浙商证券股份有限公司 关于杭州柯林电气股份有限公司 上海证券交易所科创板公司管理部： 贵部于近日出具的《关于杭州柯林电气股份有限公司 2024 年年度报告的信 息披露监管问询函》（上证科创公函【2025】0194 号）（以下简称"年报问询函"） 已收悉，浙商证券股份有限公司（以下简称"浙商证券"）作为杭州柯林电气股份 有限公司（以下简称"杭州柯林"或"公司"）的持续督导机构，对信息披露监管问 询函所列问题认真进行了落实，现回复如下，请予审核。 一、关于电网业务。年报显示，公司 2024 年主营业务收入为 54,137.03 万 元，其中原有的两大主营业务电网数字化智能感知产品和电力相关技术服务营 业收入分别为 11,275.62 万元和 4,079.16 万元，同比分别下降 12.60%和 14.37%。 分地区看，公司在浙江省内实现的营业收入为 7,148.51 万元，同比下降 42.72%。 公司主要通过询价、招标、竞争性谈判等方式获取业务，报告期通过其他方式 获取的业务收入为 15,951.33 万元。请公司：（1）区分业务、销售模式、省内 省外分别列示主要客户情况，包括成立时间、合作年限、订单获取方式 ...

Company Overview - McAudie (Xiamen) Electric Co., Ltd. specializes in the production and sales of epoxy insulation components, optical microscopes, molds, medical testing products, and provides medical diagnostic services and energy internet technology research and operations [1] - The company's main products include electrical products, microscope products, and medical products and services [1] Financial Performance - For Q1 2025, the company reported a revenue of 316 million yuan, representing a year-on-year increase of 5.91% [1] - The net profit for the same period was 34.88 million yuan, showing a year-on-year growth of 9.70% [1] - The sales gross margin stood at 41.77% [1] Market Position - As of July 2, McAudie's stock closed at 15.94 yuan, down 1.79%, with a rolling price-to-earnings (PE) ratio of 50.12 times [1] - The total market capitalization of the company is 8.248 billion yuan [1] - In comparison to the industry, the average PE ratio for the electrical equipment sector is 36.53 times, with a median of 38.19 times, placing McAudie at the 103rd position in the industry ranking [1][2] Capital Flow - On July 2, the net outflow of main funds for McAudie was 14.85 million yuan, with a total outflow of 27.32 million yuan over the past five days [1]

Group 1 - The stock of Jinpan Technology (688676) has a comprehensive score of 57.54, indicating a strong performance [1] - The main cost analysis shows the following prices: current main cost at 33.55 CNY, 5-day main cost at 33.07 CNY, 20-day main cost at 32.37 CNY, and 60-day main cost at 31.97 CNY [1] - In the past year, the stock has experienced 0 limit-up days and 1 limit-down day [1] Group 2 - Northbound capital data indicates a holding of 9.96 million shares, accounting for 2.17% of the circulating shares, with a net buy of 965,200 shares yesterday, representing a 0.211% increase [1] - The 5-day increase ratio is 0.514%, while the 20-day increase ratio is -0.006% [1] Group 3 - Technical analysis identifies short-term resistance at 33.45 CNY and short-term support at 32.45 CNY [2] - The stock price has broken through the short-term resistance level, suggesting potential short-term strength, and if it breaks the mid-term resistance, it may indicate mid-term strength [2] - K-line patterns indicate a mild reversal with a "red three soldiers" formation, suggesting a possible bottoming out and recovery [2] Group 4 - As of July 1, 2025, the net outflow of main funds is 2.81 million CNY, accounting for -1% of the total transaction amount [2] - There is a net inflow of 7.39 million CNY from large orders, while there is a net outflow of 10.20 million CNY from big orders [2] - Retail investor funds show a net inflow of 501,700 CNY [2] Group 5 - Related industry sectors include: electric grid equipment at 0.31%, energy storage at 0.02%, solar energy at 0.51%, and nuclear energy at 0.84% [2]

