Summary of Key Points Core Viewpoint - The company, Xi'an High Voltage Electrical Research Institute Co., Ltd., is changing the implementation subjects and locations of certain fundraising projects to enhance efficiency and align with market demands while maintaining the total investment amount unchanged [1][6]. Fundraising Basic Information - The company has received approval from the China Securities Regulatory Commission for its initial public offering, issuing 79.144867 million shares at a price of RMB 14.16 per share, raising a total of RMB 1,120.6913 million. After deducting issuance costs of RMB 60.9083 million, the net amount raised is RMB 1,059.7830 million [1][2]. Fundraising Investment Project Details - The total investment for the fundraising projects is RMB 910 million, with the entire amount allocated to two main projects: the new electric equipment detection capability enhancement project and the key technology research and testing base for new environmentally friendly transformers [2][5]. Changes in Implementation Subjects and Locations - The company plans to add Xi'an High Voltage Electrical Research Institute (Xiamen) Co., Ltd. as a new implementation subject and change the project locations to Xiamen. This change aims to leverage local resources and enhance collaboration with industry needs [3][4][5]. Reasons for Changes - The changes are driven by the need for long-term project development and market analysis. Xiamen is identified as a hub for new energy enterprises, which will facilitate better integration with industry demands and local academic resources [4][5]. Impact of Changes - The changes will not affect the total investment amount or the business direction of the fundraising projects. They are expected to improve project execution efficiency and align with the company's strategic goals [6][7]. Fundraising Management Post-Change - The company will establish a dedicated account for the new implementation subject to manage and utilize the raised funds effectively [6]. Review Procedures - The changes have been approved by the company's board and supervisory committee and will be submitted for shareholder approval. The supervisory committee supports the changes, stating they will enhance fundraising efficiency without harming shareholder interests [6][7]. Sponsor's Verification Opinion - The sponsor, China International Capital Corporation, has verified that the changes comply with relevant regulations and will not adversely affect the fundraising projects [7].

Core Insights - The company reported a total revenue of 800 million yuan for 2024, representing a year-on-year increase of 5.7% [1] - The net profit attributable to shareholders for 2024 was 230 million yuan, up 20.8% year-on-year, while the net profit excluding non-recurring items was 190 million yuan, reflecting a 41.7% increase [1] Revenue Breakdown - In 2024, the revenue from testing services was 738 million yuan, a year-on-year increase of 5.4%, while revenue from technical research and consulting was 35 million yuan, up 14.98% [2] - Domestic revenue for 2024 was 765 million yuan, increasing by 5.09% year-on-year, whereas overseas revenue, including Hong Kong, Macau, and Taiwan, was 9 million yuan, showing a significant increase of 153.8% [2] Profitability Metrics - The overall gross margin for 2024 was 52.72%, with a quarterly gross margin of 55.41% in Q4 2024 [3] - The gross margin for testing services was 54.74%, up 4.63 percentage points year-on-year, while the gross margin for technical research and consulting was 39.39%, an increase of 8.51 percentage points [3] - The gross margin for domestic operations was 53.85%, up 4.55 percentage points, and for overseas operations, it was 71.45%, reflecting a substantial increase of 19.75 percentage points [3] Cost and Expenses - The total expense ratio for 2024 was 23.90%, an increase of 1.60 percentage points year-on-year, with the sales expense ratio at 2.37%, management expense ratio at 11.79%, R&D expense ratio at 10.62%, and financial expense ratio at -0.88% [3] - In Q1 2025, the total expense ratio was 21.74%, up 1.31 percentage points year-on-year [3] Cash Flow and Financial Health - The contract liabilities at the end of Q1 2025 reached 315 million yuan, a year-on-year increase of 58.1% and a quarter-on-quarter increase of 11.7% [4] - The asset-liability ratio at the end of Q1 2025 was 18.17%, up 5.53 percentage points year-on-year [4] - The operating net cash flow for 2024 was 482 million yuan, a year-on-year increase of 54.3%, with Q4 2024 showing a significant increase of 117.5% [4] - In Q1 2025, the operating net cash flow was 132 million yuan, reflecting a year-on-year increase of 14.3% [5] Strategic Developments - The company completed the acquisition of Henan High Voltage Electrical Research Institute in 2024, enhancing its competitiveness and market share [5] - The company aims to consolidate its leading position in the domestic high-voltage electrical sector while actively expanding into emerging application areas and strengthening international collaborations [5] - The projected net profit attributable to shareholders for 2025 is expected to reach 283 million yuan, corresponding to a PE ratio of approximately 18 times [5]

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