2025年8月19日，特变电工股份有限公司发布公告。鉴于公司拟向不特定对象发行可转换公司债券，按 相关法规要求，公司对最近五年被证券监管部门和交易所采取监管措施或处罚情况进行自查。结果显 示，公司自上市以来严格依规运营，致力于完善治理结构。近五年不存在被证券监管部门和交易所处罚 的情形，也不存在被采取监管措施的情况，无相关整改事项。公司董事会及全体董事对公告内容真实 性、准确性和完整性担责。 ...

Core Viewpoint - Dongwu Securities report indicates that Siyuan Electric achieved a net profit attributable to shareholders of 1.293 billion yuan in H1 2025, representing a year-on-year increase of 46%, with Q2 net profit reaching 846 million yuan, up 62% [1] Financial Performance - The overseas revenue growth has significantly enhanced profitability, and the performance aligns with market expectations [1] - For H2 2025, the company is expected to see continued growth in overseas revenue and gross margin due to the delivery of high-quality overseas orders, which will drive improvements in net profit margin and overall gross margin [1] Cash Flow Analysis - As of H1 2025, the company reported a net cash outflow from operating activities of 713 million yuan, primarily due to substantial capital requirements in the energy storage business and extended payment terms in overseas operations [1] - Despite the cash outflow, the company maintains a strong financial position with low bad debt risk due to high-quality customer credit [1] Profit Forecast - The company’s projected net profits for 2025-2027 are 2.82 billion yuan, 3.80 billion yuan, and 5.00 billion yuan, reflecting year-on-year growth rates of 38%, 35%, and 32% respectively [1] - The current price corresponds to price-to-earnings ratios of 24x, 18x, and 14x for the years 2025, 2026, and 2027 [1] - The rating for the company is maintained as "Buy" [1]

Core Insights - The company reported a total revenue of 8.497 billion yuan for the first half of 2025, marking an increase of 2.331 billion yuan compared to the same period last year, achieving a 37.80% year-on-year growth [1] - The net profit attributable to shareholders reached 1.293 billion yuan, an increase of 406 million yuan from the same period last year, reflecting a 45.71% year-on-year growth [1] - The company experienced a negative net cash flow from operating activities of 713 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 46.13% [3] - The gross profit margin is 31.74%, which is an increase of 1.42 percentage points from the previous quarter [3] - The return on equity (ROE) is 9.66%, up by 1.63 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 1.66 yuan, an increase of 0.51 yuan year-on-year, representing a 44.35% growth [3] - The total asset turnover ratio is 0.35 times, an increase of 0.03 times from the same period last year, reflecting an 8.53% year-on-year growth [3] - The inventory turnover ratio is 1.42 times, up by 0.07 times compared to the same period last year, indicating a 5.41% year-on-year increase [3] Shareholder Structure - The number of shareholders is 20,000, with the top ten shareholders holding a total of 464 million shares, accounting for 59.58% of the total share capital [3] - The largest shareholder is Hong Kong Central Clearing Limited, holding 19.91% of the shares [3] - Other significant shareholders include Dong Zengping (16.8%), Chen Bangdong (12.3%), and Yang Xiaoqiang (3.27%) [3]

Core Viewpoint - The report highlights that Siyuan Electric (002028) has shown strong performance in H1 2025, with significant growth in both revenue and net profit, driven by increased overseas income and improved profitability metrics, meeting market expectations [2][3][5]. Financial Performance - In H1 2025, the company achieved revenue of 8.497 billion yuan, a year-on-year increase of 38%, and a net profit attributable to shareholders of 1.293 billion yuan, up 46% year-on-year [2]. - Q2 2025 saw revenue of 5.270 billion yuan, reflecting a 50% increase year-on-year, with a net profit of 846 million yuan, up 62% year-on-year [2]. - The gross profit margin for H1 2025 was 31.74%, slightly down by 0.01 percentage points year-on-year, while the net profit margin increased by 0.82 percentage points to 15.21% [2]. Overseas Revenue Growth - The company's overseas revenue reached 2.862 billion yuan in H1 2025, a remarkable increase of 89% year-on-year, with a gross profit margin of 35.69%, up 1.87 percentage points [3]. - Overseas revenue now accounts for 34% of total revenue, an increase of 9 percentage points year-on-year, indicating a growing reliance on international markets [3]. Domestic Market Performance - Domestic revenue for H1 2025 was 5.635 billion yuan, a 21% increase year-on-year, with a gross profit margin of 29.73%, down 1.34 percentage points [4]. - The performance of subsidiaries such as Siyuan High Voltage and Siyuan Hertz showed significant growth, with revenue increases of 10% and 31% respectively [4]. Investment and Cost Management - The company increased its sales, management, and R&D expenses by 52%, 10%, and 26% respectively in H1 2025, reflecting a strategic focus on market and sales investments [5]. - Inventory and contract liabilities rose significantly, with inventory at 4.715 billion yuan and contract liabilities at 2.562 billion yuan, up 38% and 32% year-on-year respectively, indicating a solid order backlog [5]. Profit Forecast - The company maintains profit forecasts for 2025-2027, estimating net profits of 2.82 billion yuan, 3.80 billion yuan, and 5.00 billion yuan respectively, with corresponding year-on-year growth rates of 38%, 35%, and 32% [5].

