格隆汇7月29日丨金杯电工(002533.SZ)公布2025年半年度报告，上半年公司实现营业收入93.35亿元，同 比增长17.50%；归属于上市公司股东的净利润2.96亿元，同比增长7.46%；归属于上市公司股东的扣除 非经常性损益的净利润2.71亿元，同比增长3.79%；基本每股收益0.4037元。 ...

金杯电工公告，2025年上半年营业收入93.35亿元，同比增长17.50%。净利润2.96亿元，同比增长 7.46%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

金杯电工股份有限公司 2025 年半年度财务报告 公司代码：002533 公司简称：金杯电工 金杯电工股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 7 月 金杯电工股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：金杯电工股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,226,811,625.50 | 2,184,854,916.39 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 295,628,023.22 | 20,000,000.00 | | 衍生金融资产 | | | | 应收票据 | 379,522,721.53 | 404,091,649.91 | | 应收账款 | 3,587,046,622.84 | 2,817,451,557.85 | | 应收款 ...

金杯电工股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占 用 | 资金占用方名称 | 占用方与上市 公司的关联关 | 上市公司核算的 | 2025年期初占用 | 2025年半年度占 用累计发生金额 | 2025年半年度 占用资金的利 | 2025年半年 度偿还累计 | 2025年6月期 末占用资金 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 系 | 会计科目 | 资金余额 | （不含利息） | 息（如有） | 发生金额 | 余额 | | | | 控股股东及其附 | | | | | | | | | | | | 属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东及其 | | | | | | | | | | | | 附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 总计 | | | | | | | | ...

一、监事会会议召开情况 金杯电工股份有限公司（以下简称"公司"）第七届监事会第十次临时会议 （以下简称"本次会议"）于 2025 年 7 月 28 日上午以现场及通讯表决的方式在 公司技术信息综合大楼 501 会议室召开。本次会议通知以书面或电子邮件方式于 2025 年 7 月 23 日发出。本次会议应到监事 3 人，实到监事 3 人，本次会议由监 事会主席蒋元女士主持，符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过了《2025 年半年度报告全文及摘要》 金 杯 电 工 股 份 有 限 公 司 Gold Cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2025-026 金杯电工股份有限公司 第七届监事会第十次临时会议决议公告 本公司及监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。 《2025 年半年度报告全文》详见公司指定信息披露网站巨潮资讯网 （www.cninfo.com.cn），《2025 年半年度报告摘要》详见公司指定信息披露媒 体《中国证券报》《上海证券报 ...

Part I [Important Notice, Table of Contents and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions, with future plans not constituting substantial commitments, and no profit distribution planned for this reporting period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) - Company head Wu Xueyu, accounting supervisor Zhong Hua, and accounting department head Wu Zhaochun declare and guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents clearly lists nine major chapters, covering all statutory disclosures from important notices and company overview to management discussion and financial reports Report Chapter Directory | Chapter | Page Number | | :--- | :--- | | Part I Important Notice, Table of Contents and Definitions | 1 | | Part II Company Profile and Key Financial Indicators | 5 | | Part III Management Discussion and Analysis | 7 | | Part IV Corporate Governance, Environment, and Society | 21 | | Part V Significant Matters | 24 | | Part VI Share Changes and Shareholder Information | 32 | | Part VII Bond-Related Information | 34 | | Part VIII Financial Report | 35 | | Part IX Other Submitted Data | 169 | [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and abbreviations used in the report, such as "Jinbei Electric" referring to Jinbei Electric Co., Ltd., and "Nengxiang Investment" referring to the controlling shareholder Shenzhen Nengxiang Investment Development Co., Ltd., providing a basis for understanding the report content - Clarifies the company's controlling shareholder as Shenzhen Nengxiang Investment Development Co., Ltd. (Nengxiang Investment) and actual controllers as Mr. Wu Xueyu and Ms. Sun Wenli[12](index=12&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Jinbei Electric Co., Ltd. (stock code: 002533) is a company listed on the Shenzhen Stock Exchange, with Wu Xueyu as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jinbei Electric | | Stock Code | 002533 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Jinbei Electric Co., Ltd. | | Legal Representative | Wu Xueyu | [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company achieved operating revenue of **9.335 billion yuan**, a **17.50%** year-on-year increase, and net profit attributable to parent company of **296.276 million yuan**, a **7.46%** year-on-year increase, demonstrating growth in both revenue and profit, while net cash flow from operating activities was **-1.183 billion yuan**, a **34.85%** year-on-year decrease, indicating increased working capital pressure, with total assets and net assets both increasing compared to the end of the previous year 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 9,334,936,354.66 | 7,944,505,718.63 | 17.50% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 296,276,308.01 | 275,705,843.07 | 7.46% | | Net Cash Flow from Operating Activities (yuan) | -1,183,441,340.70 | -877,571,485.30 | -34.85% | | Basic Earnings Per Share (yuan/share) | 0.4037 | 0.3757 | 7.45% | | Weighted Average Return on Net Assets | 7.26% | 6.99% | 0.27% | | **Indicator** | **End