Group 1 - The core viewpoint of the news is the performance of the China Securities Hainan Development Theme Index, which has seen a decline of 8.16% in the past month, 6.18% in the past three months, and 11.99% year-to-date [1] - The index reflects the overall performance of listed companies in Hainan Province, with a base date of December 31, 2012, set at 1000.0 points [1] - The top ten weighted companies in the index include Hainan Airport (11.25%), Zhongtung High-tech (8.34%), Hainan Rubber (7.33%), and others, indicating a diverse representation of sectors [1] Group 2 - The industry composition of the index shows that materials account for 22.33%, consumer staples for 20.37%, and industrials for 19.26%, highlighting the sectoral distribution within the index [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring that the index remains reflective of the market [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes significant corporate changes [2]

Core Viewpoint - The company reported a mixed performance in Q1 2025, with revenue growth year-on-year but significant declines in both quarter-on-quarter revenue and net profit, indicating challenges in the current market environment [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.34 billion yuan, a year-on-year increase of 2.9% but a quarter-on-quarter decline of 36.1% [1]. - The net profit attributable to shareholders was 110 million yuan, reflecting a year-on-year growth of 13.3% but a quarter-on-quarter decrease of 37.2% [1]. - The net profit excluding non-recurring items was 98.68 million yuan, showing a year-on-year decrease of 2.6% and a quarter-on-quarter decline of 41.3% [1]. Operational Highlights - The improvement in operating cash flow was driven by an increase in high-quality orders, with net cash flow from operating activities reaching 130 million yuan, an improvement of 470 million yuan year-on-year [2]. - The company’s sales expense ratio was 4.9%, up 0.03 percentage points year-on-year, while the management expense ratio (excluding R&D) was 6.2%, up 0.4 percentage points year-on-year [2]. - Financial expense ratio decreased to 0.7%, down 0.6 percentage points year-on-year [2]. Global Expansion - The company optimized its global production capacity, with overseas revenue reaching 1.98 billion yuan in 2024, a year-on-year increase of 68.3% [2]. - New production bases have been established in regions such as Mexico, Poland, and Malaysia, with expectations for new capacity to gradually come online in 2025 [2]. - Domestic sales orders grew by 27.47% year-on-year, indicating a stable domestic business outlook [2]. Growth Drivers - The company is focusing on the data center and power distribution business, leveraging advantages such as low loss, low noise, and high reliability [3]. - In 2024, the company secured over 140 data center orders, with order value increasing by 603.68% year-on-year, supporting rapid performance growth [3]. - The company is expected to benefit from the ongoing construction of AI Data Centers (AIDC) due to its established relationships with major clients like Alibaba, Baidu, and Huawei [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 9.048 billion yuan, 11.062 billion yuan, and 12.692 billion yuan, respectively, with net profits expected to be 807 million yuan, 1.056 billion yuan, and 1.278 billion yuan [3]. - Corresponding price-to-earnings ratios are projected to be 17.64, 13.47, and 11.14 times for the respective years [3].

证券代码：688676 证券简称：金盘科技 公告编号：2025-028 海南金盘智能科技股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 4 月 25 日 （二） 股东会召开的地点：海南省海口市南海大道 168-39 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 200 | | --- | --- | | 普通股股东人数 | 200 | | 2、出席会议的股东所持有的表决权数量 | 243,094,704 | | 普通股股东所持有表决权数量 | 243,094,704 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 53.5590 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 53.5590 | （四） 表 ...

