Core Viewpoint - The China Southern Power Grid Company has launched the 3.0 version of the Electric Hong IoT Operating System, which addresses key technological challenges and establishes an efficient digital foundation for the power industry [1] Group 1: System Features - The Electric Hong system is the first IoT operating system in the power sector in China, enabling extensive connectivity across various types and brands of power equipment [1] - The system supports massive terminal data interconnectivity, enhancing operational efficiency [1] Group 2: Technological Innovations - The 3.0 version features a microkernel that optimizes support for new intelligent terminals, including smart meters, IoT switches, and micro-sensors [1] - The hybrid deployment base application significantly improves hardware resource utilization for complex energy terminals such as charging piles and energy storage [1] Group 3: Future Applications - The system is set to extend into the industrial control sector, facilitating the implementation of scenarios like main distribution network value collaboration [1]

Core Viewpoint - The report outlines the ongoing supervision and compliance of Beijing Yubang Electric Power Technology Co., Ltd. by the sponsor, Industrial Securities Co., Ltd., highlighting the company's financial performance, operational risks, and compliance with regulatory requirements [1][2][3]. Group 1: Ongoing Supervision - The sponsor has established and effectively implemented a continuous supervision system for Yubang Electric Power, including a corresponding work plan [1][4]. - A continuous supervision agreement has been signed, clarifying the rights and obligations of both parties during the supervision period [2]. - The sponsor conducts regular communication and monitoring of Yubang Electric Power's operational status [2][3]. Group 2: Financial Performance - For the first half of 2025, the company's total revenue was 353.78 million yuan, a slight increase of 0.35% compared to the same period in 2024 [12]. - The net profit attributable to shareholders decreased to 24.05 million yuan, down 37.91% year-on-year [13]. - The net profit after deducting non-recurring gains and losses was 16.15 million yuan, a decrease of 55.41% compared to the previous year [13]. Group 3: Operational Risks - The company faces core competitiveness risks due to the increasing importance of power IoT and digital grid construction, necessitating significant R&D investment [8][11]. - The main customers are state-owned enterprises like the State Grid and Southern Power Grid, leading to intense competition in the bidding process [8][10]. - Financial risks are highlighted by accounts receivable amounting to 338.19 million yuan, which poses potential cash flow issues if major clients face financial difficulties [9][10]. Group 4: R&D and Technological Capability - The company is recognized as a national high-tech enterprise and has a strong R&D team with 366 technical personnel, accounting for 27.69% of total employees [15][16]. - R&D investment for the reporting period was 31.08 million yuan, representing 8.78% of total revenue, indicating a slight decrease from the previous year [21][22]. - The company holds 395 intellectual property rights, including 161 patents, showcasing its technological strength [16][21]. Group 5: Compliance and Governance - The company has established a robust internal control system to ensure compliance with laws and regulations, including financial management and information disclosure [4][5]. - There have been no reported violations of commitments or regulatory breaches during the supervision period [3][5]. - The company has a comprehensive quality management system in place to maintain product quality and compliance with industry standards [19][20]. Group 6: Fundraising and Investment Projects - The company raised 410.81 million yuan through convertible bonds, with a net amount of 403.65 million yuan after expenses [22][23]. - As of June 30, 2025, the company had utilized 109.79 million yuan of the raised funds, with a remaining balance of 303.89 million yuan [22][23]. - The company has decided to terminate certain sub-projects under the fundraising plan due to slow progress and will continue to manage the remaining funds according to regulations [25][26].

Company Overview - KOTAI Power, established on June 19, 2002, and listed on December 29, 2010, specializes in the development, design, production, and sales of intelligent environmental power supply equipment, providing technical consulting, training, installation, and maintenance services [1][2] - The company's main revenue sources include: 88.96% from low-noise diesel generator sets, 6.68% from installation and labor services, 2.67% from other renewable energy sales, 1.62% from equipment and factory leasing, and 0.06% from other sources [1] Stock Performance - As of September 5, KOTAI Power's stock price increased by 2.00% to 36.14 CNY per share, with a total market capitalization of 11.565 billion CNY [1] - Year-to-date, the stock price has risen by 128.30%, but it has seen a decline of 15.36% over the last five trading days [1] - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 19 [1] Financial Performance - For the first half of 2025, KOTAI Power reported a revenue of 711 million CNY, representing a year-on-year growth of 49.51%, and a net profit attributable to shareholders of 23.994 million CNY, up 35.52% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 226 million CNY, with no dividends paid in the last three years [3] Shareholder Structure - As of June 30, 2025, KOTAI Power had 62,300 shareholders, an increase of 10.21% from the previous period, with an average of 5,108 circulating shares per shareholder, down 9.26% [2] - Notable changes in major shareholders include an increase in holdings by Yongying Digital Economy Mixed Fund and new entries from several funds, while some funds have reduced their holdings [3]

