2025 年 11 月 25 日投资者关系活动记录表 | | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 活动参与人 | 中信证券、中信自营、招银理财、中庚基金、丹羿投资、北京金阳矿业、华源 | | | 员 | 证券 | | | 时间 | 2025 年 11 月 25 日 | 15:00-16:50 | | 地点 | 上市公司会议室 | | | | 董事长：翁占斌 | | | 上市公司接 | 董事、总经理：汤磊 | | | 待人员姓名 | 财务总监：杨丽敏 | | | | 副总经理、董事会秘书：孙铁明 | | | | 党支部副书记：王怀斌 | | | | 交流主要内容如下： | | | 投资者关系 活动主要内 | 1.瓦图科拉金矿的排水情况？之前长期水淹是否影响作业面？ | | | 容 介 绍 | 回复：瓦图科拉金矿随着泵房等相关设备陆续得到更新与改造，排水能力得到 | | | | 了一 ...

Core Viewpoint - Yihua Co., Ltd. is strategically positioning itself to capitalize on the global energy transition and power system transformation, particularly in the electric balance system (EBOS) sector, as indicated by its recent developments and partnerships with U.S. clients [1][4]. Group 1: Company Developments - Yihua Co., Ltd. has established a dedicated supply chain for components related to the electric balance system (EBOS) in response to its U.S. clients' strategic development plans [1]. - The company reported a revenue of 3.045 billion yuan in the first half of 2025, with connector business revenue reaching 1.214 billion yuan, marking a year-on-year growth of 9.06% [2]. - The revenue from communication connector products significantly increased to 601 million yuan, reflecting a substantial growth of 28.14% [2]. Group 2: Market Opportunities - The implementation of the "Special Action Plan for Optimizing Power System Regulation Capacity (2025-2027)" by the National Development and Reform Commission and the National Energy Administration aims to enhance the power system's regulation capabilities, creating vast market opportunities for power equipment industry chain enterprises [1]. - The recent policies emphasize the importance of energy equipment in constructing a new energy system, indicating a favorable environment for companies like Yihua Co., Ltd. [1]. Group 3: Competitive Advantages - Yihua Co., Ltd. possesses strong independent mold development capabilities, with precision machining reaching up to 0.002mm, which supports product quality and delivery speed [3]. - The company has developed automated assembly and testing equipment for high-speed connectors and optical modules, effectively controlling manufacturing costs and improving production efficiency [3]. - Yihua Co., Ltd. has established a global supply network with production bases in the U.S. and Thailand, enhancing its market competitiveness and ability to respond to regional customer demands [3].

转自：草原云 内蒙古日报·草原云记者：杨威 编校：萨其拉图 二审：李永桃 三审：胡芳 11月13日，记者从内蒙古电力集团获悉："十四五"以来，蒙西电网包头地区电力装机容量从1698.23万 千瓦增加到2319.3万千瓦（截至2025年10月底）。 包头市卜尔汉图500千伏输变电工程第一次切改线路施工现场。龚晨尧 摄 其中，新能源电力装机容量从633.61万千瓦增至1213.34万千瓦。与此同时，包头市年度全社会用电量已 突破千亿千瓦时，比肩深圳、广州等大城市，当地供电部门成功应对最大供电负荷屡破纪录的超常考 验，澎湃电能、优质电力服务推动包头这座老工业城市焕发新的生机。 ...

11月13日，首航新能涨5.1%，截至发稿，报33.81元/股，成交5881.40万元，换手率4.36%，总市值 139.42亿元。 资料显示，深圳市首航新能源股份有限公司位于广东省深圳市宝安区新安街道兴东社区67区高新奇科技 楼，成立日期2013年6月7日，上市日期2025年4月2日，公司主营业务涉及新能源电力设备研发、生产、 销售及服务的高新技术企业,专注于太阳能电力的转换、存储与管理,核心产品涵盖光伏并网逆变器、光 伏储能逆变器、储能电池等。主营业务收入构成为：并网逆变器57.98%，储能电池23.11%，储能逆变 器13.72%，配件及其他4.85%，其他(补充)0.34%。 从基金十大重仓股角度 截至发稿，桂征辉累计任职时间10年119天，现任基金资产总规模70.51亿元，任职期间最佳基金回报 102.31%， 任职期间最差基金回报-14.49%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，博时基金旗下1只基金重仓首航新能。博 ...

