Core Viewpoint - The company held an online performance briefing on September 19, 2025, where it discussed its financial results and future strategies with investors [1] Financial Performance - The company's incubation business revenue reached 194 million yuan, a year-on-year increase of 67.43% [1] - Other products, including vehicle power supplies and inductors, accounted for 7.84% of total revenue in the first half of 2025 [1] - Overall revenue grew by 20.16% year-on-year, despite significant increases in costs, including a 30.20% rise in R&D expenses and a 43.53% increase in sales expenses [1] Business Development - The company is focusing on the data center transformer market, expanding its product range from phase-shifting transformers to epoxy-encapsulated dry transformers and oil-immersed transformers [1] - The company has begun to expand its sales regions from domestic markets to overseas markets, including Japan [1] R&D and Product Development - The company is developing a 35KV/10MVA solid-state transformer prototype, with plans to send samples for testing in Q4 2025 [2] - The company aims to create more reliable and energy-efficient products and solutions for the data center business [2] Manufacturing and Capacity - The U.S. factory is gradually coming online, with a planned annual production capacity of 21,000 distribution transformers [2] - The Mexican facility has completed main construction and is set to produce new energy transformers with an annual capacity of 6,000 units [2] - The domestic facility in Jizhou, Jiangxi, has been completed and is operating at a good capacity utilization rate [2] Market Outlook - The company acknowledges a decline in gross margin due to falling product prices and rising raw material costs, but it reported a 3.28% increase in gross margin from Q1 to Q2 2025 [2] - The company plans to invest more resources in expanding its power supply business in Panama and believes that the growing global electricity demand presents opportunities for the power equipment manufacturing industry [2]

(活力中国调研行)重庆老牌变压器企业转型绿电赛道 国际订单增长态势明显 中新网重庆8月15日电 (梁钦卿 纪嘉欣 吴旭 贾楠)"你们看，这台变压器将在8月底之前运往意大利。"14 日，在重庆南瑞博瑞变压器有限公司(简称"重庆博瑞")的生产车间内，该公司副总经理周观禹指着一台 变压器介绍道。 周观禹介绍，在与意大利企业的交流过程中，重庆博瑞重点展示了在新型电力系统领域的科技创新成 果，并从产品结构、绿色生产、绿色包装与供应链管理，以及履约交付能力保障等方面，与意大利客户 深入交换意见。"客户当场决定在原有4台产品意向订单的基础上，追加1台订单。近期，客户有意向再 次追加2台订单。" 近年来，重庆博瑞的国际订单呈现高速增长态势，为公司推动绿色转型提供了坚实支撑。作为一家老牌 变压器企业，重庆博瑞积极向绿电赛道转型，公司今年上半年产值达6.8亿元。 走进生产车间，各工区高效运转，一台台融合风电、光伏技术的新能源变压器陆续下线，成为传统制造 业企业绿色转型的生动写照。 重庆博瑞全力锚定智能化、绿色化、低碳化发展方向，深化绿色技术创新。在产品端，公司大力推进绿 色化设计，钢材、铜材、硅钢片、变压器油及绝缘纸板等产品构成 ...

Core Viewpoint - Beijing Keri Group has officially joined the Zhongguancun Energy Storage Industry Technology Alliance, enhancing its position in the energy storage sector and contributing to the development of new energy technologies [2]. Company Introduction - Founded in 1988, Beijing Keri Group originated from the China Electric Power Research Institute and has developed into a comprehensive company with three main business areas: research and manufacturing of distribution equipment, investment and construction in new energy, and smart energy management [4]. - The company is recognized as a national green demonstration factory, a high-tech enterprise, and a benchmark enterprise for intelligent manufacturing in Beijing, among other accolades [4]. - With over 30 years of focus on the distribution field, Beijing Keri has been a key player in advancing power technology and actively participating in the development of new energy [4]. - The company has a strong project management team and technical workforce, having participated in national key research projects and industry standard formulation, earning numerous honors including the National Science and Technology Progress Award [4]. Product Applications - Beijing Keri's products have been successfully utilized in significant events such as the Beijing Olympics, the Beijing International Horticultural Exhibition, and the G20 Summit, serving various industries including power grids, new energy, data centers, and aerospace [5]. Product Overview - The energy storage converter and booster integrated machine is a crucial component of electrochemical energy storage systems, facilitating energy exchange between batteries and the grid, and supporting various charging and discharging modes [7][8]. - The centralized energy storage PCS series utilizes advanced three-level power electronics technology, playing a vital role in enhancing the economic, environmental, and operational efficiency of smart grids [10]. - The new energy transformer produced by Beijing Keri is designed for photovoltaic and wind power systems, featuring high insulation strength, low noise, and high operational efficiency [14]. Technical Features - The energy storage systems are characterized by high integration, incorporating various components such as storage converters, transformers, and safety systems, ensuring reliable operation [9]. - The new energy transformer supports automatic control of charging and discharging, with a maximum efficiency exceeding 99%, and can handle dynamic loads such as electric vehicles [14][15].

Group 1: Overseas Market Expansion - The company aims to expand its overseas market through the establishment of a sales subsidiary in Shanghai and the introduction of overseas sales teams [3] - A dedicated R&D, manufacturing, and service team has been formed to cater to overseas customer needs, ensuring quick response and quality service [3] - A joint venture, Yimei Fei Transformer (Jiangsu) Co., Ltd., was established in 2025 with a major client to specifically target the European market [3] Group 2: Shareholder Interests - The company prioritizes the interests of shareholders, especially minority shareholders, by enhancing corporate governance and internal control systems [3] - The 2024 annual distribution plan includes a cash dividend of RMB 1.42 per 10 shares, totaling RMB 19,977,387.86, based on a total share capital of 140,685,830 shares after buyback [3] - In 2025, the company plans to cancel 1.8043 million repurchased shares to improve earnings per share and net asset return, thereby stabilizing and increasing market value [3] Group 3: Current Overseas Business Regions - The company's products are exported directly or indirectly to Europe, the Americas, Africa, and Southeast Asia [4] Group 4: Profit Growth Points - The company focuses on the power equipment manufacturing sector, aiming to become a leading provider of energy-saving power equipment globally [4] - Efforts will be made to expand into overseas markets, particularly in Europe, Southeast Asia, and the Americas, while also strengthening domestic market partnerships [4] - Continuous investment in technology and product development will enhance the sales scale of key products such as distribution transformers and renewable energy transformers [4] Group 5: Industry Development Outlook - Global electricity demand is on the rise, coupled with the need for upgrading aging power grids, leading to increased investment in power grid infrastructure [5] - Several countries have announced plans for power grid infrastructure development, which will drive demand for transformers and other power equipment [5] - The overall demand for the power equipment manufacturing industry is expected to maintain strong growth due to increased investment and capacity shortages in certain regions [5]