Market Overview - The grid equipment sector experienced a decline of 1.93% on the previous trading day, with Dayang Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the grid equipment sector included: - Nanfang Technology (688248) with a closing price of 40.15, up 10.36% and a trading volume of 131,000 shares, totaling 497 million yuan [1] - Yada Co., Ltd. (430556) with a closing price of 66.00, up 7.53% and a trading volume of 281,600 shares, totaling 372 million yuan [1] - Hangzhou Colin (688611) with a closing price of 42.21, up 5.03% and a trading volume of 45,500 shares, totaling 188 million yuan [1] - Major decliners included: - Dayang Co., Ltd. (002953) with a closing price of 13.83, down 10.02% and a trading volume of 559,800 shares, totaling 803 million yuan [2] - Sanhui Electric (002857) with a closing price of 26.01, down 8.16% and a trading volume of 132,100 shares, totaling 355 million yuan [2] - Xinte Electric (301120) with a closing price of 14.16, down 6.96% and a trading volume of 201,300 shares, totaling 293 million yuan [2] Capital Flow - The grid equipment sector saw a net outflow of 2.236 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.585 billion yuan [2] - Specific stock capital flows indicated: - Nanfang Technology (688248) had a net outflow of 54.7153 million yuan from institutional investors [3] - Keda Intelligent (300222) experienced a net inflow of 53.6402 million yuan from institutional investors [3] - Baiyun Electric (603861) had a net inflow of 43.9372 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news is that Hangzhou Kelin Electric Co., Ltd. has seen a stock price increase of 5.03%, reaching 42.21 yuan per share, with a total market capitalization of 6.475 billion yuan [1] - The company specializes in the research, production, and sales of intelligent perception and diagnostic warning devices for the health status of electrical equipment, along with providing related technical services [1] - The revenue composition of the company includes 70.26% from energy storage systems, 20.83% from digital intelligent sensing products for the power grid, 7.53% from power-related technical services, 1.23% from power station operations, and 0.14% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Wanjia Fund has a significant position in Hangzhou Kelin, with 40,100 shares held, accounting for 5.37% of the fund's net value, making it the fifth-largest holding [2] - The Wanjia New Energy Theme Mixed Fund A (015796) has a current scale of 15.7417 million, and it has experienced a loss of 9.17% this year, ranking 1 out of 2 in its category [2] - Since its inception, the Wanjia New Energy Theme Mixed Fund A has incurred a loss of 34.84% [2]

Financial Performance - The company reported total revenue of 118 million yuan for the first half of 2025, a decrease of 51.49% year-on-year [1] - The net profit attributable to shareholders was 17.86 million yuan, down 44.31% compared to the previous year [1] - The gross profit margin improved to 53.99%, an increase of 52.09% year-on-year, while the net profit margin rose to 14.97%, up 14.47% [1] - Total expenses (selling, administrative, and financial) accounted for 17.72% of total revenue, an increase of 85.39% year-on-year [1] - Earnings per share decreased to 0.12 yuan, down 42.86% year-on-year [1] Business Model and Strategy - The company operates in the new energy sector, focusing on digital intelligent sensing products for power grids, energy storage systems, and perovskite photovoltaic components [3][4] - The company aims to become a leading provider of comprehensive solutions covering the entire energy chain, including generation, grid, load, and storage, in response to national carbon neutrality goals [4] - The company’s return on invested capital (ROIC) was 7.82% last year, indicating average capital returns, with a historical median ROIC of 26% since its listing [2] Market Position and Outlook - The company is positioned to capitalize on the trends of new energy development and smart grid transformation, aiming to strengthen its competitive advantage in intelligent monitoring products and services [4] - The company has seen a significant increase in cash reserves, with monetary funds rising by 186.15% year-on-year to 192 million yuan [1] - The accounts receivable to profit ratio reached 188.48%, indicating a need for close monitoring of accounts receivable [2]

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company's revenue for the first half of 2025 was 118 million, representing a year-on-year decrease of 51.49% [1] - The net profit attributable to shareholders was approximately 17.86 million, down 44.31% compared to the previous year [1] - The net profit excluding non-recurring items was about 15.96 million, reflecting a decline of 49.00% year-on-year [1]

证券代码：688611 证券简称：杭州柯林 公告编号：2025-037 杭州柯林电气股份有限公司 2025 年半年度募集资金存放与实际使用情况专项报告 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、准确性和完整性依法承担法律责任。 一、募集资金基本情况 截至 2025 年 6 月 30 日，公司累计使用募集资金 30,637.71 万元，其中以前 年度累计使用募集资金 27,156.99 万元，2025 年上半年度使用募集资金 3,480.72 万元（未包含节余募集资金永久补充流动资金 7,111.76 万元），截至 2025 年 6 月 30 日，募集资金账户余额为 3,749.55 万元，具体情况如下： | 项目 | | 金额（元） | | --- | --- | --- | | 截至 2024 年 月 31 日募集资金账户余额 | 12 | 142,876,131.95 | | 减：本报告期内募集资金累计使用金额 | | 34,807,272.71 | | 其中：电力设备数字化智能化建设项目支出 | | 34,807,272.71 | | 研发中心 ...

