中国国际金融股份有限公司 关于西安高压电器研究院股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、法规 的规定，中国国际金融股份有限公司（以下简称"保荐机构"）作为西安高压电器研 究院股份有限公司（以下简称"西高院"或"公司"）首次公开发行股票并在科创板 上市及持续督导的保荐机构，负责西高院持续督导工作，出具本持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的 持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执 行了持续督导制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前，与 上市公司或相关当事人签署持续督导协议，明确双方在 | 保荐机构已与西高院签订保荐 | | | | 协议，该协议明确了双方在持 | | | 持续督导期间的权利义务，并报上海证券交易所备案 ...

Core Viewpoint - The company is actively developing its solid-state battery testing capabilities and will provide updates through regular reports and announcements [1] Group 1 - The company has communicated its ongoing efforts in building solid-state battery testing capabilities [1]

Core Viewpoint - The company has developed a practical new type of patent for "high-pressure hollow core fiber composite insulator," which has broad applications in high voltage signal monitoring, transmission, and control, as well as online monitoring of electrical equipment in power plants, and can be integrated as a measurement and control component in main equipment [1] Group 1 - The company possesses a practical new type patent for a high-pressure hollow core fiber composite insulator [1] - The product can be widely used for monitoring and controlling high voltage signals [1] - It is applicable for online monitoring of electrical equipment in power plants [1] Group 2 - The insulator can be integrated as a measurement and control component in main equipment [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 420 million yuan for the first half of 2025, representing a year-on-year increase of 11.6%. The net profit attributable to shareholders was 130 million yuan, up 14.1% year-on-year, while the net profit excluding non-recurring items reached 120 million yuan, marking a 37.6% increase [3][4]. - In the second quarter of 2025, the company achieved a revenue of 210 million yuan, reflecting an 11.1% year-on-year growth. The net profit attributable to shareholders was 70 million yuan, up 15.9% year-on-year, and the net profit excluding non-recurring items was 65 million yuan, a 40.4% increase [3][4]. - The company is benefiting from stable growth in the high-voltage testing demand, with ongoing expansion in the new energy sector and international markets [8]. Summary by Sections Revenue Performance - The company maintains steady revenue growth, primarily driven by continuous technological innovation and upgrades in downstream products. Significant orders have been secured in the core transmission and distribution sector, including various high-voltage equipment for projects in Brazil, Saudi Arabia, and Turkey [8]. Profitability - The gross margin for the first half of 2025 reached 55.96%, an increase of 2.35 percentage points year-on-year. The gross margin for Q2 2025 was 53.73%, up 1.05 percentage points year-on-year, but down 4.52% quarter-on-quarter. The improvement in gross margin is attributed to the cost dilution effect from increased revenue scale [8]. Expense Management - The total expense ratio for the first half of 2025 was 20.44%, a decrease of 0.51 percentage points year-on-year. The sales expense ratio was 1.86%, down 0.30 percentage points year-on-year, while the management expense ratio was 10.57%, up 0.08 percentage points year-on-year [8]. Cash Flow and Contracts - As of the end of Q2 2025, the company's contract liabilities amounted to 329 million yuan, a year-on-year increase of 57.3%. The operating net cash flow for the first half of 2025 was 290 million yuan, up 13.5% year-on-year, indicating strong cash flow quality [8]. Future Outlook - The company is expected to continue benefiting from the upgrade and iteration of power equipment products, with a projected net profit attributable to shareholders of 280 million yuan for 2025, corresponding to a PE ratio of approximately 21 times [8].

Core Viewpoint - The financing activities of Xigao Hospital indicate a modest level of investor interest, with net selling observed in recent trading days [1] Financing Activities - On August 26, Xigao Hospital recorded a financing buy amount of 0.11 million yuan, ranking 1498th in the two markets [1] - The financing repayment amount on the same day was 0.13 million yuan, resulting in a net sell of 245,020 yuan [1] - Over the last three trading days (August 22-26), the financing buy amounts were 0.24 million yuan, 0.23 million yuan, and 0.11 million yuan respectively [1] Securities Lending - On August 26, there were no shares sold short, resulting in a net sell of 0.00 shares [1]

