Core Viewpoint - The company has made significant progress in establishing its European production base by signing a purchase agreement for a factory and land with Czech company Solwings.r.o. for €2.996 million (excluding VAT) [1] Group 1: Company Developments - The purchase agreement marks a substantial advancement for the company's European production base, laying a solid foundation for future construction and production [1] - The funding for this acquisition will come from the company's own or raised funds, ensuring that it does not affect the normal operation of existing core businesses [1] - The transaction is not expected to have a significant impact on the company's financial condition or operating results [1]

Group 1 - The core viewpoint of the news is that Jinbei Electric (002533) has shown positive financial performance with a revenue increase and a stable stock price, despite some net outflow of funds [1][3] - As of August 19, 2025, Jinbei Electric's stock closed at 11.75 yuan, up 0.43%, with a turnover rate of 4.05% and a trading volume of 258,200 hands, amounting to a transaction value of 302 million yuan [1] - The company's latest financial results for the first half of 2025 indicate total operating revenue of 9.335 billion yuan, a year-on-year increase of 17.50%, and a net profit attributable to shareholders of 296 million yuan, up 7.46% year-on-year [1] Group 2 - Jinbei Electric has made investments in 24 companies and participated in 750 bidding projects, indicating active engagement in business expansion [2] - The company holds 2 trademark registrations and 116 patents, showcasing its commitment to innovation and intellectual property [2] - Jinbei Electric has 24 administrative licenses, reflecting its compliance with regulatory requirements [2]

Core Viewpoint - The embodied robotics industry is rapidly developing, with domestic cable manufacturers starting to support main engine manufacturers in the 0-1 stage of the industry, showcasing localization and cost advantages [1][3]. Industry Overview - Cable is essential for robots, functioning as their blood vessels and nervous system, with embodied robot cables requiring higher standards in flexibility, signal transmission, and lightweight integration compared to industrial robot cables [2]. Market Dynamics - Since 2023, there has been a notable policy and industry resonance in the embodied robotics field, with humanoid robots and robotic dogs entering small-scale production. Main engine manufacturers are increasingly recognizing the significant impact of cables on robot performance and lifespan [3]. Competitive Landscape - Domestic cable manufacturers are positioned to grow alongside main engine manufacturers, with companies like Yushu and Zhiyuan expected to lead the supply chain growth in China. These manufacturers may eventually supply overseas main engine manufacturers due to their mature supply capabilities [3]. Barriers to Entry - Short-term barriers include technology and certification, while long-term considerations will focus on cost reduction. The ability to select materials and design structures, along with achieving production processes, represents a significant technological barrier [4]. Investment Opportunities - The domestic cable manufacturers are expected to benefit from the growth of the robotics industry, with recommendations for companies like Wanma Co., Ltd. (002276.SZ) that have already launched embodied robot projects. Other notable companies include Xinhongye (301310.SZ), Xinya Electronics (605277.SH), Jinbei Electric (002533.SZ), Qifan Cable (605222.SZ), and Hualing Cable (001208.SZ) [5].

