证券代码：688248 证券简称：南网科技 公告编号：2025-024 南方电网电力科技股份有限公司 关于公司 2025 年中期利润分配方案的公告 例不变，调整拟分配的利润总额，并将另行公告具体调整情况。 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： 每股分配比例：每 10 股派发现金红利 1.30 元（含税）。南方电网电力 科技股份有限公司（以下简称"公司"）不送红股，不进行资本公积金转增股本。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 若公司股本总额在分配预案披露后至分配方案实施期间，因新股股份上 市、股权激励授予行权、股份回购等事项而发生变化的，公司拟维持每股分配比 例不变，调整拟分配的利润总额。 一、利润分配方案的具体内容 2025 年上半年，公司实现归母净利润 17,456.19 万元。截至 2025 年 6 月 30 日，母公司期末可供分配利润为 57,203.49 万元。经董事会决议，拟以实施权益 分派股权登记日登记的总股本为基数分配利润 ...

募集资金管理规定 第一章 总 则 职责库 机构/部门 职责 董事会 负责建立健全公司募集资金管理制度，并确保该制度的有效实施。 募集资金管理制度应当对募集资金专户存储、使用、变更、监督和 责任追究等内容进行明确规定。 财务管理 部门 1.负责募集资金的日常管理，包括专用账户的开立及管理，募集资 金的存放、使用和台账管理； 2.负责对募集资金的使用情况设立台账，具体反映募集资金的支出 情况和募集资金项目的投入情况。 3.财务管理部门应当至少每季度对募集资金的存放与使用情况检 查一次，并及时向财务分管领导报告检查结果。 投资管理 归口部门 负责信息披露以及募集资金投资项目的立项、可行性研究、报批管 理。 保荐机构 在持续督导期间对公司募集资金管理事项履行保荐职责，开展对公 司募集资金管理的持续督导工作。 南方电网电力科技股份有限公司 | | | 第 2 页 共 20 页 术语词典 术语 定义 募集资金 是指公司通过向不特定对象发行证券（包括首次公开发行股 票、配股、增发、发行可转换公司债券、发行分离交易的可 转换公司债券等）以及向特定对象发行证券募集的资金，但 不包括公司实施股权激励计划募集的资金。 第 3 页 ...

Core Viewpoint - The financial performance and trading activity of Southern Power Grid Technology Co., Ltd. indicate a mixed outlook, with notable fluctuations in financing and stockholder dynamics [1][2][3]. Financing Activity - On August 27, Southern Power Grid Technology experienced a financing buy-in of 29.55 million yuan, while the financing repayment amounted to 39.22 million yuan, resulting in a net financing outflow of 9.67 million yuan [1]. - The total financing and securities balance reached 203 million yuan, with the current financing balance of 200 million yuan accounting for 2.36% of the circulating market value, indicating a high level compared to the past year [1]. - The company also saw a securities lending activity where 764 shares were repaid and 2,881 shares were sold, with a selling amount of 107,000 yuan, and a securities lending balance of 3.00 million yuan, also at a high level [1]. Business Overview - Southern Power Grid Technology, established on February 22, 1988, and listed on December 22, 2021, is based in Guangzhou, Guangdong Province, focusing on clean energy technology and new-generation information technology [2]. - The company's revenue composition includes testing and commissioning services (25.89%), smart distribution and power equipment (25.23%), energy storage system technology services (19.69%), smart monitoring equipment (13.15%), robotics and drones (8.26%), and other services (7.70%) [2]. - For the first quarter of 2025, the company reported a revenue of 510 million yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 56.93 million yuan, reflecting a significant growth of 35.66% [2]. Shareholder Dynamics - Since its A-share listing, Southern Power Grid Technology has distributed a total of 370 million yuan in dividends, with 322 million yuan distributed over the past three years [3]. - As of March 31, 2025, the company had 11,800 shareholders, a decrease of 4.36% from the previous period, with an average of 19,395 circulating shares per person, an increase of 4.56% [2][3]. - Notable institutional holdings include the Huaxia CSI Robotics ETF as the sixth largest shareholder with 3.11 million shares, while the Southern CSI 500 ETF reduced its holdings by 272,600 shares [3].

