股票代码：300444 股票简称：双杰电气 北京双杰电气股份有限公司投资者关系活动记录表 编号： | | □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 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | 其他 （线上电话会议） | | 参与单位名称 | 长江证券股份有限公司、太平资产管理有限公司、太平基金管理有限公司、申万 | | | 菱信基金管理有限公司、陆家嘴国际信托有限公司等 | | 时间 | 年 月 日（星期二）10：00-11：00 2025 08 26 | | 地点 | 线上电话会议 | | 上市公司参与 | 董事会秘书 史玉 | | 人员姓名 | 投资者关系部总经理 刘丝雨 | | | 一、公司情况介绍 | | | 北京双杰电气股份有限公司成立于 2002 年，2015 年在深交所创业板上市， | | | 股票代码 300444.SZ。双杰电气深耕电力行业二十余载，始终保持着强大的研发 | | | 能力以及领先的智能制造水平。近年来，公司在保持输配电业务稳定增长的同 | | | 时，大力发展新能源业务 ...

8月25日晚间，双杰电气（300444）发布2025年半年报显示，上半年，公司实现营业收入23.76亿元，同 比增长41.95%，实现归母净利润1.04亿元，同比增长20.11%。 对于业绩增长的原因，半年报显示，一方面得益于新能源业务规模的快速扩张和输配电业务核心产品的 稳定增长，另一方面受益于公司深入推动精细化管理，有效降低成本、提高交付效率。 新能源板块持续突破 为践行"双碳"战略，双杰电气战略布局"源网荷储"一体化项目。根据公告，该项目新增负荷为55.2万吨 高碳铬铁合金项目，拟建设风电装机容量40万千瓦，配建储能规模6万千瓦/24万千瓦时。公司表示，源 网荷储一体化项目通过优化能源结构、提高能源利用效率、降低负荷侧用电成本等方式，可以实现经济 效益和社会效益的双赢。 同时，双杰电气进一步拓展海外市场，实现国内外市场共振。公司近期公告，公司及全资子公司雙杰香 港拟直接或间接投资吉尔吉斯斯坦100MW光伏发电项目。该项目位于吉尔吉斯斯坦的负荷中心，有较 大电力市场空间，同时吉尔吉斯斯坦国家电网表示对该项目实施提供协助，并承诺保证项目所发电力全 部并网。 双杰电气表示，此次对外投资有利于扩大公司新能源业务 ...

Core Insights - The manufacturing sector in China has shown stable growth in sales revenue, with a notable increase in high-end and high-tech manufacturing, contributing significantly to economic stability [1][2] - In June, the profits of large-scale manufacturing enterprises turned from a decline of 4.1% in May to a growth of 1.4%, indicating a recovery trend [2][12] - The "Two New" policies have effectively supported various industries, leading to significant profit improvements, particularly in sectors like medical equipment and smart drones [5][6] Group 1: Manufacturing Performance - In the first half of the year, manufacturing sales revenue growth outpaced the overall growth of enterprises by 1.5 percentage points, with equipment manufacturing and high-tech manufacturing revenues increasing by 8.9% and 11.9% respectively [1] - The profit growth in the automotive sector was particularly striking, with a 96.8% increase in June, driven by promotional activities and investment returns [2][9] - The overall profit of large-scale industrial enterprises in June was 715.58 billion yuan, a year-on-year decline of 4.3%, but the decline was less severe than in May [2][12] Group 2: Policy Impact - The implementation of the "Two New" policies has expanded support categories and subsidies, leading to rapid profit growth in related industries [5][6] - The government has introduced financial measures, including the issuance of 200 billion yuan in long-term special bonds to support equipment upgrades, which has significantly boosted the equipment manufacturing sector [7][8] - The policies have created a positive cycle in the industry, enhancing operational efficiency and vitality within the supply chain [4][7] Group 3: Future Outlook - The manufacturing sector is expected to continue its recovery trend in the second half of the year, supported by stable domestic policies and a potential rebound in external demand [12] - The growth in high-end, intelligent, and green manufacturing is anticipated to provide a stable foundation for high-quality industrial development [10][11] - The market for equipment upgrades is projected to exceed 5 trillion yuan annually, indicating substantial potential for growth in the equipment manufacturing sector [7]