Core Insights - The China Listed Companies Association released the "2025 Cash Dividend Rankings," highlighting four prominent listed companies from Hunan, including Zoomlion, Yanjinpuzi, Jinbei Electric, and Aier Eye Hospital, for their substantial dividend performance [1][8] Cash Dividend Rankings - In the "Top 100 Cash Dividends" list, Industrial and Commercial Bank of China, China Construction Bank, and China Petroleum occupy the top three positions, with Zoomlion ranked 98th among Hunan companies [1][2] - Zoomlion has distributed dividends 27 times since its listing, with a total payout of approximately 28.9 billion yuan, exceeding its total capital raised from the market, and maintaining a historical overall dividend rate of about 47% [1][8] Dividend Payment Rate Rankings - In the "Top 100 Dividend Payment Rates" list, Dong'e Ejiao, Focus Technology, and Zoli Pharmaceutical are the top three, while Hunan companies Yanjinpuzi, Jinbei Electric, and Aier Eye Hospital rank 17th, 18th, and 92nd respectively [3][4] - Aier Eye Hospital, a leading global ophthalmology chain, plans to distribute a cash dividend of 1.487 billion yuan in 2024, with cumulative cash dividends reaching 7.12 billion yuan since its listing [3][4] Dividend Yield Rankings - The "Top 100 Dividend Yields" list features China Merchants Industry Holdings, Yutong Bus, and Haoxiangni as the top three [6][7] Overall Dividend Trends - The total cash dividends for listed companies in 2024 reached a historical high of 2.4 trillion yuan, marking a 9% increase from 2023 [9][10] - The number of companies with continuous dividends has been increasing, with 2,447 out of 4,445 companies listed for three years having paid dividends continuously over the past three years, a 12% increase from 2023 [9][10] - The average dividend payout ratio for listed companies in the Shanghai and Shenzhen stock exchanges is 39%, with 1,411 companies having an average payout ratio greater than 40% over the past five years, a 24% increase from 2023 [10]

Company Performance - Jinbei Electric's stock price reached a historical high, increasing by 7.56% to 11.95 yuan, with a trading volume of 31.48 million shares and a transaction amount of 362 million yuan, resulting in a turnover rate of 4.94% [2] - The company's latest A-share total market value is 8.771 billion yuan, and the circulating market value is 7.620 billion yuan [2] - The company reported a revenue of 9.335 billion yuan for the first half of the year, representing a year-on-year growth of 17.50%, and a net profit of 296 million yuan, with a year-on-year increase of 7.46% [2] Industry Overview - The power equipment industry, to which Jinbei Electric belongs, has an overall increase of 2.33%, with 362 stocks rising and 9 stocks hitting the daily limit [2] - Among the stocks that declined, Changcheng Electric, Xidian New Energy, and Sanbian Technology saw declines of 4.53%, 3.39%, and 2.26% respectively [2] Financing and Ratings - As of August 14, the latest margin trading balance for Jinbei Electric is 438 million yuan, with a financing balance of 438 million yuan, reflecting an increase of 71.6194 million yuan over the past 10 days, a growth of 19.57% [2] - In the past 10 days, two institutions rated the stock, with Guotai Haitong Securities setting a target price of 15.28 yuan on August 6 [2]

金杯电工最新一期业绩显示，截至2025中报，公司营业总收入93.35亿元、同比增长17.50%，归属净利 润2.96亿元，同比增长7.46%，扣非净利润2.71亿元，同比增长3.79%，流动比率1.466、速动比率 1.134、资产负债率59.63%。 金融界消息 截至2025年8月13日收盘，金杯电工（002533）报收于11.46元，上涨1.51%，换手率 5.66%，成交量36.07万手，成交金额4.11亿元。 资金流向方面，今日主力资金净流入4187.43万元，占比成交额10.19%。其中，超大单净流入780.94万 元、占成交额1.9%，大单净流入3406.49万元、占成交额8.29%，中单净流出流出1055.85万元、占成交 额2.57%，小单净流出3131.58万元、占成交额7.62%。 通过天眼查大数据分析，金杯电工股份有限公司共对外投资了24家企业，参与招投标项目745次，知识 产权方面有商标信息2条，专利信息116条，此外企业还拥有行政许可24个。 来源：金融界 天眼查商业履历信息显示，金杯电工股份有限公司，成立于2004年，位于长沙市，是一家以从事电气机 械和器材制造业为主的企业。企业注 ...

