长高电新8月25日披露的半年报显示，公司上半年实现营业收入7.32亿元，同比增长0.40%；归属于上市 公司股东的净利润1.06亿元，同比下降13.12%；基本每股收益0.1701元。 ...

长高电新科技股份公司 2025 年半年度报告全文 长高电新科技股份公司 2025 年半年度报告 2025 年 8 月 26 日 1 长高电新科技股份公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人马晓、主管会计工作负责人刘云强及会计机构负责人(会计主 管人员)刘云强声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司经营过程中可能存在的风险因素，详细内容见本报告"第三节管理层 讨论与分析，十、公司面临的风险和应对措施。" 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理、环境和社会 | 28 | | 第五节 | 重要事项 | 33 | | 第六节 | 股份变 ...

Core Points - The company has received acceptance from the Shenzhen Stock Exchange for its application to issue convertible bonds to unspecified objects [1] - The application documents were deemed complete by the Shenzhen Stock Exchange, but the issuance is subject to further review and approval from the China Securities Regulatory Commission [1] - There is uncertainty regarding the approval process and timeline for the issuance of the convertible bonds [1] Summary by Sections - **Company Announcement**: The company announced that it received a notification from the Shenzhen Stock Exchange on August 14, 2025, regarding the acceptance of its application for issuing convertible bonds [1] - **Regulatory Process**: The issuance of the convertible bonds requires further review by the Shenzhen Stock Exchange and approval from the China Securities Regulatory Commission [1] - **Investor Advisory**: The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations as the situation progresses, urging investors to be aware of investment risks [1]

Group 1 - The stock price of Changgao Electric New reached 7.44 yuan as of August 15, 2025, reflecting a 1.36% increase from the previous trading day [1] - The trading volume on that day was 117,170 hands, with a transaction amount of 0.87 billion yuan [1] - Changgao Electric New specializes in the research, production, and sales of power transmission and transformation equipment, including high-voltage switches and closed-type combined electrical appliances [1] Group 2 - On August 14, Changgao Electric New received a notice from the Shenzhen Stock Exchange regarding the acceptance of its application for issuing convertible bonds to unspecified objects [1] - The company plans to raise funds through the issuance of convertible bonds for capacity expansion projects, specifically for the production line construction of high-voltage switches and closed-type combined electrical appliances [1] Group 3 - On August 15, the net outflow of main funds for Changgao Electric New was 10.35 million yuan, accounting for 0.27% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 23.17 million yuan, representing 0.6% of the circulating market value [1]

