Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 32.76 [1][5]. Core Views - The company has shown a steady revenue growth of 1.54% year-on-year in H1 2025, achieving revenue of RMB 539 million and a net profit of RMB 126 million, which is a 24.83% increase year-on-year [1][2]. - The increase in profitability is attributed to a higher proportion of software revenue, leading to improved gross margins and better expense management [1][3]. - The demand for the company's overseas expansion and EMS 3.0 business is expected to grow, supported by favorable industry trends in energy efficiency management [1][4]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved revenue of RMB 539 million, with a net profit of RMB 126 million, reflecting a year-on-year increase of 24.83% [1][2]. - The gross profit margin improved to 47.82%, up by 0.75 percentage points year-on-year, driven by efficiency optimization in production lines [3]. Product Performance - Revenue from various product segments in H1 2025 includes RMB 226 million from power monitoring systems, RMB 175 million from energy management products, and RMB 41 million from fire safety products, with overall revenue growth supported by the accelerated rollout of EMS 3.0 products [2][3]. Domestic and International Growth - Domestic revenue reached RMB 512 million, growing by 1.21% year-on-year, while international revenue was RMB 27 million, up by 8.40% year-on-year, indicating a dual growth strategy [4]. - The company is focusing on expanding its sales presence in Southeast Asia, Europe, the Middle East, and Africa, which is expected to enhance future business growth [4]. Earnings Forecast and Valuation - The revenue forecast for 2025 is adjusted to RMB 1.252 billion, with a compound annual growth rate (CAGR) of 22.71%, and net profit forecasted at RMB 294 million, with a CAGR of 40.65% [5]. - The target price is set at RMB 32.76, based on a price-to-earnings (PE) ratio of 28x for 2025, reflecting the company's software product advantages [5].

公司营业总收入为5.39亿元，较去年同报告期营业总收入增加817.09万元，同比较去年同期上涨1.54%。归母净利润为1.26亿元，在已披露的同业公司中排名 第23，较去年同报告期归母净利润增加2497.29万元，实现5年连续上涨，同比较去年同期上涨24.83%。经营活动现金净流入为8921.26万元，在已披露的同 业公司中排名第13，较去年同报告期经营活动现金净流入增加1969.26万元，实现3年连续上涨，同比较去年同期上涨28.33%。 2025年8月26日，安科瑞(300286.SZ)发布2025年中报。 公司股东户数为1.38万户，前十大股东持股数量为1.35亿股，占总股本比例为53.94%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 間中 | 15.6. | | 2 | 上海前航投资有限公司 | 13.81 | | 3 | 吴建明 | 6.35 | | ব | 朱芳 | 4.78 | | 5 | 姜龙 | 4.16 | | 6 | 广东恒健国际投资有限公司 | 3.60 | | 7 | 汤建军 | 2.51 | | 8 | 中国 ...

Group 1 - The core point of the article is that Anke Rui Electric Co., Ltd. has recently obtained a patent for a method and system for detecting fault arcs, which may enhance its technological capabilities in the energy sector [1] - Anke Rui's revenue composition for the first half of 2025 indicates that 100.0% of its revenue is derived from the energy internet sector, highlighting its focus on this area [1]

Group 1 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 24,717,375.50 yuan (including tax), which accounts for 19.68% of the net profit attributable to shareholders in the consolidated financial statements for the same period [1][3]. - The total distributable profit as of June 30, 2025, is determined to be no more than 967,548,143.20 yuan, after accounting for the undistributed profits and the previous year's profit distribution [1][2]. - The board of directors has the authority to implement the profit distribution plan as it was approved in the 2024 annual shareholders' meeting, ensuring compliance with relevant regulations and company bylaws [2][3]. Group 2 - The proposed cash dividend will be distributed based on the total share capital of 250,784,655 shares as of June 30, 2025, with no stock dividends or capital reserves being converted into share capital [1][2]. - The company plans to complete the dividend distribution within two months from the date of the board's approval of the proposal [1]. - The profit distribution plan is designed to balance the company's operational needs and long-term development while providing returns to investors [3].

（文章来源：证券日报） 证券日报网讯 8月25日晚间，安科瑞发布公告称，公司全资子公司江苏安科瑞电器制造有限公司近日经 江阴市数据局核准，对经营范围进行了变更，现已完成相关工商变更登记手续并已取得了换发的《营业 执照》。 ...

