Core Viewpoint - The ongoing legal dispute between the listed company Ankao Zhidian and its former secretary Huang Jiegen has reached a significant milestone, with Huang being convicted of extortion, which he plans to appeal. The case highlights the complexities of corporate governance and financial integrity within the company [1][3]. Group 1: Background of the Dispute - The conflict began in August 2022 when Huang Jiegen questioned the authenticity of Ankao Zhidian's financial reports and refused to sign them, leading to accusations of extortion when he sought stock rewards as per a performance agreement [1][5]. - Huang's apprehension stemmed from concerns about potential retaliation for his insistence on truthful reporting, prompting him to submit a written opinion indicating he could not guarantee the accuracy of the financial statements [8][9]. - The performance agreement stipulated that Huang would receive stock rewards contingent on the company's market value meeting specific targets over three years, alongside commitments to maintain a minimum profit growth [9][10]. Group 2: Financial Misconduct Allegations - Huang raised alarms about potential financial misconduct after noticing discrepancies in the company's profit figures across different versions of financial reports, leading him to suspect that profits were artificially inflated [17][21]. - He reported that the company had prematurely recognized revenue from a project, which he believed had not generated any actual income, resulting in significant profit inflation in the financial statements [19][21]. - Huang filed multiple complaints with the China Securities Regulatory Commission regarding the alleged financial fraud, but the regulatory response was limited, leading to dissatisfaction with the outcomes [22][23]. Group 3: Legal Proceedings and Outcomes - The legal proceedings have been marked by delays and conflicting narratives from both parties, with Huang portraying himself as a whistleblower while the company accused him of premeditated extortion [1][23]. - The court's ruling on Huang's conviction for extortion has raised questions about the nature of his demands, which he argues were legitimate claims for owed compensation rather than illegal extortion [5][26]. - The case reflects broader issues of corporate governance, accountability, and the protection of whistleblowers in the financial sector, with implications for investor confidence in Ankao Zhidian [27][30].

Group 1 - The company has made progress in its data center business, specifically through its GIL and smart modular substations, which are applicable to data centers [2] - In 2022, the company won the bid for Tencent's Yizheng Dongsheng Cloud Computing Data Center project, which was successfully delivered in May 2023, indicating positive demonstration and promotion significance for future data center construction [2] - The explosion of AI computing power is driving an increase in the power capacity of individual data center cabinets, and the company's smart modular substations combined with GIL products can support high-voltage, large-capacity power supply for data centers, enhancing their electricity reliability [2] Group 2 - The company plans to actively promote the development of its data center-related business in the future, with specific updates to be provided in company announcements [2]

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The report emphasizes the significance of the Yarlung Tsangpo River downstream hydropower project, which aims to harness the region's abundant hydropower potential and drive economic development [1][10] - The development of large-capacity impulse turbines, with a single unit capacity of approximately 800 MW, represents a world-first achievement, addressing extreme challenges in high-altitude and high-head environments [1][10] - The gas-insulated transmission line (GIL) technology is highlighted for its advantages in high-capacity power transmission, low losses, and adaptability to various environments, making it a preferred choice in special scenarios [2][26] Summary by Sections 1. Large Capacity Impulse Turbines - The Yarlung Tsangpo River downstream hydropower project is set to utilize impulse turbines with a capacity of 800 MW, surpassing current global standards [1][10] - The project faces significant technical challenges due to high water heads and extreme environmental conditions, necessitating advanced turbine designs and manufacturing techniques [10][11] 2. Gas-Insulated Transmission Lines (GIL) - GIL technology is recognized for its ability to efficiently transmit high voltage and large currents in confined spaces, making it suitable for urban and challenging geographical environments [2][26] - The report notes successful applications of GIL in various projects, including the Su Tong GIL comprehensive corridor, which is the highest voltage and largest capacity GIL project globally [27][33] 3. High-Altitude Electrical Equipment - The report discusses the need for altitude adjustments in electrical equipment due to the unique challenges posed by high-altitude environments, particularly in the Yarlung Tsangpo River project [2][3] - The development of high-altitude, high-seismic equipment is crucial for the effective transmission and consumption of clean energy [2][3] 4. Reliable Key Supply Chain - The report identifies key companies in the supply chain for hydropower equipment, including Harbin Electric, Dongfang Electric, and China XD Electric, among others [3][4] - The supply chain's reliability is essential for supporting the ambitious hydropower projects outlined in national plans [3][4]

