新华都特种电气股份有限公司 董事会议事规则 二○二五年八月 新华都特种电气股份有限公司 董事会议事规则 新华都特种电气股份有限公司 董事会议事规则 第一章 总则 第一条 为了进一步规范新华都特种电气股份有限公司（以下简称"公司"） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》《上市公司治理准则》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》等相关法律、法规和规范性文件及《新华都特种电气股份有 限公司章程》（以下简称《公司章程》）的规定，制定本规则。 第二条 公司设立董事会，董事会对股东会负责，在《公司法》《公司章程》 和股东会赋予的职权范围内行使决策权。 第三条 董事会除应遵守法律法规、《公司章程》的规定外，还应遵守本规 则的规定。 第二章 董事的一般规定 第四条 公司董事为自然人，有下列情形之一的，不能担任公司的董事： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社 ...

Group 1: Financial Performance - The company achieved a revenue of 6.447 billion yuan in the first half of 2025, with an increasing proportion of equipment-related income [2] - Gross margin improved to 23.75%, up by 2.85 percentage points year-on-year and 0.44 percentage points quarter-on-quarter, indicating enhanced operational efficiency [2] - Net cash flow from operating activities reached 1.12 billion yuan, a significant increase of 237.08% year-on-year, reflecting improved efficiency in managing receivables [3] Group 2: Business Segment Performance - The direct current transmission system segment saw a revenue increase of approximately 313 million yuan, primarily due to the delivery of the Hami-Chongqing converter and the Ningxia-Hunan control protection system [4] - The smart distribution and smart medium-voltage equipment segments experienced a decline in revenue, attributed to order delivery timing and a drop in first-quarter income, although gross margins improved by 3.81 and 3.34 percentage points respectively [4] - The new energy and system integration segment's revenue decreased by 304 million yuan, as the company focused on high-quality equipment orders, reducing low-margin total package business [4] Group 3: Market Developments - The company successfully won bids for key projects, including the Lingbao renovation project and various railway projects, indicating strong market presence [5] - The company maintained a leading position in the State Grid's electric meter procurement and saw significant growth in orders from the Southern Grid [5] - Internationally, products such as mobile substations and charging stations entered markets in Saudi Arabia, Brazil, and Spain, showcasing the company's global expansion efforts [5] Group 4: Future Outlook and Strategic Initiatives - The company is actively tracking high-voltage projects, including the Ningxia-Hunan and Hami-Chongqing projects, with plans to follow up on additional major projects in the future [6] - The company aims to expand its international market presence in regions such as South America, Southeast Asia, and Europe, focusing on products like electric meters and transformers [6] - The company plans to enhance product competitiveness through improved technology, quality, and cost control in response to regional procurement trends [6]

人民财讯8月21日电，金冠电气(688517)8月21日晚间披露2025年半年度报告，上半年实现营业收入3.41 亿元，同比增长7.75%；归母净利润4233.7万元，同比下降17.16%；基本每股收益0.31元。报告期内， 公司持续开展陶瓷基板类产品的研发工作。常规导热的氮化铝和氮化硅基板基本工艺已经确定，准备给 客户送样。直接键合DBC覆铜基板和活性金属钎焊AMB覆铜基板已有合格的实验室样品，正在进行工 艺稳定性验证。 ...

Core Insights - The company reported a revenue of 6.447 billion yuan for the first half of 2025, with a gross margin of 23.75%, an increase of 2.85 percentage points year-on-year [1] - The net profit attributable to shareholders reached 634 million yuan, reflecting a year-on-year growth of 0.96%, while the net cash flow from operating activities surged by 237.08% to 1.12 billion yuan [1] - Research and development investment amounted to 263 million yuan, marking a year-on-year increase of 9.21%, indicating continuous improvement in operational efficiency [1] Technological Achievements - The company achieved significant technological milestones, completing 17 national-level technology assessments, with 16 reaching international leading standards [1] - It led the publication of 1 international standard and 6 national standards, while filing 206 patent applications and receiving 88 patent grants [1] - Key advancements in power electronics include the successful grid connection of a 6.5 kV/3 kA IGBT flexible direct current converter and the first application of a 35 MW IGBT hydrogen production power supply [1] Market Performance - The company is focusing on high-quality customers and orders, leading to an increase in order quality [2] - It successfully won bids for significant projects, including the Lingbao renovation project and maintained a leading position in the State Grid's electric meter procurement [2] - The international market presence is expanding, with products entering markets in Saudi Arabia, Brazil, and Spain, and charging station products shortlisted by power companies in Thailand and Peru [2] Profit Distribution - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 2.38 yuan per 10 shares, totaling 242 million yuan to be distributed to shareholders [2]

Core Viewpoint - Jinpan Technology (688676.SH) is increasing its investment in research and development for new products and technologies related to data center power modules, focusing on advanced technology products such as solid-state transformers, JST high-voltage direct current systems, and supercapacitor cabinets [1] Group 1 - The company has a dedicated R&D team that is actively working on cutting-edge technology products [1] - Ongoing R&D efforts include ultra-high power uninterruptible power supplies (UPS) and high-voltage direct current modules (HVDC) [1] - The company will disclose progress in accordance with information disclosure rules and will provide updates through relevant announcements [1]

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-053 特变电工股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以公司2025年半年度的定期报告中披露的数据为准，提请投资者 注意投资风险。 一、2025年半年度主要财务数据和指标 单位：亿元 | 项目 | 上年同期 本报告期 | | | | 增减变动幅度（％） | | --- | --- | --- | --- | --- | --- | | | 调整后 | | 调整前 | | | | 营业总收入 | 484.01 | 478.63 | 478.42 | | 1.12 | | 营业利润 | 43.84 | 37.46 | 37.50 | | 17.04 | | 利润总额 | 44.23 | 38.25 | 38.29 | | 15.62 | | 归属于上市公司股东 | | | | | | | 的净利润 | | | | | | | 归属于上 ...

