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]

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]

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 ...

海南金盘智能科技股份有限公司 证券代码：688676 证券简称：金盘科技 公告编号：2025-020 第三届董事会第二十次会议决议公告 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 海南金盘智能科技股份有限公司（以下简称"公司"）第三届董事会第二十 次会议于 2025 年 4 月 9 日以电话形式发出了本次会议的召开通知，全体董事一 致同意豁免本次会议的通知时限，召集人已在会议上对本次紧急会议作出说明。 于 2025 年 4 月 9 日下午 14：30 在公司会议室以现场及通讯方式召开。会议应到 董事 6 名，实到董事 6 名，会议由董事长李志远主持。本次会议的召开符合《中 华人民共和国公司法》《中华人民共和国证券法》《海南金盘智能科技股份有限 公司章程》《海南金盘智能科技股份有限公司董事会议事规则》等有关法律、法 规、规范性文件的规定，程序合法。 二、董事会会议审议情况 经与会董事认真审议，审核并通过如下事项： （一）审议通过《关于以集中竞价交易方式回购公司股份的方案的议案》 基于对公司未来发展 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown improvement in profitability due to increased overseas orders and a rich backlog of orders [1][3] - The revenue for 2024 reached 6.901 billion yuan, a year-on-year increase of 3.5%, with a net profit of 574 million yuan, up 13.82% year-on-year [1] - The company is expanding into new fields such as AI and smart industrial robots, focusing on intelligent welding, handling, and collaboration [4] Financial Performance - In 2024, the company achieved a gross margin of 24.32%, an increase of 1.51 percentage points year-on-year, and a net margin of 8.27%, up 0.74 percentage points year-on-year [1] - The company’s overseas sales revenue reached 1.981 billion yuan, a significant increase of 68.26% year-on-year, accounting for 29% of total revenue [2] - The company’s backlog of orders as of the end of 2024 was 6.509 billion yuan, a year-on-year increase of 35.49% [3] Revenue Breakdown - Domestic sales revenue was 4.862 billion yuan, down 10.78% year-on-year, primarily due to the oversupply in the polysilicon segment affecting the performance of the new energy sector [2] - The new infrastructure sector saw a revenue increase of 167.43%, while digital solutions grew by 74.04% [2] Future Projections - The company is expected to achieve net profits of 808 million yuan, 1.162 billion yuan, and 1.390 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21.6, 15.0, and 12.6 [4][5]

Summary of Jinpan Technology Conference Call Company Overview - **Company**: Jinpan Technology - **Year**: 2024 - **Total Revenue**: 6.901 billion CNY, with a slight year-on-year increase [3][4] Key Financial Performance - **Main Business Revenue**: 6.843 billion CNY, with overseas sales increasing by 68.26% to 1.981 billion CNY; domestic revenue decreased due to the impact of the new energy business cycle [3][4] - **New Orders**: 8.9 billion CNY, up 13.63% year-on-year; backlog orders reached 6.509 billion CNY, up 35.49% [5] - **Gross Profit**: 1.678 billion CNY, with a gross margin of 24.32%, an increase of 1.7 percentage points [6] - **Net Profit**: 574 million CNY, up 13.82% year-on-year; net profit margin increased by 0.75 percentage points to 8.32% [6] Market Expansion and Globalization - **International Sales Growth**: Foreign sales orders increased by 66.92% to 3.324 billion CNY; significant expansion in Mexico, the U.S., and Poland [3][7][9] - **Customer Base**: Long-term customer order contribution increased to 45%, with over 800 new customers from 20 countries [10] Technological Innovation - **Product Matrix Upgrade**: LCD transformers saw a 94-fold increase in orders, exceeding 900 million CNY; data center orders grew by 603.68% with over 140 contracts signed [8] - **R&D Achievements**: 408 R&D personnel, 121 core technologies, and 284 effective patents [11] Digital Transformation and Smart Manufacturing - **Smart Manufacturing Initiatives**: Upgraded MES to MOM, achieving national DCMM Level 3 certification; integrated AI into digital manufacturing platforms to enhance efficiency [12] - **AI Applications**: AI tools have been widely adopted, improving operational efficiency and quality across various departments [22] Sustainability and ESG Initiatives - **ESG Commitment**: Established SBI scientific reduction targets and disclosed TCFD reports; set up green and zero-carbon factories in multiple locations [14] Challenges and Strategic Responses - **Impact of U.S. Tariffs**: The company is addressing tariff challenges through cost-sharing, capacity adjustments, and supply chain optimization [15][25] - **2025 Growth Target**: Aiming for over 30% growth despite tariff challenges, with a focus on both domestic and international markets [24] Future Outlook - **Market Potential**: The smart welding sector is expected to have a market potential of over 10 billion CNY, with gradual entry planned [29] - **Data Center Developments**: Continuous preparation for modular power equipment for data centers, with significant market opportunities anticipated by 2030 [30] Conclusion Jinpan Technology has demonstrated resilience and growth in a challenging market environment, leveraging technological innovation, global expansion, and a commitment to sustainability to position itself for future success. The company is well-prepared to navigate international trade challenges while pursuing ambitious growth targets.

