证券代码：002606 证券简称：大连电瓷 公告编号：2025-040 大连电瓷集团股份有限公司 关于控股股东部分股份解质押及再质押的公告 一、对外投资概述 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。 1 | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数 | 持股 | 本次解除质 押及再质押 | 本次解除质 押及再质押 | 占其所 | 占公司 | 已质押股 份中限售 | 占已 | 未质押股 份中限售 | 占未 | | 名称 | 量（股） | 比例 | 前质押股份 | 后质押股份 | 持股份 | 总股本 | | 质押 | | 质押 | | | | | 数量（股） | 数量（股） | 比例 | 比例 | 和冻结、 | 股份 | 和冻结合 | 股份 | | | | | | | | | 标记合计 | 比例 | 计数量 | 比例 | | | | | | | | | 数量（股） | ...

Core Viewpoint - Dalian Electric Porcelain experienced a decline in stock price and a net financing outflow, indicating potential investor concerns about the company's financial performance and market position [1][2]. Financing and Trading Data - On September 9, Dalian Electric Porcelain's stock fell by 0.88%, with a trading volume of 47.21 million yuan. The financing buy-in amounted to 7.39 million yuan, while financing repayment was 10.04 million yuan, resulting in a net financing outflow of 2.65 million yuan [1]. - As of September 9, the total financing and securities lending balance for Dalian Electric Porcelain was 271 million yuan, with the financing balance accounting for 6.87% of the circulating market value, indicating a high level compared to the past year [1]. - The company had no securities lending transactions on September 9, with a remaining securities lending balance of 898 yuan, also reflecting a high level compared to the past year [1]. Company Financial Performance - For the first half of 2025, Dalian Electric Porcelain reported a revenue of 581 million yuan, representing a year-on-year growth of 2.16%. However, the net profit attributable to shareholders decreased by 41.07% to 46.58 million yuan [2]. - Cumulatively, since its A-share listing, Dalian Electric Porcelain has distributed a total of 210 million yuan in dividends, with 56.28 million yuan distributed over the past three years [3]. Shareholder and Institutional Holdings - As of August 31, the number of shareholders for Dalian Electric Porcelain increased to 33,500, a rise of 2.78%, while the average circulating shares per person decreased by 2.70% to 12,556 shares [2]. - As of June 30, 2025, among the top ten circulating shareholders, Guojin Self-Innovation A (010615) entered the list as the tenth largest shareholder, holding 1.25 million shares, while two funds exited the top ten [3].

Group 1 - The company Dalian Electric Porcelain (002606.SZ) is actively collaborating with EPC partners to supply high-voltage porcelain insulators for power lines in Saudi Arabia [1] - The company is progressing in cooperation with local enterprises in Saudi Arabia [1] - A significant order worth 16.4 billion has been awarded to TBEA by the Saudi Electricity Company, and Dalian Electric Porcelain is the only qualified supplier of porcelain insulators for this project [3]

Core Viewpoint - The company has secured over 800 million yuan in contracts related to the State Grid project this year, indicating strong demand and potential revenue growth [1] Group 1 - The company announced on the investor interaction platform that the total amount of contracts won in the State Grid project has exceeded 800 million yuan [1] - The orders will be fulfilled according to the contractual requirements, which include production, delivery, acceptance, and confirmation processes [1]

