12 e 30 921 chinanews.com.cn e 彩 第1 chinanews.com.cn . J 3 EXI 52 chinanews.com.co in . 尔 -亚 驾驶盲区 stress 1 - 20 NEWS Henry FRENCE THE CA Contry MILL Q R a 文 34 组 < 保育局 t i /打組 . 首版 chinanews.com.cn e 9 DA 8 chinanews.com.cn . 9 a Gr 4 1 00 日 3 241 t M chinanews.com.cn not 好 相 chinanews.com.cn 12 anmn 8 r 30 第1 chinanews.com.cn 30年 chinanews.com.cn 在画部曲区的清 城市成为可能。 智能电网是实! u得那压错电技术为基 市不平衡的问题，实现 0线站新建设计合理， aga 送车商 '对短 chinanews.com.cn ...

Core Viewpoint - China XD Electric (601179.SH) continues to operate steadily, benefiting from increased product sales, with a reported revenue of 11.301 billion yuan and a net profit of 598 million yuan for the first half of 2025, reflecting year-on-year growth of 9.23% and 30.08% respectively [1][2][3] Financial Performance - In the first half of 2025, the company achieved a revenue of 11.301 billion yuan, a 9.23% increase year-on-year, and a net profit of 598 million yuan, marking a 30.08% increase [1][2] - The company plans to distribute a cash dividend of 241 million yuan, accounting for 40.27% of its net profit, bringing total dividends since its listing to 4.467 billion yuan [1][3] - As of June 30, 2025, the company's asset-liability ratio stood at 46.47%, with cash reserves of 10.355 billion yuan, providing a strong backing for operational development [1][6] Market Position and Growth - China XD Electric specializes in the research, design, manufacturing, and sales of power transmission and distribution equipment, with a comprehensive product range including high-voltage switches, transformers, and reactors [2][4] - The company has seen a continuous increase in its gross profit margin, rising from 16.42% in 2022 to 21.61% in the first half of 2025 [3] - The company has secured significant contracts, including three major projects with the State Grid totaling approximately 4.474 billion yuan, which represents about 20.2% of its 2024 revenue [3] Research and Development - China XD Electric has invested a total of 1.967 billion yuan in R&D over the past two and a half years, with R&D expenses increasing by 21.23%, 11.25%, and 16.59% year-on-year for 2023, 2024, and the first half of 2025 respectively [5] - The company has established a strong R&D and manufacturing capability, covering the entire industrial chain of power transmission and distribution equipment [5] Regional Performance - In the first half of 2025, domestic revenue accounted for 80.79% of total revenue, while international revenue made up 19.21%, with respective gross profit margins of 23.22% and 14.84% [6]

展会时间：2026年5月第22届 中国组展单位：广州市佰胜展览服务有限公司 baishengzhanlan 展馆介绍：COEX（韩语：코엑스）是位于韩国首尔江南区三成洞的会展中心，其名称是 "Convention"（会议）与 "Exhibition"（展览）的合成词。首尔地铁 2 号线三成站和 9 号线奉恩寺站均可到达 COEX。从三成站 5 号出口到奉恩寺站 7 号出口，沿永同大道延伸的 836 米（914 码）人行道路段，被首尔市政府 指定为无烟区。 展馆3D平面图： 上届时间：2025年5月14-16日 第21届 展会地点：韩国首尔国际会展中心 举办周期：一年一届 主办方：韩国电气工程师协会 主题：电力、韩国新能源展太阳能储能光伏展览会 韩国生活小贴士：韩国主要使用 C 型和 F 型电源插座。C 型插头有两个圆针，F 型插头也有两个圆针，且侧面有一个接地夹。 韩国电力的历史： 电力工业始于 1882 年 9 月 4 日，第一座商业发电厂 "珍珠街站" 为 82 个客户提供 400 盏灯，标志着电力商业化开端。五年后，电力传入首尔，韩国电力史 始于景福宫灯火。电力系统被誉为 20 世纪最伟大工程成就，推动 ...

