三变科技股份有限公司 第七届董事会第二十三次会议决议公告 证券代码：002112 证券简称：三变科技 公告编号：2025-068 本公司及董事会全体成员保证公告内容真实、准确和完整，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 三变科技股份有限公司第七届董事会第二十三次会议通知于2025年11月13日以电子 邮件方式发出，会议于2025年11月18日以现场结合通讯表决方式在公司第三会议室召开， 会议应出席董事7人，实际出席董事7人。会议由董事长谢伟世先生主持，公司部分高管 人员列席了会议。本次会议的召集、召开程序及出席会议的董事人数符合《中华人民共 和国公司法》和《公司章程》的有关规定，所做的决议合法有效。 二、董事会会议审议情况 本次会议以书面表决的方式，审议了如下议案并作出决议： 鉴于公司第七届董事会任期即将届满，根据《公司法》《公司章程》等有关规定， 公司拟进行董事会换届选举。公司第八届董事会董事将由 7 名董事组成，其中，非独立 董事 3 名，职工代表董事 1 名，独立董事 3 名。 公司将召开职工代表大会选举 1 名职工代表董事，职工代表董事与经公司股东会选 举产生的非职工代表董事 ...

Group 1 - The core point of the article is that Sanbian Technology (SZ 002112) held its 23rd meeting of the 7th Board of Directors on November 18, 2025, to discuss the proposal for the 4th extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, Sanbian Technology's revenue composition was 97.4% from power distribution and control equipment, while other businesses accounted for 2.6% [1] - As of the time of reporting, Sanbian Technology's market capitalization was 4.2 billion yuan [1]

Core Viewpoint - The stock of Sanbian Technology has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 29.38%, indicating volatility in investor sentiment and market performance [1][2]. Company Overview - Sanbian Technology, established on December 29, 2001, and listed on February 8, 2007, specializes in the production, maintenance, and sales of transformers, motors, reactors, low-voltage complete electrical equipment, and power transmission and transformation equipment [1]. - The company's revenue composition includes: oil-immersed transformers (58.38%), combined transformers (28.13%), dry-type transformers (10.89%), and others (2.60%) [1]. Financial Performance - For the period from January to September 2025, Sanbian Technology reported operating revenue of 1.239 billion yuan, a year-on-year decrease of 16.91%, and a net profit attributable to shareholders of 40.155 million yuan, down 48.84% year-on-year [2]. - The company has distributed a total of 61.088 million yuan in dividends since its A-share listing, with 26.208 million yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders of Sanbian Technology increased to 60,000, a rise of 50%, while the average circulating shares per person decreased by 33.33% to 4,367 shares [2]. - The second-largest circulating shareholder, Guotai Junan Valuation Advantage Mixed (LOF) A, holds 2.8709 million shares, a decrease of 9.7208 million shares compared to the previous period [3]. Market Activity - The stock has seen significant trading activity, with 12 appearances on the "Dragon and Tiger List" this year, indicating notable buying and selling interest [1].

Core Viewpoint - The stock price of Sanbian Technology has experienced fluctuations, with a year-to-date increase of 31.27% but a recent decline of 11.40% over the past five trading days [2]. Group 1: Stock Performance - As of November 17, Sanbian Technology's stock price was 14.61 CNY per share, with a market capitalization of 4.297 billion CNY [1]. - The stock has seen a net outflow of 16.76 million CNY from main funds, with significant selling pressure observed [1]. - Year-to-date, the stock has been on the龙虎榜 (top trading list) 12 times, with the latest appearance on November 6, where it recorded a net buy of -154 million CNY [2]. Group 2: Financial Performance - For the period from January to September 2025, Sanbian Technology reported a revenue of 1.239 billion CNY, a year-on-year decrease of 16.91%, and a net profit attributable to shareholders of 40.155 million CNY, down 48.84% year-on-year [2]. - The company's main business revenue composition includes 58.38% from oil-immersed transformers, 28.13% from combined transformers, and 10.89% from dry transformers [2]. Group 3: Shareholder Information - As of November 10, the number of shareholders for Sanbian Technology increased to 60,000, a rise of 50% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 33.33% to 4,367 shares [2]. - The company has distributed a total of 61.088 million CNY in dividends since its A-share listing, with 26.208 million CNY distributed in the last three years [3].

