Core Viewpoint - Company plans to establish a joint venture in Beijing's Huairou District with a total investment not exceeding 400 million yuan [1] Group 1: Joint Venture Details - The joint venture will be established in collaboration with Huairou Laboratory, where the technology side will contribute intellectual property valued at 30% and the company will contribute cash valued at 70% [1] - The company's cash contribution will not exceed 400 million yuan, with the final equity ratio to be determined based on the intellectual property assessment results [1] Group 2: Strategic Collaboration - The collaboration between the company and Huairou Laboratory is expected to create significant synergies and strategic complementarity [1] - Through resource sharing and capability synergy, both parties aim to advance the industrialization of IGCT valve technology and accelerate technological innovation and market application expansion [1]

Core Viewpoint - The company plans to establish a joint venture, Beijing Siyuan Huai Shi Energy Technology Co., Ltd., in Huairou District, Beijing, with a total investment not exceeding 400 million yuan [1] Group 1: Investment Details - The joint venture will focus on research, development, production, and sales of power electronics-related technology products based on the IGCT device platform [1] - The investment will be made using the company's own funds and contributions from a third party, with the company contributing cash and the technology partner contributing intellectual property [1] Group 2: Contribution Structure - The technology partner will contribute 30% of the investment in the form of intellectual property, while the company will contribute 70% in cash, with a maximum cash contribution of 400 million yuan [1] - A formal agreement for this investment has not yet been signed [1]

Core Viewpoint - The company plans to establish a joint venture, Beijing Siyuan Huai Shi Energy Technology Co., Ltd., in Huairou District, Beijing, with a total investment not exceeding 400 million yuan [1] Group 1: Investment Details - The company will invest in the joint venture using its own funds and third-party contributions, with a cash investment not exceeding 400 million yuan [1] - The joint venture will focus on research, development, production, and sales of power electronic technology products based on the IGCT device platform [1] Group 2: Partnership Structure - The technical partner, represented by the Huairou Laboratory, will contribute intellectual property, accounting for a preliminary 30% of the investment [1] - The company, representing the industrial side, will contribute cash, accounting for a preliminary 70% of the investment [1] - A formal agreement for this investment has not yet been signed [1]

证券代码：002028 证券简称：思源电气 公告编号：2025-043 思源电气股份有限公司 关于和第三方共同成立合资公司的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次投资有利于公司进一步强化产业链，符合公司发展战略和整体利益，本次投资 的资金来源于公司自有资金，预计对公司本年度的财务状况和经营成果不会产生重大影响。 2、本次合作不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大 资产重组。 3、本次合作各方基于合作意愿已达成了框架性合作意向，最终方案将根据尽职调查、 评估工作完成后，由交易各方协商确定后签署正式合作协议。后续能否签订正式合作协议、 签订时间等存在不确定性。 4、本次设立合资公司尚需办理工商注册相关手续，能否完成相关审批手续存在不确定 性，公司将根据相关事项的进展情况，及时履行信息披露义务。 5、本次设立合资公司可能受到政策变化、市场竞争等因素影响导致收益存在不确定性， 敬请广大投资者理性投资，注意风险。 一、投资概述 1.1、基本情况 思源电气股份有限公司（下称"公司"）计划使用自有资金和第三方在北 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-044 思源电气股份有限公司第八届董事会第二十四次会议决议公告 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 思源电气股份有限公司（下称"公司"）第八届董事会第二十四次会议的会议通知于 2025年9月17日分别以专人、电子邮件等形式送达公司全体董事。会议于2025年9月25采取 书面通讯表决的方式召开。会议由董事长董增平先生主持，会议应出席董事7人，实际出席 董事7人。会议的召开符合法律、法规、规章及《公司章程》的规定。 1 / 2 二〇二五年九月二十五日 二、董事会会议审议情况 1、以7票同意，0票反对，0票弃权，审议通过了《关于和第三方共同成立合资公司的 决议》。 为了共同推进IGCT阀组技术的产业化进程，加速实现技术创新突破和市场应用拓展， 以怀柔实验室为代表的技术方和以公司为代表的产业方拟在北京怀柔区怀柔科学城共同设 立合资公司。其中，以怀柔实验室为代表的技术方以知识产权形式出资，知识产权出资比 例暂定为30%，公司为代表的产业方以现金形式出资，出资比例暂定为70 ...

