Summary of Key Points from Conference Call Company and Industry Overview - **Company**: Jinpan Technology - **Industry**: AI and Power Equipment Core Insights and Arguments - **Global AI Capital Expenditure Growth**: Major tech companies like Google, Meta, and Microsoft have raised their capital expenditure budgets, indicating a sustained increase in capital spending for cloud services and data center infrastructure in 2025-2026 [1][2] - **Domestic Policy Support**: The Chinese government has approved the "AI+" action plan, promoting the large-scale and commercial application of AI, which benefits early movers like Jinpan Technology, whose dry-type transformers are widely used in data centers [1][4] - **Global Capacity Expansion**: Jinpan Technology is expanding its production capacity in Mexico, Poland, Malaysia, and the USA, with a new transformer factory in Virginia expected to start production within the year [1][5] - **Digital Transformation Leadership**: The company has made significant progress in digital factory transformation, achieving recognition as an excellent smart factory by the Ministry of Industry and Information Technology [1][6] - **Deepening Collaboration with NVIDIA**: Jinpan Technology is collaborating with NVIDIA to develop customized solutions for industrial manufacturing, enhancing its AI capabilities and establishing itself as a model case for AI factory applications [1][7] Additional Important Content - **Domestic Business Growth Drivers**: Despite uncertainties in renewable energy demand, the growth in wind power and data centers is expected to drive a more than 30% increase in new domestic orders in the first half of 2025 [3][9] - **Tariff Impact Mitigation**: The company anticipates a reduction in tariff pressures with the production ramp-up in Malaysia and the USA, leading to a projected annual order increase of 4-5 billion yuan [3][12] - **Stock Incentive Plan Progress**: The company is nearing the completion of its new team construction, with a stock incentive plan expected to be implemented soon to ensure future performance growth [13] - **Future Development Highlights**: Jinpan Technology is well-positioned to benefit from AI-driven capital expenditure in data centers, with ongoing efforts to explore AI applications in traditional manufacturing [14] - **Growth Directions**: Future growth areas include welding robots and upstream raw material layouts, such as amorphous alloy strips, which are expected to enhance profit margins [15] - **Profit Forecast**: The company is projected to achieve net profits of 710 million yuan, 1.06 billion yuan, and 1.329 billion yuan from 2025 to 2027, with corresponding growth rates of 24%, 49%, and 25% [16] - **Investment Value Perspective**: The company is expected to make significant progress in IDC capital expenditure, particularly in overseas markets, and is considered to have long-term investment value [17]

Group 1: Daily Related Transactions - The company announced a daily related transaction involving its wholly-owned subsidiary, Laibin Jinpan Energy Comprehensive Utilization Co., Ltd., and the related party, Hainan Jirui Haohan Power System Technology Co., Ltd., for the procurement of equipment and engineering services for a low-temperature waste heat power generation project, with a contract amount not exceeding 10.63 million yuan [5][10] - The independent directors unanimously agreed that the transaction is based on normal business interactions, follows fair pricing principles, and does not harm the interests of the company or its shareholders, particularly minority shareholders [2][3] - The board of directors approved the related transaction without the need for shareholder meeting approval, as the transaction amount did not exceed 30 million yuan in the past 12 months [4][12] Group 2: Foreign Exchange Hedging Business - The company plans to conduct foreign exchange hedging business with a maximum amount of up to 225 million USD or equivalent foreign currency to mitigate risks from exchange rate fluctuations, with the authorization valid for 12 months [15][17] - The hedging activities will include forward foreign exchange contracts, currency swaps, foreign exchange sales, and options, focusing on normal production and operational needs rather than speculative trading [19][21] - The company will utilize its own funds for the hedging activities, ensuring that the operations are based on legitimate business needs and do not involve fundraising [18][20]