Group 1 - Baiya Co., Ltd. achieved a net profit of 188 million yuan in the first half of 2025, a year-on-year increase of 4.64% [1] - The company reported an operating income of 1.764 billion yuan, up 15.12% year-on-year [1] - Basic earnings per share were 0.44 yuan [1] Group 2 - Leike Defense reported a net loss of 41.67 million yuan in the first half of 2025, compared to a loss of 66.43 million yuan in the same period last year [2] - The company achieved an operating income of 542 million yuan, a year-on-year increase of 9.77% [2] - Basic earnings per share were -0.03 yuan [2] Group 3 - Jinggong Technology achieved a net profit of 113 million yuan in the first half of 2025, a year-on-year increase of 15.55% [3] - The company reported an operating income of 1.061 billion yuan, up 10.31% year-on-year [3] - Basic earnings per share were 0.22 yuan [3] Group 4 - Yuejian Intelligent reported a net profit of 62.63 million yuan in the first half of 2025, a year-on-year increase of 46.99% [4] - The company achieved an operating income of 651 million yuan, up 13.22% year-on-year [4] - Basic earnings per share were 0.2436 yuan [4] Group 5 - Wanwei High-tech achieved a net profit of 256 million yuan in the first half of 2025, a year-on-year increase of 97.47% [6] - The company reported an operating income of 4.061 billion yuan, up 4.90% year-on-year [6] - Basic earnings per share were 0.122 yuan [6] Group 6 - Keli Equipment achieved a net profit of 82.78 million yuan in the first half of 2025, a year-on-year increase of 4.88% [7] - The company reported an operating income of 318 million yuan, up 12.41% year-on-year [7] - Basic earnings per share were 0.87 yuan [7] Group 7 - Jinwo Co., Ltd. achieved a net profit of 25.47 million yuan in the first half of 2025, a year-on-year increase of 94% [8] - The company reported an operating income of 614 million yuan, up 7.96% year-on-year [8] - Basic earnings per share were 0.21 yuan [8] Group 8 - Longyuan Technology achieved a net profit of 28.28 million yuan in the first half of 2025, a year-on-year increase of 135.6% [10] - The company reported an operating income of 362 million yuan, up 1.48% year-on-year [10] - Basic earnings per share were 0.0548 yuan [10] Group 9 - Guangting Information achieved a net profit of 42.92 million yuan in the first half of 2025, turning from loss to profit [13] - The company reported an operating income of 275 million yuan, up 26.88% year-on-year [13] - Basic earnings per share were 0.4633 yuan [13] Group 10 - Changjiang Materials achieved a net profit of 73.38 million yuan in the first half of 2025, a year-on-year increase of 5.03% [15] - The company reported an operating income of 513 million yuan, up 10.43% year-on-year [15] - Basic earnings per share were 0.5019 yuan [15] Group 11 - Yitong Century reported a net loss of 1.77 million yuan in the first half of 2025, compared to a profit of 35.87 million yuan in the same period last year [17] - The company achieved an operating income of 1.22 billion yuan, down 0.54% year-on-year [17] - Basic earnings per share were -0.0020 yuan [17] Group 12 - China Nuclear Construction signed new contracts worth 90.48 billion yuan in July 2025 [19] - The company achieved a cumulative operating income of 58.229 billion yuan [19] Group 13 - Yinlong Co., Ltd. signed a construction labor subcontracting contract worth 108 million yuan [21] - The contract is for the prefabrication of CRTSIII-type track slabs for a railway project [21] Group 14 - Xinan Century plans to apply for a comprehensive credit limit of no more than 50 million yuan from a bank [23] - The limit will be used for various business purposes including working capital loans [23] Group 15 - New Hongtai reported a net profit of 34.27 million yuan in the first half of 2025, a year-on-year decrease of 8.94% [25] - The company achieved an operating income of 308 million yuan, down 2.45% year-on-year [25] - Basic earnings per share were 0.23 yuan [25] Group 16 - Botong Co., Ltd. achieved a net profit of 13.33 million yuan in the first half of 2025, a year-on-year increase of 42.95% [26] - The company reported an operating income of 149 million yuan, up 5.23% year-on-year [26] - Basic earnings per share were 0.2135 yuan [26] Group 17 - Minfeng Special Paper reported a net profit of 15.07 million yuan in the first half of 2025, a year-on-year decrease of 68.88% [28] - The company achieved an operating income of 601 million yuan, down 23.21% year-on-year [28] - Basic earnings per share were 0.043 yuan [28] Group 18 - Changchun Yidong announced that a shareholder plans to reduce their stake by up to 2.97% [29] - The reduction period is from September 8, 2025, to December 5, 2025 [29] Group 19 - Jiukang Bio received an invention patent certificate for a reagent [30] - The patent involves the application of a specific enzyme in diagnostic reagents [30] Group 20 - Xuelang Environment announced the resignation of its general manager due to personal reasons [31] - The chairman will temporarily take over the general manager's responsibilities [31] Group 21 - Tailin Bio's subsidiary obtained a property certificate for industrial land [32] - The land area is 20,500 square meters with a usage period until July 6, 2075 [32] Group 22 - Changgao Electric New's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [33] Group 23 - Tianyoude Wine plans to use up to 147 million yuan of idle funds for cash management [34] Group 24 - Lingxiao Pump Industry used 5.9 million