数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，根据天眼查APP-财产线索数据整理，根据广州中诚电力工程有限公司月8日18发布的 《十五运会4个特别重要政府机关保供电场所重要负荷全链路监测可视化项目辅材采购采购结果公告》 内容显示，南方电网电力科技股份有限公司中标，详情如下： 标题：十五运会4个特别重要政府机关保供电场所重要负荷全链路监测可视化项目辅材采购采购结果公 告 通过天眼查大数据分析，南方电网电力科技股份有限公司共对外投资了9家企业，参与招投标项目8214 次；财产线索方面有商标信息130条，专利信息1154条，著作权信息162条；此外企业还拥有行政许可50 个。 采购方：广州中诚电力工程有限公司 供应商：南方电网电力科技股份有限公司 中标金额：51000.0 地区：广东省 发布日期：2025-08-18 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry, expecting a relative return exceeding the benchmark index by over 10% in the next 12-18 months [5][27]. Core Insights - The Ministry of Industry and Information Technology has issued guidelines to promote the development of the brain-computer interface industry, which is expected to enhance high-quality growth and innovation [10]. - The release of GPT-5 on August 8, 2025, has significantly reduced costs and is anticipated to benefit AI applications in the long term, accelerating the implementation of AI technologies [9][11]. - The World Robot Conference, held from August 8-12, 2025, showcases advancements in robotics and AI, featuring over 200 companies and focusing on embodied intelligence applications across various sectors [12]. Summary by Sections Industry Development - The guidelines aim for breakthroughs in key technologies by 2027, establishing a secure industry system by 2030 with 2-3 globally influential enterprises and a competitive ecosystem [10]. GPT-5 Release - GPT-5 has shown improvements in reliability, efficiency, and cost, with a 45% reduction in hallucination rates compared to GPT-4 and an 80% reduction compared to OpenAI o3, enhancing its practical applications in software development and content production [11]. - The context processing capability of GPT-5 supports 400k tokens, doubling the accuracy of long-text generation compared to previous versions [11]. Recommended Stocks - The report recommends focusing on companies such as Kingdee International, Kingsoft Office, Hand Enterprise, and others, which are expected to benefit from the positive outlook in the computer sector [5][9].

Core Viewpoint - The market is experiencing a correction, particularly in the technology sector, with the Huabao AI ETF (589520) facing a decline of 2.57% amid increased trading activity, indicating potential buying interest despite the downturn [1][3]. Market Performance - The Huabao AI ETF recorded a trading volume of 19.69 million yuan, a 29% increase from the previous day, suggesting heightened market activity [1]. - The ETF closed with a premium rate of 0.39%, indicating strong buying pressure [1]. Sector Analysis - The technology sector, particularly the AI industry, is undergoing a correction due to the overall market consolidation, with the Shanghai Composite Index nearing its previous year's high [3]. - Major outflows from the computer and electronics sectors were noted, with net withdrawals of 10.66 billion yuan and 7.03 billion yuan respectively, leading to potential panic among investors [4]. Company Developments - The release of OpenAI's GPT-5 has not met market expectations, which may have contributed to the sector's downturn. However, upcoming launches of domestic models like DeepseekR2 and Huawei's AI Super Intelligent Agent are anticipated to generate renewed interest [5]. Future Outlook - Analysts suggest that the AI sector may see a resurgence, as historical trends indicate that early movers in a market often experience subsequent growth phases after initial corrections [6]. - The focus on domestic AI capabilities and the need for self-sufficiency in technology are driving investment opportunities in the sector, particularly in companies involved in semiconductor and AI applications [7][8].

Investment Rating - The report maintains a "Hold" rating for the industry [4] Core Insights - The upcoming release of GPT5 is expected to challenge the new heights of multimodal AI, with the potential to integrate various functionalities such as reasoning, multimodal capabilities, and programming, aiming for L5 level multimodal AI [1][9] - Global tech giants are aggressively investing in multimodal AI, which is seen as a pioneer in AI monetization, with companies like Tencent, Alibaba, and ByteDance making significant advancements in this area [1][18][21] Summary by Sections 1. GPT5 and Multimodal AI - GPT5 is anticipated to elevate multimodal AI to a new standard, with most current models still at L3 level, indicating a significant gap to L4 and L5 levels [1][12] - The General-Level framework has been established to evaluate multimodal models, categorizing them into five levels based on their capabilities [9][12] 2. Key Companies in Multimodal AI - **Meitu**: Launched RoboNeo, an AI agent that integrates image editing, video generation, and web design, showcasing strong aesthetic capabilities [2][29] - **Kuaishou**: The Keling 2.0 model has achieved an impressive annual recurring revenue (ARR) of $100 million by Q1 2025, indicating strong monetization potential [2][34] - **Wondershare**: The Tianmu 2.0 model, supported by Huawei Cloud, enhances audio and video creation capabilities, aiming to democratize content creation [2][37] - **Hehe Information**: Expanded its capabilities in AI authentication and introduced a cross-platform cloud resource management terminal [2][42] - **Foxit Software**: Developed an intelligent document solution that transforms unstructured documents into structured data, enhancing efficiency in legal applications [2][48] 3. Investment Recommendations - The report suggests focusing on companies related to multimodal AI, such as Meitu, Kuaishou, Wondershare, Hehe Information, and Foxit Software, as they demonstrate strong monetization capabilities [3][59]

