Overview - The report outlines the continuous supervision work conducted by Minsheng Securities on Xuchang Intelligent Relay Co., Ltd. for the first half of 2025, confirming compliance with relevant regulations and effective execution of governance systems [1][2]. Group 1: Continuous Supervision Work - The company has effectively implemented governance rules during the supervision period [1]. - Minsheng Securities regularly reviewed the company's fundraising account statements and verified the usage of raised funds, confirming compliance with regulations [1]. - No significant violations were found during the supervision, and the company maintained compliance in various aspects [1]. Group 2: Issues Identified and Measures Taken - No issues were identified regarding external investments, risk investments, entrusted financial management, or financial assistance [2]. - The company and its shareholders have fulfilled their commitments, with no reasons for non-fulfillment reported [2]. Group 3: Market Risks - The company faces increased competition as it operates primarily in central and eastern regions, with the transition to new power systems and microgrids creating new market opportunities [2]. - The loss of core technical personnel poses risks to product quality, technological development, and responsiveness to market changes [3]. Group 4: Technological and Material Risks - The company must invest adequately in technology development and innovation to keep pace with rapid industry changes and diverse user demands [5]. - Fluctuations in raw material prices, such as circuit breakers and metal components, can directly impact procurement costs and profit margins [5]. Group 5: Shareholder and Management Control - The main founder and actual controllers of the company hold significant influence over operational decisions, which could potentially harm the interests of minority shareholders if mismanaged [5]. - As of June 30, 2025, there were no pledges or freezes on shares held by the controlling shareholders or senior management [5].

Core Viewpoint - Linyang Energy has secured a significant order from Southern Power Grid for the first batch of metering equipment for 2025, with an estimated total bid amount of approximately 244 million yuan, contributing to a total of 866 million yuan in orders since the beginning of 2025 [1][2][3] Group 1: Order and Revenue Growth - The recent order marks Linyang Energy's fourth large order since the beginning of 2025, with previous orders totaling approximately 622 million yuan [3] - The company has reported a substantial increase in overseas revenue, achieving 693 million yuan in the first half of 2025, a year-on-year growth of 61.73%, accounting for over 27% of total revenue [1][3] Group 2: Business Segments and Performance - Linyang Energy operates in three main business segments: smart power distribution, renewable energy generation, and energy storage, and is recognized as one of the largest smart meter exporters in China, with products distributed in over 50 countries [1][4] - Despite a decline in overall revenue in the first half of 2025, the company has maintained a strong performance in its overseas business, with a reported revenue of 1.126 billion yuan in 2024, reflecting a year-on-year increase of 34.22% [4][5] Group 3: Research and Development Investment - The company has invested over 1 billion yuan in research and development over the past five and a half years, with a total of 10.14 billion yuan spent from 2020 to mid-2025 [6] - Linyang Energy has been actively increasing its patent portfolio, with 31 new patents granted in the first half of 2025, including 10 invention patents, bringing the total to 352 authorized patents [6]

Core Viewpoint - Haixing Electric's net profit for H1 2025 was 396 million yuan, a year-on-year decrease of 25.74%, while Q2 2025 net profit was 255 million yuan, down 20.16% year-on-year, attributed to demand fluctuations in certain overseas markets, although short-term disruptions do not alter long-term trends [1] Group 1: Financial Performance - Haixing Electric achieved a net profit of 396 million yuan in H1 2025, reflecting a 25.74% decline compared to the previous year [1] - In Q2 2025, the company reported a net profit of 255 million yuan, marking a 20.16% decrease year-on-year [1] Group 2: Business Development - In the overseas market, the company is focusing on "global layout and localized operation" to accelerate marketing channel deployment in key countries and new markets [1] - The South African smart ultrasonic water meter factory commenced operations during the reporting period [1] Group 3: Domestic Market Performance - The company enhanced its competitiveness in product and service offerings within the State Grid and Southern Grid [1] - Haixing Electric won a bid for 140 million yuan in the State Grid's electricity metering product procurement [1] - The company secured a total of 149 million yuan in bids for integrated products in the first batch of regional joint bidding for distribution networks [1] - In the Southern Grid's procurement for distribution equipment, the company won a bid worth 38.46 million yuan [1] - Additionally, it won a bid for 96.39 million yuan from Inner Mongolia Electric Power Group for marketing equipment [1] Group 4: New Energy Business - The company is accelerating the establishment of local operating entities and the digitalization of the WMS logistics system in key regions to build an efficient global supply chain collaboration system [1] - Haixing Electric is focusing on expanding its new energy channel business in Europe, Asia, Africa, and Latin America [1]

