北京煜邦电力技术股份有限公司2025 年半年度报告摘要 公司代码：688597 公司简称：煜邦电力 债券代码：118039 债券简称：煜邦转债 北京煜邦电力技术股份有限公司 北京煜邦电力技术股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险，并已在本报告中详细阐述在 公司生产经营过程中可能面临的风险，敬请查阅本报告第三节"管理层讨论与分析"之"四、风 险因素"部分内容。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所科创板 煜邦电力 688597 不适用 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代表） 姓名 石瑜 电话 010-84423548 北京煜邦电力技术股份有限公司2025 年半年度报告摘要 办公地址 北京市东城区和平里东 ...

（编辑 何成浩） 证券日报网讯 8月15日晚间，龙源技术发布公告称，报告期内公司实现营业收入362，335，096.65元， 同比增长1.48%；归属于上市公司股东的净利润为28，279，610.01元，同比增长135.60%。 ...

Performance Forecast - The company expects a net profit attributable to shareholders of 26 million to 31 million RMB, representing a year-on-year increase of 116.61% to 158.26% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 24.64 million and 29.64 million RMB, indicating a year-on-year growth of 240.80% to 309.95% [1] Revenue and Expense Analysis - The company's operating income increased by approximately 5.2964 million RMB compared to the same period last year [1] - Selling, administrative, and R&D expenses rose by about 8.0178 million RMB year-on-year, reflecting an increase of 82.21% [1] Investment Income and Other Factors - The investment income from the associated subsidiary, Guoneng Kehuan Wangkui New Energy Co., Ltd., is approximately 1.6190 million RMB, which is a decrease of 83.37% compared to the previous year [1] - The company reported an increase in deductible losses for the year 2025, impacting the net profit attributable to shareholders by approximately 1.36 million RMB, mainly due to asset disposal gains and government subsidies [1]

Group 1: Business Operations and Revenue - The company engages in various project types with power plants, including direct supply, EP, and EPC contracts [2] - The plasma ignition business has seen growth in recent years due to accelerated infrastructure project approvals, although revenue recognition is delayed due to long construction cycles [3] - In Q1 2025, the deferred tax assets increased by 717.43 thousand yuan, a growth of 50.62%, attributed to the recognition of deductible temporary differences from previous losses [4] Group 2: Financial Performance and Projections - The company achieved approximately 45.5 thousand yuan in revenue from overseas projects in 2024, with plans to establish a foreign subsidiary in South Africa to expand its market presence [5] - The spare parts business has shown a steady increase in orders, with a significant portion related to plasma ignition [6] Group 3: Policy Impact and Technological Advancements - The implementation of new policies for coal power upgrades is expected to necessitate more personalized and complex technical modifications to meet modern requirements [7][8] - The company is promoting the concept of transparent boilers, utilizing online monitoring and data analysis to enhance boiler operation efficiency [8]

Core Viewpoint - Beijing Yupont Electric Technology Co., Ltd. announced an adjustment to the conversion price of its convertible bonds "Yupont Convertible Bonds" due to the implementation of the 2024 annual profit distribution plan, reducing the conversion price from 10.07 yuan/share to 7.30 yuan/share, effective from June 23, 2025 [1][7]. Summary by Sections Securities Suspension and Resumption - The company's convertible bonds will suspend conversion from June 16, 2025, to June 20, 2025, and will resume conversion on June 23, 2025 [1]. Conversion Price Adjustment Basis - The adjustment of the conversion price is based on the resolutions passed during the board meetings and the annual shareholders' meeting, which approved a cash dividend of 1.53 yuan (tax included) for every 10 shares and a capital reserve increase of 4 shares for every 10 shares [1][2]. Adjustment Calculation - The adjusted conversion price is calculated using the formula considering the cash dividend and the stock increase ratio, resulting in a new conversion price of 7.30 yuan/share [5][7]. Total Share Capital and Dividend Distribution - As of the announcement date, the company has 24,706,195 shares in the repurchase account, and the total share capital has increased from 247,101,285 shares to 247,101,384 shares due to the conversion of 99 shares from the convertible bonds [3][6]. Other Information - Investors seeking detailed information about the "Yupont Convertible Bonds" can refer to the company's disclosures on the Shanghai Stock Exchange website [7].

