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]

Core Viewpoint - The company has developed a restrictive stock incentive plan for 2025 to attract and retain talent, aligning the interests of shareholders, the company, and employees for long-term development [1][2] Group 1: Purpose and Principles of the Assessment - The purpose of the assessment is to establish a long-term incentive mechanism to attract and retain talent while aligning the interests of shareholders, the company, and employees [2] - The assessment is based on principles that ensure shareholder interests are protected, following relevant laws and regulations [2] Group 2: Assessment Organization - The Compensation and Assessment Committee is responsible for leading and organizing the assessment of incentive participants [2] - A dedicated assessment team will be formed to implement the assessment, reporting to the Compensation and Assessment Committee [2] Group 3: Assessment Scope - The assessment applies to all participants in the stock incentive plan, including senior management, core technical personnel, and key business staff [2][3] Group 4: Assessment Indicators and Standards - The performance assessment for the company will be based on revenue and net profit targets for the years 2025 to 2027 [3][4] - Specific targets include: - 2025: Revenue of 86.25 billion and net profit of 7.19 billion - 2026: Revenue of 103.50 billion and net profit of 8.63 billion - 2027: Revenue of 124.20 billion and net profit of 10.35 billion [4] Group 5: Personal Performance Assessment - Individual performance will be assessed based on internal criteria, with results categorized into six levels, affecting the personal share of stock [4] Group 6: Assessment Procedures and Results Management - The assessment team will maintain records and submit performance reports to the Compensation and Assessment Committee [4][5] - Assessment results will be communicated to participants within five working days, with an option for appeal [4][5] Group 7: Additional Provisions - The board of directors is responsible for the formulation, interpretation, and revision of the assessment methods [6] - The plan will be implemented after approval by the shareholders' meeting [6]

（五）公司实行本次员工持股计划有利于进一步促进公司建立和完善劳动者与所有 者的利益共享机制，有效地将股东利益、公司利益和员工利益相结合，完善公司薪酬激 励机制，提高员工的凝聚力和公司竞争力，充分调动员工积极性和创造性，有利于进一 步提升公司治理水平，实现公司的长远可持续发展。 海南金盘智能科技股份有限公司 董事会薪酬与考核委员会关于 2025 年员工持股计划相关事项的 核查意见 （三）公司本次员工持股计划拟定的首次授予份额的持有人均符合《指导意见》及 其他法律、法规和规范性文件规定的持有人条件，符合本次员工持股计划规定的持有人 范围，其作为公司本次员工持股计划持有人的主体资格合法、有效。 （四）公司推出本次员工持股计划前，已召开职工代表大会充分征求员工意见。本 次员工持股计划遵循公司自主决定、员工自愿参加的原则，不存在以摊派、强行分配等 方式强制员工参加的情形；公司亦不存在向本次员工持股计划持有人提供贷款、贷款担 保或任何其他财务资助的计划或安排。 海南金盘智能科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简 ...