Group 1 - The company, Shenma Electric Power (603530.SH), announced the adjustment of investment construction progress for certain fundraising projects during the 30th meeting of the fifth board of directors scheduled for August 12, 2025 [1] - The completion date for the "Expansion and Reconstruction Project of Composite External Insulation Products for Power Transmission and Transformation (Phase I)" has been postponed from August 2025 to December 31, 2025 [1] - The "Digital Factory Construction Project for Composite Crossarms in Distribution Network" has been concluded, and the remaining fundraising amount of 11.894 million yuan will be redirected to the "Expansion and Reconstruction Project of Composite External Insulation Products for Power Transmission and Transformation (Phase I)" [1]

（文章来源：每日经济新闻） 神马电力（SH 603530，收盘价：30.22元）8月12日晚间发布半年度业绩报告称，2025年上半年营业收 入约7.04亿元，同比增加27.74%；归属于上市公司股东的净利润约1.6亿元，同比增加13.6%；基本每股 收益0.38元，同比增加15.15%。 ...

Group 1 - The company, Shenma Electric Power, announced the convening of its fifth board meeting on August 12, 2025, to review the semi-annual report and its summary [2] - For the year 2024, the company's revenue composition indicates that the electrical machinery and equipment manufacturing sector accounts for 97.5% of total revenue, while other businesses contribute 2.5% [2]

Core Viewpoint - The company plans to adjust the investment construction progress of certain fundraising projects, specifically postponing the expected operational date of the "Composite External Insulation Product Expansion Project (Phase I)" from August 2025 to December 31, 2025, and will conclude the "Digital Factory Construction Project for Composite Crossarms" [1][2][13]. Fundraising Project Adjustments - The company will transfer the surplus fundraising amount of 11.894 million yuan (after deducting bank fees) to the "Composite External Insulation Product Expansion Project (Phase I)" [1][11]. - The total amount raised from the non-public offering in 2020 was approximately 424 million yuan, with a net amount of about 418 million yuan after deducting issuance costs [2][4]. Project Status and Financial Management - As of July 31, 2025, the "Composite External Insulation Product Expansion Project (Phase I)" has completed the process route verification and design, equipment selection, and partial equipment procurement and installation [8][9]. - The company has effectively managed idle fundraising by investing in financial products, generating additional income [11][12]. Board Decisions and Compliance - The adjustments were approved in the board meeting held on August 12, 2025, and do not require shareholder approval as they do not alter the project implementation entity, fundraising purposes, or investment scale [12][13]. - The sponsor, Huatai United Securities, has confirmed that the adjustments comply with relevant regulations and will not adversely affect the company's operations or shareholder interests [12][14].

Group 1 - The core viewpoint of the article is that Jiangsu Shenneng Electric Power Co., Ltd. aims to conduct financial derivatives trading to mitigate foreign exchange risks associated with its increasing overseas sales, primarily denominated in USD and EUR [1][4]. - The company plans to limit the total trading amount for financial derivatives to no more than 500 million RMB (or equivalent foreign currency) during the authorized period, allowing for rolling use of funds within this limit [1][2]. - The funding for the financial derivatives trading will come from the company's own funds and bank credit, without involving raised funds [2]. Group 2 - The trading methods will include forward contracts, futures, swaps, and options, focusing on the main settlement currencies used in the company's operations, such as USD and EUR [2]. - The trading period is set to be no more than 12 months from the date of approval by the company's board of directors [2]. - The company has established a comprehensive internal control system and risk management measures to ensure the feasibility of the financial derivatives trading business [1][3]. Group 3 - The company recognizes potential risks associated with the financial derivatives trading, including exchange rate and interest rate fluctuations, internal control risks, customer default risks, and legal risks [2][3]. - To mitigate these risks, the company will align derivatives trading with its operational needs, strictly control the scale of derivatives, and conduct regular audits of the trading activities [3]. - The conclusion drawn is that the financial derivatives trading business is necessary and feasible, as it can effectively prevent foreign exchange market risks and reduce exchange losses, thereby enhancing the company's financial stability [4].