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. is set to go public on the Hong Kong Stock Exchange, aiming to leverage its position as China's second-largest capacitor film manufacturer to enhance competitiveness and expand market share [1][2]. Company Overview - Established in 2006, Haiwei Electronic specializes in manufacturing capacitor base films and metallized films, which are essential components of film capacitors widely used in various sectors including new energy vehicles and industrial equipment [1][3]. - The company holds a 14.2% market share in China's capacitor film market, ranking second in terms of sales volume as of 2024 [2][3]. Market Dynamics - The capacitor base film market in China is projected to grow from 46,200 tons in 2019 to 113,400 tons by 2024, with a compound annual growth rate (CAGR) of 19.7% [3]. - New energy vehicles are identified as the primary growth driver, significantly increasing the demand for capacitor films due to higher power requirements [3][17]. Competitive Advantages - Haiwei Electronic possesses unique capabilities in independently designing and developing production lines, allowing for quicker delivery times and lower investment costs compared to imported lines [5][12]. - The company has established strong ties with major industry players, including strategic investments from BYD, which has become both a shareholder and a key customer [5][12]. Financial Performance - Revenue increased from 327 million RMB in 2022 to 421 million RMB in 2024, although the average price of capacitor base films has decreased from 34,900 RMB per ton in 2022 to 28,900 RMB per ton in 2024 [8][9]. - Despite revenue growth, net profit saw a decline of 31.5% in 2023, with a slight recovery expected in 2024 [9][10]. Operational Challenges - The company faces challenges related to profitability stability, reliance on a limited number of suppliers, and saturation of core product capacity [8][12]. - Cash flow has been inconsistent, with net cash flow from operating activities fluctuating between inflows and outflows from 2022 to 2024 [10][11]. Supply Chain Risks - Haiwei Electronic's production heavily relies on imported raw materials, particularly electrical-grade polypropylene, which constitutes over 80% of sales costs [12][14]. - The high concentration of suppliers poses risks, with over 90% of procurement coming from the top five suppliers, affecting pricing power [14][12]. Future Outlook - The upcoming IPO is seen as a critical opportunity for Haiwei Electronic to overcome operational challenges and expand production capacity [16]. - The company plans to use the raised funds to build a new factory and enhance R&D capabilities, focusing on high-end products and reducing reliance on imported materials [16][17].

Core Viewpoint - The company reported a decline in revenue but a significant increase in net profit, indicating strong cost control and operational improvements. Financial Performance - In Q3 2025, the company achieved revenue of 60.124 billion yuan, a year-on-year decrease of 4.66%, while net profit attributable to shareholders was 3.801 billion yuan, a year-on-year increase of 90.31% [1] - For the first three quarters of 2025, the company reported revenue of 176.515 billion yuan, a year-on-year increase of 1.57%, and net profit attributable to shareholders of 10.872 billion yuan, a year-on-year increase of 20.65% [1] Production and Operations - The company’s production of metallurgical-grade alumina reached 13.04 million tons, and the production of primary aluminum (including alloys) was 6 million tons [2] - The self-sufficiency rate of alumina ore increased by 6 percentage points compared to the beginning of the year, reaching a five-year high [2] - The company has a competitive advantage across the entire industry chain, achieving nearly a 10% reduction in bulk material procurement costs [2] Market Dynamics - Global electrolytic aluminum production is projected to be 72 million tons in 2024, with China's production at 43 million tons, indicating limited domestic supply [4] - The demand for electrolytic aluminum is increasing, particularly in the construction, transportation, electricity, and new energy sectors, driven by the rapid development of new energy vehicles and power [4] Investment Outlook - The company has a complete industrial chain for aluminum products, and with no significant increase in global electrolytic aluminum capacity, prices are expected to remain high [4] - Forecasted net profits for the company are 14.635 billion yuan, 16.107 billion yuan, and 17.72 billion yuan for 2025-2027, with corresponding P/E ratios of 12, 11, and 10 [4]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Views - The company specializes in insulation fiber materials and has broken the foreign technology monopoly, positioning itself as a "specialized and innovative" small giant enterprise [14] - The company's main products are insulation fiber materials and their molded products, primarily used for insulation in various voltage level power transmission and transformation equipment [17] - The company has shown rapid revenue and net profit growth, with a compound annual growth rate (CAGR) of 35.76% for revenue and 143.85% for net profit from 2021 to 2024 [35] - The company benefits from increasing investment in the power grid and the rapid development of new energy, with the insulation materials market expected to exceed 200 billion yuan by 2030, growing at a CAGR of 7.8% from 2025 to 2030 [78] Summary by Sections Company Overview - The company was established in 2004 and has achieved significant technological advancements, including the development of ultra-high voltage insulation fiber materials that have reached international leading levels [14] - The company's revenue is primarily generated from domestic sales, with a total revenue of 3.75 billion yuan in the first half of 2025, reflecting a year-on-year growth of 45.89% [27] Financial Analysis - The company forecasts total revenue of 850.49 million yuan for 2025, with a growth rate of 47.26% [7] - The projected net profit for 2025 is 212.13 million yuan, representing a year-on-year growth of 82.60% [7] - The company's return on equity (ROE) is expected to reach 29.24% in 2025, indicating strong profitability [7] Industry Development - The insulation materials market is expected to grow significantly, driven by increased investment in the power grid and the development of new energy sources [78] - The high voltage industry is projected to see continued growth, with investments in ultra-high voltage projects expected to reach 590 billion yuan from 2026 to 2030, a 31% increase compared to the previous period [59] - The report highlights the increasing demand for transformers and insulation materials due to the ongoing construction of a new energy system and the expansion of renewable energy sources [62][64]