薪酬方面，69岁董事长李志远的年薪为125.89万元，42岁高级副总裁栗记涛的年薪为147.43万元，赶超 董事长。 瑞财经 吴文婷近日，金盘科技发布2024年年度报告。 根据公告，公司实现营业收入为69.01亿元，同比增长3.50%;归属于上市公司股东的净利润为5.74亿元， 同比增长13.82%。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期 | 2022年 | | | | | 增减(%) | | | 营业收入 | 6,900,859,224.75 | 6,667,579,429.44 | 3.50 | 4,745,599,395.76 | | 归属于上市公 司股东的净利 | 574,421,452.41 | 504,660,243.92 | 13.82 | 283,278,076.36 | | 润 | | | | | | 归属于上市公 司股东的扣除 | 551,140,635.27 | 480,765,035.84 | 14.64 | 234,612,758.39 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company has shown impressive growth in overseas markets, particularly in data centers and other downstream sectors, despite facing challenges in the domestic renewable energy segment [4][5] - The company achieved a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, and a net profit of 574 million yuan, which is a 13.82% increase compared to the previous year [3][4] - The company is expected to see significant revenue growth in the coming years, with projections of 8.435 billion yuan in 2025, 10.350 billion yuan in 2026, and 12.758 billion yuan in 2027 [7][9] Summary by Sections Revenue and Profitability - The company's main business revenue for 2024 was 6.843 billion yuan, a year-on-year increase of 3.27% [4] - Export revenue reached 1.981 billion yuan, growing by 68.26%, while domestic sales fell by 10.78% to 4.862 billion yuan due to a decline in renewable energy income [4] - The renewable energy segment generated 3.008 billion yuan, down 19.20%, while non-renewable sectors saw a 31.02% increase in revenue to 3.712 billion yuan [4] Orders and Capacity - The company secured sales orders totaling 8.900 billion yuan in 2024, a 13.63% increase year-on-year, with export orders growing by 66.92% to 3.324 billion yuan [5] - The company has a backlog of orders worth 6.509 billion yuan, up 35.49% year-on-year, which sets a solid foundation for 2025 [5] - The company is expanding its global production capacity, including the completion of a base in Mexico and preparations for a transformer factory in the United States [5] Earnings Forecast - The earnings per share (EPS) are projected to be 1.74 yuan in 2025, 2.33 yuan in 2026, and 2.96 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 21.9, 16.4, and 12.9 [7][9] - The company is expected to maintain a net profit growth rate of 38.9% in 2025 and 33.5% in 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met market expectations, with total revenue of 6.9 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 574.42 million yuan, up 13.82% year-on-year [8] - The company is experiencing growth in non-new energy sectors, with a 31% increase in revenue, driven by AIDC demand from major clients [8] - The internationalization strategy is being solidly advanced, with foreign sales revenue reaching 1.981 billion yuan, a 68% increase year-on-year, supported by new orders and a growing customer base [8] - Digitalization and energy-related businesses are entering a realization phase, with significant revenue growth in storage and digital factories [8] Financial Summary - Total revenue projections for the company are as follows: 6.9 billion yuan in 2024, 8.3 billion yuan in 2025, 9.8 billion yuan in 2026, and 11.5 billion yuan in 2027, with respective year-on-year growth rates of 3.5%, 20.39%, 17.74%, and 17.32% [1][9] - Net profit attributable to shareholders is projected to be 574.42 million yuan in 2024, 812.54 million yuan in 2025, 1.071 billion yuan in 2026, and 1.350 billion yuan in 2027, with year-on-year growth rates of 13.82%, 41.45%, 31.85%, and 26.01% [1][9] - The company's earnings per share (EPS) are expected to be 1.26 yuan in 2024, 1.78 yuan in 2025, 2.34 yuan in 2026, and 2.95 yuan in 2027 [1][9]

Core Insights - The company reported a revenue of 6.9 billion in 2024, a year-on-year increase of 3.5%, with a net profit attributable to shareholders of 570 million, up 13.8% year-on-year [1] - The performance aligns with market expectations, with the new energy sector facing challenges while AIDC demand is rising, providing new growth momentum [2] Financial Performance - In Q4 2024, the company achieved a revenue of 2.1 billion, representing an 11.0% year-on-year increase, but the net profit decreased by 0.45% to 170 million [1] - The gross margin for 2024 was 24.3%, an increase of 1.5 percentage points, while the net margin was 8.3%, up 0.7 percentage points [1] Sector Analysis - The new energy market faced pressure, with revenue from this sector declining to 3 billion, down 19% year-on-year due to oversupply of silicon materials [2] - Non-new energy revenue grew significantly to 3.7 billion, a 31% increase year-on-year, with AIDC demand surging and new orders increasing by 604% [2] International Strategy and Digitalization - The company is advancing its international strategy, with foreign sales reaching 1.981 billion, a 68% increase year-on-year, and new orders totaling 3.324 billion, up 67% [3] - Digitalization and energy-related businesses are entering a realization phase, with revenue from storage and digital factories increasing by 26% and 74% respectively [3] Cost Management and Cash Flow - The expense ratio improved in Q4, with a total expense ratio of 13.75%, down 1.29 percentage points year-on-year [4] - The net cash flow from operating activities was negative 37 million, a decrease of 242 million year-on-year, with cash received from sales increasing by 9% to 5.535 billion [4] Profit Forecast - The company revised its 2025 net profit forecast to 813 million, slightly down from the previous estimate, while the 2026 forecast was raised to 1.071 billion, reflecting a year-on-year growth of 32% [4]