Core Viewpoint - The financial performance of ShenNan Electric A (000037) shows a decline in revenue and a significant increase in net loss, indicating potential challenges in operational efficiency and cash flow management [1][6]. Financial Performance Summary - Total revenue for the reporting period is 166 million, a year-on-year decrease of 11.45% [1] - Net profit attributable to shareholders is -21.74 million, a year-on-year increase of 42.57% [1] - Gross margin is 2.58%, down 35.82% year-on-year [1] - Net margin is -15.05%, up 30.47% year-on-year [1] - Total accounts receivable represent 391.21% of the latest annual net profit, indicating a high level of receivables [1][8] Cash Flow and Financial Structure - Cash and cash equivalents decreased by 77.19% due to repayment of short-term loans and increased structured deposits [2] - Net cash flow from operating activities decreased by 17.47%, attributed to improved working capital management [5] - Net cash flow from investing activities decreased by 654.55%, primarily due to increased expenditures on the Zhongshan independent energy storage project [5] - Net cash flow from financing activities decreased by 201.41%, reflecting a reduction in new financing [5] Cost and Expense Management - Operating costs decreased by 10.12% due to reduced electricity production [3] - Sales expenses decreased by 34.86% due to enhanced budget control and operational management [4] - Financial expenses decreased by 75.40% due to improved liquidity management [4] - R&D expenses decreased by 43.42% due to a reduction in ongoing projects [5] Investment and Return Metrics - The company's return on invested capital (ROIC) was 3.94%, indicating weak capital returns historically [6] - The median ROIC over the past decade is 1.6%, with a significant loss in 2021 at -19.02% [6] - The company has reported losses in 6 out of 31 annual reports since its listing, suggesting a challenging investment profile [6][8] Business Model Insights - The company's performance is primarily driven by R&D, necessitating a thorough examination of the underlying drivers of this approach [7]

Core Viewpoint - The financial performance of ShenNan Electric A (000037) shows a decline in revenue and a significant increase in net loss, indicating potential challenges in operational efficiency and cash flow management [1][2]. Financial Performance Summary - Total revenue for the reporting period is 166 million, a year-on-year decrease of 11.45% [1]. - Net profit attributable to shareholders is -21.74 million, a year-on-year increase of 42.57% [1]. - Gross margin stands at 2.58%, down 35.82% year-on-year, while net margin is -15.05%, up 30.47% year-on-year [1]. - Total expenses (selling, administrative, and financial) amount to 36.65 million, accounting for 22.02% of revenue, a decrease of 5.94% year-on-year [1]. - Earnings per share is -0.04, an increase of 42.52% year-on-year [1]. Cash Flow and Asset Management - Cash and cash equivalents decreased by 77.19% due to repayment of short-term loans and increased investments in structured deposits and money market funds [2][4]. - Operating cash flow per share is -0.1, a decrease of 17.47% year-on-year [1][4]. - Investment cash flow net decreased by 654.55% due to increased equipment procurement and project payments for the Zhongshan independent energy storage project [4]. - Financing cash flow net decreased by 201.41% as the company reduced its financing scale [4]. Accounts Receivable and Liabilities - Accounts receivable represent 391.21% of the latest annual net profit, indicating a significant collection issue [1][4]. - Short-term borrowings decreased by 65.35% due to repayment of due loans [2]. - Employee compensation payable decreased by 68.07% due to the distribution of last year's performance bonuses [2]. Project Development and Investment - Fixed assets increased by 24.30% as the company advanced the Zhongshan independent energy storage project [2]. - Right-of-use assets surged by 409.41% due to new leasing contracts for project land and buildings [2]. - The company is focusing on enhancing its asset-liability structure and improving cash flow management [4]. Business Model and Operational Insights - The company's return on invested capital (ROIC) was 3.94%, indicating weak capital returns historically [4]. - The net profit margin last year was 14.43%, suggesting high value-added in products or services [4]. - The company has experienced six years of losses since its listing, raising concerns about its long-term viability [4].

一、监事会会议召开情况 深圳南山热电股份有限公司（以下简称"公司"）第十届监事会第四 次会议于 2025 年 8 月 20 日上午 11:00 时在深圳市南山区华侨城汉唐大厦 式送达全体监事。会议由翟保军监事会主席召集并主持，会议应出席监事 《中华人民共和国公司法》和《深圳南山热电股份有限公司章程》（以下 简称"公司《章程》"）的有关规定。 二、监事会会议审议情况 证券代码：000037、200037； 证券简称：深南电 A、深南电 B； 公告编号：2025-031 深圳南山热电股份有限公司 第十届监事会第四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 （一）审议通过了《2025 年半年度报告》全文及摘要 同意在指定的信息披露报刊及网站上披露《2025 年半年度报告》全 文及摘要。详见同日在《证券时报》和巨潮资讯网上披露的《2025 年半 年度报告》全文及摘要（公告编号：2025-032~035）。 监事会认为： 国证券监督管理委员会和深圳证券交易所的有关规定，内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏； 法规、公司《章程》 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、召开会议基本情况 （一）会议届次：2025 年第一次临时股东大会 （二）召集人：公司董事会，公司第十届董事会第四次会议审议 通过了《关于召开 2025 年第一次临时股东大会的议案》。 证券代码：000037、200037； 证券简称：深南电 A、深南电 B； 公告编号：2025-037 深圳南山热电股份有限公司 关于召开 2025 年第一次临时股东大会的通知 （三）会议召开的合法、合规性：本次会议的召集、召开程序符 合《中华人民共和国公司法》《中华人民共和国证券法》等法律、行 政法规、部门规章、规范性文件和《深圳南山热电股份有限公司章程》 的相关规定。 （四）会议的召开时间 现场会议时间：2025 年 9 月 10 日（星期三）下午 14:30 时 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具 体时间为：2025 年 9 月 10 日上午 9:15－9:25 时、9:30－11:30 时、 下午 13:00－15:00 时；通过深圳证券交易所互联网投票系统投票的 具体时间为：2025 年 9 月 ...

