Investment Highlights - Company reported H1 2025 revenue of 2.497 billion yuan, a year-on-year increase of 0.63%, and a net profit attributable to shareholders of 132 million yuan, a year-on-year decrease of 24.50% [1] - In Q2 2025, total revenue reached 1.341 billion yuan, a year-on-year increase of 0.96% and a quarter-on-quarter increase of 16.01% [2] - The company has secured a nuclear power equipment order worth 609 million yuan, which is expected to positively impact future performance [4] Business Performance - For H1 2025, revenue from electric motors and services was 1.825 billion yuan, down 2.25% year-on-year, while revenue from nuclear power products was 627 million yuan, up 13.26% year-on-year [2] - Q2 2025 net profit attributable to shareholders was 77 million yuan, a year-on-year decrease of 6.02% but a quarter-on-quarter increase of 40.00% [2] - The company’s expenses in sales, management, R&D, and finance for H1 2025 were 4.46%, 3.92%, 2.70%, and 0.62% respectively, with sales expenses increasing by 17.27% year-on-year [2] Market Opportunities - National policies are supporting the upgrade of energy-efficient and advanced equipment, providing significant market opportunities for electric motors as a core industrial component [3] - The company has achieved breakthroughs in nuclear power technology and has a market share exceeding 70% in the domestic market for certain nuclear power applications [4] - The company is recognized for its high-efficiency and low-carbon products, enhancing its competitive edge in the market [3] Future Outlook - The company is expected to benefit from energy efficiency upgrades and equipment renewal policies, with projected net profits of 370 million, 486 million, and 570 million yuan for 2025, 2026, and 2027 respectively [4] - The company maintains a "buy" rating, indicating confidence in its growth potential in the industrial special motor sector [4]

金融界消息 截至2025年8月25日收盘，佳电股份（000922）报收于12.09元，下跌0.25%，换手率 3.16%，成交量18.54万手，成交金额2.24亿元。 资金流向方面，今日主力资金净流出2270.88万元，占比成交额10.12%。其中，超大单净流出2591.70万 元、占成交额11.55%，大单净流入320.82万元、占成交额1.43%，中单净流出流入257.85万元、占成交 额1.15%，小单净流入2013.03万元、占成交额8.97%。 佳电股份最新一期业绩显示，截至2025中报，公司营业总收入24.97亿元、同比增长0.63%，归属净利润 1.32亿元，同比减少24.50%，扣非净利润1.13亿元，同比减少30.96%，流动比率1.670、速动比率 1.280、资产负债率47.43%。 天眼查商业履历信息显示，哈尔滨电气集团佳木斯电机股份有限公司，成立于1996年，位于佳木斯市， 是一家以从事电气机械和器材制造业为主的企业。企业注册资本69521.6654万人民币，实缴资本 48989.3378万人民币。公司法定代表人为刘清勇。 通过天眼查大数据分析，哈尔滨电气集团佳木斯电机股份有限公司共 ...

Core Viewpoint - The recent financial report of Jiadian Co., Ltd. (000922) indicates a slight increase in total revenue but a significant decline in net profit, highlighting potential challenges in cash flow and receivables management [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.497 billion yuan, a year-on-year increase of 0.63% [1]. - Net profit attributable to shareholders was 132 million yuan, down 24.5% compared to the previous year [1]. - The gross profit margin was 22.38%, a decrease of 1.57% year-on-year, while the net profit margin fell to 6.97%, down 17.2% [1]. - The company reported a significant increase in accounts receivable, which accounted for 646.87% of the latest annual net profit [1][4]. Expense Analysis - Total sales, management, and financial expenses amounted to 225 million yuan, representing 9.0% of revenue, an increase of 12.76% year-on-year [1]. - The company experienced a 17.27% increase in sales expenses, attributed to underperformance in the electric motor segment [3]. - Management expenses rose by 11.74%, driven by increased labor and information technology costs [3]. Cash Flow and Asset Management - The company reported a negative operating cash flow per share of -1.37 yuan, a decrease of 58.72% year-on-year [1]. - Cash and cash equivalents decreased by 26.36%, primarily due to payments to small and medium-sized enterprises [3]. - The ratio of cash and cash equivalents to current liabilities was noted to be only 73.74%, indicating potential liquidity concerns [4]. Market Position and Future Outlook - Analysts project the company's performance for 2025 to reach a net profit of 370 million yuan, with an average earnings per share of 0.53 yuan [5]. - The company has a historical average return on invested capital (ROIC) of 8.92%, indicating a generally average capital return [4]. - The company’s business model relies heavily on marketing, necessitating further investigation into the underlying drivers of performance [4]. Fund Holdings - The largest fund holding Jiadian Co., Ltd. is the "Zhaoshang Heyue Stable Pension One-Year Holding Mixed Fund (FOF) A," which holds 285,600 shares and has not changed its position recently [6].

