暨中报业绩说明会活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，思源电气股份有限公司 （以下简称"公司"） 将 参加由中国证券监督管理委员会上海监管局指导、上海上市公司协会及深圳市全景网络有限 公司联合举办的"2025 年上海辖区上市公司集体接待日暨中报业绩说明会活动"，现将有 关事项公告如下: 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 " 网 站 （https://rs.p5w.net/html/175611728073329.shtml）;或关注微信公众号（名称: 全景财 经）;或下载全景路演 APP，参与本次互动交流。 活动时间为 2025 年 9 月 19 日（周五）15:00-17:00。届时公司董事、高管将在线就公 司 2025 半年度业绩、公司治理、发展战略、经营状况等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 思源电气股份有限公司董事会 证券代码：002028 证券简称：思源电气 公告编号：20 ...

Group 1: Solid-State Battery Industry - The solid-state battery industrialization is progressing with support from policies, material advancements, and application developments. Key companies to watch include Xiamen Tungsten, Tianqi Lithium, and others in the supply chain [2][3] - Major developments include the mass production of semi-solid batteries by Zhuhai Guanyu and the upcoming solid-state battery projects by Yiyuan Lithium Energy and others [2] Group 2: Domestic Energy Storage Systems - The domestic energy storage system bidding capacity reached 47.2 GWh in August 2025, reflecting a year-on-year increase of 2158% and a month-on-month increase of 1142%. Cumulative bidding for the year reached 144.1 GWh, up approximately 216% year-on-year [3] - The high demand for energy storage systems indicates a strong need for new power systems in China, laying a foundation for stable market development in 2026-2027. Key companies include Sungrow Power, Yiyuan Lithium Energy, and others [3] Group 3: AIDC Power Equipment Sector - AIDC power equipment companies are expected to benefit from increased capital expenditures, with Alibaba reporting a capital expenditure of 38.7 billion yuan in Q2 2025, up 220% year-on-year [3][32] - The demand for data center construction remains strong, and companies like Jinpan Technology and New Special Electric are positioned to gain from this trend [3][32] Group 4: Power Grid Equipment Sector - Power grid equipment companies are experiencing steady growth, with major firms maintaining robust performance in the first half of 2025. A surge in high-voltage bidding is anticipated in the second half of the year [4][42] - Key companies to focus on include Guodian NARI, Siyi Electric, and others, as they expand their product offerings and international presence [4][42] Group 5: Wind Power Sector - Wind power companies are seeing simultaneous increases in volume and profit, with significant growth in both onshore and offshore projects expected in the latter half of 2025 [4][59] - Companies like Goldwind Technology and Dongfang Cable are recommended for investment as they are well-positioned to benefit from this growth [4][59] Group 6: Investment Recommendations - The report suggests monitoring the recovery of the power grid equipment sector, the progress of offshore wind projects, the advancement of solid-state battery industrialization, and the global demand for energy storage installations [4]

Group 1 - The core point of the news is that Siyuan Electric experienced a decline of 5.19% in its stock price, reaching 91.36 yuan per share, with a trading volume of 8.91 billion yuan and a turnover rate of 1.57%, resulting in a total market capitalization of 711.15 billion yuan [1] - Siyuan 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's main business involves the research, development, production, sales, and service of power transmission and transformation equipment [1] - The revenue composition of Siyuan Electric is primarily from the power distribution and transmission equipment industry, accounting for 99.47%, while automotive electronics and electrical products contribute 0.53% [1] Group 2 - From the perspective of major fund holdings, one fund under Xinhua Fund has a significant position in Siyuan Electric. The Xinhua Hongli Return Mixed Fund (003025) held 60,000 shares in the second quarter, representing 3.11% of the fund's net value, making it the fifth-largest holding [2] - The Xinhua Hongli Return Mixed Fund (003025) was established on March 27, 2017, with a latest scale of 141 million yuan. Year-to-date, it has achieved a return of 22.78%, ranking 3666 out of 8184 in its category; over the past year, it has returned 22.67%, ranking 5417 out of 7971; and since inception, it has returned 90.57% [2] - The fund manager of Xinhua Hongli Return Mixed Fund (003025) is Yao Haiming, who has been in the position for 4 years and 281 days, with a total asset scale of 9.664 billion yuan. During his tenure, the best fund return was 32.81%, while the worst was 0% [2]

