Summary of Nanwang Technology Conference Call Company Overview - **Company**: Nanwang Technology - **Date**: October 23, 2025 Key Points Industry Performance - **Overall Revenue**: In the first half of 2025, Nanwang Technology reported revenue of 1.17 billion yuan, a slight decline year-on-year, but excluding the energy storage segment, other business segments achieved nearly 10% growth [3] - **High Margin Business Growth**: High interest rate and high margin businesses showed significant growth, with all three subsidiaries achieving double-digit revenue growth [3] Energy Storage System Technical Services - **Revenue Decline**: Revenue for energy storage system technical services fell 42% to 330 million yuan, impacted by project fulfillment cycles and margin concessions [4] - **Future Potential**: The company holds over 1 billion yuan in orders, indicating potential recovery in the second half of the year [5] Power Side Testing and Debugging Services - **Revenue Growth**: Revenue for power side testing services increased by 24.53% to 313 million yuan, with a gross margin of 50.8% [6] - **Market Expansion**: Successful market expansion in smart power plants and winning contracts for technical supervision projects in Vietnam [6] Smart Distribution and Monitoring Equipment - **Revenue Performance**: Revenue from smart distribution equipment decreased by 14.87% to 302 million yuan, but gross margin increased by 2.47 percentage points to 37.95% [7] - **Rapid Growth in Monitoring Devices**: Revenue from smart monitoring devices surged by 92.18% to 160 million yuan, with a gross margin of 35.05% [7] Robotics and Drone Business - **Stable Revenue**: Revenue from robotics and drone business grew by 0.36% to 101 million yuan, with drones accounting for nearly 80% of this revenue [8] - **Project Wins**: The company won a 39 million yuan drone framework project with Inner Mongolia Electric Group [8] Strategic Group Integration - **Formation of New Technology Industry Group**: The South Power Grid plans to establish a new technology industry group, transferring control of Nanwang Technology to this group to enhance research and development capabilities [9][10] - **Core Business Focus**: The new group will focus on technology research, industrial development, and technical services, aiming for high-quality development in the energy sector [11] Future Development Plans - **Investment in R&D**: The group aims to invest heavily in new technologies related to energy and power production, with a focus on smart and green technologies over the next 3-5 years [11] - **Market Expansion**: The integration is expected to enhance market expansion capabilities and resource allocation efficiency [12] International Business Development - **Overseas Investments**: The company has made significant strides in overseas markets, including acquisitions in Peru and investments in Southeast Asia [16][17] - **Technology Export**: Future plans include leveraging these investments to export advanced technologies to international markets [17] Role of Power Electronics Technology - **Focus on Power Electronics**: Power electronics technology is a key area of focus, with applications expected to expand significantly in AI data centers [18] Domestic Storage and Testing Business - **Positive Outlook**: The company is optimistic about the domestic energy storage and testing business, with a backlog of nearly 1.2 billion yuan in orders expected to be fulfilled in the second half of the year [19]

Group 1 - The stock of Southern Power Grid Technology fell by 5.08%, trading at 54.41 yuan per share, with a total transaction volume of 158 million yuan and a turnover rate of 1.25%, resulting in a total market capitalization of 30.725 billion yuan [1] - Southern Power Grid Technology Co., Ltd. is based in Guangzhou, Guangdong Province, and was established on February 22, 1988, with its listing date on December 22, 2021. The company focuses on clean energy technology and next-generation information technology, providing comprehensive solutions through "technical services + smart devices" [1] - The main business revenue composition includes: testing and commissioning services (31.99%), energy storage system technology services (23.42%), smart distribution and utilization equipment (21.51%), smart monitoring equipment (11.11%), robotics and drones (7.23%), and others (4.69%) [1] Group 2 - From the perspective of major fund holdings, one fund under China Merchants Fund has a significant position in Southern Power Grid Technology. The China Merchants CSI Battery Theme ETF Linked A (016019) held 200 shares in the second quarter, ranking as the fourth-largest holding [2] - The China Merchants CSI Battery Theme ETF Linked A (016019) was established on July 12, 2022, with a latest scale of 40.64 million yuan. Year-to-date returns are 52.86%, ranking 353 out of 4218 in its category; the one-year return is 48.38%, ranking 426 out of 3875; and since inception, it has a loss of 17.44% [2] - The fund manager of the China Merchants CSI Battery Theme ETF Linked A is Xu Rongman, who has been in the position for 4 years and 214 days, managing total assets of 27.361 billion yuan, with the best fund return during the tenure being 54.81% and the worst being -60.92% [2]

