Core Insights - New Special Electric Co. experienced a 20% limit increase, while Xinling Electric, Koru Intelligent Control, and Meishuo Technology saw gains exceeding 10% [1] - Other companies such as Kelu Electronics, Taiyong Changzheng, and New Energy Taishan also reached their limit increase, indicating a strong market response [1] - The National Development and Reform Commission, along with three other departments, recently issued a notice to promote the scientific planning and construction of high-power charging facilities [1] Industry Developments - The notice emphasizes the integration of high-power charging facility layout planning with distribution network planning, suggesting a proactive approach to grid construction and timely upgrades [1] - This initiative is likely to enhance the infrastructure for electric vehicles, potentially leading to increased demand for related technologies and services [1]

Summary of the Conference Call for New Special Electric Industry Overview - The global solid-state transformer (SST) market is currently valued at approximately 1.4 billion RMB, primarily applied in demonstration projects for DC distribution networks and microgrids. It is expected to reach nearly 24 billion RMB by 2030, with a compound annual growth rate (CAGR) exceeding 60% over the next six years, driven significantly by data center applications [2][6]. Company Insights - New Special Electric, established in 1985, holds a dominant position in the high-voltage variable frequency market with a market share exceeding 25%. The company is actively developing solid-state transformer products, with prototypes expected to be launched in the second half of this year [2][7][8]. - The company primarily manufactures transformers for medium to large industrial motor drives, serving industries such as metallurgy, power, and petrochemicals. It is also expanding into emerging applications like energy storage and sodium-ion batteries [2][9]. Financial Performance - Despite facing challenges such as rising raw material costs and increased industry competition, the company's product gross margin remains above the industry average, reflecting its technical strength and industry barriers [4][12]. - The company anticipates a decline in revenue for 2024, resulting in a projected loss of approximately 50 million RMB. However, net profits are expected to recover to 50 million RMB, 100 million RMB, and 180 million RMB from 2025 to 2027, not accounting for the potential growth from large-scale solid-state transformer deployment [4][16]. Technological Advantages - Solid-state transformers offer significant advantages over traditional technologies, including a 63% reduction in footprint and a 2-3% increase in power supply efficiency. They integrate multiple functions such as electrical isolation, voltage conversion, and harmonic suppression, making them suitable for renewable energy integration [5][18]. Market Development - The solid-state transformer market is projected to grow rapidly, with expectations of reaching 4.8 billion RMB by 2028 and nearly 24 billion RMB by 2030. This growth positions it as one of the fastest-growing sectors in the industry [6][18]. - Currently, the technology is in the prototype and testing phase, with no large-scale commercial applications yet. However, leading companies, particularly overseas, are actively exploring this field [3][18]. Corporate Governance - The company has a concentrated ownership structure, with the chairman and his wife holding a combined 56.75% of the shares. An employee stock ownership plan was launched in April 2025 to enhance team vitality and ensure long-term stable development [10][11]. Future Outlook - New Special Electric is focusing on solid-state transformers and traditional phase-shifting rectifiers, with ongoing efforts to expand its customer base and market presence. The company is optimistic about its future prospects in both HVDC and solid-state transformer markets [19].

证券代码：301120 证券简称：新特电气 公告编号：2025-043 新华都特种电气股份有限公司 关于 2025 年员工持股计划首次受让股份非交易过户完成的公告 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。 新华都特种电气股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 第五届董事会第十一次会议、第五届监事会第八次会议，于 2025 年 5 月 16 日召开 2024 年度股东大会，审议通过了《关于公司<2025 年员工持股计划（草案）>及其摘 要的议案》《关于公司<2025 年员工持股计划管理办法>的议案》《关于提请股东大 会授权董事会办理 2025 年员工持股计划相关事宜的议案》等议案，具体内容详见公 司在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《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》等相关规定，公司已在 中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"） 办理完成了 2025 年员工持股计划（以下 ...

