本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （西安市莲湖区西二环北段 18 号） 首次公开发行股票并在科创板上市招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书 （注册稿）不具有据以发行股票的法律效力，仅供预披露之用。投资者应当以正式公告 的招股说明书作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 西安高压电器研究院股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 6,129,583,494.94, representing a 23.72% increase compared to CNY 4,954,453,652.36 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was CNY 454,495,957.82, up 5.83% from CNY 429,445,014.42 in the previous year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 437,798,684.35, an increase of 6.70% from CNY 410,297,507.91 year-on-year[11]. - The basic earnings per share were CNY 0.4507, reflecting a 5.82% increase from CNY 0.4259 in the same period last year[11]. - The total assets at the end of the reporting period were CNY 17,562,089,631.55, a decrease of 0.60% from CNY 17,668,247,679.41 at the end of the previous year[11]. - The net assets attributable to shareholders of the listed company increased by 3.84% to CNY 9,782,695,885.31 from CNY 9,420,658,965.36 at the end of the previous year[11]. - The weighted average return on net assets was 4.71%, down 0.13 percentage points from 4.84% in the previous year[11]. - The company reported a net decrease in cash and cash equivalents of ¥458,420,632.72, a decline of 70.32% from -¥269,150,632.94 in the same period last year[23]. - The company reported a total revenue of approximately 1,030.54 million for Zhuhai Xujie Electric Co., with a year-on-year increase of 39.5%[41]. - Henan Xujie Instrument Co. achieved a revenue of approximately 1,202.03 million, reflecting a year-on-year growth of 61.5%[41]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY -249,916,326.92, a significant decline of 444.38% compared to CNY -45,908,267.07 in the previous year[11]. - The company reported a total cash inflow from operating activities for the first half of 2022 was CNY 4,843,161,690.56, an increase of 7.4% compared to CNY 4,508,028,031.35 in the first half of 2021[96]. - Cash outflow from operating activities totaled CNY 5,093,078,017.48, resulting in a net cash flow from operating activities of CNY -249,916,326.92, compared to CNY -45,908,267.07 in the previous year[96]. - The ending cash and cash equivalents balance for the first half of 2022 was CNY 2,282,297,425.05, up from CNY 1,330,372,161.70 in the same period of 2021[97]. - The total monetary funds at the end of the period were ¥2,380,181,575.26, down from ¥2,854,213,750.82 at the beginning, indicating a decrease of about 16.6%[197]. Operational Highlights - The company maintained a 100% delivery rate for key contracts during the reporting period[20]. - The company reported a significant increase in the renewable energy market, with rapid growth in photovoltaic and engineering contracting businesses[18]. - The company successfully developed and applied the world's first 440 kV controllable self-recovery energy consumption device[20]. - The company established a flexible organizational management model to enhance operational efficiency[20]. - The company’s intelligent manufacturing capabilities are leading in the industry, with advanced production lines for smart meters and other key products[22]. Research and Development - Research and development investment rose by 5.97% to ¥201,776,675.56, up from ¥190,414,866.04[23]. - The company is focusing on technological innovation and enhancing its R&D capabilities to drive future growth[104]. Market and Competitive Position - The company has been recognized for its strong brand influence in the power equipment industry, enhancing its overall competitiveness[22]. - The company emphasizes a customer-centric service culture, aiming to enhance customer satisfaction and create a leading service brand in the industry[49]. - The company is actively enhancing its competitive edge through continuous innovation and market development strategies[42]. Risk Management - The company has outlined various industry and market risks in the report, emphasizing the need for risk awareness among investors[2]. - The company faces risks related to policy changes, market competition, raw material price fluctuations, and talent acquisition, which could impact operational performance[42]. Corporate Governance and Compliance - The company has received an "A" rating for its annual information disclosure for eleven consecutive years, indicating high standards in transparency[48]. - The company has a long-term credit rating of AA+ from a credit rating agency, with a stable outlook[48]. - The company strictly adheres to national regulations regarding employee benefits, including full contributions to social insurance and pension plans[50]. - There were no overdue commitments or non-operating fund occupations by major shareholders during the reporting period[51]. - The company reported no significant litigation or arbitration matters during the reporting period[52]. Shareholder Information - The company plans to maintain a stable profit distribution policy, with no cash dividends or stock bonuses for the half-year period[45]. - The total number of shares is 1,008,327,309, with no changes reported during the period[67]. - The largest shareholder, Xuchang Group Co., Ltd., holds 38.31% of the shares, totaling 386,286,454 shares[69]. - The company reported a total of 111,172 shareholders at the end of the reporting period[69]. Accounting Policies and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that its financial statements accurately reflect its financial status and operating results[118]. - The company follows a consolidation method for financial statements, including subsidiaries and structured entities under its control[123]. - The company recognizes revenue and expenses from subsidiaries based on the period from the acquisition date to the reporting date, without adjusting the initial balance sheet figures for non-controlling interests[124]. - The company applies the equity method for investments in joint ventures, recognizing its share of assets, liabilities, and income[125]. Environmental Responsibility - The company emphasizes environmental responsibility, with all construction projects undergoing environmental impact assessments[47]. - The company has implemented measures to reduce carbon emissions, including green procurement and promoting a paperless office environment[47].