Core Viewpoint - Guangzhou Xunneng Electric Power Technology Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various technical services and products in the electric power and technology sectors [1] Group 1: Company Overview - The company was recently founded and has a registered capital of 500,000 RMB [1] - It offers a wide range of services including technical services, development, consulting, and technology transfer [1] - The operational scope includes specialized design services, installation and maintenance of residential electrical systems, and sales of electrical and electronic components [1] Group 2: Industry Focus - The company is involved in the sales and maintenance of power electronic components and machinery [1] - It provides services related to wind power technology and smart distribution and control equipment [1] - The company also engages in research and development of energy-efficient technologies for the mining industry [1]

Core Insights - Anhewei (Inner Mongolia) Electric Power Technology Co., Ltd. has been established with a registered capital of 30 million RMB [1] - The company is involved in various sectors including the operation of electric vehicle charging infrastructure and the manufacturing of power distribution and control equipment [1] Company Overview - The legal representative of the company is Kong Zhaodong [1] - The registered capital is 30 million RMB [1] Business Scope - The company operates in several areas such as centralized fast charging stations, technical services, and technology transfer [1] - It also engages in the sale of charging piles and leasing of charging control equipment [1] - The manufacturing of power distribution and control equipment, including transformers, rectifiers, and inductors, is part of its business activities [1]

Group 1 - The core point of the article highlights the recent decline in the stock price of Southern Power Grid Technology, which fell by 5.18% to 57.46 CNY per share, with a trading volume of 142 million CNY and a turnover rate of 1.06%, resulting in a total market capitalization of 32.448 billion CNY [1] Group 2 - Southern Power Grid Technology Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on February 22, 1988, with its listing date on December 22, 2021. The company focuses on clean energy technology and next-generation information technology, providing comprehensive solutions through "technical services + smart devices" [1] - The main business revenue composition includes: testing and commissioning services (31.99%), energy storage system technology services (23.42%), smart distribution and utilization equipment (21.51%), smart monitoring equipment (11.11%), robotics and drones (7.23%), and others (4.69%) [1] Group 3 - From the perspective of the top ten circulating shareholders, Huaxia Fund has increased its holdings in Southern Power Grid Technology, with the Huaxia CSI Robotics ETF (562500) adding 679,300 shares in the second quarter, holding a total of 3.7928 million shares, which accounts for 1.66% of the circulating shares. The estimated floating loss today is approximately 11.9094 million CNY [2] - The Huaxia CSI Robotics ETF (562500) was established on December 17, 2021, with a latest scale of 14.471 billion CNY. Year-to-date returns are 40.61%, ranking 1266 out of 4221 in its category; the one-year return is 51.95%, ranking 805 out of 3848; and since inception, the return is 9.25% [2] - The fund manager of Huaxia CSI Robotics ETF is Hualong, who has been in the position for 3 years and 50 days, managing a total fund asset size of 42.926 billion CNY, with the best fund return during the tenure being 116.77% and the worst being -15.08% [2]

在成武某电力科技有限公司生产车间内，机器轰鸣，焊花飞溅，工人们正有条不紊地开展作业，对产品 进行装配调试。据了解，该公司是一家专精特新企业，主营产品应用于变压器、新能源设备等领域。企 业的快速发展，离不开稳定的资金支持，更离不开成武农商银行的"贴身服务"。成武农商银行始终坚 持'走出去'的服务理念，针对辖内科技企业，组建了专属服务小分队，每月多频次开展上门走访，就是 为了第一时间掌握企业的生产经营动态和资金需求。"今年年初，在走访中了解到上述电力科技有限公 司有扩大生产的计划，但面临资金缺口。该行迅速响应，仅用3个工作日就完成了调研、审批等全流 程，为企业发放了200万元贷款。"这笔资金不仅解决了我们生产设备的资金需求，更坚定了我们拓展外 部市场、加速产品迭代的信心。"上述电力科技有限公司负责人表示，目前企业生产线加班加点运转， 发展势头强劲。 金融支持该电力科技有限公司的实践只是成武农商银行大力发展科技金融的一个缩影。下步，成武农商 银行将继续深化科技金融服务，以更精准的产品、更高效的服务、更广阔的平台，为辖内科技型实体企 业注入更强发展动能，助力地方经济高质量发展。 齐鲁晚报.齐鲁壹点王会广通讯员袁明丽 ...

