Core Points - On November 7, the company announced that shareholder Jiang Jiaping directly holds 10,509,091 shares, accounting for 12.50% of the total share capital [1] - Jiang Jiaping has released a pledge of 1,200,000 shares [1]

证券代码：688551 证券简称：科威尔 公告编号：2025-072 科威尔技术股份有限公司 关于持股 5%以上股东股份解除质押的公告 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、准确性和完整性承担法律责任。 重要内容提示: 科威尔技术股份有限公司（以下简称"公司"）股东蒋佳平先生直接持有 公司股份 10,509,091 股，占公司总股本的 12.50%。 蒋佳平先生本次解除质押股份 1,200,000 股，占其持股总数的 11.42%， 占公司总股本的 1.43%。本次解除质押后，蒋佳平先生累计质押股份为 0 股。 | 股东名称 | | | 蒋佳平 | | --- | --- | --- | --- | | 本次解除质押股份（股） | | 1,200,000 | | | 占其所持股份比例（%） | | | 11.42 | | 占公司总股本比例（%） | | | 1.43 | | 解除质押时间 | 2025 年 11 月 | | 6 日 | | 持股数量（股） | 10,509,091 | | | | 持股比例（%） | | | 12.50 | | 剩 ...

Core Viewpoint - The company announced that major shareholder Jiang Jiaping has lifted the pledge on part of his shares, indicating a potential positive sentiment towards the company's future performance [1] Summary by Relevant Sections - **Shareholder Actions** - Jiang Jiaping lifted the pledge on 1.2 million shares, which represents 11.42% of his total holdings and 1.43% of the company's total share capital [1] - After this action, Jiang Jiaping has no pledged shares remaining [1]

Core Insights - The A-share market has seen a decline in the power equipment sector, with significant drops in stock prices for several companies [1] Summary by Category Stock Performance - Tonghe Technology (300491) experienced a decline of 14.43%, with a total market capitalization of 5.167 billion [2] - Hongyuan Green Energy (603185) fell by 6.70%, with a market cap of 20.3 billion [2] - Sunshine Power (300274) decreased by 5.47%, with a market value of 26.068 billion [2] - Haibo Sichuang (688411) saw a drop of 4.81%, with a market capitalization of 48.8 billion [2] - Shuangyi Technology (300690) declined by 4.70%, with a market cap of 5.225 billion [2] - Yiyuan Lithium Energy (300014) fell by 4.69%, with a market value of 162.7 billion [2] - Changhong Energy (920239) decreased by 4.48%, with a market capitalization of 6.635 billion [2] - Daqian Energy (688303) saw a decline of 4.35%, with a market cap of 63.3 billion [2] - Zhongheng Electric (002364) dropped by 4.33%, with a market value of 1.39 billion [2] - Liwang Co. (920627) fell by 4.11%, with a market cap of 2.513 billion [2] - Boliview (688345) decreased by 4.05%, with a market capitalization of 3.596 billion [2] - Koweil (688551) saw a drop of 4.04%, with a market value of 3.394 billion [2] - Haitai New Energy (920985) declined by 3.83%, with a market cap of 2.801 billion [2] - Guosheng Technology (603778) fell by 3.61%, with a market value of 3.152 billion [2] - Jiejia Weichuang (300724) decreased by 3.81%, with a market capitalization of 31.7 billion [2] Year-to-Date Performance - Despite the recent declines, some companies have shown significant year-to-date gains, such as: - Tonghe Technology with an 85.85% increase [2] - Hongyuan Green Energy with an 84.31% increase [2] - Sunshine Power with a 161.42% increase [2] - Haibo Sichuang with a remarkable 1319.42% increase [2] - Zhongheng Electric with a 130.72% increase [2]

Core Viewpoint - 科威尔 is a leading company in the domestic testing power supply sector, focusing on the research, production, and sales of testing power supplies for various industrial applications, including renewable energy and electric vehicles [1] Group 1: Business Performance - In Q3 2025, 科威尔 reported revenue of 370 million yuan, ranking 19th among 25 companies in the industry, significantly lower than the top company, China Power, which had 40.971 billion yuan [2] - The main business revenue composition includes testing power supplies at 199 million yuan (88.84%), power semiconductor testing equipment at 14.848 million yuan (6.61%), and hydrogen energy testing and intelligent manufacturing equipment at 8.4015 million yuan (3.74%) [2] - The net profit for the same period was 51.3373 million yuan, ranking 12th in the industry, again far below the top company’s 2.502 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, 科威尔's debt-to-asset ratio was 23.84%, slightly up from 23.44% year-on-year, but still below the industry average of 42.24%, indicating good solvency [3] - The gross profit margin was 40.77%, down from 48.98% year-on-year, yet still above the industry average of 25.60%, suggesting a maintained profitability [3] Group 3: Management and Shareholder Information - The chairman, 傅仕涛, received a salary of 819,100 yuan in 2024, a decrease of 46,300 yuan from the previous year [4] - As of September 30, 2025, the number of A-share shareholders decreased by 3.06% to 5,488, while the average number of circulating A-shares held per household increased by 3.15% to 15,300 [5] Group 4: Future Outlook - 中邮证券 forecasts that 科威尔 will achieve revenues of 550 million, 660 million, and 840 million yuan from 2025 to 2027, with net profits of 70 million, 90 million, and 130 million yuan respectively, maintaining a "buy" rating [5] - 国泰海通证券 has initiated coverage with a "buy" rating, projecting EPS of 0.87, 1.31, and 1.71 yuan for 2025 to 2027, and a target price of 52.46 yuan per share for 2026 [6]

