Core Viewpoint - Hongyuan Co., Ltd. (920018.BJ) has initiated its subscription with an issue price of 9.17 CNY per share and a price-to-earnings ratio of 12.34, focusing on the development, production, and sales of electromagnetic wires, primarily used in high-voltage and large-capacity power transmission equipment [1]. Company Overview - Hongyuan Co., Ltd. specializes in the research, production, and sales of various types of electromagnetic wires, including switch wires, paper-wrapped wires, enamelled wires, and composite wires [1]. - The company's products are mainly applied in large power transmission equipment such as high-voltage transformers, converter transformers, and reactors [1]. - Major clients include significant manufacturers in the power transmission sector, such as Tebian Electric Apparatus, China XD Electric, and Hitachi Energy [1]. Industry Insights - According to the IEA Power Market Report, global electricity demand grew by approximately 2.2% in 2023, with an expected average growth rate of 3.4% annually until 2026 [1]. - From 2012 to 2023, the cumulative capacity of high-voltage transformers (220kV and above) in China increased from 262,365 million kVA to 542,400 million kVA, reflecting a compound annual growth rate of 6.83% [1]. Financial Performance - The company reported revenues of approximately 1.311 billion CNY, 1.461 billion CNY, and 2.072 billion CNY for the years 2022, 2023, and 2024, respectively [2]. - Net profits for the same years were approximately 49.997 million CNY, 64.466 million CNY, and 101.631 million CNY [2]. - The total assets of the company as of December 31, 2024, are projected to be approximately 1.349 billion CNY, with total equity of about 543.338 million CNY [4]. - The company’s gross profit margin for 2023 was reported at 8.54%, with a net profit margin of 4.42% [4].

Company Overview - Hongyuan Co., Ltd. is a leading enterprise in the production of electromagnetic wire for ultra-high voltage transformers, with an issue price of 9.17 CNY per share and a price-to-earnings ratio of 12.34 [1] - The company specializes in the research, production, and sales of various types of electromagnetic wire, including switch wires, paper-wrapped wires, enamelled wires, and composite wires, primarily used in large power transmission and transformation equipment [1] - Major clients include significant manufacturers such as TBEA, XJ Electric, and Hitachi Energy, with international customers from Turkey, the USA, Egypt, and Indonesia [1] Financial Performance - Projected revenues for Hongyuan Co., Ltd. from 2022 to 2024 are 1.311 billion CNY, 1.461 billion CNY, and 2.072 billion CNY, respectively, with net profits of 50 million CNY, 64 million CNY, and 101 million CNY [2] - In the first half of 2025, the company achieved a revenue of 1.246 billion CNY and a net profit of 48 million CNY [2] Industry Trends - There is a growing enthusiasm for new stock subscriptions on the Beijing Stock Exchange, with record-breaking frozen funds for recent IPOs, indicating strong investor interest [3] - The average first-day increase for eight newly listed stocks this year on the Beijing Stock Exchange is 337.97% [3]

Core Viewpoint - Recent data indicates that four A-shares have reached foreign ownership limits, with significant interest from foreign investors and long-term funds like social security and pension funds [2][4][11]. Group 1: Foreign Ownership Data - On August 7, 2025, the foreign ownership ratios for four stocks exceeded 24%, specifically: - Siyuan Electric at 26.77% - Shuanghuan Transmission at 24.77% - Huaming Equipment at 24.27% - Hongfa Technology at 25.28% [2][4][8]. - Siyuan Electric has had its buy orders suspended on the Shenzhen-Hong Kong Stock Connect due to its high foreign ownership [4]. Group 2: Company Performance - Siyuan Electric reported a revenue of 8.497 billion yuan for the first half of the year, marking a year-on-year increase of 37.8%, with a net profit of 1.293 billion yuan, up 45.71% [5]. - Hongfa Technology achieved a revenue of 8.347 billion yuan, reflecting a 15.43% year-on-year growth, and a net profit of 964 million yuan, which is a 14.19% increase [8]. Group 3: Investor Interest - Siyuan Electric has attracted attention from various long-term investors, including social security funds, with the National Social Security Fund's 601 portfolio being a notable shareholder [6]. - Hongfa Technology's shareholder list includes significant long-term funds, indicating strong institutional interest [8][9]. Group 4: Market Outlook - Multiple foreign institutions express optimism about the A-share market, highlighting the potential for quality investments in sectors like technology, manufacturing, and new consumption [11][12].

Group 1 - The issuance pace of new stocks on the Beijing Stock Exchange is accelerating, with Hongyuan Co., Ltd. (920018) announcing its issuance, set to start on the upcoming Monday [1] - Hongyuan Co., Ltd. is recognized as a "single champion" in the electromagnetic wire for ultra-high voltage transformers, with a listing price reflecting a 13.49 times issuance [1] - Youli Intelligent is set to go public today, with investors planning to sell on the first day advised to consider a price range of 81 to 102 yuan [1]

（文章来源：证券日报） 证券日报网讯 8月7日晚间，华明装备发布公告称，公司第七届监事会第二次会议审议通过了《公司 2025年半年度报告全文及摘要》《关于公司2025年半年度利润分配的预案》《关于变更注册地址、取消 监事会、修订的议案》。 ...