Core Viewpoint - The stock of Siyuan Electric has shown significant growth this year, with a year-to-date increase of 39.99%, and the company is involved in the research, production, and sales of power transmission and transformation equipment [1][2]. Group 1: Stock Performance - On September 25, Siyuan Electric's stock price decreased by 2.04%, closing at 101.07 CNY per share, with a trading volume of 3.86 billion CNY and a turnover rate of 0.62% [1]. - The company has experienced a net outflow of 29.98 million CNY in principal funds, with large orders accounting for 19.21% of total purchases and 26.18% of total sales [1]. - Over the past five trading days, the stock has increased by 5.10%, and over the past 20 and 60 days, it has risen by 18.63% and 37.42%, respectively [1]. Group 2: Financial Performance - For the first half of 2025, Siyuan Electric reported a revenue of 8.497 billion CNY, representing a year-on-year growth of 37.80%, and a net profit attributable to shareholders of 1.293 billion CNY, up 45.71% year-on-year [2]. - The company has distributed a total of 2.509 billion CNY in dividends since its A-share listing, with 930 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders of Siyuan Electric increased by 7.37% to 20,000, while the average circulating shares per person decreased by 6.82% to 30,409 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 155 million shares, a decrease of 1.4071 million shares from the previous period [3].

Group 1 - The core viewpoint of the news is that Siyuan Electric has seen a significant increase in its stock price, rising 2.12% to 102.00 CNY per share, with a total market capitalization of 79.397 billion CNY and a cumulative increase of 6.06% over three days [1] - Siyuan Electric, established on December 2, 1993, and listed on August 5, 2004, specializes in the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector [1] - The trading volume for Siyuan Electric reached 729 million CNY, with a turnover rate of 1.19% [1] Group 2 - Jihe Fund has a significant holding in Siyuan Electric, with its Jihe Jinpeng Tianli Mixed A Fund (008905) holding 150,000 shares, representing 1.52% of the fund's net value, ranking as the tenth largest holding [2] - The Jihe Jinpeng Tianli Mixed A Fund has generated a floating profit of approximately 318,000 CNY today and 874,500 CNY during the three-day increase [2] - The fund was established on April 29, 2020, with a current scale of 305 million CNY, and has achieved a year-to-date return of 14.82% [2]

Company Overview - Suyuan Electric Co., Ltd. is located at 3399 Huanning Road, Minhang District, Shanghai, established on December 2, 1993, and listed on August 5, 2004. The company specializes in the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector and 0.53% from automotive electronics [1][2]. Stock Performance - As of September 23, Suyuan Electric's stock price increased by 2.03%, reaching 101.91 CNY per share, with a trading volume of 482 million CNY and a turnover rate of 0.79%, resulting in a total market capitalization of 79.327 billion CNY [1]. - Year-to-date, the stock price has risen by 41.15%, with a 9.42% increase over the last five trading days, a 20.08% increase over the last 20 days, and a 40.35% increase over the last 60 days [1]. Financial Performance - For the first half of 2025, Suyuan Electric reported a revenue of 8.497 billion CNY, representing a year-on-year growth of 37.80%, and a net profit attributable to shareholders of 1.293 billion CNY, reflecting a year-on-year increase of 45.71% [2]. - The company has distributed a total of 2.509 billion CNY in dividends since its A-share listing, with 930 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Suyuan Electric had 20,000 shareholders, an increase of 7.37% from the previous period, with an average of 30,409 circulating shares per shareholder, a decrease of 6.82% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 155 million shares, a decrease of 1.4071 million shares from the previous period [3].

