Core Insights - The company reported a revenue of 14.769 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.92%, with a net profit of 536 million yuan, up 11.84% [1] - In Q3 alone, the company achieved a revenue of 5.434 billion yuan, a 13.30% increase year-on-year, and a net profit of 198 million yuan, growing by 15.14% [1] - As of September 30, 2025, the company had an order backlog of 4.029 billion yuan, providing strong support for achieving annual performance targets [1] Business Performance - The company’s dual business model, driven by electromagnetic wire and cable operations, has led to continuous optimization of its business structure [2] - In the electromagnetic wire sector, the company generated 5.815 billion yuan in revenue for the first three quarters, marking a 21% increase, becoming a key growth engine [2] - The company has established long-term recognition from major clients in the high-voltage transformer sector, with a 54% year-on-year increase in sales of flat electromagnetic wires for new energy vehicles [2] - The cable segment achieved a revenue of 8.870 billion yuan, a 13% increase, with Q3 net profit exceeding 25% year-on-year growth [2] - Direct sales of cables surpassed 2.8 billion yuan, growing by 33%, and increased its share of the cable business from 28% to 36% [2] Expansion into Emerging Fields - The company is showing strong development momentum in emerging sectors, particularly in offshore wind power, where its products are being utilized in various domestic projects and exported to Southeast Asia and the Middle East [3] - The company has developed special cables for shield tunneling machines that perform reliably in challenging conditions, gaining recognition from major clients [3] - The company aims to maintain a multi-layered growth pattern by leveraging its dual business model, collaborating across traditional and emerging sectors, and expanding into both domestic and international markets [3]

Group 1 - The core viewpoint of the news is that Jinbei Electric has shown strong performance in its offshore wind power business, which is expected to benefit from favorable government policies [1][2]. - In the first three quarters of 2025, Jinbei Electric achieved operating revenue of 14.769 billion yuan, a year-on-year increase of 15.92%, and a net profit attributable to the parent company of 464 million yuan, up 8.73% year-on-year [1]. - The recent tax policy adjustment, effective from November 1, 2025, provides a 50% VAT refund for electricity products generated from offshore wind power, which is anticipated to positively impact the offshore wind industry [1][2]. Group 2 - Jinbei Electric's offshore wind power products include specialized transformers and generators, with a significant increase in shipment volume of 87% year-on-year for these products [2]. - The company has developed offshore wind power cables that meet specific environmental conditions, enhancing their resistance to corrosion, salt fog, and mold, ensuring long-term stability in deep-sea environments [2]. - The offshore wind power industry in China is experiencing stable growth, with a cumulative installed capacity of 43.31 million kilowatts as of 2024, maintaining its position as the global leader for four consecutive years [3].