证券代码：688611 证券简称：杭州柯林 公告编号：2025-039 关于召开 2025 年半年度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 25 日（星期四）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 18 日（星期四）至 9 月 24 日（星期三）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 klec@klec.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 杭州柯林电气股份有限公司（以下简称"公司"）已于2025年8月30日发布 公司2025年半年度报告。为便于广大投资者更全面深入地了解公司2025年半年度 的经营成果 ...

具体情况详见公司2021年4月9日披露于上海证券交易所网站（www.sse.com.cn） 的《杭州柯林电气股份有限公司首次公开发行股票科创板上市公告书》。 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、准确性和完整性依法承担法律责任。 杭州柯林电气股份有限公司（以下简称"公司"或"杭州柯林"）于2025年8 月29日召开第四届董事会第七次会议，审议通过了《关于补充确认并继续使用部分暂 时闲置募集资金进行现金管理的议案》，同意补充确认公司在确保不影响募集资金 投资项目建设使用以及公司正常业务开展的情况下，继续使用最高余额不超过人民 币3,300万元（含3,300万元）的部分闲置募集资金购买安全性高、流动性好、期限不 超过12个月（含）的投资产品（包括但不限于协定性存款、结构性存款、定期存款、 通知存款、大额存单等）。在上述额度内，资金可以滚动使用，使用期限自董事会审 议通过之日起12个月内有效。 董事会授权公司管理层在授权额度和期限内行使现金管理投资决策权并签 署相关合同文件，具体事项由公司财务管理中心负责组织实施。保荐机构浙商证券 股份有限公司对上述事 ...

证券代码：688611 证券简称：杭州柯林 公告编号：2025-036 杭州柯林电气股份有限公司 第四届董事会第七次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 杭州柯林电气股份有限公司(以下简称"公司")第四届董事会第七次会议通 知于 2025 年 8 月 19 日以邮件方式发出，会议于 2025 年 8 月 29 日在公司会议室 举行。会议应到董事 7 人，实到董事 7 人。本次会议由董事长谢东先生主持，会 议的召集和召开符合《中华人民共和国公司法》等有关法律法规及《公司章程》 的规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》 根据中国证监会《公开发行证券的公司信息披露内容与格式准则第 3 号—— 半年度报告的内容与格式》《公开发行证券的公司信息披露编报规则第 15 号—— 财务报告的一般规定》《上海证券交易所科创板股票上市规则》等法律、法规及 《公司章程》的有关规定，结合公司实际情况，编制了公司《2025 年半年度报 告及摘要》。 ...

