证券代码：000400 证券简称：许继电气 公告编号：2025-43 许继电气股份有限公司 九届三十一次董事会决议公告 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、会议召开情况 许继电气股份有限公司（以下简称"公司"）九届三十一次董事会于2025 年10月17日以电话和邮件方式发出会议通知，在保障董事充分表达意见的前提 下，于2025年10月27日以现场会议结合视频方式召开，现场会议地点为公司本部 会议室，会议由公司董事长李俊涛先生主持；应参加表决的董事9人，实际参加 表决的董事9人（其中：委托出席会议的董事1人，以视频方式出席会议的董事4 人），董事长李俊涛先生、董事余明星先生、张友鹏先生、胡继晔先生视频出席 本次会议，独立董事董新洲先生委托独立董事申香华女士代为表决；公司监事及 高级管理人员列席本次会议。本次董事会的召开符合《公司法》《证券法》及《公 司章程》的有关规定。 二、会议审议情况 1.会议以9票同意、0票反对、0票弃权审议通过公司《2025年第三季度报告》； 公司《2025年第三季度报告》中的财务信息已经公司董事会审计委员会审议 通过。 ...

许继电气股份有限公司 2025 年第三季度报告 证券代码：000400 证券简称：许继电气 公告编号：2025-45 许继电气股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度 报告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 适用 □不适用 单位：元 1 许继电气股份有限公司 2025 年第三季度报告 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益（包括已计提资产减值 | -1,172,171.82 | -2,696,718.20 | | | 准备的冲销部分） | | | | | 计入当期损益的政府补助（与公司正常经营业 务密切相关、符合 ...

Core Viewpoint - The photovoltaic prefabricated cabin industry in China is expected to reach a market size of 224 million yuan in 2024, with a year-on-year growth of 13.71%, driven by the transition towards standardized, modular, and rapid construction of photovoltaic power plants, and the ongoing growth in installed capacity under the "dual carbon" goals [1][7]. Overview - Photovoltaic prefabricated cabins are integrated photovoltaic power generation devices that combine key electrical equipment and auxiliary systems in a factory setting, allowing for quick deployment on-site [2][3]. Market Policy - The Chinese government has issued several policies to support the development of the power equipment industry, including the photovoltaic prefabricated cabin sector, creating a favorable policy environment for growth [4][5]. Industry Chain - The upstream of the photovoltaic prefabricated cabin industry includes suppliers of raw materials and core components, while the midstream involves design and manufacturing, and the downstream focuses on the photovoltaic market, including centralized and distributed photovoltaic power plants [6]. Development Status - The photovoltaic prefabricated cabin industry is experiencing rapid growth, with significant applications in large ground-mounted photovoltaic power plants and distributed photovoltaic projects, supported by a robust downstream market [7][8]. Competitive Landscape - The market is becoming increasingly competitive, with key players including Qingdao Teruid Electric Co., Ltd., XJ Electric Co., Ltd., and others, each focusing on different aspects of the photovoltaic prefabricated cabin business [9][11]. Company Analysis - Qingdao Teruid Electric Co., Ltd. reported a total revenue of 15.37 billion yuan in 2024, with significant contributions from various segments including electric vehicle charging networks and box-type equipment [9][10]. - XJ Electric Co., Ltd. achieved a revenue of 17.09 billion yuan in 2024, with a diverse product range including smart power distribution systems and renewable energy solutions [11][12]. Development Trends - Future advancements in photovoltaic prefabricated cabins are expected to focus on integrating various components to enhance space utilization, reduce costs, and improve performance, alongside the incorporation of AIoT technologies for better monitoring and efficiency [12].

