证券代码：688676 证券简称：金盘科技 公告编号：2025-023 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 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。 海南金盘智能科技股份有限公司（以下简称"公司"）于2025年4月9日召开 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》，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）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7号——回购股份》等相关规定，现将公司第三届董事会第二十次会议决议公告 的前一交易日（即2025年4月9日）登记在册的公司前十大股东和前十大无限售条 件股东的名称、持股数量和持股比例情况公告如下： 海南金盘智能科技股份有限公司 | 8 | 中国工商银行股份有限公司－前海开源 | 4,553,145 | 1.00 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Insights - The company is expected to achieve revenues of 6.901 billion RMB and a net profit of 574 million RMB in 2024, reflecting a year-on-year growth of 3.50% and 13.82% respectively [1][7]. - The company has significantly increased its overseas contributions, with foreign sales revenue reaching 1.98 billion RMB, a substantial increase of 68.26% [6][7]. - The company is actively expanding its presence in the data center transformer market, benefiting from the aIDC trend, with new orders increasing by 604% [18][19]. Financial Performance Summary - For 2024, the company is projected to have total revenue of 6.901 billion RMB, with a gross profit margin of 24.32%, an increase of 1.51 percentage points year-on-year [8][28]. - The company’s net profit margin improved to 8.3%, up by 0.8 percentage points [7][9]. - The company’s debt ratio decreased to 53.8%, down by 7.6 percentage points, primarily due to the conversion of convertible bonds [6][7]. Business Development - The company has added 890 new customers and achieved a sales order growth of 13.63%, with foreign orders making up 37% of total sales [12][13]. - The company has completed the expansion of its factory in Mexico and is preparing to build a factory in the United States, indicating a strong commitment to international growth [13][17]. - The company is also focusing on new business areas such as energy storage and digital transformation, with energy storage revenue expected to reach 520 million RMB in 2024, a growth of 26.34% [19].

Core Viewpoint - The article highlights the steady growth of Jinpan Technology, a high-tech enterprise in Hainan Free Trade Port, leveraging various policy benefits to enhance its global presence and drive innovation in renewable energy and smart manufacturing [1][2][4]. Group 1: Company Performance - In 2024, Jinpan Technology achieved a revenue of 6.901 billion yuan, representing a year-on-year growth of 3.5% [1]. - The company's overseas sales revenue reached 1.981 billion yuan, marking a significant increase of 68.26% [2]. - The digital solutions segment generated 123 million yuan in revenue, reflecting a growth of 74.04%, while data center orders surged by 603.68% [3]. Group 2: Policy Impact - The "Double 15%" tax incentive has played a crucial role in attracting high-end talent and stabilizing the team [2]. - The implementation of the EF account system has improved capital efficiency, reduced financing costs, and facilitated rapid loan approvals [2]. - The "59-country visa exemption" policy has enhanced international client engagement and attracted global talent [2]. Group 3: Strategic Initiatives - Jinpan Technology is focusing on digitalization, intelligence, and low-carbon practices to contribute to the construction of a digital island in Hainan [3][4]. - The company has established seven digital factories, creating a new manufacturing system driven by data and software [3]. - Jinpan Technology is actively involved in energy storage projects, providing solutions that support the stability of Hainan's power grid and the integration of clean energy [3]. Group 4: Future Outlook - The company anticipates that the closure of the Hainan Free Trade Port will lead to more direct shipping routes and reduced logistics costs, enhancing its ability to expand into international markets [5]. - Jinpan Technology aims to leverage policy advantages to optimize supply chain layouts and attract high-end talent, thereby strengthening its R&D capabilities and driving high-quality growth [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][18]. Core Views - The company is expected to achieve a revenue of 6.901 billion in 2024, reflecting a year-on-year growth of 3%, and a net profit attributable to shareholders of 574 million, representing a 14% increase [3][5]. - The report highlights significant growth in overseas orders, with foreign sales projected to reach 1.98 billion, a year-on-year increase of 68%, while domestic sales are expected to decline by 11% due to pressures in the renewable energy sector [4]. - The company is actively expanding its global production capacity and enhancing its AIDC modular product competitiveness, with a notable increase in orders for data center solutions [4][5]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 2.102 billion, a year-on-year increase of 11%, and a net profit of 171 million, remaining stable compared to the previous quarter [3]. - The gross profit margin for 2024 is projected to be 24.3%, an increase of 1.5 percentage points year-on-year, while the net profit margin is expected to be 8.3%, up by 0.7 percentage points [3]. - The overall sales order for the group in 2024 is anticipated to be 8.9 billion, a year-on-year increase of 13.63%, with a backlog of 6.5 billion at the end of 2024, up 35% year-on-year [4]. Earnings Forecast - The company’s net profit is forecasted to reach 740 million in 2025, 1.07 billion in 2026, and 1.51 billion in 2027, with corresponding P/E ratios of 20, 14, and 10 times [5][7].