募集资金到账后,已全部存放于经公司董事会批准开设的募集资金专项账户 内，公司已与保荐人、存放募集资金的商业银行签署了募集资金三方监管协议。 具体情况详见公司 2021 年 4 月 9 日披露于上海证券交易所网站 (www.sse.com.cn)的《杭州柯林电气股份有限公司首次公开发行股票科创板上市 公告书》。 浙商证券股份有限公司 关于杭州柯林电气股份有限公司 补充确认并继续使用部分暂时闲置募集资金 进行现金管理的核查意见 浙商证券股份有限公司(以下简称"浙商证券"或"保荐人")作为杭州柯林 电气股份有限公司(以下简称"杭州柯林"、"公司") 首次公开发行股票并在科 创板上市的保荐人,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》《科创板上市公司持续监管办法(试行)》《上市公司募集资金 监管规则》《上海证券交易所科创板上市公司自律监管指引第 1 号 -- 规范运作》 等法律法规的有关规定,对杭州柯林补充确认并继续使用部分暂时闲置募集资金 进行现金管理事项进行了核查,情况如下: 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 3 月 2 目出具的《关于同意杭州柯林 ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2025, representing a year-on-year increase of 15%[14] - The company's revenue for the first half of the year was approximately ¥117.81 million, a decrease of 51.49% compared to ¥242.88 million in the same period last year[21] - Total profit for the reporting period was ¥19.22 million, down 44.83% from ¥34.84 million year-on-year[21] - Net profit attributable to shareholders decreased by 44.31% to ¥17.86 million from ¥32.07 million in the previous year[21] - Basic earnings per share fell by 42.86% to ¥0.12 from ¥0.21 in the same period last year[21] - The company's cash flow from operating activities showed a net outflow of ¥159,449.44, a decline of 102.38% compared to a net inflow of ¥6.69 million in the previous year[22] - Revenue decreased by 51.49% year-on-year, totaling ¥117,814,748.08, primarily due to a reduction in energy storage product sales[80] - Net profit for the first half of 2025 was CNY 17,633,440.03, a decline of 44.5% compared to CNY 31,757,698.42 in the first half of 2024[150] Research and Development - Research and development expenses increased by 30% to RMB 50 million, focusing on advanced sensor technology[14] - Research and development expenses accounted for 17.57% of operating revenue, an increase of 7.78 percentage points from 9.79% in the previous year[21] - The total R&D investment for the current period is approximately ¥20.70 million, a decrease of 12.93% compared to the previous year[65] - The number of R&D personnel decreased to 107, down from 158, representing 34.08% of the total workforce, down from 56.43%[74] - The company has developed and mastered multiple core technologies in electrical equipment health monitoring, achieving international and domestic leading levels[59] - The company is focusing on the integration of research, manufacturing, and services in the new energy sector, particularly in photovoltaic and energy storage systems[38] - The company is actively exploring innovative fields such as humanoid robot six-dimensional force sensors, leveraging over a decade of experience in high-precision electrical equipment sensing and diagnostic applications[28] Market Expansion and Strategy - The company has set a revenue guidance of RMB 1.2 billion for the full year 2025, reflecting a growth target of 10%[14] - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2026[14] - The company is expanding into new energy storage and perovskite photovoltaic industries, leveraging its advantages in smart sensing and digital platform technologies[55] - The company has established long-term stable partnerships with major clients such as State Grid and Southern Power Grid, enhancing its market position[55] Technology and Innovation - New product development includes the launch of a smart grid solution, expected to contribute an additional RMB 100 million in revenue by the end of 2025[14] - The company is integrating advanced power intelligent sensing technology with digital twin and artificial intelligence diagnostic technologies to promote the digital and intelligent upgrade of the power system[35] - The company has successfully industrialized a 100MW production line for perovskite solar modules, breaking the barrier from laboratory to mass production[47] - The company has developed advanced monitoring technologies for SF6 gas density and transformer vibration, enhancing safety and efficiency[60] - The company has created a digital twin platform technology that integrates multi-parameter inversion and complex multi-dimensional information synthesis[59] Financial Position and Assets - The total assets of the company at the end of the reporting period were approximately ¥1.12 billion, a decrease of 2.46% from ¥1.15 billion at the end of the previous year[22] - The net assets attributable to shareholders at the end of the reporting period were approximately ¥886.59 million, a slight decrease of 0.57% from ¥891.70 million at the end of the previous year[22] - The total amount of funds raised by the company is CNY 467,324,000, with CNY 391,201,128.32 utilized by the end of the reporting period, representing 78.32% of the total funds raised[117] - The company’s total assets decreased from CNY 1,145,338,277.30 in December 2024 to CNY 1,117,134,278.52 in June 2025, a decline of approximately 2.5%[144] Risks and Challenges - The management highlighted potential risks including supply chain disruptions and regulatory changes that could impact future performance[14] - The company faces risks related to seasonal revenue fluctuations, with higher income expected in the second half of the year[75] - The company must continue to invest in technology and R&D to avoid falling behind in the competitive smart grid sector[76] Corporate Governance and Compliance - The board of directors confirmed that there are no non-operational fund occupations by controlling shareholders[14] - The company has not reported any specific actions related to poverty alleviation or rural revitalization efforts[103] - The company has established commitments to avoid competition with related parties and ensure fair transactions[112] - The company has not reported any violations or penalties against its directors, senior management, or controlling shareholders[113] Shareholder Information - The largest shareholder, Xie Dong, holds 68,708,217 shares, representing 44.79% of the total shares[131] - The company distributed a cash dividend of RMB 0.2 per share and converted 4,382,560 shares from capital reserves[128] - The company reported a significant increase in shareholding for key executives, with Chairman Xie Dong's shares rising from 49,077,298 to 68,708,217, an increase of 19,630,919 shares[134]