证券代码：000400 证券简称：许继电气 公告编号：2025-27 许继电气股份有限公司 《关于公司 2022 年限制性股票激励计划实施考核管理办法的议案》， 并就本激励计划相关事项发表了核查意见。 院国资委批复的提示性公告》（公告编号：2023-24），根据国务院国有资产监 督管理委员会（以下简称"国务院国资委"）《关于许继电气股份有限公司实施 限制性股票激励计划的批复》（国资考分〔2023〕146号）文件，国务院国资委 原则同意公司实施本次限制性股票激励计划。 于公司 2022 年限制性股票激励计划（草案修订稿）及其摘要的议案》《关于公 司 2022 年限制性股票激励计划管理办法（修订稿）的议案》《关于公司 2022 年限制性股票激励计划实施考核管理办法（修订稿）的议案》。独立董事、监事 会对本激励计划相关事项发表了意见，律师事务所就本激励计划相关事项出具了 法律意见书，独立财务顾问就本激励计划出具了独立财务顾问报告。 年限制性股票激励计划首次授予激励对象名单》。公示期满，未收到任何异议。 关于2022年限制性股票激励计划部分限制性股票 回购注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、 ...

证券代码：000400 证券简称：许继电气 公告编号：2025-27 许继电气股份有限公司 特别提示： 1. 许继电气股份有限公司（以下简称"公司"）本次回购注销2022年限制 性股票激励计划的限制性股票数量为125,000股，占回购注销前公司总股本的 0.0123%，涉及激励对象6人，本次回购金额合计人民币1,454,519.52元。 2. 本次回购注销完成后，公司总股本将减少至1,018,749,309股。 关于2022年限制性股票激励计划部分限制性股票 回购注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 3. 截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公 司办理完成上述限制性股票的回购注销手续。 一、股权激励计划的相关审批程序 1. 2022年12月28日，公司召开八届四十一次董事会，审议通过了《关于公 司2022年限制性股票激励计划（草案）及其摘要的议案》《关于公司2022年限制 性股票激励计划管理办法的议案》《关于公司2022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股权激励计划相 ...

Group 1: Smart Meter Business - The bidding situation for smart meters by State Grid and Southern Power Grid in 2025 is still pending, with no results published yet [1] - The company is actively expanding its smart meter business in South America, Southeast Asia, and Africa [1] Group 2: Dividend Distribution - The cash dividend for 2023 was 302 million CNY, with a dividend rate of 30% [1] - The total cash dividend for 2024 is expected to be 427 million CNY, an increase of 125 million CNY compared to 2023, with a dividend rate of 38.22%, up by 8.22 percentage points [1] Group 3: Stock Repurchase and Market Performance - The company is closely monitoring stock price fluctuations and market performance but currently has no stock repurchase plan [2] - The stock price has decreased from a high of 37 CNY to 21 CNY, prompting discussions on market value management [2] Group 4: Charging Pile Business - The charging pile market is highly fragmented, and the company provides smart charging solutions for electric vehicles [2] Group 5: Revenue Growth and Profitability - The revenue for the smart transformer and distribution system segment in 2024 is projected to grow by approximately 3% [2] - The company achieved a revenue of 4.711 billion CNY in the smart distribution system segment in 2024, maintaining growth [2] - The overall gross margin for Q1 2025 was 23.47%, an increase of 5.20 percentage points year-on-year [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has a solid order backlog in ultra-high voltage projects and is continuously expanding its overseas business. The stable foundation of the power grid supports steady growth in performance [3][4]. - In 2024, the company achieved a revenue of 17.09 billion yuan, a year-on-year increase of 0.17%, with a net profit of 1.12 billion yuan, up 11.09% year-on-year. The gross margin improved to 20.77%, an increase of 2.77 percentage points [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 17.09 billion yuan, with a net profit of 1.12 billion yuan and a gross margin of 20.77% [1]. - For Q1 2025, revenue was 2.35 billion yuan, down 16.42% year-on-year, while net profit was 208 million yuan, a decrease of 12.47% year-on-year. However, the gross margin increased to 23.47%, up 5.20 percentage points [1]. Business Segmentation - The revenue breakdown for 2024 includes: - Smart distribution and power supply systems: 4.71 billion yuan, up 2.93%, gross margin 24.26% - Smart meters: 3.87 billion yuan, up 11.00%, gross margin 24.66% - Smart medium voltage equipment: 3.35 billion yuan, up 6.69%, gross margin 18.77% - New energy and system integration: 2.46 billion yuan, down 37.47%, gross margin 8.14% - DC transmission systems: 1.44 billion yuan, up 101.57%, gross margin 30.92% - Charging and swapping equipment: 1.25 billion yuan, up 4.18%, gross margin 14.18% [2]. Future Growth Drivers - The company has a rich pipeline of ultra-high voltage projects, including major projects like Hami-Chongqing and Ningxia-Hunan. Ongoing projects include Yangjiang Qingzhou offshore wind and Gansu-Zhejiang [3]. - The overseas market expansion focuses on ultra-high voltage, smart meters, switchgear, transformers, and charging piles, targeting regions such as South America, the Middle East, Southeast Asia, Africa, and Europe [3]. Earnings Forecast - The revenue forecast for 2025-2027 has been adjusted to 18.29 billion yuan, 19.94 billion yuan, and 21.93 billion yuan respectively. The net profit forecast is adjusted to 1.43 billion yuan, 1.75 billion yuan, and 1.97 billion yuan respectively, corresponding to a current valuation of 16X, 13X, and 11X PE [4].