二、 首次实施股份回购的基本情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司首次回购股份的具体情况公告如下： 证券代码：688676 证券简称：金盘科技 公告编号：2025-022 海南金盘智能科技股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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： | 回购方案首次披露日 | 2025/4/10 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 日~2026 年 月 | 9 | 4 | 8 | 日 | | 预计回购金额 | 万元~5,000 万元 3,000 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 万股 11.80 | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, while the net profit attributable to shareholders reached 574 million yuan, up 13.82% year-on-year [1]. - Domestic sales faced pressure with a decline of 10.78% to 4.862 billion yuan, primarily due to oversupply in the polysilicon segment, while international sales surged by 68.26% to 1.981 billion yuan, driven by increased global demand for AI and renewable energy [2]. - The company capitalized on the AI wave, with a significant increase in data center orders, resulting in a 167.43% growth in sales revenue from new infrastructure, and a staggering 603.68% increase in data center order value [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 6.901 billion yuan, with a net profit of 574 million yuan, and a non-recurring net profit of 551 million yuan, reflecting growth rates of 13.82% and 14.64% respectively [1]. - The fourth quarter of 2024 saw revenue of 2.102 billion yuan, a 10.97% increase year-on-year, but a slight decrease in net profit by 0.45% [1]. Sales Breakdown - Domestic sales decreased to 4.862 billion yuan, while international sales increased significantly to 1.981 billion yuan, highlighting the company's successful global expansion strategy [2]. - The company established long-term partnerships with major international firms, enhancing its global market presence [2]. Growth Opportunities - The company is well-positioned to benefit from the ongoing AI data center construction, with a notable increase in orders and revenue from new infrastructure projects [3]. - The storage and digitalization segments also showed promising growth, with storage product revenue increasing by 26.34% to 523 million yuan and digital solutions revenue rising by 74.04% to 123 million yuan [3]. Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 750 million yuan, 953 million yuan, and 1.183 billion yuan respectively, with corresponding EPS estimates of 1.64, 2.08, and 2.59 yuan [4][5]. - The current stock price corresponds to a PE ratio of 18 for 2025, indicating a favorable valuation compared to future earnings growth [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, while the net profit attributable to shareholders reached 574 million yuan, up 13.82% year-on-year [1]. - Domestic sales faced pressure with a decline of 10.78% to 4.862 billion yuan, primarily due to oversupply in the polysilicon segment, while international sales surged by 68.26% to 1.981 billion yuan, driven by increased global demand for AI and renewable energy [2]. - The company capitalized on the AI wave, with a significant increase in data center orders, resulting in a 167.43% growth in sales revenue from new infrastructure, and a staggering 603.68% increase in data center order value [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 6.901 billion yuan, with a net profit of 574 million yuan, and a non-recurring net profit of 551 million yuan, reflecting growth rates of 3.50%, 13.82%, and 14.64% respectively [1]. - The fourth quarter of 2024 saw revenues of 2.102 billion yuan, a 10.97% increase year-on-year, but a slight decrease in net profit by 0.45% [1]. Sales Breakdown - Domestic sales decreased to 4.862 billion yuan, a drop of 10.78%, while international sales rose to 1.981 billion yuan, marking a growth of 68.26% [2]. - The company has established long-term partnerships with major international firms such as General Electric and Siemens, enhancing its global market presence [2]. Order Growth and Future Prospects - The company signed over 140 data center orders, with a total order value of 3.324 billion yuan, indicating a robust future revenue stream [3]. - The energy storage segment generated 523 million yuan in revenue, up 26.34%, while digital solutions revenue reached 123 million yuan, growing by 74.04% [3]. Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 750 million yuan, 953 million yuan, and 1.183 billion yuan respectively, with corresponding EPS estimates of 1.64 yuan, 2.08 yuan, and 2.59 yuan [5]. - The current stock price corresponds to a P/E ratio of 18 for 2025, 14 for 2026, and 12 for 2027, suggesting a favorable valuation compared to projected earnings [4].

