Core Viewpoint - The company announced the completion of its share repurchase plan, indicating a strategic move to enhance shareholder value and confidence in its stock performance [1] Group 1 - On June 18, 2025, the company initiated its first share repurchase through the Shanghai Stock Exchange via centralized bidding [1] - The total number of shares repurchased amounted to 617,000 shares, which represents 0.59% of the company's total share capital [1]

关于股份回购实施结果暨股份变动的公告 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、准确性和完整性承担法律责任。 证券代码：688681 证券简称：科汇股份 公告编号：2025-079 山东科汇电力自动化股份有限公司 重要内容提示： | 回购方案首次披露日 | 2025/4/30，由董事长提议 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 日~2026 年 月 28 | 月 | 29 | 4 日 | | 预计回购金额 | 900万元~1,600万元 | | | | | 回购价格上限 | 25.00元/股 | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 实际回购股数 | 61.70万股 | | | | | 实际回购股数占总股本比例 | 0.59% | | | | | 实际回购金额 | 934.06万元 | | | | | 实际回购价 ...

Core Viewpoint - The company has repurchased a total of 617,000 shares, representing 0.59% of its total share capital of 105 million shares, with a total expenditure of approximately RMB 9.34 million [1] Summary by Categories Share Repurchase Details - The highest price for the repurchased shares was RMB 19.47 per share, while the lowest price was RMB 13 per share, with an average repurchase price of RMB 15.14 per share [1]

Core Viewpoint - The company is actively expanding its overseas market presence, particularly in Europe, the Middle East, India, and South Africa, although sales remain at an early stage and are relatively small in scale [1]. Group 1 - The company has been leveraging its technological and product advantages to explore international markets [1]. - Products such as cable fault testing equipment, transmission line fault testing products, and magnetic resistance motors have been sold in various regions [1]. - The company acknowledges that its overseas sales efforts are still in the initial phase [1].

Core Insights - On November 14, Keway Co., Ltd. experienced a stock price increase of 0.62% with a trading volume of 28.47 million yuan [1] - The company reported a net financing purchase of 3.06 million yuan on the same day, with a total financing and securities balance of 69.31 million yuan, representing 3.38% of its market capitalization [1][2] Financing Overview - Keway's financing buy on November 14 amounted to 5.20 million yuan, with a current financing balance of 69.31 million yuan, which is above the 90th percentile of the past year [1] - The company had no short selling activity on the same day, with a short selling balance of 0 yuan, also indicating a high position relative to the past year [1] Business Performance - Keway Co., Ltd. specializes in electrical automation and industrial IoT technologies, with its main revenue sources being: - 36.88% from reluctance motor drive systems - 28.86% from power system synchronization clocks - 12.33% from transmission line fault wave distance measurement products - 11.15% from distribution network automation products - 5.46% from power cable fault detection and positioning devices - 1.58% from energy storage systems and integrated solar storage power stations [2] - For the period from January to September 2025, Keway achieved a revenue of 351 million yuan, reflecting a year-on-year growth of 24.95%, and a net profit of 35.33 million yuan, marking a 128.04% increase year-on-year [2] Shareholder Information - As of September 30, 2025, Keway had 5,386 shareholders, an increase of 7.33% from the previous period, with an average of 19,433 circulating shares per person, a decrease of 6.83% [2] - The company has distributed a total of 48.94 million yuan in dividends since its A-share listing, with 36.38 million yuan distributed over the last three years [3] - Among the top ten circulating shareholders, the "Zhaoshang Quantitative Selected Stock Fund" holds 1.026 million shares, while the "Shanghai Composite Index ETF" is a new entrant with 838,100 shares [3]