Group 1: Company Performance - KAILI Medical's overseas sales revenue for the first half of 2025 is expected to remain flat compared to the same period last year, primarily due to a high base effect from the previous year [1] - SANWEI Chemical achieved total operating revenue of 1.25 billion yuan in the first half of 2025, a year-on-year increase of 21.81%, with net profit rising by 42.54% to 120.36 million yuan [1] - XIGAO Institute's proposed dividend for the first half of 2025 is 73.13 million yuan, with a payout ratio of 55.11% [2] - HONGSHENG Huayuan reported a revenue of 4.905 billion yuan for the first half of 2025, a decrease of 4.53%, while net profit increased by 96.30% [3] - MAIPU Medical's overseas sales revenue reached 38.10 million yuan, with significant growth in various product lines, particularly over 100% growth in hemostatic products [4] - DUOLI Technology's revenue grew by 13.15% year-on-year, but net profit declined by 28.13% due to increased competition and costs [5] - TIANRUN Industrial's large horsepower business revenue increased by 40%-50%, with a projected capacity increase of nearly 50% next year [6] - ZHONGKUANG Resources reported operating revenue of 3.27 billion yuan for the first half of 2025, a year-on-year increase of 34.89%, but net profit fell by 81.16% [7] - HUAYANG Group is expanding its international brand client base in automotive electronics, with significant growth in orders for magnesium alloy die-casting products [8] Group 2: Strategic Initiatives - KAILI Medical is focusing on localizing overseas personnel and enhancing new product registrations, particularly for high-end products [1] - SANWEI Chemical is optimizing existing businesses and actively exploring downstream fine chemicals and external expansion opportunities [1] - XIGAO Institute is advancing its green transformation in response to the "dual carbon" policy and enhancing its competitive edge in the new energy sector [2] - HONGSHENG Huayuan is implementing automation and intelligent manufacturing to improve production processes [3] - MAIPU Medical is pursuing global expansion and has received MDR certification for its hard dura mater medical glue products [4] - DUOLI Technology is preparing for the acquisition of a 52% stake in a company to enhance its industrial layout and internationalization [5] - TIANRUN Industrial is developing electric steering products and exploring new materials and high-end manufacturing [6] - ZHONGKUANG Resources is deepening its resource advantages in lithium battery new energy and expanding its multi-metal mineral resource pool [7] - HUAYANG Group is exploring opportunities in the robotics sector while leveraging its existing technological capabilities [8]

Group 1: Company Performance - Ice Wheel Environment reported a revenue of 3.12 billion yuan in the first half of 2025, a year-on-year decline of 7%, and a net profit of 266 million yuan, down 20% year-on-year [1] - Shanghai Jahwa achieved significant online growth driven by new products during the 618 promotion, with a focus on brand and R&D investment in the second half of the year [2] - Babi Food's revenue reached 835 million yuan in the first half of 2025, a year-on-year increase of 9.31%, with net profit growing by 18.08% to 132 million yuan [3] - Guangdong Hongda reported a revenue of 5 billion yuan in the first half of 2025, an 83% increase, but net profit only grew by 0.5% to 40 million yuan [4] - Dinglong Co. achieved a revenue of 1.732 billion yuan in the first half of 2025, a 14% increase, with net profit rising by 42.78% to 311 million yuan [5] - Furuida's collaboration with Novo Nordisk on the new MASH indication is expected to enhance business performance, with a focus on early diagnosis and treatment [6] - Zhongmin Resources reported a revenue of 3.27 billion yuan in the first half of 2025, a 34.89% increase, but net profit fell by 81.16% to 89 million yuan [7] - Huayang Group is expanding its international brand client base in automotive electronics, with significant growth in HUD products and magnesium alloy die-casting orders [8] Group 2: Strategic Initiatives - Ice Wheel Environment is focusing on sustainable development and has developed a full range of magnetic suspension compressor products [1] - Shanghai Jahwa is enhancing its brand advertising and product offerings, particularly in the herbal medicine sector [2] - Babi Food is optimizing its single-store model and expanding its group meal business, with a notable increase in new store openings [3] - Guangdong Hongda is increasing overseas resource investments and addressing industry competition through mergers and acquisitions [4] - Dinglong Co. is advancing its semiconductor business, with significant growth in CMP polishing pads and display materials [5] - Furuida is implementing a managed care strategy to reduce liver cancer incidence, leveraging e-commerce for growth [6] - Zhongmin Resources is focusing on lithium battery resources and has initiated projects to enhance its resource pool [7] - Huayang Group is exploring opportunities in the robotics sector while leveraging existing technology for market expansion [8]

