投资者关系活动记录表 编号：2025-003 | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 形式 | 线下交流 | | 参与单位名称及人员姓名 | 西部证券 刘荣辉 | | | 华福证券 钱劲宇 | | 时间 2025 | 年 9 月 26 日 下午 14：00-15:00 | | 地点 | 信通电子会议室 | | 上市公司接待人员姓名 | 董事会秘书 孙红玲 | | | 研发总监 孔志强 | | 交流内容及具体问答 | 1、公司输电线路智能巡检系统哪些环节是自研自产？哪些是外购？公 | | | 司不同电压等级产品毛利率变化情况？ | | 记录 | | | | 答：尊敬的投资者，您好，公司输电线路智能巡检系统均由公司自主设 | | | 计、研发并生产，再面向客户销售，所有产品技术均具有核心自主知识 | | | 产权。在产品生产过程中，公司会根据产品 BOM 向供应商采购原材料， | | | 之后在车间完成产品生产等。输 ...

9月25日，信通电子跌0.88%，成交额7443.98万元。两融数据显示，当日信通电子获融资买入额582.37 万元，融资偿还898.54万元，融资净买入-316.16万元。截至9月25日，信通电子融资融券余额合计 9656.35万元。 分红方面，信通电子A股上市后累计派现9360.00万元。 融券方面，信通电子9月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 责任编辑：小浪快报 资料显示，山东信通电子股份有限公司位于山东省淄博高新区柳毅山路18号，成立日期1996年1月31 日，上市日期2025年7月1日，公司主营业务涉及以电力、通信等特定行业为核心服务目标的工业物联网 智能终端及系统解决方案提供商。旨在通过工业物联网智能终端及系统解决方案解决客户在运行维护环 节的综合性智能化运维需求。主营业务收入构成为：输电线路智能巡检系统65.52%，变电站智能辅控 系统19.94%，移动智能终端8.02%，其他产品6.38%，其他(补充)0.15%。 融资方面，信通电子当日融资买入582.37万元。当前融资余额9656.35万元，占流通 ...

资料显示，山东信通电子股份有限公司位于山东省淄博高新区柳毅山路18号，成立日期1996年1月31 日，上市日期2025年7月1日，公司主营业务涉及以电力、通信等特定行业为核心服务目标的工业物联网 智能终端及系统解决方案提供商。旨在通过工业物联网智能终端及系统解决方案解决客户在运行维护环 节的综合性智能化运维需求。主营业务收入构成为：输电线路智能巡检系统65.52%，变电站智能辅控 系统19.94%，移动智能终端8.02%，其他产品6.38%，其他(补充)0.15%。 截至7月1日，信通电子股东户数5.58万，较上期增加0.00%；人均流通股547股，较上期增加0.00%。 2025年1月-6月，信通电子实现营业收入4.48亿元，同比增长10.85%；归母净利润5049.63万元，同比增 长5.83%。 分红方面，信通电子A股上市后累计派现9360.00万元。 9月24日，信通电子涨2.03%，成交额9279.48万元。两融数据显示，当日信通电子获融资买入额726.78 万元，融资偿还793.59万元，融资净买入-66.80万元。截至9月24日，信通电子融资融券余额合计 9972.51万元。 融资方面，信通电子 ...

9月12日，信通电子涨1.22%，成交额1.98亿元。两融数据显示，当日信通电子获融资买入额1083.79万 元，融资偿还1477.41万元，融资净买入-393.61万元。截至9月12日，信通电子融资融券余额合计1.04亿 元。 融资方面，信通电子当日融资买入1083.79万元。当前融资余额1.04亿元，占流通市值的6.72%。 融券方面，信通电子9月12日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，山东信通电子股份有限公司位于山东省淄博高新区柳毅山路18号，成立日期1996年1月31 日，上市日期2025年7月1日，公司主营业务涉及以电力、通信等特定行业为核心服务目标的工业物联网 智能终端及系统解决方案提供商。旨在通过工业物联网智能终端及系统解决方案解决客户在运行维护环 节的综合性智能化运维需求。主营业务收入构成为：输电线路智能巡检系统65.52%，变电站智能辅控 系统19.94%，移动智能终端8.02%，其他产品6.38%，其他(补充)0.15%。 截至7月1日，信通电子股东户数5.58万，较上期增加0.00%；人均流 ...