Investment Rating - The report maintains a "Recommended" rating for XJ Electric (000400.SZ) [1] Core Views - The company achieved a revenue of 6.447 billion yuan in H1 2025, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders was 634 million yuan, an increase of 0.96% year-on-year [4] - The company is expected to benefit from the high growth in UHV (Ultra High Voltage) projects, with significant investments planned in the coming years [4] - Domestic revenue increased by 7.41% year-on-year to 6.192 billion yuan in H1 2025, while overseas revenue surged by 72.68% to 255 million yuan [4] Summary by Sections Financial Performance - H1 2025 revenue was 6.447 billion yuan, with a net profit of 634 million yuan, reflecting a 0.96% increase year-on-year [4] - Q2 2025 saw a revenue of 4.099 billion yuan, a 1.81% increase year-on-year and a 74.56% increase quarter-on-quarter [4] - The gross profit margin for Q2 2025 was 23.91%, showing a year-on-year increase of 1.17 percentage points [4] Business Segments - Intelligent distribution systems generated 1.847 billion yuan in revenue, down 13.01% year-on-year, while smart meters brought in 1.528 billion yuan, down 4.44% [4] - The direct current transmission system revenue skyrocketed by 211.71% to 460 million yuan, indicating strong demand in this segment [4] Market Position - The company maintains a leading position in the domestic market, with significant contracts in the railway monitoring and protection sector [4] - Internationally, the company has expanded its presence in markets such as Saudi Arabia, Brazil, and Spain, with a notable increase in overseas revenue [4] Future Outlook - The company is projected to achieve revenues of 17.762 billion yuan and 18.788 billion yuan in 2025 and 2026, respectively, with net profits expected to reach 1.386 billion yuan and 1.687 billion yuan [5] - The report anticipates continued growth driven by increased investments in the power grid and the company's strong capabilities in UHV and smart grid businesses [4]

Core Viewpoint - Henghua Technology (300365) reported a significant increase in revenue for the first half of 2025, but a decline in net profit, indicating mixed financial performance amid growing operational challenges [1] Financial Performance - Total revenue reached 373 million yuan, up 78.31% year-on-year, while net profit attributable to shareholders was 6.06 million yuan, down 3.98% [1] - In Q2 alone, revenue was 132 million yuan, reflecting a 36.35% increase year-on-year, but net profit dropped 49.63% to 2.05 million yuan [1] - The gross margin was 22.34%, down 9.59% year-on-year, and the net margin was 1.58%, down 26.99% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 40.21 million yuan, accounting for 10.79% of revenue, a decrease of 49.63% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable were notably high, representing 104.8% of the latest annual revenue, indicating potential liquidity issues [1] - Cash flow from operating activities showed a negative figure of -0.37 yuan per share, although it improved by 8.13% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 31.61% due to lower collections from accounts receivable compared to operational expenditures [2] - Inventory increased by 104.81% as some projects were not yet confirmed by clients, leading to unrecognized costs [2] - Contract liabilities rose by 54.9% due to increased progress payments received [2] Cost and Profitability Analysis - Operating costs increased by 83.92%, correlating with the rise in revenue [6] - Financial expenses decreased significantly by 173.48% due to reduced interest costs [7] - Income tax expenses saw a drastic change of -4449.43% due to the impact of prior years' deductible losses [8] Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively low, with a median of 8.51% over the past decade, and a particularly poor performance in 2022 with a ROIC of -9.12% [8] - The company has faced two years of losses since its IPO, indicating a fragile business model [8] Industry Position and Standards - The company has actively participated in the formulation of industry standards in the smart grid and smart energy sectors, enhancing its professional influence [8] - It has developed differentiated capabilities in the electric grid design sector, focusing on integrating industry standards into its software products, which are widely used in domestic power transmission and renewable energy projects [8]

Group 1 - The core stock price of Changlan Technology closed at 19.16 yuan on August 20, down 0.83 yuan, representing a decline of 4.15% from the previous trading day [1] - The stock opened at 19.60 yuan, reached a high of 19.70 yuan, and a low of 18.71 yuan, with a trading volume of 186,400 hands and a transaction amount of 357 million yuan [1] - On August 20, at 11:06 AM, the stock experienced a rapid rebound, increasing over 2% within 5 minutes, with the price rising to 19.22 yuan and a transaction amount of 208 million yuan [1] Group 2 - Changlan Technology's main business includes the research, production, and sales of wires and cables, which are widely used in power, communication, and construction sectors [1] - The company operates within the power grid equipment sector and is also involved in concepts related to robotics and smart grids [1] Group 3 - On August 20, the net outflow of main funds was 37.48 million yuan, accounting for 1.42% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 99.38 million yuan, representing 3.76% of the circulating market value [1]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance in the first half of 2025 showed a revenue of 1.924 billion yuan, a year-on-year decrease of 14.67%, and a net profit of 396 million yuan, down 25.74% year-on-year, primarily due to project delays in the domestic market, fluctuations in demand from certain overseas countries, and increased expenses from proactive counter-cyclical investments [7][10] - The company is actively expanding its smart power distribution business both domestically and internationally, with significant achievements in Africa and other regions, including the launch of a new version of its "Orca" platform, enhancing its competitive edge in the smart grid sector [10] - The company has a strong commitment to shareholder returns, having distributed a total cash dividend of 338 million yuan in 2024 and initiating a share buyback plan of 100 to 200 million yuan [10] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 5.021 billion yuan in 2025, with a year-on-year growth rate of 6.4%, and a net profit of 870 million yuan, reflecting a decrease of 13.1% [9] - The earnings per share (EPS) is expected to be 1.79 yuan in 2025, with a gross margin of 43.9% and a return on equity (ROE) of 10.9% [9] - The company's price-to-earnings (PE) ratio for 2025 is estimated at 16 times, with a historical PE (TTM) of 15.69 times, indicating a favorable valuation compared to historical levels [10]