Fundraising Overview - The company raised a total of RMB 423.9999 million through a private placement, with a net amount of RMB 418.2831 million after deducting underwriting and other expenses [1] - As of June 30, 2025, the remaining balance of the raised funds in special accounts is RMB 95.9892 million [1][2] Fund Usage - The company has strictly adhered to its fundraising management system, ensuring compliance with relevant regulations and no violations reported [1][2] - No idle funds were temporarily used to supplement working capital as of June 30, 2025 [2][3] Cash Management - The company approved the use of up to RMB 150 million of idle funds for cash management, with a total investment in principal-protected cash management projects amounting to RMB 361 million, yielding RMB 658,000 in returns [2][3] Project Investment Status - As of June 30, 2025, the total amount invested in fundraising projects is RMB 346.6428 million, with a total of RMB 110.1169 million invested in the current year [2][3] - The company has not experienced any changes in the use of funds for investment projects during the reporting period [2][3] Project Adjustments - The company has adjusted the expected completion dates for several projects, including extending the completion date for the "Transformer Equipment Sealing Component Production Expansion Project" to April 2025 [3][4] - The company has also approved the reallocation of surplus funds from completed projects to other fundraising projects [3][4]

华泰联合证券有限责任公司关于 江苏神马电力股份有限公司 调整部分募投项目投资建设进度暨部分募投项目结项并将 节余募集资金用于其他募投项目的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为江苏神马电力股份有限公司（以下简称"神马电力"或"公司"）2020 年非公 开发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关法律法规和规范性文件的规定，对公司调整部分募投项目投资建设进度暨 部分募投项目结项并将节余募集资金用于其他募投项目进行了认真、审慎的核查， 并发表意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准江苏神马电力股份有限公司非公开发 行股票的批复》（证监许可[2021]346 号），公司非公开发行 32,218,837 股，每 股发行价格为人民币 13.16 元，共计募集资金人民币 423,999,894.92 元，扣除相 关发行费用 5,716,837.75 元（不含税）后，非公开发行实际募集资金净额为人民 币 418,283,057.17 元。 上述募 ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of the year, indicating strong operational performance despite a decline in cash flow from operating activities [1] Financial Performance - The company achieved operating revenue of 704 million yuan, representing a year-on-year growth of 27.74% [1] - The net profit attributable to shareholders was 160 million yuan, up from 141 million yuan in the same period last year, marking a year-on-year increase of 13.60% [1] - Basic earnings per share were reported at 0.38 yuan [1] Cash Flow Analysis - The net cash flow from operating activities decreased by 530.45% year-on-year, primarily due to increased payments for strategic inventory of raw materials and higher cash expenditures for purchasing goods and services [1]

江苏神马电力股份有限公司 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为江苏神马电力股份有限公司（以下简称"神马电力"或"公司"）2020 年非公 开发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关法律法规和规范性文件的规定，对公司调整部分募投项目投资建设进度暨 部分募投项目结项并将节余募集资金用于其他募投项目进行了认真、审慎的核查， 并发表意见如下： 一、募集资金基本情况 华泰联合证券有限责任公司关于 调整部分募投项目投资建设进度暨部分募投项目结项并将 节余募集资金用于其他募投项目的核查意见 2 单位：万元 序号 项目名称 项目总投资额 原计划拟使用 募集资金 调整后拟使用 募集资金 1 变电设备外绝缘部件数 字化工厂建设项目 22,982.00 20,730.00 10,814.00 2 配网复合横担数字化工 厂建设项目 27,953.00 26,461.00 17,761.31 3 运营管理中心建设项目 6,711.00 6,356.00 4,800.00 4 补充流动资金 8 ...

江苏神马电力股份有限公司 关于开展金融衍生品交易业务的可行性分析报告 一、公司开展金融衍生品交易业务的背景 江苏神马电力股份有限公司（以下简称"公司"）的外销结算货币主要是美元和欧 元，随着公司海外销售规模的不断扩大，汇率波动对公司经营业绩的影响也日益增大。 为了降低外汇市场的风险，减少汇率波动对公司利润的影响，实现稳健经营，公司拟选 择适合的市场时机开展金融衍生品交易业务，利用外汇衍生交易的套期保值功能规避汇 率风险。公司的金融衍生品交易业务以正常生产经营为基础，以规避和防范汇率风险为 目的，不进行单纯以盈利为目的的投机和套利交易。 二、公司开展金融衍生品交易业务的可行性分析 公司拟开展的金融衍生品交易业务，严格按照公司生产经营实际进行。公司已制定 较为完善的内部控制体系，具有相匹配的资金规模和银行授信额度。公司落实风险控制 措施，审慎操作，合理合规利用外汇衍生品业务规避汇率波动给公司带来的经营风险， 该业务实施具有可行性。 三、公司开展金融衍生品交易业务的基本情况 （一）交易金额 公司拟开展的金融衍生品交易业务申请交易金额为授权期限内任一时点合约价值 总额度不超过 5 亿元人民币（或其他等值外币），在上述 ...