新华都特种电气股份有限公司（以下简称"公司"）2025 年员工持股计划（以下 简称"本员工持股计划"）第一次持有人会议于 2025 年 6 月 19 日在公司会议室以现 场及通讯相结合的方式召开，实际出席持有人 45 名，代表本员工持股计划份额 10,161,600 份，占本员工持股计划首次受让部分实际认购份额总数的 82.58%。根据 公司 2025 年员工持股计划的相关规定，持有本员工持股计划份额的公司董事、高级 管理人员自愿放弃其在持有人会议的提案权、表决权，因此，出席本次会议的有效 表决权份额总数为 5,985,600 份。 本次会议由董事会秘书段婷婷女士召集并主持，本次会议的召集、召开和表决 程序符合相关法律法规和公司 2025 年员工持股计划的相关规定。 证券代码：301120 证券简称：新特电气 公告编号：2025-044 新华都特种电气股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 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。 一、持有人会议召开情况 二、会议审议情况 （一）审议通过《关于设立公司 2025 年员工持股计划管理 ...

Investment Rating - The report does not provide a specific investment rating for the company [5]. Core Insights - The company is a pioneer in the domestic production of variable frequency transformers and has a significant market share in high-voltage variable frequency transformers, with over 25% in 2020 [8][18]. - The demand for variable frequency transformers is expected to recover due to multiple factors, including equipment upgrades, energy substitution, and energy-saving initiatives [2][45]. - The company is focusing on high-voltage variable frequency transformers, which have higher technical barriers and stronger customization attributes compared to low-voltage variants [2][64]. - The company is actively expanding into the solid-state transformer market, which is anticipated to see large-scale applications post the 14th Five-Year Plan [2][44]. - The company has initiated an employee stock ownership plan to cover core members, aiming to enhance the alignment of interests between employees and shareholders [36][38]. Summary by Sections Company Overview - Established in 1985, the company has over 40 years of experience in transformer manufacturing and has successfully developed high-insulation-grade variable frequency transformers since 2004, breaking foreign monopolies [8][15]. - The company has a concentrated ownership structure, with the chairman and his spouse holding 56.75% of the shares [8][12]. Market Trends - The global data center IT load is expected to grow at a CAGR of 24% from 2023 to 2028, with AI loads increasing 20 times over five years [2]. - The company is well-positioned to benefit from the ongoing upgrades in power supply systems for data centers, particularly with the adoption of HVDC technology [2][45]. Financial Projections - The company is projected to achieve a net profit of 51 million yuan in 2025, with a year-on-year growth of 104.2% [3]. - Revenue is expected to recover significantly in 2025, following a challenging 2023-2024 period due to macroeconomic factors [2][4]. Product and Technology Development - The company maintains a high level of R&D investment, with R&D expenses consistently above 4% of revenue since 2019 [18]. - The company is expanding its product line to include high-efficiency oil-immersed transformers and solid-state transformers, targeting new markets such as renewable energy and data centers [44][45]. Competitive Landscape - The high-voltage variable frequency transformer market is characterized by high technical barriers and concentrated competition, with the company maintaining strong relationships with major clients like ABB and Siemens [18][58]. - The domestic market for variable frequency transformers still has significant room for growth, with a current domestic market penetration of only 26% for high-voltage variants [60].

证券代码：301120 证券简称：新特电气 公告编号：2025-042 新华都特种电气股份有限公司 关于受让控股子公司少数股东股权暨与关联方共同投资的关联 交易的进展公告 二、本次交易的进展 近日，公司收到控股子公司苏州华储电气科技有限公司（以下简称"华储 电气"）完成工商变更登记和备案手续，并取得苏州工业园区行政审批局换发的 《营业执照》，变更后的相关工商登记信息如下： 名称：苏州华储电气科技有限公司 统一社会信用代码：91320594MAC4XUMR5T 注册资本：6000 万元整 类型：有限责任公司(自然人投资或控股) 法定代表人：段婷婷 成立日期：2022-12-28 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。 一、交易概述 新华都特种电气股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开第五届董事会第十一次会议以及第五届监事会第八次会议，审议通过了《关 于受让控股子公司少数股东股权暨与关联方共同投资的关联交易的议案》，具体 内容详见公司于 2025 年 4 月 25 日在巨潮资讯网（www.cninfo.com.cn）披露的 ...