Core Viewpoint - Qingdao Eastsoft Carrier Technology Co., Ltd. has officially joined the Zhongguancun Energy Storage Industry Technology Alliance, enhancing its position in the energy storage sector [2]. Company Overview - Established in June 1993 and listed on the Growth Enterprise Market in February 2011 (stock code: 300183), the company focuses on a full industry chain encompassing "chips, software (modules), terminals, systems, and information services" [4]. - The company has a "3+1" industrial layout based on intelligent manufacturing, integrated circuit design, and dual wings of new energy and digital intelligence, aiming to become a benchmark enterprise with core technologies in the AI and IoT era [4]. - It operates 8 subsidiaries and 3 branches, with offices in 28 provinces across China, and has received multiple authoritative recognitions, including being named a national high-tech enterprise and a national innovation pilot enterprise [4]. Technological Innovation - Since 1996, the company has invested over 10% of its annual revenue in R&D, leading to the development of the first domestic carrier power meter and the establishment of power line carrier communication standards [5]. - The company has obtained 172 domestic and international invention patents, with 59 pending, and has participated in drafting over 20 standards at various levels [5]. Professional Development - The company has acquired multiple professional qualifications, including power engineering construction and electronic engineering certifications, enabling it to provide comprehensive services from R&D to operation maintenance [6]. Integrated Circuit Design - Eastsoft Carrier Microelectronics has over 20 years of experience in chip design, focusing on high-reliability and real-time MCU and SoC chips, offering a wide range of integrated circuit products [7]. New Energy Solutions - The company has developed a comprehensive layout around "source, grid, load, and storage," providing solutions in smart photovoltaics, intelligent distribution, new energy storage, and smart microgrids [12]. - Its self-developed virtual power plant for energy storage optimizes the management of storage systems, enhancing customer returns [12]. Market Positioning - In the domestic market, the company has successfully bid for a full range of products for the State Grid's electricity information collection, continuously improving its competitiveness [16]. - The company is expanding its international business, having entered over 30 countries and regions, with more than 10 million products in overseas applications [26]. Smart Manufacturing - The manufacturing center emphasizes digitalization and intelligence, achieving national green factory certification and supporting the production of high-precision electronic products and energy storage devices [22]. Commitment to Innovation - The company adheres to the spirit of "innovation, excellence, efficiency, and integrity," focusing on four core business areas: integrated circuit design, new energy, digital intelligence, and smart manufacturing, while continuously increasing R&D investment [26].

Company Overview - Taihao Technology Co., Ltd. is located in Nanchang, Jiangxi Province, and was established on March 20, 1996. The company was listed on July 3, 2002. Its main business involves the research, production, sales, and service of military equipment and smart power products [1]. Financial Performance - As of June 30, 2025, Taihao Technology achieved operating revenue of 1.858 billion yuan, representing a year-on-year growth of 6.26%. The net profit attributable to shareholders was 105 million yuan, showing a significant year-on-year increase of 277.39% [2]. - The company has cumulatively distributed 523 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - On September 4, Taihao Technology's stock price decreased by 2.07%, trading at 9.94 yuan per share, with a total market capitalization of 8.478 billion yuan. The stock has increased by 83.39% year-to-date, but has seen a decline of 13.94% over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" 14 times this year, with the most recent appearance on August 20 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 27.44% to 112,500, while the average number of circulating shares per person decreased by 21.53% to 7,500 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by major funds such as Morgan Stanley Digital Economy Mixed A and Yongying Ruixin Mixed A, while new shareholders include China Universal Quality Enterprises Mixed A and Bank of China Intelligent Manufacturing Stock A [3]. Business Segmentation - The revenue composition of Taihao Technology is as follows: emergency equipment business accounts for 66.49%, military equipment business for 32.08%, and other businesses for 1.42% [1]. - The company operates within the defense and military industry, specifically in military electronics [1].

Core Viewpoint - The company, Juhua Technology, has secured significant contracts with Southern Power Grid and State Grid, indicating strong growth potential in the electric power IoT sector as investments in the grid are set to accelerate in 2025 [1][2][3]. Group 1: Contract Wins - Juhua Technology has been announced as a candidate for the Southern Power Grid's 2025 metering equipment framework tender, with an expected total bid amount of approximately 166 million yuan [2]. - In June, Juhua Technology won a major contract from the State Grid, totaling approximately 197 million yuan for 748,300 units of metering equipment [3]. - The company is well-positioned to benefit from the anticipated increase in grid investments, with State Grid planning over 650 billion yuan and Southern Power Grid forecasting 175 billion yuan in investments for 2025 [3]. Group 2: Financial Performance - Juhua Technology has shown steady growth in revenue and net profit for six consecutive years, with revenues increasing from 892 million yuan in 2019 to 2.029 billion yuan in 2024, reflecting a compound annual growth rate [5]. - The company reported a total revenue of 884 million yuan in the first half of 2025, a year-on-year decrease of 12.88%, while net profit increased by 1% to 344 million yuan [5][6]. - The decline in revenue is attributed to a decrease in orders, but the company’s strong profitability in IoT communications and sensor products has helped maintain net profit growth [6][7]. Group 3: Financial Health - As of June 30, 2025, Juhua Technology's debt-to-asset ratio was a low 13.98%, indicating a strong financial position [7]. - The company had cash reserves of 2.473 billion yuan, with short-term borrowings and current liabilities being significantly lower [7].

