证券代码：688334 证券简称：西高院 公告编号：2025-049 西安高压电器研究院股份有限公司 第二届监事会第五次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 西安高压电器研究院股份有限公司（以下简称"公司"）第二届监事 会第五次会议通知于 2025 年 11 月 2 日以电话、电子邮件方式发出，会 议于 2025 年 11 月 12 日在西安市莲湖区西二环北段 18 号公司综合楼 511 会议室以现场结合网络视频会议方式召开。会议应出席监事 3 名，实际 出席参与表决监事 3 名，本次会议由监事会主席惠云霞女士主持。会议 的召开符合《中华人民共和国公司法》等法律、法规、规范性文件及《公 司章程》的规定，会议形成的决议合法、有效。 二、监事会会议审议情况 经与会监事审议，做出以下决议： （一）审议通过《关于增加 2025 年度日常关联交易预计及 2026 年 度日常关联交易预计的议案》 监事会认为：本次日常关联交易预计事项符合公司日常经营和业务 开展的需要，该关联交易以市场价 ...

Core Insights - The professional services sector saw a rise of 0.75% on November 10, with Shijian Testing leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Professional Services Sector Performance - Shijian Testing (301228) closed at 28.14, up 7.24% with a trading volume of 64,700 shares and a transaction value of 181 million [1] - Xince Standard (300938) closed at 29.25, up 2.81% with a trading volume of 114,400 shares and a transaction value of 334 million [1] - Keri International (300662) closed at 29.04, up 2.54% with a trading volume of 62,900 shares and a transaction value of 181 million [1] - Other notable performers include Miao Exhibition (300795) up 1.56%, Beijing Human Resources (600861) up 1.54%, and Lihua Science and Technology (002243) up 1.43% [1] Capital Flow Analysis - The professional services sector experienced a net outflow of 60.56 million from institutional investors, while retail investors saw a net inflow of 20.84 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Lihua Science and Technology (002243) had a net outflow of 20.49 million from institutional investors, while retail investors contributed a net inflow of 2.09 million [3] - Xince Standard (300938) saw a net inflow of 17.06 million from retail investors, despite a net outflow of 4.12 million from institutional investors [3] - Other stocks like Xigao Institute (688334) and Shijian Testing (301228) also showed varied capital flows, reflecting differing investor sentiments [3]

Core Viewpoint - The stock price of Xian High Voltage Electrical Research Institute Co., Ltd. has shown a significant increase of 36.58% year-to-date, indicating strong market performance since its listing on June 19, 2023 [2][3]. Company Overview - Xian High Voltage Electrical Research Institute, established on October 17, 2001, is located in Xi'an, Shaanxi Province. The company specializes in providing inspection and testing services in the electrical field, particularly for high and ultra-high voltage equipment [2]. - The company's main revenue source is inspection services, accounting for 94.70% of total revenue, while technical research and consulting services contribute 3.51%, and other services account for 1.79% [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 651 million yuan, representing a year-on-year growth of 15.05%. The net profit attributable to shareholders was 198 million yuan, reflecting a growth of 21.28% [3]. - As of September 30, 2025, the company had a total of 11,200 shareholders, a decrease of 8.45% from the previous period, while the average number of circulating shares per person increased by 9.23% [3]. Shareholder and Dividend Information - Since its A-share listing, the company has distributed a total of 280 million yuan in dividends [4]. - As of September 30, 2025, Hong Kong Central Clearing Limited emerged as a new major shareholder, holding 1.3647 million shares, while China International Capital Corporation Wealth Securities Limited exited the top ten shareholders list [4].