Core Viewpoint - The stock of Siyuan Electric has shown significant growth in 2023, with a year-to-date increase of 28.20% and a recent surge in trading activity, indicating strong investor interest and potential for further appreciation [1][2]. Company Overview - Siyuan Electric, established on December 2, 1993, and listed on August 5, 2004, is located in Minhang District, Shanghai. 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 [1][2]. Financial Performance - For the first half of 2025, Siyuan Electric reported a revenue of 8.497 billion yuan, representing a year-on-year growth of 37.80%. The net profit attributable to shareholders was 1.293 billion yuan, reflecting a 45.71% increase compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders of Siyuan Electric increased by 7.37% to 20,000, with an average of 30,409 circulating shares per shareholder, a decrease of 6.82% from the previous period [2]. Dividend Distribution - Since its A-share listing, Siyuan Electric has distributed a total of 2.509 billion yuan in dividends, with 930 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, 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. Other notable institutional shareholders include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF, with varying changes in their holdings [3].

Summary of Conference Call Records Industry Overview: Power Equipment Key Points on Domestic and International Demand - The acceleration of ultra-high voltage (UHV) project approvals is expected, with multiple AC lines approved in the second half of the year, significantly higher than the first half. The total investment for the Shaanxi to Henan and Nanjing to Sichuan projects exceeds 30 billion yuan [1] - The investment budget for distribution networks is projected to grow by approximately 5% in 2025, focusing on smart technology, replacement of old equipment, and energy-saving renovations. Investment in grid intelligence is expected to increase by 60% year-on-year [1][5] - The European power market is seeing substantial investment in grid upgrades, with the EU planning to invest 584 billion euros by 2030, with one-third for transmission and two-thirds for distribution [1][7] Core Insights and Arguments - The approval of UHV projects is expected to increase from 2-3 AC lines in 2024 to 4-5 in 2025, indicating a significant growth trajectory [4] - The regional joint procurement in the distribution network sector has pressured the gross margins of leading companies by about 10 percentage points, but it has also increased market share for companies like XJ Electric, Samsung Medical, and Oriental Electronics [5] - The demand for low-voltage transformers and UHV equipment in Europe is rising, with Chinese manufacturers having advantages in conversion efficiency and power density [8] Company-Specific Developments - **Pinggao Electric**: New order growth of approximately 15% in the first half of 2025, with a significant increase in UHV GIS delivery expected from 2026 [11] - **China XD Electric**: Improved gross margins through cost management, with a projected delivery of 30-40 billion yuan in UHV projects for the year [12] - **XJ Electric**: Anticipates a significant increase in delivery volume for UHV products in 2026, with current orders exceeding 3 billion yuan [13] - **Siyuan Electric**: Actively expanding in the North American data center market, with a projected net profit growth of about 30% for 2025 [15] - **Samsung Medical**: Achieved a 124% year-on-year increase in overseas distribution network orders, with a projected net profit growth of 10-15% [16] - **Huaming Equipment**: European market contributes 50% of overseas revenue, with a projected net profit growth of about 15% [17] - **Guodian NARI**: Strong performance in the low-carbon energy sector, with expected revenue growth of 14-15% [18] - **Sifang Co.**: Domestic business exceeded expectations, with a 15% growth in main network orders [19] Other Important Insights - The focus on smart grid investments is expected to reshape the competitive landscape in the distribution network sector, benefiting leading companies in the medium term [5] - The North American market is experiencing tight supply for transformers and switches, creating significant opportunities for domestic companies [9] - The overall trend in the power equipment industry indicates a shift towards intelligent and sustainable solutions, aligning with global energy transition goals [10]

Core Viewpoint - The stock of Siyuan Electric has experienced fluctuations, with a recent decline of 2.03% on September 4, 2023, while the company has shown significant growth in revenue and profit year-to-date [1][2]. Company Overview - Siyuan Electric, established on December 2, 1993, and listed on August 5, 2004, is located in Minhang District, Shanghai. 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 [1][2]. Financial Performance - For the first half of 2025, Siyuan Electric reported a revenue of 8.497 billion yuan, marking a year-on-year increase of 37.80%. The net profit attributable to shareholders was 1.293 billion yuan, reflecting a growth of 45.71% [2]. - The company has distributed a total of 2.509 billion yuan in dividends since its A-share listing, with 930 million yuan distributed over the past three years [3]. Stock Performance - As of September 4, 2023, Siyuan Electric's stock price was 91.60 yuan per share, with a year-to-date increase of 26.87%. Over the past five trading days, the stock rose by 7.51%, and over the last 20 and 60 days, it increased by 17.77% and 26.38%, respectively [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -1.04 billion yuan on July 14, 2023 [1]. Shareholder Information - As of June 30, 2025, Siyuan Electric had 20,000 shareholders, an increase of 7.37% from the previous period. The average number of circulating shares per shareholder decreased by 6.82% to 30,409 shares [2][3]. - 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].