Core Viewpoint - Anke Intelligent Electric (300617.SZ) has confirmed that its ultra-high voltage cable connectors are being utilized in hydropower projects, highlighting the product's advantages in various applications [1] Group 1: Product Features and Applications - The GIL products possess high voltage levels, large transmission capacity, small footprint, long lifespan, high safety, and convenient operation and maintenance [1] - These products are applicable in power generation, urban grids, and industrial sectors [1] Group 2: Market Engagement - The company has noted that there are existing domestic applications of its products in large hydropower stations for power delivery [1] - Currently, the company has not participated in the Yaxia hydropower station project but will continue to monitor it with the aim of securing orders, although the certainty of obtaining such orders remains unclear [1]

Core Insights - The stock price of Ankao Zhidian (300617) closed at 34.73 yuan on July 30, 2025, down by 1.67% with a turnover rate of 5.96% and a trading volume of 83,800 hands, amounting to 292 million yuan in transaction value [1] Financial Performance - For the first quarter of 2025, Ankao Zhidian reported total operating revenue of 163 million yuan, a year-on-year decrease of 35.88% - The net profit attributable to shareholders was 43.72 million yuan, down by 28.92% year-on-year - The non-recurring net profit was 28.89 million yuan, reflecting a year-on-year decrease of 29.10% - The current ratio stood at 3.841, the quick ratio at 3.548, and the debt-to-asset ratio at 22.20% [1] Company Overview - Jiangsu Ankao Zhidian Co., Ltd. was established in 2004 and is located in Changzhou, primarily engaged in the manufacturing of electrical machinery and equipment - The company has a registered capital of 1.6736 billion yuan and a paid-in capital of 50 million yuan - The legal representative of the company is Chen Xiaoling [1] Investment and Intellectual Property - Ankao Zhidian has made investments in 11 companies and participated in 822 bidding projects - The company holds 11 trademark registrations and 242 patents, along with 31 administrative licenses [2]

Core Viewpoint - The company, Anke Intelligent Electric, is actively participating in GIL (Gas Insulated Line) bidding in domestic pumped storage and nuclear power sectors, showcasing its advanced technology and industry experience [1] Group 1: Company Participation and Technology - The company is involved in GIL project bidding influenced by various factors such as industry standards, costs, and natural conditions [1] - The company's GIL series products have passed evaluations by the China Machinery Industry Federation and major power grids, achieving advanced technical levels domestically and internationally, with the 220kV three-phase common box GIL product being a global first [1] - The company has established a leading position in the industry through its extensive GIL engineering and system service achievements [1] Group 2: Future Strategy - The company plans to increase its R&D efforts in GIL technology and aims to diversify its application scenarios to reduce reliance on a single sector, thereby enhancing its order acquisition capabilities [1]

Core Viewpoint - The company has successfully won bids for projects that are currently being implemented, and further order updates will be provided through official announcements [1] Group 1: Project Implementation and Bidding - The company is actively participating in GIL bidding in domestic pumped storage and nuclear power sectors, with project requirements varying based on industry, cost, and natural conditions [1] - The company's GIL series products have passed evaluations by the China Machinery Industry Federation and major state-owned power companies, achieving advanced technical levels domestically and internationally, particularly the 220kV three-phase common box GIL, which is a global first [1] Group 2: Competitive Advantage and Future Strategy - The company has established a competitive edge in GIL engineering and system services due to its extensive experience [1] - Future efforts will focus on increasing R&D in GIL technology and diversifying application scenarios to reduce reliance on a single sector, thereby enhancing order acquisition capabilities [1]

Core Viewpoint - Anke Intelligent Electric (300617.SZ) has not yet participated in the Yaxia Hydropower Station project but will continue to monitor it for potential orders, with uncertainty regarding the acquisition of such orders [1] Company Summary - Anke Intelligent Electric is actively tracking the Yaxia Hydropower Station project to strive for order acquisition [1] - The company acknowledges the uncertainty associated with obtaining orders for the project, indicating potential challenges ahead [1]

Group 1 - The company has been awarded projects that are being implemented in an orderly manner, and further order information will be disclosed in company announcements [1] - The company has participated in GIL bidding for domestic pumped storage and nuclear power projects, with various factors influencing the bidding process [1] - The company's GIL products have passed multiple evaluations and are considered to have advanced technical levels, with the 220kV three-phase GIL product being a global first [1] Group 2 - The company aims to enhance its GIL research and development efforts and diversify application scenarios to reduce reliance on a single sector and improve order acquisition capabilities [1]

Core Viewpoint - Anke Intelligent Electric (安靠智电) has not yet participated in the Yaxia Hydropower Station project but will continue to monitor it in hopes of securing orders, although the likelihood of obtaining such orders remains uncertain [1] Company Summary - Anke Intelligent Electric is currently not involved in the Yaxia Hydropower Station project [1] - The company aims to track the project closely to potentially secure future orders [1] - There is uncertainty regarding the company's ability to obtain orders for the project [1]