许继电气股份有限公司 《国有控股上市公司（境 内）实施股权激励试行办法》《中央企业控股上市公司实施股权激励 工作指引》等有关规定，对公司 2022 年限制性股票激励计划相关事 项进行了核查，发表核查意见如下： 经审核，监事会认为，公司完成 2024 年年度权益分派事项，根 据 2022 年限制性股票激励计划等相关规定，公司将回购价格调整为 情形，监事会同意对 2022 年限制性股票激励计划回购价格进行调整。 未解锁的限制性股票的核查意见： 监事会关于 2022 年限制性股票激励计划相关事项的 核查意见 许继电气股份有限公司（以下简称"公司" ）监事会依据《公司 法》 《证券法》 《上市公司股权激励管理办法》 经审核，监事会认为，公司 2022 年限制性股票激励计划激励对 象中有 2 人岗位调动、3 人离职、第一个解除限售期的 9 人考核部分 达标或不达标，公司拟回购其持有的尚未解锁的限制性股票 127,060 股。因岗位调动回购价格为 11.235 元/股加上中国人民银行公布的同 期存款基准利率计算的利息；因离职及考核部分达标或不达标的，回 购价格为 11.235 元/股，公司本次回购价格的确定合法有效；本次 ...

Core Viewpoint - Minsheng Securities report indicates that Huaming Equipment's net profit attributable to shareholders for H1 2025 is 368 million yuan, an increase of 17.17% year-on-year, with Q2 2025 net profit reaching 197 million yuan, up 5.10% year-on-year and 15.06% quarter-on-quarter [1] Financial Performance - The company's gross margin and net profit margin excluding non-recurring items continue to improve [1] - Non-recurring gains and losses significantly impacted H1 2025 due to the disposal of subsidiary equity, resulting in a loss of 11.54 million yuan [1] - The company's core profitability continues to enhance despite the impact of non-recurring items [1] Business Growth - Core business continues to grow, with notable acceleration in overseas market expansion [1] - In 2025, the company's vacuum on-load tap changer will officially achieve mass operation in the ±800KV UHVDC line from Longdong to Shandong, positioning the company as a leader in domestic tap changer replacement [1] - The ongoing promotion of UHV lines and the domestic substitution process of core products are expected to bring new business increments to the company [1] Market Position - The company is a leader in the domestic transformer tap changer market, with a stable competitive landscape [1] - The company's overseas expansion is accelerating [1] - Based on the closing price on August 8, the company's PE ratios for 2025-2027 are projected at 23X, 20X, and 17X respectively [1] - The report maintains a "recommend" rating for the company [1]

Group 1 - The core viewpoint of the report is that Huaming Equipment (002270.SZ) is given a recommended rating due to its improving financial metrics and growth prospects [2] - The company's gross margin and net profit margin (excluding non-recurring items) have shown continuous improvement [2] - The core business of the company is experiencing sustained growth, with notable acceleration in overseas market expansion [2] - The company has successfully achieved batch operation of its ultra-high voltage tap switches [2]

Group 1 - The company Hongyuan Co., Ltd. is set to launch an IPO with a subscription code of 920018 and an issue price of 9.17 yuan, resulting in a total market value of 844.1 million yuan [2] - The company has a price-to-earnings ratio of 12.34, which is competitive within its industry [2] - Hongyuan Co., Ltd. primarily engages in the research and development of electromagnetic wires and has established itself as a manufacturer of specialized electromagnetic wire products for ultra-high voltage transformers [2][3] Group 2 - The company's main clients include major manufacturers of power transmission and transformation equipment, such as TBEA, China West Electric, and Shandong Electric Power [2] - Hongyuan Co., Ltd. is actively expanding into the renewable energy sector, focusing on the development of specialized wires for new energy vehicles and securing orders from domestic and international electric vehicle manufacturers [3] - Over the past three years, the company's revenue has shown significant growth, with a projected revenue of 2.072 billion yuan in 2024 (+41.82%), 1.461 billion yuan in 2023 (+11.44%), and 1.311 billion yuan in 2022 (+31.49%) [3]

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》。 ...

Core Points - The document outlines the working system for independent directors' special meetings at Huaming Power Equipment Co., Ltd, aiming to enhance decision-making processes and ensure independent directors fulfill their responsibilities effectively [1][2] - Independent directors are obligated to act in the best interests of the company and all shareholders, maintaining independence from the company and its major shareholders [1][2] Group 1 - Independent directors' special meetings can be convened irregularly, with a three-day notice period for all independent directors, which can be waived with unanimous consent [2] - A majority of independent directors must jointly elect one director to convene and preside over the special meeting; if the convener is unable to perform their duties, two or more directors can convene the meeting [2][3] - Meetings can be held in person, via electronic communication, or a combination of both, with independent directors expected to attend in person and express clear opinions on agenda items [2][3] Group 2 - Each independent director has one vote in the special meeting, and decisions require a majority agreement from all independent directors [2][3] - Independent directors have special powers, including hiring external agencies for audits or consultations, proposing temporary shareholder meetings, and expressing independent opinions on matters that may harm the company or minority shareholders [2][3] Group 3 - Certain matters must be discussed in the independent directors' special meeting and require majority approval before being submitted to the board for consideration, including related party transactions and changes to commitments [4][5] - Independent directors must provide clear opinions during meetings, which can include agreement, reservations, opposition, or inability to express an opinion [4][5] Group 4 - Meeting records must be maintained, including details such as the date, location, attendees, agenda items, voting results, and opinions expressed by independent directors [5] - The company is responsible for providing necessary support and conditions for the meetings, including operational information and covering costs for hiring professional institutions when required [5]