Core Insights - The company reported a revenue of 644 million yuan for the first half of 2025, representing a year-on-year growth of 15.01% [1] - The net profit attributable to shareholders decreased to 21.59 million yuan, a decline of 46.48% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 20.01 million yuan, down 50.33% year-on-year [1] - The basic earnings per share stood at 0.1096 yuan [1]

Company Overview - Yangdian Technology (SZ 301012) announced its third board meeting on August 22, 2025, to review the 2025 semi-annual report and summary [1] - As of the report, Yangdian Technology has a market capitalization of 4.5 billion yuan [1] Revenue Composition - For the year 2024, Yangdian Technology's revenue composition is as follows: Transformer business accounts for 70.42%, Electromagnetic wire accounts for 21.22%, Other businesses account for 8.23%, and Electronic components account for 0.12% [1]

Core Viewpoint - Yangdian Technology (301012.SZ) reported a revenue of 644 million yuan for the first half of 2025, reflecting a year-on-year growth of 15.01%. However, the net profit attributable to shareholders decreased by 46.48% to 21.5899 million yuan [1]. Financial Performance - The company achieved an operating income of 644 million yuan, which is a 15.01% increase compared to the previous year [1]. - The net profit attributable to shareholders was 21.5899 million yuan, showing a significant decline of 46.48% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 20.0145 million yuan, down 50.33% year-on-year [1]. - Basic earnings per share were reported at 0.1096 yuan [1].

Group 1 - The company's net profit for the first half of the year is 21.59 million yuan, representing a year-on-year decline of 46.48% [1]

江苏扬电科技股份有限公司 2025 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 编制单位：江苏扬电科技股份有限公司 单位：万元 | 非经常性资金占用 | 资金占用方名 | 占用方与上市 | 上市公司核 算的会计科 | 2025 年期 初占用资 | 2025 年度占用 累计发生金额 | 2025 年度占用资 金的利息 | 2025 年度偿 还 | 2025 年期 末占用资 | 占用形 | 占用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 称 | 公司的关联关系 | 目 | 金余额 | (不含利息) | （如有） | 累计发生金 额 | 金余额 | 成原因 | 性质 | | 控股股东、实际控制人 及其附属企业 | - | - | - | - | - | - | - | - | | | | 小计 | - | - | - | - | - | - | - | - | | | | 前控股股东、实际控制 人及其附属企业 | - | - | - | - | - | - | - | - | | | | 小计 ...

证券代码：301012 证券简称： 扬电科技 公告编号：2025-046 江苏扬电科技股份有限公司 第三届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 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 江苏扬电科技股份有限公司（以下简称"公司"）第三届董事会 第二次会议于 2025 年 8 月 22 日以现场结合通讯表决方式在江苏泰州 姜堰经济开发区天目路 690 号公司会议室召开。会议通知已于 2025 年 8 月 18 日以专人送达等《公司章程》认可的方式送达全体董事。 本次会议应出席董事 5 名，实际参与表决董事 5 名。公司高级管理人 员列席了会议。本次董事会由董事长王玉楹先生召集并主持。本次会 议的召开符合《公司法》和《公司章程》等相关法律法规的有关规定， 会议合法、有效。 二、董事会审议情况 1、审议通过了《关于 2025 年半年度报告及摘要》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 详见同日刊登在中国证监会指定的创业板信息披露网站巨潮资 讯网（www.cninfo.com.cn）的《2025 年半年度报告》及摘要。 2、江苏扬电科 ...