Core Insights - The electric grid automation equipment industry in China is experiencing significant growth driven by policy incentives and technological advancements, with a projected market size of 128.6 billion yuan in 2024, representing a year-on-year increase of 9.7% [1][8][9] - The industry is supported by a series of national policies aimed at achieving carbon neutrality, emphasizing digital and intelligent transformation in the power system [5][6] - Key players in the market include State Grid NARI, XJ Electric, and Huawei, with a competitive landscape characterized by both state-owned enterprises and cross-industry entrants [2][9][10] Industry Overview - Electric grid automation equipment is essential for monitoring, controlling, protecting, and regulating electrical energy, ensuring efficient and safe operation of power systems [1][3] - The industry has evolved from relying on foreign technology to achieving self-innovation, with significant advancements in automation and integration of new technologies like AI and cloud computing [5][6] Market Dynamics - The investment structure is shifting towards the grid side, with a forecasted investment growth of 15.32% in grid engineering for 2024, further increasing by 14% in the first eight months of 2025 [6][8] - The market is segmented into various fields, with substation automation holding a 40% market share and distribution automation growing at an 11.9% rate [1][9] Competitive Landscape - The industry is characterized by a "one strong, many strong" competitive structure, with State Grid NARI leading in high-end markets, while companies like XJ Electric and Sifang Co. have established unique advantages in niche areas [9][10] - Cross-industry players like Huawei are entering the market leveraging ICT technologies, indicating a trend towards collaboration and competition among traditional and new entrants [10][12] Future Trends - The industry is expected to transition towards deep intelligence and system integration, with a focus on predictive maintenance and self-healing capabilities [10][11] - The role of electric grids is shifting from a simple energy distribution channel to a complex energy system hub, necessitating significant investments in distribution network automation [11][12] - The traditional supply chain model is evolving into a cross-industry collaborative ecosystem, where companies must seek strategic partnerships to thrive in the new market landscape [12]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others, based on their strong growth potential and market positioning [7]. Core Insights - The electric equipment and new energy sector experienced a weekly increase of 4.90%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 7.05% [3]. - The report highlights the launch of multiple strategic new products by Ruipu Lanjun, covering energy storage, commercial vehicles, and passenger vehicles, showcasing the company's commitment to innovation and market expansion [4][11]. - In September, China's inverter exports reached 5.085 billion yuan, marking a year-on-year increase of 4.96%, driven by strong demand in markets like Australia [5][29]. - The total electricity consumption in China for September was 888.6 billion kWh, reflecting a year-on-year growth of 4.5%, with significant contributions from various industrial sectors [6][42]. Summary by Sections New Energy Vehicles - Ruipu Lanjun launched several strategic products in energy storage and vehicles, including a 6.25MWh energy storage system with a high efficiency of 35.5% and a 4C fast-charging battery for passenger vehicles [4][11]. - The company aims to leverage its parent company's resources and technological innovations to enhance its market position [11]. New Energy Generation - Inverter exports in September totaled 5.085 billion yuan, with a notable increase in the Australian market, which saw a year-on-year growth of 306% [5][29]. - The report also notes a significant increase in battery component exports, indicating robust demand in the international market [29]. Electric Equipment and Industrial Control - The total electricity consumption for the first nine months of 2025 reached 77,675 billion kWh, with a year-on-year growth of 4.6%, driven by industrial and residential demand [6][42]. - The report emphasizes the importance of digitalization and smart grid investments in the electric equipment sector, recommending companies involved in these areas [50][54]. Market Performance - The report indicates that the electric equipment and new energy sector is expected to continue its upward trend, supported by favorable policies and market demand [3][6].

Core Insights - Xuji Electric experienced a stock price increase of 2.00% on October 24, reaching 25.44 CNY per share, with a trading volume of 4.54 billion CNY and a market capitalization of 25.914 billion CNY [1] - The company has seen a year-to-date stock price decline of 5.98%, but has gained 3.00% over the last five trading days, 8.29% over the last twenty days, and 9.08% over the last sixty days [1] - Xuji Electric's main business segments include smart power distribution systems (28.64%), smart meters (23.71%), and smart medium-voltage power supply equipment (20.76%) [2] Financial Performance - For the first half of 2025, Xuji Electric reported a revenue of 6.447 billion CNY, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders was 634 million CNY, reflecting a year-on-year increase of 0.96% [2] - The company has distributed a total of 2.271 billion CNY in dividends since its A-share listing, with 1.112 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, Xuji Electric had 114,000 shareholders, a decrease of 2.48% from the previous period, with an average of 8,844 circulating shares per shareholder, an increase of 2.54% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 30.6133 million shares, a decrease of 2.4873 million shares from the previous period [3]

Core Viewpoint - Xuji Electric experienced a decline in stock price, with a year-to-date drop of 10.27% and a recent 5-day drop of 9.48% [1] Group 1: Stock Performance - As of October 23, Xuji Electric's stock price was 24.28 yuan per share, with a market capitalization of 24.732 billion yuan [1] - The stock has seen a trading volume of 1.53 billion yuan and a turnover rate of 0.62% [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -248 million yuan on July 21 [1] Group 2: Financial Performance - For the first half of 2025, Xuji Electric reported revenue of 6.447 billion yuan, a year-on-year decrease of 5.68%, while net profit attributable to shareholders was 634 million yuan, a year-on-year increase of 0.96% [2] - The company has distributed a total of 2.271 billion yuan in dividends since its A-share listing, with 1.112 billion yuan distributed in the last three years [3] Group 3: Business Overview - Xuji Electric, established on December 26, 1996, specializes in smart power distribution, smart electricity, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industrial and transportation sectors [2] - The company's revenue composition includes: smart power distribution systems (28.64%), smart meters (23.71%), smart medium-voltage power supply equipment (20.76%), new energy and system integration (10.79%), charging and swapping equipment (8.96%), and DC transmission systems (7.14%) [2] - Xuji Electric is classified under the power equipment industry, focusing on grid automation equipment, and is involved in concepts such as virtual power plants and high-voltage direct current [2]