Group 1 - The State Grid has set a historical record for electricity load for two consecutive days, with a maximum load reaching 1.229 billion kilowatts, an increase of 4.1% compared to last year's peak [1] - High temperatures in regions such as Chongqing, Shaanxi, and Henan have led to a significant increase in air conditioning load, prompting local power departments to enhance cross-province power transmission and energy storage applications [1] - Sichuan's maximum electricity load reached 73.56 million kilowatts, marking the third historical high this year, with a 6% increase from last year's peak load of 69.29 million kilowatts [1] Group 2 - China’s power equipment manufacturers are experiencing growth opportunities due to rapid demand increase and tight supply of transmission and distribution equipment [3] - The export of power transformers in China is expected to see a year-on-year growth rate of over 40% in the first half of 2025, continuing a high growth trend [3] - Major domestic electrical equipment manufacturers are anticipated to see an influx of orders due to sustained high capital expenditure in the AI sector from overseas companies [3] Group 3 - Companies in the power operation sector include Datang Power (00991), China Resources Power (00836), Huadian International (01071), Huaneng International (00902), Longyuan Power (00916), CGN Power (01816), Xintian Green Energy (00956), and China Power (02380) [4] - Companies involved in power grid equipment include Dongfang Electric (01072), Shanghai Electric (02727), Harbin Electric (01133), Saijing Technology (00580), and Goldwind Technology (02208) [5] Group 4 - CITIC Securities predicts that AI will significantly drive global electricity demand growth, with global data center electricity consumption expected to more than double by 2030 [2] - Recent increases in capital expenditure expectations from major overseas companies indicate sustained high investment in the AI sector [2]

Group 1 - The stock price of Zhengtai Electric as of August 4, 2025, closed at 22.73 yuan, down by 0.08 yuan, a decrease of 0.35% from the previous trading day [1] - The trading volume on that day was 75,757 hands, with a transaction amount of 172 million yuan [1] - Zhengtai Electric operates in the power grid equipment industry, focusing on low-voltage electrical appliances, transmission and distribution equipment, and photovoltaic new energy [1] Group 2 - As of the end of July 2025, Zhengtai Electric has repurchased a total of 13.14 million shares, accounting for 0.61% of the total share capital, with a total repurchase amount of 300 million yuan [1] - The repurchase price range was between 22.15 yuan and 23.52 yuan [1] - On August 4, the net outflow of main funds for Zhengtai Electric was 2.5898 million yuan, accounting for 0.01% of the circulating market value, but over the past five trading days, there was an overall net inflow of 53.0434 million yuan, representing 0.11% of the circulating market value [1]

Group 1: Pharmaceutical Sector - The pharmaceutical sector has experienced a significant structural recovery trend after a prolonged valuation adjustment, with public fund holdings still below historical averages, indicating potential for growth in 2025 supported by policies promoting commercial insurance [1] - Continued optimism for pharmaceutical innovation is noted, with expectations for ongoing business development (BD) of innovative drugs in the second half of the year, driven by domestic category C directories and commercial insurance policies [1] - A recovery in pharmaceutical investment and financing is anticipated, as a thriving secondary market may lead to a rebound in primary market financing, benefiting CXO and upstream sectors [1] Group 2: AI and Computing Hardware - The AI sector is driving significant growth in the telecommunications industry, with a positive outlook for high growth in hardware development, as the computing power sector remains in a rapid development cycle [2] - Continuous investment in large models by various companies is expected, with demand for computing power becoming increasingly robust due to competition for traffic entry points and expansive application market potential [2] Group 3: Electricity Demand and Equipment Manufacturing - AI is projected to strongly drive global electricity demand growth, with expectations that electricity consumption in global data centers will more than double by 2030 [3] - Recent increases in capital expenditure forecasts by major overseas companies indicate sustained high investment in the AI sector, while supply constraints in power distribution equipment present opportunities for Chinese manufacturers [3] - In the first half of 2025, exports of power transformers from China are expected to show a year-on-year growth rate of over 40%, continuing a trend of high growth [3]

