Market Overview - The other power equipment sector declined by 1.01% on August 29, with Kewell leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Hailan Sichuang (688411) with a closing price of 127.77, up 13.98% on a trading volume of 41,300 shares and a transaction value of 517 million [1] - Youyou Green Energy (301590) closed at 185.14, up 7.51% with a transaction value of 516 million [1] - Tonghe Technology (300491) closed at 38.64, up 5.86% with a transaction value of 1.22 billion [1] - Kewell (688551) led the decliners, closing at 42.76, down 4.74% with a trading volume of 37,300 shares [2] Capital Flow - The other power equipment sector experienced a net outflow of 1.294 billion from institutional investors, while retail investors saw a net inflow of 1.062 billion [2] - The capital flow for specific stocks showed: - New Ray Energy (300593) had a net inflow of 108 million from institutional investors but a net outflow from retail investors [3] - Tonghe Technology (300491) had a net inflow of 62 million from institutional investors but a significant outflow from retail investors [3]

Core Viewpoint - The article highlights the 2025 TrendBank Green Hydrogen Industry Conference held in Wuxi, Jiangsu, focusing on recognizing and awarding companies that contribute to the advancement of the green hydrogen industry in China [3][14]. Awards Summary - The conference awarded several key prizes, including: - 2025 Green Hydrogen Industry Pioneer Award - 2025 Green Hydrogen Market Leadership Award - 2025 Green Hydrogen Potential New Star Award - 2025 Green Hydrogen Application Demonstration Award - 2025 Green Hydrogen Technology Breakthrough Award [5][11]. Award Winners - **2025 Green Hydrogen Industry Pioneer Award** winners include: - Sichuan Yalian Hydrogen Energy Technology Co., Ltd. - Qihydrogen (Shanghai) New Energy Technology Co., Ltd. - Shenzhen Hewei Electric Co., Ltd. - Jiangsu Shuangliang Hydrogen Energy Technology Co., Ltd. - Ningbo Zhongke Hydrogen Easy Membrane Technology Co., Ltd. [7]. - **2025 Green Hydrogen Market Leadership Award** winners include: - China Shipbuilding (Handan) Pairui Hydrogen Energy Technology Co., Ltd. - Shandong Saikesaisi Hydrogen Energy Co., Ltd. - SANY Hydrogen Energy Co., Ltd. - Jiangsu Hydrogen Guide Intelligent Equipment Co., Ltd. [9]. - **2025 Green Hydrogen Potential New Star Award** winners include: - Wuxi Tianrong New Energy Technology Co., Ltd. - Suzhou Zhiqing Boci Technology Co., Ltd. [10]. - **2025 Green Hydrogen Application Demonstration Award** winners include: - China Materials Technology (Suzhou) Co., Ltd. - Changchun Green Motion Hydrogen Energy Technology Co., Ltd. [11]. - **2025 Green Hydrogen Technology Breakthrough Award** winners include: - Zhejiang Haiyan Liyuan Environmental Protection Technology Co., Ltd. - Wuxi Weifu High Technology Group Co., Ltd. [11].

金融界2025年8月28日消息，国家知识产权局信息显示，科威尔技术股份有限公司取得一项名为"一种半 导体功率模块测试用的治具"的专利，授权公告号CN223272631U，申请日期为2024年08月。 专利摘要显示，本实用新型公开了一种半导体功率模块测试用的治具，包括治具框架、导电块、PCB、 探针，所述治具框架上设置有多个导电块，所述PCB固定在治具框架上，所述PCB上对应设有能够让导 电块贯穿的通孔，所述PCB上至少设置有一套贯穿PCB的探针。 天眼查资料显示，科威尔技术股份有限公司，成立于2011年，位于合肥市，是一家以从事专用设备制造 业为主的企业。企业注册资本8407.0709万人民币。通过天眼查大数据分析，科威尔技术股份有限公司 共对外投资了4家企业，参与招投标项目319次，财产线索方面有商标信息34条，专利信息565条，此外 企业还拥有行政许可12个。 ...

