Core Viewpoint - Anke Intelligent Electric (300617) has reported progress on its fundraising projects, indicating advancements in its modular smart substation construction and transformer production [1] Group 1: Project Progress - The main structure of the modular smart substation has been completed, and the installation and debugging of the transformer production line have been finished [1] - The company has entered the trial production phase for its transformers [1] Group 2: Product Focus - The current production of transformers primarily includes oil-immersed and gas-insulated transformers [1] - Solid-state transformers are identified as an important direction for the company's future development [1]

Core Viewpoint - Anke Intelligent Electric has successfully established sales of its cable connection products in various countries, including the United States, Mexico, Indonesia, Ecuador, Sudan, and Nigeria, while also providing cable system services in Vietnam, India, the Philippines, and Singapore [2] Group 1 - The company is expanding its market presence in North America, South America, Europe, the Middle East, and Southeast Asia through partnerships with state-owned enterprises and overseas agents [2]

Core Viewpoint - Anke Intelligent Electric reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to reduced income from GIL products and system services, as well as increased R&D expenses and rising period expense ratios [2] Financial Performance - Revenue for the first three quarters reached 457.2 million yuan, a decrease of 31.66% year-on-year [2] - The net profit attributable to the parent company was 73.82 million yuan, down 45.72% compared to the previous year [2] - In Q3 alone, revenue was 129.6 million yuan, reflecting a year-on-year decline of 29.64% [2] - The net profit for Q3 was 7.784 million yuan, which represents a significant drop of 73.32% year-on-year [2] Business Challenges - The decline in performance is attributed to a decrease in revenue from GIL products and intelligent power system services compared to the same period last year [2] - Increased R&D investment and a rise in the period expense ratio have also contributed to the overall decline in profitability [2]

（编辑 王雪儿） 证券日报网1月30日讯 ，安靠智电在接受调研者提问时表示，相较于国内市场，北美对变压器产品的要 求在标准体系和实操层面差异显著：技术上，北美市场对绝缘、温升、短路保护的安全要求更严苛；交 付上，北美注重全生命周期溯源与认证文件专业性、完整性，在当前北美市场需求环境下，高度关注交 付的时效性；验收上，北美是资料审核、资质准入和实地验厂的多重验证，且注重审厂环节，对生产体 系、洁净度、原材料、产线数字化等要求较高。针对北美市场，公司凭借数字化产线、洁净工厂等满足 客户审厂要求，搭配无惧时差的全天候服务响应，同时以专业详尽的技术资料交付，满足客户要求。 ...

格隆汇1月30日丨安靠智电(300617.SZ)近日接受特定对象调研时表示，2025年铜铝价格上涨对公司产品 生产制造成本带来一定影响：例如铝材占公司GIL产品整体制造成本的70%-80%左右，2025年铝价上涨 对制造成本的影响大约在10%左右；铜材占公司变压器产品整体制造成本30%~40%左右，2025年铜价 上涨对制造成本的影响大约在10%左右。为有效控制原材料价格波动风险，经公司第五届董事会第十一 次会议和第五届监事会第九次会议审议通过，公司开展商品期货套期保值业务，旨在控制原材料价格波 动风险，提升公司整体抵御风险能力，保证主营业务健康、稳定增长。截止本投资者关系活动记录表披 露日，相关套期保值业务尚未开展。 ...

格隆汇1月30日丨安靠智电(300617.SZ)近日接受特定对象调研时表示，2025年铜铝价格上涨对公司产品 生产制造成本带来一定影响：例如铝材占公司GIL产品整体制造成本的70%-80%左右，2025年铝价上涨 对制造成本的影响大约在10%左右；铜材占公司变压器产品整体制造成本30%~40%左右，2025年铜价 上涨对制造成本的影响大约在10%左右。为有效控制原材料价格波动风险，经公司第五届董事会第十一 次会议和第五届监事会第九次会议审议通过，公司开展商品期货套期保值业务，旨在控制原材料价格波 动风险，提升公司整体抵御风险能力，保证主营业务健康、稳定增长。截止本投资者关系活动记录表披 露日，相关套期保值业务尚未开展。 ...

