Core Viewpoint - Nanfang Technology (SH 688248) reported a slight decrease in revenue for the first three quarters of 2025, while net profit showed a modest increase, indicating mixed performance in the current financial year [1]. Financial Performance - Revenue for the first three quarters of 2025 was approximately 2.099 billion yuan, representing a year-on-year decrease of 0.51% [1]. - Net profit attributable to shareholders was around 287 million yuan, reflecting a year-on-year increase of 2.52% [1]. - As of the report, Nanfang Technology's market capitalization stood at 30.1 billion yuan [1].

Financial Performance - The company's operating revenue for the third quarter reached ¥693,671,800.05, representing a year-on-year increase of 25.19%[3] - Total profit for the quarter was ¥126,958,594.95, reflecting a growth of 17.38% compared to the same period last year[3] - Net profit attributable to shareholders was ¥112,154,200.39, which is an increase of 17.82% year-on-year[3] - The basic earnings per share for the quarter was ¥0.20, up by 17.65% compared to the same period last year[5] - Total revenue for the first three quarters of 2025 was CNY 2,098,815,635.67, a slight decrease of 0.3% compared to CNY 2,109,545,613.11 in the same period of 2024[17] - Operating profit for the first three quarters of 2025 increased to CNY 323,700,148.57, compared to CNY 316,233,702.99 in 2024, indicating a growth of 2.5%[18] - Net profit for the first three quarters of 2025 was CNY 291,699,704.20, up from CNY 283,749,280.23 in 2024, representing a year-on-year increase of 2.5%[19] - Earnings per share for the first three quarters of 2025 were CNY 0.51, compared to CNY 0.50 in the same period of 2024, showing a slight improvement[19] - Total comprehensive income for the first three quarters of 2025 was CNY 217,048,511.17, compared to CNY 227,938,340.10 in the same period of 2024[26] Research and Development - Research and development expenses totaled ¥53,589,459.00, marking a 21.87% increase year-on-year[5] - Research and development expenses for the first three quarters of 2025 were CNY 150,861,196.54, up from CNY 139,849,711.09 in 2024, highlighting a focus on innovation[18] - Research and development expenses increased to CNY 130,924,696.71, up 4.96% from CNY 124,701,773.02 in the previous year[25] - The proportion of R&D expenses to operating revenue was 7.73%, a decrease of 0.21 percentage points compared to the previous year[5] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,798,726,240.23, a 1.88% increase from the end of the previous year[5] - The total assets of the company amounted to CNY 4,798,726,240.23, an increase from CNY 4,710,085,613.32 in the previous year[16] - Total liabilities decreased to CNY 1,557,756,087.14 from CNY 1,684,648,829.44, indicating a reduction in financial leverage[16] - Total liabilities decreased to CNY 1,437,018,310.92 from CNY 1,682,107,442.40 in the previous year[24] - Shareholders' equity attributable to the company reached ¥3,198,896,559.55, which is a 7.05% increase compared to the previous year[5] - The company's equity attributable to shareholders increased to CNY 3,198,896,559.55 from CNY 2,988,346,803.66, reflecting a growth of 7.0%[16] - Shareholders' equity increased to CNY 3,033,747,376.71, up from CNY 2,892,933,365.54 at the end of 2024[24] Cash Flow - The cash flow from operating activities for the year-to-date was negative at -¥195,224,300.61[3] - Operating cash inflow for the first three quarters of 2025 reached CNY 2,218,648,972.51, a 26.7% increase from CNY 1,751,309,804.01 in the same period of 2024[20] - Net cash flow from operating activities was negative CNY 195,224,300.61, compared to negative CNY 165,225,597.23 in the previous year[20] - Cash flow from operating activities showed a net outflow of CNY 317,554,322.36, compared to a net outflow of CNY 41,535,821.72 in the same period last year[28] - Cash flow from investment activities resulted in a net outflow of CNY 264,098,933.61, an improvement from a net outflow of CNY 961,385,051.58 in the previous year[29] Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,626[11] - Guangdong Power Grid Co., Ltd. holds 43.06% of shares, totaling 243,178,530 shares[11] - Southern Power Grid Industry Development Group Co., Ltd. holds 16.49% of shares, totaling 93,121,470 shares[11] - The company has no significant changes in the top 10 shareholders or their participation in margin trading[12] Operational Highlights - There are no other significant reminders regarding the company's operational performance during the reporting period[13] - The company reported a decrease in accounts payable from CNY 786,693,237.55 to CNY 508,076,109.83, indicating improved cash flow management[16] - The company reported a decrease in financial expenses, with interest income of CNY 8,461,163.79, down from CNY 14,898,696.52 in the previous year[25] - The company received CNY 700,000,000.00 from investment recoveries, significantly up from CNY 300,000,000.00 in the previous year[29]

