【二零二五年八月】 新华都特种电气股份有限公司 2025 年半年度报告全文 1 新华都特种电气股份有限公司 2025 年半年度报告 新华都特种电气股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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。 公司负责人谭勇、主管会计工作负责人肖崴及会计机构负责人(会计主管 人员)肖崴声明：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。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在经营管理中可能面临的风险与对策举措已在本报告中第三节"管理 层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述，敬请广大 投资者关注，并注意投资风险。 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 | 第一节 | 重要提示、目录和释义 | 2 | | --- ...

Market Overview - The grid equipment sector increased by 0.11% compared to the previous trading day, with Guangxin Technology leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Top Performers - Guangxin Technology (code: 920037) closed at 104.45, up 8.08% with a trading volume of 44,900 shares and a transaction value of 463 million [1] - New Special Electric (code: 301120) closed at 16.76, up 7.09% with a trading volume of 613,900 shares and a transaction value of 1.028 billion [1] - Far East Holdings (code: 600869) closed at 6.58, up 6.47% with a trading volume of 1,515,000 shares [1] Underperformers - Changlan Technology (code: 002879) closed at 19.99, down 5.40% with a trading volume of 275,400 shares and a transaction value of 552 million [2] - Dongfang Cable (code: 603606) closed at 52.79, down 3.40% with a trading volume of 155,700 shares and a transaction value of 828 million [2] - Great Wall Electric (code: 600192) closed at 11.40, down 2.81% with a trading volume of 462,100 shares and a transaction value of 527 million [2] Capital Flow - The grid equipment sector experienced a net outflow of 688 million from institutional investors, while retail investors saw a net inflow of 789 million [2][3] - Major stocks like Far East Holdings had a net inflow of 104 million from institutional investors, but a net outflow of 29.88 million from speculative funds [3] - New Special Electric had a net inflow of 54.86 million from institutional investors, with a net outflow of 14.62 million from speculative funds [3]

Core Insights - The latest financing balance of the ChiNext market is 412.135 billion yuan, with a week-on-week increase of 5.164 billion yuan, indicating a positive trend in financing activities [1] - On August 13, the ChiNext index rose by 3.62%, and the total margin balance reached 413.453 billion yuan, marking an increase for three consecutive trading days [1] - Among the stocks with increased financing balances, 509 stocks saw growth, with 54 stocks experiencing an increase of over 10% [2] Financing Balance Growth - The stock with the highest increase in financing balance is C Guangjian Technology, with a latest balance of 95.1423 million yuan, reflecting a week-on-week increase of 91.40% and a price increase of 28.20% [3] - Other notable stocks with significant financing balance growth include Oulu Tong and New Special Electric, with increases of 40.98% and 38.85%, respectively [3] Market Performance - Among the stocks with a financing balance increase of over 10%, the average price increase on the same day was 4.39%, with 38 stocks rising and three stocks hitting the daily limit [2] - The top performers in terms of price increase include C Guangjian Technology, Defu Technology, and Sanhuan Group, with respective increases of 28.20%, 17.30%, and 15.51% [2] Financing Balance Decline - A total of 434 stocks experienced a decline in financing balance, with 16 stocks seeing a decrease of over 10% [4] - The stock with the largest decline is Kangtai Medical, with a latest financing balance of 17.41481 million yuan, reflecting a decrease of 28.04% [4] - Other stocks with significant declines include Rongxin Culture and Benli Technology, with decreases of 19.48% and 18.67%, respectively [4]

Core Points - The latest financing balance of the ChiNext market is 406.971 billion yuan, with a week-on-week increase of 3.001 billion yuan, and 47 stocks have seen a financing balance increase of over 10% [1] - On August 12, the ChiNext index rose by 1.24%, with a total margin balance of 408.237 billion yuan, an increase of 3.026 billion yuan from the previous trading day [1] - Among the stocks with increased financing balances, Huayang Intelligent had the largest increase of 45.59%, with a financing balance of 112 million yuan and a stock price increase of 8.20% [1][3] Financing Balance Increase - A total of 471 stocks in the ChiNext market saw an increase in financing balance, with 47 stocks experiencing an increase of over 10% [1] - The stocks with significant increases include Yutian Guanjia (31.33%) and New Special Electric (31.06%) [1][3] - The average increase for stocks with over 10% financing balance growth was 3.55%, with 35 stocks rising, including Zhishang Technology, which hit the daily limit [1][4] Financing Balance Decrease - There were 471 stocks with a decrease in financing balance, with 12 stocks experiencing a decline of over 10% [4] - The stock with the largest decrease was Zhonglan Environmental Protection, with a financing balance of 37.334 million yuan, down 24.59% [4][5] - Other notable declines include Jialian Technology (16.06%) and Beifang Changlong (14.71%) [4][5] Capital Flow - On August 12, 30 stocks with increased financing balances saw net inflows of main funds, with Daily Interaction, Guangliwei, and Zhishang Technology leading the inflows [2] - The stocks with the highest net outflows included Shuangyi Technology, New Qianglian, and New Hanxin Material [2]

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

证券之星消息，8月12日电网设备板块较上一交易日上涨0.23%，华明装备领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。电网设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002270 | 长明美备 | 20.09 | 10.02% | 35.52万 | | 6.96(Z | | 002028 | 思源电气 | 85.00 | 6.49% | 7.89万 | | 6.55 Z | | 301120 | 新特电气 | 14.75 | 4.54% | 68.18万 | | 10.84亿 | | 002927 | 泰永长征 | 16.92 | 4.38% | - 35.06万 | | 6.06亿 | | 601567 | 三星医疗 | 24.40 | 4.18% | 35.66万 | | 8.64亿 | | 600525 | ST长园 | 3.35 | 3.72% | 35.73万 | | 1.20亿 | ...

