Core Viewpoint - Mingyang Electric's stock performance shows a slight decline, with a current price of 43.20 CNY per share and a market capitalization of 13.487 billion CNY, while the company has experienced significant revenue growth in the first half of 2025 [1][2]. Financial Performance - For the period from January to June 2025, Mingyang Electric achieved a revenue of 3.475 billion CNY, representing a year-on-year growth of 40.51% [2]. - The net profit attributable to shareholders for the same period was 306 million CNY, reflecting a year-on-year increase of 24.38% [2]. Stock and Market Activity - As of September 9, 2023, Mingyang Electric's stock has seen no change year-to-date, with a 1.86% increase over the last five trading days, an 8.87% increase over the last 20 days, and a 10.54% increase over the last 60 days [1]. - The stock's trading volume on September 9 was 226 million CNY, with a turnover rate of 3.18% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Mingyang Electric was 13,200, a decrease of 2.33% from the previous period [2]. - The average number of tradable shares per shareholder increased by 2.39% to 12,277 shares [2]. Dividend Distribution - Mingyang Electric has distributed a total of 471 million CNY in dividends since its A-share listing [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include: - Jianxin New Energy Industry Stock A, holding 2.1893 million shares, an increase of 34.37% from the previous period [3]. - Guotai Junan Value Advantage Flexible Allocation Mixed A, a new shareholder with 2.1 million shares [3]. - Hong Kong Central Clearing Limited, holding 2.0329 million shares, a decrease of 18.21% from the previous period [3].

Core Viewpoint - The announcement details the implementation of the 2025 interim profit distribution plan by Guangdong Mingyang Electric Co., Ltd, which includes a cash dividend distribution to shareholders based on the company's total share capital [1][2]. Group 1: Profit Distribution Plan - The 2025 interim profit distribution plan was approved by the board of directors on August 26, 2025, allowing for a cash dividend of RMB 0.70 per 10 shares (before tax), totaling RMB 21.854 million [2][7]. - The distribution is based on the current total share capital of 31.22 million shares, with no stock dividends or capital reserve transfers to increase share capital [2][7]. - The plan will be adjusted if the total share capital changes due to convertible bonds, share buybacks, or other reasons, maintaining the total distribution amount while adjusting the distribution ratio [2][7]. Group 2: Key Dates - The record date for the distribution is set for September 12, 2025, and the ex-dividend date is September 15, 2025 [8]. Group 3: Dividend Payment Method - Cash dividends will be directly credited to shareholders' accounts through their securities companies on the ex-dividend date [11]. - The company will bear all legal responsibilities if there are any discrepancies in the dividend distribution due to changes in shareholders' accounts during the application period [11]. Group 4: Adjustments and Regulations - Following the distribution, the minimum selling price for shares held by certain shareholders will be adjusted according to the distribution [12]. - The exercise price of stock options will also be adjusted in accordance with the company's stock incentive plan if any capital changes occur [12].

Core Viewpoint - The announcement details the release of part of the pledged shares by the controlling shareholder of Guangdong Mingyang Electric Co., Ltd., indicating a stable financial situation and manageable risks associated with share pledges [1]. Group 1: Share Pledge Information - The controlling shareholder, Zhongshan Mingyang Electric Co., Ltd., has notified the company about the release of part of its pledged shares [1]. - As of the announcement date, the total pledged shares by the shareholder and its concerted parties are outlined, although specific figures are not provided in the text [1]. Group 2: Impact and Risk Management - The release of shares will not significantly impact the company's operations or governance [1]. - The controlling shareholder is reported to have a good credit status and sufficient financial capability to repay any obligations, indicating that the risks associated with share pledges are under control [1]. - There are no indications of non-operational fund occupation or illegal guarantees that could harm the company's interests [1].