Company Overview - Nanwang Technology Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on February 22, 1988. The company was listed on December 22, 2021. Its main business involves applying clean energy technology and next-generation information technology, providing comprehensive solutions through "technical services + smart devices" [1][2]. Financial Performance - For the first half of 2025, Nanwang Technology achieved operating revenue of 1.405 billion yuan, a year-on-year decrease of 9.66%. The net profit attributable to the parent company was 175 million yuan, down 5.38% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 370 million yuan in dividends, with 322 million yuan distributed over the past three years [3]. Stock Performance - As of October 24, the stock price of Nanwang Technology was 53.88 yuan per share, with a market capitalization of 30.426 billion yuan. The stock has increased by 68.61% year-to-date, but has seen a slight decline of 1.01% over the past five trading days [1]. - The stock's trading volume on October 24 was 136 million yuan, with a turnover rate of 1.10%. The net outflow of main funds was 14.7551 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Nanwang Technology was 11,200, a decrease of 5.29% from the previous period. The average circulating shares per person increased by 5.59% to 20,478 shares [2]. - Among the top ten circulating shareholders, notable increases were seen in holdings by the Huaxia CSI Robot ETF and the Southern CSI 500 ETF, while Hong Kong Central Clearing Limited exited the top ten list [3]. Business Segments - The main revenue sources for Nanwang Technology include: testing and commissioning services (31.99%), energy storage system technology services (23.42%), smart distribution and utilization equipment (21.51%), smart monitoring equipment (11.11%), robotics and drones (7.23%), and other services (4.69%) [1]. Industry Classification - Nanwang Technology is classified under the electric power equipment industry, specifically in the sub-sector of grid automation equipment. It is associated with concepts such as energy storage, new energy, fuel cells, hydrogen energy, and smart grids [2].

Summary of Nanwang Technology Conference Call Company Overview - **Company**: Nanwang Technology - **Date**: October 23, 2025 Key Points Industry Performance - **Overall Revenue**: In the first half of 2025, Nanwang Technology reported revenue of 1.17 billion yuan, a slight decline year-on-year, but excluding the energy storage segment, other business segments achieved nearly 10% growth [3] - **High Margin Business Growth**: High interest rate and high margin businesses showed significant growth, with all three subsidiaries achieving double-digit revenue growth [3] Energy Storage System Technical Services - **Revenue Decline**: Revenue for energy storage system technical services fell 42% to 330 million yuan, impacted by project fulfillment cycles and margin concessions [4] - **Future Potential**: The company holds over 1 billion yuan in orders, indicating potential recovery in the second half of the year [5] Power Side Testing and Debugging Services - **Revenue Growth**: Revenue for power side testing services increased by 24.53% to 313 million yuan, with a gross margin of 50.8% [6] - **Market Expansion**: Successful market expansion in smart power plants and winning contracts for technical supervision projects in Vietnam [6] Smart Distribution and Monitoring Equipment - **Revenue Performance**: Revenue from smart distribution equipment decreased by 14.87% to 302 million yuan, but gross margin increased by 2.47 percentage points to 37.95% [7] - **Rapid Growth in Monitoring Devices**: Revenue from smart monitoring devices surged by 92.18% to 160 million yuan, with a gross margin of 35.05% [7] Robotics and Drone Business - **Stable Revenue**: Revenue from robotics and drone business grew by 0.36% to 101 million yuan, with drones accounting for nearly 80% of this revenue [8] - **Project Wins**: The company won a 39 million yuan drone framework project with Inner Mongolia Electric Group [8] Strategic Group Integration - **Formation of New Technology Industry Group**: The South Power Grid plans to establish a new technology industry group, transferring control of Nanwang Technology to this group to enhance research and development capabilities [9][10] - **Core Business Focus**: The new group will focus on technology research, industrial development, and technical services, aiming for high-quality development in the energy sector [11] Future Development Plans - **Investment in R&D**: The group aims to invest heavily in new technologies related to energy and power production, with a focus on smart and green technologies over the next 3-5 years [11] - **Market Expansion**: The integration is expected to enhance market expansion capabilities and resource allocation efficiency [12] International Business Development - **Overseas Investments**: The company has made significant strides in overseas markets, including acquisitions in Peru and investments in Southeast Asia [16][17] - **Technology Export**: Future plans include leveraging these investments to export advanced technologies to international markets [17] Role of Power Electronics Technology - **Focus on Power Electronics**: Power electronics technology is a key area of focus, with applications expected to expand significantly in AI data centers [18] Domestic Storage and Testing Business - **Positive Outlook**: The company is optimistic about the domestic energy storage and testing business, with a backlog of nearly 1.2 billion yuan in orders expected to be fulfilled in the second half of the year [19]

