technological advancements and market demand for railway safety and efficiency solutions [3][30][35]

2025 年 04 月 13 日 思维列控 (603508) ——动车组业务表现强势，分红比例再提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 22.83 | | 一年内最高/最低（元） | 27.01/16.42 | | 市净率 | 1.9 | | 息率（分红/股价） | 4.41 | | 流通 A 股市值（百万元） | 8,704 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 12.33 | | 资产负债率% | 8.05 | | 总股本/流通 A 股（百万） | 381/381 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 ...

4月11日晚间，思维列控（603508）发布2024年年报，在铁路行业加快复苏与技术创新的双重驱动下， 思维列控展现出强劲的成长动能。报告期内，公司实现营业收入15.15亿元，同比增长28.38%；归属于 上市公司股东的净利润达5.48亿元，同比增长33.08%，扣非净利润5.49亿元，同比增长35.02%。公司拟 每10股派发现金股利11.8828元(含税)。 除大量未分配利润外，思维列控在手现金充裕且债务结构持续优化，也为后续分红提供了重要支撑。据 统计，2022—2024年，思维列控货币资金分别为14.45亿元、16.15亿元及16.65亿元。负债方面，2024 年，公司资产负债率仅8.05%，无有息负债，现金流充裕。2024年经营活动现金流净额达4.39亿元，同 比增长52.47%，反映出公司的回款能力显著增强。根据公告披露，公司延续高分红传统，2024年前三 季度已派发现金红利0.95亿元，并承诺2024—2026年分红比例不低于净利润的60%，彰显出管理层对公 司长期价值的信心。 思维列控表示，公司此次对三年分红政策调整，主要是增加分红频次，同时提高比例，并不会影响生产 经营。公司账上资金充足，选 ...

Group 1 - YN Holdings reported a revenue of approximately 12.155 billion yuan for 2024, a year-on-year increase of 1.43%, but still incurred a net loss of approximately 121 million yuan, an improvement from a loss of about 554 million yuan in 2023 [1] - The company generated a net cash flow from operating activities of approximately 2.369 billion yuan, a significant year-on-year increase of 214.51% [1] - YN Holdings operates in various sectors including thermal power generation, renewable energy, pumped storage, coal trading logistics, and comprehensive energy services [1] Group 2 - Guoji Precision reported a revenue of 2.658 billion yuan for 2024, a year-on-year decrease of 4.53%, primarily due to a strategic adjustment in trade business, leading to a 47.65% drop in trade revenue [2] - The company achieved a net profit of 280 million yuan, reflecting a year-on-year growth of 8.11% [2] - Guoji Precision's main business includes bearing, abrasive tools, and supply chain services [2] Group 3 - Siwei Liekong reported a revenue of 1.515 billion yuan for 2024, a year-on-year increase of 28.38%, with a net profit of 548 million yuan, up 33.08% [3] - The company's net profit after deducting non-recurring items was approximately 549 million yuan, a year-on-year increase of 35.02% [3] - Siwei Liekong focuses on information transmission, software, and IT services, primarily serving the national railway safety sector [3] Group 4 - XJ Electric reported a revenue of 17.089 billion yuan for 2024, a slight year-on-year increase of 0.17%, with a net profit of 1.117 billion yuan, up 11.09% [4] - The company invested 880 million yuan in R&D, a year-on-year increase of 10.84%, but its net cash flow from operating activities decreased by 52.74% to 1.299 billion yuan [4] - XJ Electric focuses on ultra-high voltage, smart grid, renewable energy, electric vehicle charging, rail transit, and industrial intelligence [4] Group 5 - Pinggao Electric reported a revenue of 12.402 billion yuan for 2024, a year-on-year increase of 11.96%, with a net profit of 1.023 billion yuan, up 25.43% [5] - The company generated a net cash flow from operating activities of 3.008 billion yuan, a year-on-year increase of 20.14% [5] - Pinggao Electric's business encompasses the R&D, design, manufacturing, and sales of power transmission and distribution equipment and core components [5] Group 6 - Linzhou Heavy Machinery reported a total revenue of approximately 1.684 billion yuan for 2024, a year-on-year decrease of 8.38%, with a net profit of approximately 95.344 million yuan, down 18.47% [6] - The company's comprehensive gross margin was 28.31%, an increase of 0.02 percentage points from the previous year [6] - The coal machinery and comprehensive service segment generated approximately 1.644 billion yuan in revenue, a year-on-year decline of 7.30% [6]

Core Insights - The company reported a total revenue of 1.515 billion yuan for 2024, representing a year-on-year increase of 28.38% and a net profit of 548 million yuan, up 33.08% year-on-year [1][3] - In Q4 2024, the revenue reached 609 million yuan, a 35.79% increase year-on-year, with a net profit of 221 million yuan, up 31.77% year-on-year [1] - The company's gross margin increased by 5.81% year-on-year, while the net margin rose by 3.65% [1] Financial Performance - The gross margin for 2024 was 66.76%, an increase of 6.56% from the previous year, and the net margin was 37.6%, up 3.65% [3] - Total expenses (selling, administrative, and financial) amounted to 185 million yuan, accounting for 12.22% of revenue, which is a 10.15% increase year-on-year [3] - Earnings per share (EPS) for 2024 was 1.44 yuan, reflecting a 33.33% increase year-on-year, while operating cash flow per share was 1.15 yuan, up 52.47% [3] Analyst Expectations - Analysts had previously estimated the net profit for 2024 to be around 511 million yuan, indicating that the actual results exceeded expectations [1][2] - The average forecast for net profit in 2025 is approximately 688 million yuan, with an average EPS of 1.8 yuan [4] Shareholder Information - Several funds have newly entered the top ten shareholders of the company, including Invesco Great Wall Jingyi Helix Bond A and CITIC Securities Zhi Yuan Mixed A [5] - The largest fund holding is Invesco Great Wall Jingyi Helix Bond A, with a scale of 710 million yuan and a recent net value of 0.998 [5]