Group 1 - The core point of the news is that Sanbian Technology's stock price dropped by 5.34% to 15.06 CNY per share, with a trading volume of 548 million CNY and a turnover rate of 13.46%, resulting in a total market capitalization of 4.43 billion CNY [1] - Sanbian Technology, established on December 29, 2001, and listed on February 8, 2007, specializes in the production, maintenance, and sales of transformers, motors, reactors, low-voltage complete electrical equipment, and power transmission and transformation equipment [1] - The main revenue composition of Sanbian Technology includes: oil-immersed transformers (58.38%), combined transformers (28.13%), dry-type transformers (10.89%), and others (2.60%) [1] Group 2 - Among the top ten circulating shareholders of Sanbian Technology, Guotai Fund's Guotai Valuation Advantage Mixed Fund (LOF) A (160212) reduced its holdings by 9.72 million shares in the third quarter, now holding 2.87 million shares, accounting for 1.1% of circulating shares [2] - The estimated floating loss for Guotai Valuation Advantage Mixed Fund (LOF) A today is approximately 2.44 million CNY [2] - Guotai Valuation Advantage Mixed Fund (LOF) A, established on February 10, 2010, has a latest scale of 1.566 billion CNY, with a year-to-date return of 56.03% and a one-year return of 38.93% [2]

Core Insights - The Zhejiang state-owned enterprise reform sector saw a rise of 0.39% on November 10, with Zhejiang Dongri leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance Summary - Zhejiang Dongri (600113) closed at 48.43, with a significant increase of 9.99% and a trading volume of 92,100 shares, amounting to a transaction value of 430 million yuan [1] - Dongwang Times (600052) rose by 5.80% to close at 5.11, with a trading volume of 615,500 shares and a transaction value of 317 million yuan [1] - Guyue Longshan (600059) increased by 4.07% to 9.98, with a trading volume of 293,900 shares and a transaction value of 290.6 million yuan [1] - Sanbian Technology (002112) saw a 4.04% increase, closing at 16.49 with a trading volume of 804,900 shares and a transaction value of 1.276 billion yuan [1] - Other notable performers included Yong'an Futures (600927) with a 3.70% increase and a transaction value of 153 million yuan, and Chuangyuan Co. (300703) with a 3.63% increase and a transaction value of 295 million yuan [1] Capital Flow Analysis - The Zhejiang state-owned enterprise reform sector experienced a net outflow of 503 million yuan from institutional investors, while retail investors saw a net inflow of 292 million yuan [2] - The capital flow data indicates that major stocks like Juhua Co. (600160) had a net inflow of 1.14 billion yuan from institutional investors, while retail investors had a net outflow of 787.9 million yuan [3] - Ningbo Jingda (603088) had a net inflow of 62.29 million yuan from institutional investors, but a significant outflow of 877.8 million yuan from retail investors [3]