Group 1 - The company approved a mid-term profit distribution plan for 2025, allowing the board to implement the plan based on shareholder meeting resolutions and distribution conditions [1][2] - The profit distribution plan includes a cash dividend of RMB 0.70 per 10 shares (before tax), totaling RMB 21.854 million (before tax) [2][3] - The record date for the distribution is September 12, 2025, and the ex-dividend date is September 15, 2025 [3] Group 2 - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the record date [3] - The cash dividends will be directly credited to shareholders' accounts through their securities companies on the ex-dividend date [3] - Adjustments to the exercise price of stock options will be made following the distribution, in accordance with the company's incentive plan and relevant regulations [4]

Group 1 - The core point of the article is that Mingyang Electric announced its profit distribution plan for the first half of 2025, which includes a cash dividend of RMB 0.70 per 10 shares for all shareholders [1] - The total number of shares used as the basis for the distribution is 31,220 million shares [1] - The record date for the equity distribution is set for September 12, 2025, and the ex-dividend date is September 15, 2025 [1]

关于 2025 年中期利润分配方案实施公告 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。 证券代码：301291 证券简称：明阳电气 公告编号：2025-047 广东明阳电气股份有限公司 广东明阳电气股份有限公司（简称"公司"）于 2025 年 5 月 16 日召开 2024 年年度股东会，审议通过了《关于授权董事会制定 2025 年中期利润分配方案的 议案》。公司于 2025 年 8 月 26 日召开第二届董事会第十三次会议和第二届监事 会第十三次会议，审议通过了《关于 2025 年中期利润分配方案的议案》。公司 2025 年中期利润分配方案已获公司 2024 年年度股东会授权，无需再提交股东会 审议。现将权益分派事宜公告如下： 一、股东会及董事会审议通过利润分配方案的情况 1、公司于 2025 年 5 月 16 日召开 2024 年年度股东会，审议通过了《关于授 权董事会制定 2025 年中期利润分配方案的议案》，同意授权董事会根据股东会 决议在满足分红条件的前提下，论证、制定并实施公司 2025 年度中期利润分配 方案。 2、公司于 2025 年 8 ...

Group 1 - The core point of the announcement is that the controlling shareholder, Zhongshan Mingyang Electric Co., Ltd., has released part of its pledged shares, specifically 18,700,000 shares, which accounts for 14.32% of its holdings and 5.99% of the company's total shares [2] - As of the announcement date, Zhongshan Mingyang holds a total of 130,574,010 shares, representing 41.82% of the company, with 46,300,000 shares pledged, which is 35.46% of its holdings [2] - The release of the pledged shares is not expected to have a significant impact on the company's operations or governance, and the controlling shareholder's financial condition is reported to be good, indicating manageable pledge risks [2][3] Group 2 - The total number of pledged shares across all shareholders is 46,300,000, which represents 33.69% of the total shares, while the remaining unpledged shares amount to 91,128,620, accounting for 100% of the unpledged shares [2] - The company will continue to monitor the pledge situation of its shareholders and fulfill its information disclosure obligations as required [2]