2．海南金盘智能科技股份有限公司第三届董事会第十九次会议决议； 北京市金杜（深圳）律师事务所（以下简称本所）接受海南金盘智能科技股 份有限公司（以下简称公司）的委托，根据《中华人民共和国证券法（2019 修 订）》（以下简称《证券法》）、《中华人民共和国公司法（2023 修正）》（以 下简称《公司法》）、中国证券监督管理委员会《上市公司股东会规则》（以下 简称《股东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意 见书之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区） 现行有效的法律、行政法规、规章、规范性文件和现行有效的《海南金盘智能科 技股份有限公司章程》（以下简称《公司章程》）的规定，指派律师出席了公司 于 2025 年 4 月 25 日召开的 2024 年年度股东会（以下简称本次股东会），并就 本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1．经公司 2025 年第一次临时股东会审议通过的《公司章程》； 北京市金杜（深圳）律师事务所 关于海南金盘智能科技股份有限公司 2024 年年度股东会的法律意见书 致：海南 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the emergence of new growth drivers domestically and proactive measures taken overseas to address tariff impacts [1][8] - The company's Q1 2025 performance met market expectations, with revenue of 1.34 billion yuan, a year-on-year increase of 3%, and a net profit of 110 million yuan, up 13% year-on-year [8] - Domestic orders are recovering rapidly, with significant growth in downstream revenues from data centers and wind energy [8] - The company is expanding production capacity in multiple locations to mitigate the impact of trade tensions, including factories in Mexico, Poland, and Malaysia [8] Financial Forecasts - Total revenue is projected to grow from 6.67 billion yuan in 2023 to 12.93 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.24% [1] - Net profit attributable to the parent company is expected to increase from 504.66 million yuan in 2023 to 1.32 billion yuan in 2027, reflecting a CAGR of 27.06% [1] - The latest diluted EPS is forecasted to rise from 1.10 yuan in 2023 to 2.88 yuan in 2027 [1] Market Data - The closing price of the company's stock is 31.74 yuan, with a market capitalization of approximately 14.52 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 28.77 in 2023 to 11.01 in 2027, indicating an improving valuation [1][9] Operational Insights - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 130 million yuan in Q1 2025 [8] - The gross margin for Q1 2025 was 24.9%, slightly down by 0.5 percentage points year-on-year, while the net margin improved by 0.8 percentage points to 7.9% [8]

金盘科技（688676.SH）2025 年一季报点评 现金流改善明显，推进"内外双循环"市场布局 2025 年 04 月 24 日 ➢ 事件：2025 年 4 月 23 日，公司发布 2025 年一季报。2025 年 Q1 公司实 现营业收入 13.43 亿元，同比+2.9%；实现归母净利润 1.07 亿元，同比+13.32%； 实现扣非净利润 0.99 亿元，同比-2.56%。 ➢ 下游结构有所优化，新业务持续贡献增量。得益于公司长期实施的多元化战 略布局，以数据中心为代表的新基建等非新能源业务实现显著增长，2024 年非 新能源领域收入为 37.12 亿元，同比增长 31.02%，其中新型基础设施行业销售 收入增长 167.43%，对公司形成有效业绩支撑；2025 年 Q1 公司营收总体增长 2.9%，但数据中心、风能等优势下游销售收入递增明显。在数据中心领域，公司 可提供 AIDC 模块化电源装备（包含变压器，成套开关电力模块、能源管理等产 品），客户涵盖阿里巴巴、百度、华为、中国移动、中国联通等知名企业。2024 年，公司数据中心订单同比增长 603.68%，2025 年公司数据中心等新下游具备 充足 ...

金盘科技（688676.SH）2025 年一季报点评 现金流改善明显，推进"内外双循环"市场布局 2025 年 04 月 24 日 ➢ 事件：2025 年 4 月 23 日，公司发布 2025 年一季报。2025 年 Q1 公司实 现营业收入 13.43 亿元，同比+2.9%；实现归母净利润 1.07 亿元，同比+13.32%； 实现扣非净利润 0.99 亿元，同比-2.56%。 ➢ 下游结构有所优化，新业务持续贡献增量。得益于公司长期实施的多元化战 略布局，以数据中心为代表的新基建等非新能源业务实现显著增长，2024 年非 新能源领域收入为 37.12 亿元，同比增长 31.02%，其中新型基础设施行业销售 收入增长 167.43%，对公司形成有效业绩支撑；2025 年 Q1 公司营收总体增长 2.9%，但数据中心、风能等优势下游销售收入递增明显。在数据中心领域，公司 可提供 AIDC 模块化电源装备（包含变压器，成套开关电力模块、能源管理等产 品），客户涵盖阿里巴巴、百度、华为、中国移动、中国联通等知名企业。2024 年，公司数据中心订单同比增长 603.68%，2025 年公司数据中心等新下游具备 充足 ...