Core Viewpoint - The company is focusing on quality improvement and efficiency enhancement, leading to an optimized revenue structure and an increase in gross margin [1] Group 1: Revenue Structure and Gross Margin - The company is reducing the revenue and proportion from low gross margin segments such as new energy and system integration [1] - As a result of the optimized revenue structure, the company's gross margin is continuously improving, with a projected gross margin of 23.75% for the first half of 2025, an increase of 2.85 percentage points year-on-year [1] Group 2: Contract Management - The company is implementing refined management of contract liabilities, with the increase in contract liabilities primarily influenced by the rise in advance payments received [1]

Summary of Earnings Preview for China Utilities Sector Industry Overview - The report focuses on the **China Utilities** sector, specifically highlighting the **Power, Renewables, and Power Grid** industries in the Asia Pacific region - The overall industry view is considered **Attractive** [4][6] Key Insights - **3Q25 Earnings Expectations**: - Continued margin recovery is anticipated for wind component and submarine cable players - Polysilicon earnings may see upside risks - Solar module producers are expected to maintain flat or show mild decline in losses quarter-over-quarter (QoQ) [1][6] - **Coal Prices and Power Tariffs**: - A slight weakening in unit profit is expected due to a small rise in coal prices and a persistently soft power tariff [6][8] - **Sector Performance**: - Wind sector is expected to see a sector-wide gross profit (GP) margin recovery, primarily driven by submarine cables with a favorable product mix in 3Q25 - Wind Turbine Generator (WTG) Original Equipment Manufacturers (OEMs) may experience a more muted recovery [6][8] Company-Specific Highlights - **CGN Power Co., Ltd (1816.HK)**: - On-grid power generation decreased by 3% year-over-year (YoY) in 3Q25 due to longer outage times - Estimated net profit of approximately **Rmb2.6 billion**, down 6% YoY [8][10] - **China Longyuan Power Group (0916.HK)**: - Forecasted net profit of **Rmb937 million** in 3Q25, down from **Rmb1,542 million** in 2Q25 - Net profit for 9M25 expected to be **Rmb4.5 billion**, down 22% YoY [8][10] - **Huaneng Power International Inc. (0902.HK)**: - Estimated net profit of **Rmb4.1 billion**, up approximately 38% YoY but down 5% QoQ - Unit fuel cost expected to decline by **Rmb0.036/kWh** (12% YoY) [8][10] - **Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)**: - Forecasted net profit of **Rmb1.03 billion** for 3Q25, up 21.1% YoY and 9.6% QoQ [8][10] - **Goldwind (2208.HK)**: - Expected net profit of **Rmb953 million**, representing a 135.1% YoY increase [10][10] - **Tongwei Co. Ltd. (600438.SS)**: - Forecasted net loss of **Rmb2.2-2.4 billion** in 3Q25, with improvements in polysilicon business due to price rebounds [10][10] - **LONGi Green Energy Technology Co. Ltd. (601012.SS)**: - Expected loss of **Rmb1.0-1.3 billion** in 3Q25, with slight declines in wafer and module shipments [10][10] Additional Observations - **Polysilicon Players**: Potential earnings surprises are anticipated due to increases in shipments and average selling prices (ASP) in 3Q25 [6][8] - **Demand Outlook**: Weaker demand is expected in 4Q25 compared to 3Q25, particularly for solar products [6][8] This summary encapsulates the key points from the earnings preview for the China Utilities sector, highlighting both the overall industry outlook and specific company forecasts.

Core Viewpoint - The report by Zhiyan Consulting highlights a significant decline in the production of electrical instruments and meters in China, with a projected decrease in output for 2025 compared to previous years [1]. Industry Summary - According to data from the National Bureau of Statistics, the production of electrical instruments and meters in China for August 2025 is expected to be 21.77 million units, representing a year-on-year decrease of 12.2% [1]. - From January to August 2025, the cumulative production of electrical instruments and meters in China is reported to be 178.886 million units, showing a cumulative decline of 8.2% [1]. - The report provides a comprehensive analysis of the supply and demand forecast for the Chinese instrument and meter market from 2025 to 2031, indicating potential challenges in the industry [1]. Company Summary - Listed companies mentioned in the report include Weisheng Information (688100), Linyang Energy (601222), Samsung Medical (601567), Haixing Electric (603556), XJ Electric (000400), Pinggao Electric (600312), Guodian Nanzi (600268), *ST Huayi (600290), Dongfang Electronics (000682), and Kelon Electronics (002121) [1].