Group 1 - The State Intellectual Property Office of China granted a patent to Jinbei Electric Hunan Cable Co., Ltd. for a "Low Temperature Testing Device for Cables Used in Electric Vehicles" with authorization announcement number CN223217593U, applied on September 2024 [1] - The patent describes a utility model that includes a frame with detachable first and second rotating mechanisms, connected by a transmission chain, designed for testing electric vehicle cables [1] - The testing device features a test rod that can rotate and is designed to hold a sample cable, with a weight attached to the unwound portion of the cable, indicating a focus on ensuring the reliability of electric vehicle components [1] Group 2 - Jinbei Electric Hunan Cable Co., Ltd. was established in 2004 and is located in Hengyang City, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 400 million RMB and has made investments in 7 enterprises, participated in 2062 bidding projects, and holds 344 patents [2] - Additionally, the company has 154 trademark registrations and possesses 3620 administrative licenses, indicating a robust operational footprint in the industry [2]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The demand for AIDC power equipment is expected to grow significantly due to the increasing capital expenditure by major cloud service providers, with a projected annual growth rate of 20% from 2025 to 2030 [5][13] - The market space for various AIDC power equipment segments, including dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers, is estimated to reach significant values by 2030 [12][13] - The industry is witnessing a shift towards domestic companies gaining competitive advantages in the data center sector, with a potential overall value chain transfer to Chinese enterprises [5] AIDC Power Equipment Summary - Recent capital expenditures by North America's four major cloud service providers reached $95 billion in Q2, a year-on-year increase of 66% [5] - The projected global AI computing load from 2025 to 2030 is expected to be 9.7, 15.9, 20.2, 22.3, 23.4, and 24.6 GW respectively, with corresponding AIDC power equipment demand estimated at 29, 48, 60, 67, 70, and 74 GW [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85, 341, 41, 380, and 239 billion yuan respectively by 2030 [12][13] - Recent performance in the AIDC power equipment sector shows significant increases, with high-voltage direct current (HVDC) rising by 19.7%, server power supplies by 11.3%, and lead-acid batteries by 8.5% [5] - Key companies in the AIDC power equipment sector include Jinpan Technology, Mingyang Electric, Hezhong Electric, and others [5] Grid Industry Summary - In June 2025, the total investment in national power engineering reached 105.7 billion yuan, a year-on-year increase of 22.5% [31] - The total investment in national grid engineering for the first half of 2025 was 291.1 billion yuan, reflecting a year-on-year increase of 14.6% [32] - The recent bidding for the State Grid's fourth batch of substation equipment amounted to approximately 12.77 billion yuan, with a cumulative estimated bidding amount for the year reaching 66.84 billion yuan, a year-on-year increase of 20.5% [58] - The grid equipment sector has also seen significant stock performance, with cable components and other equipment rising by 6.8% recently [5] - Key focus areas for the grid industry include high-voltage orders, virtual power plants, and international expansion opportunities [5]

Core Insights - On August 5, 2023, brokerage firms provided target prices for listed companies, with notable increases for Jinbei Electric, Chuan Yi Co., and SAIC Motor, showing target price increases of 39.29%, 36.56%, and 32.46% respectively, across the power equipment, general equipment, and passenger vehicle industries [1][2]. Group 1: Target Price Increases - Jinbei Electric (002533) received a target price of 15.28 yuan with a target increase of 39.29% from Guotai Junan Securities [2]. - Chuan Yi Co. (603100) was assigned a target price of 27.90 yuan with a target increase of 36.56% from Huachuang Securities [2]. - SAIC Motor (600104) has a target price of 23.75 yuan with a target increase of 32.46% from Dongfang Securities [2]. - Other companies with significant target price increases include Xinjie Electric (603416) at 30.23% and Dongfang Yuhong (002271) at 28.21% [2]. Group 2: Brokerage Recommendations - A total of 35 listed companies received brokerage recommendations on August 5, with Dongfang Yuhong and Xinjie Electric each receiving 3 recommendations, and Dengkang Oral Care receiving 2 recommendations [3]. - Dongfang Yuhong (002271) had a closing price of 12.48 yuan and received 3 brokerage ratings in the renovation and building materials sector [3]. - Xinjie Electric (688475) closed at 35.06 yuan and also received 3 brokerage ratings in the computer equipment industry [3]. Group 3: Rating Adjustments - On August 5, 4 companies had their ratings upgraded, including Huaneng International (600011) from "Hold" to "Buy" by Huayuan Securities [5]. - Hai Liang Co. (002203) was upgraded from "Hold" to "Buy" by Hualong Securities [5]. - Xinjie Electric (688475) was upgraded from "Hold" to "Buy" by Donghai Securities [5]. - Dengkang Oral Care (001328) was upgraded from "Hold" to "Strong Buy" by China Merchants Securities [5]. Group 4: Rating Downgrades - Only 1 company had its rating downgraded on August 5, with China Bank (601988) being downgraded from "Strong Buy" to "Recommended" by Ping An Securities [6]. Group 5: First Coverage - On August 5, 8 companies received initial coverage, including Liao Port Co. (601880) rated "Hold" by China Merchants Securities [7]. - China Bank (601988) received a "Recommended" rating from Ping An Securities [7]. - Meidi (688079) was rated "Buy" by Great Wall Securities [7]. - Other companies receiving initial coverage include China Rare Earth (000831) and Dengkang Oral Care (001328) rated "Hold" and "Strong Buy" respectively by Huayuan Securities [7].