Core Viewpoint - The recent financial report of Jiadian Co., Ltd. (000922) indicates a slight increase in total revenue but a significant decline in net profit, highlighting potential concerns regarding cash flow and receivables management [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.497 billion yuan, a year-on-year increase of 0.63% [1]. - Net profit attributable to shareholders was 132 million yuan, down 24.5% compared to the previous year [1]. - The gross profit margin decreased to 22.38%, a decline of 1.57% year-on-year [1]. - The net profit margin also fell to 6.97%, down 17.2% from the previous year [1]. - The total of selling, administrative, and financial expenses amounted to 225 million yuan, representing 9.0% of revenue, an increase of 12.76% year-on-year [1]. - Earnings per share decreased to 0.20 yuan, down 31.97% year-on-year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which reached 1.659 billion yuan, accounting for 646.87% of the latest annual net profit [1][6]. - The net cash flow from operating activities saw a drastic decline of 85.94%, attributed to payments made to small and medium-sized enterprises [2]. - The cash and cash equivalents net increase was down 415.23%, indicating severe cash flow challenges [2]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 7.21%, indicating average capital returns [6]. - The company has faced seven years of losses since its listing, suggesting a generally poor investment outlook [6]. - The primary revenue driver for the company is marketing, necessitating a thorough examination of the underlying factors influencing this dynamic [6]. Fund Holdings - The largest fund holding Jiadian Co., Ltd. is the "Zhaoshang Heyue Stable Pension One-Year Holding Mixed Fund (FOF) A," with 285,600 shares held, showing no change in position [4].

Core Insights - The company, Suzhou Jiadian Permanent Magnet Motor Technology Co., Ltd., a wholly-owned subsidiary of Jiadian Co., has independently developed the TYPKK series of high-efficiency high-voltage variable frequency drive permanent magnet three-phase synchronous motors [1] - The product has been certified by the China Quality Certification Center (CQC) and is the first in the country to pass the new first-level energy efficiency certification under the updated national standard GB 30253-2024 for permanent magnet synchronous motors [1] - Jiadian Co. is now the first enterprise in the country capable of designing and manufacturing 272 specifications of high-voltage permanent magnet synchronous motors with new first-level energy efficiency certification [1]

Core Viewpoint - The supervisory board of Harbin Electric Group Jiamusi Electric Machine Co., Ltd. confirmed the accuracy and completeness of the company's 2025 semi-annual report, reflecting the company's operational performance in the first half of 2025 [1] Group 1: Supervisory Board Meeting - The third meeting of the tenth supervisory board was held on August 22, 2025, with all three supervisors present, and the meeting procedures complied with legal and regulatory requirements [1] - The supervisory board unanimously approved the 2025 semi-annual report and its summary, indicating that the financial data is true and accurate [1] Group 2: Special Reports and Proposals - The supervisory board reviewed and approved the special report on the use of raised funds for the first half of 2025, with a unanimous vote [2] - The board also discussed the risk assessment report for the first half of 2025, with one supervisor abstaining from the vote due to a conflict of interest [2] Group 3: Asset Impairment and Related Transactions - The supervisory board agreed on the provision for asset impairment, stating it reflects the company's actual situation and provides a fair view of its assets and liabilities [2] - The board approved a related party transaction to provide liquidity support for a subsidiary, confirming it would not affect the company's independence or current operating results [3] Group 4: Investment Plans - The supervisory board approved an increase in the 2025 investment plan by 26.51 million yuan, all allocated for fixed asset investments, with no adjustments to equity investments [4]

