Summary of Conference Call Records Industry Overview: UHV (Ultra High Voltage) Sector Key Points - The UHV sector has experienced a valuation drop to approximately 14-15 times, down from a peak of 30 times, significantly enhancing investment attractiveness [1][3][9] - Two major DC lines have been approved in 2025, with expectations for more approvals, including five DC lines, three AC lines, and several expansion and back-to-back projects, indicating a recovery in the industry [1][5] - The investment demand for UHV-related core equipment is projected to exceed 50 billion yuan in 2025, a notable increase from 30-40 billion yuan in the previous year, driven by the State Grid's planning during the 14th Five-Year Plan [1][6] Company Performance and Market Dynamics - Key companies such as XJ Electric, China XD Electric, and State Grid NARI have shown strong performance in the UHV sector, with XJ Electric benefiting significantly from its share in the investment of UHV lines [1][9][12] - China XD Electric has maintained a leading market share in the UHV equipment sector, with continuous improvement in profitability and successful breakthroughs in industrial clients [12][14] - NARI has excelled in UHV converter valves and related products, with a notable increase in market share and a stable growth rate in automation and industrial control sectors [15][16] Future Expectations - The UHV construction intensity is expected to maintain strong growth, with an anticipated addition of 4-5 DC lines and 2-3 AC lines annually during the 15th Five-Year Plan [8][17] - The current valuation of core companies in the UHV sector has decreased to around 15 times, making it an attractive investment opportunity compared to the previous year's high of 30 times [9][17] Investment Recommendations - Recommended companies for investment focus include: - **XJ Electric**: Significant earnings elasticity in UHV construction, with a market share of 20-30% in valve and control protection equipment [9][13] - **Pinggao Group**: Strong performance in AC UHV products and reduced international business drag [11][13] - **China XD Electric**: Benefiting from domestic market demand and improved profitability [12][13] Additional Insights - The UHV sector is entering a period of intensive approvals for new lines, which is expected to enhance the performance of related companies [5][4] - The overall market structure remains stable, with leading companies like NARI, XJ Electric, and China XD Electric dominating the converter valve market [6][7]

Core Viewpoint - The nomination of Chen Tao as an independent director candidate for Hainan Jinpan Intelligent Technology Co., Ltd. has been made, with the nominee meeting all necessary qualifications and independence criteria as per relevant regulations [1][2][4]. Summary by Sections Nomination and Qualifications - Chen Tao has been nominated as an independent director candidate for the third board of Hainan Jinpan Intelligent Technology Co., Ltd. and has agreed to the nomination [1]. - The nominee possesses basic knowledge of listed company operations and has over five years of relevant work experience in law, economics, accounting, finance, or management [1]. Compliance with Regulations - The nominee's qualifications comply with various laws and regulations, including the Company Law of the People's Republic of China and the Management Measures for Independent Directors of Listed Companies [1]. - The nominee has completed training and obtained relevant certification recognized by the stock exchange [1]. Independence Criteria - The nominee does not fall under any categories that would compromise independence, such as holding significant shares in the company or having close relationships with major shareholders [2][3]. - The nominee has no adverse records, including administrative or criminal penalties from the China Securities Regulatory Commission within the last 36 months [3][4]. Additional Information - The nominee has not served as an independent director in more than three domestic listed companies and has not served in Hainan Jinpan Intelligent Technology Co., Ltd. for more than six years [4]. - The nomination has been verified by the nomination committee of the board, confirming no conflicts of interest exist [4].

Core Points - The company establishes an internal audit system to enhance audit quality and protect investors' rights [1][2] - The internal audit department is responsible for evaluating the effectiveness of internal controls and risk management [1][3] - The board of directors is accountable for the establishment and implementation of internal control systems [2][4] Group 1: Internal Audit Structure - The company has set up an internal audit department under the board's audit committee to supervise financial information and internal control systems [2][5] - The internal audit department must have at least two dedicated personnel with relevant professional knowledge and experience [2][7] - The internal audit department operates independently and reports directly to the board's audit committee [2][9] Group 2: Responsibilities and Requirements - The internal audit department is tasked with evaluating the completeness and effectiveness of internal control systems across the company and its subsidiaries [3][13] - The department must report its findings and any significant issues to the audit committee at least quarterly [3][12] - Internal audit personnel must maintain confidentiality and ensure the reliability of audit evidence [7][19] Group 3: Audit Procedures and Focus Areas - The internal audit department is required to conduct audits on significant transactions such as external investments, asset purchases, and related party transactions [9][10] - Audits must focus on compliance with approval procedures and the legitimacy of financial activities [10][11] - The department must also evaluate the management of raised funds and ensure they are used according to the planned investment projects [12][28] Group 4: Reporting and Accountability - The internal audit department must submit an annual internal control evaluation report to the audit committee [20][21] - If significant deficiencies or risks are identified, the audit committee must inform the board and shareholders promptly [15][16] - The company implements a responsibility accountability mechanism for violations of internal control systems [20][23]

