Summary of Key Points Core Viewpoint The company, Guangdian Measurement, is planning to issue A-shares to specific investors in 2025, aiming to raise funds for various projects and improve its financial structure and operational capabilities. The announcement includes details on previous fundraising, fund usage, and the expected benefits of the new issuance. Group 1: Previous Fundraising and Usage - The company raised approximately 1.5 billion yuan through a non-public stock issuance, with a net amount of about 1.49 billion yuan after deducting issuance costs [2][3]. - As of December 31, 2024, the company has utilized approximately 1.18 billion yuan of the raised funds, with annual usage detailed as follows: 435.89 million yuan in 2021, 127.89 million yuan in 2022, 198.18 million yuan in 2023, and 417.22 million yuan in 2024 [3][8]. - The remaining balance of idle funds as of December 31, 2024, is 180 million yuan, with a special account balance of approximately 160.83 million yuan, including interest income [4][5]. Group 2: Fund Management and Oversight - The company has established a "Fund Management System" to ensure the proper storage, approval, and usage of raised funds, which has been revised multiple times since its inception in 2016 [5][6]. - The company has signed tripartite supervision agreements with financial institutions to ensure compliance with fund management regulations [7]. Group 3: New Fundraising Plans - The company plans to issue A-shares to specific investors, with the proposal approved by the board and supervisory committee [29][30]. - The expected total amount to be raised is up to 1.3 billion yuan, with the issuance not exceeding 30% of the total share capital prior to the issuance [33][34]. - The funds will be allocated to various projects, including testing platforms for aviation equipment, artificial intelligence chips, and satellite internet quality assurance [37][38][39]. Group 4: Financial Impact and Risk Mitigation - The issuance may dilute immediate returns for existing shareholders, but the company has outlined measures to mitigate this risk, including enhancing fund management and accelerating project implementation [47][48]. - The company has committed to improving its profit distribution policy to ensure investor returns and has established a three-year shareholder return plan [50][51]. Group 5: Company Performance and Market Position - The company has shown a revenue growth from 2.604 billion yuan in 2022 to 3.207 billion yuan in 2024, with a compound annual growth rate of 10.97% [42]. - The company has built a strong brand reputation and market presence, recognized by various government departments and industry peers, which enhances its service pricing and profitability [46].

Group 1 - The core theme of the event is "Measurement meets the needs of the times and responds to the expectations of people's livelihoods," coinciding with the 150th anniversary of the signing of the Metric Convention and the 26th "World Metrology Day" [1] - The launch of the "Measurement Partner Program for SMEs" in Nanjing aims to enhance measurement capabilities and promote resource sharing and collaborative innovation among large and small enterprises [1][2] - The program is designed to address the weak measurement capabilities and high technical barriers faced by SMEs, ultimately improving the overall quality and efficiency of the industrial chain [1][2] Group 2 - The Deputy Director of the Market Supervision Bureau emphasized the importance of leading enterprises in sectors such as petrochemicals, biomedicine, and intelligent manufacturing to leverage their technical and resource advantages to support SMEs [2] - SMEs are encouraged to identify their measurement technology needs and establish robust measurement management systems to enhance their internal capabilities [2] - The event included discussions from various measurement testing centers and the signing of the "Measurement Partner Cooperation Agreement" among leading enterprises, measurement technology institutions, and SME representatives [2] Group 3 - The market supervision department plans to conduct a series of promotional activities in communities, enterprises, and public places to raise awareness of the strategic value of measurement technology in modern industrial systems [3] - The goal is to foster a deep consensus in society regarding the importance of measurement, ensuring that measurement culture is integrated into urban development [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to the parent company of 352 million yuan, up 76.59% year-on-year [1][2]. - The gross margin and net margin for 2024 were 47.21% and 11.21%, respectively, showing improvements of 4.93 percentage points and 4.07 percentage points year-on-year [2]. - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3]. Financial Performance - In Q4 2024, the company reported a revenue of 1.047 billion yuan, a year-on-year increase of 13.11%, and a net profit of 163 million yuan, up 145.18% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 618 million yuan, a year-on-year increase of 5.16%, while the net profit was 5 million yuan, up 302.86% year-on-year [2]. - The company’s revenue from various segments in 2024 was as follows: Measurement (750 million yuan, +3.8%), Reliability (780 million yuan, +17.5%), Life Sciences (500 million yuan, +2.7%), Electromagnetic Compatibility (360 million yuan, +10.2%), Integrated Circuits (260 million yuan, +26.3%), and EHS Evaluation (180 million yuan, +2.6%) [3]. Market Management - The company actively engaged in market value management, distributing a total of 224 million yuan in dividends and repurchasing shares worth 390 million yuan, totaling 614 million yuan, which is 174% of the net profit attributable to the parent company for the year [4]. - The projected net profits for 2025, 2026, and 2027 are 420 million yuan, 510 million yuan, and 600 million yuan, respectively, reflecting year-on-year growth rates of 20%, 20%, and 18% [4].

股票简称：西高院 股票代码：688334 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （住所：西安市莲湖区西二环北段18号） 首次公开发行股票科创板上市公告书 保荐人（主承销商） 西安高压电器研究院股份有限公司（以下简称"西高院"、"本公司"、"发行人" 或"公司"）股票将于 2023 年 6 月 19 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法承担法律责任。 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二三年六月十六日 特别提示 具体而言，上市初期的风险包括但不限于以下几种： 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不表明对 本公司的任何保证。 本 ...

退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （西安市莲湖区西二环北段 18 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 西安高压电器研究院股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行 后因发行人经营与收益变化或者股票价格变 ...

退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （西安市莲湖区西二环北段 18 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 西安高压电器研究院股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行 后因发行人经营与收益变化或者股票价格变 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （西安市莲湖区西二环北段 18 号） 首次公开发行股票并在科创板上市招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书 （注册稿）不具有据以发行股票的法律效力，仅供预披露之用。投资者应当以正式公告 的招股说明书作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 西安高压电器研究院股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （西安市莲湖区西二环北段 18 号） 首次公开发行股票并在科创板上市招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书 （注册稿）不具有据以发行股票的法律效力，仅供预披露之用。投资者应当以正式公告 的招股说明书作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 西安高压电器研究院股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研 发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决 定。 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （西安市莲湖区西二环北段 18 号） 首次公开发行股票并在科创板上市招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书 （注册稿）不具有据以发行股票的法律效力，仅供预披露之用。投资者应当以正式公告 的招股说明书作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 西安高压电器研究院股份有限公司 招股说明书（注册稿） 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发 行后因发行人经营与收益变化或者股票价格变动引致的投资 ...