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 644,115,582.61, representing a 15.01% increase compared to CNY 560,069,057.20 in the same period last year[19]. - Net profit attributable to shareholders decreased by 46.48% to CNY 21,589,929.71 from CNY 40,336,823.37 year-on-year[19]. - Basic and diluted earnings per share fell by 46.82% to CNY 0.1096 from CNY 0.2061 in the same period last year[19]. - The company's operating revenue for the reporting period was ¥644,115,582.61, representing a year-on-year increase of 15.01% due to an increase in sales orders[55]. - Operating costs rose to ¥577,828,005.43, a 22.69% increase, attributed to the rise in sales orders[55]. - The total profit for the first half of 2025 was ¥25,150,033.42, down from ¥47,673,778.49 in the same period of 2024[172]. - The company reported a significant increase in sales expenses, which rose to ¥22,078,158.14 from ¥9,700,256.69 year-over-year[171]. - The company’s total comprehensive income for the first half of 2025 was ¥22,342,751.81, compared to ¥40,346,035.34 in the first half of 2024[172]. Cash Flow and Investments - The net cash flow from operating activities improved by 30.43%, reaching CNY -31,477,136.71 compared to CNY -45,244,160.17 in the previous year[19]. - The net cash flow from investing activities decreased by 79.28% to -33,741,965.94 yuan due to increased fixed asset and fundraising expenditures[56]. - Financing activities generated a net cash flow of 47,875,715.29 yuan, an increase of 8.30% compared to the same period last year, primarily from increased bank loans[56]. - The company reported a significant increase in investment cash inflow totaling ¥752,265,425.19 in the first half of 2025, compared to ¥90,561,169.37 in the first half of 2024, indicating a substantial increase of approximately 730.5%[178]. - The net cash flow from financing activities was ¥47,875,715.29 for the first half of 2025, compared to ¥44,207,732.57 in the first half of 2024, showing a slight increase of approximately 6%[179]. Assets and Liabilities - Total assets increased by 2.44% to CNY 1,728,239,451.15 from CNY 1,687,021,419.84 at the end of the previous year[19]. - The company’s cash and cash equivalents decreased to 189,601,592 yuan, representing 10.97% of total assets, down from 12.18%[62]. - Accounts receivable decreased to 531,403,891 yuan, accounting for 30.75% of total assets, down from 36.29%[62]. - Inventory increased to 417,180,176 yuan, representing 24.14% of total assets, up from 19.02% due to increased sales revenue[62]. - Total liabilities rose to ¥567,329,974.02 from ¥528,477,307.13, an increase of approximately 7.4%[164]. Research and Development - The company continues to focus on research and development of new technologies and products to enhance market competitiveness[26]. - Research and development investment increased by 10.12% to ¥13,454,540.86, reflecting the company's commitment to innovation[55]. - Continuous R&D investment is crucial for the company’s energy storage and new energy products to meet market demands[85]. - The company emphasizes the importance of maintaining a skilled R&D team to enhance its core competitiveness in the technology-intensive manufacturing sector[85]. Market Strategy and Product Development - The company specializes in high-efficiency energy-saving electrical machinery manufacturing, focusing on energy-saving transformers, cores, and electromagnetic wires[27]. - The company aims to extend its product offerings into new fields while leveraging its expertise in amorphous and silicon steel materials to meet emerging market demands[32]. - The company is focusing on expanding its market presence through new energy projects and structured financial products[69]. - The company plans to increase its capital by 274 million yuan through retained earnings, enhancing its financial stability[184]. - A significant portion of the profits will be reinvested into research and development for new product lines[183]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company has implemented a lock-up period for shareholders, restricting the transfer of shares for a period of six months post-termination of their roles[99]. - The company guarantees that it will not utilize its position within the company to harm the interests of shareholders, especially minority shareholders, through related party transactions[100]. - The company will ensure that related party transactions are conducted at fair market prices, adhering to legal and regulatory standards[100]. - The company is committed to fulfilling its promises regarding competition and related transactions, ensuring no adverse impacts on its operations[96]. Risks and Challenges - The company faces technology risks related to the innovation and market adaptation of its energy-saving transformer products[85]. - The company faces risks from macro policy changes, international trade friction, and potential market oversupply in the energy storage and new energy sectors[86]. - The competitive landscape includes major domestic players like State Grid Yingda and Shuangjie Electric, which leverage financial and scale advantages to capture market share[87]. Compliance and Regulatory Matters - The semi-annual financial report has not been audited[121]. - The company has not reported any major litigation or arbitration matters during the reporting period[123]. - The company will ensure that the prospectus is truthful, accurate, and complete, bearing legal responsibility for any misrepresentation[110]. - The company acknowledges that external factors such as legal changes or natural disasters may affect its ability to fulfill commitments[103].

Group 1 - The core viewpoint of the article is that Yangdian Technology (301012) aims to increase the proportion of its sales from dry transformers used in data center infrastructure [1] Group 2 - The company responded to investor inquiries on August 15, indicating that enhancing the business segment related to data centers is one of its sales objectives [1]

Group 1 - The company, Yangdian Technology, stated that its products are primarily used in the construction of distribution networks, data centers, and new energy substations, and are not applied in the HVDC (High Voltage Direct Current) field [2]

Group 1 - The core viewpoint of the article is that Yangdian Technology (301012.SZ) primarily focuses on products used in the construction of power distribution networks, data centers, and new energy substations, and does not engage in the HVDC field [1] Group 2 - The company's products are mainly applied in the distribution end of the power grid [1] - The company has not ventured into the HVDC (High Voltage Direct Current) sector [1]