Core Viewpoint - The recent financial report of Xigao Hospital (688334) shows a positive growth trend in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 420 million yuan, an increase of 11.57% year-on-year [1]. - Net profit attributable to shareholders was 133 million yuan, reflecting a year-on-year growth of 14.09% [1]. - In Q2 2025, total revenue was 213 million yuan, up 11.07% year-on-year, with net profit of 69.73 million yuan, increasing by 15.95% [1]. - Gross margin improved to 55.96%, up 4.38% year-on-year, while net margin rose to 35.16%, an increase of 1.61% [1]. Key Financial Metrics - Operating expenses, including sales, management, and financial costs, totaled 49.62 million yuan, accounting for 11.82% of revenue, a rise of 3.49% year-on-year [1]. - Earnings per share (EPS) increased to 0.42 yuan, up 13.51% year-on-year, while operating cash flow per share was 0.92 yuan, reflecting a 13.47% increase [1]. - The company's cash and cash equivalents rose to 1.138 billion yuan, a 19.05% increase year-on-year [1]. Changes in Financial Items - Significant changes in financial items include a 36.71% decrease in right-of-use assets due to depreciation, and a 93.04% increase in other receivables due to higher bid guarantees [3][4]. - The company saw a 411.77% increase in employee compensation payable, attributed to bonuses accrued but paid at year-end [3]. - The net cash flow from investing activities decreased by 1039.28%, primarily due to increased cash outflows from term deposits [4]. Debt and Financing - The company’s interest-bearing debt rose by 129.83% to 48.11 million yuan, driven by increased entrusted loans [1][3]. - Cash flow from financing activities increased by 85.75%, with long-term borrowings of 33.59 million yuan and minority shareholder investments of 33 million yuan [5]. Market Outlook - Analysts expect the company's performance in 2025 to reach 276 million yuan, with an average EPS forecast of 0.87 yuan [5]. - The company’s return on invested capital (ROIC) was 8.17%, indicating average capital returns, while the net profit margin was high at 31.93% [5].

Core Viewpoint - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 2.31 yuan per 10 shares, with no capital reserve transfer or bonus shares issued [1][2]. Summary by Sections Profit Distribution Plan - The company reported a net profit attributable to shareholders of 132,706,246.05 yuan for the first half of 2025, with an undistributed profit of 274,609,100.26 yuan as of June 30, 2025 [1]. - The total number of shares as of June 30, 2025, is 316,579,466, leading to a total proposed cash dividend of approximately 55.11% of the net profit [1]. Approval Process - The profit distribution plan was unanimously approved by the board of directors and authorized by the annual general meeting held on May 8, 2025, thus not requiring further shareholder approval [2]. - The supervisory board also agreed that the plan complies with relevant laws and regulations, ensuring it does not harm the interests of the company or its shareholders, particularly minority shareholders [2][3].

Core Insights - The company reported a total revenue of 420 million yuan for the first half of 2025, marking an increase of 43.53 million yuan compared to the same period last year, achieving a 3-year consecutive growth with a year-on-year increase of 11.57% [1] - The net profit attributable to shareholders reached 133 million yuan, an increase of 16.39 million yuan from the same period last year, also achieving a 3-year consecutive growth with a year-on-year increase of 14.09% [1] - The net cash inflow from operating activities was 290 million yuan, up by 34.40 million yuan year-on-year, achieving a 3-year consecutive growth with a year-on-year increase of 13.47% [1] Financial Ratios - The latest debt-to-asset ratio stands at 17.14%, a decrease of 1.03 percentage points from the previous quarter [3] - The gross profit margin is 55.96%, an increase of 2.35 percentage points compared to the same period last year, achieving a 2-year consecutive growth [3] - The return on equity (ROE) is 4.63%, an increase of 0.79 percentage points year-on-year [3] Earnings Per Share and Turnover - The diluted earnings per share is 0.42 yuan, an increase of 0.05 yuan from the same period last year, achieving a 3-year consecutive growth with a year-on-year increase of 14.10% [3] - The total asset turnover ratio is 0.12 times, an increase of 0.01 times year-on-year, achieving a 2-year consecutive growth [3] - The inventory turnover ratio is 3.34 times [3] Shareholder Structure - The number of shareholders is 12,200, with the top ten shareholders holding 229 million shares, accounting for 72.37% of the total share capital [3] - The largest shareholder is China Xidian Electric Co., Ltd., holding 44.44% of the shares [3]