Core Insights - The other power equipment sector experienced a decline of 1.18% on August 26, with Youyou Green Energy leading the drop [1][2] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance Summary - Notable gainers in the other power equipment sector included: - Zhongheng Electric (002364) with a closing price of 25.80, up 10.02% [1] - Koweier (688551) at 43.21, up 5.06% [1] - Maigemit (002851) at 78.21, up 3.99% [1] - Major decliners included: - Youyou Green Energy (301590) at 174.12, down 7.31% [2] - Oulu Tong (300870) at 249.88, down 5.35% [2] - Keda (002518) at 34.00, down 4.49% [2] Capital Flow Analysis - The other power equipment sector saw a net outflow of 312 million yuan from institutional investors, while retail investors had a net inflow of 632 million yuan [2][3] - Specific stock capital flows included: - Maigemit (002851) with a net inflow of 568 million yuan from institutional investors [3] - Zhongheng Electric (002364) with a net inflow of 491 million yuan from institutional investors [3] - Koweier (688551) with a net inflow of 178 million yuan from institutional investors [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with expectations for gradual recovery in certain business segments, particularly in AI power testing equipment [1][4]. Financial Performance - In 1H25, the company generated revenue of 224 million yuan, a year-on-year decrease of 11.62%, and a net profit attributable to shareholders of 31 million yuan, down 25.90% year-on-year [1]. - For 2Q25, revenue was 117 million yuan, reflecting a year-on-year decline of 17.83% but a quarter-on-quarter increase of 9.67%. The net profit for the same quarter was 11 million yuan, down 54.91% year-on-year and 47.96% quarter-on-quarter [1]. Business Trends - The testing power business showed stable revenue of 199 million yuan in 1H25, with no significant change year-on-year due to increased product sales but intensified competition leading to price declines [2]. - The semiconductor sales experienced a recovery, with 1H25 revenue of 15 million yuan, a 90% year-on-year increase [2]. - The hydrogen energy business saw a significant decline, with 1H25 revenue of 8 million yuan, down 82% year-on-year, attributed to losses across the industry and limited new orders due to financing difficulties and insufficient government subsidies [2]. - The company is expanding into AI server power testing equipment, with a projected market space exceeding 2 billion yuan in 2025, indicating substantial growth potential [2]. Profitability and Cost Structure - The gross margin improved in 2Q25 to 44.4%, an increase of 6.8 percentage points, primarily due to reduced price competition [3]. - The expense ratios for sales, management, R&D, and finance were relatively stable in 2Q25, with slight fluctuations [3]. - The net profit margin for 2Q25 was 9.0%, a decrease of 10.0 percentage points, mainly due to significant non-recurring gains in 1Q25 [3]. Profit Forecast and Valuation - The company maintains net profit forecasts of 109 million yuan for 2025 and 170 million yuan for 2026 [4]. - The current stock price corresponds to a price-to-earnings ratio of 31.6 for 2025 and 20.3 for 2026. The target price has been raised by 67% to 50 yuan, reflecting an upside potential of 21.6% from the current stock price [4].

Company Announcements - Tonglin Co., Ltd. has no business related to graphene industry [1] - Hemei Group plans to invest in the construction of the Qinyuan Qiaolonggou Comprehensive Energy Island Project [1] - Huayi Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [1] - Wencheng International has won the core smart warehouse operation service project for a well-known cross-border e-commerce platform in East China [1] - Xingfa Group intends to acquire 50% equity of Qiaogou Mining for 855 million yuan [1] - Koweil has completed the repurchase of 1.1788% of its shares [1] - Tianfu Communication reported a net profit of 899 million yuan in the first half of the year and plans to distribute 5 yuan per 10 shares [1] - Huayang Lianzhong's controlling shareholder, Xiangjiang Group, plans to increase its stake by 1% to 2% [1][2] - Hengsheng Electronics' director Jiang Jiansheng plans to reduce his stake by no more than 0.42% [1][2] - Tanshijia plans to raise no more than 1.93 billion yuan through a private placement to its actual controller Li Ming and his controlled enterprise Tongyu Huying [1][2] - Jingu Co., Ltd. has received a notification for the low-carbon wheel project from Avatar [1][2] Performance Highlights - Tianfu Communication reported a net profit of 899 million yuan in the first half of the year [1] - Hisense Visual reported a net profit of 1.056 billion yuan in the first half of the year, representing a year-on-year increase of 26.63% [1]