Market Overview - The other power equipment sector experienced a decline of 2.4% on the trading day, with Zhongheng Electric leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable stock movements included: - Xinfuneng (300593) rose by 11.97% to a closing price of 27.23, with a trading volume of 642,500 shares and a turnover of 1.727 billion yuan [1] - Zhongheng Electric (002364) fell by 8.05% to a closing price of 25.60, with a trading volume of 621,900 shares and a turnover of 1.633 billion yuan [2] - Other significant declines included Maigemit (002851) down 5.48% and Yingjie Electric (300820) down 4.53% [2] Capital Flow - The other power equipment sector saw a net outflow of 2.227 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.740 billion yuan [2][3] - The capital flow for specific stocks indicated: - Zhongheng Electric had a net outflow of 14.05 million yuan from institutional investors [3] - ST Huaxi (002630) experienced a net inflow of 12.12 million yuan from retail investors despite a net outflow from institutional investors [3]

Core Viewpoint - The announcement details the completion of the share reduction plan by major shareholders of Kewell Technology Co., Ltd., with a total of 1,912,724 shares reduced, representing 2.27% of the company's total share capital [1][2][4]. Shareholder Reduction Plan - The reduction plan was first disclosed on September 6, 2025, with a maximum intended reduction of 1,968,799 shares, or 2.34% of the total share capital [1][3]. - As of October 29, 2025, the shareholders completed the reduction, with 合涂投资 reducing 992,468 shares (1.18%) and 京坤投资 reducing 920,256 shares (1.09%) [2][3]. Financial Impact - 合涂投资's total reduction amount was approximately 38.70 million yuan, while 京坤投资's total reduction amount was about 36.27 million yuan, leading to a combined cash-out of approximately 74.97 million yuan [2][3]. - The remaining shares not reduced amount to 56,075, and the reduction plan has been terminated early [4]. Shareholding Structure Post-Reduction - After the reduction, 合涂投资 and 京坤投资, along with their associated party 傅仕涛, hold a total of 25,240,003 shares, which is 30.02% of the total share capital, down from 32.30% prior to the reduction [2][4].

科威尔技术股份有限公司 关于股东提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 证券代码：688551 证券简称：科威尔 公告编号：2025-071 重要内容提示： 股东持有股份的基本情况 本次减持计划实施前，科威尔技术股份有限公司（以下简称"公司"）股东合 肥合涂股权投资合伙企业（有限合伙）（以下简称"合涂投资"）持有公司股份 2,590,909 股，占公司总股本的 3.08%；公司股东合肥京坤股权投资合伙企业（有 限合伙）（以下简称"京坤投资"）持有公司股份 2,124,546 股，占公司总股本的 2.53%。合涂投资、京坤投资合计持有公司股份 4,715,455 股，占公司总股本的比 例 5.61%。 上述股份均为公司首次公开发行前取得，且已于 2024 年 3 月 11 日解除限售 并上市流通。 减持计划的实施结果情况 2025 年 9 月 6 日，公司披露了《科威尔技术股份有限公司股东减持股份计 划公告》（公告编号：2025-065）（以下简称"减持计划"），因自身 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [6][11]. Core Insights - The company reported a revenue of 370 million yuan for the first three quarters of 2025, a year-on-year decrease of 2.0%, with a net profit of 50 million yuan, down 0.1% year-on-year. However, Q3 2025 showed a revenue increase of 17.9% quarter-on-quarter and 23.8% year-on-year, with net profit rising by 110.4% quarter-on-quarter and 94.1% year-on-year, indicating strong performance in the testing power business despite underperformance in the hydrogen energy sector [4][5]. - The company is actively expanding its presence in the AI testing power sector, having secured small batch orders and completed some deliveries. It is also working on automating testing solutions for leading industry clients [5]. - The hydrogen energy industry is expected to gain momentum during the 14th Five-Year Plan, with national strategic support anticipated, which may lead to improved industry conditions and ongoing policy support [5]. Financial Forecast and Metrics - Revenue projections for 2025-2027 are 550 million yuan, 660 million yuan, and 840 million yuan, respectively. Corresponding net profits are forecasted at 70 million yuan, 90 million yuan, and 130 million yuan, leading to price-to-earnings ratios of 52, 38, and 27 times [6][9]. - The company’s gross margin and net margin for the first three quarters of 2025 were 40.8% and 13.9%, respectively, with a notable reduction in sales expense ratio to 11.6% and a slight decrease in R&D expense ratio to 15.3% [4][6].

Group 1 - The announcement pertains to a change in shareholder equity that has reached a 1% threshold, with the controlling shareholders reducing their stake in the company [2][3] - The shareholders involved are Hefei Hetu Equity Investment Partnership and Hefei Jingkun Equity Investment Partnership, which are employee stock ownership platforms, and their actions are consistent with a previously disclosed reduction plan [2][3] - Following the equity change, the combined shareholding of the aforementioned shareholders and their concerted action party, Mr. Fu Shitao, decreased from 31.56% to 30.66%, involving a total reduction of 752,468 shares [2][3] Group 2 - The reduction in shareholding does not trigger a mandatory tender offer, and the controlling shareholder's direct shareholding remains unchanged, ensuring no significant impact on the company's governance structure or ongoing operations [3][4] - The company will continue to monitor compliance with reduction regulations and will provide timely updates to investors regarding any relevant information [4]