证券代码：000400 证券简称：许继电气 公告编号：2025-26 为进一步加强与投资者的互动交流，许继电气股份有限公司（以下简称"公司"） 定于 2025 年 5 月 22 日(周四)15:25-16:55 参加在全景网举办的河南辖区上市公司 2025 年投资者网上集体接待日活动，本次活动将采用网络远程的方式举行，投资者可 登录"全景·路演天下"(http://rs.p5w.net)参与本次互动交流。 许继电气股份有限公司 关于参加河南辖区上市公司 2025 年投资者网上集体接待日 活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 许继电气股份有限公司董事会 2025 年 5 月 19 日 出席本次网上集体接待日活动的人员有:公司董事会秘书万桂龙先生，欢迎广大 投资者积极参与。 特此公告。 ...

Summary of XJ Electric Conference Call Company Overview - **Company**: XJ Electric - **Industry**: Electric Equipment and Renewable Energy Key Points Business Structure Adjustment - XJ Electric is adjusting its business structure, leading to revenue growth in the State Grid segment while experiencing a decline in revenue from low-margin businesses in the new energy sector [2][3] - The company aims to enhance profitability and improve accounts receivable and inventory turnover rates [2][3] High Voltage Direct Current (HVDC) Projects - As of now, there are no new HVDC line announcements from the State Grid tender platform; however, XJ Electric won the Lingbao back-to-back DC transformation project in April 2025, with six planned lines expected to be released in June [2][4] - The current HVDC orders on hand amount to approximately 4 billion RMB (including tax), with expected non-tax revenue of about 2 billion RMB from these orders in 2025 and beyond [2][6] Revenue Projections - For 2025, XJ Electric anticipates total revenue of 18.3 billion RMB, representing a year-on-year growth of approximately 7% [5][20] - The HVDC segment is expected to generate 1.2 billion RMB in revenue, while the new energy and system integration segments are projected to remain stable compared to 2024 [5][20] Distribution Network Business - The company is building a secondary marketing system, which has led to a year-on-year increase in new orders despite price declines due to joint procurement policies [9] - The market share for certain products has increased by 1-2 percentage points compared to the previous year, although competition has intensified, leading to price reductions [9] New Energy Sector Developments - XJ Electric is expanding its distributed energy business with products like photovoltaic tracking systems and flexible control conversion switches, along with a digital management cloud platform for distributed energy [11][12] - The new energy segment's revenue structure is being controlled to improve margins, as the total package revenue is expected to shrink [17] International Expansion - The company expects to secure approximately 1.5 billion RMB in new overseas orders in 2025, with a growth rate of about 10% compared to 2024 [21] - Significant growth is noted in South America and Africa, particularly in smart meters, with ongoing projects in Europe [22][23] Future Plans and Strategies - XJ Electric plans to maintain a focus on single-machine business rather than EPC total package projects, with strict controls on domestic EPC projects based on scale and risk assessment [26][28] - The company has no immediate plans to establish offices or factories in Europe, focusing instead on markets in Asia, Africa, and Latin America [25] Financial Performance and Margins - The gross margin for the HVDC segment is expected to fluctuate based on final revenue and project confirmations, with a target to improve overall gross margin by one percentage point in 2025 [19][15] Market Outlook - The first batch of smart meter tenders in 2025 is expected to see a slight decrease compared to 2024, but the second batch is anticipated to positively impact volume and pricing [10] Additional Insights - The company is actively managing risks associated with overseas EPC projects, focusing on smaller, less risky projects while avoiding large-scale high-risk ventures [28]

Investment Rating - The report initiates coverage on Xuji Electric with a "Buy" rating and sets a target price of 26.41 RMB, based on a 19x PE for 2025 [1][5][7]. Core Views - Xuji Electric is a key enterprise under China Electric Equipment Group, positioned as a leading supplier of secondary equipment and converter valves in China. The company is expected to benefit from the steady growth of the new power system construction [12][13][17]. - The report anticipates the approval of 5-6 ultra-high voltage direct current (UHVDC) projects and 5-6 back-to-back projects within the year, which will significantly benefit Xuji Electric as a core supplier of converter valves and direct current control protection systems [2][12][13]. - The company is expected to achieve a compound annual growth rate (CAGR) of 23.8% in net profit from 2025 to 2027, with projected net profits of 14.12 billion, 18.21 billion, and 21.22 billion RMB for those years [5][11]. Summary by Sections Business Overview - Xuji Electric's business covers core aspects of the new power system, with a steady growth outlook aligned with the national grid's total investment, which is expected to exceed 650 billion RMB in 2025 [3][14]. - The company has seen a continuous increase in its market share for smart substation products, with bidding shares rising from 6.7% in 2022 to an expected 8.6% in 2024 [3][16]. Direct Current Transmission - Xuji Electric leads in UHVDC technology, with a market share of approximately 20% for converter valves and 40% for direct current control protection systems. The company has a strong technical foundation and project experience in flexible direct current transmission [22][30]. - The report estimates that a single conventional/flexible UHVDC project could contribute 0.66-0.99 billion RMB and 1.48-2.35 billion RMB in net profit for 2027, translating to profit elasticity of 3.1-4.7% and 7.0-11.1% respectively [4][32]. Financial Projections - The projected revenue for Xuji Electric is expected to reach 17.09 billion RMB in 2024, with a slight increase to 18.32 billion RMB in 2025, reflecting a growth rate of 7.2% [6][11]. - The net profit for 2025 is projected at 1.41 billion RMB, with a year-on-year growth of 26.4% [6][11]. Market Position - Xuji Electric's competitive position is strengthened by its ability to provide complete solutions for both UHVDC and flexible direct current transmission, making it a key player in the industry [22][26]. - The company is expected to maintain a stable market share in smart metering, with ongoing demand driven by the peak replacement cycle and international expansion [16][17].