Core Viewpoint - The company, Hebei Huatong Cable Group Co., Ltd., is engaged in the research, production, and sales of electrical cables, with a significant focus on the smart grid and photovoltaic industries, benefiting from the depreciation of the RMB and a global sales strategy [2][4][8]. Company Overview - Hebei Huatong Cable Group was established on June 21, 2002, and went public on May 11, 2021. The main business revenue composition includes electrical cables and others (86.45%), continuous pipes and operating devices (9.99%), and other (3.56%) [8]. - As of March 31, 2025, the company had 14,000 shareholders, a decrease of 12.75% from the previous period, with an average of 36,538 circulating shares per person, an increase of 14.61% [8]. Financial Performance - For the first quarter of 2025, the company achieved a revenue of 1.536 billion yuan, representing a year-on-year growth of 11.25%. However, the net profit attributable to the parent company was 41.71 million yuan, a decrease of 53.79% year-on-year [8]. - The company has distributed a total of 107 million yuan in dividends since its A-share listing, with 94.47 million yuan distributed over the past three years [9]. Market Position and Trends - The company operates in various sectors, including marine economy, smart grid, industrial internet, and oil and gas exploration, with a significant overseas revenue share of 66.81%, benefiting from the depreciation of the RMB [4][8]. - The stock has shown a recent increase of 0.59% with a trading volume of 235 million yuan and a turnover rate of 2.13%, with a total market capitalization of 11.242 billion yuan [1]. Technical Analysis - The average trading cost of the stock is 17.83 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak. The stock price is approaching a resistance level of 22.77 yuan, indicating potential for a pullback if this level is not surpassed [7].

Core Viewpoint - The stock price of Haocen Medical has experienced a decline, closing at 3.60 yuan, down 3.74% from the previous trading day, indicating volatility in the market [1] Group 1: Stock Performance - As of August 19, 2025, at 15:00, Haocen Medical's stock price was reported at 3.60 yuan, a decrease of 3.74% from the previous trading day [1] - The opening price for the day was 3.68 yuan, with a high of 3.74 yuan and a low of 3.56 yuan [1] - The trading volume reached 805,400 hands, with a total transaction amount of 291 million yuan [1] - A rapid rebound occurred at 9:45 AM, with a price increase of over 2% within 5 minutes, reaching 3.65 yuan and a transaction amount of 85.46 million yuan during that period [1] - The net outflow of main funds for the day was 13.51 million yuan, while the cumulative net inflow over the past five trading days was 54.27 million yuan [1] Group 2: Company Overview - Haocen Medical's main business includes medical services and medical beauty, with its registered location in Jilin Province [1] - The company is also involved in smart grid and other business directions [1]

Core Viewpoint - Beijing Keri's stock price decreased by 0.54% on August 18, closing at 7.42 yuan, with a trading volume of 1.21 billion yuan [1] Company Overview - Beijing Keri operates in the power grid equipment industry, focusing on the research, production, and sales of smart grid equipment [1] - The company's products are primarily used in the power system transmission and transformation sector, including distribution automation and substation automation [1] Shareholder Actions - On August 18, Beijing Keri announced that its controlling shareholder, Keri North, and actual controller, Fu Xiaodong, plan to reduce their holdings by up to 15.35 million shares, representing 2.83% of the total share capital, starting from September 10 for three months [1] - The controlling shareholder intends to reduce 11.47 million shares, while the actual controller plans to reduce 3.88 million shares [1] Capital Flow - On August 18, the net inflow of main funds was 905,200 yuan, accounting for 0.02% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 13.06 million yuan, representing 0.33% of the circulating market value [1]