9月11日，信通电子涨0.99%，成交额1.49亿元。两融数据显示，当日信通电子获融资买入额2298.48万 元，融资偿还1683.09万元，融资净买入615.38万元。截至9月11日，信通电子融资融券余额合计1.08亿 元。 融资方面，信通电子当日融资买入2298.48万元。当前融资余额1.08亿元，占流通市值的7.06%。 融券方面，信通电子9月11日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，山东信通电子股份有限公司位于山东省淄博高新区柳毅山路18号，成立日期1996年1月31 日，上市日期2025年7月1日，公司主营业务涉及以电力、通信等特定行业为核心服务目标的工业物联网 智能终端及系统解决方案提供商。旨在通过工业物联网智能终端及系统解决方案解决客户在运行维护环 节的综合性智能化运维需求。主营业务收入构成为：输电线路智能巡检系统65.52%，变电站智能辅控 系统19.94%，移动智能终端8.02%，其他产品6.38%，其他(补充)0.15%。 截至7月1日，信通电子股东户数5.58万，较上期增加0.00%；人均流通 ...

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Xintong Electronics, including stock price movements and trading volumes [1][2] - On August 28, Xintong Electronics' stock rose by 8.70%, with a trading volume of 717 million yuan. The net financing buy was -4.45 million yuan, indicating more repayments than new purchases [1] - As of August 28, the total margin balance for Xintong Electronics was 88.79 million yuan, accounting for 5.48% of its market capitalization [1] Group 2 - For the first half of 2025, Xintong Electronics reported a revenue of 448 million yuan, representing a year-on-year growth of 10.85% [2] - The net profit attributable to the parent company for the same period was 50.50 million yuan, showing a year-on-year increase of 5.83% [2] - The company had 55,800 shareholders as of July 1, with an average of 547 circulating shares per shareholder, indicating stability in shareholder structure [2]

Group 1 - The core viewpoint of the news is that Xintong Electronics experienced a stock price increase of 1.68% on August 22, with a trading volume of 250 million yuan [1] - On August 22, Xintong Electronics had a financing buy-in amount of 20.87 million yuan, with a net financing buy of 4.40 million yuan after repaying 16.47 million yuan [1][2] - As of August 22, the total balance of margin trading for Xintong Electronics was 73.37 million yuan, accounting for 4.95% of its circulating market value [2] Group 2 - Xintong Electronics, established on January 31, 1996, is located in Zibo High-tech Zone, Shandong Province, and focuses on providing industrial IoT smart terminal and system solutions for the power and communication sectors [2] - The company's main business revenue composition includes: 65.52% from intelligent inspection systems for transmission lines, 19.94% from intelligent auxiliary control systems for substations, 8.02% from mobile smart terminals, and 6.38% from other products [2] - For the first half of 2025, Xintong Electronics achieved an operating income of 448 million yuan, representing a year-on-year growth of 10.85%, and a net profit attributable to shareholders of 50.50 million yuan, up 5.83% year-on-year [2]

Core Viewpoint - The company has demonstrated significant growth in its gross margins for its intelligent inspection systems, driven by product structure and sales increases, while also exploring strategic partnerships for business synergy and expanding into international markets [2][4][6]. Financial Performance - For the first half of 2025, the company reported a main revenue of 448 million yuan, a year-on-year increase of 10.85% [6]. - The net profit attributable to shareholders was approximately 50.5 million yuan, up 5.83% year-on-year, while the net profit after deducting non-recurring gains and losses was about 45.6 million yuan, reflecting a 9.63% increase [6]. - The gross margin for the company stood at 33.28% [6]. Product and Market Insights - The gross margin for the transmission line intelligent inspection system increased by 26 percentage points to 5%, while the substation intelligent auxiliary control system saw a 37 percentage point rise to 51% [2]. - The company anticipates a market space exceeding 200 billion yuan for its main product, with a current market coverage of about 30%, and expects this to grow significantly due to technological upgrades every 5-6 years [4]. - The total market size for the power industry, including transmission, substation, and distribution intelligent inspection systems, is projected to exceed 1,500 billion yuan [4]. Strategic Partnerships and Innovations - The company has introduced two strategic investors, focusing on business collaboration rather than purely financial investment, to enhance product line and technology applications in the renewable energy sector [2]. - The company is leveraging artificial intelligence as a core technology in its inspection systems, developing a significant industry sample database that enhances its competitive edge [3]. - The company is actively developing applications related to the HarmonyOS, with several products already utilizing domestic chips and the HarmonyOS system [5]. International Expansion - The company recognizes the growing digitalization demand in overseas power grids and has begun strategic initiatives to promote its products in regions such as the Middle East and Southeast Asia since 2023 [6].