of Current Period** | **End of Prior Year** | **YoY Change** | | Total Assets (yuan) | 11,330,890,479.47 | 10,345,250,213.07 | 9.53% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 4,102,526,779.02 | 3,937,203,993.94 | 4.20% | [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's non-recurring gains and losses totaled **25.3819 million yuan**, mainly from fair value changes in financial assets (**17.5441 million yuan**) and government grants (**14.2880 million yuan**) Non-recurring Gains and Losses Items | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -61,793.22 | | Government Grants Recognized in Current Profit/Loss | 14,288,021.44 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities | 17,544,120.52 | | Other Non-operating Income/Expenses and Debt Restructuring Gains/Losses | -503,994.66 | | **Total** | **25,381,855.10** | Part III [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Businesses During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business involves R&D, production, and sales of flat electromagnetic wires and wires & cables, achieving **9.335 billion yuan** in revenue (up **17.50%**) and **296.276 million yuan** in net profit attributable to parent company (up **7.46%**) in H1 2025, driven by a **27.55%** increase in electromagnetic wire revenue from UHV and NEV demand, a **12.04%** steady growth in cable revenue, a **37.99%** increase in direct exports with a new Czech base, and ongoing R&D and Huawei-led process management reform for operational efficiency 2025 H1 Segment Performance | Segment | Revenue YoY Growth | Key Drivers | | :--- | :--- | :--- | | Electromagnetic Wire | 27.55% | UHV transformer sales grew 241.18%, NEV motor flat wire sales grew 67.77% | | Cable | 12.04% | Grid market winning bids grew 167%, industrial cable business grew 310.19% | | Overseas Business | 37.99% | Direct exports reached 262 million yuan, initiated Czech plant construction plan | - The company's products are widely applied in key areas such as UHV, smart grids, new energy vehicles, and wind/solar/storage, with two flat electromagnetic wire bases in Xiangtan and Wuxi, and six cable industry bases including Changsha and Hengyang[26](index=26&type=chunk)[29](index=29&type=chunk) - The company officially launched a Huawei-led process management reform project, aiming to build a control model adapted for future development and create an efficient, autonomous process-oriented organization[51](index=51&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies are reflected in six key areas: a strong multi-brand matrix (e.g., "Jinbei", "Tapa"), stable key customer relationships, leading technical R&D capabilities (e.g., PEEK insulated electromagnetic wire patent), strict product quality control, scaled production layout, and an experienced, stable core management team - **Brand advantage**: Possesses six regional core brands including "Jinbei", "Tapa", "Feihe", and "Ganchang", forming a "multi-brand, cross-regional, synergistic development" pattern[52](index=52&type=chunk)[53](index=53&type=chunk) - **Technical R&D advantage**: Holds a series of industry core technologies, such as 10 million cycle ultra-flexible industrial robot drag chain cables and PEEK insulated electromagnetic wire invention patents[56](index=56&type=chunk) - **Product scale advantage**: Operates two flat electromagnetic wire production bases and six cable production bases, with products covering hundreds of varieties and nearly ten thousand specifications, demonstrating significant capacity scale and regional layout advantages[58](index=58&type=chunk)[59](index=59&type=chunk) [Analysis of Main Business](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by **17.50%** and operating costs by **18.38%**, with clean energy application revenue growing fastest at **54.25%**, and electromagnetic wire product revenue increasing by **29.67%**, significantly outpacing wire and cable products at **11.10%**, while financial expenses surged by **65.73%** due to increased bank financing interest Key Financial Data Year-on-Year Change | Item | Current Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,334,936,354.66 | 17.50% | - | | Operating Cost | 8,371,305,878.56 | 18.38% | - | | Financial Expenses | 26,282,221.67 | 65.73% | Due to increased bank financing interest in this period | | Net Cash Flow from Operating Activities | -1,183,441,340.70 | -34.85% | Increased proportion of direct sales business led to higher operating receivables | | Net Cash Flow from Investing Activities | -288,645,250.22 | -107.82% | Increased investment in bank wealth management products and acquisition of long-term assets | | Net Cash Flow from Financing Activities | 630,964,536.24 | 549.78% | Increased net bank borrowings and discounted