2025 年半年度持续督导跟踪报告 兴业证券股份有限公司 关于北京煜邦电力技术股份有限公司 | 工作内容 | 实施情况 | | --- | --- | | | 保荐机构对煜邦电力的内控制度的 | | 8、督导上市公司建立健全并有效执行内控制度，包括但不限 | 设计、实施和有效性进行了核查， | | 于财务管理制度、会计核算制度和内部审计制度，以及募集资 | | | 金使用、关联交易、对外担保、对外投资、衍生品交易、对子 | 煜邦电力的内控制度符合相关法规 | | | 要求并得到了有效执行，能够保证 | | 公司的控制等重大经营决策的程序与规则等。 | 公司的规范运行。 | | 9、督导上市公司建立健全并有效执行信息披露制度，审阅信 | 保荐机构督促煜邦电力严格执行信 | | 息披露文件及其他相关文件并有充分理由确信上市公司向上海 | | | | 息披露制度，审阅信息披露文件及 | | 证券交易所提交的文件不存在虚假记载、误导性陈述或重大遗 | | | 漏。 | 其他相关文件。 | | 10、对上市公司的信息披露文件及向中国证监会、上海证券交 | | | 易所提交的其他文件进行事前审阅，对存在问题的信息披露文 ...

Core Viewpoint - The announcement details the shareholding structure and the planned share reduction by the controlling shareholder and actual controller of Beijing Yubang Electric Technology Co., Ltd. due to personal funding needs [1][2]. Shareholding Structure - The controlling shareholder, Beijing Gaojing Hongtai Investment Co., Ltd., holds 90,401,898 shares, accounting for 26.90% of the total share capital [2][3]. - The actual controller, Mr. Zhou Deqin, holds 2,370,272 shares, representing 0.71% of the total share capital [1][2]. Reduction Plan - Mr. Zhou Deqin plans to reduce his holdings by up to 474,000 shares, which is no more than 0.141% of the total share capital [1][3]. - Beijing Gaojing Hongtai plans to reduce its holdings by up to 9,607,500 shares, accounting for no more than 2.859% of the total share capital [1][3]. - The reduction will occur through centralized bidding and block trading, with a total reduction not exceeding 3% of the total share capital within specified time frames [2][3]. Timing and Conditions - The reduction period for both Mr. Zhou and Gaojing Hongtai is set from September 22, 2025, to December 21, 2025, starting 15 trading days after the announcement [2][3]. - The reduction price will be determined based on market conditions and will not be lower than the initial public offering price [2][3]. Compliance and Commitments - Both the controlling shareholder and the actual controller have made commitments to adhere to relevant laws and regulations regarding share reduction and will not engage in any actions that violate these commitments [4][5][6]. - They have also committed to not reducing their holdings in a manner that would affect the company's control or governance structure [3][4].

每经AI快讯，煜邦电力（SH 688597，收盘价：8.24元）8月28日晚间发布公告称，截至本公告披露日， 北京煜邦电力技术股份有限公司控股股东北京高景宏泰投资有限公司持有公司股份约9040万股，占公司 总股本的26.9%，其中：约4612万股为IPO 前取得，约4428万股为资本公积转增股本取得。公司实际控 制人、董事长、总裁周德勤先生持有公司股份约237万股，占公司总股本的0.71%，其中约99万股为IPO 前取得，约28万股为集中竞价交易取得，约110万股为资本公积转增股本取得。公司相关股份均为无限 售条件流通股。 相关方的减持方式为集中竞价交易方式和大宗交易方式，其中以集中竞价交易方式减持的期间为自本公 告发布之日起15个交易日后的3个月内，且在任意连续90日内，周德勤先生和高景宏泰合计减持股份总 数不超过公司总股本的1%；以大宗交易方式减持的期间为自本公告发布之日起15个交易日后的3个月 内，且在任意连续90日内，高景宏泰合计减持股份总数不超过公司总股本的2%。周德勤先生和高景宏 泰通过集中竞价交易方式和大宗交易方式合计减持股份总数不超过公司总股本的3%。 截至发稿，煜邦电力市值为28亿元。 每经 ...

8月29日，北京煜邦电力技术股份有限公司发布控股股东及实际控制人减持股份计划公告。公告显示， 因自身资金需求，公司控股股东北京高景宏泰投资有限公司与实际控制人、董事长、总裁周德勤先生将 进行减持。 减持主体持股情况 截至公告披露日，高景宏泰持有煜邦电力90,401,898股，占总股本26.90%，其中46,123,417股为IPO前取 得，44,278,481股为资本公积转增股本取得。周德勤持有2,370,272股，占总股本0.71%，其中986,547股 为IPO前取得，279,886股为集中竞价交易取得，1,103,839股为资本公积转增股本取得 ，上述股份均为 无限售条件流通股。二者为一致行动人，合计持股92,772,170股，占总股本27.61%。 减持计划详情高景宏泰：拟减持不超过9,607,500股，占总股本比例不超过2.859%。减持方式包括集中 竞价交易与大宗交易，其中集中竞价减持不超过2,886,500股，大宗交易减持不超过6,721,000股。减持期 间为2025年9月22日至2025年12月21日，股份来源为IPO前取得。周德勤：拟减持不超过474,000股，占 总股本比例不超过0.14 ...

