Company Overview - Jinan Technology Co., Ltd. is primarily engaged in the research, production, and sales of power distribution and control equipment for sectors such as renewable energy, high-end equipment, and energy conservation and environmental protection [1] - The company was established on June 3, 1997, and went public on March 9, 2021 [1] Financial Performance - For the first half of 2025, Jinan Technology achieved a revenue of 3.154 billion yuan, representing a year-on-year growth of 8.16% [2] - The net profit attributable to shareholders for the same period was 265 million yuan, reflecting a year-on-year increase of 19.10% [2] Stock Performance - As of September 5, the stock price of Jinan Technology increased by 2.07%, reaching 53.18 yuan per share, with a total market capitalization of 24.425 billion yuan [1] - Year-to-date, the stock price has risen by 29.97%, but it has seen a decline of 11.43% over the last five trading days [1] Shareholder Information - As of June 30, the number of shareholders increased to 18,400, up by 1.48% from the previous period [2] - The average number of circulating shares per shareholder decreased by 1.06% to 24,939 shares [2] Dividend Distribution - Since its A-share listing, Jinan Technology has distributed a total of 713 million yuan in dividends, with 543 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 12.7274 million shares as a new shareholder [3] - The top ten circulating shareholders include various funds, with notable changes in holdings among them [3]

Core Viewpoint - Recent research by a well-known private equity firm, Fusheng Asset Management, highlights the advancements and market potential of Jinpan Technology, particularly in solid-state transformers and their applications in large-scale green data centers [1] Group 1: Company Overview - Jinpan Technology has completed its first prototype of solid-state transformers, which will be trialed in data centers and gradually promoted to international markets [1] - The company reported a 30.36% year-on-year growth in domestic orders for the first half of 2025, with current orders amounting to 7.54 billion yuan (excluding tax) [1] - Jinpan Technology holds 130 core technologies and 330 patents, and has established seven digital factories while advancing the construction of an AI factory [1] Group 2: Market Potential - The solid-state transformers (SST) are suitable for gigawatt-level ultra-large green data centers, with expectations for increased market penetration in the future [1] - During the "14th Five-Year Plan" period, the company's revenue and profit are projected to grow approximately 170% compared to the "13th Five-Year Plan" [1] - The company aims to focus on smart manufacturing and overseas market expansion in the "15th Five-Year Plan" [1] - There is a strong demand for overseas oil transformers, with the Wuhan base already capable of producing 345kV high-voltage immersed transformers [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][15]. Core Insights - The company reported a revenue of 3.154 billion yuan for H1 2025, representing an 8.16% year-on-year growth, with a net profit of 265 million yuan, up 19.10% year-on-year. The gross margin increased by 2.51 percentage points to 25.87% and the net margin rose by 0.79 percentage points to 8.34% [1]. - The company has seen significant growth in various sectors, particularly in the data center field, where revenue surged by 460.51% year-on-year, driven by advancements in AI and the global demand for electricity equipment [2][3]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 3.154 billion yuan, with a net profit of 265 million yuan. The Q2 2025 revenue was 1.812 billion yuan, marking a 12.42% year-on-year increase and a 34.92% quarter-on-quarter increase [1]. - The company’s gross margin improved to 25.87%, and the net margin reached 8.34% [1]. Sales Growth - The company experienced robust sales growth across various sectors, with wind power revenue increasing by 77.63%, power generation and supply by 58.06%, and data center revenue by 460.51% in H1 2025 [2]. - The total order backlog as of June 2025 was 7.540 billion yuan, a 14.89% increase year-on-year, with domestic orders at 4.738 billion yuan and international orders at 2.802 billion yuan [2]. Product Development - The company is actively developing AIDC products and has successfully implemented transformer series products in numerous data center projects for major tech companies [3]. - The company has completed the R&D of a 10kV/2.4MW solid-state transformer, positioning itself well in the AIDC market [3]. Storage Business - The storage business reported a revenue of 302 million yuan in H1 2025, reflecting a 6.40% year-on-year growth, although the gross margin decreased to 9.81% [4]. - The company is advancing the development of its third-generation high-voltage direct connection products, enhancing its competitive edge in the storage market [4]. Profit Forecast and Valuation - The report forecasts net profits of 750 million yuan, 953 million yuan, and 1.183 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.63 yuan, 2.07 yuan, and 2.58 yuan [6][11]. - The current stock price corresponds to a P/E ratio of 35, 28, and 22 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation for potential investors [4][6].

Group 1 - The company, Jinpan Technology, announced a share buyback of approximately 960,000 shares, accounting for 0.21% of its total share capital, with a total transaction amount of approximately 30.01 million RMB [1] - The share buyback was conducted through the Shanghai Stock Exchange trading system at a price range of 30.31 RMB to 32.68 RMB per share [1] - As of the announcement, the market capitalization of Jinpan Technology is 26.6 billion RMB [1] Group 2 - For the fiscal year 2024, the revenue composition of Jinpan Technology is as follows: 97.37% from electrical machinery and equipment manufacturing, 1.79% from specialized equipment manufacturing, and 0.84% from other businesses [1]

证券代码：688676 证券简称：金盘科技 公告编号：2025-068 海南金盘智能科技股份有限公司 关于股份回购进展公告 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： 一、回购股份的基本情况 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 ...