Core Viewpoint - Dalian Electric Porcelain experienced a decline in stock price and significant net financing outflow, indicating potential investor concerns about the company's financial performance and market position [1][2]. Financing Summary - On September 2, Dalian Electric Porcelain's stock fell by 1.30%, with a trading volume of 116 million yuan. The net financing outflow was 35.53 million yuan, with a total financing balance of 282 million yuan, representing 7.07% of the circulating market value, which is above the 90th percentile of the past year [1]. - The company had a financing buy-in of 12.74 million yuan on the same day, while the financing repayment amounted to 48.28 million yuan [1]. - The margin trading data shows that there were no shares sold or repaid on that day, with a margin balance of 910 yuan, indicating a relatively high level of margin activity compared to the past year [1]. Financial Performance - For the first half of 2025, Dalian Electric Porcelain reported a revenue of 581 million yuan, reflecting a year-on-year growth of 2.16%. However, the net profit attributable to shareholders decreased by 41.07% to 46.58 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 210 million yuan, with 56.28 million yuan distributed over the past three years [3]. Shareholder Information - As of August 31, the number of shareholders increased by 2.78% to 33,500, while the average circulating shares per person decreased by 2.70% to 12,556 shares [2]. - As of June 30, 2025, the top ten circulating shareholders included a new entrant, Guojin Autonomous Innovation A, holding 1.25 million shares, while two funds exited the top ten list [3].

Core Viewpoint - Dalian Electric Porcelain's wholly-owned subsidiary, Dazhi Materials, has been pre-awarded a procurement project by the State Grid, with a total bid amount of approximately 95.7 million yuan, which accounts for 6.4% of the company's audited operating revenue for 2024 [1] Summary by Category - **Company Announcement** - Dalian Electric Porcelain announced the pre-award of a procurement project by the State Grid [1] - The total bid amount is approximately 95.7 million yuan [1] - **Financial Impact** - The awarded amount represents 6.4% of the company's audited operating revenue for the year 2024 [1]

证券代码：002606 证券简称：大连电瓷 公告编号：2025-039 大连电瓷集团股份有限公司 关于国家电网预中标的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2025 年 8 月 28 日，国家电网有限公司通过其电子商务平台发布了"国家电网 有限公司 2025 年第三十四批采购（特高压项目第三次材料招标采购）推荐的中标 候选人公示"（以下简称"公示一"）和"国家电网有限公司 2025 年第四十九批采购 （输变电项目第四次线路装置性材料招标采购）推荐的中标候选人公示"（以下简 称"公示二"）。大连电瓷集团股份有限公司（以下简称"公司"）的全资子公司大连 电瓷集团输变电材料有限公司（以下简称"大瓷材料"）为推荐中标候选人，现将有 关情况提示公告如下： 一、项目概述 根据公示一，大瓷材料为国家电网有限公司 2025 年第三十四批采购（特高压 项目第三次材料招标采购）～瓷绝缘子包 1 的推荐中标候选人。根据该公示内容， 大瓷材料预中标瓷绝缘子 107,000 余片，预中标金额约 3,570 万元。 根据公示二，大瓷材料为国家电网有限公司 2025 ...

Core Viewpoint - 大连电瓷's recent financial report shows mixed results, with revenue growth but significant declines in net profit and profitability metrics [1][2]. Financial Performance - As of the latest report, 大连电瓷's total revenue reached 581 million yuan, a year-on-year increase of 2.16%, while net profit attributable to shareholders was 46.58 million yuan, down 41.07% [1]. - In Q2, the company reported revenue of 358 million yuan, a decrease of 10.09% year-on-year, and net profit of 26.36 million yuan, down 61.35% [1]. - The gross margin was 28.92%, a decrease of 13.03% year-on-year, and the net margin was 8.01%, down 42.29% [1]. - Total selling, administrative, and financial expenses amounted to 81.71 million yuan, accounting for 14.06% of revenue, an increase of 18.14% year-on-year [1]. - Earnings per share were 0.11 yuan, a decrease of 38.89% year-on-year [1]. Cash Flow and Receivables - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 61.55%, and the average operating cash flow over the past three years to current liabilities at 19.03% [3]. - Accounts receivable are significant, with accounts receivable to net profit ratio reaching 272.37% [3]. Business Evaluation - The company's return on invested capital (ROIC) was 10.43% last year, indicating average capital returns, with a historical median ROIC of 7.85% over the past decade [2]. - The net profit margin last year was 14%, suggesting high added value in products or services [2]. Production Capacity and Market - 大连电瓷 operates three production bases: the Dalian plant focuses on ultra-high voltage products with a capacity of 45,000 to 50,000 tons per year; the Fujian plant produces for both export and domestic markets with a capacity of 15,000 to 20,000 tons per year; and the Jiangxi plant, which began production in 2023, has a designed capacity of 60,000 tons per year, expected to reach 80,000 tons after the second phase [5][6]. - The company has secured over 700 million yuan in contracts for ultra-high voltage projects this year and is expanding its overseas market presence, achieving record-high new overseas orders [7]. Product Differentiation - The gross margin for ultra-high voltage products is maintained between 35% and 40%, while conventional products have a gross margin approximately 10 percentage points lower [8]. - Insulators are categorized into porcelain, glass, and composite materials, with porcelain insulators being the most widely used due to their stability and durability [9][10]. Market Impact - The impact of the US-China tariff conflict on the company's export performance is minimal, as sales to the US account for less than 1% of total sales [10]. - The overseas market share is expected to increase from 20%-30% to 35%-40% following the full production capacity of the Jiangxi plant [11].