Market Overview - As of November 10, the Shanghai Composite Index closed at 4018.60 points, up 21.04 points, with a gain of 0.53% [1] - The Shenzhen Component Index closed at 13427.61 points, up 23.56 points, with a gain of 0.18% [1] - The ChiNext Index closed at 3178.83 points, down 29.38 points, with a loss of 0.92% [1] Stock Performance - A total of 81 A-shares had a turnover rate exceeding 20% on this day, indicating significant trading activity [1] - Notable stocks with high turnover rates included: - Haili Heavy Industry (002255) with a turnover rate of 54.19% and a closing price of 14.86 CNY, up 3.34% [1] - Zhongneng Electric (300062) with a turnover rate of 52.40% and a closing price of 11.12 CNY, down 2.28% [1] - Xue Ren Group (002639) with a turnover rate of 50.85% and a closing price of 15.00 CNY, up 7.45% [1] Notable Stocks with High Turnover Rates - The following stocks also exhibited significant turnover rates: - C Daming (603376) at 49.12% turnover, closing at 46.12 CNY, down 9.50% [1] - Qing Shui Yuan (300437) at 46.35% turnover, closing at 17.59 CNY, up 19.99% [1] - Zhongzhi Technology (301361) at 46.11% turnover, closing at 40.68 CNY, up 4.33% [1] Additional High Turnover Stocks - Other stocks with notable turnover rates included: - C Delijia (603092) at 44.10% turnover, closing at 72.82 CNY, up 3.26% [1] - Haike New Source (301292) at 43.80% turnover, closing at 48.50 CNY, up 14.33% [1] - Bluefeng Biochemical (002513) at 42.39% turnover, closing at 8.86 CNY, up 0.34% [1]

New Stock Listings - Daming Electronics (603376) listed at an issue price of 12.55 on November 6, 2025[1] - Haixia Innovation (300300) and Jiangbolong (301308) reported severe abnormal fluctuations on November 4, 2025[1] - Several companies including Xiangnan Xinchuan (300475) and Lansi Heavy Industry (603169) also reported abnormal fluctuations in late October[1] Abnormal Fluctuations - ST Bosen (002569) reported a fluctuation of 5939 on November 5, 2025[2] - Hailu Heavy Industry (002255) experienced a fluctuation of 5812 on November 5, 2025[2] - ST Aowei (002231) had a fluctuation of 5668 on November 5, 2025[2] - Rongke Technology (300290) reported a fluctuation of 4706 on November 3, 2025[2] - ST Xiongmao (600599) had a fluctuation of 5001 on November 4, 2025[2]

Core Insights - The main focus of the article is on the significant outflow of capital from specific stocks as of November 6, with notable amounts being withdrawn from various companies [1] Group 1: Major Stocks with Capital Outflow - The top stock with the highest capital outflow is Jishi Media, with a withdrawal of 687 million yuan [1] - Following Jishi Media, Sairisi experienced an outflow of 620 million yuan [1] - Xue Ren Group saw a capital outflow of 607 million yuan, ranking third in the list [1] Group 2: Additional Stocks with Significant Outflows - Tebian Electric experienced a capital outflow of 565 million yuan [1] - Haima Automobile had an outflow of 554 million yuan [1] - Pingtan Development saw a withdrawal of 367 million yuan [1] Group 3: Other Notable Stocks - Longi Green Energy experienced a capital outflow of 309 million yuan [1] - Shanzigaoke had an outflow of 295 million yuan [1] - Fulongma saw a withdrawal of 270 million yuan [1] Group 4: Remaining Stocks in the Top 20 - Xagong Co. experienced a capital outflow of 261 million yuan [1] - Leo Group had an outflow of 258 million yuan [1] - China Duty Free Group saw a withdrawal of 256 million yuan [1] - Hainan Development experienced an outflow of 253 million yuan [1] - Sanbian Technology had a capital outflow of 252 million yuan [1] - BlueFocus Communication Group saw a withdrawal of 250 million yuan [1] - Dawi Co. experienced an outflow of 229 million yuan [1] - Industrial Fulian had a capital outflow of 217 million yuan [1] - Runhe Software saw a withdrawal of 215 million yuan [1] - Wentai Technology experienced an outflow of 210 million yuan [1] - ST Huatuo had a capital outflow of 206 million yuan [1]

Core Viewpoint - The company, Sanbian Technology, announced that its stock price has experienced an abnormal fluctuation, with a cumulative increase of over 20% in the closing prices over three consecutive trading days from November 3 to November 5, 2025 [1] Summary by Relevant Sections - **Stock Price Movement** - The company's stock price has deviated significantly, with a cumulative increase of more than 20% over three trading days [1] - **Company Disclosure** - The company confirmed that there are no corrections or supplements needed for previously disclosed information [1] - No undisclosed significant information has been found that could have impacted the stock price [1]