Core Insights - China Electric Research (688128) reported a total revenue of 2.329 billion yuan for the first half of 2025, representing a year-on-year increase of 12.88% [1] - The net profit attributable to shareholders reached 258 million yuan, up 31.28% year-on-year [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 270.66% of the latest annual net profit [1] Financial Performance - Total revenue for 2025 H1: 2.329 billion yuan, up from 2.063 billion yuan in 2024 H1 [1] - Net profit for 2025 H1: 258 million yuan, compared to 197 million yuan in 2024 H1 [1] - Gross margin: 32.85%, down 1.53% year-on-year; net margin: 11.11%, up 16.41% year-on-year [1] - Total operating expenses: 303 million yuan, accounting for 13.0% of revenue, down 7.8% year-on-year [1] - Earnings per share: 0.64 yuan, up 30.61% year-on-year [1] Cash Flow and Assets - Operating cash flow per share: 0.65 yuan, a significant increase of 244.15% year-on-year [1] - Cash and cash equivalents increased by 94.67% to 830 million yuan [1] - Accounts receivable decreased by 3.16% to 1.264 billion yuan [1] - Interest-bearing debt rose by 166.36% to 95.935 million yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 13.91%, indicating strong capital returns [3] - The net profit margin was 10.4%, suggesting average value addition from products or services [3] - The business model is primarily driven by research and development [3] Market Trends and Future Outlook - The lithium battery equipment sector is expected to grow due to increasing demand from electric vehicles and energy storage [4] - The production of power and other batteries in China reached 697.3 GWh in the first half of 2025, a year-on-year increase of 60.4% [4] - New national standards for electric vehicle batteries are anticipated to accelerate industry transformation and drive demand for new equipment [4]

Core Viewpoint - China Electric Research announced the approval of a cash management plan using idle raised funds, not exceeding RMB 160 million, to invest in high-security, high-liquidity financial products [1] Group 1 - The company held its 15th meeting of the second board and the 9th meeting of the second supervisory board on August 21, 2025 [1] - The cash management plan aims to ensure that the investment plans for raised funds are not affected while utilizing idle funds [1] - The financial department will propose specific cash management schemes, with the financial director authorized to approve them [1]

Core Viewpoint - The company has released its 2025 semi-annual report, confirming that it has no major risk issues and that its financial and operational results are accurately reflected in the report [1][4][33]. Company Overview - The company is known as China Electric Power Research Institute, with stock code 688128 and is listed on the Science and Technology Innovation Board [1][3]. - The company has a structured governance system, with all board members present at the meeting to approve the semi-annual report [1][3]. Financial Data - The company raised a total of RMB 939.5 million through its initial public offering, with a net amount of RMB 873.03 million after deducting underwriting fees [19][36]. - As of June 30, 2025, the company has used RMB 725.48 million of the raised funds, with RMB 477.18 million allocated to project funding and RMB 248.30 million for working capital [21][38]. Fund Management - The company plans to use up to RMB 160 million of temporarily idle raised funds for cash management, ensuring that this does not affect the ongoing investment projects [8][40]. - The cash management will involve investing in high-security, high-liquidity financial products, such as structured deposits and time deposits [42][45]. Meeting and Approval - The second session of the board and the ninth meeting of the supervisory board were held on August 21, 2025, where the semi-annual report and other financial management proposals were unanimously approved [3][4][6]. - The supervisory board confirmed that the semi-annual report was prepared in compliance with relevant laws and accurately reflects the company's financial status [4][6]. Future Plans - The company will hold a performance briefing on September 10, 2025, to discuss the semi-annual results and address investor inquiries [15][16]. - The company is committed to improving the efficiency of fund usage and maximizing returns for shareholders through prudent financial management [51][52].

Core Viewpoint - The stock price of China Electric Research is reported at 28.14 yuan, reflecting a decrease of 0.24 yuan or 0.85% from the previous trading day [1] Group 1: Company Overview - The company operates in four main business areas: quality technical services, electrical equipment, complete equipment, and environmental coatings and resins [1] - As a provider of quality improvement solutions for electrical and related derivative products, the company has technical advantages in areas such as new energy battery post-treatment systems and smart factory solutions for home appliances [1] - The company has accumulated a total of 1,607 intellectual property rights, including 399 invention patents [1] Group 2: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.329 billion yuan, representing a year-on-year increase of 12.88% [1] - The net profit attributable to shareholders reached 258 million yuan, up 31.28% year-on-year [1] - The net profit excluding non-recurring gains and losses was 247 million yuan, reflecting a year-on-year growth of 36.51% [1] - The net cash flow from operating activities turned from -182 million yuan in the same period last year to 262 million yuan [1] Group 3: Business Highlights - The electrical equipment business showed strong performance, with significant growth in the new energy battery post-treatment system business due to the concentration of large order acceptances [1]