Group 1 - Two companies received IPO acceptance on June 18, including Shanghai Superconductor on the Sci-Tech Innovation Board and Longyuan Co., Ltd. on the Beijing Stock Exchange [1] - As of June 18, a total of 49 IPO projects have been accepted across the Shanghai, Shenzhen, and Beijing exchanges, with Shanghai accepting 13, Beijing 29, and Shenzhen 7 [2] Group 2: Shanghai Superconductor Technology Co., Ltd. - The company focuses on the research, production, and sales of high-temperature superconducting materials, which have applications in controlled nuclear fusion, superconducting power, and advanced medical fields [3] - The company has no controlling shareholder, with the largest shareholder holding 18.15% of the shares, and no single shareholder has decisive voting power [4] - Revenue for 2022, 2023, and 2024 was reported as 35.78 million, 83.34 million, and 239.53 million yuan respectively, with net profit figures showing a transition from losses to profitability by 2024 [5][6] - The company plans to raise 1.2 billion yuan through its IPO for the production of second-generation high-temperature superconducting materials [11] Group 3: Longyuan Co., Ltd. - Longyuan specializes in the research, production, and sales of precision aluminum alloy die-casting parts, primarily for the automotive industry [13] - The company is controlled by a couple, with the husband holding 55.89% of the shares, leading to a combined control of 98.53% of the voting rights [15] - Revenue figures for 2022, 2023, and 2024 were 519.33 million, 699.40 million, and 868.89 million yuan respectively, with net profits showing consistent growth [16][17] - The company aims to raise 610 million yuan through its IPO for projects related to new energy systems and R&D center construction [21] Group 4: Springlight Technology Group Co., Ltd. - The company focuses on the research, production, and sales of soft magnetic ferrite powder and related products [23] - The controlling shareholder holds 34.04% of the shares, with additional indirect control through other entities [24] - Revenue for 2022, 2023, and 2024 was reported as 1.015 billion, 929.60 million, and 1.077 billion yuan respectively, with net profits increasing over the years [25][26] - The company plans to raise 750 million yuan through its IPO for projects related to smart power magnetic materials and R&D center upgrades [30] Group 5: Other Companies - Various companies including Huada Tong, Aikem New Materials, and Guli Fa have also received IPO acceptance, focusing on sectors such as petrochemical recycling, rubber additives, and electrical equipment [32][40][50] - Each company has outlined their business focus, shareholder structure, financial performance, and planned fundraising amounts for their respective IPOs [41][42][51]

Core Viewpoint - Chinese companies are transitioning from merely exporting products to establishing brands and conducting research overseas, particularly in sectors like renewable energy, electric vehicles, and high-tech products, amidst a complex global economic landscape [1][30][31]. Group 1: Challenges and Opportunities for Chinese Companies Going Global - The EU's policies aimed at achieving carbon neutrality by 2050 create significant market opportunities in solar energy and storage, but Chinese companies face high entry barriers and costs when expanding into these markets [2][3][24]. - The Regional Comprehensive Economic Partnership (RCEP) offers Chinese companies reduced trade barriers and easier market access, yet challenges such as policy continuity and supply chain completeness remain [5][6][26]. - Companies are advised to adopt both horizontal and vertical strategies for international expansion, focusing on deepening their presence in manufacturing, services, and consumption while enhancing collaboration with related enterprises [4][24]. Group 2: Market Trends and Strategic Recommendations - The shift from product export to brand and research export indicates a maturation in the international strategies of Chinese firms, necessitating a focus on local market compliance and strategic planning [15][30]. - Reports highlight the importance of optimizing overseas patent strategies to mitigate risks associated with intellectual property disputes, particularly in the automotive sector [17][18][31]. - The increasing role of private enterprises in international trade is evident, with significant contributions to export growth and initiatives aimed at expanding market presence in emerging regions [10][29]. Group 3: Economic Performance and Regional Developments - In the first four months of 2025, China's exports reached 8.39 trillion yuan, marking a 7.5% increase, with high-tech products and electric vehicles showing notable growth rates of 7.4% and 45%, respectively [10][28]. - Regional cooperation has proven effective, with significant trade volumes reported in areas like the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Economic Belt, contributing to national economic stability [10][28]. - Initiatives in provinces like Jiangsu and Guangdong are encouraging companies to establish overseas production bases and participate in international trade fairs, further supporting the "going global" strategy [11][29].