Core Viewpoint - The announcement from Kehui Co., Ltd. indicates a significant reduction in shareholding by its controlling shareholder, Shandong Kehui Investment Co., Ltd., which may impact the company's stock performance and investor sentiment [2] Summary by Relevant Sections - **Shareholding Reduction** Shandong Kehui Investment Co., Ltd. reduced its shareholding by 1,043,800 shares, representing 0.9972% of the total share capital of Kehui Co., Ltd. This reduction occurred between September 23, 2025, and November 7, 2025 [2] - **Current Shareholding Status** Following the reduction, Shandong Kehui Investment Co., Ltd. and its concerted parties now hold 36,634,515 shares, down from 37,678,315 shares. The holding percentage decreased from 36.00% to 35.00%, indicating a change that touches the 5% threshold [2]

关于持股5%以上股东权益变动触及5%刻度的提示性公告 山东科汇投资股份有限公司及其一致行动人徐丙垠保证向本公司提供的信 息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：688681 证券简称：科汇股份 公告编号：2025-078 山东科汇电力自动化股份有限公司 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 36.00% | | | | 权益变动后合计比例 | 35.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动 | □其他 5%以上大股东及其一致行动人 | | | □合并口径第一大股东及其一致行动人（仅适用于无控 | | 人的身份 | ...

山东科汇电力自动化股份有限公司 简式权益变动报告书 上市公司名称：山东科汇电力自动化股份有限公司 股票上市地点：上海证券交易所 股票简称：科汇股份 股票代码：688681 1 声 明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告 书》等相关法律法规和规范性文件编制本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本 报告书已全面披露信息披露义务人在山东科汇电力自动化股份有限公司拥有权 益的股份变动情况。 信息披露义务人：山东科汇投资股份有限公司 通讯地址：山东省淄博市张店区齐新大道 39 号 信息披露义务人之一致行动人：徐丙垠 通讯地址：山东省淄博市张店区房镇三赢路 16 号 股份变动性质：股份减持（集中竞价），信息披露义务人及其一致行动人合计持 股比例变动触及 5%刻度 签署日期：二 ...

Core Viewpoint - Shandong Kehui Investment Co., Ltd. and its concerted actor Xu Bingyin reduced their shareholding in Kehui Co., Ltd. by 1,043,800 shares, representing 0.9972% of the total share capital, between September 23 and November 7, 2025 [1] Summary by Relevant Sections - Shareholding Changes - After the reduction, Shandong Kehui Investment Co., Ltd. and Xu Bingyin collectively hold 36,634,515 shares, decreasing their ownership percentage from 36.00% to 35.00%, which triggers the 5% equity change disclosure requirement [1] - Shandong Kehui Investment Co., Ltd.'s shareholding percentage decreased from 27.06% to 26.06%, while Xu Bingyin's shareholding quantity and percentage remained unchanged [1] - Share Restrictions - The shares involved in this transaction are not subject to any pledges, freezes, or other rights restrictions [1]

Group 1: General Information - The research object is Kehui Co., Ltd., belonging to the power grid equipment industry, and the reception time is November 5, 2025. The listed company's reception staff includes the chairman Zhu Yijun, the board secretary Qin Xiaolei, the financial director Lü Hongliang, and the independent director Wang Chuanshun [16] - The detailed research institutions are investors who participated in the company's Q3 2025 performance briefing online, and the reception object type is others [19] Group 2: Main Content - The new application scenarios of reluctance motor products include the application of synchronous reluctance motor products in general occasions such as fans and water pumps, and the application of switched reluctance motors in occasions such as traction locomotives and crushers. These new scenarios highlight the energy - saving and unique advantages of reluctance motors and increase market demand [23] - The company will continue to leverage its technological and product advantages in power fault monitoring, accelerate the automation and intelligent iteration of power fault detection instruments and the independent and controllable upgrade of power line fault monitoring systems, follow the national innovation - driven and scientific development strategies, and improve market share [23] - At the end of Q3, the company's comprehensive gross profit margin increased by more than 2 percentage points compared to last year. The gross profit margin of the smart grid fault monitoring business increased by more than 4.5 percentage points compared to the same period last year, and the motor business gross profit margin increased by 0.17 percentage points compared to the same period last year [23]