Core Insights - The State Grid Corporation of China announced the results of its 2025 sixth batch procurement for substation equipment, with a total of 1,412,425 million yuan across 541 packages, provided by 247 companies [1] - The relay protection and substation computer monitoring system procurement involved 44 packages worth 64,318 million yuan, with 12 suppliers winning bids [1] Group 1: Winning Suppliers - Nanjing South Rui Relay Protection Engineering Technology Co., Ltd. won the largest share with a bid of 13,299 million yuan [2] - Beijing Sifang Relay Protection Engineering Co., Ltd. secured 8 packages totaling 9,584 million yuan [3] - Changyuan Shenzhi Relay Automation Co., Ltd. won 4 packages worth 8,353 million yuan [4] - Guodian Nanjing Control System Co., Ltd. received 4 packages totaling 7,850 million yuan [5] - Shanghai Siyuan Hongrui Automation Co., Ltd. won 4 packages worth 6,395 million yuan [6] Group 2: Market Dynamics - Nanjing South Rui Relay Protection Engineering Technology Co., Ltd. captured a 20.7% market share, leading by 5.8 percentage points over the second-place Beijing Sifang [12] - Shanghai Siyuan Hongrui Automation Co., Ltd. showed significant progress, closing the gap with Guodian Nanjing Control System Co., Ltd. by only 2.3 percentage points [12] - The second group of suppliers, including Dongfang Electronics Co., Ltd. and XJ Electric Co., Ltd., collectively accounted for 18.5% of the total amount, 2.2 percentage points lower than the leader [15]

Core Viewpoint - The energy and power sector in China is accelerating towards high-end, intelligent, and green development, with leading companies like Guoxuan High-Tech, Siyuan Electric, and Xianlead Intelligent playing a crucial role in this transformation [1] Group 1: Technological Innovation - Leading companies in the power equipment sector view "technological innovation" as fundamental for survival and development, investing heavily in R&D to build a strong technological "moat" [2] - Guoxuan High-Tech has invested over 8 billion yuan in R&D over the past three years, with a projected R&D expense of 2.929 billion yuan in 2024, accounting for 8.28% of its revenue [2] - Siyuan Electric's R&D investment for 2024 is 1.11 billion yuan, a year-on-year increase of 21.07%, with a total of over 2.5 billion yuan invested in the last three years [2] - Xianlead Intelligent maintains an R&D investment ratio of over 10% of its revenue, focusing on core technological breakthroughs [2] - As of the end of 2024, Guoxuan High-Tech has applied for 10,556 patents, including 4,622 invention patents, significantly improving the performance of its self-developed lithium iron phosphate materials [2] - Siyuan Electric has obtained 948 authorized patents, with over 35% being invention patents as of June 30, 2025 [2] - Xianlead Intelligent and its subsidiaries have received 3,217 national authorized patents, becoming the only global provider with complete independent intellectual property rights for lithium battery production lines [2] Group 2: Capital Market Empowerment - As listed companies in the Shenzhen market, Guoxuan High-Tech, Siyuan Electric, and Xianlead Intelligent leverage capital markets for financing, incentives, and branding to rapidly convert technological advantages into developmental advantages [4] - Guoxuan High-Tech raised 7.303 billion yuan through a private placement in 2021 and 685 million USD through GDR listing in Switzerland in 2022, strengthening its R&D and production capacity for solid-state batteries [4] - Xianlead Intelligent enhances its advanced production capacity through public financing and mergers, transitioning from single equipment to comprehensive solutions [4] - Siyuan Electric effectively allocates funds through capital markets to support R&D and market expansion in cutting-edge fields like flexible direct current transmission and energy storage [4] - These companies implement stock options and employee stock ownership plans to deeply bind core talents with corporate development [4][5] - Siyuan Electric's stock incentive plans have driven revenue growth from 3.385 billion yuan in 2013 to 15.458 billion yuan in 2024, with net profit increasing nearly fivefold [4] Group 3: Strategic Technology Layout - With the acceleration of global energy transition, the demand for wind and solar power generation equipment is rapidly increasing, creating new growth opportunities in emerging fields like energy storage systems and virtual power plants [6] - Guoxuan High-Tech focuses on solid-state battery R&D, planning to start road testing its "Jinshi" all-solid-state battery in 2025 and achieve mass production by 2027 [7] - Siyuan Electric is expanding its "network-type" products and exploring integrated solutions for distributed photovoltaics [7] - The leading companies are extending beyond single products or regional limitations, building a sustainable growth ecosystem through industry chain extension, cross-field collaboration, and global layout [7] - The common development path of Guoxuan High-Tech, Siyuan Electric, and Xianlead Intelligent illustrates the growth logic of leading power equipment companies in the Shenzhen market, driven by "technological innovation + capital empowerment + trend grasping + global layout" [7]