Core Viewpoint - The company, Beijing Yubang Electric Technology Co., Ltd., has announced adjustments to its 2024 profit distribution plan and capital reserve increase, maintaining the cash dividend per share while adjusting the total amounts due to changes in share capital from convertible bonds [1][2][3][4] Summary by Sections Cash Dividend - The company plans to distribute a cash dividend of RMB 1.53 per 10 shares (including tax), with the total cash dividend amount adjusted from RMB 34,026,448.77 to RMB 34,026,463.92 [1][4] - This cash dividend represents 30.57% of the net profit attributable to shareholders in the consolidated financial statements for 2024 [4] Capital Reserve Increase - The company intends to increase its capital reserve by 4 shares for every 10 shares held, with the total number of shares to be increased adjusted from 88,958,036 to 88,958,076 [1][4] - Following this adjustment, the total share capital will increase to 336,059,460 shares [4] Reason for Adjustment - The adjustments are due to the conversion of 99 shares from the convertible bonds "Yubang Convertible Bonds" during the conversion period, which increased the total share capital from 247,101,285 shares to 247,101,384 shares [2][3] - The company will maintain the cash dividend amount per share and adjust the total cash dividend and capital increase amounts accordingly [2][3]

Group 1 - The company announced a suspension of the conversion of its convertible bonds ("煜邦转债") due to the implementation of the 2024 annual equity distribution plan [1][2] - The board of directors approved a cash dividend of 1.53 yuan (including tax) for every 10 shares and a capital reserve increase of 4 shares for every 10 shares, with no bonus shares distributed [1][2] - The suspension of the bond conversion will take effect from the trading day before the equity distribution announcement, with the resumption of conversion scheduled for the first trading day after the equity registration date [2] Group 2 - The company will adjust the conversion price of the convertible bonds in accordance with the terms outlined in the bond issuance prospectus following the equity distribution [1][2] - Investors interested in further details regarding the convertible bonds can refer to the company's bond issuance prospectus published in 2023 [2]

Group 1: Business Performance - The company's oil-saving business revenue decreased by 12.71% in 2024, primarily due to stable demand for plasma ignition projects [2] - The environmental protection business declined significantly, influenced by low industry demand and limited investment capacity for environmental upgrades [2] Group 2: Policy Impact - The implementation of the "New Generation Coal Power Upgrade Special Action Implementation Plan" will affect coal power energy-saving renovations, promoting carbon reduction and flexibility improvements [3] - The plan encourages the expansion of coal power energy-saving renovations into smart and digital fields, providing broader business development opportunities for service providers [3] Group 3: Project Updates - The main revenue from the ammonia-mixed combustion business in 2024 came from the 600MW coal-fired boiler project at Guoneng Taishan Power Plant, which achieved partial acceptance [4] - The ammonia-mixed combustion technology is still in the research and engineering verification stage, requiring further optimization in technology, fuel costs, carbon reduction benefits, and national policies [5] Group 4: Growth Factors - The rapid growth of comprehensive energy-saving renovations is driven by the company's strategic alignment with the national goal of building a new power system and active involvement in energy-saving and flexibility renovation projects [6] - The company has implemented China's first large-capacity steam heating molten salt energy storage project, enhancing its position in new energy storage technologies [6] Group 5: Biomass Business - The biomass business is part of the company's strategy under the "dual carbon" goal, focusing on various technical applications, including straw and vine biomass production and co-firing [7]