Core Viewpoint - HaiXing Electric's net profit for H1 2025 reached 396 million yuan, a year-on-year decrease of 25.74%, while Q2 2025 net profit was 255 million yuan, down 20.16% year-on-year, attributed to demand fluctuations in certain overseas markets, although short-term disruptions do not alter the long-term trend [1] Group 1: Financial Performance - In H1 2025, the company achieved a net profit of 396 million yuan, reflecting a year-on-year decline of 25.74% [1] - For Q2 2025, the net profit was 255 million yuan, showing a year-on-year decrease of 20.16% [1] Group 2: Business Development - In the overseas market, the company adheres to a strategy of "global layout and localized operation," accelerating the deployment of marketing channels in key countries, new markets, and new businesses [1] - The company's smart ultrasonic water meter factory in South Africa officially commenced operations during the reporting period [1] Group 3: Domestic Market Performance - The company continues to enhance its product and service competitiveness in the State Grid and Southern Grid [1] - The company won a bid for 140 million yuan in the State Grid's electricity metering product procurement [1] - In the first batch of regional joint bidding for distribution network products, the company secured a total of 149 million yuan for integrated products [1] - The company won a bid of 38.46 million yuan in the Southern Grid's distribution network equipment procurement [1] - In the Inner Mongolia Electric Power Group's marketing equipment bidding, the company won 96.39 million yuan [1] Group 4: New Energy Business - The company is accelerating the construction of local operating entities and a WMS warehousing logistics digital system in key regions, focusing on building an efficient collaborative global supply chain [1] - The company is promoting the penetration of new energy channel businesses in Europe, Asia, Africa, and Latin America [1] Group 5: Investment Rating - The company maintains a "buy" rating [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to project delays, fluctuating overseas demand, and increased counter-cyclical investments leading to higher expenses [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.924 billion yuan, a year-on-year decrease of 14.67% - The net profit attributable to shareholders was 396 million yuan, down 25.74% year-on-year - For Q2 2025, the company reported revenue of 1.139 billion yuan and a net profit of 255 million yuan, reflecting declines of 15.79% and 20.16% respectively [1][2]. Market Expansion and Business Development - The company is actively expanding its smart power distribution and utilization business, with accelerated development in the renewable energy sector - The South African smart ultrasonic water meter factory commenced operations, marking a significant step in localizing the company's smart water business in Africa - The company secured large-scale bids for its self-owned distribution network products in Asia, Africa, and Latin America, and successfully won transformer orders in Central Asia and Africa - The launch of the "Orca" platform 10.0 version, integrating edge computing, AI, and digital twin technology, enhances system performance and competitiveness in overseas solutions, showcasing the company's technological leadership in the smart grid sector [3]. Shareholder Returns and Capital Management - The company continues to prioritize shareholder returns through cash dividends and share buybacks - In the reporting period, the total cash dividend amounted to 338 million yuan, maintaining a nine-year consecutive cash dividend record since 2016, with cumulative dividends of approximately 2.306 billion yuan - A share buyback plan was initiated, with a proposed buyback amount of 100 to 200 million yuan for employee stock ownership or equity incentives, and approximately 3.75 million shares have been repurchased by the end of June 2025 [4]. Profit Forecast and Investment Rating - The company's smart power distribution business has established a complete industrial chain and sales channels overseas, while the renewable energy business is being developed - Short-term impacts on performance are expected due to rising channel costs in the renewable energy sector and fluctuating overseas demand, but the synergy between the power distribution and renewable energy businesses is anticipated to boost profitability in the medium to long term - The profit forecasts for 2025-2027 have been revised down to 870 million, 1.027 billion, and 1.243 billion yuan respectively, with the current stock price corresponding to a PE ratio of 16, 13, and 11 times for 2025-2027, indicating a growth trend in global power distribution products [4].