证券代码：688551 证券简称：科威尔 公告编号：2025-064 二、 回购实施情况 科威尔技术股份有限公司 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： 回购方案首次披露日 2024/8/26，由董事会提议 回购方案实施期限 2024 年 8 月 23 日~2025 年 8 月 22 日 预计回购金额 2,000万元~3,000万元 回购价格上限 41.60元/股 □减少注册资本 √用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 实际回购股数 99.1042万股 实际回购股数占总股本比例 1.1788% 实际回购金额 2,915.21万元 实际回购价格区间 23.55元/股~41.59元/股 一、 回购审批情况和回购方案内容 科威尔技术股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开第二届 董事会第二十一次会议，审议通过了《关于以集中竞价交易方式回购公司股份方 案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金 总额不低 ...

Group 1 - The company announced the completion of its share repurchase plan as of August 22, 2025 [1] - A total of 991,042 shares were repurchased through the Shanghai Stock Exchange, representing 1.1788% of the company's total share capital [1]

Core Viewpoint - Cowell Technology Co., Ltd. successfully completed its share repurchase plan aimed at enhancing employee stock ownership and equity incentives for long-term development [1] Repurchase Plan Overview - On August 23, 2024, Cowell's board approved a share repurchase plan using self-owned funds, with a total repurchase amount set between 20 million and 30 million yuan, and a maximum repurchase price of 42.00 yuan per share. The repurchase period is from August 23, 2024, to August 22, 2025 [2] Repurchase Implementation Status - As of August 22, 2025, the company repurchased a total of 991,042 shares, accounting for 1.1788% of the total share capital, with an average repurchase price of 29.42 yuan per share. The total funds used for the repurchase amounted to 29,152,075.63 yuan, with prices ranging from 23.55 yuan to 41.59 yuan per share [3] Stock Trading by Related Parties During Repurchase Period - During the repurchase period, several directors and senior management personnel reduced their holdings. Notably, director Jiang Jiaping sold 1,150,000 shares (1.3679% of total share capital), and other directors and senior management also made reductions, while one senior manager did not sell any shares [4] Share Capital Changes - Before the repurchase, the total share capital was 84,023,969 shares. After completion, it increased to 84,070,709 shares, with 991,042 shares held in a dedicated repurchase account, representing 1.18% of total share capital. This change was partly due to the vesting of shares from the 2021 restricted stock incentive plan [5] Handling of Repurchased Shares - The repurchased shares will be stored in a dedicated account and will not enjoy certain shareholder rights during this period. The company plans to use these shares for equity incentives or employee stock ownership plans, adhering to relevant decision-making procedures and disclosure obligations. The funds used for the repurchase are self-owned and will not significantly impact the company's daily operations or financial status, nor will it lead to a change in control [6]

Group 1 - The company Kewell (SH 688551) announced the completion of its share repurchase plan as of August 22, 2025, having repurchased approximately 990,000 shares, accounting for 1.1788% of its total share capital [1] - The highest repurchase price was 41.59 CNY per share, the lowest was 23.55 CNY per share, and the average repurchase price was 29.42 CNY per share, with a total expenditure of approximately 29.15 million CNY [1] - As of the report date, Kewell's market capitalization is 3.5 billion CNY [1] Group 2 - For the fiscal year 2024, Kewell's revenue composition is as follows: electric vehicles 42.91%, renewable energy generation 33.32%, hydrogen energy 19.88%, power devices 3.28%, and other businesses 0.62% [1]