Jiangsu Huachen(SH:603097) Zheng Quan Ri Bao Wang·2025-09-18 12:13Core Viewpoint - Jiangsu Huachen Transformer Co., Ltd. is expanding its production capacity for 500kV transformers, which is expected to significantly increase its annual revenue from new energy projects [1][2] Group 1: Company Performance - In the first half of 2025, Jiangsu Huachen achieved operating revenue of 938 million yuan, a year-on-year increase of 40.46% [2] - The net profit attributable to shareholders was 47.27 million yuan, up 18.37% year-on-year, while the net profit excluding share-based payment effects was 55.88 million yuan, reflecting a 40.37% increase [2] - The rapid growth in performance is attributed to the ongoing development in the new energy sector, particularly in photovoltaic, wind power, and energy storage projects [2] Group 2: New Energy Business - The revenue share from the new energy business has increased from 28.51% to 50.98% over the past three years [2] - In the first half of 2025, the new energy business generated revenue of 478.32 million yuan, with specific contributions from photovoltaic (212.85 million yuan), wind power (25.53 million yuan), and energy storage (239.94 million yuan) [2] - The company is optimistic about the future development of its new energy segments and aims to enhance its core competitiveness [2] Group 3: Investment Projects - The company’s convertible bond fundraising project is expected to partially commence production in the second half of 2025, with projected additional annual revenues of approximately 586 million yuan in the first year, 1.17 billion yuan in the second year, and 1.76 billion yuan in the third year, reaching 1.95 billion yuan upon full production [2]