Core Viewpoint - 科威尔 is a leading company in the domestic testing power supply sector, focusing on the research, production, and sales of testing power supplies for various industrial applications, including renewable energy and electric vehicles [1] Group 1: Business Performance - In Q3 2025, 科威尔 reported revenue of 370 million yuan, ranking 19th among 25 companies in the industry, significantly lower than the top company, China Power, which had 40.971 billion yuan [2] - The main business revenue composition includes testing power supplies at 199 million yuan (88.84%), power semiconductor testing equipment at 14.848 million yuan (6.61%), and hydrogen energy testing and intelligent manufacturing equipment at 8.4015 million yuan (3.74%) [2] - The net profit for the same period was 51.3373 million yuan, ranking 12th in the industry, again far below the top company’s 2.502 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, 科威尔's debt-to-asset ratio was 23.84%, slightly up from 23.44% year-on-year, but still below the industry average of 42.24%, indicating good solvency [3] - The gross profit margin was 40.77%, down from 48.98% year-on-year, yet still above the industry average of 25.60%, suggesting a maintained profitability [3] Group 3: Management and Shareholder Information - The chairman, 傅仕涛, received a salary of 819,100 yuan in 2024, a decrease of 46,300 yuan from the previous year [4] - As of September 30, 2025, the number of A-share shareholders decreased by 3.06% to 5,488, while the average number of circulating A-shares held per household increased by 3.15% to 15,300 [5] Group 4: Future Outlook - 中邮证券 forecasts that 科威尔 will achieve revenues of 550 million, 660 million, and 840 million yuan from 2025 to 2027, with net profits of 70 million, 90 million, and 130 million yuan respectively, maintaining a "buy" rating [5] - 国泰海通证券 has initiated coverage with a "buy" rating, projecting EPS of 0.87, 1.31, and 1.71 yuan for 2025 to 2027, and a target price of 52.46 yuan per share for 2026 [6]

Core Viewpoint - The stock of Kewell Technology Co., Ltd. has experienced fluctuations, with a year-to-date increase of 55.03%, indicating strong market interest despite recent net outflows of funds [1][2]. Company Overview - Kewell Technology Co., Ltd. was established on June 3, 2011, and went public on September 10, 2020. The company specializes in the research, production, and sales of professional testing power supplies, serving various industries [2]. - The main revenue sources for the company are: testing power supplies (88.84%), power semiconductor testing equipment (6.61%), hydrogen testing and intelligent manufacturing equipment (3.74%), and others (0.80%) [2]. - The company operates within the electric power equipment sector, specifically in other power supply devices, and is involved in concepts such as fuel cells, hydrogen energy, solar energy, energy storage, and photovoltaic glass [2]. Financial Performance - For the period from January to September 2025, Kewell reported a revenue of 370 million yuan, a year-on-year decrease of 1.97%, and a net profit attributable to shareholders of 51.6 million yuan, a slight decrease of 0.09% [2]. - The company has distributed a total of 147 million yuan in dividends since its A-share listing, with 113 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Kewell had 5,488 shareholders, a decrease of 3.06% from the previous period, with an average of 15,319 circulating shares per person, an increase of 3.15% [2][3]. - Notably, Jin Xin Shenzhen Growth Mixed A (002863) has exited the list of the top ten circulating shareholders [3].

Group 1 - The core viewpoint of the news is the performance and market position of Kewell Technology Co., Ltd., which has seen a stock price increase of 5.02% to 44.53 CNY per share, with a total market capitalization of 3.744 billion CNY [1] - Kewell Technology specializes in the research, production, and sales of professional testing power supplies, primarily serving industries such as renewable energy generation, electric vehicles, fuel cells, and power devices [1] - The company's revenue composition is as follows: 88.84% from testing power supplies, 6.61% from power semiconductor testing equipment, 3.74% from hydrogen energy testing and intelligent manufacturing equipment, and 0.80% from other sources [1] Group 2 - From the perspective of fund holdings, Kewell is a significant investment for Jin Xin Fund, with its Jin Xin Quality Growth Mixed A Fund holding 6,700 shares, representing 1.94% of the fund's net value [2] - The Jin Xin Quality Growth Mixed A Fund has achieved a year-to-date return of 48.98% and a one-year return of 51.5%, ranking 699 out of 8162 and 595 out of 8024 respectively [2] - The fund manager, Huang Biao, has a tenure of 4 years and 152 days, with the fund's total asset size at 1.543 billion CNY and a best return of 112.56% during his management [3]

