Core Viewpoint - The company is addressing concerns regarding the compatibility and general usability of charging stations built by certain automakers, indicating a cautious approach to integrating third-party charging equipment into its platform [1] Group 1: Company Response - The company, Teruid (300001.SZ), confirmed that its current charging stations are primarily self-built or sold charging equipment [1] - The company is expanding its platform to include third-party charging devices but will implement a careful and strict selection process [1]

Group 1 - The opening of the Yarlung Zangbo River downstream hydropower project on July 19, 2025, has sparked significant interest in the A-share market, leading to the Shanghai Composite Index surpassing 3600 points and many listed companies experiencing a surge in stock prices [1] - Companies are increasingly attempting to capitalize on the popularity of the Yarlung Zangbo River project, with platforms like Shanghai Stock Exchange's e-Interaction and Shenzhen Stock Exchange's Interactive Easy becoming popular venues for these companies to "hitch a ride" on the hot topic [2][3] - The ability of listed companies to effectively engage in "hitching a ride" on market trends has improved significantly over the years, showcasing their growing sophistication in this area [3] Group 2 - Tian Kang Biological (002100.SZ) and Yuyue Medical (002223.SZ) have been recognized for their creative approaches to leveraging the Yarlung Zangbo project, with Tian Kang's strategy being particularly noted for its boldness [4] - Chongqing Steel (601005.SH) and Teruid (300001.SZ) have formed specialized technical teams to address the opportunities presented by the Yarlung Zangbo project, although questions have been raised about the timing of this decision [6] - Companies like Falan Tech (603966.SH), Anke Rui (300286.SZ), and Youfa Group (601686.SH) have been noted for their lengthy and elaborate responses regarding their involvement with the Yarlung Zangbo project, with varying degrees of clarity and relevance [8][10][11]

Core Viewpoint - The company has completed the repurchase and cancellation of a portion of restricted stock under the 2023 incentive plan, affecting its total share capital and stock structure [1][6]. Group 1: Stock Repurchase and Cancellation - The company has repurchased and canceled 154,000 shares of restricted stock from 12 incentive recipients, which represents 0.0146% of the total share capital before the repurchase, at a price of 10.86 yuan per share [1][5]. - The total amount used for the repurchase was 1,672,440 yuan, sourced from the company's own funds [5]. - Following the cancellation, the company's total share capital decreased from 1,055,691,713 shares to 1,055,537,713 shares [6]. Group 2: Incentive Plan Approval and Adjustments - The company held meetings to approve the 2023 restricted stock incentive plan and its related management measures, with independent directors expressing their agreement [2][3]. - The company adjusted the repurchase price of the restricted stock from 11.16 yuan per share to 10.86 yuan per share due to dividend distributions [5]. - The company has confirmed that the repurchase and cancellation of the restricted stock will not significantly impact its financial status or operational performance [6].

证券代码：300001 证券简称：特锐德 公告编号：2025-065 青岛特锐德电气股份有限公司 关于部分限制性股票回购注销完成的公告 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。 特别提示： 1、青岛特锐德电气股份有限公司（以下简称"特锐德"或"公司"）本次回购 注销2023年限制性股票激励计划（以下简称"本激励计划"）12名激励对象已获授但 尚未解除限售的限制性股票154,000股，占回购注销前公司总股本的0.0146%，回购价 格10.86元/股。 2、公司已于2025年7月22日在中国证券登记结算有限责任公司深圳分公司办理 完成上述部分限制性股票的回购注销手续。本次回购注销完成后，公司总股本由 1,055,691,713股减少至1,055,537,713股。 一、2023年限制性股票激励计划已履行的相关审批程序 1、2023年5月15日，公司召开第五届董事会第十二次会议，审议通过了《关于< 青岛特锐德电气股份有限公司2023年限制性股票激励计划（草案）>及其摘要的议案》 《关于<青岛特锐德电气股份有限公司2023年限制性股票激励计划实施考核管理办 法 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company is expected to achieve rapid growth in its 2025H1 performance, with a projected net profit attributable to shareholders ranging from 290 to 348 million yuan, representing a year-on-year increase of 50% to 80% [1]. - The company's electric power equipment business is experiencing steady growth, with accelerated overseas expansion and successful project bids, including a 700 million yuan project for the Saudi national grid [2]. - The electric vehicle charging network business is also growing rapidly, with charging volume exceeding 8.5 billion kWh in 2025H1, a year-on-year increase of 47% [2]. Financial Forecasts and Key Indicators - The company is projected to achieve net profits of 1.218 billion yuan, 1.532 billion yuan, and 1.862 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.9%, 25.8%, and 21.5% [3][4]. - Revenue is expected to reach 17.214 billion yuan in 2025, reflecting a year-on-year growth of 12% [4]. - The earnings per share (EPS) are forecasted to be 1.15 yuan, 1.45 yuan, and 1.76 yuan for the years 2025, 2026, and 2027, respectively [3][4].