Report Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - The report tracks the weekly data of green bonds from August 11 - August 15, 2025, covering primary market issuance, secondary market trading, and valuation deviation of the top 30 individual bonds [1][2][3]. Summary by Related Catalogs Primary Market Issuance - 10 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 1.3131 billion yuan, an increase of 221.8 million yuan from the previous week [1]. - The issuance terms are mostly 3 years; issuers include local state - owned enterprises, central state - owned enterprises, central enterprise subsidiaries, and central financial enterprises [1]. - The issuer's main credit ratings are AAA and AA+; issuers are from Beijing, Guangdong, Guangxi, Henan, Jiangsu, and Inner Mongolia [1]. - The types of issued bonds include ultra - short - term financing bills, ABNs from the Dealer Association, commercial bank ordinary bonds, medium - term notes, private corporate bonds, and general corporate bonds [1]. Secondary Market Trading - The weekly trading volume of green bonds totaled 5.78 billion yuan, an increase of 1.04 billion yuan from the previous week [2]. - By bond type, the top three in trading volume are non - financial corporate credit bonds (2.61 billion yuan), financial institution bonds (2.13 billion yuan), and interest - rate bonds (630 million yuan) [2]. - By issuance term, green bonds with a term of less than 3 years had the highest trading volume, accounting for about 78.96%, indicating continuous market popularity [2]. - By issuer's industry, the top three industries in trading volume are finance (2.47 billion yuan), public utilities (1.2 billion yuan), and transportation equipment (180 million yuan) [2]. - By issuer's region, the top three regions in trading volume are Beijing (1.75 billion yuan), Guangdong (670 million yuan), and Hebei (510 million yuan) [2]. Valuation Deviation of the Top 30 Individual Bonds - The overall deviation of the weekly average trading price valuation of green bonds is not large, with the discount trading range smaller than the premium trading range, and the proportion of discount trading smaller than that of premium trading [3]. - Among the discount bonds, the top three discount rates are for 25 ShuiNeng G1 (- 0.7750%), 21 LinChuan Green Bond 02 (- 0.7466%), and 21 XinYi Green Bond (- 0.2536%), and the rest of the discount rates are within - 0.20%. The main industries of the issuers are finance, construction, and public utilities, and the implied ratings of ChinaBond are mainly AAA -, AA, and AA+ [3]. - Among the premium bonds, the top four premium rates are for 20 HuNan Bond 65 (0.9090%), 25 XiangYu JinXiang MTN003 (green) (0.7237%), 20 GuangDong Bond 05 (0.6806%), and 20 GuangDong Bond 16 (0.6433%), and the rest of the premium rates are within 0.60%. The main industries of the issuers are finance, public utilities, and transportation equipment, and the implied ratings of ChinaBond are mainly AA+, AA, and AAA - [3].

Core Points - The company has received acceptance from the Shenzhen Stock Exchange for its application to issue convertible bonds to unspecified objects [1] - The application documents were deemed complete by the Shenzhen Stock Exchange, but the issuance is subject to further review and approval from the China Securities Regulatory Commission [1] - There is uncertainty regarding the approval process and timeline for the issuance of the convertible bonds [1] Summary by Sections - **Company Announcement**: The company announced that it received a notification from the Shenzhen Stock Exchange on August 14, 2025, regarding the acceptance of its application for issuing convertible bonds [1] - **Regulatory Process**: The issuance of the convertible bonds requires further review by the Shenzhen Stock Exchange and approval from the China Securities Regulatory Commission [1] - **Investor Advisory**: The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations as the situation progresses, urging investors to be aware of investment risks [1]