acceptance bills | Operating Revenue Composition Analysis | Category | Current Period Revenue (yuan) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Clean Energy Application | 1,195,735,082.26 | 12.81% | 54.25% | | Smart Grid Application | 2,600,041,826.65 | 27.85% | 19.40% | | Green Building Application | 2,877,674,448.78 | 30.83% | 3.26% | | **By Product** | | | | | Wire and Cable Products | 5,538,350,534.53 | 59.33% | 11.10% | | Electromagnetic Wire Products | 3,745,660,112.97 | 40.13% | 29.67% | | **By Region** | | | | | Overseas | 261,625,932.44 | 2.80% | 37.99% | [Analysis of Assets and Liabilities](index=16&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets reached **11.331 billion yuan**, a **9.53%** increase from the beginning of the year, with significant changes in asset structure including a **43.85%** decrease in monetary funds, while inventories and construction in progress increased by **43.76%** and **92.38%** respectively, reflecting the company's strategy of expanding production and increasing stock, and short-term borrowings surged by **174.68%** on the liability side, mainly to support business expansion Balance Sheet Key Items Change | Item | Period-end Amount (yuan) | Change from Prior Year-end | Key Change Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,226,811,625.50 | -43.85% | Increased bill payments, wealth management product purchases, and salary payments | | Inventories | 1,915,572,449.23 | 43.76% | Increased finished goods inventory, work-in-progress, and rising copper prices | | Construction in Progress | 288,335,241.66 | 92.38% | Increased investment in subsidiary capacity expansion and equipment upgrades | | Short-term Borrowings | 605,685,232.50 | 174.68% | Increased bank loans and discount financing | | Trading Financial Assets | 295,628,023.22 | 1378.14% | Increased purchases of bank wealth management products and floating gains from hedging instruments | | Employee Compensation Payable | 101,804,424.07 | -43.17% | Year-end bonus accrued last year-end disbursed in current period | | Other Comprehensive Income | 49,025,005.35 | 1044.50% | Due to changes in floating gains/losses from cash flow hedges | [Analysis of Major Holding and Participating Companies](index=19&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main profits are derived from its core subsidiaries, with Jinbei Electric Electromagnetic Wire Co., Ltd. being the most prominent, achieving a net profit of **192.161 million yuan** during the reporting period, while Jinbei Electric Hengyang Cable Co., Ltd. and Wuhan Second Wire and Cable Co., Ltd. also contributed **79.322 million yuan** and **47.080 million yuan** in net profit respectively, serving as important pillars of the group's performance Major Subsidiary Operating Performance (H1 2025) | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Jinbei Electric Electromagnetic Wire Co., Ltd. | 3,736,092,093.07 | 192,161,100.21 | | Jinbei Electric Hengyang Cable Co., Ltd. | 2,831,076,525.78 | 79,321,788.57 | | Wuhan Second Wire and Cable Co., Ltd. | 1,286,046,414.76 | 47,079,587.68 | [Risks Faced by the Company and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces four main risks: macroeconomic uncertainty, fierce market competition, raw material price fluctuations, and large accounts receivable balances, which it addresses through diversified market expansion (especially in emerging and overseas markets), strengthened R&D, futures hedging for raw material price risk, and enhanced customer credit management and accounts receivable collection - **Macroeconomic risk**: Global economic recovery divergence, trade protectionism, and geopolitical conflicts bring uncertainty, which the company will flexibly address by focusing on emerging fields like wind/solar/storage, AI, and robotics[81](index=81&type=chunk)[82](index=82&type=chunk) - **Raw material price fluctuation risk**: Core raw materials like copper and aluminum account for approximately **80%** of total costs, a risk the company mitigates through centralized procurement, dynamic management, and futures hedging[85](index=85&type=chunk) - **Accounts receivable risk**: As the proportion of direct sales business increases, accounts receivable also rise, a risk the company aims to reduce through digital transformation, proactive risk control, and intensified collection efforts[86](index=86&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Corporate Governance and Internal Control](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E4%B8%8E%E5%86%85%E6%8E%A7) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with no semi-annual profit distribution or capital reserve to share capital conversion planned, nor any new equity incentive plans, while the corporate governance structure