证券代码：688676 证券简称：金盘科技 公告编号：2025-054 海南金盘智能科技股份有限公司 关于开展外汇套期保值业务的公告 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： ? 为有效规避外汇市场的风险，防范汇率大幅波动对海南金盘智能科技股 份有限公司（以下简称"公司"）经营业绩造成不利影响，公司及控股子公司拟 以自有资金与具有合法资质的大型商业银行开展外汇套期保值业务，本业务以正 常生产经营为基础，以规避和防范汇率风险为目的，不进行单纯以盈利为目的的 投机和套利交易。公司及控股子公司的外汇套期保值业务包括远期结售汇、人民 币和外汇掉期业务、外汇买卖、外汇期权等产品。上述拟开展的外汇套期保值业 务的资金额度不超过2.25亿美元或其他等值外币，额度有效期为自公司董事会审 议通过之日起12个月，在上述额度范围及期限内，资金可循环滚动使用。 ? 公司于2025年8月4日召开了第三届董事会第二十五次会议，审议通过了 《关于开展外汇套期保值业务的议案》，本次外汇套期保值业务事项无需提交公 司股东会审议。 ? ...

Core Insights - The main point of the news is the analysis of capital flow in the Shanghai and Shenzhen stock markets, highlighting the net inflow and outflow of funds in various sectors, particularly in the Sci-Tech Innovation Board [1][2]. Group 1: Market Overview - The total net inflow of main capital in the Shanghai and Shenzhen markets was 69.49 million yuan, with a net outflow of 241 million yuan in the Sci-Tech Innovation Board [1]. - A total of 243 stocks experienced net inflows, while 344 stocks saw net outflows [1]. Group 2: Stock Performance - Among the stocks in the Sci-Tech Innovation Board, 478 stocks rose, with four stocks hitting the daily limit up, including Nanmo Biology and Xingtou New Science [1]. - The stock with the highest net inflow was Haiguang Information, with a net inflow of 398 million yuan, followed by Xinyuan Co. and Hanwujing with net inflows of 198 million yuan and 189 million yuan, respectively [2]. Group 3: Continuous Capital Flow - There are 40 stocks that have seen continuous net inflows for more than three trading days, with Kehui Co. leading at nine consecutive days of inflow [2]. - Conversely, 151 stocks have experienced continuous net outflows, with ST Yifei leading at 16 consecutive days of outflow [2]. Group 4: Detailed Capital Flow Data - The top stocks by net inflow include: - Haiguang Information: 39.78 million yuan, with a flow rate of 8.74% and a price increase of 3.51% [2]. - Xinyuan Co.: 19.80 million yuan, with a flow rate of 11.80% and a price increase of 10.36% [2]. - Hanwujing: 18.85 million yuan, with a flow rate of 4.73% and a price change of -0.01% [2]. Group 5: Notable Outflows - The stock with the highest net outflow was Ruikeda, which saw a net outflow of 23.9 million yuan despite a price increase of 4.84% [1]. - Other notable outflows included Electric Wind Power and Jinpan Technology, with net outflows of 12.6 million yuan and 11.6 million yuan, respectively [1].

证券代码：688676 证券简称：金盘科技 公告编号：2025-054 海南金盘智能科技股份有限公司 关于开展外汇套期保值业务的公告 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： 为有效规避外汇市场的风险，防范汇率大幅波动对海南金盘智能科技股 份有限公司（以下简称"公司"）经营业绩造成不利影响，公司及控股子公司拟 以自有资金与具有合法资质的大型商业银行开展外汇套期保值业务，本业务以正 常生产经营为基础，以规避和防范汇率风险为目的，不进行单纯以盈利为目的的 投机和套利交易。公司及控股子公司的外汇套期保值业务包括远期结售汇、人民 币和外汇掉期业务、外汇买卖、外汇期权等产品。上述拟开展的外汇套期保值业 务的资金额度不超过2.25亿美元或其他等值外币，额度有效期为自公司董事会审 议通过之日起12个月，在上述额度范围及期限内，资金可循环滚动使用。 公司于2025年8月4日召开了第三届董事会第二十五次会议，审议通过了 《关于开展外汇套期保值业务的议案》，本次外汇套期保值业务事项无需提交公 司股东会审议。 特别风险提示 ...