北交所报告 北交所 6 月份定期报告 临近中报披露，建议关注中报业绩超预期企业 2025 年 6 月 30 日 分析师：李紫忆 SAC 执业证书编号： S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn 分析师：吕子炜 资料来源：iFind，东莞证券研究所 相关报告 核心观点： SAC 执业证书编号： S0340522040001 电话：0769-23320059 邮箱：lvziwei@dgzq.com.cn 北证 50 指数走势 2025年6月北交所指数延续震荡但结构性机会活跃，市场热点轮动频繁，多 个主题轮番表现，阶段性行情特征明显。6月30日，北交所与中证指数公司 联合发布北证专精特新指数，该指数从154家专精特新"小巨人"企业中，通 过流动性筛选和市值排序选取50只样本股，以2024年6月28日为基日，基点 为1000点，为投资者提供了聚焦专精特新企业的精准跟踪指数。随着2025年 中报披露期临近，市场定价逻辑或进一步向业绩确定性倾斜，建议积极关注 业绩超预期或扭亏为盈、利润增速显著改善的标的，挖掘具备长期成长潜力 与短期估值修复空间的投资机会。 ...

Core Viewpoint - Beijing Haocreat Ruitong Electric Equipment Co., Ltd. (Haocreat Ruitong) has achieved significant revenue and profit growth through its advanced smart distribution technology, positioning itself as a key player in the smart grid ecosystem in China [1][2][3] Financial Performance - Haocreat Ruitong's revenue and net profit have shown compound annual growth rates of 24.47% and 27.22% respectively over the past three years [1][2] - Projected revenues for 2022, 2023, and 2024 are 560 million, 670 million, and 867 million yuan, with net profits of approximately 68.76 million, 87.41 million, and 111 million yuan [2][3] - The company maintains a gross margin above the industry average, with figures of 25.75%, 27.60%, and 25.67% for 2022, 2023, and 2024 respectively, compared to industry averages of 22.26%, 24.13%, and 23.57% [2] Technological Advancements - Haocreat Ruitong has established strong technical barriers through its long-term industry experience, focusing on high-quality and reliable products [4][5] - The company has developed proprietary technologies such as the zero-sequence current sensor and the integrated "one and two" technology, enhancing fault location accuracy and response times [4][5] - As of 2024, Haocreat Ruitong holds 119 patents and has invested significantly in R&D, with a compound growth rate of 36.69% over three years, reaching 32.33 million yuan in 2024 [5] Market Position and Client Base - The company has secured a strong position in the smart distribution equipment market, particularly through partnerships with major clients like the State Grid [6][8] - Haocreat Ruitong's revenue from the State Grid has been decreasing, indicating a diversification strategy to reduce dependency on a single client [8][7] - The company aims to expand its customer base beyond the power grid sector while maintaining strong relationships with existing clients [7] Industry Outlook - The smart grid market is projected to grow significantly, with investments in distribution networks expected to exceed 1.52 trillion yuan during the 14th Five-Year Plan period [9] - Haocreat Ruitong's IPO fundraising will focus on projects closely related to its existing business, particularly in smart distribution technology [10][11] - The company faces capacity constraints, with utilization rates for key products exceeding 100%, necessitating expansion to meet market demand [11]

