Group 1 - The company, Baiyun Electric (603861), announced an adjustment to its investor contact phone and fax numbers due to information technology upgrades [1] - The new contact phone number is 020-86060598, and the fax number has also been updated to 020-86060598 [1]

关于变更投资者联系电话及传真的公告 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。 证券代码:603861 证券简称:白云电器 公告编号:2025-084 广州白云电器设备股份有限公司 电话：020-86060598 传真：020-86060598 公司网址：www.bydq.com 电子信箱：Baiyun_electric@bydq.com.cn 本次变更事项自本公告披露之日起正式启用，敬请广大投资者注意，由此带 来的不便，敬请谅解。 广州白云电器设备股份有限公司（以下简称"公司"）因信息化升级需要， 对投资者联系电话及传真进行了调整，现将有关事项公告如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 电话 | 020-86060164 | 020-86060598 | | 传真 | 020-86608442 | 020-86060598 | 除上述变更外，公司其他联系方式保持不变。 本次变更后，公司联系方式如下： 联系地址：广州市白云区大岭南路 18 号 邮政编码：51046 ...

Group 1 - The article discusses the impact of recent developments on the production capabilities within the county [1] - It highlights the significance of children's involvement in the production process [1] - The overall production metrics and their implications for the local economy are examined [1]

Market Overview - The electric grid equipment sector experienced a decline of 0.65% on the previous trading day, with Yintu Network leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the electric grid equipment sector included: - Zhongchen Co., Ltd. (300933) with a closing price of 8.60, up 3.12% and a trading volume of 238,100 shares [1] - Meishuo Technology (301295) closed at 32.86, up 2.53% with a trading volume of 45,900 shares [1] - Guancheng New Materials (600067) closed at 3.03, up 2.36% with a trading volume of 300,800 shares [1] - Conversely, significant decliners included: - Gutu Network (835508) with a closing price of 30.75, down 6.56% and a trading volume of 29,400 shares [2] - Jinlongyu (002882) closed at 34.37, down 5.53% with a trading volume of 319,100 shares [2] Capital Flow - The electric grid equipment sector saw a net outflow of 1.31 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.103 billion yuan [2][3] - Key stocks with significant capital flow included: - Siyuan Electric (002028) with a net inflow of 28.02 million yuan from institutional investors [3] - Congsheng Co., Ltd. (301002) with a net inflow of 22.31 million yuan from institutional investors [3] - Zhongchen Co., Ltd. (300933) experienced a net outflow of 6.26 million yuan from retail investors [3]

Core Viewpoint - The company is focused on enhancing its operational efficiency and adapting to market trends while navigating challenges in accounts receivable management and industry competition [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 3.32 billion yuan in its power capacitor business, with a gross margin of 42.75%, reflecting an 11 percentage point increase year-on-year [1]. - The company anticipates a revenue target of 5.5 billion yuan for the full year of 2025, although this is subject to macroeconomic conditions and market dynamics [1]. Group 2: Accounts Receivable Management - The company has implemented stringent measures for managing accounts receivable, including customer rating and project lifecycle management to ensure timely collections [1]. - The increase in accounts receivable is attributed to the long production cycles and dependencies on client project timelines, necessitating a robust management strategy [1]. Group 3: Market Outlook and Strategy - The company recognizes the significant growth opportunities in the power equipment industry driven by global energy transitions and the dual carbon goals [2]. - The industry is shifting towards a new growth model characterized by investments in both domestic and international markets, with a focus on green and intelligent transformations [2]. - The company plans to enhance its R&D capabilities and optimize its marketing strategies to maintain competitiveness and market share [2].

Summary of Key Points Group 1: Company Performance and Expectations - The company held a half-year performance briefing on September 4, 2025, discussing its operational results and financial indicators with investors [2]. - For 2025, the company expects to achieve a revenue of 5.5 billion yuan, although this is subject to uncertainties related to macro policies and market conditions [2]. - In the first half of 2025, the company's revenue from power capacitor business reached 332 million yuan, with a gross margin of 42.75%, an increase of 11 percentage points year-on-year [2]. Group 2: Business Strategy and Development - The company plans to enhance its innovation capabilities and focus on green and smart upgrades in its industry to achieve high-quality development [2]. - The company aims to optimize its marketing strategies and strengthen its research on national energy policies and industry development to ensure sustainable growth in the power capacitor sector [2]. - The company is committed to improving product gross margins by focusing on high-value-added products and implementing cost-reduction measures [3]. Group 3: Industry Outlook and Challenges - The power equipment industry is experiencing significant opportunities driven by global energy transition and carbon neutrality goals, with a shift in growth dynamics towards a new three-pronged approach [5]. - The industry is expected to maintain high investment levels in the global grid, with emerging demands from ultra-high voltage construction and smart computing centers [5]. - Potential risks include fluctuations in raw material prices and international trade tensions, which could impact the industry's growth [5].

