Hainan Jinpan Smart Technology (SH:688676) 中国基金报·2026-01-27 11:52Core Viewpoint - Jinpan Technology plans to issue H shares and list on the Hong Kong Stock Exchange to advance its internationalization strategy and enhance its global business expansion [2][9]. Group 1: Company Overview - As of January 27, Jinpan Technology's stock price was 97.37 yuan per share, with a total market capitalization of 44.77 billion yuan [5]. - The company focuses on the research, production, and sales of various transformer series, including medium and low voltage, complete sets, and energy storage products [9]. - Jinpan Technology has established business partnerships with international companies such as General Electric, Siemens, and Vestas [9]. Group 2: Financial Performance - For the first three quarters of 2025, Jinpan Technology reported a main business revenue of 5.155 billion yuan, with foreign sales revenue of 1.590 billion yuan, accounting for 30.85% of the main business revenue [9]. - As of June 30, 2025, the company's monetary funds in foreign currencies were primarily in US dollars, amounting to approximately 36 million yuan [10][11]. Group 3: Strategic Developments - The board of directors approved the proposal to start preparations for the H share listing, with an authorization period of 12 months from the date of approval [9]. - Jinpan Technology is expanding its overseas production capacity, with operations in countries such as Mexico, Poland, and Malaysia, and plans to advance new capacity construction in the United States and Malaysia by 2025 [9]. Group 4: Product Development and Market Position - Jinpan Technology is a primary supplier for NVIDIA and is working on solid-state transformer products, including a prototype designed for HVDC 800V power supply architecture [13]. - The company anticipates completing testing and certification of its solid-state transformer prototype by the fourth quarter of 2025 [14]. - From August 1, 2025, to January 27, 2026, Jinpan Technology's stock price increased by 156.91%, significantly outperforming its sector, which rose by 40.01% during the same period [14].