| 证券代码：688597 | 证券简称：煜邦电力 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：118039 | 债券简称：煜邦转债 | | 北京煜邦电力技术股份有限公司 控股股东及实际控制人减持股份计划公告 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。 重要内容提示： 控股股东及实际控制人持股的基本情况 截至本公告披露日，北京煜邦电力技术股份有限公司（以下简称"公司"） 控股股东北京高景宏泰投资有限公司（以下简称"高景宏泰"）持有公司股份 90,401,898 股，占公司总股本的 26.90%，其中：46,123,417 股为 IPO 前取得， 44,278,481 股为资本公积转增股本取得。公司实际控制人、董事长、总裁周德 勤先生持有公司股份 2,370,272 股，占公司总股本的 0.71%，其中 986,547 股为 IPO 前取得，279,886 股为集中竞价交易取得，1,103,839 股为资本公积转增股 本取得。公司上述股份均为无限售条件流通股。 减 ...

Core Insights - Pension funds have emerged as significant shareholders in 11 stocks listed on the Sci-Tech Innovation Board, with a total holding of 50.67 million shares valued at 2.647 billion yuan at the end of Q2 [1][2] Group 1: Pension Fund Holdings - Pension funds have newly entered 3 stocks, increased holdings in 2 stocks, and reduced holdings in 4 stocks, while 2 stocks remained unchanged in their holdings [1] - The stock with the highest holding ratio by pension funds is Haitai New Light, accounting for 4.20% of the circulating shares, followed by Rongzhi Rixin and Huafeng Technology at 4.04% and 2.67%, respectively [1] - The top holdings by quantity include Transsion Holdings with 17.72 million shares, Shengyi Electronics with 5.33 million shares, and Yubang Power with 5.19 million shares [1] Group 2: Industry Focus - The stocks held by pension funds are primarily concentrated in the electronics, pharmaceutical, and national defense industries, with 3, 2, and 2 stocks respectively [1] - Eight stocks have been continuously held by pension funds for more than two reporting periods, with Yubang Power and Kaili New Materials being held for 12 reporting periods [1] Group 3: Performance Metrics - Among the stocks held by pension funds, 7 reported year-on-year net profit growth in the first half of the year, with Rongzhi Rixin showing the highest growth of 2063.42% [2] - The average increase of the Sci-Tech Innovation Board stocks held by pension funds since July is 17.32%, with Huafeng Technology leading with a cumulative increase of 40.03% [2] - The stock with the largest decline is Guoke Military Industry, which has decreased by 8.89% [2]

Group 1 - The core viewpoint of the article highlights the growth in the electrical machinery and equipment manufacturing industry in China, with an increase in the number of enterprises and their contribution to the overall industrial sector [1][3]. - As of the first half of 2025, there are 37,051 enterprises in the electrical machinery and equipment manufacturing sector, which is an increase of 1,576 enterprises compared to the same period last year, representing a year-on-year growth of 4.44% [1]. - The electrical machinery and equipment manufacturing sector accounts for 7.12% of the total number of industrial enterprises in China [1]. Group 2 - The report referenced is the "2025-2031 China Electrical Machinery Industry Market Competition Situation and Prospects Strategic Research Report" published by Zhiyan Consulting [1]. - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2]. - The data used in the report is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting [3].

