编号：2025-2 | 投资者关系活动 | □特定对象调研 分析师会议 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 √ | | □ | 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） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日 （周一） 下午 2025 9 15 14:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1.董事长焦留军 | | 员姓名 | 2.总经理李洪波 | | | 3.独立董事张俊民 | | | 4.独立董事傅万堂 | | | 5.独立董事邹积玉 | | | 6.财务总监陈峰 | | | 7.董事会秘书刘福生 | | | 投资者提出的问题及公司回复情况： | | | 1.公司在投资者关系管理方面有哪些计划，以增强投资者信 | | | 心和提升公司透明度？ | | | 答：公司高度重视投资者关系管理工作，通过定期举办投资 ...

Group 1 - The imposition of tariffs is expected to exacerbate the energy demand gap in the U.S., as expressed by multiple companies at the RE+ clean energy exhibition [1][2] - The RE+ exhibition, held from September 8 to 11, showcases technologies and products related to solar energy, wind energy, hydrogen, energy storage, smart grids, and electric vehicles [1] - The tariff policies initiated during the Trump administration have raised concerns about the future of the U.S. renewable energy industry, leading to uncertainty among industry professionals [1][2] Group 2 - Companies like Premier Solar and others have reported significant impacts on their operations due to high tariffs on imported components, with some facing tariffs as high as 125% [1][2] - The uncertainty caused by fluctuating tariffs makes it difficult for companies to predict product costs and set stable pricing, affecting their operational forecasts [2] - Chinese companies, such as CATL, are focusing on enhancing product performance to navigate the challenges posed by tariff changes, emphasizing the continued reliance on Chinese supply chains for the U.S. renewable energy sector [3]

Group 1 - The imposition of tariffs is expected to exacerbate the energy demand gap in the U.S. [1] - The RE+ exhibition highlighted the significant impact of the Trump administration's tariff policies on the renewable energy sector [1][2] - Companies are facing uncertainty in pricing and cost predictions due to fluctuating tariffs, which complicates stable business operations [2] Group 2 - Companies like Premier Solar and others are experiencing severe disruptions in sourcing components due to high tariffs, with some parts facing tariffs as high as 125% [1][2] - The U.S. energy sector is heavily reliant on components and technology from China, despite efforts to promote domestic manufacturing [2][3] - Reports indicate that broad tariffs imposed by the Trump administration could lead to increased energy costs, undermining energy and economic security in the U.S. [3]

Group 1 - The company has successfully won the bid for the low-voltage distribution cabinet procurement project for the Nanchang Power Supply Section of China Railway Nanchang Bureau Group Co., Ltd. for the year 2025 [1] - Additionally, the company has also secured the bid for the construction project of the FXX pool at Harbin Engineering University, which includes the procurement of distribution boxes [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 205 million yuan, a year-on-year growth of 35.24%, and net profit amounting to 10.15 million yuan, a staggering increase of 5972.30% [1] Group 1: Business Performance - The company secured new contracts worth approximately 438 million yuan, including overseas orders valued at around 13 million dollars [1] - The deep-cooling technology equipment manufacturing segment achieved new signed effective contracts totaling about 424 million yuan, focusing on products such as natural gas liquefaction devices and LNG refueling stations [1] - The transportation service equipment manufacturing segment accelerated product development, successfully launching new distribution equipment and enhancing the product range for charging stations [1] Group 2: Gas Operations - In the industrial gas sector, the company continues to provide nitrogen supply equipment leasing and operation management services to Sichuan Shuneng Mining Co., Ltd., and collaborates with internal units of Shudao Group on various industrial gases [2] - The company ensures stable supply for the Inner Mongolia Yahui BOG helium project and has developed a high-altitude oxygen supply system for a hotel at 3300 meters elevation [2] Group 3: Clean Energy Initiatives - The LNG business is focused on deepening cooperation with upstream liquid plants and downstream customers while expanding sales in other clean energy sectors [3] - The company is actively involved in hydrogen energy projects, including the preparation of a proposal for a hydrogen railway demonstration application project and participation in a national key research and development project [3]