Core Insights - Anke Rui (300286.SZ) reported a revenue of 539 million yuan for the first half of 2025, reflecting a year-on-year growth of 1.54% [1] - The net profit attributable to shareholders reached 126 million yuan, marking a year-on-year increase of 24.83% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 109 million yuan, up by 22.60% year-on-year [1] - Basic earnings per share stood at 0.55 yuan [1] - The company proposed a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders [1]

国盛证券有限责任公司 关于安科瑞电气股份有限公司 集资金使用计划，本次向特定对象发行股票募集资金总额在扣除发行费用后用于 "研发总部及企业微电网系统升级项目、企业微电网产品技术改造项目和补充流 动资金"。 截至 2025 年 6 月 30 日，募集资金投资项目及募集资金使用情况具体如下： 部分募投项目延期并重新论证的核查意见 注：以上"截至 2025 年 6 月 30 日募集资金投入金额"数据未经审计。 根据《证券发行上市保荐业务管理办法》、《上市公司募集资金监管规则》、 《深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》、《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》等有关规定，作为安科瑞电气股份有限公司(以下简 称"安科瑞"或"公司")的持续督导机构，国盛证券有限责任公司(以下简称"国盛证 券"或"保荐人")对公司部分募投项目延期并重新论证进行了核查，核查情况及意 见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意安科瑞电气股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2024〕1260 号），公 ...

国盛证券有限责任公司 关于安科瑞电气股份有限公司 1 | 项目 | 工作内容 | | --- | --- | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7.向深圳证券交易所报告情况（现场检查报告除外） | 0 次 | | （1）向深圳证券交易所报告的次数 | 次 0 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 是 公司对部分募投项目重 | | （2）关注事项的主要内容 | 新论证并延期情况：公司 | | | 于 年 月 日召开 2025 8 25 | | | 第六届董事会第十六次 | | | 会议审议通过了《关于部 | | | 分募投项目重新论证并 | | | 延期的议案》，董事会同 | | | 意延长"研发总部及企业 | | | 微电网系统升级项目"和 | | | "企业微电网产品技术改 | | | 造项目"达到预计可使用 | | | 状态的日期。 | | （3）关注事项的进展或者整改情况 | 保荐人将持续关注发行 | | | 人向特定对象发行股票 | ...

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。 安科瑞电气股份有限公司（以下简称"公司"）于近日取得国家知识产权局颁发的发明专 利证书1份，取得的专利具体情况如下： 发明名称：一种故障电弧的检测方法及系统 证书号：第8090491号 专利号：ZL 2021 1 1580743.7 证券代码： 300286 证券简称：安科瑞 公告编号：2025-061 安科瑞电气股份有限公司 关于公司取得发明专利证书的公告 董事会 2025年8月26日 专利申请日：2021年12月22日 专利权人：安科瑞电气股份有限公司；江苏安科瑞电器制造有限公司 授权公告日：2025年07月22日 本发明涉及电力系统检测技术，尤其是涉及一种故障电弧的检测方法及系统。本发明的目 的就是为了克服现有技术存在的缺陷而提供一种故障电弧的检测方法及系统，对不同负载的运 行状态，训练总结出工频信号和特定高频分量的耦合特性，从而更精准地实现故障电弧检测。 本项发明专利的取得预计未来一年内不会对公司生产经营产生重大影响，但有利于公司进 一步完善知识产权保护体系，形成持续创新机制，发挥自主知识产权优势，增强公 ...

| 总 计 | - | - | - | | | | | | | | - | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其它关联资金往来 | 资金往来 | 往来方与上 市公司的关 | 上市公司核 算的会计科 | 2025 年期 初往来资 | 2025 年半年度 往来累计发生 | 2025 年半年 度往来资金的 | 2025 年半年度 偿还累计发生 | 2025 | 年半年度 期末往来资金 | 往来形成原 | 往来性质（经营性 往来、非经营性往 | | | 方名称 | 联关系 | 目 | 金余额 | 金额 （不含利息） | 利息 （如有） | 金额 | | 余额 | 因 | 来 ） | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | | 上市公司的子公司及其附属企业 | | | | | | | | | | | | | 其他关联方及其附属企业 | | | | | | | | | | | | | 总 计 | - | - | - | | | | | | | | - | 非经 ...