关于新华都特种电气股份有限公司 2025 年第二次临时股东大会的 法律意见书 北京海润天睿律师事务所 北京海润天睿律师事务所 关于新华都特种电气股份有限公司 2025 年第二次临时股东大会的法律意见书 致：新华都特种电气股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）及《新华都特种电气股份有限公司章程》（以 下简称《公司章程》）的规定，北京海润天睿律师事务所接受新华都特种电气股 份有限公司（以下简称公司）的委托，指派律师出席并见证公司于 2025 年 5 月 28 日召开的 2025 年第二次临时股东大会。 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和出席人员 资格、会议表决程序和表决结果的合法有效性发表意见，并不对股东大会所审议 的议案内容和该等议案中所表述的事实和数据的真实性和准确性发表意见。 中国·北京 朝阳区建外大街甲 14 号广播大厦 5 层、9 层、10 层、13 层、17 层 邮政编码：100022 电话(Tel)：86-10-65219696 传真(Fax)：86-10-88381869 二〇二五年五月 见证意见 ...

证券代码：301120 证券简称：新特电气 公告编号：2025-041 新华都特种电气股份有限公司 通过互联网投票系统进行网络投票的具体时间为：2025 年 5 月 28 日 9:15— 15:00 期间的任意时间。 2025 年第二次临时股东大会决议公告 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。 一、召开会议的基本情况 3. 会议召开时间： 1. 会议召集人：新华都特种电气股份有限公司（以下简称"公司"）董事会 （1）现场会议召开时间：2025 年 5 月 28 日下午 14:30 2. 会议召开方式：现场投票和网络投票相结合的表决方式 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统进 行网络投票的具体时间为：2025 年 5 月 28 日 9:15—9：25，9：30—11:30 和 13:00—15:00。 4. 现场会议地点：北京市北京亦庄经济技术开发区融兴北三街 50 号。 5. 现场会议主持人：董事长谭勇先生 6. 会议召开的合法、合规性：本次股东大会的召集及召开符合《公司法》《深 圳证券交易所创业板股票上市规则》《上市 ...

Market Overview - The Shanghai Composite Index closed at 3346.84 points, slightly above the half-year line, with a change of -0.05% [1] - The total trading volume of A-shares reached 10338.72 billion yuan [1] Stocks Performance - A total of 231 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Junyao Health: 9.37% - Guangsha Environmental Energy: 8.42% - Longzhou Co., Ltd.: 7.79% [1] - Stocks with lower deviation rates that just crossed the half-year line include: - Wantai Biological Pharmacy: 6.51% - Huatai Securities: 6.40% - Jiayuan Technology: 6.17% [1] Notable Stocks - The top three stocks with the highest daily increase: - Junyao Health: +10.08% - Guangsha Environmental Energy: +9.23% - Longzhou Co., Ltd.: +10.02% [1] - The trading turnover rates for these stocks were also significant, with Guangsha Environmental Energy at 7.92% and Longzhou Co., Ltd. at 8.30% [1] Additional Stocks Data - Other notable stocks with their respective performance: - Huachang Communication: +19.99% with a turnover rate of 12.90% - Huali Technology: +7.44% with a turnover rate of 13.05% [1] - The data indicates a healthy trading environment with several stocks showing strong performance above the half-year line [1]

证券代码：301120 证券简称：新特电气 公告编号：2025-040 新华都特种电气股份有限公司 2024 年度权益分派实施公告 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。 5.在利润分配方案公告日起至实施利润分配方案的股权登记日期间，若公司 总股本及回购专用证券账户股本数发生变动的，则以分配方案实施时确定的股权 登记日的总股本扣除回购专用证券账户股本数后的股本为基数，按照现金分红总 额不变的原则对分配比例进行调整。 特别提示： 1.新华都特种电气股份有限公司（以下简称"公司"或"新特电气"）2024 年度 权益分派方案已获 2025 年 5 月 16 日召开的 2024 年度股东大会审议通过。公司 回购专用证券账户中的股份 3,007,050 股不参与本次权益分派。公司 2024 年度权 益分派方案为：以董事会审议利润分配方案当日公司总股本扣除回购专用证券账 户中已回购股份为基数，向全体股东按每 10 股派发 0.30 元人民币现金红利（含 税），合计派发现金红利总额 11,053,020.15 元（含税），不送红股，不进行资本 公积转增股本，剩余未分 ...