Core Viewpoint - The company, Beijing Yubang Electric Technology Co., Ltd., has demonstrated a stable performance in the first half of 2025, with revenue of 354 million yuan and a net profit of 24.05 million yuan, while strategically investing in R&D, order reserves, and international expansion to build a growth path that can withstand economic cycles [1] Short-term Fluctuations Logic - The smart power products experienced a temporary slowdown due to the delivery rhythm of hardware products, with some contracts not being recognized in time [2] - The reduction in the bidding prices by the State Grid in 2024 has impacted the gross margin, indicating typical cyclical fluctuations in the industry rather than structural changes [2] - The company's R&D investment reached 31.08 million yuan, accounting for 8.78% of revenue, which is significantly higher than the industry average, affecting short-term profit performance but strengthening competitive barriers for long-term growth [2] Long-term Growth Certainty - As of June 30, the company had an order backlog of approximately 851 million yuan, 2.4 times the revenue for the period, providing a solid guarantee for future performance [3] - The company has made significant progress in R&D, aligning with the 2024 technical specifications of the State Grid and Southern Grid, and has developed next-generation standard products [3] - Breakthroughs in AI and digital twin applications have enhanced product performance and operational capabilities, establishing a competitive advantage in the smart power and inspection sectors [3] Energy Storage Breakthrough - The energy storage segment is emerging as a new growth engine, with significant cost reductions in battery systems and successful deliveries in commercial scenarios [4] - The company has established subsidiaries in the Philippines and Singapore, expanding its business into Southeast Asia and Central Asia, while also enhancing regional industrial collaboration in China [4] AI Amplifying Integrated Hardware and Software Advantages - The company is the only one in the industry with integrated hardware and software capabilities, providing a competitive edge in key scenarios [5] - The expansion of computing infrastructure to approximately 10 PFlops supports the training of large models and real-time inference, facilitating the rapid transformation of R&D results into engineering applications [5] - Various AI applications, such as automated analysis systems and intelligent testing agents, have been developed to enhance efficiency and decision-making in power market settlements [5][6] Core Logic of Investment Value - The company has established a robust technological moat through various industrial achievements and deep partnerships with the State Grid and Southern Grid, enabling rapid scaling [7] - The high level of investment in the power grid and the inclusion of digital grids and energy storage in national strategies provide dual benefits of policy and industry growth [7] - The dual-driven growth model of R&D investment and international expansion positions the company for a "domestic + overseas" growth trajectory [7] Conclusion: R&D-Driven Long-term Growth - Short-term performance fluctuations are primarily due to contract recognition timing and bidding price adjustments, reflecting typical industry cycles [8] - Long-term support from high R&D investment, ample orders, and international expansion indicates a clear growth path for the company [8] - The company is not only a supplier of smart power equipment but also a core participant in the construction of new power systems, leveraging AI to enhance its integrated advantages across various applications [8]

Core Viewpoint - Yubang Electric (688597) reported mixed financial results for the first half of 2025, with a slight increase in total revenue but a significant decline in net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 reached 354 million yuan, a year-on-year increase of 0.35% [1]. - Net profit attributable to shareholders was 24.05 million yuan, down 37.91% year-on-year [1]. - In Q2 2025, total revenue was 217 million yuan, a decrease of 15.77% year-on-year, while net profit dropped 59.96% to 18.68 million yuan [1]. - Gross margin was 32.14%, down 17.8% year-on-year, and net margin was 6.11%, down 42.92% [1]. - The company's accounts receivable accounted for 303.79% of the latest annual net profit, indicating a high level of receivables relative to profit [1]. Key Financial Metrics - Earnings per share (EPS) decreased to 0.11 yuan, down 35.29% year-on-year [1]. - Cash flow from operations was -0.07 yuan per share, a decline of 41.01% [1]. - The company's total liabilities increased by 10.82% to 403 million yuan [1]. - The ratio of selling, administrative, and financial expenses to revenue was 18.16%, a slight increase of 0.05% [1]. Changes in Financial Items - Cash and cash equivalents decreased by 52.88% to 202 million yuan due to increased investments in financial products [1][2]. - Accounts receivable increased by 16.42% to 338 million yuan, driven by growth in the energy storage business [1][4]. - The company experienced a significant reduction in notes receivable by 86.87% due to decreased use of acceptance bills for settlement [3]. - Contract liabilities decreased by 58.69% as previously received payments were recognized as revenue [11]. Operational Insights - The revenue from smart power products declined by 41.19 million yuan, while the energy storage business grew by 39.58 million yuan [11]. - Operating costs increased by 11.81%, primarily due to rising costs in the energy storage segment [12]. - Sales expenses rose by 7.09% as the company expanded its market efforts and increased its sales personnel [13]. Investment and Debt - The company’s return on invested capital (ROIC) was 9.05%, indicating average capital returns [17]. - The debt ratio for interest-bearing liabilities reached 22.37%, suggesting a need for monitoring the company's debt levels [19].

Group 1 - Yubang Power (688597.SH) released its 2025 semi-annual report on August 23, 2025, indicating that as of August 22, 2025, 10 institutional investors disclosed holding a total of 151 million shares, accounting for 45.04% of the total share capital [1] - The top ten institutional investors include Beijing Gaojing Hongtai Investment Co., Ltd., Hongta Innovation Investment Co., Ltd., and others, with their combined holding ratio decreasing by 0.32 percentage points compared to the previous quarter [1] - One public fund, Huaxia Xingxia Value One-Year Holding Mixed Fund A, increased its holdings slightly, while three public funds, including Huaxia Value Selection Mixed Fund, were not disclosed in the current period [1] Group 2 - From the pension fund perspective, one pension fund, the Basic Pension Insurance Fund 1003 Combination, increased its holdings by 0.4% compared to the previous period [2] - In the insurance capital direction, China Pacific Life Insurance Co., Ltd. - Dividend - Personal Dividend also increased its holdings by 0.4% [2]