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - BYD has achieved a global milestone by realizing L4-level intelligent parking, allowing drivers to be hands-free under specific conditions, with liability on automobile companies [5][12] - xAI has released Grok-4, a next-generation large model that has seen a tenfold increase in reasoning capabilities compared to its predecessor, excelling in various benchmarks and outperforming human graduate-level academic abilities [5][13] - The Ministry of Industry and Information Technology has issued the 2025 Work Points for Integration of Informatization and Industrialization, emphasizing new industrialization and supporting software development, AI empowerment, and digital transformation [5][14] Summary of Related Companies - Recommended targets include: Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Kingdee International Software Group, Hehe Information; related target: Wuxi Unicomp Technology Co., Ltd. [5][11] - BYD's advantages in assisted driving and manufacturing ensure safety for users in the Chinese market, boosting trust in intelligent parking [5][12] - Grok-4 has demonstrated strong capabilities in real-world applications, including significant improvements in voice response speed and performance in complex tasks across various industries [5][13]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 41.50 CNY, compared to the current stock price of 33.86 CNY as of July 18, 2025 [6]. Core Insights - The company is expected to benefit significantly from the digital transformation and high growth trends in the energy sector, particularly in the development of new power systems. Projected revenues for 2025, 2026, and 2027 are 40.45 billion CNY, 53.92 billion CNY, and 72.09 billion CNY respectively, with net profits of 4.69 billion CNY, 5.94 billion CNY, and 7.99 billion CNY [12][14]. Summary by Sections Recent Developments - The company successfully completed a black start test for a 100MWh grid-type energy storage system in Yunnan, marking a significant milestone as the first of its kind in the southern power grid region [2][3]. - The company has developed a comprehensive intellectual property system based on its self-developed "machine replaces human" technology, which has generated direct economic benefits of 639 million CNY over the past three years [2]. Business Expansion - The company is advancing its power special robots and drones business, which are crucial for intelligent inspection and operations in the power grid. The introduction of various inspection robots and drones aims to enhance operational efficiency and expand applications in multiple sectors [4]. Financial Performance - The company reported a total market value of approximately 19.12 billion CNY and a circulating market value of about 7.73 billion CNY [6]. - The projected net profit margin for the upcoming years is expected to remain stable, with a net profit margin of 11.1% in 2023, slightly increasing to 11.6% in 2025 [14].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 42.88 [1][5][9] Core Insights - The company has successfully won a project for the Guangdong Power Grid's distributed energy storage system, marking a breakthrough in its energy storage business, which is expected to accelerate order releases and promote long-term growth [1][5][10] - Revenue for 2024 is projected to reach RMB 3.01 billion, representing an 18.8% year-on-year increase, while net profit attributable to shareholders is expected to be RMB 365 million, up 29.7% year-on-year [5][9] - The company is entering a phase of significant order growth following the signing of contracts for energy storage projects, validating its technology and integration capabilities [5][10] Financial Summary - Total revenue is forecasted to grow from RMB 2.54 billion in 2023 to RMB 6.73 billion by 2027, with a compound annual growth rate (CAGR) of 28.4% [3][6] - Net profit attributable to shareholders is expected to increase from RMB 281 million in 2023 to RMB 818 million in 2027, reflecting a CAGR of 26.8% [3][6] - The company's gross profit margin is projected to improve from 28.4% in 2023 to 31.0% in 2027 [3][7] Revenue Breakdown - The company’s revenue is expected to be driven by various segments, including: - Testing and commissioning services, with revenue projected to grow from RMB 780.10 million in 2024 to RMB 1.65 billion in 2027 [7] - Smart distribution and power supply equipment, with revenue expected to rise from RMB 760.33 million in 2024 to RMB 2.08 billion in 2027 [7] - Energy storage system technology services, with a slight recovery expected, growing from RMB 593.40 million in 2024 to RMB 789.81 million in 2027 [7] Market Context - The digital transformation of the power sector is accelerating, supported by government policies aimed at enhancing energy infrastructure and promoting digitalization [5][10] - The company is positioned to benefit from the growing demand for energy storage solutions as it enters the bulk procurement system for distribution network electrochemical storage equipment [5][10]