Group 1: Company Overview and Business Segments - The company operates in four main business segments: power distribution equipment, electric vehicle charging stations, photovoltaic and wind power EPC, and biomedicine [2][3][11] - The acquisition of 51% of Rui'en Pharmaceutical is a strategic move to enhance the company's presence in the biomedicine sector [11][12] Group 2: Financial Performance and Goals - In Q1 2025, the company reported a revenue of 60.76 million CNY, a year-on-year increase of 94.47% due to the consolidation of Rui'en Pharmaceutical [11][12] - The company aims to improve its overall financial performance and mitigate delisting risks by enhancing operational management and cost control [3][4][12] Group 3: Risk Management and Compliance - The company is under delisting risk warning due to negative net profit and low revenue, with efforts being made to resolve these issues [4][6][12] - The company plans to apply for the removal of risk warnings once it meets the necessary criteria set by the Shenzhen Stock Exchange [4][6] Group 4: Strategic Initiatives and Future Plans - The company intends to expand its market presence both domestically and internationally, focusing on partnerships and order fulfillment [4][11] - Emphasis will be placed on technological advancements and maintaining customer relationships to enhance operational efficiency and brand reputation [4][11] Group 5: Shareholder Engagement and Market Confidence - The company reassures shareholders that there are no current plans for major asset disposals or reductions in shareholding by major stakeholders [13] - Continuous efforts are being made to improve shareholder value and market confidence through strategic management and operational improvements [13]

Core Insights - The average salary of top executives in A-share power grid equipment companies was approximately 1.1 million yuan in 2023, with a wide range from 100,000 to 5.8 million yuan [1] - The chairman of Zhejiang Chint Electric, Nan Cunhui, topped the salary list with 5.7994 million yuan, reflecting a 7.5% increase compared to 2023, closely aligned with the company's net profit growth of 5.1% to 3.874 billion yuan [1][2] - Significant salary increases were noted, with 75 out of 132 companies reporting higher executive salaries, and 45 of these companies (60%) also saw net profit growth [2] Company Performance - Siyi Electric's chairman, Dong Zengping, experienced a salary increase of over 51%, moving from 3.298 million yuan to 4.984 million yuan, while the company reported a 24.1% increase in revenue to 15.46 billion yuan and a 31.4% increase in net profit to 2.05 billion yuan [2] - Yubang Electric's chairman saw a nearly fourfold salary increase to 3.09 million yuan, supported by a net profit increase of nearly twofold, attributed to increased state grid investments and a surge in smart electricity product tenders [3] - Companies like Baobian Electric, Shunma Electric, and others reported significant net profit growth, with increases of 146.8%, 96.2%, and 45.7% respectively, leading to salary increases for their executives [3][4] Industry Trends - The domestic power grid investment reached 608.3 billion yuan in 2024, marking a 15.3% increase, driven by the rapid development of new energy and infrastructure investments [3] - The demand for core power grid equipment is expected to remain stable due to ongoing infrastructure investments, with companies in the industry demonstrating strong profitability and resilience [3] - The performance of companies closely related to ultra-high voltage and distribution network construction has been notably strong, indicating a positive trend in the power grid equipment sector [4]