Core Viewpoint - Luokai Co., Ltd. is a significant supplier of key components for high and low voltage circuit breakers and has strong technical research and development capabilities in the power distribution equipment sector [1] Group 1: Business Performance - In Q3 2025, Luokai's revenue reached 1.675 billion yuan, ranking 10th among 26 companies in the industry, with the industry leader, Chint Electric, generating 46.396 billion yuan [2] - The company's net profit for the same period was 67.6313 million yuan, placing it 14th in the industry, while the top performer, Chint Electric, reported a net profit of 5.656 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Luokai's debt-to-asset ratio was 60.38%, higher than the previous year's 52.21% and above the industry average of 40.49%, indicating increased debt pressure [3] - The gross profit margin for Q3 2025 was 17.59%, down from 23.43% year-on-year and below the industry average of 23.98%, suggesting a need for improvement in profitability [3] Group 3: Executive Compensation - The chairman, Tan Xing, received a salary of 949,200 yuan in 2024, a decrease of 40,000 yuan from 2023 [4] - The general manager, Zang Wenming, earned 659,900 yuan in 2024, down by 50,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 17.54% to 10,400, while the average number of circulating A-shares held per shareholder increased by 21.30% to 15,500 [5]

Core Insights - The company reported a revenue of 1.675 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 9.60% [1] - The net profit attributable to shareholders decreased to 71.42 million yuan, down 14.93% year-on-year [1] - The non-recurring net profit was 69.39 million yuan, reflecting a decline of 6.13% compared to the previous year [1] - The basic earnings per share stood at 0.45 yuan [1]

Company Performance - Luokai Co., Ltd. reported a revenue of approximately 1.675 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.6% [1] - The net profit attributable to shareholders of the listed company was approximately 71.42 million yuan, showing a year-on-year decrease of 14.93% [1] - As of the report date, Luokai Co., Ltd. had a market capitalization of 3.6 billion yuan [1] Industry Context - The news highlights the occurrence of "negative electricity prices" in multiple regions, raising questions about why power plants are reluctant to shut down despite not making profits from electricity sales [1]

格隆汇10月30日丨洛凯股份(603829.SH)发布三季报，2025年前三季度实现营业总收入16.75亿元，同比 增长9.6%；归属母公司股东净利润7142.16万元，同比下降14.93%；基本每股收益为0.45元。 ...

Market Overview - The grid equipment sector experienced a decline of 2.46% on the previous trading day, with Mingyang Electric leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the grid equipment sector included: - Honglida (688330) with a closing price of 40.47, up 6.53% [1] - Luokai Co., Ltd. (603829) at 21.48, up 5.81% [1] - Major decliners included: - Mingyang Electric (301291) at 46.50, down 10.04% [2] - Yuandian Nanzi (600268) at 12.03, down 10.02% [2] Capital Flow - The grid equipment sector saw a net outflow of 4.186 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.474 billion yuan [2] - The table of capital flow for individual stocks indicates varying levels of institutional and retail participation [3] Individual Stock Capital Flow - Honglida (688330) had a net inflow of 28.54 million yuan from institutional investors, while retail investors saw a net outflow of 27.97 million yuan [3] - Luokai Co., Ltd. (603829) experienced a net inflow of 24.17 million yuan from institutional investors, with retail investors also seeing a net outflow of 28.10 million yuan [3]

| 证券代码：603829 | 证券简称：洛凯股份 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：113689 | 债券简称：洛凯转债 | | 江苏洛凯机电股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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个别及连带责任。 重要内容提示： 投资种类：安全性高、流动性好、风险低的现金管理产品（包括但不限于 结构性存款、协定存款、通知存款、定期存款、大额存单、收益凭证等理财产品）。 投资金额：使用单日最高余额不超过人民币 11,000 万元的暂时闲置募集资 金进行现金管理，使用期限自董事会审议通过之日起 12 个月内。在上述额度和期限 内，资金可以循环使用。 已履行的审议程序：该事项已经江苏洛凯机电股份有限公司（以下简称 "公司"）第四届董事会第六次会议和第四届监事会第五次会议分别审议通过，监 事会和保荐机构均已发表明确同意的意见。该事项无须提交股东大会审议。 特别风险提示：本次现金管理是用于购买投资安全性高、流动性好的保本 型理财产品或存款类 ...

江苏洛凯机电股份有限公司 第四届监事会第五次会议决议公告 | 证券代码：603829 | 证券简称：洛凯股份 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：113689 | 债券简称：洛凯转债 | | 2、审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。 监事会认为：公司本次使用部分闲置募集资金进行现金管理，相关审批程序 合规有效，不存在改变或变相改变募集资金用途以及损害公司及股东利益的情形， 符合《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》及公司《募集资金管理制度》等有关规定，同意上述事项。 具体内容详见公司于 2025 年 10 月 31 日刊登在上海证券交易所网站 （www.sse.com.cn）以及公司指定披露媒体上的《关于使用部分闲置募集资金进 行现金管理的公告》（公告编号：2025-060）。 一、监事会会议召开情况 江苏洛凯机电股份有限公司（以下简称"公司"）第四届监事会第五次会议 于 2025 年 10 月 30 日在公司会议室以现场与通讯相结合的方式召开。本次会议 通知于 2025 年 10 月 ...