Core Views - The report highlights the financial performance of China National Electric Apparatus Research Institute Co., Ltd. (China Electric Research) for the first half of 2025, showing significant growth in revenue and profit across its main business segments [2][3][15]. Company Overview and Financial Indicators - The company reported a total revenue of approximately 2.33 billion yuan, representing a year-on-year increase of 12.88% [3]. - The total profit reached approximately 299.58 million yuan, marking a 29.53% increase compared to the previous year [3]. - The net profit attributable to shareholders was approximately 258.24 million yuan, reflecting a growth of 31.28% [3]. - The basic earnings per share increased to 0.64 yuan, a rise of 30.61% from the previous year [3]. Business Segments Quality Technical Services - The quality technical services segment is a key area for the company, focusing on inspection, testing, certification, and standardization, which are essential for enhancing product quality in various industries [4][5]. - The segment has seen stable growth, driven by increasing demand in smart home and emerging business areas, despite facing short-term pressures from rising costs [15]. Electrical Equipment and Complete Equipment - The electrical equipment segment has experienced significant revenue and profit growth, particularly in the new energy battery post-processing systems, which benefited from large orders and a recovering industry [15]. - The complete equipment segment faced challenges due to long project execution cycles and high base effects from the previous year, but it continues to develop new high-end clients and expand its market share [15][16]. Environmental Coatings and Resins - The environmental coatings and resins segment has maintained steady growth, with a focus on powder coatings and water-based coatings, which are increasingly in demand due to environmental regulations [16][12]. - The company has successfully penetrated new markets, including Egypt and Brazil, enhancing its international sales [16]. Industry Context - The quality technical services industry is experiencing robust growth, with the number of accredited testing institutions in China reaching 53,057 and generating revenue of approximately 487.6 billion yuan, a year-on-year increase of 4.41% [5]. - The electrical equipment industry is closely linked to the growth of green and clean energy sectors, with significant increases in lithium battery production driven by electric vehicle demand [7]. - The environmental coatings market is shifting towards eco-friendly products, with powder coatings and water-based coatings gaining market share as part of the national strategy for ecological civilization [12][16]. Innovation and R&D - The company has increased its R&D investment to approximately 182 million yuan, a growth of 8.70%, focusing on enhancing its technological capabilities and developing new products [17]. - The establishment of various national-level research platforms has strengthened the company's innovation foundation, leading to significant technological advancements and recognition in the industry [18][19].

Core Viewpoint - The report highlights the financial performance of China Electric Power Research Institute Co., Ltd. for the first half of 2025, showing significant growth in revenue and profit metrics compared to the same period in the previous year [1][2]. Financial Performance - Total assets at the end of the reporting period amounted to CNY 7,469.35 million, reflecting a 0.84% increase from the previous year [2]. - Operating revenue reached CNY 2,329.19 million, representing a 12.88% increase compared to CNY 2,063.47 million in the same period last year [2]. - Total profit for the period was CNY 299.58 million, up 29.53% from CNY 231.29 million year-on-year [2]. - Net profit attributable to shareholders was CNY 246.58 million, a 36.51% increase from CNY 180.63 million in the previous year [2]. Earnings Metrics - Basic and diluted earnings per share were both CNY 0.64, marking a 30.61% increase from CNY 0.49 in the same period last year [3]. - The weighted average return on net assets was not specified but is a key performance indicator for the company [3]. Shareholder Information - As of the end of the reporting period, the total number of shareholders was 10,232 [3]. - The largest shareholder, China National Machinery Industry Corporation, holds 47.33% of the shares, followed by Guangzhou Kaitian Investment Management Center with 22.66% [3].

证券代码：688128 证券简称：中国电研 公告编号：2025-029 中国电器科学研究院股份有限公司 第二届监事会第九次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 中国电器科学研究院股份有限公司（以下简称"公司"）第二届监事会第九 次会议于 2025 年 8 月 21 日下午在广州市海珠区新港西路 204 号第 1 栋以现场、 视频结合的方式召开，本次会议通知及相关材料已于 2025 年 8 月 11 日以电子邮 件方式送达公司全体监事。本次会议由监事会主席周寅伦先生主持，会议应到监 事三人，实到监事三人，公司副总经理、董事会秘书王柳女士及审计部工作人员 列席了会议。本次会议的召集、召开符合《中华人民共和国公司法》和《公司章 程》的有关规定。 二、 监事会会议审议情况 公司监事会认为：公司 2025 年半年度募集资金存放、管理与实际使用情况 符合《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司 自律监管指引第 1 号——规范运作》及公司《募集资金管理办法》等法 ...

