（文章来源：证券日报） 证券日报网讯新特电气8月27日在互动平台回答投资者提问时表示，公司自成立以来专注于特种变压器 的研发与生产，秉持自主研发理念，在所从事技术领域经过多年持续投入，已形成公司独特核心能力。 ...

Core Viewpoint - The establishment of a new power equipment industry chain hub platform in Changzhou is a significant initiative aimed at enhancing the scale, technological innovation, and market competitiveness of the new power equipment industry, serving as a "coordinating hub" and "development engine" for the industry [1] Group 1: Industry Development - The hub platform will focus on several key tasks, including strengthening industry chain research, monitoring industry operations, building demonstration centers, establishing information linkage mechanisms, and promoting technological innovation [1][6] - Changzhou is one of the more developed regions in China's new power equipment industry, with a complete industrial chain covering generation, transmission, transformation, distribution, usage, and monitoring [1][2] - The industrial output value of Changzhou's new power equipment cluster is projected to reach 101.84 billion in 2024, with a year-on-year growth of 8.35% in the first half of this year, totaling 50.85 billion [1][2] Group 2: Market Position - Changzhou produces approximately 280 million kVA of transformers, accounting for about 13% of the national transformer capacity, with significant market shares in various power equipment sectors [2] - The city has a concentrated distribution of the new power equipment industry, with key areas including Liyang, Zhonglou District, and Changzhou Economic Development Zone, which collectively support the industrial layout [2] Group 3: Technological Advancements - Changzhou has established numerous leading enterprises and technical centers, with significant achievements in high-capacity transformers and advanced power transmission technologies [3][4] - Notable products include the world's largest epoxy resin insulated dry-type transformer and pioneering technologies in flexible direct current transmission [4] Group 4: Strategic Initiatives - The city is accelerating the construction of a modern industrial system, focusing on the new power equipment industry as part of its "1028" industrial chain strategy [5][6] - The hub platform is designed to serve as a command center for industry development, facilitating communication and collaboration among enterprises [7]

Core Viewpoint - New Special Electric (301120.SZ) reported significant growth in Q1 2025, with a notable increase in revenue and net profit compared to the previous year [1][2]. Financial Performance Summary - For Q1 2025, the company achieved operating revenue of 88.17 million yuan, representing a year-on-year increase of 19.98% [2]. - The net profit attributable to shareholders was 9.14 million yuan, showing a substantial year-on-year growth of 112.87% [1][2]. - The net profit after deducting non-recurring gains and losses was 1.70 million yuan, up 46.61% year-on-year [1][2]. - The net cash flow from operating activities was 4.69 million yuan, reflecting a year-on-year increase of 36.16% [1][2]. Previous Year Comparison - In 2024, the company reported operating revenue of 37.70 million yuan, a decline of 15.88% compared to 2023 [3][4]. - The net profit attributable to shareholders was -48.51 million yuan, a significant drop from 69.36 million yuan in the previous year [3][4]. - The net profit after excluding non-recurring items was -60.31 million yuan, compared to 57.61 million yuan in 2023 [3][4]. - The net cash flow from operating activities was 47.86 million yuan, showing a slight increase of 0.68% year-on-year [3][4]. Company Background - New Special Electric was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on April 19, 2022, with an initial public offering of 61.92 million shares at a price of 13.73 yuan per share [4]. - The total amount raised from the stock issuance was 850.16 million yuan, with a net amount of 754.69 million yuan, exceeding the original plan by 238.34 million yuan [5]. - The company announced a stock dividend of 0.8 yuan per 10 shares on May 23, 2023, with the ex-dividend date set for May 30, 2023 [5].

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [1][3] - The company was established as a joint-stock company by the transformation of Shenzhen Jingquan Hua Electronics Co., Ltd. and registered with the Shenzhen Market Supervision Administration [1][2] - The company received approval from the China Securities Regulatory Commission for its initial public offering of 20 million shares on June 9, 2017 [1][3] Company Information - The registered capital of the company is RMB 270,916,968 [2] - The company is located at Jingquan Hua Industrial Park, 325 Guiyue Road, Guanlan Street, Longhua District, Shenzhen, with a postal code of 518110 [2] - The company is a permanent joint-stock company [2] Management and Responsibilities - The board of directors represents the company in executing its affairs, with the chairman serving as the legal representative [2][3] - The legal representative's civil activities conducted on behalf of the company will have legal consequences for the company [2][3] - Shareholders are liable for the company's debts only to the extent of their subscribed shares, while the company is liable for its debts with its entire assets [2][3] Business Objectives and Scope - The company's business objective is to maximize returns for shareholders and support national economic development while adhering to laws and regulations [3][4] - The business scope includes the research and sales of power supply products, electronic components, transformers, photovoltaic inverters, and electric vehicle charging equipment, among others [4] Share Issuance - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [5][6] - The total number of shares issued by the company is 270,916,968, all of which are ordinary shares [5][6] - The company must not provide financial assistance for others to acquire its shares, except for employee stock ownership plans [5][6] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, request meetings, supervise the company's operations, and transfer their shares [11][12] - Shareholders must comply with laws and the company's articles of association, and they cannot withdraw their capital except as permitted by law [16][40] - Shareholders abusing their rights to harm the company or other shareholders will be liable for damages [16]