remains stable, and a new Strategy and ESG Committee was established to promote sustainable development - No changes occurred in the company's directors, supervisors, and senior management during the reporting period[89](index=89&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[90](index=90&type=chunk) - During the reporting period, the company established a Strategy and ESG (Environmental, Social, and Governance) Committee to improve strategic decision-making mechanisms and promote sustainable high-quality development[94](index=94&type=chunk) [Environmental and Social Responsibility](index=22&type=section&id=%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The company actively fulfills its social responsibilities, adhering to high dividend payouts to shareholders, with cumulative cash dividends reaching **1.929 billion yuan**, while promoting green development with several subsidiaries recognized as national green factories, releasing its first ESG report in 2025 and achieving a Wind ESG A-rating, and concurrently consolidating poverty alleviation achievements and aiding rural revitalization through industrial, consumption, and employment initiatives - Subsidiary Wuxi Tongli Electric Co., Ltd. was included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk) - The company released its first "2024 Environmental, Social, and Corporate Governance (ESG) Report" in 2025, achieving a Wind ESG **A-rating** from Wind ESG[101](index=101&type=chunk) - Since its listing, the company has distributed cash dividends 16 times, totaling **1.929 billion yuan**, accounting for **56.70%** of the cumulative net profit attributable to parent company as of the end of 2024[96](index=96&type=chunk) Part V [Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Significant Related Party Transactions](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company's daily related party transactions primarily involved purchasing wire and cable insulation and sheath materials from Hunan Weichu Cable Polymer Materials Co., Ltd. and leasing factory buildings to it, with a total transaction amount of **161 million yuan**, not exceeding the annual estimated limit of **301 million yuan**, and operational creditor-debt relationships also existed between the company and its subsidiaries Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Type | Amount Incurred in Current Period (10k yuan) | Approved Transaction Limit (10k yuan) | | :--- | :--- | :--- | :--- | | Hunan Weichu Cable Polymer Materials Co., Ltd. | Purchase of Goods | 15,995.9 | 29,900 | | Hunan Weichu Cable Polymer Materials Co., Ltd. | Property Lease | 96.57 | 220 | [Significant Contracts and Their Performance](index=29&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company provided guarantees totaling **3.427 billion yuan** for its subsidiaries, accounting for **83.53%** of the company's net assets, all for subsidiaries within the consolidated financial statement scope, aimed at supporting their normal operations and financing needs, with no other significant entrustment, contracting, or leasing matters during the reporting period Guarantees for Subsidiaries | Item | Amount (10k yuan) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in Reporting Period | 485,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-end | 342,691.84 | | Ratio of Total Actual Guarantees to Company's Net Assets | 83.53% | [Significant Matters of Company Subsidiaries](index=32&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) To incentivize its core management team, the company transferred **11.3638%** equity of its wholly-owned subsidiary Deli Conductor to the subsidiary's core management in February 2025, reducing the company's shareholding to **88.6362%**, though Deli Conductor remains within the company's consolidated financial statement scope - In February 2025, the company transferred **11.3638%** equity of Deli Conductor to its core management, changing its shareholding from **100%** to **88.6362%**, with Deli Conductor remaining a controlled subsidiary[130](index=130&type=chunk) Part VI [Share Changes and Shareholder Information](index=33&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Change Status](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of June 30, 2025, the company's total share capital was **733,941,062 shares**, with no changes in total share capital during the reporting period, where restricted shares accounted for **13.12%** and unrestricted shares for **86.88%** Share Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 96,295,629 | 13.12% | | Unrestricted Shares | 637,645,433 | 86.88% | | **Total Share Capital** | **733,941,062** | **100.00%** | [Number of Shareholders and Shareholding Status](index=34&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **43,782** common