yuan of idle funds to purchase financial products [36] Group 25 - Mengke Pharmaceutical announced that a shareholder plans to reduce their stake by up to 3% [38] Group 26 - Kexiang Co., Ltd. plans to raise no more than 300 million yuan through a simplified procedure [40] Group 27 - Huagong Technology achieved a net profit of 911 million yuan in the first half of 2025, a year-on-year increase of 44.87% [42] - The company reported an operating income of 7.629 billion yuan, up 44.66% year-on-year [42] - Basic earnings per share were 0.91 yuan [42] Group 28 - Shanghai Jianke achieved a net profit of 23.76 million yuan in the first half of 2025, a year-on-year increase of 48.57% [43] - The company reported an operating income of 1.935 billion yuan, up 0.60% year-on-year [43] - Basic earnings per share were 0.06 yuan [43] Group 29 - Darui Electronics achieved a net profit of 132 million yuan in the first half of 2025, a year-on-year increase of 25.32% [44] - The company reported an operating income of 1.405 billion yuan, up 28.04% year-on-year [44] - Basic earnings per share were 1.00 yuan [44] Group 30 - Dongyangguang achieved a net profit of 613 million yuan in the first half of 2025, a year-on-year increase of 170.57% [45] - The company reported an operating income of 7.124 billion yuan, up 18.48% year-on-year [45] - Basic earnings per share were 0.209 yuan [45] Group 31 - Chongqing Beer reported a net profit of 865 million yuan in the first half of 2025, a year-on-year decrease of 4.03% [49] - The company achieved an operating income of 8.839 billion yuan, down 0.24% year-on-year [49] - Basic earnings per share were 1.79 yuan [49] Group 32 - Chongqing Beer announced that its subsidiary plans to increase capital by 600 million yuan [51] Group 33 - Meixin Technology announced that a shareholder plans to reduce their stake by up to 3% [53] Group 34 - Qipai Technology plans to raise no more than 159 million yuan through a private placement [55] Group 35 - Qipai Technology reported a net loss of 586.69 million yuan in the first half of 2025 [57] - The company achieved an operating income of 326 million yuan, up 4.09% year-on-year [57] - Basic earnings per share were -0.55 yuan [57] Group 36 - Huaying Technology reported a net loss of 476 million yuan in the first half of 2025 [59] - The company achieved an operating income of 721 million yuan, down 16.59% year-on-year [59] - Basic earnings per share were -0.1723 yuan [59] Group 37 - Best reported a net profit of 148 million yuan in the first half of 2025, a year-on-year increase of 3.30% [61] - The company achieved an operating income of 716 million yuan, up 2.73% year-on-year [61] - Basic earnings per share were 0.2966 yuan [61] Group 38 - Changliang Technology reported a net loss of 19.11 million yuan in the first half of 2025 [62] - The company achieved an operating income of 664 million yuan, down 5.64% year-on-year [62] - Basic earnings per share were -0.0236 yuan [62] Group 39 - Shunhao Co., Ltd. plans to use up to 35 million yuan of idle funds for entrusted wealth management [64] Group 40 - Weihede achieved a net profit of 65.97 million yuan in the first half of 2025, a year-on-year increase of 24.69% [66] - The company reported an operating income of 356 million yuan, up 38.37% year-on-year [66] - Basic earnings per share were 0.49 yuan [66] Group 41 - Huafa Co., Ltd. reported a net profit of 172 million yuan in the first half of 2025, a year-on-year decrease of 86.41% [67] - The company achieved an operating income of 38.199 billion yuan, up 53.46% year-on-year [67] - Basic earnings per share were 0.06 yuan [67] Group 42 - Mankun Technology achieved a net profit of 632 million yuan in the first half of 2025, a year-on-year increase of 62.30% [68] - The company reported an operating income of 760 million yuan, up 31.56% year-on-year [68] - Basic earnings per share were 0.43 yuan [68] Group 43 - Kelu Electronics achieved a net profit of 190 million yuan in the first half of 2025, turning from loss to profit [69] - The company reported an operating income of 2.573 billion yuan, up 34.66% year-on-year [69] - Basic earnings per share were 0.1144 yuan [69] Group 44 - Sanrenxing achieved a net profit of 144 million yuan in the first half of 2025, a year-on-year increase of 10.83% [71] - The company reported an operating income of 1.657 billion yuan, down 13.36% year-on-year [71] - Basic earnings per share were 0.68 yuan [71] Group 45 - Xinwei Communication achieved a net profit of 162 million yuan in the first half of 2025, a year-on-year decrease of 20.18% [72] - The company reported an operating income of 3.703 billion yuan, down 1.15% year-on-year [72] - Basic earnings per share were 0.1699 yuan [72] Group 46 - Yifan Pharmaceutical achieved a net profit of 304 million yuan in the first half of 2025, a year-on-year increase of 19.91% [72] - The company reported an operating income of 2.635 billion yuan, up 0.11% year-on-year [72] - Basic earnings per share were 0.25 yuan [72] Group 47 - *ST Chengchang achieved a net profit of 566 million yuan in the first half of 2025, turning from loss to profit [73] - The company reported an operating income of 201 million yuan, up 180.16% year-on-year [73] - Basic earnings per share were 0.2783 yuan [73] Group 48 - Rejing Bio announced that a controlling shareholder plans to reduce their stake by up to 1.08% [74] Group 49 - Jingu Co., Ltd. signed a strategic cooperation framework agreement with Luming Robotics [75]