Group 1 - The stock of Southern Power Grid Technology fell by 5.08%, trading at 54.41 yuan per share, with a total transaction volume of 158 million yuan and a turnover rate of 1.25%, resulting in a total market capitalization of 30.725 billion yuan [1] - Southern Power Grid Technology Co., Ltd. is based in Guangzhou, Guangdong Province, and was established on February 22, 1988, with its listing date on December 22, 2021. The company focuses on clean energy technology and next-generation information technology, providing comprehensive solutions through "technical services + smart devices" [1] - The main business revenue composition includes: testing and commissioning services (31.99%), energy storage system technology services (23.42%), smart distribution and utilization equipment (21.51%), smart monitoring equipment (11.11%), robotics and drones (7.23%), and others (4.69%) [1] Group 2 - From the perspective of major fund holdings, one fund under China Merchants Fund has a significant position in Southern Power Grid Technology. The China Merchants CSI Battery Theme ETF Linked A (016019) held 200 shares in the second quarter, ranking as the fourth-largest holding [2] - The China Merchants CSI Battery Theme ETF Linked A (016019) was established on July 12, 2022, with a latest scale of 40.64 million yuan. Year-to-date returns are 52.86%, ranking 353 out of 4218 in its category; the one-year return is 48.38%, ranking 426 out of 3875; and since inception, it has a loss of 17.44% [2] - The fund manager of the China Merchants CSI Battery Theme ETF Linked A is Xu Rongman, who has been in the position for 4 years and 214 days, managing total assets of 27.361 billion yuan, with the best fund return during the tenure being 54.81% and the worst being -60.92% [2]

Group 1 - The Robot ETF (562500) experienced a slight increase of 0.20%, closing at 1.010 yuan, outperforming the CSI Robot Index (+0.17%) and significantly beating the Shanghai Composite Index (-0.19%) [1] - The trading pattern showed a rise followed by a pullback, stabilizing around the moving averages, with a trading volume of approximately 9.6 billion yuan, maintaining high turnover [1] - Among the constituent stocks, 34 rose while 39 fell, indicating a mixed performance within the sector, with notable gainers including CITIC Heavy Industries (+10%) and Haide Control (+7.4%) [1] Group 2 - CITIC Construction Investment noted that the humanoid robot index's relative performance is primarily influenced by Tesla's advancements in robotics, such as performance iterations and hardware finalization [2] - The sector has shifted from thematic investments focusing on new hardware directions to expectations of mass production, with the Gen3 hardware nearing finalization and large-scale production [2] - The upcoming Gen3 release is anticipated to provide clearer guidance on hardware finalization and production, presenting a historic opportunity for the sector [2]