Group 1: Huicheng Environmental Protection - Huicheng Environmental Protection has made significant progress on its 200,000 tons/year mixed waste plastic resource utilization project, which has successfully ignited and is now moving to subsequent phases such as pipeline flushing and reactor heating [1] - The company operates nine storage sites, each covering 50 acres, with a production capacity of approximately 3,000 to 4,000 tons, sourcing raw materials from municipal waste collection and industrial paper mills in Jieyang City [1] - The company has obtained ISCC PLUS certification, which serves as a basis for pricing negotiations, and is currently constructing a 1,000 tons/year production facility in Jiujiang, Jiangxi Province [1] Group 2: Jinpan Technology - Jinpan Technology aims to build a three-dimensional driving model by 2025 to enhance the conversion and industrialization of technological achievements [2] - The company is expanding into the smart industrial robotics sector, focusing on smart welding, handling, and collaborative robots as a third growth curve [2] - In the data center sector, Jinpan Technology has seen a 603.68% year-on-year increase in orders for green energy-efficient and reliable power equipment for 2024 [2] Group 3: Investment Management Company Overview - Shanghai Xitai Investment Management Co., Ltd. is a newly emerging private equity fund manager in the Chinese market, established in July 2014 with a registered capital of 10 million RMB [3] - The company specializes in secondary market stock investment management and offers customized product services for investors with different risk preferences [3] - The research team consists of highly qualified employees, with 80% holding graduate degrees, and core investment personnel have extensive experience in public fund management [3]

Group 1 - The core viewpoint of the article highlights the strategic initiatives of Jinpan Technology, focusing on enhancing technology transfer and industrialization by 2025 through a three-dimensional driving model [1] - Jinpan Technology is addressing tariff challenges by optimizing global production capacity and diversifying market layouts, implementing a "dual circulation" risk hedging strategy [1] - The company is actively expanding into the smart industrial robotics sector, particularly in intelligent welding, handling, and collaborative robots, which is identified as a third growth curve [1] Group 2 - In the data center sector, Jinpan Technology reported a 603.68% year-on-year increase in orders for 2024, providing green, energy-efficient, and reliable power equipment [1] - The company collaborates with AI teams to integrate I technology with digital manufacturing platforms, enhancing production and management efficiency [1] - Jinpan Technology operates 11 production bases domestically and internationally, improving supply capabilities and service levels for both domestic and foreign markets [1] Group 3 - The company's products are applied in downstream sectors such as renewable wind power, industrial enterprises, infrastructure, grid investment, and new infrastructure [1] - Jinpan Technology focuses on its core business, continuously investing resources to expand in energy storage, digital factories, and smart industrial robotics [1] - The company produces immersion transformers at its bases in Wuhan and Yangzhou, with plans for overseas capacity expansion [1]

证券代码：688676 证券简称：金盘科技 公告编号：2025-021 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 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： 海南金盘智能科技股份有限公司（以下简称"公司"）拟通过上海证券交易所 交易系统以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， 主要内容如下： ● 回购股份金额：本次回购的资金总额为不低于人民币 3,000 万元（含），不超过 人民币 5,000 万元（含）。 ● 回购股份资金来源：本次回购的资金来源全部为自有资金或自筹资金。 ● 回购股份用途：回购股份将在未来适宜时机全部用于员工持股计划或股权激励。 若本次回购的股份在股份回购实施结果暨股份变动公告日后三年内未能转让完毕， 公司则将依法履行减少注册资本的程序，未转让股份将被注销。如国家对相关政策 作调整，则本回购方案按调整后的政策实行。 ● 回购股份价格：不超过人民币 41.72 元/股（含），该价格不高于公司董事会通过 回购股份决议前 30 个交易日 ...