Group 1 - Dalian Electric Porcelain (002606.SZ) released its semi-annual report for 2025 on August 27, 2025, indicating that as of August 26, 2025, six institutional investors disclosed holdings in Dalian Electric Porcelain A-shares, totaling 98.7145 million shares, which represents 22.48% of the total share capital [1] - The institutional investors include Hangzhou Ruiqi Information Technology Partnership, Jiangsu Qining Huiyi Private Fund Management, Basic Pension Insurance Fund 903 Combination, BARCLAYS BANK PLC, China Minsheng Bank Co., Ltd., and Chuangjin Hexin Qifu Preferred Stock Initiation A, with a total institutional holding ratio increase of 0.76 percentage points compared to the previous quarter [1] - In terms of public funds, one new public fund was disclosed this period, namely Guojin Autonomous Innovation A, while two public funds were not disclosed compared to the previous quarter, including招商量化精选股票发起式A and 华安精致生活混合A [1] - From the perspective of pension funds, one pension fund increased its holdings compared to the previous period, specifically the Basic Pension Insurance Fund 903 Combination, with an increase in holding ratio of 0.1% [1] - Regarding foreign investment, one new foreign institution disclosed this period, which is BARCLAYS BANK PLC [1]

Financial Performance - Company reported total revenue of 581 million yuan for the first half of 2025, a year-on-year increase of 2.16% [1] - Net profit attributable to shareholders was 46.58 million yuan, a year-on-year decrease of 41.07% [1] - In Q2, total revenue was 358 million yuan, down 10.09% year-on-year, and net profit was 26.36 million yuan, down 61.35% year-on-year [1] - Gross margin was 28.92%, a decrease of 13.03% year-on-year, while net margin was 8.01%, down 42.29% year-on-year [1] - Total operating expenses were 81.71 million yuan, accounting for 14.06% of revenue, an increase of 18.14% year-on-year [1] - Earnings per share were 0.11 yuan, a decrease of 38.89% year-on-year [1] Operational Insights - Company has three production bases located in Dalian, Jiangxi, and Fujian, with Dalian focusing on UHV products, Jiangxi's first phase achieving breakeven in June 2024, and Fujian primarily for export and domestic support [4][5] - Jiangxi factory's second phase is expected to start production in Q3 2025, with a designed capacity of 80,000 tons per year [5] Market Position and Orders - Company has secured over 700 million yuan in contracts for UHV projects and has achieved record-high overseas orders this year [6] - The company is the largest supplier of porcelain insulators for major power projects in China, including the Baihetan and Three Gorges projects [6] Product Analysis - The gross margin for UHV products is maintained between 35% to 40%, while conventional products have a lower margin by about 10 percentage points [7] - Company offers three types of insulators: porcelain, glass, and composite, with porcelain being the most widely used due to its stability and durability [8][9] Market Impact - The impact of the US-China tariff war on the company's export performance is minimal, with US sales accounting for less than 1% of total sales [9] - The overseas market is expected to account for 20%-30% of sales after the first phase of the Jiangxi factory, increasing to 35%-40% after the second phase [9]