shareholders, with controlling shareholder Shenzhen Nengxiang Investment Development Co., Ltd. holding **15.69%** and actual controller Mr. Wu Xueyu directly holding **8.18%**, indicating a relatively concentrated equity structure with a high aggregate shareholding by the top ten shareholders - The total number of common shareholders at the end of the reporting period was **43,782**[136](index=136&type=chunk) Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Proportion | Number of Shares Held (shares) | | :--- | :--- | :--- | | Shenzhen Nengxiang Investment Development Co., Ltd. | 15.69% | 115,188,480 | | Wu Xueyu | 8.18% | 60,048,577 | | Zhou Zuqin | 6.23% | 45,718,415 | | Hunan Minneng Investment Co., Ltd. | 4.08% | 29,928,960 | | Fan Zhihong | 2.43% | 17,813,800 | - Shareholders Wu Xueyu, Nengxiang Investment, and Minneng Investment are parties acting in concert[136](index=136&type=chunk) Part VII [Bond-Related Information](index=35&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Information](index=35&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information to disclose - The company had no bond-related matters during this reporting period[142](index=142&type=chunk) Part VIII [Financial Report](index=36&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual financial report is unaudited - The company's H1 2025 semi-annual financial report is unaudited[144](index=144&type=chunk) [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, with data showing continuous growth in total assets, but a decrease in monetary funds, and significant increases in inventories and short-term borrowings, while the income statement reflects year-on-year growth in revenue and profit, and the cash flow statement reveals negative and deteriorating operating cash flow - The consolidated balance sheet shows total assets of **11.331 billion yuan** and total liabilities of **6.757 billion yuan** at period-end[146](index=146&type=chunk)[147](index=147&type=chunk) - The consolidated income statement shows total operating revenue of **9.335 billion yuan** and net profit attributable to parent company shareholders of **296.276 million yuan** for this period[153](index=153&type=chunk)[154](index=154&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-1.183 billion yuan** for this period[159](index=159&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items in the consolidated financial statements, noting that **334 million yuan** of period-end monetary funds are restricted, mainly for guarantees, accounts receivable increased to **3.587 billion yuan**, inventories to **1.916 billion yuan**, and short-term borrowings surged to **606 million yuan**, with operating revenue growth primarily driven by strong electromagnetic wire product performance and R&D investment continuously increasing to **302 million yuan** [Monetary Funds](index=81&type=section&id=1%E3%80%81%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) Total monetary funds at period-end were **1.227 billion yuan**, a significant decrease from **2.185 billion yuan** at the beginning of the period, with **334 million yuan** being restricted funds, primarily including bank acceptance bill deposits, letter of guarantee deposits, futures margin, and time deposits Monetary Funds Composition | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 178,377.01 | 283,819.74 | | Bank Deposits | 894,302,463.38 | 1,732,436,127.96 | | Other Monetary Funds | 332,330,785.11 | 452,134,968.69 | | **Total** | **1,226,811,625.50** | **2,184,854,916.39** | - At period-end, there were **334 million yuan** in restricted monetary funds, mainly for futures, acceptance bills, letter of guarantee deposits, and time deposits[309](index=309&type=chunk)[310](index=310&type=chunk) [Accounts Receivable](index=83&type=section&id=5%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) Accounts receivable book value at period-end was **3.587 billion yuan**, a significant increase from **2.817 billion yuan** at the beginning of the period, with aging primarily concentrated within 1 year, accounting for **93.27%**, and the company has accrued **165 million yuan** in bad debt provisions, while the top five customers' accounts receivable collectively accounted for **21.57%** of the total Accounts Receivable Aging Distribution | Aging | Period-end Book Balance (yuan) | | :--- | :--- | | Within 1 Year | 3,499,361,112.48 | | 1 to 2 Years | 84,192,210.32 | | 2 to 3 Years | 70,595,535.02 | | Over 3 Years | 97,730,445.54 | | **Total** | **3,751,879,303.36** | - The top five accounts receivable by debtor at period-end totaled **852 million yuan**, accounting for **21.57%** of the combined total of accounts receivable and contract assets at