天眼查商业履历信息显示，长高电新科技股份公司，成立于1998年，位于长沙市，是一家以从事科技推 广和应用服务业为主的企业。企业注册资本62033.2085万人民币，实缴资本19466.503万人民币。公司法 定代表人为马晓。 通过天眼查大数据分析，长高电新科技股份公司共对外投资了25家企业，参与招投标项目339次，知识 产权方面有商标信息30条，专利信息359条，此外企业还拥有行政许可32个。 资金流向方面，今日主力资金净流出1035.18万元，占比成交额11.91%。其中，超大单净流入49.79万 元、占成交额0.57%，大单净流出1084.96万元、占成交额12.48%，中单净流出流入127.47万元、占成交 额1.47%，小单净流入907.71万元、占成交额10.44%。 长高电新最新一期业绩显示，截至2025一季报，公司营业总收入3.39亿元、同比增长33.57%，归属净利 润3344.91万元，同比增长12.54%，扣非净利润3033.86万元，同比增长17.76%，流动比率3.078、速动比 率2.592、资产负债率31.50%。 来源：金融界 金融界消息 截至2025年8月15日收盘，长高电新（ ...

Core Viewpoint - Changgao Electric Group Co., Ltd. is planning to issue convertible bonds to raise funds for expanding its production capacity and enhancing its technological capabilities in the electric power industry, aligning with national energy policies and market demands [2][14][16]. Group 1: Issuance Details - The company intends to issue convertible bonds with a total amount not exceeding RMB 855.5782 million, with each bond having a face value of RMB 100 [18][19]. - The funds raised will be allocated to projects including high-voltage switches, closed-type combination electrical appliances, and transformers, among others [19][20]. - The issuance is expected to enhance the company's production capacity and support its strategic development in the electric power sector [16][19]. Group 2: Credit Rating and Risk Factors - The convertible bonds have been rated AA- by China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook [2][7]. - The bonds are unsecured, which may increase repayment risks if the company faces significant operational challenges [3][4]. - The company has highlighted risks related to customer concentration, accounts receivable collection, and market competition, which could impact its financial performance [4][5][6]. Group 3: Industry Context - The electric power industry is experiencing rapid growth driven by national policies promoting energy transition and infrastructure modernization [14][15][17]. - The demand for electric power equipment is expected to rise due to increasing electricity consumption and the need for grid upgrades to accommodate renewable energy sources [14][15]. - The company is positioned to benefit from these trends by focusing on innovative and environmentally friendly products, aligning with the national goals of carbon neutrality [17][18].

