Core Viewpoint - The report highlights the significant growth in revenue and net profit for Suzhou West Deane New Power Electric Co., Ltd. in the first half of 2025, driven by the increasing demand in the new energy vehicle and energy storage sectors [2][4][10]. Company Overview and Financial Indicators - The company reported a total revenue of approximately RMB 1.39 billion, representing a 65.90% increase compared to the same period last year [2][10]. - The net profit attributable to shareholders reached approximately RMB 139 million, marking a 51.66% year-on-year growth [2][10]. - The cash dividend proposed is RMB 4.00 per 10 shares, totaling approximately RMB 62.74 million, which constitutes 45.13% of the net profit for the period [2][12]. Industry and Main Business Analysis - The company operates in the electrical machinery and equipment manufacturing sector, focusing on electric connection technology, particularly for new energy vehicles and energy storage systems [3][5]. - In the first half of 2025, global new energy vehicle sales reached 7.52 million units, a 32.4% increase year-on-year, with China's sales at 5.88 million units, up 34.3% [3][4]. - The demand for power batteries is also rising, with a reported 401.3 GWh of battery usage globally, reflecting a 38.5% increase [3]. Operational Performance - The company has strengthened its market presence in the battery connection system sector, particularly in new energy vehicles, and has established close partnerships with leading manufacturers [5][8]. - The company has invested in technology development, focusing on improving production efficiency and reducing costs through innovations such as direct welding technology [6][8]. Competitive Advantages - The company has a strong R&D and design capability, having accumulated 17 years of expertise in electric connection technology [7][8]. - It has established long-term relationships with key clients in various sectors, including new energy vehicles and industrial applications, enhancing customer loyalty and market position [8][9]. Financial Performance and Cash Flow - The operating cash flow showed a net outflow of approximately RMB 96.73 million, a significant decrease compared to the previous year, indicating challenges in cash management despite revenue growth [2][10]. - The total assets of the company increased to approximately RMB 2.88 billion, a 4.17% rise from the previous year [2]. Future Outlook - The company anticipates continued growth in the energy storage market, with expectations for increased sales and market share in the coming periods [5][8]. - The ongoing development of new technologies and products is expected to drive future performance and competitiveness in the rapidly evolving new energy sector [6][8].

Group 1: Company Overview and Strategy - The company focuses on the development and manufacturing of internal combustion engine control systems and low-voltage distribution automation products, aiming to become a global leader in these fields [5][10]. - The company emphasizes "independent research and development" as a strategic foundation, with a market demand-oriented and technology innovation-driven development philosophy [10]. Group 2: Financial Performance - In 2024, the company achieved operating revenue of CNY 238.77 million, representing a year-on-year growth of 8.50% [11]. - The net profit attributable to shareholders was CNY 79.72 million, an increase of 8.95% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY 65.95 million, up 24.33% [11]. Group 3: Project Updates - The "Zhongzhi Technology Internal Combustion Power Generation Intelligent Control System Industrial Park" project is expected to be completed by the end of 2024, with a current investment progress of 67.99% [1][2]. - The "Zhongzhi Technology Intelligent Controller Production Construction Project" has a total investment of CNY 63.60 million, with a funding usage progress of 31.09%. The project completion date has been adjusted from April 30, 2025, to April 30, 2027, due to macroeconomic and market conditions [7]. Group 4: Market Position and Competitiveness - The company operates in the "C Manufacturing" sector, specifically in "C38 Electrical Machinery and Equipment Manufacturing," and is positioned in the midstream of the industry chain [5]. - The company’s products are recognized for their reliability, functionality, and competitive pricing, with some achieving domestic substitution for imported products [8]. Group 5: Future Growth Opportunities - The company plans to further explore new energy and hybrid energy sectors to inject vitality into the industry while maintaining its leading position in traditional markets [10]. - Continuous investment in key research and development projects is planned to accelerate the launch of significant new products and enrich the product line across various business segments [10].

苏州西典新能源电气股份有限公司 （苏州高新区金枫路 353 号） （Suzhou West Deane New Power Electric CO., LTD.） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州西典新能源电气股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 ...

苏州西典新能源电气股份有限公司 （Suzhou West Deane New Power Electric CO., LTD.） （苏州高新区金枫路 353 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州西典新能源电气股份有限公司 招股说明书（上会稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 ...

苏州西典新能源电气股份有限公司 （Suzhou West Deane New Power Electric CO., LTD.） （苏州高新区金枫路 353 号） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州西典新能源电气股份有限公司 招股说明书（申报稿） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 苏州西典新能源电气股份有限公司 招股说明书（申报稿） 发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | --- | --- | --- | --- | -- ...