period-end[333](index=333&type=chunk) [Inventories](index=93&type=section&id=10%E3%80%81%E5%AD%98%E8%B4%A7) Inventories book value at period-end was **1.916 billion yuan**, a significant increase of **43.76%** from **1.332 billion yuan** at the beginning of the period, primarily due to increased finished goods and work in progress, reflecting the company's strategy of increasing stock to meet market demand and the impact of rising raw material prices, with inventory impairment provisions of **7.17 million yuan** accrued at period-end Inventory Classification | Item | Period-end Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 93,340,188.53 | 54,942,328.59 | | Work in Progress | 482,325,533.07 | 253,309,029.53 | | Finished Goods | 1,287,042,797.72 | 982,625,695.49 | | **Total** | **1,915,572,449.23** | **1,332,465,995.15** | [Operating Revenue and Operating Costs](index=122&type=section&id=61%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) In H1 2025, the company achieved operating revenue of **9.335 billion yuan** and operating costs of **8.371 billion yuan**, with main business revenue exceeding **97%**, and clean energy and smart grid applications being key growth drivers, while the domestic market remains dominant, overseas market revenue grew **37.99%** year-on-year, showing strong momentum Operating Revenue Breakdown | Contract Classification | Operating Revenue (yuan) | Operating Cost (yuan) | | :--- | :--- | :--- | | **Business Type** | | | | Clean Energy Application | 1,195,735,082.26 | 1,062,949,737.00 | | Smart Grid Application | 2,600,041,826.65 | 2,290,149,147.61 | | **Operating Region** | | | | Domestic | 9,073,310,422.22 | 8,152,127,609.57 | | Overseas | 261,625,932.44 | 219,178,268.99 | | **Total** | **9,334,936,354.66** | **8,371,305,878.56** | - The revenue corresponding to performance obligations from contracts signed at period-end but not yet performed or fully performed was **3.378 billion yuan**[544](index=544&type=chunk) Part IX [Other Submitted Data](index=170&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [Investor Relations Activities](index=170&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, on March 31, 2025, the company hosted a teleconference for institutional investors, including CITIC Securities, Southern Fund, and JPMorgan Chase - On March 31, 2025, the company communicated with various institutional investors, including brokers, public funds, private funds, and foreign institutions, via teleconference[728](index=728&type=chunk)

金 杯 电 工 股 份 有 限 公 司 Gold Cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2025-025 金杯电工股份有限公司 第七届董事会第十二次临时会议决议公告 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 金杯电工股份有限公司（以下简称"公司"）第七届董事会第十二次临时会 议（以下简称"本次会议"）于 2025 年 7 月 28 日上午以现场及通讯表决的方式 在公司技术信息综合大楼 501 会议室召开。本次会议通知以书面或电子邮件方式 于 2025 年 7 月 23 日发出。本次会议应到董事 9 人，实到董事 9 人，公司部分监 事和高级管理人员列席了本次会议。本次会议由董事长吴学愚先生主持，符合《公 司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《2025 年半年度报告全文及摘要》 表决结果：9 票赞成，0 票反对，0 票弃权。 此议案已经公司第七届董事会审计委员会 2025 年第三次会议审议通过。 公司严格按照《证券法 ...

第七届董事会独立董事专门会议 2025 年第三次会议决议 金杯电工股份有限公司（以下简称"公司"）第七届董事会独立董事专 门会议 2025 年第三次会议（以下简称"本次会议"）于 2025 年 7 月 27 日 以通讯表决的方式召开。本次会议由公司过半数独立董事共同推举独立董事 肖红英女士召集和主持，本次会议应出席委员 3 人，实际出席委员 3 人，会 议的内容以及召集、召开的方式、程序均符合《公司章程》《独立董事专门 会议制度》的有关规定。经全体独立董事审议，一致通过并形成以下决议： 一、审议通过了《关于控股股东及其他关联方占用公司资金的议案》 表决结果：3 票同意，0 票弃权，0 票反对。 经核查，公司不存在控股股东及其关联方非经营性占用公司资金的情况。 金杯电工股份有限公司 截至 2025 年 6 月 30 日，公司对外担保（不含为合并报表范围内子公司 提供的担保）余额为 0 万元，公司对外担保（含为合并报表范围内的子公司 提供的担保）余额为 342,691.84 万元，占公司 2024 年 12 月 31 日经审计归 属于母公司净资产的比例为 87.04%。 经核查，公司对外担保事项已履行了必要的审议 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

Market Overview - The Shanghai Composite Index closed at 3346.84 points, slightly above the half-year line, with a change of -0.05% [1] - The total trading volume of A-shares reached 10338.72 billion yuan [1] Stocks Performance - A total of 231 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Junyao Health: 9.37% - Guangsha Environmental Energy: 8.42% - Longzhou Co., Ltd.: 7.79% [1] - Stocks with lower deviation rates that just crossed the half-year line include: - Wantai Biological Pharmacy: 6.51% - Huatai Securities: 6.40% - Jiayuan Technology: 6.17% [1] Notable Stocks - The top three stocks with the highest daily increase: - Junyao Health: +10.08% - Guangsha Environmental Energy: +9.23% - Longzhou Co., Ltd.: +10.02% [1] - The trading turnover rates for these stocks were also significant, with Guangsha Environmental Energy at 7.92% and Longzhou Co., Ltd. at 8.30% [1] Additional Stocks Data - Other notable stocks with their respective performance: - Huachang Communication: +19.99% with a turnover rate of 12.90% - Huali Technology: +7.44% with a turnover rate of 13.05% [1] - The data indicates a healthy trading environment with several stocks showing strong performance above the half-year line [1]