证券代码：000037、200037； 证券简称：深南电 A、深南电 B； 公告编号：2025-030 深圳南山热电股份有限公司 第十届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳南山热电股份有限公司（以下简称"公司"）第十届董事会第四 次会议于 2025 年 8 月 20 上午 9:30 时，在深圳市南山区华侨城汉唐大厦 式送达全体董事、监事。会议由孔国梁董事长召集并主持，会议应出席董 事 8 人，实际出席董事 8 人，公司监事及高级管理人员列席了会议。出席 会议的人数及会议的召集、召开程序符合《中华人民共和国公司法》和《深 圳南山热电股份有限公司章程》（以下简称"公司《章程》"）的有关规 定。 （一）审议通过了《2025 年半年度报告》全文及摘要 同意在指定的信息披露报刊及网站上披露《2025 年半年度报告》全 文及摘要，详见同日在《证券时报》和巨潮资讯网上披露的《2025 年半 年度报告》全文及摘要（公告编号：2025-032~035）。 该议案已经公司第十届董事会审计委员会第十次会议以同意 3 ...

每经AI快讯，深南电A（SZ 000037，收盘价：9.42元）8月21日晚间发布半年度业绩报告称，2025年上 半年营业收入约1.66亿元，同比减少11.45%；归属于上市公司股东的净利润亏损约2174万元；基本每股 收益亏损0.0361元。2024年同期营业收入约1.88亿元；归属于上市公司股东的净利润亏损约3785万元； 基本每股收益亏损0.0628元。 每经头条（nbdtoutiao）——最火游资不再是方新侠、章盟主、佛山无影脚？这名95后声名鹊起！ （记者 曾健辉） 截至发稿，深南电A市值为57亿元。 ...

Group 1 - The company reported a revenue of 166 million yuan for the first half of 2025, representing a year-on-year decline of 11.45% [1] - The net profit attributable to shareholders of the listed company was -21.7395 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -28.3270 million yuan [1] - The basic earnings per share were -0.0361 yuan [1]

| 序号 | 原条款 | 修订后条款 | | --- | --- | --- | | | 全文统一修订内容： | | | | 1.删除"监事会""监事"。 | | | | 2."股东大会"调整为"股东会"。 | | | | 3.条款仅做上述调整的，不再逐一列示修订前后对照情况。 第三条 公司董事会成员 | 第三条 公司独立董事占董 | | | 中独立董事的比例不少于三分 | 事会成员的比例不得低于三分 | | | 之一。独立董事应当在公司董 | 之一，且至少包括一名会计专业 | | | 事会下设薪酬与考核委员会、 | 人士。独立董事应当在公司董事 | | 1 | 审计委员会、提名委员会成员 | 会下设薪酬与考核委员会、审计 | | | 中占多数，并担任召集人。审 | 委员会、提名委员会成员中占多 | | | 计委员会的召集人应当为会计 | 数，并担任召集人。审计委员会 | | | 专业人士。 | 的召集人应当为会计专业人士。 | | | 第六条 独立董事必须保 | 第六条 独立董事必须保持 | | | 持独立性。下列人员不得担任 | 独立性。下列人员不得担任本公 | | | 本公司的独立董事： | 司的独立董 ...

《深圳南山热电股份有限公司章程》修订对照表 | 序 号 | | 原条款 | | 修订后条款 | | --- | --- | --- | --- | --- | | | 全文统一修订内容： | | | | | | | | 1.删除"监事会""监事"；《公司法》规定的监事会职权由董事会审计 | | | 1 | | | 委员会承担。条款仅删除"监事会""监事"的，不再逐一列示修订前后 | | | | 对照情况。 | | | | | | | | 2."股东大会"调整为"股东会"，条款仅作此调整的，不再逐一列示修 | | | | 订前后对照情况。 | | | | | | | | 目 录 | | | | 目 录 | | | | | | | | 第一章 | 总则 | | | 第一章 总则 | | …… | | | | …… | | | | | | | | 第四章 | 股东和股东会 | | | 第四章 | 股东和股东大会 | 第一节 | 股东的一般规定 | | | 第一节 股东 | | 第二节 | 控股股东和实际控制人 | | | 第二节 | 股东大会的一般规定 | | | | | | | 第三节 | 股东会的一般规定 | ...

深圳南山热电股份有限公司 2025 年半年度财务报告 深圳南山热电股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 22 日 1 深圳南山热电股份有限公司 2025 年半年度财务报告 财务报告 一、 审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、 财务报表 财务附注中报表的单位为：元 (一) 合并资产负债表 编制单位：深圳南山热电股份有限公司 | | | 单位：元 | | --- | --- | --- | | 项目 | 年 月 日 2025 6 30 | 年 月 日 2024 12 31 | | 流动资产： | | | | 货币资金 | 109,252,968.84 | 478,979,221.66 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 192,530,263.51 | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 85,710,068.42 | 67,817,025.91 | | 应收款项融资 | | | | 预付款项 | 13,070,771.21 | 19,062,3 ...