Group 1 - Taotao Automotive expects a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [1] - The company specializes in the research, production, and sales of all-terrain vehicles, electric golf carts, electric scooters, electric balance bikes, electric bicycles, and their accessories [1] - China Communications Construction Company plans to repurchase shares worth between 500 million to 1 billion yuan, with a maximum repurchase price of 13.58 yuan per share [1][2] Group 2 - Annoqi's subsidiary received a government subsidy of 1.65 million yuan, accounting for 34.77% of the company's latest audited net profit [2] - Annoqi focuses on the research, production, and sales of mid-to-high-end differentiated dyes [3] - Minfeng Special Paper announced the complete shutdown of its Nanhu plant, as its Haiyan plant is now capable of handling the production capacity [4] Group 3 - Aoto Electronics received a trademark registration certificate from Saudi Arabia, covering various electronic products [5] - Landi Group plans to acquire up to 20.1667% of the shares of Jujia Technology for a total price not exceeding 121 million yuan [6][7] - Lifan Pharmaceutical's Danpi phenol raw material drug has been approved for market launch, utilizing a new process that enhances efficiency and meets market demand [8] Group 4 - Shanghai Construction received a total of 548 million yuan in government subsidies, which accounts for 22.79% of the company's latest audited net profit [8] - Wanbangde's subsidiary received ethical approval for a key clinical trial of a new drug for Alzheimer's disease [8] - Prolo Pharmaceutical's subsidiary received approval for the market launch of a new raw material drug for liver cancer treatment [9] Group 5 - Chenguang New Materials received a government subsidy of 26 million yuan, representing 62.86% of the company's latest audited net profit [10] - Sanyou Medical's subsidiary received a government subsidy of 331,000 yuan, accounting for 28.86% of the company's latest audited net profit [11] - Weichai Heavy Machinery expects a net profit of 132 million to 151 million yuan for the first half of 2025, reflecting a year-on-year increase of 40% to 60% [12] Group 6 - Guanhao Biological announced the termination of its application for a specific stock issuance [13] - China Film plans to use up to 1.5 billion yuan of idle funds for cash management [14] - Aotai Biological intends to use up to 480 million yuan of idle raised funds for cash management [15] Group 7 - Helin Micro-Nano is planning to issue overseas shares and list on the Hong Kong Stock Exchange [17] - Jinpan Technology's vice president resigned due to personal health reasons [18] - Tongyi Zhong's chairman and general manager plan to reduce their shareholdings in the company [19] Group 8 - Naipu Mining signed an overseas contract worth 18.85 million USD [21] - Zhengye Technology completed an asset sale transaction worth 178 million yuan [23] - Lianxin Equipment won a bid for a project worth 157 million yuan from BOE [24] Group 9 - Smart Control plans to apply for a comprehensive credit line of up to 260 million yuan from banks [25] - Keyuan Pharmaceutical's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [27] - Meige Intelligent's H-share listing application materials have been received by the China Securities Regulatory Commission [29] Group 10 - Siwei Tuxin's subsidiary submitted an H-share listing application [32] - Metro Design's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [32] - Aeston submitted an application for H-share listing [34] Group 11 - Jiu Ri New Materials' shareholders plan to reduce their holdings by a total of 98,900 shares [34] - Yihua Tong's shareholder plans to reduce their holdings by up to 700,000 shares [35] - Xishanghai plans to distribute a cash dividend of 0.08 yuan per share [36] Group 12 - Zhejiang Natural plans to distribute a cash dividend of 1.97 yuan for every 10 shares [37] - Kouzi Jiao plans to distribute a cash dividend of 1.30 yuan per share [38] - Huitong Group plans to distribute a cash dividend of 0.023 yuan per share [40] Group 13 - Tongyong Co. plans to reduce its holdings by up to 0.31% of the company's shares [41] - China Shenhua plans to distribute a cash dividend of 2.26 yuan for every 10 shares [43] - Huangting International's executive director resigned due to personal reasons [45] Group 14 - Jinkai New Energy plans to distribute a cash dividend of 1 yuan for every 10 shares [46] - Heimu Dan plans to distribute a cash dividend of 0.041 yuan per share [47] - Feiyada plans to acquire all or part of the controlling stake in Chang Kong Gear [48]

本周市场表现强势，超出我们预期。1）短期催化主要来自于分母端。近期联储降息预期提升、人民币 汇率升值及以伊军事冲突趋平稳，特朗普访华预期等因素叠加，边际推升风险偏好。2）谁是增量资 金？主动权益公募新发基金边际回暖、杠杆资金快速跟随，此外从银行板块6月中下旬以来的加速行情 推测，险资资金入市进程也可能有所提速；但ETF、外资未有明显增量。 联系人：陈果/郑佳雯 后续如何演绎？市场表现仍是由资金端/估值端主导。战略上我们保持看多，维持下半年指数"更上一层 楼"的判断，但战术上我们认为短期行情未必会演绎持续急涨，而是依然将呈现一定的震荡特征。机构 中长期资金入市+低利率时代下居民金融资产配置比例提升的趋势是中期逻辑，有望使市场震荡中枢整 体上移，短期脉冲式波动也可能阶段性超市场预期。但当前阶段是否能开启资金的正反馈螺旋仍有待观 察：一是今年以来的结构性行情都未走向持续抱团而是呈现轮动特征，表征资金环境对估值容忍度有一 定约束；二是各方增量资金尚未形成明显合力，更多采取观望、被动跟随策略，而非主动流入；三是除 了内需下滑担忧加剧外，7月中报业绩期、全球贸易环境波动及过于乐观的降息预期能否兑现均存在不 确定风险。 责 ...

