证券代码：688676 证券简称：金盘科技 公告编号：2025-078 会议召开时间：2025 年 11 月 20 日（星期四）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 ： http://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 11 月 13 日（星期四）至 11 月 19 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 info@jst.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。 海南金盘智能科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日在上海证券交易所网站（http://www.sse.com.cn）披露了公司 2025 年第三季 度报告。为便于广大投资者更全面深入地了解公司经营成果、财务状况，促进公 司与投资者互动交流，公司计划于 2025 年 11 月 20 日（星期四）13:00-14:00 举 行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 ...

Group 1 - The core point of the article is that Jinpan Technology (688676.SH) experienced a stock price drop of 7.92%, closing at 83.80 yuan [1] - Guosheng Securities analysts Yang Runshi and Wei Yaning released a report on November 11, maintaining an "overweight" rating for Jinpan Technology [1] - The report highlights significant revenue growth in AIDC (Automatic Identification and Data Capture) and emphasizes the importance of monitoring the company's SST (Smart Sensor Technology) progress [1]

Market Overview - The grid equipment sector experienced a decline of 0.58% on the trading day, with Jinpan Technology leading the losses [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Jinpan Technology (688676) saw a significant drop of 7.92%, closing at 83.80, with a trading volume of 378,300 shares and a transaction value of 3.246 billion [1] - Other notable declines included Guangxin Technology (920037) down 5.87% to 97.99, and Caneng Power (920299) down 5.80% to 24.05 [1] - The overall performance of the grid equipment stocks showed a trend of losses across multiple companies, with varying degrees of decline [1] Capital Flow - The grid equipment sector saw a net outflow of 3.143 billion from institutional investors, while retail investors contributed a net inflow of 2.421 billion [3] - Notable stocks with significant capital movements included Juhua Technology (300360) with a net inflow of 461 million from institutional investors, while retail investors had a net outflow of 137 million [3] - The data indicates a mixed sentiment in the market, with institutional investors pulling back while retail investors showed some buying interest [3]

Group 1 - The Hainan Free Trade Zone concept declined by 1.33%, ranking among the top declines in concept sectors as of the market close on November 11 [1] - Within the Hainan Free Trade Zone sector, notable declines were observed in Jinpan Technology, Haixia Shares, and Hainan Airlines, while seven stocks experienced price increases, with Xunlong Holdings, Hainan Ruize, and Shennong Seed Industry leading the gains at 5.99%, 2.03%, and 0.96% respectively [1][2] - The Hainan Free Trade Zone sector saw a net outflow of 1.329 billion yuan in principal funds, with 22 stocks experiencing net outflows, and nine stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stocks in the Hainan Free Trade Zone included Jinpan Technology with a net outflow of 288.45 million yuan, followed by Haima Automobile, Haixia Shares, and Hainan Airlines with net outflows of 201.44 million yuan, 152.72 million yuan, and 74.06 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Xunlong Holdings, Caesar Travel, and *ST Yedao, with net inflows of 40.82 million yuan, 12.67 million yuan, and 0.48 million yuan respectively [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported strong revenue growth in the AIDC segment, with a focus on the progress of its SST technology [2][3] - The company achieved a revenue of 5.194 billion yuan in the first three quarters of 2025, representing an 8.25% year-on-year increase, and a net profit of 486 million yuan, up 20.27% year-on-year [1][3] - The gross margin for the first three quarters of 2025 was 26.08%, an increase of 1.87 percentage points year-on-year, while the net margin was 9.29%, up 0.94 percentage points year-on-year [1] Financial Performance - For Q3 2025, the company reported a revenue of 2.04 billion yuan, a year-on-year increase of 8.38% and a quarter-on-quarter increase of 12.61% [1] - The net profit for Q3 2025 was 221 million yuan, reflecting a year-on-year increase of 21.71% and a quarter-on-quarter increase of 39.92% [1] - The company’s overseas market revenue accounted for over 30% of total revenue in the first three quarters of 2025, with exports reaching 1.59 billion yuan [2] Future Projections - The company is expected to achieve net profits of 711 million yuan, 1.043 billion yuan, and 1.376 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 59.6, 40.7, and 30.8 [3][4] - The company’s revenue is projected to grow to 8.78 billion yuan in 2025, with a year-on-year growth rate of 27.2% [4]