Core Viewpoint - The report from the Fourth Plenary Session emphasizes the need for reforms to create conditions for accelerating the development of new productive forces, focusing on differentiated nurturing strategies across various industries [1] Industry Development Strategy - A three-tier industrial system is proposed, which includes upgrading traditional industries, strengthening emerging industries, and laying out future industries [1] - Key areas of focus include technology empowerment, advanced manufacturing, green low-carbon industries, security-related industries, digital economy, and modern service industries [1] Capital Market Role - The capital market is expected to evolve into a comprehensive support platform, transitioning from "financing support" to "resource allocation + risk mitigation + wealth management" [1] - The capital market will further facilitate high-level technological self-reliance and the nurturing of future industries, attracting global capital to invest in China's new productive force-related assets [1]

Group 1 - The core viewpoint of the news is that Shihang New Energy has experienced a decline in stock price and trading volume, with significant changes in financing and shareholder structure [1][2] - On September 18, Shihang New Energy's stock fell by 2.41%, with a trading volume of 315 million yuan, and a net financing outflow of 705.78 million yuan [1] - As of September 18, the total balance of margin trading for Shihang New Energy was 109 million yuan, accounting for 7.73% of its market capitalization [1] Group 2 - As of June 30, the number of shareholders for Shihang New Energy was 22,900, a decrease of 39.02% compared to the previous period, while the average circulating shares per person increased by 63.99% to 1,693 shares [2] - For the first half of 2025, Shihang New Energy reported a revenue of 1.113 billion yuan, a year-on-year decrease of 24.26%, and a net profit attributable to shareholders of 91.225 million yuan, down 30.14% year-on-year [2] - Since its A-share listing, Shihang New Energy has distributed a total of 51.9588 million yuan in dividends [3]

Group 1 - The core viewpoint of the news is that Shihang New Energy has experienced fluctuations in its stock performance and financial metrics, with a notable decrease in revenue and net profit in the first half of 2025 [1][2]. - On August 28, Shihang New Energy's stock rose by 2.25%, with a trading volume of 165 million yuan. The financing data shows a net financing buy of -6.72 million yuan for the day, with a total financing balance of 93.62 million yuan, accounting for 7.08% of the circulating market value [1]. - The company specializes in the research, production, sales, and service of new energy power equipment, focusing on solar energy conversion, storage, and management. Its main revenue sources include grid-connected inverters (57.98%), storage batteries (23.11%), storage inverters (13.72%), and other components (4.85%) [1]. Group 2 - As of June 30, 2025, the number of shareholders for Shihang New Energy was 22,900, a decrease of 39.02% from the previous period, while the average circulating shares per person increased by 63.99% to 1,693 shares [2]. - For the first half of 2025, Shihang New Energy reported a revenue of 1.113 billion yuan, a year-on-year decrease of 24.26%, and a net profit attributable to shareholders of 91.23 million yuan, down 30.14% year-on-year [2]. - The company has distributed a total of 51.96 million yuan in dividends since its A-share listing, indicating a commitment to returning value to shareholders [3].