Core Insights - Shandong Xintong Electronics held a 2025 semi-annual online performance briefing, focusing on business development and market layout, providing insights into the company's operational status and future plans [1] Business Highlights and Market Outlook - **Product Gross Margin Improvement**: In the first half of the year, the gross margin of the transmission line intelligent inspection system increased by 2.26 percentage points to 36.5%, driven by a sales increase of over 50% for the V6 model and over 20% for the V10 model. The gross margin of the substation intelligent auxiliary control system rose by 1.37 percentage points to 24.51% due to reasonable fluctuations based on project environments and solutions [1] - **Strategic Investor Collaboration**: The company introduced strategic investors, including the State Power Investment Corporation's green strategic investment fund and Guangzhou Industrial Control Capital, to achieve business synergies, leveraging the strengths of a major player in the energy sector [1] - **Technological Competitive Advantage**: The company utilizes artificial intelligence algorithms as a core technology, having developed a leading industry sample database and hazard detection algorithm models, enhancing operational decision-making capabilities [1] - **Market Potential**: According to the "China Electric Power Statistical Yearbook 2024," the existing market space for the main product, the transmission line intelligent inspection system, exceeds 20 billion yuan, with a current market coverage of about 30%. The market is expected to expand significantly, potentially exceeding 60 billion yuan when considering comprehensive inspection solutions [1] - **Business Layout Evolution**: The company is developing smart operation and maintenance solutions for different scenarios in transmission, substation, and distribution, with a focus on enhancing automation and decision-making capabilities [1] - **Hongmeng Application Development**: The company is developing applications for the Hongmeng system, with the first power terminal product expected to launch by the end of the year, indicating a commitment to expanding the use of this system [1] - **Distribution Industry Layout**: The company has initiated product and technology development in the distribution operation and maintenance sector, with plans for increased market promotion despite current low revenue contribution [1] - **Overseas Market Expansion**: Since 2023, the company has been promoting products in the Middle East, Southeast Asia, and Belt and Road countries, achieving initial success and planning to increase overseas market investments [1]

Group 1: Financial Performance - The gross margin of the intelligent transmission line inspection system increased by 2.26 percentage points to 36.5% in the first half of 2025, driven by a 50% increase in sales of the V6 model and over 20% increase in the V10 model [2] - The gross margin of the substation intelligent auxiliary control system rose by 1.37 percentage points to 24.51%, attributed to variations in project environments and solutions [2] Group 2: Market Potential - The current market space for the intelligent transmission line inspection system exceeds 20 billion RMB, with a market coverage of approximately 30% [4] - The expected market space for the transmission inspection sector could exceed 60 billion RMB, and when including substation and distribution intelligent inspection, the total market size for the power industry is projected to exceed 150 billion RMB [4] Group 3: Strategic Partnerships - The company has introduced two strategic investors, focusing on business collaboration opportunities, particularly in the renewable energy sector [2][3] Group 4: Technological Advancements - The company is leveraging artificial intelligence algorithms as a core technology in its inspection systems, with a significant industry sample database enhancing its competitive edge [3] - The company is developing multi-modal large models for precise detection of hazards, integrating various data types such as images, videos, and sounds [3] Group 5: Future Directions - The company plans to enhance its investment in the intelligent transmission line inspection system while also evolving towards higher value-added intelligent decision-making solutions [5] - The company has initiated applications related to the HarmonyOS, with several products already utilizing domestic chips and passing relevant certifications [6] - The company is expanding into the distribution sector and has made progress in product development and market promotion [6]