Investment Rating - The report initiates coverage on Xuji Electric with a "Buy" rating and sets a target price of 26.41 RMB, based on a 19x PE for 2025 [1][5][7]. Core Views - Xuji Electric is a key enterprise under China Electric Equipment Group, positioned as a leading supplier of secondary equipment and converter valves in China. The company is expected to benefit from the steady growth of the new power system construction [12][13][17]. - The report anticipates the approval of 5-6 ultra-high voltage direct current (UHVDC) projects and 5-6 back-to-back projects within the year, which will significantly benefit Xuji Electric as a core supplier of converter valves and direct current control protection systems [2][12][13]. - The company has a leading position in flexible direct current technology, with the value of a single conventional UHVDC/back-to-back project estimated at approximately 1.3 billion RMB/300 million RMB, while the value of flexible direct current is about three times that of traditional direct current [2][12][22]. Summary by Sections Business Growth - Xuji Electric's business covers core aspects of the new power system, and its performance is expected to grow steadily alongside the total investment from the State Grid, which is projected to exceed 650 billion RMB in 2025 [3][14][19]. - The company's market share in smart substation products is steadily increasing, with winning bids of 340 million RMB, 495 million RMB, and 533 million RMB for 2022, 2023, and 2024 respectively, indicating a growing presence in the market [16][22]. Profitability Forecast - The forecasted net profit for Xuji Electric is expected to reach 1.41 billion RMB, 1.82 billion RMB, and 2.12 billion RMB for 2025, 2026, and 2027 respectively, with a three-year CAGR of 23.8% [5][11]. - The report estimates that a single conventional/flexible UHVDC project could contribute a net profit elasticity of 3.1-4.7%/7.0-11.1% for 2027, while five back-to-back projects could yield a net profit elasticity of 2.3-4.6% for 2025-2026 [4][32][34]. Market Position - Xuji Electric holds approximately 20% and 40% market shares in the UHV converter valve and direct current control protection system markets respectively, indicating a strong competitive position [30][31]. - The company has successfully developed a complete set of core technologies for ±800kV and below flexible direct current converter valves, showcasing its technological leadership in the industry [26][30].

致：许继电气股份有限公司 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》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会 规则》"）等现行法律、法规和其他规范性文件以及《许继电气股份有限公司章程》 （以下简称"《公司章程》"）的规定，上海上正恒泰律师事务所接受许继电气股 份有限公司（以下简称"公司"）的委托，指派程晓鸣律师、刘云律师（以下简 称"本所律师"）出席公司 2024 年度股东大会（以下简称"本次股东大会"），并 就公司召开本次股东大会的相关事宜，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关于召开本次股东大会的 相关文件和资料，听取了公司董事会就有关事项所作的陈述和说明，出席了公司 本次股东大会。 本所律师仅根据本法律意见书出具日以前发生的事实以及本所律师对该等 事实的了解，对公司本次股东大会召开所涉及的相关事项发表法律意见。本法律 意见书仅供公司为本次股东大会之目的而使用。 本所律师依据《公司法》、《证券法》和《股东会规则》的要求，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 上海上正恒泰律 ...

证券代码：000400 证券简称：许继电气 公告编号：2025-23 许继电气股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示 1.单独持有公司 37.91%股份的股东中国电气装备集团有限公司于 2025 年 4 月 25 日提议在公司2024年度股东大会上增加《关于增补第九届监事会监事候选人的议案》。 2.除上述增加临时提案事项外，本次股东大会无否决和其他变更提案的情形。 一、会议召开情况 1．召开时间 会议召开日期和时间：2025 年 5 月 12 日 15:00 交易系统投票时间：2025 年 5 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00 互联网系统投票时间：2025 年 5 月 12 日 9:15-15:00 的任意时间 1．出席的总体情况 出席本次股东大会的股东及股东代理人共计 805 人，代表公司有表决权股份 430,665,694 股，占公司有表决权总股份 1,018,874,309 股的 42.2688%。 2．现场会议出席情况 参加本次股东大会现场会议 ...