广东明阳电气股份有限公司（以下简称"公司"）近日接到控股股东中山市 明阳电器有限公司（以下简称"中山明阳"）函告，获悉其所持有本公司的部分 股份解除质押，具体事项如下： 证券代码：301291 证券简称：明阳电气 公告编号：2025-046 广东明阳电气股份有限公司 关于控股股东部分股份解除质押的公告 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。 一、股东股份解除质押基本情况 可控。控股股东及其一致行动人不存在非经营性资金占用、违规担保等侵害公司 利益的情形。公司将持续关注股东的质押情况，并按规定及时履行信息披露义务， 敬请广大投资者注意投资风险。 三、备查文件 1、解除证券质押登记通知； 2、中国证券登记结算有限责任公司证券质押及司法冻结明细表； 3、深交所要求的其他文件。 1、本次解除质押基本情况 | 股东名称 | 是否为控股股东或第一 | 本次解除质 | 占其所持 | 占公司总 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Core Insights - The research report from Guojin Securities highlights a significant rebound in the wind turbine bidding scale for central state-owned enterprises, reaching 10.3 GW in August, marking an 88% month-on-month increase and a 0.4% year-on-year increase [1][2] - Wind turbine average bidding prices have also seen a 5% increase in July and August, reaching 1647 RMB/kW, with an 11% increase compared to the average price for the entire year of 2024 [1][2] Wind Power - The wind power sector has shown a strong recovery in August after a decline in June and July, with a notable increase in bidding scale [2] - The average bidding price for wind turbines has increased significantly, indicating a positive trend in pricing [2] AIDC (Artificial Intelligence Data Center) - The sentiment in the liquid cooling sector has improved following a period of adjustment, with domestic companies reporting progress in liquid cooling products [2] - The HVDC (High Voltage Direct Current) segment continues to gain attention, with updates on industry developments [2] Photovoltaics & Energy Storage - The photovoltaic main chain experienced mixed results in Q2, with some companies expected to show strong improvements in Q3 due to effective measures against internal competition [2] - Companies with the ability and willingness to extend their business into high-growth sectors are recommended for attention [2] Lithium Batteries - Lithium battery production in September exceeded expectations, with a projected increase of 4% to 8% in Q3, indicating a high level of market activity [3] - Price increases for key materials have been observed, and solid-state battery development is accelerating [3] Hydrogen and Fuel Cells - The lack of electricity accessibility in the U.S. grid is a significant constraint for data center operations, with a projected 45 GW power shortfall from 2025 to 2028 [3] - Microgrids are becoming essential for supporting AI project implementations in areas without traditional grid access [3] Power Grid - The third batch of bidding for State Grid's ultra-high voltage equipment is in line with expectations, with an acceleration in the bidding pace anticipated [4] - Companies like Mingyang Electric and Jinpan Technology have reported positive Q2 performance, indicating growth opportunities in the data center sector [4] New Energy Vehicles - The market for new energy vehicles is showing signs of recovery, although the overall growth rate remains under pressure due to high year-on-year comparisons [4] - Financial reports from major manufacturers indicate a clear differentiation in performance, suggesting opportunities for secondary leading companies [4] Important Industry Events - Eight manufacturers have qualified for a 10 GW tender from Datang, with generally rising bid prices [5] - Significant developments in the hydrogen energy sector include the establishment of a liquid hydrogen base and support for SOFC and SOEC technology applications [5]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others [5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 3.99%, outperforming the Shanghai Composite Index, with lithium battery index showing the highest growth at 7.37% [1][4]. - NIO's new ES8 SUV has begun pre-sales, featuring advanced design and safety features, and is expected to enhance the competitive landscape in the electric vehicle market [2][9]. - The solar power generation capacity added in the first seven months of 2025 reached 223.25 GW, marking an 80.73% year-on-year increase, indicating strong growth in the renewable energy sector [3][32]. Summary by Sections New Energy Vehicles - NIO's ES8 pre-sale started on August 21, with prices starting at 416,800 RMB for the luxury version and 456,800 RMB for the signature version, set to launch in late September [2][9]. - The ES8 features a 5280mm length and 3130mm wheelbase, making it the largest pure electric SUV in China, with a 777L cargo capacity even with six passengers [10][11]. New Energy Generation - In the first seven months of 2025, solar power generation capacity increased by 223.25 GW, with a monthly addition of 11.04 GW in July, despite a year-on-year decline of 47.55% [3][32]. - The report highlights a significant increase in inverter exports, with a total of 37.109 billion RMB in the first seven months, reflecting a year-on-year growth of 8.87% [26]. Electric Equipment and Automation - The State Grid announced the results of its third high-voltage equipment tender for 2025, with a total value of 1.3 billion RMB, indicating ongoing investment in infrastructure [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from the growing demand in the electric equipment sector [4]. Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) forecasts for key companies, with CATL projected to have an EPS of 14.96 RMB in 2025, and a price-to-earnings (PE) ratio of 19 [5]. - Other companies like Keda and Daikin Heavy Industries are also rated as "Buy," with expected EPS growth in the coming years [5]. Industry Data Tracking - The report tracks lithium battery material prices, showing stability in prices for ternary cathode materials and slight fluctuations in other components [15][43]. - The solar industry is experiencing price adjustments, with polysilicon prices ranging from 50 to 55 RMB per kg, reflecting market dynamics and supply chain adjustments [35][36].