Core Points - The company plans to distribute a cash dividend of 0.47 yuan (including tax) for every 10 shares held, based on the total share capital as of the record date for the distribution [1][2] - The total cash dividend to be distributed amounts to approximately 240.92 million yuan, which represents 40.27% of the net profit attributable to shareholders for the first half of 2025 [1][2] - The profit distribution plan has been approved by the board of directors and does not require further approval from the shareholders' meeting, as it falls within the authorized scope from the 2024 annual shareholders' meeting [2] Profit Distribution Plan Details - As of June 30, 2025, the company's undistributed profits amount to 1.87 billion yuan [1] - The total share capital of the company is 5,125,882,352 shares, which will be used as the basis for calculating the cash dividend distribution [1] - If there are any changes to the total share capital before the record date, the total distribution amount will remain unchanged, but the per-share distribution ratio will be adjusted accordingly [1] Decision-Making Process - The board of directors unanimously approved the profit distribution proposal during a meeting [2] - The supervisory board also unanimously approved the proposal [2] - The shareholders' meeting has authorized the board to formulate and implement the mid-term profit distribution plan, provided that profit distribution conditions are met [2]

Summary of Key Points Core Viewpoint - The company has announced a cash dividend distribution plan for the first half of 2025, reflecting its commitment to shareholder returns and maintaining corporate value. Group 1: Profit Distribution Plan - The company plans to distribute a cash dividend of 1.88 yuan (including tax) for every 10 shares held, based on the total share capital registered on the dividend distribution date [1][2] - The total share capital of the company is 1,356,921,309 shares, leading to a total cash dividend payout of approximately 255,101,206.09 yuan (including tax), which represents a cash dividend ratio of 38.37% [1][2] - The distribution plan aligns with the authorization granted by the 2024 annual general meeting regarding the mid-term cash dividend for 2025, and does not require further approval from the shareholders' meeting [1][2] Group 2: Decision-Making Process - The company's board of directors held a meeting on August 19, 2025, where the profit distribution policy was approved with unanimous support (9 votes in favor, 0 against) [2] - The decision-making process adhered to the company's previously disclosed shareholder return plan and profit distribution policy [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 7.54 [7][8][5] Core Views - The company has shown strong profit growth in Q2 2025, with total revenue reaching RMB 6.07 billion, a year-on-year increase of 7.22% and a quarter-on-quarter increase of 15.38% [1] - The company is benefiting from strong demand in the non-UHV main network bidding and ongoing planning and construction of UHV projects, leading to an optimistic outlook for its profitability [1] - The gross margin for H1 2025 improved to 21.61%, up 2.68 percentage points year-on-year, while the net profit margin increased to 6.55%, up 1.04 percentage points year-on-year [2] - The company has significantly increased its overseas revenue, which reached RMB 2.17 billion, a year-on-year growth of 64.05%, with the overseas revenue proportion rising to 19.16% [3] - The domestic bidding for transmission and transformation equipment has been robust, with a total investment of RMB 291.1 billion in China's power grid from January to June 2025, a year-on-year increase of 14.6% [4] Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of RMB 11.33 billion, a year-on-year increase of 8.91%, and a net profit of RMB 598 million, a year-on-year increase of 30.08% [2] - The company’s revenue from transformers, switches, and power electronics reached RMB 4.93 billion, showing a year-on-year growth of 10.45% [2] Market Expansion - The company has successfully expanded its overseas business, with significant contracts won in Malaysia and from GE, indicating a strong demand for high-voltage products abroad [3] - The domestic transformer industry has also seen strong export performance, with a total export value of USD 3.75 billion from January to June 2025, a year-on-year increase of 36% [3] Industry Outlook - The report highlights the ongoing strong demand for UHV projects, with several key projects expected to be operational in 2025, supporting future demand for the company's products [4] - The overall investment in the power grid is expected to continue growing, providing a favorable environment for the company's operations [4] Profitability Forecast - The report has adjusted the profit forecast for 2025-2027, with expected net profits of RMB 1.48 billion, RMB 1.85 billion, and RMB 2.13 billion respectively, reflecting a compound annual growth rate (CAGR) of 19.93% [5] - The company is projected to maintain a strong earnings growth trajectory, supported by its comprehensive product coverage and ongoing market expansion [5]

公司最新总资产周转率为0.24次，较去年同期总资产周转率增加0.01次，实现5年连续上涨，同比较去年 同期上涨3.20%。最新存货周转率为1.82次。 公司最新资产负债率为46.47%。 公司最新毛利率为21.61%，较上季度毛利率增加0.59个百分点，实现9个季度连续上涨，较去年同期毛 利率增加2.68个百分点，实现2年连续上涨。最新ROE为2.65%，较去年同期ROE增加0.60个百分点。 公司摊薄每股收益为0.12元，较去年同报告期摊薄每股收益增加0.03元，实现5年连续上涨，同比较去年 同期上涨33.33%。 2025年8月21日，中国西电(601179.SH)发布2025年中报。 公司营业总收入为113.31亿元，较去年同报告期营业总收入增加9.27亿元，实现5年连续上涨，同比较去 年同期上涨8.91%。归母净利润为5.98亿元，较去年同报告期归母净利润增加1.38亿元，实现5年连续上 涨，同比较去年同期上涨30.08%。经营活动现金净流入为-2930.31万元。 公司股东户数为16.64万户，前十大股东持股数量为34.87亿股，占总股本比例为68.02%，前十大股东持 股情况如下： | 序号 | ...