Financial Performance - The company's operating revenue for Q1 2025 reached CNY 1,342,678,443.80, representing a 2.90% increase compared to CNY 1,304,779,778.59 in the same period last year[4] - Net profit attributable to shareholders was CNY 107,242,028.23, up 13.32% from CNY 94,639,572.62 year-on-year[4] - The net cash flow from operating activities improved significantly to CNY 134,897,800.33, compared to a negative CNY 331,240,278.60 in the previous year[4] - Basic and diluted earnings per share increased to CNY 0.24, up 9.09% from CNY 0.22 in the previous year[4] - The total comprehensive income for the first quarter of 2025 was CNY 106,882,045.35, compared to CNY 93,283,658.40 in the first quarter of 2024, representing an increase of approximately 14.3%[25] - Net profit for Q1 2025 was CNY 106,347,986.18, compared to CNY 93,402,884.28 in Q1 2024, representing a 13.5% increase[24] Cash Flow and Liquidity - Cash inflow from operating activities for Q1 2025 was CNY 1,533,822,969.99, a significant increase of 37.0% from CNY 1,119,684,205.26 in Q1 2024[28] - Cash and cash equivalents increased to CNY 862,344,450.61 from CNY 559,933,326.28, marking a 54% growth[20] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 816,113,368.55, compared to CNY 486,454,671.52 at the end of Q1 2024, reflecting an increase of 77.6%[29] - Cash inflow from financing activities in Q1 2025 was CNY 379,378,180.81, compared to CNY 285,467,408.22 in Q1 2024, marking a rise of 32.9%[29] - The net cash flow from financing activities for Q1 2025 was CNY 288,549,369.85, up from CNY 209,388,733.70 in Q1 2024, indicating an increase of 37.8%[29] - The total cash outflow from investing activities in Q1 2025 was CNY 234,678,614.89, down from CNY 278,503,722.54 in Q1 2024, representing a decrease of 15.7%[28] Research and Development - Research and development expenses totaled CNY 63,056,910.90, accounting for 4.70% of operating revenue, slightly up from 4.68%[5] - The company plans to increase R&D investment to enhance product competitiveness and optimize production processes to reduce operational costs[17] - Research and development expenses for Q1 2025 were CNY 62,854,598.12, compared to CNY 61,027,114.39 in Q1 2024, showing a 3% increase[24] Assets and Liabilities - Total assets increased by 4.16% to CNY 10,016,484,603.16 from CNY 9,616,022,655.06 at the end of the previous year[5] - Total liabilities increased to CNY 5,460,478,858.98 from CNY 5,169,492,684.14, reflecting a 5.6% rise[22] - The company's total equity increased to CNY 4,556,005,744.18 from CNY 4,446,529,970.92, a growth of 2.4%[22] Market and Strategy - Domestic sales orders grew by 27.47% year-on-year in Q1 2025, indicating strong growth potential in the domestic market[16] - The company is actively expanding its overseas production capacity, with new facilities expected to be operational within the year, enhancing supply capabilities[15] - The company is implementing a "dual circulation" strategy to mitigate risks, leveraging its global production base for both domestic and international markets[16] - The company is closely monitoring international trade policies and has adopted measures to mitigate the impact of tariff uncertainties on its operations[14] Shareholder Information - The top shareholder, Hainan Yuanyu Intelligent Technology Investment Co., Ltd., holds 40.41% of the shares, indicating significant ownership concentration[10] Other Financial Metrics - The company reported non-recurring gains of CNY 8,563,356.67, primarily from government subsidies and other non-operating income[8] - The net profit excluding non-recurring items was CNY 98,678,671.56, a decrease of 2.56% compared to CNY 101,270,312.35 in the same period last year[4] - The company implemented a retrospective adjustment in accounting policies affecting the cost of sales, resulting in an adjusted cost of sales of CNY 975,840,486.84 for the year 2024[6] - Total operating costs for Q1 2025 were CNY 1,239,869,797.60, up from CNY 1,197,246,241.31 in Q1 2024, reflecting a 3.5% increase[23] - Inventory levels increased to CNY 2,236,725,388.27 from CNY 2,119,365,936.14, a growth of 5.5%[20] - Long-term investments slightly decreased to CNY 51,406,467.56 from CNY 52,373,427.13, a decline of 1.8%[21]

金盘科技公告，2025年第一季度营收为13.43亿元，同比增长2.90%；净利润为1.07亿元，同比增长 13.32%。 ...

海南金盘智能科技股份有限公司 2024 年年度股东会会议资料 海南金盘智能科技股份有限公司 2024 年年度股东会会议资料 股票简称：金盘科技 股票代码：688676 2025 年 4 月 1 海南金盘智能科技股份有限公司 2024 年年度股东会会议资料 2024 年年度股东会须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东会规则》以及《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股东会议事规则》的相关规定，特制定 2024 年年度股 东会会议须知： 一、为确认出席会议的股东或股东代表或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次股东会的严肃性和正常秩序，切实维护与会股东的合法权益， 除出席会议的股东（或股东代表）、公司董事、监事、高级管理人员、见证律师 以及董事会邀请的人员外，公司有权拒绝其他人员进入会场。 | 2024 | | 年年度股东会须知 3 | | --- | --- | --- | | 2024 ...