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2] Core Views - In 2024, global offshore wind government auctions are expected to reach 56GW, setting a historical record. The solid-state battery industrialization is accelerating, with equipment companies beginning to deliver solid-state battery equipment in small batches to clients. Battery manufacturers plan to deliver full solid-state battery samples to clients between 2025 and 2027 [2][3] - The demand for AIDC electric equipment remains strong, driven by continuous updates in AI models requiring sustained computational power [9] Summary by Relevant Sections Wind Power - The global offshore wind government auctions are projected to reach 56GW in 2024, marking a historical high. The total installed offshore wind capacity is expected to reach 83GW by the end of 2024, with an additional 48GW under construction [3] - In Poland, Equinor and Polenergia have made a final investment decision for the Bałtyk 2 and 3 offshore wind farms, with a total capacity of 1.4GW and an investment exceeding €7.2 billion [3] Solid-State Battery - The solid-state battery industrialization is progressing rapidly, with equipment manufacturers successfully delivering solid-state battery production equipment to leading domestic clients. Strategic partnerships are being formed to develop solid-state battery materials and production equipment [6] - The consumer battery sector is seeing an increase in silicon content, with projections indicating that by mid-2025, the silicon content in batteries could reach 25% [6] AIDC Electric Equipment - The demand for AIDC electric equipment is expected to remain robust, supported by the ongoing advancements in AI technologies and the need for enhanced computational capabilities [9] Grid Equipment - In May, the newly installed photovoltaic capacity reached 92.9GW, a year-on-year increase of 388%, while wind power installations reached 26.32GW, a year-on-year increase of 801% [10] - The State Grid Corporation of China has completed the equity transfer for a high-voltage direct current project in Greece, which will enhance connectivity between Crete and the European mainland [10] Investment Recommendations - The report suggests focusing on the following companies: 1. Wind Power: Goldwind Technology, Oriental Cable, Wide Special Materials, Zhongji United, Daikin Heavy Industries, Times New Material, Hezhong Electric [2][5] 2. Lithium Battery: CATL, Xiamen Tungsten, Rongbai Technology, Tiannai Technology, Zhuhai Guanyu, Haopeng Technology, Shenghong Co., Ltd. [8] 3. AIDC Electric Equipment: Jinpan Technology, Mingyang Electric, Igor, Hezhong Electric, Shenghong Co., Ltd. [9] 4. Grid Equipment: Guodian NARI, Siyuan Electric, Samsung Medical, Jinpan Technology, Pinggao Electric, Oriental Electronics, Sifang Co., Ltd., Jinbei Electric [10]

关于控股股东、实际控制人减持股份的预披露公告 公司控股股东、实际控制人黄明松先生保证向公司提供的信息内容真实、准 确、完整,没有虚假记载、误导性陈述或重大遗漏。 A股市场本周表现亮眼，堪称"优秀"。尽管昨日沪指微跌0.70%，深证成指和创业板却逆势上扬，近3400只个股飘红，大盘稳守3400点上方，更连续4日普 涨，市场整体氛围积极向上。 | 688778 | 庭留学版 | 更多公告 数据 胶坦 量报 | 便鸟新能:厦门便鸟新能源材料股份有限公司关于持股5%以上股京 ... | 股东/实际控创人 ... 2025-06-28 | | | --- | --- | --- | --- | --- | --- | | 001330 | The Basi | 更多公告 数据 放起 受投 | 博纳彩业:关于净肤5%以上股东及其一致行动人减得放份计划网板 … | 股东 实际控制人 ... | 2025-06-28 | | 002832 | 影音加 | 更多公告 数据 胶电 元报 | 此公司并关于公司董事故于中文十年:法府和社 | 股东/实际控制人 ... | 2025-06-28 | | 000301 | 京方坚红 | ...

A股市场近期震荡：高位减持潮与退市风险并存 | 002959 | 小能中器 | 更多公告 数据 股吧 研报 | 小說电器.关于部分监事、高级管理人员减持股份的预披露公告。 | 高管人员持股变动 | 2025-06-27 | | --- | --- | --- | --- | --- | --- | | 002093 | 国脉科技 | 更多公告 数据 股吧 研报 | 如公解放得分子出去其中最后的出 | 股东/实际控制人 ... | 2025-06-27 | | 300959 | 年上线下 | 更多公告 数据 股吧 研报 | 线上线下.关于控股股东、实际控制人及其一致行动人签署《股份 | 美国际议 | 2025-06-27 | | 300012 | 华观检测 | 更多公告 数据 股吧 研报 | 华测检测 关于实际控制人 之一致行动人服份变动的预披露公告 | 股东 | 2025-06-27 | | 688153 | 暗捷创歌 | 更多公告 数据 股吧 研报 | 唯捷创花 股东减持股份计划公告 | 股东 实际控制人 ... | 2025-06-27 | | 000656 | *ST全科 | 更多公告 数据 股吧 研报 ...