Company Overview - Kelu Electronics, established on August 12, 1996, and listed on March 6, 2007, is located in Nanshan District, Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of electrical instruments, power automation products, and renewable energy and energy-saving products [1][2]. Financial Performance - For the first half of 2025, Kelu Electronics achieved a revenue of 2.573 billion yuan, representing a year-on-year growth of 34.66%. The net profit attributable to the parent company was 190 million yuan, showing a significant increase of 579.14% [2]. - The company has cumulatively distributed 218 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - As of September 3, Kelu Electronics' stock price increased by 2.43% to 6.74 yuan per share, with a trading volume of 163 million yuan and a turnover rate of 1.76%. The total market capitalization is 11.194 billion yuan [1]. - Year-to-date, the stock price has risen by 54.94%, with a recent decline of 3.44% over the last five trading days, a 1.05% increase over the last 20 days, and a 35.89% increase over the last 60 days [1]. Shareholder Information - As of June 30, the number of shareholders for Kelu Electronics was 69,900, a decrease of 8.55% from the previous period. The average circulating shares per person increased by 9.35% to 20,013 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 22.5663 million shares, an increase of 7.988 million shares compared to the previous period [3]. Business Segmentation - The main business revenue composition of Kelu Electronics includes energy storage (49.83%), smart grid (48.74%), property management (0.91%), comprehensive energy management and services (0.43%), and other supplementary services (0.10%) [1].

Core Viewpoint - Shenghong Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in share price year-to-date, but a recent decline in the last five trading days [1][2]. Group 1: Stock Performance - As of September 3, Shenghong's stock price rose by 2.12% to 36.13 CNY per share, with a trading volume of 2.35 billion CNY and a market capitalization of 11.301 billion CNY [1]. - The stock has increased by 36.54% year-to-date, but has decreased by 4.92% in the last five trading days, with a 20-day increase of 8.37% and a 60-day increase of 23.35% [1]. Group 2: Financial Performance - For the first half of 2025, Shenghong reported a revenue of 1.362 billion CNY, a year-on-year decrease of 4.79%, and a net profit attributable to shareholders of 158 million CNY, down 12.91% year-on-year [2]. Group 3: Shareholder Information - As of August 20, the number of shareholders for Shenghong increased to 38,000, a rise of 5.31%, while the average circulating shares per person decreased by 5.04% to 7,072 shares [2]. - The company has distributed a total of 405 million CNY in dividends since its A-share listing, with 304 million CNY distributed in the last three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, major shareholders include Qianhai Kaiyuan Public Utilities Stock, holding 12.4435 million shares, an increase of 3.1994 million shares from the previous period [3]. - Other notable shareholders include Hong Kong Central Clearing Limited and Qianhai Kaiyuan New Economy Mixed A, with respective increases in holdings [3].

Core Viewpoint - 泰豪科技's stock has experienced significant fluctuations, with a year-to-date increase of 98.52%, but a recent decline of 5.53% over the past five trading days [1] Financial Performance - For the first half of 2025, 泰豪科技 reported revenue of 1.858 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 105 million yuan, reflecting a substantial growth of 277.39% [2] - The company has cumulatively distributed 523 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Structure - As of June 30, 2025, 泰豪科技 had 112,500 shareholders, an increase of 27.44% from the previous period, with an average of 7,500 circulating shares per shareholder, down 21.53% [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings, such as 大摩数字经济混合A reducing its stake by 64.08% [3] Stock Market Activity - 泰豪科技's stock price was reported at 10.76 yuan per share, with a market capitalization of 9.177 billion yuan, and a trading volume of 61.6353 million yuan [1] - The stock has appeared on the龙虎榜 14 times this year, indicating active trading interest [1]

Company Overview - Kelu Electronics, established on August 12, 1996, and listed on March 6, 2007, is located in Nanshan District, Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of electrical instruments, power automation products, and renewable energy and energy-saving products [1][2]. Financial Performance - For the first half of 2025, Kelu Electronics achieved a revenue of 2.573 billion yuan, representing a year-on-year growth of 34.66%. The net profit attributable to shareholders was 190 million yuan, showing a significant increase of 579.14% [2]. - The company has cumulatively distributed 218 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - As of August 28, Kelu Electronics' stock price was 6.84 yuan per share, with a market capitalization of 11.36 billion yuan. The stock has increased by 57.24% year-to-date, but has seen a decline of 3.39% over the last five trading days [1]. - The stock's trading volume on August 28 was 135 million yuan, with a turnover rate of 1.39%. The net outflow of main funds was 29.7366 million yuan [1]. Shareholder Information - As of June 30, 2025, Kelu Electronics had 69,900 shareholders, a decrease of 8.55% from the previous period. The average number of circulating shares per person increased by 9.35% to 20,013 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 22.5663 million shares, an increase of 7.988 million shares compared to the previous period [3]. Business Segmentation - The main business revenue composition of Kelu Electronics includes energy storage (49.83%), smart grid (48.74%), property management (0.91%), comprehensive energy management and services (0.43%), and other (0.10%) [1].