Group 1 - The company establishes a system for the temporary suspension and exemption of information disclosure to ensure compliance with relevant laws and regulations [1][2][8] - Information disclosure obligations are determined based on the rules of the Science and Technology Innovation Board and the company's actual circumstances [1][2] - The company emphasizes the importance of confidentiality regarding state secrets and commercial secrets, prohibiting any form of disclosure that could lead to violations [2][3] Group 2 - The scope of information that can be temporarily suspended or exempted includes state secrets and commercial secrets, with specific conditions outlined for each [2][3] - The company must adopt measures to prevent the leakage of information that is temporarily suspended or exempted from disclosure [4][5] - A detailed internal review process is established for handling requests for temporary suspension or exemption of information disclosure [5][6] Group 3 - The company is required to disclose information promptly once the reasons for temporary suspension or exemption are eliminated [6][12] - There is a responsibility accountability mechanism in place for any violations of the established procedures regarding information disclosure [7][8] - The company must comply with the relevant laws and regulations, and any conflicts with these regulations will be resolved according to the law [8][9]

海南金盘智能科技股份有限公司 第一章 总 则 公司发现控股股东、实际控制人及其他关联人占用募集资金的，应当及时要 求归还，并披露占用发生的原因、对公司的影响、清偿整改方案及整改进展情况。 公司的董事和高级管理人员应当勤勉尽责，确保公司募集资金安全，不得操 控公司擅自或者变相改变募集资金用途。 第二章 募集资金存储 第四条 公司应当审慎选择商业银行并开设募集资金专项账户（以下简称 "募集资金专户"），募集资金应当存放于经董事会批准设立的募集资金专户集 中管理和使用。募集资金专户不得存放非募集资金或者用作其它用途。 公司存在两次以上融资的，应当分别设置募集资金专户。超募资金也应当存 放于募集资金专户管理。 第五条 公司应当在募集资金到账后一个月内与保荐机构或者独立财务顾 问、存放募集资金的商业银行（以下简称"商业银行"）签订募集资金专户存储 三方监管协议并及时公告。相关协议签订后，公司可以使用募集资金。该协议至 少应当包括以下内容： 第一条 为规范海南金盘智能科技股份有限公司（以下简称"公司"）募集 资金的使用与管理，提高募集资金的使用效率，防范资金使用风险，确保资金使 用安全，保护投资者的利益，根据《中华人民共 ...

Group 1 - The ultra-high voltage (UHV) concept sector increased by 1.98%, ranking 10th among concept sectors, with 95 stocks rising, including Aote Xun hitting the daily limit [1] - Leading stocks in the UHV sector included Jinlihua Electric, Tongguang Cable, and Caneng Electric Power, which rose by 11.29%, 9.90%, and 8.70% respectively [1] - The sector saw a net inflow of 450 million yuan from main funds, with 55 stocks receiving net inflows, and 7 stocks exceeding 30 million yuan in net inflow [2] Group 2 - The top net inflow stock was Baobian Electric, with a net inflow of 127 million yuan, followed by Aote Xun, China West Electric, and Pinggao Electric with net inflows of 97.09 million yuan, 62.47 million yuan, and 57.06 million yuan respectively [2][3] - Aote Xun, Jinbei Electric, and China West Electric had the highest net inflow ratios at 29.79%, 13.02%, and 12.95% respectively [3] - The UHV concept sector's performance was supported by significant capital inflows, indicating strong investor interest [2][3]

Group 1 - The flexible DC transmission concept increased by 2.00%, ranking 9th among concept sectors, with 41 stocks rising, including Aotexun hitting the limit up, Tongguang Cable, and Baobian Electric rising by 9.90%, 8.68%, and 6.99% respectively [1] - The concept sector saw a net inflow of 406 million yuan, with 26 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow, led by Baobian Electric with a net inflow of 127 million yuan [2][3] - Aotexun, China West Electric, and Far East Holdings had the highest net inflow ratios at 29.79%, 12.95%, and 11.62% respectively [3] Group 2 - The top gainers in the flexible DC transmission sector included Baobian Electric with an 8.68% increase and Aotexun with a 9.99% increase, while the biggest losers included Dadongnan with a 6.11% decrease [1][5] - The trading volume and turnover rates for key stocks in the sector were significant, with Aotexun showing a turnover rate of 9.54% and Baobian Electric at 8.26% [3][4] - The overall market sentiment for the flexible DC transmission sector appears positive, with substantial capital inflow and several stocks performing well [2][6]

Core Viewpoint - The company has recently won a bid for the first batch of framework tender projects for distribution network equipment from Southern Power Grid Company, with an expected bid amount of 184 million yuan [1] Group 1: Project Details - The project includes the supply of 10kV oil-immersed transformers, 10kV amorphous alloy oil-immersed distribution transformers, 10kV SCB dry-type transformers, and 10kV pre-assembled substations [1] - The successful bid is expected to enhance the company's brand and industry influence [1] Group 2: Financial Impact - The project is anticipated to have a positive impact on the company's future operating performance [1]