Core Viewpoint - Kewell Technology Co., Ltd. has shown significant stock performance and financial metrics, indicating potential investment interest in the company [1][2]. Group 1: Stock Performance - On September 18, Kewell's stock price increased by 2.19%, reaching 41.93 CNY per share, with a trading volume of 24.45 million CNY and a turnover rate of 0.70%, resulting in a total market capitalization of 3.525 billion CNY [1]. - Year-to-date, Kewell's stock price has risen by 51.95%, with a 2.32% increase over the last five trading days, a 1.99% increase over the last 20 days, and a 45.54% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on August 8, where it recorded a net purchase of 29.9745 million CNY [1]. Group 2: Business Overview - Kewell, established on June 3, 2011, and listed on September 10, 2020, specializes in the research, production, and sales of professional testing power supplies, serving various industries including renewable energy generation, electric vehicles, fuel cells, and power devices [2]. - The revenue composition of Kewell includes 88.84% from testing power supplies, 6.61% from power semiconductor testing equipment, 3.74% from hydrogen testing and intelligent manufacturing equipment, and 0.80% from other sources [2]. - Kewell operates within the "Electric Power Equipment - Other Power Supply Equipment" sector and is associated with concepts such as commercial aerospace, small-cap stocks, specialized and innovative enterprises, IGBT concepts, and semiconductors [2]. Group 3: Financial Metrics - As of June 30, 2025, Kewell reported a revenue of 224 million CNY, a year-on-year decrease of 11.62%, and a net profit attributable to shareholders of 31.056 million CNY, down 25.92% year-on-year [2]. - The company has distributed a total of 147 million CNY in dividends since its A-share listing, with 113 million CNY distributed over the past three years [3]. - As of June 30, 2025, Kewell had 5,661 shareholders, an increase of 21.40% from the previous period, with an average of 14,850 circulating shares per shareholder, a decrease of 17.63% [2].

Group 1 - The company reported a total of RMB 75,880.00 million raised from its initial public offering (IPO) with a net amount of RMB 68,955.19 million after deducting issuance costs [5][32] - As of June 30, 2025, the company has utilized RMB 1,587.80 million from the IPO funds directly for investment projects and earned RMB 957.73 million in net interest and investment income [3][4] - The remaining balance of the IPO funds is RMB 25,001.86 million, which includes RMB 6,001.86 million in the special account and RMB 19,000.00 million in idle funds [3][4] Group 2 - In 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, with a net amount of RMB 18,342.53 million after deducting issuance costs [5][33] - By June 30, 2025, the company has used RMB 2,568.79 million from the targeted issuance for investment projects and earned RMB 173.77 million in net interest and investment income [5][6] - The remaining balance from the targeted issuance is RMB 6,651.10 million, including RMB 3,651.10 million in the special account and RMB 3,000.00 million in idle funds [5][6] Group 3 - The company has established a management system for the raised funds to ensure compliance with relevant regulations and to enhance the efficiency of fund usage [6][8] - The company has signed tripartite supervision agreements with its underwriters and banks to regulate the responsibilities and obligations of all parties involved in the management of the raised funds [7][10] - The company has not experienced any significant changes in its operational status or any major events that would impact its financial situation during the reporting period [3][12] Group 4 - The company plans to use up to RMB 23,000 million of temporarily idle raised funds for cash management, ensuring that it does not affect the progress of investment projects [31][39] - The cash management will involve investing in safe, liquid, and guaranteed-return financial products, including structured deposits and certificates of deposit [39][41] - The company has received no objections from its underwriter regarding the cash management plan, confirming that it complies with relevant regulations [47][48]

Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the management of raised funds by Kewell Technology Co., Ltd., including the amounts raised, their usage, and the status of various projects funded by these resources. Fundraising Overview - The company raised a total of RMB 75,880.00 million through its initial public offering (IPO) in August 2020, with a net amount of RMB 68,955.19 million after deducting issuance costs of RMB 6,924.81 million [1] - In November 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, resulting in a net amount of RMB 18,342.53 million after deducting issuance costs of RMB 487.74 million [2] Fund Usage and Management - As of June 30, 2025, the company had invested RMB 1,587.80 million from the raised funds into projects, with additional bank interest and investment income of RMB 957.73 million [2] - The remaining balance of the raised funds was RMB 25,001.86 million, which includes RMB 6,001.86 million in the special account for raised funds [2] - The company has established a management system for the raised funds to ensure compliance with regulations and efficient usage [3] Project Investment and Adjustments - The company has invested RMB 2,568.79 million in projects from the raised funds, with bank interest and investment income of RMB 173.77 million [3] - The company has not made any early investments or replacements for the fundraising projects during the reporting period [5] - The company has approved the use of temporarily idle funds for cash management, with a maximum amount of RMB 33,500.00 million allocated for such purposes [5] Project Status and Changes - The semiconductor testing and intelligent manufacturing equipment industrial park project has a total investment of RMB 45,000.00 million, with RMB 30,000.00 million sourced from over-raised funds [6] - The project timeline has been extended to September 2025 due to various delays [6][10] - The company has made adjustments to the investment amounts for certain projects, increasing the budget for the testing technology center from RMB 4,478.19 million to RMB 6,978.19 million [6] Compliance and Disclosure - The company has adhered to legal and regulatory requirements in disclosing the status of the raised funds, with no violations reported [6] - The company has provided timely and accurate disclosures regarding the management and usage of the raised funds [6]

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management to improve fund efficiency and increase returns for the company and its shareholders [6][9][10]. Summary by Sections Fundraising Overview - The company raised a total of RMB 75,880.00 million from its initial public offering (IPO) in August 2020, with a net amount of RMB 68,955.19 million after deducting issuance costs [1]. - In November 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, resulting in a net amount of RMB 18,342.53 million after expenses [2]. Investment Projects - The company disclosed that the funds from the IPO were allocated to a high-precision small power testing power supply and fuel cell, power semiconductor testing equipment production base construction project, with a planned use of RMB 27,646.23 million [3]. - The company has excess funds of RMB 41,308.96 million from the IPO, with plans to allocate the surplus to various projects, including a semiconductor testing and intelligent manufacturing equipment industrial park project [3][4]. Cash Management of Idle Funds - The company intends to use up to RMB 23,000 million of temporarily idle raised funds for cash management, with RMB 20,000 million from the IPO and RMB 3,000 million from the 2023 issuance [7][10]. - The cash management will involve investing in low-risk, high-liquidity financial products, ensuring that the funds are not used for non-raising purposes [7][8]. Board Approval and Compliance - The board of directors approved the cash management plan on August 22, 2025, ensuring that it does not affect the progress of investment projects or the safety of the raised funds [10]. - The company has complied with relevant regulations and internal policies regarding the management and use of raised funds, ensuring that the cash management does not alter the intended use of the funds [11].

Core Viewpoint - The company has completed the investment project of the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park" and plans to permanently supplement its working capital with the remaining raised funds, following the completion of the project and the approval of the board and shareholders [6][9][10]. Fundraising Overview - The company raised a total of RMB 758.8 million from its initial public offering, with a net amount of RMB 689.55 million after deducting issuance costs [1]. - The company established a special account for the management and use of the raised funds, ensuring compliance with regulatory requirements [2]. Investment Project Details - The company committed to invest RMB 276.46 million in the "High-Precision Small Power Testing Power Supply and Fuel Cell, Power Semiconductor Testing Equipment Production Base Construction Project" [2]. - The actual net amount raised was RMB 689.55 million, resulting in an excess of RMB 413.09 million after the planned investment [3]. Use of Excess Funds - The company decided to use RMB 120 million of the excess funds to permanently supplement working capital, which constitutes approximately 29.05% of the total excess funds [3][4]. - The remaining excess funds will be allocated to the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park Project," with a total investment of RMB 450 million, of which RMB 300 million will come from excess funds [4][5]. Project Completion and Surplus Funds - As of July 31, 2025, the project has completed its main construction and acceptance work, leading to the decision to conclude the project [6]. - The expected surplus funds amount to RMB 168.27 million, which includes interest and investment income, and will be used to permanently supplement working capital [8][9]. Impact on Company Operations - The decision to conclude the project and use surplus funds for working capital is aligned with the company's operational needs and long-term development strategy, enhancing cash flow and resource allocation [9][10]. - The company will maintain the special account for raised funds until all pending payments are settled, ensuring compliance with regulatory requirements [9]. Approval Process - The board of directors approved the proposal to conclude the investment project and use surplus funds on August 22, 2025, which will also require shareholder approval [10]. - The sponsor institution has confirmed that the decision complies with relevant regulations and is in the best interest of all shareholders [10][11].