Summary of Jinbei Electric's Conference Call Company Overview - **Company**: Jinbei Electric - **Industry**: Electric Equipment Manufacturing Key Financial Performance - **Revenue**: 93.48 billion CNY, up 50% year-on-year [2][3] - **Net Profit**: 3.37 billion CNY, up 9.78% year-on-year [2][3] - **Net Profit Attributable to Shareholders**: 2.96 billion CNY, up 7.46% year-on-year [2][3] - **Return on Equity (ROE)**: Increased by 0.27 percentage points to 7.26% [2][3][12] Cash Flow and Inventory - **Operating Cash Flow**: Net outflow of 11.83 billion CNY, primarily due to increased inventory and longer collection cycles from direct sales [2][4][11] - **Inventory Increase**: Driven by rising copper prices and strategic stocking of high-demand products [4] Business Structure and Performance - **Business Structure Adjustment**: Significant improvement in performance with clean energy, smart grid, and smart equipment contributing 46.74 billion CNY, up 31% year-on-year, accounting for 50% of total revenue [2][6] - **Battery Wire Revenue**: 37.46 billion CNY, up 28% year-on-year, with net profit of 1.96 billion CNY, up 70% [2][6] Growth Drivers - **Battery Wire Segment Growth**: Driven by over 200% increase in sales of flat wires for ultra-high voltage transformers, 68% increase in sales of new energy vehicles, and strong performance in industrial motor applications [2][7] - **Cable Industry Performance**: Revenue of 55.42 billion CNY, up 12% year-on-year, despite declining margins due to real estate downturn and increased competition [2][8] Capacity Expansion - **Capacity Construction**: Ongoing projects include the signing of the Xiangtan Phase III project with a planned capacity of 30,000 tons/year for automotive flat wires [5][9] - **Production Trials**: The Hengyang base's smart equipment cable project began trial production in Q2, with further capacity expected to be released in the second half of the year [5][9] Export and International Market - **Export Growth**: Direct retail exports increased by 38%, with significant contributions from the battery wire segment and a breakthrough in cable exports [10] - **Czech Project**: Successfully completed registration, aiming for trial production by the end of this year or early next year [10][16] Market Trends and Challenges - **Gross Margin**: Slight decline to 10.32% due to copper price fluctuations and pressure on cable profitability [10] - **Debt Ratio**: Slight increase to 59%, remaining below the 60% threshold, indicating manageable debt levels [11] Future Outlook - **Sales and Margin Projections**: Anticipated 15%-16% growth in electronic wire sales, with stable margins expected if copper prices do not fluctuate significantly [14] - **Investment in Power Grid**: Optimistic outlook for future investments in the power grid, particularly in large projects [19] Conclusion Jinbei Electric has demonstrated strong financial performance and resilience in a challenging environment, with significant growth in key segments and ongoing capacity expansion. The company is strategically positioning itself to reduce reliance on traditional markets while enhancing its presence in emerging sectors.