证券代码：688676 证券简称：金盘科技 公告编号：2025-053 海南金盘智能科技股份有限公司 关于公司日常关联交易的公告 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： 是否需要提交股东会审议：否 日常关联交易对上市公司的影响：海南金盘智能科技股份有限公司（以 下简称"公司"）本次关联交易是基于正常的业务往来，关联交易均由交易双方 根据自愿、平等、互利的原则进行，定价公允，不存在损害公司及股东利益，特 别是中小股东利益的情形，对公司正常经营活动及财务状况无不利影响。公司主 要业务或收入、利润来源不依赖相关关联交易，本次关联交易不会对公司主要业 务的独立性造成影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议审议情况 2025 年 7 月 31 日，公司独立董事召开了第三届董事会独立董事专门会议第 四次会议，会议以 2 票同意、0 票反对、0 票弃权审议通过了《关于公司日常关 联交易的议案》，全体独立董事一致认为：根据《上海证券交易所科创板股票上 市规则》规定，本 ...

证券研究报告 | 2025年08月04日 金盘科技（688676.SH） 优于大市 国常会审议通过《关于深入实施"人工智能+"行动的意见》， 制造业企业数字化转型带来新发展机遇 |  公司研究·公司快评 | |  | 电力设备·电网设备  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 王晓声 | 010-88005231 | wangxiaosheng@guosen.com.cn | 执证编码：S0980523050002 | 事项： 事件：7 月 31 日，国务院总理李强主持召开国务院常务会议，审议通过《关于深入实施"人工智能+"行 动的意见》。会议指出，要深入实施"人工智能+"行动，大力推进人工智能规模化商业化应用，推动人 工智能在经济社会发展各领域加快普及、深度融合，形成以创新带应用、以应用促创新的良性循环；要着 力优化人工智能创新生态，强化算力、算法和数据供给， ...

Group 1 - The data center power supply concept has strengthened, with significant stock price increases observed [1] - Jianghai Co., Ltd. reached the daily limit increase, while Kexin New Energy rose over 15% [1] - Other companies such as Oulutong and Jinpan Technology saw stock price increases of over 5% [1]

Group 1 - The core point of the article is that Jinpan Technology announced a share buyback plan, having repurchased a total of 959,036 shares, which represents 0.21% of its total share capital [2] Group 2 - The share repurchase was conducted through the Shanghai Stock Exchange trading system using a centralized bidding method [2] - The announcement was made on the evening of August 1 [2] - The buyback is set to be completed by July 31, 2025 [2]

证券代码：688676 证券简称：金盘科技 公告编号：2025-052 海南金盘智能科技股份有限公司 2025 年 4 月 9 日，公司召开第三届董事会第二十次会议，审议通过了《关于 以集中竞价交易方式回购公司股份的方案的议案》，同意公司通过集中竞价交易方 式回购公司已发行的部分人民币普通股（A 股）股票，回购股份的资金总额不低 于人民币 3,000 万元（含），不超过人民币 5,000 万元（含），回购股份的价格不超 过 41.72 元/股（含），回购股份的期限自董事会审议通过最终股份回购方案之日起 不超过 12 个月。具体内容详见公司于 2025 年 4 月 10 日在上海证券交易所网站 （www.sse.com.cn）披露的《海南金盘智能科技股份有限公司关于以集中竞价方式 回购股份的回购报告书》（公告编号：2025-021）。 因公司实施权益分派，从 2025 年 5 月 23 日起，本次回购股份价格上限由不 超过人民币 41.72 元/股（含）调整为不超过人民币 41.22 元/股（含）。具体内容详 见公司于 2025 年 5 月 16 日在上海证券交易所网站（www.sse.com.cn）上披露的《 ...