Company Overview - The issuer is Changgao Electric New Technology Co., Ltd., established on April 23, 1998, located in Changsha, Hunan Province [1] - The main business includes power transmission and transformation equipment, as well as power survey design and engineering contracting, aiming to become a comprehensive service provider in the energy sector [1] Financial Data - As of March 31, 2025, total assets amounted to 358,197.82 million yuan, with total liabilities at 112,828.62 million yuan, resulting in shareholders' equity of 245,369.19 million yuan [3] - For the first quarter of 2025, operating revenue was 33,908.49 million yuan, with a net profit of 3,355.53 million yuan [3] - The company reported a net cash flow from operating activities of 11,303.08 million yuan for the year 2024 [4] Key Financial Ratios - The current ratio was 3.08, and the quick ratio was 2.59 as of March 31, 2025 [4] - The debt-to-asset ratio was 31.50% for consolidated figures, indicating a stable financial structure [4] - The interest coverage ratio was 36.56, suggesting strong ability to meet interest obligations [4] Investment and Fundraising - The company plans to issue convertible bonds totaling up to 85,557.82 million yuan, with a face value of 100 yuan per bond, and a term of six years [14][15] - The funds raised will be allocated to projects including the Changgao Electric New Jinzhou Production Base Phase III and the Changgao Electric New Wangcheng Production Base Upgrade [26] Risk Factors - The company faces high customer concentration risk, primarily relying on sales to State Grid and its subsidiaries, which accounted for significant revenue [5] - There is a risk of goodwill impairment due to external factors affecting market conditions [5] - The company has a substantial accounts receivable balance, which could impact cash flow if major clients face financial difficulties [5] Regulatory Compliance - The company has completed necessary internal decision-making processes for the bond issuance, including approvals from the board of directors and shareholders [21][22] - The issuer meets the requirements for public bond issuance as per the Securities Law, including having sufficient average distributable profits to cover interest payments [27][30]

Core Viewpoint - Changgao Electric New Technology Co., Ltd. is applying to issue convertible bonds to unspecified objects and list them on the main board, with Huatai United Securities as the sponsor [1][2]. Group 1: Issuance Overview - The company intends to issue convertible bonds and has submitted the application documents in accordance with relevant laws and regulations [1][2]. - The total amount of funds to be raised is not to exceed 855.5782 million yuan, which will be used for specific projects [22][24]. Group 2: Sponsor Information - Huatai United Securities is the main underwriter, with representatives Liu Dong and Liu Tianji responsible for the recommendation [2][3]. - The sponsor has committed to conducting due diligence and ensuring the authenticity and completeness of the documents provided [9][10]. Group 3: Financial Health and Compliance - The company reported net profits of 57.9684 million yuan, 173.0765 million yuan, and 252.1039 million yuan for the years 2022, 2023, and 2024 respectively, indicating a strong financial position [15][18]. - The average distributable profit over the last three years is 161.0496 million yuan, which is sufficient to cover the interest payments on the bonds [15][17]. Group 4: Use of Proceeds - The raised funds will be allocated to the Changgao Electric New Jinzhou Production Base Phase III Project, the Changgao Electric New Wangcheng Production Base Upgrade and Expansion Project, and the Changgao Green Smart Distribution Industry Park Project [22][23]. - The company has established a management system for the raised funds to ensure compliance with the stated purposes [15][23]. Group 5: Regulatory Compliance - The issuance complies with the conditions set forth in the Securities Law and the Regulations on the Registration of Securities Issuance by Listed Companies [12][16]. - The company has fulfilled all internal decision-making procedures required for the issuance [11][12].

湖南启元律师事务所 关于 长高电新科技股份公司 向不特定对象发行可转换公司债券的 法律意见书 二〇二五年七月 致：长高电新科技股份公司 湖南启元律师事务所（以下简称"本所"）接受长高电新科技股份公司（以 下简称"长高电新"、"发行人"或"公司"）的委托，担任发行人申请向不特 定对象发行可转换公司债券（以下简称"本次发行"）的专项法律顾问。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券 发行注册管理办法》《律师事务所从事证券法律业务管理办法》《律师事务所证 券法律业务执业规则（试行）》等法律、法规、规范性文件的有关规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，就发行人本次发行事宜出具 《湖南启元律师事务所关于长高电新科技股份公司向不特定对象发行可转换公 司债券的律师工作报告》（以下简称"《律师工作报告》"）和《湖南启元律师 事务所关于长高电新科技股份公司向不特定对象发行可转换公司债券的法律意 见书》（以下简称"本法律意见书"）。 为出具本法律意见书，本所（含本所签字律师）特作如下声明： （一）本所依据《中华人民共和国证券法》《律师事务所从事证券法律业务 管理办法》《律师事务所 ...