华明电力装备股份有限公司 独立董事专门会议工作制度 （2025年8月） 第一条 为进一步完善华明电力装备股份有限公司（以下简称 "公司"）独立董事专门会议的议事方式和决策程序，促使并保障 独立董事有效地履行其职责，根据《上市公司治理准则》《上市公 司独立董事管理办法》《深圳证券交易所股票上市规则》《华明电 力装备股份有限公司章程》（以下简称"《公司章程》"）等相关 规定，制定本工作制度。 第二条 独立董事对公司及全体股东负有忠实与勤勉义务，应当 按照法律、行政法规、中国证监会规定、证券交易所业务规则和 《公司章程》的规定，认真履行职责，在董事会、董事会专门委员 会及独立董事专门会议中发挥参与决策、监督制衡、专业咨询作用， 维护上市公司整体利益，保护中小股东合法权益。 第三条 独立董事专门会议是指由公司全部独立董事参加的会议。 第四条 独立董事是指不在公司担任除独立董事外的其他任何职 务，并与公司及公司主要股东、实际控制人不存在直接或间接利害 关系，或者其他可能影响其进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控 制人等单位或个人的影响。 第五条 公司独立董事不定期召开独立 ...

华明电力装备股份有限公司 独立董事工作制度 （2025年8月修订） 第一章 总 则 第一条 为完善公司法人治理结构，促进华明电力装备股份有限 公司（以下简称"公司"）规范运作，维护公司整体利益，有效保 障全体股东，特别是中小股东的合法权益不受损害，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、中国证监会颁布的 《上市公司独立董事管理办法》（以下简称"《独立董事办法》"）、 《上市公司治理准则》《深圳证券交易所股票上市规则》等有关法律、 法规、规范性文件和《华明电力装备股份有限公司公司章程》（以 下简称"《公司章程》"），制定本制度。 第二条 独立董事是指不在本公司担任除董事外的其他职务，并 与公司及其主要股东、实际控制人不存在直接或者间接利害关系， 或者其他可能影响其进行独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立 董事应当按照相关法律法规、《独立董事办法》和《公司章程》的要 求，认真履行职责，在董事会中发挥参与决策、监督制衡、专业咨 询作用，维护公司整体利益，保护中小股东合法权益。独立董事应当 独立履行职责，不受公司及其主要股东、实际控制人或者其他与公司 存 ...

华明电力装备股份有限公司 ESG 管理制度 （2025 年 8 月） 第一章 总则 第一条 为进一步加强华明电力装备股份有限公司（以下简称"公 司"）社会责任管理，推动经济社会和环境的可持续发展，积极履行 ESG（环境、社会和公司治理）职责，根据《中华人民共和国公司法》 《上市公司治理准则》《企业内部控制基本规范》《企业内部控制应 用指引第 4 号——社会责任》《深圳证券交易所上市公司自律监管指 引第 1 号—主板上市公司规范运作》等有关法律法规、规范性文件及 《华明电力装备股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称的 ESG 职责，是指公司在经营发展过程中应 当 履 行 的 环 境 （ Environmental ） 、 社 会 （ Social ） 和 公 司 治 理 （Governance）方面的责任和义务，主要包括对自然环境和资源的保 护、社会责任的承担以及公司治理的健全和透明。 第三条 本制度所称利益相关方，是指其利益可能受到公司决策 或经营活动影响的组织或个人，包括股东（投资者）、债权人、职工、 合作伙伴、客户、供应商、社区组织和 ...

General Provisions - The management system for the stock holdings and trading of directors and senior management of Huaming Power Equipment Co., Ltd. aims to strengthen the management of their shares and clarify procedures based on relevant laws and regulations [1][2] - The shares held by directors and senior management include those registered in their names and those held through others' accounts, as well as shares recorded in their credit accounts if engaged in margin trading [1] Information Reporting Regulations - The company secretary is responsible for managing the data and information regarding the identity and shareholdings of directors and senior management, ensuring quarterly checks on their trading disclosures [2][3] - Directors and senior management must report their personal and immediate family members' identity information to the Shenzhen Stock Exchange and the registration and settlement company within specified timeframes [2][3] Trading Regulations - Directors and senior management must notify the company secretary in writing of their trading plans before buying or selling shares, and the board must assess any potential risks [4] - Any changes in shareholdings must be reported within two trading days, including details such as the number of shares held before and after the change [4][5] - A reduction plan must be reported to the Shenzhen Stock Exchange 15 trading days before the first sale, detailing the number of shares, time frame, and reasons for the reduction [5] Prohibited Trading Conditions - Directors and senior management are prohibited from transferring shares under certain conditions, such as within one year of the company's stock listing or within six months after leaving their positions [6][7] - They are also restricted from trading during specific periods, such as 15 days before the announcement of annual or semi-annual reports [6][7] Transfer Limitations - During their term and for six months after, directors and senior management can only transfer up to 25% of their total shareholdings each year, with exceptions for certain circumstances [8][9] - If they hold fewer than 1,000 shares, they may transfer all shares at once without restriction [8] Other Provisions - The rights associated with shares held during the lock-up period, such as voting rights and dividend rights, remain unaffected [11] - Any violations of these regulations by directors and senior management may result in penalties from regulatory authorities [12]

格隆汇8月7日丨华明装备(002270.SZ)公布2025年半年度报告，上半年公司实现营业收入11.21亿元，同 比增长0.04%；归属于上市公司股东的净利润3.68亿元，同比增长17.17%；归属于上市公司股东的扣除 非经常性损益的净利润3.61亿元，同比增长22.76%；基本每股收益0.4118元；拟向全体股东每10股派发 现金红利2.00元(含税)。 ...