近日，国家知识产权局发布第二十五届中国专利奖获奖名单，30项专利荣获中国专利金奖，10项设计获 外观设计金奖。其中，广东省以11项金奖获奖数居各省份之首。6月9日，包括南网科技、嘉元科技、光 峰科技、芯海科技等多家上市粤企公告披露获奖情况，多为科创板企业。 据了解，中国专利奖是中国知识产权领域的最高荣誉。本届中国专利奖共评选出专利金奖30项、银奖60 项、优秀奖607项，外观设计金奖10项、银奖15项、优秀奖47项。 在30项专利金奖中，来自广东的比亚迪、腾讯、华为、中广核、南网科技、中兴通讯、康方药业等单位 的7项专利获得金奖，专利涉及技术领域包括车辆热管理控制、数据处理、信息通讯、堆焊修复、导线 追踪、双功能抗体药物等。 10项外观设计金奖中，来自广东的比亚迪、安克创新、大疆创新、绘王科技等单位的4项专利获得金 奖，包括汽车、无人机、充电支架、手写板等领域的创新设计获得认可。 其中，南网科技作为专利金奖获得者，其在公告中表示，公司核心专利"一种基于非向量空间控制策略 的导线追踪方法及装置"获得第二十五届中国专利金奖。南网科技公告称，该项获奖专利技术已应用于 自主可控的作业机器人、巡检机器人、无人机、摄像头 ...

Core Viewpoint - Haixing Electric Power aims to enhance digital transformation and energy structure upgrades for global electricity customers, achieving a revenue of 4.717 billion yuan with a year-on-year growth of 12.3% and a net profit of 1.002 billion yuan, marking four consecutive years of growth [1] Group 1: Business Performance - The smart distribution and utilization business, as the core segment, generated a revenue of 4.535 billion yuan, up 13.35% year-on-year, with overseas revenue at 2.940 billion yuan (up 9.77%) and domestic revenue at 1.595 billion yuan (up 20.61%) [1] - The company has established nine overseas production bases and over 30 branches, covering more than 110 countries and regions, making it the domestic leader in overseas market coverage [2] - In the domestic market, Haixing Electric Power won bids totaling 1.123 billion yuan for energy metering and collection equipment, reflecting a year-on-year increase of 27.98% [2] Group 2: New Energy Business - The new energy segment generated a revenue of 143 million yuan, down 12.32% year-on-year, but the company continues to enhance its product system, offering comprehensive solutions including charging piles, inverters, and energy management systems [2] - The company is strengthening its capabilities in system design and local implementation for commercial microgrids, accelerating project deployment across Asia, Africa, Latin America, and Europe [3] - The integration of new energy and distribution business is part of the company's strategy to improve global delivery efficiency and systematic service capabilities [3]

Summary of Nanwang Technology Conference Call Company Overview - **Company**: Nanwang Technology - **Date**: Q1 2025 Key Points Industry and Company Performance - In Q1 2025, Nanwang Technology's total revenue was 510 million yuan, showing a year-on-year stability. The net profit attributable to shareholders was 56.93 million yuan, a year-on-year increase of 35.66% due to favorable accounts receivable recovery and a reversal of impairment provisions contributing approximately 10 million yuan to profit growth [3][4][6]. Revenue Breakdown - **Technical Services**: Revenue share decreased to 64%, down 8 percentage points year-on-year, primarily due to a reduction in project delivery conditions for energy storage business [2][3]. - **Smart Devices**: Revenue share increased to 32.2%, up nearly 10 percentage points year-on-year, with both smart distribution and monitoring equipment revenues growing over 90% [2][3]. - **Energy Storage Services**: Revenue decreased by 37.5% year-on-year to 110 million yuan, but the backlog of orders reached 950 million yuan [2][6]. - **Experimental Testing Services**: Revenue grew by 14.3% year-on-year to 215 million yuan, with a backlog exceeding 500 million yuan [2][6]. Business Segment Highlights - **Smart Distribution Equipment**: Revenue increased by 72.5% year-on-year to 72.89 million yuan, with a backlog close to 800 million yuan [2][6]. - **Smart Monitoring Equipment**: Revenue grew by 74% year-on-year to 47.43 million yuan, with a backlog of approximately 300 million yuan [2][6]. - **Robotics and Drones**: Revenue remained stable at 43.66 million yuan, with a backlog of about 100 million yuan [2][6]. Future Outlook - **Smart Distribution Equipment**: Expected to continue its growth trend, but specific order and revenue scales will depend on market demand [4][8]. - **Experimental Testing**: Anticipated growth of 20% to 30% driven by new thermal power unit commissioning projects [4][12]. - **Robotics and Drones**: Transitioning to a comprehensive service provider, aiming to establish a drone operation platform for grid inspection and maintenance, with plans to expand into municipal and other sectors [7][13]. Market Conditions and Trends - **Energy Storage**: The industry is expected to grow significantly, with the Guangdong Energy Bureau's subsidy policy potentially accelerating project implementation [23][16]. - **Electric Meter Procurement**: The procurement scale is expected to remain stable compared to the previous year, with significant orders anticipated [19][10]. Additional Insights - **Order Delivery Cycle**: Energy storage services have a delivery cycle of 6 to 9 months, while smart devices typically complete delivery within three months [18]. - **Market Penetration**: High market penetration for communication modules, with new generation smart meters yet to see widespread adoption [9][10]. - **Technological Development**: Nanwang Technology is focusing on creating a unified digital platform for smart distribution equipment, enhancing compatibility and standardization across various devices [26]. Conclusion Nanwang Technology is navigating a mixed performance landscape with strong growth in smart devices and experimental testing, while facing challenges in energy storage services. The company is strategically positioning itself for future growth through technological advancements and market expansion initiatives.