Core Viewpoint - The company has successfully completed the conditions for the third unlock period of its 2020 restricted stock incentive plan, allowing 64 participants to unlock a total of 2,598,420 shares, which represents 0.5038% of the company's total share capital of 515,814,420 shares [2][16]. Summary by Sections Incentive Plan Overview - The 2020 restricted stock incentive plan was approved on November 29, 2020, with a total of 936,400 shares granted to 78 participants [3][5]. - The plan includes three unlock periods, with the third period set to expire on May 11, 2025, allowing for a 33% unlock of the granted shares [14][16]. Unlock Conditions - The conditions for the third unlock period have been met, and the shares will be available for trading starting May 30, 2025 [3][16]. - The total number of shares eligible for unlocking is 2,598,420, which will be distributed among 64 participants [2][16]. Share Repurchase and Cancellation - The company has previously repurchased and canceled shares from participants who did not meet performance criteria, including 327,436 shares in 2022 and 288,222 shares in 2023 [8][10][12]. - The repurchase price for these shares was adjusted multiple times, with the latest being 3.222 yuan per share [10][12]. Changes in Share Capital - Following the unlock and repurchase activities, the company's total share capital has been adjusted, with the latest total being 51,588,702 shares after the cancellation of 33,000 shares [12][20]. - The structure of the share capital will be confirmed by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. after the unlock is completed [20].

Summary of Nanwang Technology Conference Call Company Overview - **Company**: Nanwang Technology - **Date**: Q1 2025 Key Points Industry and Company Performance - In Q1 2025, Nanwang Technology's total revenue was 510 million yuan, showing a year-on-year stability. The net profit attributable to shareholders was 56.93 million yuan, a year-on-year increase of 35.66% due to favorable accounts receivable recovery and a reversal of impairment provisions contributing approximately 10 million yuan to profit growth [3][4][6]. Revenue Breakdown - **Technical Services**: Revenue share decreased to 64%, down 8 percentage points year-on-year, primarily due to a reduction in project delivery conditions for energy storage business [2][3]. - **Smart Devices**: Revenue share increased to 32.2%, up nearly 10 percentage points year-on-year, with both smart distribution and monitoring equipment revenues growing over 90% [2][3]. - **Energy Storage Services**: Revenue decreased by 37.5% year-on-year to 110 million yuan, but the backlog of orders reached 950 million yuan [2][6]. - **Experimental Testing Services**: Revenue grew by 14.3% year-on-year to 215 million yuan, with a backlog exceeding 500 million yuan [2][6]. Business Segment Highlights - **Smart Distribution Equipment**: Revenue increased by 72.5% year-on-year to 72.89 million yuan, with a backlog close to 800 million yuan [2][6]. - **Smart Monitoring Equipment**: Revenue grew by 74% year-on-year to 47.43 million yuan, with a backlog of approximately 300 million yuan [2][6]. - **Robotics and Drones**: Revenue remained stable at 43.66 million yuan, with a backlog of about 100 million yuan [2][6]. Future Outlook - **Smart Distribution Equipment**: Expected to continue its growth trend, but specific order and revenue scales will depend on market demand [4][8]. - **Experimental Testing**: Anticipated growth of 20% to 30% driven by new thermal power unit commissioning projects [4][12]. - **Robotics and Drones**: Transitioning to a comprehensive service provider, aiming to establish a drone operation platform for grid inspection and maintenance, with plans to expand into municipal and other sectors [7][13]. Market Conditions and Trends - **Energy Storage**: The industry is expected to grow significantly, with the Guangdong Energy Bureau's subsidy policy potentially accelerating project implementation [23][16]. - **Electric Meter Procurement**: The procurement scale is expected to remain stable compared to the previous year, with significant orders anticipated [19][10]. Additional Insights - **Order Delivery Cycle**: Energy storage services have a delivery cycle of 6 to 9 months, while smart devices typically complete delivery within three months [18]. - **Market Penetration**: High market penetration for communication modules, with new generation smart meters yet to see widespread adoption [9][10]. - **Technological Development**: Nanwang Technology is focusing on creating a unified digital platform for smart distribution equipment, enhancing compatibility and standardization across various devices [26]. Conclusion Nanwang Technology is navigating a mixed performance landscape with strong growth in smart devices and experimental testing, while facing challenges in energy storage services. The company is strategically positioning itself for future growth through technological advancements and market expansion initiatives.