Core Insights - The technology growth sector is experiencing a downturn, with the domestic AI industry-focused ETF (589520) showing a decline of 1.93% on October 31, 2025, despite a strong buying interest indicated by continuous premium pricing [1][3] - The ETF's top-performing stocks are primarily in software development, with notable gains from companies like Foxit Software (20% increase) and Hehe Information (14.14% increase), while hardware-related stocks like Stone Technology and Cambrian fell significantly [3][4] - A new five-year plan emphasizes the implementation of "AI+" initiatives, aiming for substantial progress in data-driven urban economic development by the end of 2027 [4] Stock Performance - The top ten stocks in the ETF include Foxit Software, Hehe Information, and Xianghuan Technology, all showing significant gains, while several others in the computing hardware sector faced declines [4][5] - As of October 31, 2025, all 30 constituent stocks of the ETF reported their Q3 earnings, with 20 companies profitable and 22 showing year-on-year net profit growth, led by Cambrian's impressive 321% increase [5][6] Market Outlook - Analysts predict a turning point for domestic AI applications, driven by external environmental changes and domestic policy support, suggesting a significant increase in demand for AI applications [6][7] - The ETF has outperformed other indices since its low point on April 8, 2025, with a cumulative increase of 60.36%, surpassing the broader technology indices [7][8] Policy and Industry Trends - The government is focusing on AI as a key technology for achieving self-sufficiency and security in the context of technological friction, with the ETF strategically positioned in the domestic AI supply chain [7] - The report from QuestMobile indicates that the number of active mobile AI application users in China has surpassed 729 million as of September 2025, highlighting the growing adoption of AI technologies [5]

南方电网电力科技股份有限公司 章程 2025 年 10 月 第 1 页 共 64 页 | 目录 | | --- | | 第一章 | 总则 | 4 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 6 | | 第三章 | 股份 | 7 | | 第一节 | 股份发行 | 7 | | 第二节 | 股份增减和回购 | 8 | | 第三节 | 股份转让 | 10 | | 第四章 | 股东和股东会 | 11 | | 第一节 | 股东的一般规定 | 11 | | 第二节 | 控股股东和实际控制人 | 14 | | 第三节 | 股东会的一般规定 | 15 | | 第四节 | 股东会的召集 | 18 | | 第五节 | 股东会的提案与通知 | 20 | | 第六节 | 股东会的召开 | 22 | | 第七节 | 股东会的表决和决议 | 25 | | 第五章 | 董事会 | 30 | | 第一节 | 董事 | 30 | | 第二节 | 独立董事 | 34 | | 第三节 | 董事会 | 38 | | 第四节 | 董事会专门委员会 | 45 | | 第六章 | 高级管理人员 | 47 | | 第七章 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-030 南方电网电力科技股份有限公司 关于修订《公司章程》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、准确性和完整性依法承担法律责任。 南方电网电力科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第二届董事会第十七次会议，审议通过了《关于修订〈公司章程〉的议案》， 该议案尚需提交公司 2025 年第一次临时股东会审议并需股东会特别决议通过， 现将有关情况公告如下： 根据业务发展需要，公司拟修订《南方电网电力科技股份有限公司章程》（以 下简称《公司章程》），增加部分经营范围。 | 序 | 修订前 | 修订后 | | --- | --- | --- | | 号 | 第十五条 公司的经营范围为：工程 | 第十五条 公司的经营范围为：工程 | | | 和技术研究和试验发展;技术服务、 | 和技术研究和试验发展；技术服务、 | | | 技术开发、技术咨询、技术交流、 | 技术开发、技术咨询、技术交流、 | | | 技术转让、技术推广;储能技术服务; | 技术转让、 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-029 原聘任的会计师事务所名称：大信会计师事务所（特殊普通合伙）（以 下简称"大信"） 南方电网电力科技股份有限公司 关于拟变更会计师事务所的公告 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。 （一）机构信息 重要内容提示： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以 下简称"立信"） 1.基本信息 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于大信与南 方电网电力科技股份有限公司（以下简称"公司"）的审计服务合同已到期，根 据中国南方电网有限责任公司对审计工作统一管理的要求及有关建议，综合考虑 公司业务发展情况和整体审计的需要，公司拟聘任立信担任公司 2025 年度审计 机构，聘期一年。公司已就本事项与前后任会计师事务所进行充分沟通，前后任 会计师事务所均已明确表示对本次变更事项无异议。 本次拟变更会计师事务所事项已经公司审计与风险委员会、董事会审议 通过，尚需提交股东会审议。 一、拟聘任会计师事务所的基本情况 截至 2024 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-031 南方电网电力科技股份有限公司 关于召开2025年第一次临时股东会的通知 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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第一次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 ...

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]