Group 1: Report Overview - The report is about a research on Baiyun Electric Appliance in the power grid equipment industry on September 4, 2025 [1][2][17] Group 2: Research Basic Information - The research object is Baiyun Electric Appliance, belonging to the power grid equipment industry, and the reception time is September 4, 2025. The listed company's reception personnel include the company's chairman, general manager, etc [17] Group 3: Detailed Research Institutions - The institutions participating in the research are mainly investors [20] Group 4: Main Content Business Performance and Expectations - In 2025, the company expects to achieve an operating income of 5.5 billion yuan, but it depends on multiple factors and is uncertain [24] Business Growth and Planning - In the first half of 2025, the company's power capacitor business had an operating income of 332 million yuan, with a gross profit margin of 42.75%, a year - on - year increase of 11 percentage points. In the second half, it will focus on key regions and emerging markets [24][25] Profitability Improvement - The company will conduct benchmarking analysis, focus on R & D of high - value - added products, and promote cost - reduction and efficiency - improvement measures [25][26] Accounts Receivable Management - The company's products have a long production and installation cycle, which leads to a large amount of accounts receivable at the end of the period [26] Industry Development Judgment - The power equipment industry is facing major development opportunities driven by global energy transformation and the "dual carbon" goal, with a new growth pattern of "inside the grid + outside the grid + going global" [26] Project Winning Bid - The China Energy Engineering Corporation's framework tender only determines the short - listed manufacturers, and the actual winning bid amount is uncertain [26][27] Stock Repurchase - The company's stock repurchase plan is being promoted in an orderly manner [27]

证券代码:603861 证券简称:白云电器 公告编号:2025-083 一、本次说明会召开情况 广州白云电器设备股份有限公司（以下简称"公司"）于 2025 年 9 月 4 日（星 期四）15:00-16:00 通过全景网"投资者关系互动平台"（https://ir.p5w.net） 以网络文字互动形式召开了公司 2025 年半年度业绩说明会。公司董事长胡德兆 先生、董事兼总经理胡明聪先生、董事兼副总经理王卫彬先生、独立董事吴俊勇 先生、董事会秘书程轶颖女士、副总经理兼财务负责人温中华女士参加了本次会 议，针对公司 2025 年半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。 广州白云电器设备股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 回复：尊敬的投资者，您好！2025 年上半年，公司电力电容器业务营业收 入 3.32 亿元，毛利率 42.75%，毛利率同比提升 11 个百分点，主要系特高压、 超高压等重大工程项目陆续履约交付。下半年， ...

Core Viewpoint - The company has adjusted its 2025 interim profit distribution plan, reducing the cash dividend per share from 0.05000 yuan to 0.04554 yuan due to an increase in total shares outstanding following the conversion of convertible bonds [2][8]. Summary by Sections 1. Adjustment of Profit Distribution - The cash dividend per share has been adjusted from 0.05000 yuan (including tax) to 0.04554 yuan (including tax) [2]. - The adjustment is due to the conversion of the company's convertible bonds, which resulted in an increase of 47,968,009 shares, raising the total share capital from 492,559,946 shares to 540,527,955 shares [2][6]. 2. Previous Profit Distribution Plan - The initial profit distribution plan proposed a cash dividend of 0.50 yuan per 10 shares (including tax), with a total cash dividend of 24,501,675.40 yuan (including tax), representing 30.34% of the net profit attributable to shareholders for the first half of 2025 [3][8]. - The actual number of shares eligible for distribution was calculated to be 490,033,508 shares after excluding repurchased shares [3]. 3. Changes in Total Share Capital - The company triggered the conditional redemption clause of its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 consecutive trading days [5]. - The redemption of the convertible bonds was completed by August 28, 2025, resulting in a total share capital increase [6]. 4. Share Repurchase Situation - The company has approved a share repurchase plan with a budget between 10 million yuan and 20 million yuan, intended for employee stock ownership plans or equity incentives [10]. - As of the announcement date, no shares had been repurchased yet, and the number of shares in the repurchase account remained unchanged at 2,526,438 shares [11][12]. 5. Adjusted Profit Distribution Plan - The adjusted profit distribution plan now states a cash dividend of 0.04554 yuan per share, with a total distribution amount of approximately 24,500,589.08 yuan (including tax) [8]. - This total distribution still represents 30.34% of the net profit attributable to shareholders for the first half of 2025 [8].

Core Viewpoint - The company has adjusted its cash dividend per share for the 2025 interim profit distribution from 0.05000 yuan to 0.04554 yuan due to an increase in total shares outstanding following the conversion of convertible bonds [1][5]. Summary by Sections Adjustment of Dividend Distribution - The cash dividend per share has been revised from 0.05000 yuan (including tax) to 0.04554 yuan (including tax) [1]. - The adjustment is due to the conversion of the company's convertible bonds, resulting in an increase of 47,968,009 shares, raising the total share capital from 492,559,946 shares to 540,527,955 shares [1][3]. Previous Profit Distribution Plan - The initial profit distribution plan proposed a cash dividend of 0.50 yuan for every 10 shares (including tax) [1]. - As of June 30, 2025, the total share capital was 492,559,946 shares, with 2,526,438 shares held in a repurchase account not participating in the distribution [2]. Changes in Total Share Capital - The total share capital increased to 540,527,955 shares due to the conversion of convertible bonds, which was completed by August 28, 2025 [3]. - The company triggered the conditional redemption of the convertible bonds on August 6, 2025, following the stock price meeting the required threshold [2][3]. Share Repurchase Situation - The company has approved a share repurchase plan with a budget between 10 million yuan and 20 million yuan, but as of the announcement date, no shares have been repurchased [4]. - The number of shares in the repurchase account remains at 2,526,438, which will not participate in the profit distribution [4]. Revised Profit Distribution Plan - The adjusted cash dividend per share is calculated based on the unchanged total distribution amount, resulting in a new dividend of 0.04554 yuan per share [5]. - The total profit distribution amount is 24,500,589.08 yuan (including tax), which represents 30.34% of the net profit attributable to shareholders for the first half of 2025 [5].