| 证券代码：603829 | 证券简称：洛凯股份 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：113689 | 债券简称：洛凯转债 | | 表决结果：同意 9 票，反对 0 票，弃权 0 票。 2、审议并通过了《关于使用部分闲置募集资金进行现金管理的议案》。 具体内容详见公司于 2025 年 10 月 31 日刊登在上海证券交易所网站 （www.sse.com.cn）以及公司指定披露媒体上的《关于使用部分闲置募集资金进 行现金管理的公告》（公告编号：2025-060）。 江苏洛凯机电股份有限公司 第四届董事会第六次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 江苏洛凯机电股份有限公司（以下简称"公司"）第四届董事会第六次会议 于 2025 年 10 月 30 日在公司会议室以现场和通讯相结合的方式召开，会议通知 及相关资料于 2025 年 10 月 27 日通过电话、微信、专人送达等方式发出。本次 董事会应参加会议董事 9 人，实际参 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 583,878,007.03, representing a year-on-year increase of 17.44%[4] - The total profit for the third quarter decreased by 90.29% to CNY 3,884,001.94 compared to the same period last year[9] - The net profit attributable to shareholders for the third quarter was CNY 14,275,115.62, down 42.43% year-on-year[10] - The basic earnings per share for the third quarter was CNY 0.09, a decrease of 40.44% compared to the previous year[5] - Operating profit decreased to ¥81,087,159.82 from ¥141,923,714.84, reflecting a decline of about 42.7%[20] - Net profit for the period was ¥67,631,336.08, down from ¥129,587,914.93, indicating a decrease of approximately 47.8%[21] - The company's net profit for the first three quarters of 2025 was ¥89,213,282.72, significantly up from ¥33,618,543.13 in the first three quarters of 2024, representing a growth of 165.5%[31] Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,117,120,426.18, a decrease of 7.08% from the end of the previous year[5] - The company's current assets totaled CNY 2,358,048,368.36, down from CNY 2,577,367,621.35, indicating a decrease of about 8.52%[15] - The company's total assets amounted to CNY 3,117,120,426.18, a decrease from CNY 3,354,789,821.83 as of December 31, 2024, reflecting a decline of approximately 7.06%[15] - Total liabilities decreased to CNY 1,882,234,583.17 from CNY 1,972,915,221.72, a reduction of about 4.56%[17] - The company's total liabilities increased to ¥1,182,838,851.00 as of September 30, 2025, compared to ¥1,118,866,136.85 at the end of 2024, marking a rise of 5.7%[29] Cash Flow - The cash flow from operating activities for the third quarter was CNY 116,610,354.53, which is not applicable for year-on-year comparison[5] - Cash flow from operating activities generated a net amount of ¥41,668,654.22, a significant improvement from a net outflow of -¥33,780,875.65 in the same period last year[24] - The net cash flow from operating activities was $33.52 million, a significant improvement from a net outflow of $52.99 million in the same period of 2024[34] - The net cash flow from financing activities was negative at -$141.10 million in 2025, a decline from a positive cash flow of $73.93 million in 2024, reflecting increased debt repayments[35] Shareholder Information - The company reported a total of 10,357 common shareholders at the end of the reporting period[12] - The top three shareholders held a combined 54.73% of the company's shares, with the largest shareholder holding 22.43%[12] Inventory and Expenses - The company's inventory increased to CNY 412,672,104.58 from CNY 351,128,546.85, reflecting an increase of approximately 17.53%[15] - The company reported a decrease in research and development expenses to ¥63,258,464.18 from ¥77,837,707.99, a reduction of approximately 18.8%[20] - Research and development expenses for the first three quarters of 2025 were ¥26,463,985.40, a decrease of 18.1% from ¥32,295,791.36 in the same period of 2024[31] Cash and Equivalents - The company's cash and cash equivalents were CNY 473,257,146.91, compared to CNY 539,454,515.22 at the end of 2024, representing a decline of approximately 12.29%[15] - The total cash and cash equivalents at the end of the period stood at ¥412,967,168.06, down from ¥175,614,084.88 a year earlier[25] - The company's cash and cash equivalents stood at ¥337,602,693.36 as of September 30, 2025, compared to ¥248,283,816.28 at the end of 2024, showing an increase of 35.9%[27] Investment Performance - Cash inflow from investment income rose to $97.81 million in 2025, compared to $5.24 million in 2024, marking a substantial increase in investment performance[35] - Total cash inflow from investment activities reached $540.69 million in 2025, compared to only $5.24 million in 2024, indicating a substantial increase in investment returns[35] Future Outlook - The company has not indicated any new product launches or technological advancements in the current reporting period, which may be a focus for future updates[18] - The company's net profit for the first three quarters of 2025 is not provided, but it is essential to monitor the year-over-year performance for insights into profitability trends[18]

中泰证券股份有限公司 关于江苏洛凯机电股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中泰证券股份有限公司（以下简称"中泰证券""保荐人"或"保荐机 构"）作为江苏洛凯机电股份有限公司（以下简称"洛凯股份"或"公司"） 向不特定对象发行可转换公司债券的保荐机构，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》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等有关规定，对 公司使用部分暂时闲置募集资金进行现金管理的事项进行了核查，具体情况如 下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意江苏洛凯机电股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕1212号），公 司向不特定对象发行可转换公司债券403.431万张，每张面值为人民币100.00元， 募集资金总额为人民币40,343.10万元，扣除发行费用人民币863.22万元（不含 税）后，募集资金净额为人民币39,479.88万元。上述募集资金到位情况已经信 永中和会计师事务所（特殊普通合伙）验证，并由其出具《验证报告》 （XYZH/2024BJ ...