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]

Core Viewpoint - The company announced a share buyback plan, indicating a commitment to returning value to shareholders and potentially signaling confidence in its future performance [1] Group 1 - As of October 31, 2025, the company has repurchased a total of 533,326 shares [1] - The repurchased shares represent 0.5095% of the company's total share capital of 104,670,000 shares [1]

Group 1 - The company, Kehui Co., announced on November 3 that it has repurchased approximately 530,000 shares through the Shanghai Stock Exchange, accounting for 0.5095% of its total share capital of about 105 million shares [1] - The highest price for the repurchased shares was 18.52 RMB per share, while the lowest price was 13 RMB per share [1] - The total amount spent on the share repurchase was approximately 7.74 million RMB [1]

证券代码：688681 证券简称：科汇股份 公告编号：2025-077 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 | 年 月 2025 4 4 | 29 | 日~2026 | 年 | 月 | 日 28 | | 预计回购金额 | 900万元~1,600万元 | | | | | | | 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 | | | | | | | 累计已回购股数 | 53.33万股 | | | | | | | 累计已回购股数占总股本比例 | 0.5095% | | | | | | | 累计已回购金额 | 773.77万元 | | | | | | | 实际回购价格区间 | 13.00元/股~18.52元/股 | | | | | | 一、 回购股份的基本情况 山东科汇电力自动化股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召 ...

Core Viewpoint - The company, Kehui Co., Ltd. (688681.SH), has announced a share buyback program, indicating a commitment to enhancing shareholder value through capital management [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 533,300 shares, which represents 0.5095% of the total share capital [1] - The highest price paid for the repurchased shares was 18.52 CNY per share, while the lowest price was 13.00 CNY per share [1] - The total amount spent on the share buyback was 7.7377 million CNY, excluding transaction fees such as stamp duty and commissions [1]

Core Viewpoint - 科汇股份 is a leading domestic company in electrical automation and industrial IoT technology, with strong R&D and industrialization capabilities. The company is facing challenges in revenue and profit compared to industry peers, but maintains a favorable debt ratio and gross margin [1][2][3]. Group 1: Business Performance - In Q3 2025, 科汇股份 achieved revenue of 351 million, ranking 24th among 28 companies in the industry, significantly lower than the top company, 国电南瑞, which reported 38.577 billion, and the second, 宏发股份, at 12.914 billion. The industry average revenue was 356.6 million, with a median of 88.3 million [2]. - The net profit for the same period was 35.43 million, ranking 20th in the industry, again trailing behind 国电南瑞's 5.146 billion and 宏发股份's 1.947 billion. The industry average net profit was 38.6 million, with a median of 6.874 million [2]. Group 2: Financial Ratios - As of Q3 2025, 科汇股份 had a debt-to-asset ratio of 30.46%, an increase from 24.93% year-on-year, but still below the industry average of 40.35%, indicating good debt repayment capability [3]. - The gross margin for the same period was 42.83%, down from 46.34% year-on-year, yet still above the industry average of 31.57%, reflecting a competitive edge in profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.33% to 5,386, while the average number of circulating A-shares held per shareholder decreased by 6.83% to 19,400 [5]. - Among the top ten circulating shareholders, 招商量化精选股票发起式A held 1.026 million shares, a decrease of 15,900 shares from the previous period, while 上证综指ETF entered the list with 838,100 shares [5].