Group 1: AIDC Power Equipment Industry - The AIDC power equipment industry is expected to benefit from increased AI capital expenditure by global internet giants, with Google raising its 2025 capital expenditure from $75 billion to $85 billion, and Meta adjusting its range from $64-72 billion to $66-72 billion [1][28] - The release of OpenAI's GPT-5 model is anticipated to drive advancements in AI large models, further supporting the AIDC power equipment sector [29] - Key companies to focus on in the AIDC power equipment chain include Jinpan Technology, New Special Electric, Igor, and others [1][30] Group 2: Photovoltaic Industry - The "anti-involution" policy is leading to a recovery in photovoltaic product prices, with significant rebounds in prices for polysilicon, silicon wafers, and battery cells [2][84] - The photovoltaic industry is expected to enter a stable development phase by 2027, with a focus on capacity integration and clearing, particularly in the silicon material segment [2] - Key companies in the photovoltaic sector include GCL-Poly Energy, New Special Energy, Tongwei Co., and TBEA [2][84] Group 3: Wind Power Industry - Wind turbine prices are recovering, which is likely to lead to sustained profitability across the industry chain, with all model bidding prices in the first half of the year exceeding the lowest cost prices of 2024 [2][55] - The wind power industry is projected to achieve record installations in 2025, with stable main machine prices and a rebound in profitability driven by technological cost reductions [55] - Recommended companies in the wind power sector include Goldwind Technology, Dongfang Cable, and Daikin Heavy Industries [2][55] Group 4: Solid-State Battery Industry - The solid-state battery industry is making progress, with several companies announcing advancements in production and testing phases, including Qianyan and Honeycomb Energy [3][69] - Major automotive manufacturers like SAIC and Mercedes-Benz are planning to launch solid-state battery models by 2030, indicating a growing market for this technology [3][69] - Key players in the solid-state battery supply chain include Xiamen Tungsten, Tiannai Technology, and others [3][70] Group 5: Power Battery and Charging Pile Industry - The domestic electric vehicle market is expected to show slight improvement in August, with battery production anticipated to increase as companies prepare for peak season deliveries [68] - The production of positive electrode materials is expected to recover, driven by sustained demand for lithium iron phosphate from overseas battery manufacturers [68] - Key companies in the power battery sector include CATL, EVE Energy, and others [70]

Company Performance - As of August 8, 2025, Xinhua Special Electric Co., Ltd. (301120) closed at 13.23 yuan, down 1.78%, with a turnover rate of 7.54% and a trading volume of 164,900 hands, amounting to 221 million yuan [1] - The latest quarterly report shows total revenue of 88.17 million yuan, a year-on-year increase of 19.98%, and a net profit attributable to shareholders of 9.14 million yuan, up 112.87% year-on-year [1] - The company's non-recurring net profit reached 1.70 million yuan, reflecting a year-on-year growth of 46.61% [1] - The liquidity ratios are reported as current ratio of 17.97 and quick ratio of 16.81, with a debt-to-asset ratio of 5.52% [1] Investment and Business Activities - Xinhua Special Electric Co., Ltd. has made investments in 12 external enterprises and participated in 77 bidding projects [2] - The company holds 79 trademark registrations and 132 patent registrations, along with 7 administrative licenses [2] Company Background - Established in 1985 and located in Beijing, Xinhua Special Electric Co., Ltd. primarily engages in the manufacturing of computers, communications, and other electronic devices [1] - The registered capital of the company is approximately 3.71 billion yuan, with paid-in capital of about 2.44 billion yuan [1]

证券之星消息，8月4日电网设备板块较上一交易日上涨0.81%，长城电工领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。电网设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600192 | 长城电工 | 10.86 | 10.03% | 43.73万 | | 4.65亿 | | 000533 | 顺钢股份 | 7.68 | 10.03% | 151.04万 | | 11.30亿 | | 002980 | 华盛昌 | 23.87 | 10.00% | C 11.41万 | | 2.64亿 | | 300853 | 申昊科技 | 26.31 | 7.21% | 18.65万 | | 4.82亿 | | 301120 | 新特电气 | 12.89 | 6.79% | 39.82万 | | 5.02亿 | | 920037 | 广信科技 | 83.57 | 6.12% | 5.47万 | | 4.55亿 | ...

Group 1 - The core point of the article is the establishment of Nantong Huachu Times Energy Co., Ltd., which has a registered capital of 20 million yuan and is involved in various energy-related businesses [1] - The company is legally represented by Zhong Xiande and its business scope includes power generation, transmission, and distribution, subject to necessary approvals [1] - The company is co-owned by Xinte Electric and Qianlong, indicating a partnership in the energy sector [1] Group 2 - The company engages in energy management services, energy storage technology services, and energy-saving management services, showcasing its focus on innovative energy solutions [1] - It also involves in technology services, development, consulting, and promotion, highlighting its commitment to technological advancement in the energy industry [1] - The company is positioned to participate in the research and development of emerging energy technologies and efficient energy-saving technologies in the power industry [1]