Group 1 - The core business of the company is providing inspection and testing services in the electrical field, with inspection services accounting for 94.70% of total revenue [2] - As of June 30, 2025, the company achieved operating revenue of 420 million yuan, representing a year-on-year growth of 33.71%, and a net profit attributable to shareholders of 133 million yuan, also showing a growth of 33.47% [2] - The company has a strong technical and experience advantage in the field of electrical equipment testing services, which is its core business [2] Group 2 - The company has distributed a total of 280 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the number of shareholders reached 12,200, an increase of 1.18% from the previous period [2] - China International Capital Corporation Limited is the sixth largest circulating shareholder, holding 1.2843 million shares as a new shareholder [3] Group 3 - On September 23, the company's stock price fell by 0.91%, with a trading volume of 56.1094 million yuan [1] - The financing buy-in amount on that day was 8.5146 million yuan, while the financing repayment was 9.9527 million yuan, resulting in a net financing buy-in of -1.4380 million yuan [1] - The total margin trading balance as of September 23 was 130 million yuan, accounting for 4.44% of the circulating market value, indicating a relatively high level compared to the past year [1]

证券代码：688334 证券简称：西高院 公告编号：2025-043 西安高压电器研究院股份有限公司2025年半年度权益分派实 施公告 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： ? 是否涉及差异化分红送转：否 ? 每股分配比例 每股现金红利0.231元 本次利润分配以方案实施前的公司总股本316,579,466股为基数，每股派发现 金红利0.231元（含税），共计派发现金红利73,129,856.65元。 三、 相关日期 股权登记日 除权（息）日 现金红利发放日 四、 分配实施办法 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股 权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定 交易的股东派发。已办理指定交易的投资者可于红利发放日在其指定的证券营业 部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分公司保管，待 办理指定交易后再进行派发。 公司全部有限售条件流通股股东中国西电电气股份有限公司、中国电气装备 集团投资有限公司、平高集团有限公司、西安智测壹号 ...

证券代码：688334 证券简称：西高院 公告编号：2025-043 西安高压电器研究院股份有限公司2025年半年度权益分派实 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/9/11 | 2025/9/12 | 2025/9/12 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日的2024年年度股东大会授权，经 2025 年 8 月 19 日第二届董事会第三次会议审议通过后实施。 二、 分配方案 施公告 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 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本316,579,466股为基数，每股派发现 是否涉及差异化分红送转：否 每股分配比例 每股现金红利0.2 ...

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]