Core Viewpoint - The report evaluates the operational qualifications, business, and risk status of Guojin Finance Co., Ltd., highlighting its compliance with regulatory requirements and effective internal control systems [1][9]. Group 1: Basic Information of Guojin Finance - Guojin Finance was established in September 2003 and is a non-bank financial institution with a registered capital of 1.75 billion yuan [1]. - The company operates under a business license that includes financial and financing consulting, credit verification, and related services for its member units [2]. Group 2: Internal Control Overview - Guojin Finance has established a comprehensive internal control system, ensuring the separation of incompatible positions and clear responsibilities among its governance bodies [3][4]. - The internal control framework is designed to ensure compliance, asset safety, and the accuracy of financial data, with regular updates and evaluations conducted [4][5]. Group 3: Operational and Risk Management - As of June 30, 2025, Guojin Finance reported total assets of approximately 50.76 billion yuan, with total liabilities of about 24.15 billion yuan and net assets of around 4.37 billion yuan [8]. - The company adheres to a prudent management principle, complying with relevant laws and regulations, and has not identified any significant deficiencies in its risk management systems [9][10]. Group 4: Regulatory Compliance - Guojin Finance meets all regulatory financial indicators, including a capital adequacy ratio of 12.16%, which exceeds the minimum requirement of 10.5% [10][11]. - The company maintains a liquidity ratio of 47.45%, well above the required 25%, and its loan balance is within the stipulated limits [10][11]. Group 5: Financial Transactions with the Company - As of June 30, 2025, the company and its subsidiaries held deposits of 1.45% and loans of 0.06% with Guojin Finance, with all transactions executed under a financial service agreement [11][12]. - The financial transactions between the company and Guojin Finance are deemed safe and liquid, with no delays in payments reported [12].

中国电器科学研究院股份有限公司 关于召开 2025 年半年度业绩说明会的公告 证券代码：688128 证券简称：中国电研 公告编号：2025-030 http://roadshow.sseinfo.com/） 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 09 月 10 日(星期三)下午 15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： ? 会议召开方式：上证路演中心网络文字互动 ? 投资者可于 2025 年 08 月 23 日（星期六）至 09 月 03 日（星期三）16:00 前通过公司"投资者问题征集问卷" （https://www.wenjuan.com/s/v2m6FzX）或 扫描下文二维码、投资者关系邮箱（ir@cei1958.com）向公司提问，也可于 2025 年 09 月 03 日（星期三）至 09 月 09 日（星期二）16:00 前登录上证路演中心网 站首页点击"提问预征集"栏目进行提问。公司将对投资者普遍关注的问题进行 回 ...

Core Viewpoint - The company has approved the use of temporarily idle raised funds for cash management, ensuring that it does not affect the normal investment plans of the raised funds [1][5][8] Summary by Sections 1. Basic Situation of Raised Funds - The company issued 50 million shares at a price of 18.79 RMB per share, raising a total of 939.50 million RMB, with a net amount of 858.00 million RMB after deducting issuance costs [2][4] - The raised funds have been deposited in a special account approved by the board, and a tripartite supervision agreement has been signed with the sponsor and the bank [2][4] 2. Usage of Raised Funds - As of June 30, 2025, the company has used 477.18 million RMB of the raised funds, with 90.00 million RMB spent on cash management products [4][6] - The total interest generated from the raised funds in the bank amounts to 50.96 million RMB [4] 3. Cash Management Plan - The company plans to use up to 160 million RMB of temporarily idle raised funds for cash management within a 12-month period [5][7] - The investment products will include structured deposits, notice deposits, time deposits, large certificates of deposit, and agreed deposits, with a maximum term of twelve months [5][6] 4. Purpose and Benefits - The cash management aims to improve the efficiency of fund usage, reduce financial costs, and increase company revenue without affecting the investment projects [5][8] 5. Opinions from Supervisory Board and Sponsor - The supervisory board agrees with the cash management plan, stating it complies with relevant regulations and does not conflict with the investment projects [7][8] - The sponsor has confirmed that the necessary approval procedures have been followed and that the plan aligns with the interests of the company and its shareholders [8][9]