Group 1 - The core point of the news is that Jinpan Technology's stock has declined by 5.2%, with a current price of 86.28 yuan per share and a total market capitalization of 39.67 billion yuan [1] - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, specializes in the research, production, and sales of power distribution and control equipment for sectors such as renewable energy, high-end equipment, and energy conservation [1] - The company's main revenue sources are power distribution equipment (87.05%), energy storage series (9.59%), photovoltaic power station business (1.90%), installation engineering (0.73%), other (0.54%), and digital overall solutions (0.19%) [1] Group 2 - From the perspective of major fund holdings, one fund under Huatai PineBridge holds shares in Jinpan Technology, specifically the Huatai PineBridge New Energy Selected Mixed Fund A (017876), which has 158,500 shares, accounting for 4.84% of the fund's net value [2] - The Huatai PineBridge New Energy Selected Mixed Fund A was established on March 17, 2023, with a current scale of 136 million yuan and has achieved a year-to-date return of 50.87% [2] - The fund manager, Liu Sheng, has been in position for 4 years and 46 days, with the fund's total asset size at 2.649 billion yuan and a best return of 40.25% during his tenure [3]

Group 1 - The core point of the news is that Jinpan Technology's stock price has dropped by 5.2%, currently trading at 86.28 CNY per share, with a total market capitalization of 39.67 billion CNY [1] - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, primarily engages in the research, production, and sales of power distribution and control equipment for sectors such as renewable energy, high-end equipment, and energy conservation [1] - The company's revenue composition includes: 87.05% from power distribution equipment, 9.59% from energy storage series, 1.90% from photovoltaic power station business, 0.73% from installation engineering, 0.54% from other (supplementary), and 0.19% from digital overall solutions [1] Group 2 - Among the top ten circulating shareholders of Jinpan Technology, a fund under Southern Fund has increased its holdings in the Southern CSI 500 ETF (510500) by 44,100 shares in the third quarter, now holding 4.061 million shares, which accounts for 0.88% of the circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY, achieving a year-to-date return of 30.19% and a one-year return of 19.77% [2] - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has a tenure of 12 years and 207 days, with the fund's total asset scale at 170.445 billion CNY [3]

Core Viewpoint - Jinpan Technology (688676.SH) is accelerating its industrial upgrade by issuing convertible bonds to raise up to 1.672 billion yuan, which will be strategically invested in core business areas aligned with the company's growth in the digital economy and "dual carbon" goals [1][2]. Fundraising and Investment Plans - The total amount of funds raised through the convertible bonds is capped at 1.672 billion yuan, with precise allocation towards production upgrades, R&D enhancement, and financial optimization [1]. - The largest project funded will be the "High-efficiency Energy-saving Liquid-immersed Transformer and Amorphous Alloy Core Intelligent Manufacturing Project," with an investment of up to 617 million yuan [2]. - Another significant project is the "Data Center Power Module and High-efficiency Energy-saving Power Equipment Intelligent Manufacturing Project," which will utilize up to 473 million yuan [2]. - The company plans to allocate 510 million yuan for working capital, which constitutes approximately 30% of the total fundraising amount [2]. Business Performance and Growth - Jinpan Technology has shown steady revenue growth, achieving 5.194 billion yuan in revenue and 486 million yuan in net profit in the first three quarters of 2025, representing year-on-year increases of 8.25% and 20.27%, respectively [1][3]. - The data center segment experienced a remarkable revenue increase of 337.47%, while the wind power sector grew by 71.21%, indicating a diversified and robust business model [1][3]. - The company has a strong historical foundation, evolving from a regional manufacturer to a comprehensive enterprise in R&D, production, and sales over nearly 30 years [2]. R&D and Innovation - Jinpan Technology has consistently increased its R&D investment, with expenditures of 351 million yuan, 356 million yuan, and 224 million yuan from 2023 to the first three quarters of 2025 [3]. - The company holds 130 core technologies, 330 effective patents, 74 software copyrights, and 43 trademarks, showcasing its commitment to innovation [3]. Stock Performance - The company's stock has shown significant performance, closing at 91.01 yuan per share on November 10, 2025, with a cumulative increase of 122.41% since the beginning of the year [3].