Core Viewpoint - The successful testing of the 1000 kV low-noise reactor by Shenyang Transformer Company marks a significant breakthrough in the low-noise performance of ultra-high voltage reactors in China, achieving a noise level of 62 decibels, which sets a new industry record [1][2]. Group 1: Product Development - The 1000 kV low-noise reactor has passed the type test, overcoming the core technical challenge of low-frequency noise reduction for large-capacity ultra-high voltage equipment [2]. - The product's design eliminates the need for additional soundproofing devices, enhancing operational convenience and safety [1]. Group 2: Technical Innovations - The reactor reduces electromagnetic vibration through optimization of its inherent frequency, achieving active noise reduction [1]. - A damping noise reduction system is scientifically integrated into the vibration energy transmission path, enabling passive noise reduction [1]. Group 3: Industry Impact - The exceptional performance of the product supports environmental compliance for future ultra-high voltage projects, contributing to the construction of a new energy system in China [2]. - The breakthrough in low noise levels is expected to drive the green and low-carbon transformation of the energy sector [2].

Group 1 - Kanghong Pharmaceutical received a drug registration certificate for Lifisig Eye Drops, approved for treating dry eye symptoms [1] - Kanghong Biotech, a wholly-owned subsidiary, received clinical trial approval for KH813 injection for metastatic non-squamous non-small cell lung cancer [1] - Kanghong Pharmaceutical was established in October 1996, focusing on drug and medical device research, production, and sales [1] Group 2 - Guoyuyuan's subsidiary received a government subsidy of 7.5521 million yuan, accounting for 10.14% of the company's audited net profit for 2024 [2] - Guoyuyuan was founded in November 1996, specializing in drug research, production, and sales [3] Group 3 - Haicheng Bonda's subsidiary signed a lease termination agreement, incurring a termination fee of 3.35 million USD [4] - Haicheng Bonda was established in December 2009, providing comprehensive modern logistics services [4] Group 4 - Hongxin Electronics' subsidiary signed contracts totaling 373 million yuan for computing power business [5] - Hongxin Electronics was founded in September 2003, focusing on FPC research, design, manufacturing, and sales [6] Group 5 - Tianbang Food reached a settlement agreement regarding a 1.214 billion yuan lawsuit, agreeing to repay 410 million yuan over 36 months [8] - Tianbang Food was established in September 1996, specializing in pig farming and pork processing [9] Group 6 - Daoshi Technology's controlling shareholder plans to reduce holdings by up to 1.97% of the company's shares [10] - Daoshi Technology was founded in September 2007, focusing on ceramic color glazes and related products [10] Group 7 - Jinpu Titanium is planning a major asset restructuring, leading to a stock suspension [10] - Jinpu Titanium was established in November 1989, specializing in titanium dioxide production and sales [11] Group 8 - Shenzhen Energy plans to invest 6.332 billion yuan in upgrading the Mawan Power Plant [12] - Shenzhen Energy was founded in August 1993, focusing on conventional and renewable energy development [13] Group 9 - Lihua Co. plans to reduce holdings by up to 3% of the company's shares [14] - Lihua Co. was established in June 1997, specializing in the breeding and sales of poultry [15] Group 10 - China Communications Construction Company plans to repurchase shares worth 500 million to 1 billion yuan [16] - China Communications Construction Company was founded in October 2006, focusing on infrastructure design and construction [17] Group 11 - Huatiankeji's subsidiary received a government subsidy of 80.6569 million yuan, accounting for 13.09% of the company's latest audited net profit [20] - Huatiankeji was established in December 2003, specializing in integrated circuit packaging and testing [21] Group 12 - Luxin Chuangtou plans to acquire shares in Hongke Electronics for a total of 9 million yuan [23] - Luxin Chuangtou was founded in November 1993, focusing on venture capital and industrial development [24] Group 13 - Feilong Co.'s controlling shareholder plans to reduce holdings by up to 563,250 shares [25] - Feilong Co. was established in January 2001, specializing in thermal management components for automotive and civil applications [26] Group 14 - Linglong Tire submitted an application for H-share listing on the Hong Kong Stock Exchange [27] - Linglong Tire was founded in June 1994, focusing on tire design, development, manufacturing, and sales [27] Group 15 - Saiwei Electronics plans to acquire 9.5% of its subsidiary's shares for up to 324 million yuan [28] - Saiwei Electronics was established in May 2008, focusing on MEMS chip development and semiconductor equipment [28] Group 16 - Suzhou Bank's major shareholder plans to increase holdings by no less than 400 million yuan [29] - Suzhou Bank was founded in December 2004, focusing on various banking services [29]