证券代码：688128 证券简称：中国电研 公告编号：2025-031 中国电器科学研究院股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 41 | | --- | --- | | 普通股股东人数 | 41 | | 2、出席会议的股东所持有的表决权数量 | 327,777,703 | | 普通股股东所持有表决权数量 | 327,777,703 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 81.0328 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 81.0328 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会召集，董事长秦汉军先生主持。会议采用现场投票和 网络投票相结合的方式进行表决。本次会议的召集、召开及表决方式和表决程序 符合《公司法》及公司章程的规定。 1 （ ...

Core Viewpoint - As of August 25, 2025, China Electric Research (688128) reported a closing price of 27.51 yuan, reflecting a decrease of 0.83% with a trading volume of 66,000 hands and a transaction amount of 1.82 billion yuan [1] Financial Performance - For the first half of 2025, the company achieved a total operating revenue of 2.329 billion yuan, representing a year-on-year growth of 12.88% - The net profit attributable to shareholders was 258 million yuan, up 31.28% year-on-year - The non-recurring net profit was 247 million yuan, showing a year-on-year increase of 36.51% - The current ratio stood at 1.358, the quick ratio at 0.792, and the debt-to-asset ratio at 55.73% [1] Investment and Intellectual Property - China Electric Research has made investments in 27 companies and participated in 1,930 bidding projects - The company holds 20 trademark registrations and 771 patents, along with 30 administrative licenses [2]

Core Viewpoint - The demand for polyester resins in China's powder coating industry is continuously rising due to the expanding applications in various sectors such as construction, automotive, home appliances, and electronics, leading to a significant market growth [1][7]. Industry Definition and History - Powder coatings are a new type of solid powder coatings composed of solid resins, pigments, fillers, and additives, which do not contain solvents [2]. - The polyester resin industry in China began developing in the late 1970s, with significant growth occurring from the late 1990s to the early 2000s, and has now entered a mature phase [3]. Current Industry Status Global Market - The global market for powder coating polyester resins is projected to reach USD 4.605 billion by 2024, with Asia accounting for USD 2.689 billion, representing 58.39% of the market share [5]. Chinese Market - In China, the demand for powder coating polyester resins is expected to grow to 1.239 million tons and a market size of CNY 13.649 billion in 2024, with further growth anticipated in 2025 [7][9]. SWOT Analysis - The powder coating polyester resin industry aligns well with global environmental policies due to its high solid content and zero VOC emissions, creating significant market opportunities [11]. Development Environment and Policies - The Chinese government has implemented various policies to promote the sustainable development of the powder coating polyester resin industry, focusing on environmental protection and increasing technical standards [13][14]. Competitive Landscape Major Companies - The industry has seen increased concentration, with major production companies located in Anhui, Zhejiang, Shanghai, and Guangdong, accounting for over 70% of the total production [15]. Representative Enterprises - Companies like Shenjian New Materials and Zhejiang Guanghua Technology are leading players in the market, with significant production capacities and market shares [17][19]. Industry Development Trends - The demand for powder coatings is expected to grow due to increasing environmental awareness and the push for carbon neutrality, particularly in sectors like new energy vehicles [22][23]. - The industry is likely to experience a shift towards high-performance products, with a focus on durability and corrosion resistance, driven by the evolving needs of the market [22].

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 ...