Core Insights - The professional services sector saw a rise of 0.53% on November 6, with Xigao Hospital leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Professional Services Sector Performance - Xigao Hospital (688334) closed at 22.12, up 4.49% with a trading volume of 134,600 shares and a transaction value of 298 million [1] - Shicun Testing (301228) closed at 28.12, up 3.73% with a trading volume of 42,800 shares and a transaction value of 119 million [1] - Zhongjin Fuzhao (300962) closed at 17.56, up 2.45% with a trading volume of 59,700 shares and a transaction value of 104 million [1] - Other notable performers include Zhonggang Tianyuan (002057) up 2.16% and Guangdian Jili (002967) up 1.61% [1] Capital Flow Analysis - The professional services sector experienced a net outflow of 145 million from institutional investors, while retail investors saw a net inflow of 21.15 million [2] - Notable net inflows from retail investors were observed in Shicun Testing (301228) with 1.57 million and Zhonggang Tianyuan (002057) with 716,410 [3] - Conversely, significant net outflows from institutional investors were noted in Zhonggang Tianyuan (1491.19 million) and Xigao Hospital (725.11 million) [3]

Core Viewpoint - The A-share market continues to see a surge in charging pile concept stocks, with several companies experiencing significant price increases today [1] Group 1: Stock Performance - Zhongneng Electric (300062) rose by 15.98%, with a total market value of 5.95 billion and a year-to-date increase of 81.46% [2] - Tongye Technology (300960) increased by 15.08%, with a market capitalization of 4.32 billion and a year-to-date rise of 69.11% [2] - Moen Electric (002451) saw a 10.04% increase, with a market value of 4.16 billion and a year-to-date growth of 50.39% [2] - Hailu Heavy Industry (002255) rose by 10.02%, with a market capitalization of 10.9 billion and a year-to-date increase of 136.48% [2] - Keda (002518) increased by 10.00%, with a market value of 28.4 billion and a year-to-date rise of 118.54% [2] - Solar Cable (002300) saw a 9.94% increase, with a market capitalization of 5.75 billion and a year-to-date growth of 51.47% [2] - Igor (002922) rose by 8.51%, with a market value of 13.6 billion and a year-to-date increase of 83.57% [2] - Maigemit (002851) increased by 8.10%, with a market capitalization of 45.5 billion and a year-to-date rise of 34.71% [2] - XJ Electric (000400) saw a 7.09% increase, with a market value of 30.8 billion and a year-to-date growth of 11.86% [2] - Tebian Electric (600089) rose by 6.76%, with a market capitalization of 130.1 billion and a year-to-date increase of 106.18% [2] - Beijing Keri (002350) increased by 6.02%, with a market value of 4.87 billion and a year-to-date rise of 18.69% [2] - Siyuan Electric (002028) saw a 6.12% increase, with a market capitalization of 116.1 billion and a year-to-date growth of 105.76% [2] - Jingquan Hua (002885) rose by 5.92%, with a market value of 9.25 billion and a year-to-date increase of 140.07% [2] - Xigao Institute (688334) increased by 5.81%, with a market capitalization of 7.09 billion and a year-to-date rise of 40.86% [2] - Shuangjie Electric (300444) saw a 5.16% increase, with a market value of 8.31 billion and a year-to-date growth of 50.07% [2] Group 2: Market Signals - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1]

Core Viewpoint - The company, Xi'an High Voltage Electrical Research Institute Co., Ltd., has shown significant growth in revenue and net profit for the first nine months of 2025, indicating a strong performance in the electrical inspection and testing services sector [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 651 million yuan, representing a year-on-year growth of 15.05% [2]. - The net profit attributable to the parent company for the same period was 198 million yuan, reflecting a year-on-year increase of 21.28% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 8.45% to 11,200, while the average circulating shares per person increased by 9.23% to 14,019 shares [2]. - The company has distributed a total of 280 million yuan in dividends since its A-share listing [3]. Financing and Trading Activity - On October 30, the company's stock price fell by 1.97%, with a trading volume of 92.23 million yuan [1]. - The financing buy-in amount for the company on the same day was 12.38 million yuan, with a net financing buy of 1.49 million yuan, indicating active trading [1]. - The total financing and securities lending balance reached 138 million yuan, accounting for 4.20% of the circulating market value, which is above the 80th percentile of the past year [1].