Market Overview - The grid equipment sector experienced a decline of 0.71% on the previous trading day, with Yada Co. leading the losses [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the grid equipment sector included: - Zhengtai Electric: closed at 28.20, up 3.94% with a trading volume of 496,400 shares and a turnover of 1.383 billion yuan [1] - Yangdian Technology: closed at 21.46, up 3.37% with a trading volume of 107,100 shares and a turnover of 229 million yuan [1] - Kelun Electronics: closed at 6.78, up 3.04% with a trading volume of 783,900 shares and a turnover of 530 million yuan [1] - Conversely, Yada Co. saw a significant drop, closing at 12.58, down 10.08% with a trading volume of 168,800 shares and a turnover of 220 million yuan [2] Capital Flow - The grid equipment sector saw a net outflow of 731 million yuan from institutional investors, while retail investors contributed a net inflow of 510 million yuan [2] - Specific stock capital flows indicated: - Kelun Electronics had a net inflow of 70.19 million yuan from institutional investors, but a net outflow of 715 million yuan from retail investors [3] - Zhengtai Electric experienced a net inflow of 30.33 million yuan from institutional investors and a net inflow of 76.53 million yuan from retail investors [3]

两融数据显示，该股最新融资余额为3.45亿元，近5日增加1377.35万元，增幅为4.16%。（数据宝） 9月1日思源电气大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 44.00 | 3854.40 | 87.60 | -9.09 | 光大证券股份有限公司宁 | 光大证券股份有限公司宁 | | | | | | 波柳汀街证券营业部 | 波柳汀街证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 思源电气9月1日大宗交易平台出现一笔成交，成交量44.00万股，成交金额3854.40万元，大宗交易成交 价为87.60元，相对今日收盘价折价9.09%。该笔交易的买方营业部为光大证券股份有限公司宁波柳汀街 证券营业部，卖方营业部为光大证券股份有限公司宁波柳汀街证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-01 | 002028 | 思源电气 | 87.60 | 44.00 | | 3,854.40 光大证券股份有限 | 光大证券股份有限 | | | | | | | 公司宁波柳汀街证 | | 公司宁波柳汀街证 | | | | | | | 券营业部 | | 券营业部 | 9月1日，思源电气大宗交易成交44万股，成交额3854.4万元，占当日总成交额的2.6%，成交价87.6元，较市场收盘价96.36元 折价9.09%。 ...

Market Overview - The grid equipment sector increased by 0.79% compared to the previous trading day, with Yada Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Grid Equipment Sector - Yada Co., Ltd. (Code: 430556) closed at 13.01, up 12.16% with a trading volume of 299,600 shares and a transaction value of 408 million yuan [1] - Shangwei Co., Ltd. (Code: 603333) closed at 8.79, up 10.01% with a trading volume of 460,300 shares [1] - Siyuan Electric (Code: 002028) closed at 96.36, up 10.00% with a trading volume of 152,600 shares and a transaction value of 1.443 billion yuan [1] - Other notable gainers include Baotong Line Energy (Code: 605196) up 9.68% and Daye Intelligent (Code: 300670) up 6.98% [1] Top Losers in Grid Equipment Sector - Sifang Co., Ltd. (Code: 601126) closed at 17.06, down 5.80% with a trading volume of 469,100 shares and a transaction value of 809 million yuan [2] - Sanhui Electric (Code: 002857) closed at 28.32, down 5.66% with a trading volume of 158,900 shares [2] - RIFENG Holdings (Code: 002953) closed at 15.37, down 4.53% with a trading volume of 732,200 shares and a transaction value of 1.137 billion yuan [2] Fund Flow Analysis - The grid equipment sector experienced a net outflow of 808 million yuan from institutional investors, while retail investors saw a net inflow of 788 million yuan [2] - Notable net inflows from retail investors were observed in Yada Co., Ltd. and Siyuan Electric, while significant outflows were noted in Sifang Co., Ltd. and Sanhui Electric [3]