Group 1 - The core viewpoint of the news is that Siwei Liekong (603508.SH) has reported its annual results for 2024, highlighting significant institutional investor activity [1] - As of April 11, 2025, a total of 246 institutional investors disclosed holdings in Siwei Liekong A-shares, with a combined holding of 38.78 million shares, representing 10.17% of the total share capital [1] - The top ten institutional investors collectively hold 7.12% of the shares, with a decrease of 1.98 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 18 funds reported a decrease in holdings compared to the previous quarter, with a reduction rate of 2.03% [2] - A total of 224 new public funds were disclosed this period, including notable funds such as Fuquan Innovation Technology Mixed A and Jianxin Optimized Allocation Mixed A [2] - Eleven public funds that were previously disclosed did not report this period, including Fuquan Insight Value Stock A and Guoshou Anbao Stable Xin One-Year Holding Mixed A [2]

河南思维自动化设备股份有限公司 首席合伙人:梁春 董事会审计委员会对会计师事务所 2024 年度履行监 督职责的情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上市公 司自律监管指引第1号 -- 规范运作》等法律法规的要求,河南思维自动化设备 股份有限公司（以下简称"公司"）董事会审计委员会对信永中和会计师事务所 （特殊普通合伙）2024年度审计履职评估及履行监督职责情况报告如下: 一、2024年年审会计师事务所某本情况 (一) 会计师事务所基本情况 (1) 事务所名称:信永中和会计师事务所 (特殊普通合伙) (2) 成立日期:2012年3月2日成立 (3) 注册地址:北京市东城区朝阳门北大街 8号富华大厦 A 座 8 层 (4) 首席合伙人:谭小青 截止 2024 年 12月 31 日,信永中和合伙人(股东)259人,注册会计师 1780 人。签署过证券服务业务审计报告的注册会计师人数超过 700人。 信永中和所 2023年上市公司年报审计客户家数为 364家,上市公司财务报 表审计收费总额人民币 4.56 亿 ...

证券代码：603508 证券简称：思维列控 公告编号：2025-015 河南思维自动化设备股份有限公司 关于召开2024年度业绩说明会的公告 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： 河南思维自动化设备股份有限公司（以下简称"思维列控"或"公司"）于 2025 年 4 月 12 日在上海证券交易所网站（www.sse.com.cn）披露了《思维列控 2024 年年度 报告》。为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公 司将于 2025 年 4 月 21 日下午 15:00-16:30 举行 2024 年度业绩说明会，并就投资者关心 的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果及财务 指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行回答。 二、说明会召开的时间、地点 1 会议召开时间：2025 年 4 月 21 日（星期一）下午 15:00-16:30 会议召开地点：上证 ...

公司代码：603508 公司简称：思维列控 河南思维自动化设备股份有限公司 2024年度商誉减值测试报告 请年审会计师对该报告中公司填报的内容核实并确认。 年审会计师是否已核实确认：√是 □否 年审会计师姓名：董治国、王丽红 三、是否存在减值迹象： | 资产组名称 | 是否存在减值迹象 | 备注 | 是否计提减值 | 备注 | 减值依据 | 备注 | | --- | --- | --- | --- | --- | --- | --- | | 河南蓝信科技有限责 任公司含商誉资产组 | 不存在减值迹象 | | 否 | | 未减值不适用 | | 四、商誉分摊情况 会计师事务所名称：信永中和会计师事务所（特殊普通合伙） 一、是否进行减值测试 √是 □否 二、是否在减值测试中取得以财务报告为目的的评估报告 √是 □否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | | 评估价值类型 | 评估结果 | | --- | --- | --- | --- | --- | --- | --- | | 河南蓝信科技有限责任 | 北京亚太联华资产评估 | 陈颖，王明 | 亚评报字（2025）第 | 127 号 | ...

经自查,本人在 2024年度不存在影响独立董事独立性的情况。 报告人 (签字): 2025年4月11日 本人孙景斌,于2021年1月起任职河南思维自动化设备股份有限公司(以 下简称"公司")独立董事,在 2024年度任职时间为 2024年1月1日至2024年 12月31日,目前为公司在任独立董事。本人严格遵守《公司法》《上市公司治理 准则》和《上市公司独立董事管理办法》等法律法规以及《公司章程》对独立董 事的任职要求. 持续保持独立性。本人2024年度独立性自查情况如下: | 序号 | 自查事项 | 自查情况 | | --- | --- | --- | | 1 | 本人或本人直系亲属(配偶、父母、子女等,下同)、主要社 | 是 否 否 √ | | | 会关系(兄弟姐妹配偶的父母、子女的配偶、子女配偶的父 | | | | 母、兄弟姐妹的配偶、配偶的兄弟姐妹等下同)是否为在公 | | | | 司或者公司附属企业任职的人员 | | | 2 | 本人或本人直系亲属是否为直接或间接持有公司已发行股 | 是 否 否 √ | | | 份 1%以上或者是公司前十名股东中的自然人股东 | | | 3 | 本人或本人直系亲属是否 ...