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1][5]. Core Insights - The approval of the first cross-province green electricity direct connection project in Inner Mongolia and Ningxia is expected to boost the demand for distribution equipment. This project, initiated by the State Power Investment Corporation, features a renewable energy installation capacity of 3 million kilowatts and aims to connect directly to aluminum production facilities in Ningxia [1][2]. - The project introduces an innovative short-distance cross-province "point-to-point" supply model, enhancing resource complementarity between the two regions and providing new ideas for inter-provincial electricity complementarity and expanding renewable energy consumption channels [2]. Company Summaries - **Sifang Co., Ltd. (601126.SH)**: Market capitalization of 14.3 billion RMB, with projected net profits of 720 million RMB in 2024, 850 million RMB in 2025, and 990 million RMB in 2026. The PE ratios are 19.9x for 2024, 16.8x for 2025, and 14.4x for 2026, with a PB ratio of 2.9 [4]. - **Teruid (300001.SZ)**: Market capitalization of 25.1 billion RMB, with projected net profits of 920 million RMB in 2024, 1.22 billion RMB in 2025, and 1.53 billion RMB in 2026. The PE ratios are 27.4x for 2024, 20.6x for 2025, and 16.4x for 2026, with a PB ratio of 3.3 [4]. - **XJ Electric (000400.SZ)**: Market capitalization of 22.5 billion RMB, with projected net profits of 1.12 billion RMB in 2024, 1.46 billion RMB in 2025, and 1.88 billion RMB in 2026. The PE ratios are 20.1x for 2024, 15.4x for 2025, and 12.0x for 2026, with a PB ratio of 1.9 [4].

Group 1 - The Yunnan provincial party and government delegation visited Shandong from July 16 to 18 to strengthen cooperation and exchange [2] - Shandong aims to become an important economic growth pole in northern China, focusing on green, low-carbon, and high-quality development [2] - Yunnan is implementing Xi Jinping's important speech on its development and seeks to learn from Shandong's successful economic and social development measures [3] Group 2 - The two provinces plan to enhance collaboration in areas such as industrial transfer, green electricity combined with advanced manufacturing, modern agriculture, cultural tourism, and technological innovation [3] - During the visit, the delegation inspected key sites including Qingdao Port, Teruid Electric, Haier Group, and Shandong University [3]

特锐德（300001）公告，预计2025年上半年净利润为2.9亿元–3.48亿元，同比增长50%-80%。 ...

根据国家电网有限公司2025年第四十三批采购（输变电项目第三次变电设备（含 电缆）招标采购）（招标编号：0711-25OTL05111016）推荐的中标候选人公示，公司 为组合电器包38、包80及开关柜包5、包21、包43的预中标人，川开电气有限公司为 开关柜包34的预中标人，本次中标产品为组合电器和开关柜，预中标总金额约 15,036.62万元。 证券代码：300001 证券简称：特锐德 公告编号：2025-064 青岛特锐德电气股份有限公司 关于公司及子公司预中标国网项目的提示性公告 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。 近日，国家电网有限公司在其电子商务平台（https://ecp.sgcc.com.cn）发布了《国 家电网有限公司2025年第四十三批采购（输变电项目第三次变电设备（含电缆）招标 采购）推荐的中标候选人公示》，青岛特锐德电气股份有限公司（以下简称"公司" 或"特锐德"）和全资公司川开电气有限公司为其部分项目推荐的中标候选人，预计 中标总金额约15,036.62万元。现将有关预中标情况提示如下： 一、预中标项目概况 二、本次中标项 ...

[Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) This section presents the company's projected financial performance for the first half of 2025, detailing anticipated profit growth [Core Financial Indicators Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates significant profit growth for the first half of 2025, with net profit attributable to shareholders projected to increase by 50%-80% and non-recurring net profit by 38%-75% 2025 Half-Year Performance Forecast | Item | Current Reporting Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: 289.7 million - 347.64 million yuan** | Profit: 193.13 million yuan | | | Year-on-year Growth: **50%-80%** | | | **Net Profit After Non-Recurring Items** | **Profit: 221.7 million - 279.64 million yuan** | Profit: 160.23 million yuan | | | Year-on-year Growth: **38%-75%** | | [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) This section explains the primary drivers behind the company's anticipated performance growth, focusing on its core business segments and strategic initiatives - The company's performance growth is primarily driven by the sustained improvement in profitability across its two core business segments, "Intelligent Manufacturing + Integrated Services" and "Electric Vehicle Charging Network," further bolstered by global energy transition and globalization strategies[5](index=5&type=chunk) [Intelligent Manufacturing + Integrated Services Segment](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes%20-%20Intelligent%20Manufacturing%20%2B%20Integrated%20Services) This segment achieves rapid development across multiple "source-grid-load-storage" scenarios by integrating digitalization and full lifecycle services into products like prefabricated substations and switchgear, while the company continuously innovates to strengthen core competitiveness - The business, centered on intelligent prefabricated power equipment combined with integrated services, achieves rapid and sustainable development across multiple "source-grid-load-storage" scenarios[5](index=5&type=chunk) - The company continuously drives product iteration and upgrades, digital factory construction, and the application of new materials and structures to build market-leading core competitiveness[6](index=6&type=chunk) [Electric Vehicle Charging Network Segment](index=2&type=section&id=III.%20Explanation%20of%20Performance%20Changes%20-%20Electric%20Vehicle%20Charging%20Network) The charging network business maintains high-quality growth by enhancing technology and operational capabilities and developing value-added services like SaaS and microgrids, operating over 790,000 public charging terminals by June 2025, with a 47% increase in H1 charging volume, solidifying its industry leadership - The company actively promotes the development of value-added services such as SaaS, microgrids, and virtual power plants, further demonstrating its platform advantages[6](index=6&type=chunk) Core Operational Data for Charging Network Business (As of June 30, 2025) | Indicator | Data | | :--- | :--- | | Public Charging Terminals in Operation | Over **790,000 units** | | Of which: DC Charging Terminals | Over **470,000 units** | | Cumulative New Energy Microgrid Stations Deployed | Approximately **1,000 stations** | | Cumulative Charging Volume | Exceeds **47.7 billion kWh** | | Highest Daily Charging Volume | Exceeds **58 million kWh** | | H1 2025 Charging Volume | Exceeds **8.5 billion kWh** (**47%** year-on-year growth) | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The performance forecast data represents preliminary estimates by the company's finance department and has not yet been audited by an accounting firm - This performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Other Relevant Information](index=2&type=section&id=IV.%20Other%20Relevant%20Information) The company emphasizes that this forecast is a preliminary estimate, with final data subject to the 2025 half-year report, and discloses that non-recurring gains and losses impacted profit by approximately 68 million yuan during the reporting period - Preliminary estimates indicate that non-recurring gains and losses impacted the company's profit by approximately **68 million yuan** during the reporting period[7](index=7&type=chunk) - The final accurate financial data will be detailed in the company's 2025 half-year report, advising investors to be aware of investment risks[7](index=7&type=chunk)