Core Viewpoint - Yangdian Technology (301012) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1] Financial Performance - Total revenue for the first half of 2025 reached 644 million yuan, a year-on-year increase of 15.01% compared to 560 million yuan in 2024 [1] - Net profit attributable to shareholders was 21.59 million yuan, down 46.48% from 40.34 million yuan in the previous year [1] - The gross profit margin decreased to 10.29%, a decline of 35.32% from 15.91% in 2024 [1] - The net profit margin also fell to 3.47%, down 51.85% from 7.20% in the previous year [1] Cash Flow and Receivables - Accounts receivable accounted for 755.43% of the latest annual net profit, indicating a high level of receivables relative to profit [1][13] - The company experienced a 30.43% increase in net cash flow from operating activities, attributed to improved accounts receivable collections [11] Expenses and Liabilities - Total sales, management, and financial expenses amounted to 32.96 million yuan, representing 5.12% of revenue, an increase of 28.22% year-on-year [1] - Short-term borrowings increased by 22.87%, driven by higher revenue [4] - Financial expenses rose by 46.71%, influenced by lower interest rates and increased foreign exchange gains [9] Inventory and Investments - Inventory increased by 30.02% due to rising orders and revenue, leading to higher stock levels [2] - Long-term equity investments were made in joint ventures, while construction in progress was fully transferred to fixed assets [3] Overall Assessment - The company's return on invested capital (ROIC) was 5.27%, indicating average capital returns, with historical data showing a median ROIC of 10.06% since its listing [11] - The company maintains a healthy cash position, but concerns exist regarding its debt levels and cash flow sustainability [12][13]

Core Viewpoint - Yangdian Technology (301012.SZ) reported its semi-annual results for 2025, highlighting a significant decline in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of August 25, 2025, there is one institutional investor holding shares in Yangdian Technology, with a total of 3.5 million shares, representing 1.78% of the total share capital [1] - The overall institutional holding percentage has decreased by 9.88 percentage points compared to the last quarter [1] Public Fund Holdings - One public fund, specifically the Fortune Tianhui Growth Mixed (LOF) A/B, has reduced its holdings, accounting for a decrease of 1.73% [1] - Five public funds that did not disclose their holdings in the current period include: Fortune New Vitality Flexible Allocation Mixed A, Fortune Quality Growth 6-Month Holding Period Mixed A, Fortune Core Advantage Initiated Mixed A, Fortune Benefit Return 12-Month Holding Period Mixed A, and Rongtong Quantitative Multi-Strategy Flexible Allocation Mixed A [1]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company has no preferred shareholders or related shareholding information for the reporting period [3] Group 2 - All directors attended the board meeting that reviewed the report [1] - The company does not require retrospective adjustments or restatements of previous accounting data [2] - There are no significant matters reported during the period [3]

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 ...

江苏扬电科技股份有限公司 2025 年半年度报告全文 江苏扬电科技股份有限公司 2025 年半年度报告 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王玉楹、主管会计工作负责人仇勤俭及会计机构负责人(会计 主管人员)陈拥军声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本公司投资者认真阅读半年报全文，关注第三节第十条、公司面临的风险 和应对措施。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 2025 年 8 月 1 江苏扬电科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 三、经公司法定代表人签署的 2025 年半年度报告原件； 四、其他相关文件。 以上文件的备置地点：公司证券事务部 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环 ...