Core Viewpoint - The superconducting concept sector leads the market with a rise of 3.45%, indicating strong investor interest and potential growth in this industry [1] Company Performance - Western Superconducting increased by 12.7%, showcasing significant investor confidence and potential for future growth [1] - CITIC Metal rose by 7.88%, reflecting positive market sentiment towards its operations and prospects [1] - Lianchuang Optoelectronics saw an increase of 3.96%, indicating a favorable outlook among investors [1] - Jingda Co. and Xi'an High-tech Institute both experienced gains of over 2%, contributing to the overall positive performance of the sector [1]

Summary of the Conference Call Company Overview - The company, 西高院, operates in the electrical equipment sector, focusing on services related to circuit breakers, transformers, converters, and the development of new energy and smart grid planning [2][3][4]. Industry Insights - The national grid investment is projected to exceed 650 billion yuan in 2025, with Southern Grid's investment at 175 billion yuan, reflecting a year-on-year growth of 14% in grid engineering investments [2][4]. - The average annual growth rate for the next three years is expected to be around 6% [2][4]. Financial Performance - The company has shown steady improvement in operational efficiency, with contract liabilities increasing from 160 million yuan in 2022 to 290 million yuan in 2025 [2][4]. - Revenue growth is reported at 15%, while net profit attributable to shareholders has increased by 21.28% [2][4]. - The overall gross margin improved from 52.7% to 56%, with an average dividend payout of 55% this year [2][4]. Business Development - The company is accelerating its new energy testing business, with cumulative revenue of nearly 40 million yuan in September and an order volume of 60 million yuan [2][9]. - Significant growth in metrology and certification services, with metrology revenue increasing by 50% year-on-year [2][10]. Research and Development - R&D expenses decreased by 8% year-on-year, but the company expects to meet its annual targets, having undertaken 8 national key projects, up from 6 last year [2][5][13]. - The company has established a new subsidiary in Xiamen, entering the energy storage battery and power battery testing market [5][24]. Subsidiary Performance - The performance of subsidiaries varies, with the Xiamen subsidiary aiming to break even this year due to its early-stage development in energy storage [11]. - The Qingdao marine subsidiary is expected to contribute 50 million yuan in revenue, but its profit contribution is limited due to high initial investment and associated costs [8]. Future Outlook - The company anticipates continued growth in orders due to collaboration on ultra-high voltage projects and significant government investment in power transmission and equipment upgrades [20]. - The demand for new energy testing services is expected to grow, driven by local power companies' research institutes [9]. Challenges and Opportunities - The 雅江 project presents both challenges and opportunities, requiring significant investment in testing capabilities to meet new technology demands [16]. - The company is also focusing on developing capabilities in solid-state battery testing, although it is currently limited to existing energy storage technologies [22][24]. Conclusion - Overall, 西高院 is positioned well within the electrical equipment industry, with strong financial performance, a robust order book, and strategic investments in new energy and testing capabilities, despite facing challenges in certain areas of its operations.

Core Insights - The professional services sector experienced a decline of 0.73% on October 22, with Xigao Institute leading the drop [1][2] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Guangdong Jianke (301632) saw a closing price of 29.70, with an increase of 3.34% and a trading volume of 109,100 shares, amounting to a transaction value of 326 million yuan [1] - Xigao Institute (688334) closed at 20.44, down 3.40%, with a trading volume of 62,800 shares and a transaction value of 129 million yuan [2] - Other notable performers included Zhongji Renjian (301508) with a closing price of 31.88, up 1.34%, and Lansen Co. (600826) at 10.64, up 1.33% [1][2] Capital Flow - The professional services sector experienced a net outflow of 220 million yuan from institutional investors, while retail investors saw a net inflow of 120 million yuan [2][3] - Major stocks like Guangdong Jianke and Lansen Co. had significant net inflows from retail investors, while Xigao Institute faced a net outflow from institutional investors [3]

Core Insights - The company reported a revenue of 231,305,267.53 yuan for the third quarter of 2025, representing a year-on-year growth of 21.92% [2] - The net profit attributable to shareholders of the listed company was 64,799,984.47 yuan, showing a year-on-year increase of 39.24% [2] Financial Performance - Revenue for Q3 2025: 231.31 million yuan, up 21.92% year-on-year [2] - Net profit for Q3 2025: 64.80 million yuan, up 39.24% year-on-year [2]