Core Viewpoint - The company is planning to establish a wholly-owned subsidiary, Southern Power Grid Technology Industry Group Co., Ltd., which will receive equity transfers from its indirect controlling shareholder, Southern Power Grid Company [1] Group 1: Company Structure Changes - Southern Power Grid Company is in the process of forming a new subsidiary, Southern Power Grid Technology Industry Group Co., Ltd. (tentative name) [1] - After the establishment of the new subsidiary, Southern Power Grid will transfer 23.06% of shares held by Guangdong Power Grid Co., Ltd. and 16.49% of shares held by Southern Power Grid Industry Development Group Co., Ltd. to the new entity without compensation [1] - Following the completion of the share transfer, the combined shareholding of the controlling shareholder and its concerted parties will remain unchanged at 59.55% of the total share capital [1] Group 2: Control and Governance - The direct controlling shareholder will change from Guangdong Power Grid to Southern Power Grid Technology Industry Group, while the actual controller remains the State-owned Assets Supervision and Administration Commission of the State Council [1]

Core Viewpoint - The company, Nanwang Technology (688248.SH), is undergoing a significant restructuring involving the transfer of shares from its major shareholders to a newly planned wholly-owned subsidiary, Nanwang Technology Industry Group, which will become the controlling shareholder of the company [1] Group 1 - The company received a notification from its shareholders, Guangdong Electric Power and Nanwang Industry Development Group, regarding the establishment of the Nanwang Technology Industry Group [1] - The restructuring aims to implement the central government's directives on accelerating the development of new productive forces and deepening state-owned enterprise reforms [1] - Following the transfer, Nanwang Technology Industry Group will hold 39.55% of the company's shares, making it the direct controlling shareholder [1] Group 2 - After the transfer, Guangdong Electric Power will hold 20.00% of the company's shares, becoming the second-largest shareholder [1] - Nanwang Industry Development Group will no longer hold any shares in the company after the transfer [1] - The actual controller of the company will remain the State-owned Assets Supervision and Administration Commission of the State Council, ensuring that the control of the company does not change [1]

Core Viewpoint - The company is planning to establish a wholly-owned subsidiary named Southern Power Grid Technology Industry Group Co., Ltd., which will involve the transfer of shares from its current shareholders without any compensation [1] Group 1 - The indirect controlling shareholder, China Southern Power Grid Co., Ltd., is initiating the formation of the new subsidiary [1] - After the establishment of the new subsidiary, 23.06% of the company's shares held by Guangdong Power Grid Co., Ltd. and 16.49% held by Southern Power Grid Industry Development Group Co., Ltd. will be transferred to the new entity [1] - The overall shareholding ratio of the controlling shareholder and its concerted parties will remain unchanged at 59.55% of the total share capital [1] Group 2 - The direct controlling shareholder will shift from Guangdong Power Grid to Southern Power Grid Technology Industry Group [1] - The actual controller of the company will continue to be the State-owned Assets Supervision and Administration Commission of the State Council [1]

证券代码：688248 证券简称：南网科技 公告编号：2025-028 南方电网电力科技股份有限公司 1 一、上述无偿划转的基本情况 公司于 2025 年 10 月 21 日收到股东广东电网和南网产业发展集团通知，为全 面贯彻党中央、国务院关于加快发展新质生产力、深化国资国企改革的重大决策部 署，南方电网公司正在筹划组建全资子公司南网科技产业集团，拟在南网科技产业 集团注册成立后，逐步将广东电网所持公司 23.06%股权、南网产业发展集团所持公 司 16.49%股权无偿划转至南网科技产业集团，按照有关法律规定适时办理。上述无 偿划转完成后，南网科技产业集团将持有公司 39.55%股权，成为公司的直接控股股 东；广东电网持有公司 20.00%股权，成为公司第二大股东；南网产业发展集团不持 有公司股权。上述无偿划转完成后，公司实际控制人仍为国务院国资委，公司控制 权不会发生变化。 二、上述无偿划转对公司股权结构的影响 关于国有股份无偿划转暨控股股东拟发生变更的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容 ...