Core Viewpoint - The financial performance of Great Wall Electric (600192) for the first half of 2025 shows a decline in revenue and profit, with significant increases in certain liabilities and a concerning cash flow situation [1][14]. Financial Performance Summary - Total revenue for the period reached 694 million yuan, a year-on-year decrease of 6.31% [1] - Net profit attributable to shareholders was -112 million yuan, down 38.51% year-on-year [1] - In Q2 alone, total revenue was 409 million yuan, reflecting a year-on-year increase of 15.46%, while net profit was -72.24 million yuan, a decrease of 36.01% [1] Key Financial Ratios - Gross margin stood at 11.52%, down 32.75% year-on-year [1] - Net margin was -17.21%, a decline of 51.38% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 144 million yuan, accounting for 20.81% of revenue, a decrease of 3.36% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable constituted 76.16% of total revenue, indicating a large volume of outstanding payments [1] - Cash flow from operating activities showed a significant decline of 57.18%, attributed to a decrease in cash received from customers [8] Changes in Assets and Liabilities - Cash and cash equivalents increased by 9.05% due to received payments [6] - Accounts receivable financing decreased by 71.0% due to the settlement of notes [2] - Inventory increased by 2.76%, influenced by a rise in work-in-progress [3] - Contract assets decreased by 8.2% due to a reduction in delivered orders [4] Revenue Breakdown - Revenue from switchgear business fell by 37.61 million yuan, a decline of 9.46% [7] - Revenue from electrical components decreased by 26.96 million yuan, down 12.82% [7] - Trade business revenue dropped by 9.60 million yuan, while engineering project revenue increased by 27.75 million yuan, up 143.34% [7] Cost and Expense Analysis - Operating costs changed minimally, with a slight increase of 0.03% [8] - Selling expenses decreased by 13.59%, while administrative expenses fell by 8.11% [8] - Financial expenses also saw a reduction of 5.07% [8] Investment and Financing Activities - Cash flow from investment activities decreased by 61.49%, primarily due to investments in the industrial park project [8] - Short-term borrowings increased by 9.06% to support operational needs [6] - Long-term borrowings rose by 18.11% for the same reason [6] Other Financial Metrics - Other income decreased by 8.01% due to reduced government subsidies [9] - Investment income plummeted by 172.61% due to losses from an associated company [9] - Asset impairment losses surged by 294.63%, influenced by the application of a credit loss model [10]

Core Viewpoint - The stock price of TBEA has increased by 1.20% to 13.52 CNY, indicating positive market sentiment towards the company and its operations in the power and energy sectors [1]. Group 1: Company Overview - TBEA's main business includes transformers, wires and cables, and new energy engineering services, with applications in power, coal, and oil industries [1]. - The company is involved in key national projects such as "West-East Power Transmission" and has a presence in over 70 countries and regions internationally [1]. Group 2: Recent Developments - During a recent research activity, TBEA showcased a ±1100 kV ultra-high voltage transformer model, which has a core component iron loss that is 15% lower than international standards [1]. - The company is leveraging a digital platform for comprehensive lifecycle management of its equipment and is continuously expanding its new energy and ultra-high voltage transmission and transformation business [1]. Group 3: Financial Performance - On the trading day, TBEA experienced a net inflow of 802,300 CNY in main funds, although there was a net outflow of 427 million CNY over the past five days [2].

Group 1 - The stock price of Changgao Electric New reached 7.44 yuan as of August 15, 2025, reflecting a 1.36% increase from the previous trading day [1] - The trading volume on that day was 117,170 hands, with a transaction amount of 0.87 billion yuan [1] - Changgao Electric New specializes in the research, production, and sales of power transmission and transformation equipment, including high-voltage switches and closed-type combined electrical appliances [1] Group 2 - On August 14, Changgao Electric New received a notice from the Shenzhen Stock Exchange regarding the acceptance of its application for issuing convertible bonds to unspecified objects [1] - The company plans to raise funds through the issuance of convertible bonds for capacity expansion projects, specifically for the production line construction of high-voltage switches and closed-type combined electrical appliances [1] Group 3 - On August 15, the net outflow of main funds for Changgao Electric New was 10.35 million yuan, accounting for 0.27% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 23.17 million yuan, representing 0.6% of the circulating market value [1]

Group 1 - The company, Yangdian Technology, stated that its products are primarily used in the construction of distribution networks, data centers, and new energy substations, and are not applied in the HVDC (High Voltage Direct Current) field [2]