格隆汇1月30日丨安靠智电(300617.SZ)近日接受特定对象调研时表示，公司目前具备 10kV-1000kV 全系 列GIL 生产制造能力，系列产品多次通过中国机械工业联合会组织、国家电网和南方电网参与的新产品 鉴定，达到国际或国内先进水平，其中220kV三相共箱GIL产品为国际首创。GIL 产品在城市电网和用 户侧具备较为丰富的运行业绩，主要在城市电网、地方政府、用户侧、发电侧等运用场景领域拓展市 场。当前铜价快速上涨，市场对低成本输电产品的需求日益增长，公司正开展小型化、低成本GIL 产品 研发，在部件轻量化、新型电气连接、生产工艺、智能化安装与敷设等各方面都有创新与优化，目标用 低成本 GIL 替代大截面、高压电缆(110kV，220kV)、管型母线，进一步扩大 GIL 市场份额。技术储备 方面，公司正积极推进直流 GIL 技术研发，预计在 2026 年会有所突破。公司目前正在积极开拓海外市 场，GIL 产品在海外已取得一定销售。 ...

证券代码：300617 证券简称：安靠智电 江苏安靠智电股份有限公司 投资者关系活动记录表 答：2025 年铜铝价格上涨对公司产品生产制造成本带来一定影响： 例如铝材占公司 GIL 产品整体制造成本的 70%-80%左右，2025 年铝 价上涨对制造成本的影响大约在 10%左右；铜材占公司变压器产品 整体制造成本 30%~40%左右，2025 年铜价上涨对制造成本的影响大 约在 10%左右。为有效控制原材料价格波动风险，经公司第五届董 事会第十一次会议和第五届监事会第九次会议审议通过，公司开展 商品期货套期保值业务，旨在控制原材料价格波动风险，提升公司 整体抵御风险能力，保证主营业务健康、稳定增长。截止本投资者 关系活动记录表披露日，相关套期保值业务尚未开展。 3、国家发改委和能源局关于促进电网高质量发展的指导意见中指出， 研发应用超长距离交直流 GIL 等高性能电力装备，加快构网型技术工 程验证与推广应用，公司对此布局如何？ 编号：2026-001 投资者关系 活动类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 ☑ 现场参观 □ 其他 （请文字说明其他活动 ...

Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook compared to the market [7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 190 to 210 million yuan in 2025, representing a year-on-year growth of 63.6% to 80.8% [4]. - In Q4 2025, the company anticipates a net profit of 40.02 to 60.02 million yuan, showing a year-on-year increase of 5.2% to 57.8% [4]. - The company is experiencing robust market demand, with product volume and price increases contributing to significant revenue growth [8]. Financial Data and Profit Forecast - Total revenue is projected to reach 826 million yuan in 2025, with a year-on-year growth rate of 43.0% [6]. - The net profit for 2025 is estimated at 200 million yuan, reflecting a year-on-year increase of 72.4% [6]. - Earnings per share are expected to be 2.19 yuan in 2025, with a projected gross margin of 37.3% [6]. - The company’s return on equity (ROE) is forecasted to be 21.2% in 2025 [6]. Market Demand and Production Capacity - The company is focusing on ultra-high voltage products, with significant capacity expansion expected in the next 1-2 years [8]. - The second phase of production for high/ultra-high voltage insulation materials is set to contribute significantly to revenue in 2026 [8]. - The establishment of a wholly-owned subsidiary in Hong Kong indicates the company's strategy to expand into overseas markets [8].

证券日报网讯1月29日，特变电工（600089）在互动平台回答投资者提问时表示，公司2025年前三季度 国际输变电市场签约12.40亿美元，同比增长超80%(不含公司已公告的沙特中标金额)。公司持续推进变 压器等输变电产品国际市场开拓，目前海外订单已覆盖亚洲、中东、欧洲、非洲及美洲等多个区域。公 司将持续加强国际团队建设及国际市场开拓力度，提升国际市场销售占比。 ...