江苏华辰是一家专业从事输配电及控制设备研发、生产与销售的国家高新技术企业。2025年上半年，公 司积极把握新能源电力装备行业快速发展机遇，以产能升级与全球化布局为双轮驱动，推动业务实现战 略性突破。公司新能源领域营业收入占比在过去三年内快速提升，从2023年上半年的28.51%增至2025 年同期的50.98%。 8月20日晚间，江苏华辰（603097）发布2025年半年度报告。报告期内，公司业绩实现大幅增长，营业 收入达到9.38亿元，同比增长40.46%；归母净利润为4727.22万元，同比增长18.37%；扣除股份支付影 响后的净利润为5588.21万元，同比增长40.37%；基本每股收益0.29元，同比增长16.23%。 单季度表现方面，公司第二季度实现营业收入6.49亿元，环比大幅增长124.57%；归母净利润2660.52万 元，环比增长28.73%，显示出向好趋势。 融资保障方面，公司于报告期内发行460万张可转换公司债券，募集资金4.6亿元，主要用于上述新项目 建设。该融资举措不仅为项目推进提供了资金支持，也反映出资本市场对公司新能源战略布局的认可。 市场拓展上，公司表示将持续优化海外市场策略 ...

Core Viewpoint - Jiangsu Huachen (603097) reported significant growth in its 2025 semi-annual performance, driven by the rapid development of the new energy power equipment industry and strategic capacity upgrades [2][3] Financial Performance - The company's revenue reached 938 million yuan, a year-on-year increase of 40.46% [2] - Net profit attributable to shareholders was 47.22 million yuan, up 18.37% year-on-year [2] - Net profit excluding share-based payment effects was 55.88 million yuan, reflecting a 40.37% year-on-year growth [2] - Basic earnings per share were 0.29 yuan, an increase of 16.23% year-on-year [2] - In Q2, the company achieved revenue of 649 million yuan, a quarter-on-quarter increase of 124.57% [2] - Q2 net profit was 26.61 million yuan, up 28.73% quarter-on-quarter [2] Business Strategy - Jiangsu Huachen is a national high-tech enterprise specializing in the R&D, production, and sales of power distribution and control equipment [2] - The company has significantly increased its revenue share from the new energy sector, rising from 28.51% in H1 2023 to 50.98% in H1 2025 [2] New Projects and Investments - The company is accelerating the construction of a new project in the new energy power equipment industrial base, covering approximately 284 acres with a total investment of about 2 billion yuan [3] - The project will be implemented in two phases, with the first phase involving an investment of 829 million yuan and a construction area of about 104,000 square meters [3] - Upon reaching full production, the project will add annual capacities of 10.56 million kVA for dry-type transformers, 15.84 million kVA for oil-immersed transformers, 3,360 units for box substations, and 9,000 units for transformer oil tanks [3] - Partial production is expected to commence in the second half of 2025, enhancing market responsiveness and supply chain advantages [3] Financing and Market Expansion - The company issued 4.6 million convertible bonds, raising 460 million yuan to support the new project [3] - This financing reflects market recognition of the company's strategic layout in the new energy sector [3] - Jiangsu Huachen plans to optimize its overseas market strategy, focusing on Southeast Asia, the Middle East, Europe, Africa, and the Americas [3] - The company aims to establish multilingual, composite overseas teams and actively participate in international exhibitions to accelerate the localization of its operations [3]