Core Viewpoint - Jinpan Technology (688676.SH) announced a share buyback program, indicating a commitment to enhancing shareholder value through capital return strategies [1] Group 1: Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 959,000 shares, which represents 0.21% of its total share capital [1] - The share buyback was conducted through the Shanghai Stock Exchange trading system via centralized bidding [1] - The price range for the repurchased shares was between 30.31 CNY and 32.68 CNY per share, with a total transaction amount of 30.0084 million CNY (excluding stamp duty and transaction commissions) [1]

Core Insights - The research report from Guojin Securities highlights a significant rebound in the wind turbine bidding scale for central state-owned enterprises, reaching 10.3 GW in August, marking an 88% month-on-month increase and a 0.4% year-on-year increase [1][2] - Wind turbine average bidding prices have also seen a 5% increase in July and August, reaching 1647 RMB/kW, with an 11% increase compared to the average price for the entire year of 2024 [1][2] Wind Power - The wind power sector has shown a strong recovery in August after a decline in June and July, with a notable increase in bidding scale [2] - The average bidding price for wind turbines has increased significantly, indicating a positive trend in pricing [2] AIDC (Artificial Intelligence Data Center) - The sentiment in the liquid cooling sector has improved following a period of adjustment, with domestic companies reporting progress in liquid cooling products [2] - The HVDC (High Voltage Direct Current) segment continues to gain attention, with updates on industry developments [2] Photovoltaics & Energy Storage - The photovoltaic main chain experienced mixed results in Q2, with some companies expected to show strong improvements in Q3 due to effective measures against internal competition [2] - Companies with the ability and willingness to extend their business into high-growth sectors are recommended for attention [2] Lithium Batteries - Lithium battery production in September exceeded expectations, with a projected increase of 4% to 8% in Q3, indicating a high level of market activity [3] - Price increases for key materials have been observed, and solid-state battery development is accelerating [3] Hydrogen and Fuel Cells - The lack of electricity accessibility in the U.S. grid is a significant constraint for data center operations, with a projected 45 GW power shortfall from 2025 to 2028 [3] - Microgrids are becoming essential for supporting AI project implementations in areas without traditional grid access [3] Power Grid - The third batch of bidding for State Grid's ultra-high voltage equipment is in line with expectations, with an acceleration in the bidding pace anticipated [4] - Companies like Mingyang Electric and Jinpan Technology have reported positive Q2 performance, indicating growth opportunities in the data center sector [4] New Energy Vehicles - The market for new energy vehicles is showing signs of recovery, although the overall growth rate remains under pressure due to high year-on-year comparisons [4] - Financial reports from major manufacturers indicate a clear differentiation in performance, suggesting opportunities for secondary leading companies [4] Important Industry Events - Eight manufacturers have qualified for a 10 GW tender from Datang, with generally rising bid prices [5] - Significant developments in the hydrogen energy sector include the establishment of a liquid hydrogen base and support for SOFC and SOEC technology applications [5]

证券代码：688676 证券简称：金盘科技 公告编号：2025-059 海南金盘智能科技股份有限公司 关于作废部分已授予尚未归属的 2021 年限制性股票的公 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 8 月 28 日召开第 三届董事会第二十六次会议，审议通过了《关于作废部分已授予尚未归属的 2021 年限 制性股票的议案》。根据公司 2021 年限制性股票激励计划规定，各归属期对激励对象 需进行绩效考核，所授予但尚未归属的限制性股票将予以作废处理。现将有关事项说明 如下： 一、本次激励计划已履行的决策程序和信息披露情况 （一）2021 年 9 月 23 日，公司召开第二届董事会第十四次会议，审议通过了《关 于 <公司 ensp="ensp" 年限制性股票激励计划="年限制性股票激励计划" 草案="草案"> 及其摘要的议 案》、《关于 <公司 ensp="ensp"> 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办 理 ...

Core Points - The company, Hainan Jinpan Intelligent Technology Co., Ltd., has proposed a 2025 Restricted Stock Incentive Plan to attract and retain talent while aligning the interests of shareholders, the company, and employees [1][7][8] - The plan involves granting 5 million restricted stocks, accounting for approximately 1.09% of the company's total share capital, with 4 million stocks for initial grants and 1 million reserved for future grants [3][16] - The grant price for the restricted stocks is set at 45.89 yuan per share, which is determined based on various pricing methods [4][22] Incentive Plan Details - The incentive plan will be executed over a maximum period of 60 months, with stocks vesting in stages based on performance criteria [5][18] - The plan targets 399 individuals, including senior management, core technical personnel, and key business staff, excluding directors and major shareholders [5][11] - The plan includes performance assessment criteria based on company revenue and net profit targets for the years 2025 to 2027 [24][25] Stock Grant and Vesting Conditions - The restricted stocks will not confer shareholder rights until they are vested, and they cannot be transferred or used as collateral before vesting [2][20] - The vesting conditions require the company to meet specific performance targets, and individual performance assessments will also influence the vesting of stocks [26][28] - The plan stipulates that if any performance conditions are not met, the granted but unvested stocks will be forfeited [24][26] Management and Approval Process - The plan must be approved by the company's shareholders and will be managed by the board of directors, with oversight from the remuneration and assessment committee [10][11][9] - The company commits not to provide any financial assistance to the incentive recipients for acquiring the restricted stocks [6][10] Previous Incentive Plans - The company is currently implementing a 2021 Restricted Stock Incentive Plan, which is independent of the proposed 2025 plan [8][9]

Core Points - The company has implemented a restricted stock incentive plan, distributing a total of 500,000 shares, which represents 1.089% of the company's total equity at the time of the announcement [1][2] - The plan includes two categories of incentive recipients: A Class (executives and core technical personnel) and B Class (mid-level management and key business personnel) [1] - A total of 400,000 shares, or 80% of the plan, are initially granted, with an additional 100,000 shares reserved for future allocation [1] Distribution Details - A Class recipients include executives and core technical personnel, while B Class consists of 17 mid-level managers and key personnel [1] - The shares allocated to B Class recipients amount to 12,200 shares, which is 2.44% of the total shares granted [1] - The reserved portion of the plan accounts for 20% of the total shares, equating to 100,000 shares [1]