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company is deeply engaged in the chain rehabilitation medical industry, showing stable internal growth and accelerated external expansion, with the rehabilitation segment expected to develop rapidly against the backdrop of an aging population [2]. - The intelligent power distribution segment is experiencing steady growth domestically, while overseas operations are gradually breaking through, becoming the second growth point for the segment [2]. - Revenue forecasts for 2025-2027 are projected at 177.02 billion, 211.02 billion, and 249.68 billion yuan, with year-on-year growth rates of 21.2%, 19.2%, and 18.3% respectively [2][3]. - Net profit forecasts for the same period are 27.75 billion, 33.67 billion, and 40.17 billion yuan, with growth rates of 22.8%, 21.3%, and 19.3% respectively [2][3]. Financial Performance Summary - In 2024, the company achieved a revenue of 14.6 billion yuan, a year-on-year increase of 27.38%, and a net profit of 2.26 billion yuan, up 18.69% year-on-year [1][3]. - The gross profit margin for 2024 was 34.72%, an increase of 0.73 percentage points year-on-year [1]. - The medical services segment generated revenue of 3.26 billion yuan, with a gross margin of 34.30%, while the intelligent power distribution segment achieved revenue of 11.12 billion yuan with a gross margin of 34.81% [1]. - Domestic revenue reached 11.67 billion yuan, up 25.49% year-on-year, while overseas revenue was 2.71 billion yuan, up 38.40% year-on-year [1]. Business Segmentation Insights - The intelligent power distribution business has a strong order backlog, with total orders amounting to 13.202 billion yuan, a year-on-year increase of 25.81% [6]. - The medical services business is steadily growing, with the company expanding its rehabilitation service network, adding 10 new hospitals, and increasing its total hospital count to 38 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth in performance, with revenue reaching 7.545 billion yuan in 2024, a year-on-year increase of 16.47%, and a net profit attributable to shareholders of 684 million yuan, up 26.34% [4][5] - Emerging businesses are making multiple breakthroughs, contributing to overall growth [5][6] - The company is expanding its overseas business with localized strategies showing initial success, including contracts in Saudi Arabia and Nicaragua [7] Financial Performance Summary - In 2024, the company achieved a revenue of 75.45 billion yuan, with a gross profit margin of 33.71%, which improved by 0.01 percentage points year-on-year [4][5] - The fourth quarter of 2024 saw revenue of 29.14 billion yuan, a 22.52% increase year-on-year, and a net profit of 263 million yuan, up 33.50% [4] - The company expects revenues of 89.21 billion yuan, 106.13 billion yuan, and 126.14 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 8.52 billion yuan, 10.23 billion yuan, and 12.25 billion yuan [8][11] Business Segment Performance - Smart distribution and electricity usage business generated 4.324 billion yuan in revenue, a 17.06% increase, with a gross margin of 32.57% [5] - Dispatching and cloud services business revenue was 1.290 billion yuan, up 17.11%, with a gross margin of 37.70% [5] - The automation business for power transmission and transformation saw revenue of 857 million yuan, a 37.50% increase, with a gross margin of 38.35% [5] - Comprehensive energy and virtual power plant business generated 220 million yuan, a 12.43% increase, with a gross margin of 32.79% [5] - New energy and energy storage business revenue was 296 million yuan, a decrease of 13.90%, but with a gross margin of 25.66% [5] - Industrial internet and smart manufacturing business achieved revenue of 448 million yuan, a 12.38% increase, with a gross margin of 22.68% [6] Overseas Expansion - The company has successfully launched a localized production line in Saudi Arabia with contracts nearing 170 million yuan [7] - It has also made progress in Uzbekistan and entered the Belgian market with its ring network cabinet products [7]