Core Viewpoint - Jinpan Technology (688676.SH) is accelerating its industrial upgrade through a successful application for issuing convertible bonds, aiming to raise up to 1.672 billion yuan for core business upgrades, R&D facility construction, and working capital supplementation [1][2]. Fundraising and Investment Plans - The total amount of funds raised from the convertible bonds is capped at 1.672 billion yuan, with a well-defined allocation covering production upgrades, R&D enhancement, and financial optimization [2][3]. - The "High-efficiency Energy-saving Liquid-immersed Transformer and Amorphous Alloy Core Intelligent Manufacturing Project" will receive up to 617 million yuan, making it the largest single investment, aimed at meeting the demand for liquid-immersed transformers in the company's box-type substations [2]. - The "Data Center Power Module and High-efficiency Energy-saving Power Equipment Intelligent Manufacturing Project" will utilize up to 473 million yuan, including a digital factory project for power modules expected to generate an additional annual revenue of 1.5 billion yuan upon reaching full capacity [2][3]. Business Performance and Growth - Jinpan Technology has shown steady growth, with revenues of 5.194 billion yuan and a net profit of 486 million yuan in the first three quarters of 2025, representing year-on-year increases of 8.25% and 20.27%, respectively [1][4]. - The company’s revenue from the data center sector surged by 337.47%, while the wind power sector grew by 71.21%, indicating a robust multi-faceted business performance [6]. - The company has maintained a strong growth trajectory, with revenues of 4.746 billion yuan, 6.668 billion yuan, and 6.901 billion yuan from 2022 to 2024, alongside net profits of 283 million yuan, 505 million yuan, and 574 million yuan, showcasing a significant increase of 78.15% in 2023 [4][5]. R&D and Innovation - Jinpan Technology has consistently increased its R&D investment, with expenditures of 351 million yuan, 356 million yuan, and 224 million yuan from 2023 to the first three quarters of 2025, totaling 931 million yuan over three years [6]. - The company holds 130 core technologies, 330 effective patents, 74 software copyrights, and 43 trademarks, reflecting its strong innovation capabilities [6]. Market Performance - As of November 10, 2025, Jinpan Technology's stock price closed at 91.01 yuan per share, with a cumulative increase of 122.41% since the beginning of the year, driven by robust business performance and industry growth [6].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.57%, closing at 1407.56 points, with a total trading volume of 4.379 billion shares and a turnover of 203.38 billion yuan [1] - Among the tradable stocks on the STAR Market, 332 stocks closed higher, with 8 stocks hitting the daily limit up, while 252 stocks closed lower, including 1 stock with a decline exceeding 10% [1] Trading Activity - The highest turnover rates were observed in He Yuan Biological, which closed down by 1.54% with a turnover rate of 23.03%, and Wanrun New Energy, which closed down by 0.81% with a turnover rate of 21.13% [1][3] - A total of 36 stocks with high turnover rates experienced net inflows of main funds, with the highest net inflows recorded for Purun Co., Shen Gong Co., and Shijia Photon, amounting to 214 million yuan, 171 million yuan, and 132 million yuan respectively [2] Sector Analysis - In terms of industry distribution, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 23 stocks, followed by the power equipment and computer sectors with 15 and 9 stocks respectively [2] - The stocks with the highest turnover rates also showed significant variations in net fund flows, with some experiencing substantial net outflows, such as Guo Dun Quantum and Hua Hong Company, with net outflows of 543 million yuan and 342 million yuan respectively [2] Notable Stocks - Key stocks with notable performance included: - He Yuan Biological (688765): Closed at 93.50 yuan, down 1.54%, with a turnover rate of 23.03% and a net outflow of 67.69 million yuan [3] - Wanrun New Energy (688275): Closed at 90.77 yuan, down 0.81%, with a turnover rate of 21.13% and a net outflow of 40.22 million yuan [3] - Yingfang Software (688435): Closed at 54.89 yuan, up 14.28%, with a turnover rate of 19.78% and a net inflow of 36.17 million yuan [3]