| 哈尔滨电气集团佳木斯电机股份有限公司 | 2025 年半年度报告摘要 | | | --- | --- | --- | | 证券代码：000922 证券简称：佳电股份 | 公告编号：2025-073 | | | 哈尔滨电气集团佳木斯电机股份有限公司 | | | | 哈尔滨电气集团佳木斯电机股份有限公司 | 2025 | 年半年度报告 | | 摘要 | | | | 一、重要提示 | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | 资者应当到证监 | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | 非标准审计意见提示 | | | | □适用 ?不适用 | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | □适用 ?不适用 | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | □适用 ?不适用 | | | | 二、公司基本情况 | | | | 股 ...

Core Viewpoint - The report highlights the financial performance and operational status of Harbin Electric Group Jiamusi Electric Machine Co., Ltd. for the first half of 2025, indicating a slight increase in revenue but a significant decline in net profit and cash flow. Financial Performance - The company's operating revenue for the reporting period was approximately 2.50 billion yuan, representing a 0.63% increase compared to the same period last year [4]. - The net profit attributable to shareholders decreased by 30.96% to approximately 112.62 million yuan [4]. - The net cash flow from operating activities showed a significant decline of 85.94%, amounting to approximately -950.66 million yuan [4]. - Basic earnings per share fell by 31.97% to 0.1996 yuan [4]. Business Overview - The company specializes in various types of electric motors, including explosion-proof motors, lifting metallurgy motors, and nuclear power-related motors, serving industries such as coal, petrochemical, aerospace, and nuclear power [5][6]. - The company has developed advanced products, including the YBX5 series of high-efficiency explosion-proof motors and K1 class motors for nuclear power plants, which have filled domestic technological gaps [6][7]. Research and Development - The company emphasizes technological innovation and has established a dual headquarters model for research and development, focusing on collaboration with universities and research institutions [10][11]. - The company holds 663 valid patents, including 248 invention patents, showcasing its strong capability in technological innovation [18]. Market Position and Competitive Advantage - The company is recognized as a leading manufacturer of special motors in China, with a wide range of products covering various industries and applications [14]. - It has a significant market share in the nuclear power sector, being the only domestic company with integrated design, manufacturing, and testing capabilities for nuclear pumps and motors [17]. Production and Manufacturing - The company operates advanced automated production lines and modern intelligent workshops, enhancing production efficiency and product quality [15][16]. - It has established a comprehensive quality management system to ensure product reliability and safety, particularly in the nuclear sector [18].

证券代码：000922 证券简称：佳电股份 公告编号：2025-066 哈尔滨电气集团佳木斯电机股份有限公司 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公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、董事会会议召开情况 哈尔滨电气集团佳木斯电机股份有限公司（以下简称"公司"）第十届董事 会第四次会议于 2025 年 8 月 12 日以电子邮件、微信的形式发出会议通知，于 议 2 人），实际表决董事 8 名。会议由副董事长李泰岭先生主持，会议的召集、 召开和表决程序符合《公司法》及《公司章程》的规定。公司监事、高管列席了 本次会议。经与会董事认真审议，形成董事会决议如下： 二、董事会会议审议情况 经与会董事认真审议，以记名投票表决方式，通过如下决议： 经与会董事认真讨论，确认公司《2025 年半年度报告全文》及《2025 年半 年度报告摘要》内容全面客观地反映了公司 2025 年上半年的生产经营情况，财 务数据真实准确。具体内容详见同日在巨潮资讯网（www.cninfo.com.cn）上披 露的《2025 年半年度报告全文》及《2025 年半年度报告摘要》（公告编号： ...

Group 1 - The company,佳电股份, reported a revenue of 2,496,677,590.84 yuan for the first half of 2025, representing a year-on-year growth of 0.63% [2] - The net profit attributable to shareholders of the listed company was 131,981,984.51 yuan, showing a year-on-year decline of 24.50% [2]