Group 1: Company Overview - The company is Shandong Xintong Electronics Co., Ltd., with stock code 001388 [1] - The investor relations activity took place on September 26, 2025, from 14:00 to 15:00 [2] Group 2: Product Development and Profitability - The company's intelligent inspection system for transmission lines is entirely self-designed, developed, and produced, with all products having core independent intellectual property rights [2] - The gross margin of the intelligent inspection system varies based on product configuration, with no direct correlation to voltage levels [2] - The company is developing robotic products for inspection but has not yet generated revenue from these products; expected gross margins are anticipated to improve compared to existing monitoring devices [2][3] Group 3: System Components and Functionality - The substation remote intelligent inspection system consists of various devices, including inspection hosts, intelligent analysis hosts, drones, robots, cameras, and voiceprint devices, enabling data collection, automatic inspection, and real-time monitoring [3] - The system can identify external defects and ensure operational safety, generating inspection reports and alerts [3] Group 4: Market Expansion and Sales - The company has been actively expanding into overseas markets, with export products having higher gross margins than domestic counterparts [3] - The company has established a customer base in overseas markets and is focusing on regions such as the Middle East and Southeast Asia, leveraging the "Belt and Road" initiative [3] - Sales to the State Grid remain the largest revenue source, although sales to the Southern Grid are gradually increasing, with a notable rise in 2025 [3]

Group 1 - The stock of Southern Power Grid Technology fell by 2.31% on September 25, with a trading volume of 468 million yuan [1] - On the same day, the company had a financing buy-in amount of 62.84 million yuan and a financing repayment of 64.60 million yuan, resulting in a net financing buy of -1.75 million yuan [1] - As of September 25, the total balance of margin trading for Southern Power Grid Technology was 335 million yuan [1] Group 2 - The company reported a revenue of 1.405 billion yuan for the first half of 2025, a year-on-year decrease of 9.66%, and a net profit attributable to shareholders of 175 million yuan, down 5.38% year-on-year [2] - The main business revenue composition includes testing and debugging services (31.99%), energy storage system technology services (23.42%), and smart distribution and power supply equipment (21.51%) [2] - As of June 30, 2025, the number of shareholders was 11,200, a decrease of 5.29% from the previous period [2] Group 3 - Southern Power Grid Technology has distributed a total of 370 million yuan in dividends since its A-share listing, with 322 million yuan distributed over the past three years [3] - The top ten circulating shareholders include various ETFs, with notable increases in holdings from Huaxia CSI Robotics ETF and Southern CSI 500 ETF [3] - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Core Insights - Jiangsu Saiweisi Electric Power Technology Co., Ltd. has been established with a registered capital of 10 million RMB, indicating a focus on the electric power sector [1] Company Overview - The company is represented by Chen Yongjin and is involved in various licensed and general projects related to power generation, transmission, and distribution [1] - The operational scope includes engineering and technology research, power generation technology services, and key technology research for waste heat power generation [1] Business Activities - The company will engage in manufacturing and sales of distribution switch control equipment, energy storage technology services, and new energy technology research [1] - Additional activities include software development, internet security services, and data processing services, highlighting a strong emphasis on technology and innovation [1] Market Position - The establishment of this company reflects a growing trend in the renewable energy sector, particularly in areas such as solar thermal power products and electric vehicle battery swap facilities [1] - The diverse range of services and products indicates a strategic positioning to capitalize on the increasing demand for smart grid solutions and renewable energy technologies [1]

Core Points - Heilongjiang Wanai Electric Power Technology Co., Ltd. has been established with a registered capital of 20,000 RMB [1] - The company is engaged in a wide range of activities including technology services, sales of electrical components, and various other products [1] Company Overview - The legal representative of the company is Cao Liming [1] - The business scope includes technology development, consulting, and transfer, as well as sales of electrical equipment, rubber products, and household appliances [1] - The company also focuses on new material technology research and development, and sales of hydraulic machinery and components [1] Industry Activities - The company is involved in both domestic trade and logistics services, including domestic cargo transportation and packaging services [1] - It offers a variety of products such as metal products, safety equipment, and electrical signal devices [1] - The company operates under the principle of conducting business activities independently based on its business license, except for projects that require approval [1]