Core Viewpoint - The distribution cabinet industry is experiencing unprecedented growth opportunities due to rapid urbanization and the development of the renewable energy sector, with China being a major consumer market for distribution cabinets [1][4][6]. Industry Definition and Classification - Distribution cabinets are electrical equipment assemblies used for centralized control, distribution of electrical energy, and protection, monitoring, and control of circuits and electrical devices. They can be classified by purpose (e.g., power distribution, lighting, control) and structure (e.g., drawer-type, fixed-type) [2][6]. Current Industry Development Status - The global distribution cabinet market is projected to grow from $30.91 billion in 2018 to $35.57 billion by 2024, with the Asia-Pacific region accounting for 49.29% of the market share [4][6]. In China, the demand for distribution cabinets is expected to reach 1,563,183 units in 2024, with a market size of 62.42 billion yuan [7][9]. Industry Demand and Market Size - In 2024, the demand for distribution cabinets in China is expected to be 1,563,183 units, with a market size of 62.42 billion yuan. By 2025, demand is projected to increase to approximately 1,665,364 units, with a market size of about 66.27 billion yuan [7][9]. Industry Production and Output - The production value of China's distribution cabinet industry is expected to reach 64.48 billion yuan in 2024, with an output of 1,588,089 units. By 2025, the production value is projected to be 68.4 billion yuan, with an output of 1,690,422 units [9][19]. Industry Supply Chain - The upstream of the distribution cabinet industry includes raw materials such as metals (copper, aluminum, steel), insulation materials, and electrical components. The midstream involves research, design, production, and sales, while the downstream applications span various sectors including power, construction, and transportation [11][16]. Industry Development Environment - Related Policies - Various policies have been issued to promote the high-quality development of the distribution network, including standards for energy efficiency and the integration of renewable energy [13][15]. Industry Competitive Landscape - The distribution cabinet market has many regional small and medium-sized enterprises in the low-end segment, leading to intense price competition. In the high-end market, leading international companies dominate due to their technological advantages [16][19]. Industry Development Trends - The industry is moving towards increased intelligence, with future distribution cabinets expected to feature real-time monitoring, fault diagnosis, and remote control capabilities [23]. Additionally, there is a trend towards green and environmentally friendly designs, focusing on energy efficiency and the use of recyclable materials [24]. The demand for smaller and more integrated distribution cabinets is also rising, driven by space efficiency requirements [25].

Core Viewpoint - The company has initiated a comprehensive inventory check of power supply materials to ensure reliable supply during peak summer demand, focusing on the core goals of clarity in inventory status and readiness for emergency use [1][2] Group 1: Inventory Management - The inventory check covers various types of emergency repair materials, spare parts, and emergency equipment, implementing a three-dimensional work model of "account verification + status inspection + efficiency evaluation" [1] - A special team has been formed, led by the materials department and involving operations and distribution departments, to verify physical quantities against WMS3.0 system data [1] - The company conducts a thorough "health check" of inventory materials, particularly focusing on the storage environment and condition of critical equipment like transformers and cables [1] Group 2: Demand Forecasting and Supply Optimization - The company analyzes material consumption over the past three years to scientifically assess the match between existing inventory and the forecasted demand for the summer peak load, creating a "material gap list" for precise replenishment [1] - A dynamic inventory management mechanism has been established, with daily updates and weekly reviews to ensure real-time tracking of inventory changes and to support rapid response to emergencies [1][2] Group 3: Future Actions - The company plans to optimize the material reserve structure based on the inventory results, prioritizing the replenishment of high-demand items such as transformers and distribution cabinets to ensure uninterrupted supply during critical times [2]

Core Viewpoint - The company is taking proactive measures to ensure sufficient material supply for the upcoming summer peak electricity demand, focusing on emergency material reserves and management [1][2]. Group 1: Material Supply and Management - The company has analyzed past summer material usage and developed an emergency material reserve plan based on this analysis and current electricity demand forecasts [1]. - Key materials such as transformers and distribution cabinets are being adequately stocked to address potential power failures [1]. - Emergency materials, including lighting equipment and flood prevention sandbags, are being thoroughly checked and replenished to ensure readiness in emergencies [1]. Group 2: Quality Control and Emergency Response - The company has strengthened material acceptance management, ensuring that all materials are rigorously inspected and substandard materials are returned [2]. - An emergency response mechanism has been established, detailing material allocation plans during extreme weather events, and conducting drills to enhance emergency material allocation capabilities [2]. - A 24-hour emergency duty system has been set up, with personnel maintaining communication to promptly address material supply issues [2]. Group 3: Future Strategies - The company will continue to monitor changes in electricity load and weather conditions, dynamically adjusting material reserves and supply strategies [2]. - Efforts will be made to optimize material management processes and enhance information technology levels in material management [2]. - Collaboration with various parties will be strengthened to ensure effective material supply for stable electricity provision to users [2].

Investment Rating - The report does not explicitly state an investment rating for the power equipment industry Core Insights - The power equipment industry is experiencing significant market expansion driven by strong demand for renewable energy, urbanization, and government policy support for green development [4][20][45] - The industry is characterized by intense competition, with leading companies leveraging vertical integration to dominate the market while smaller firms focus on niche segments [15][17] - Future growth will be propelled by technological upgrades and innovations, particularly in smart grid and energy storage technologies [21][50] Industry Definition - Power equipment refers to various devices and installations used in the generation, transmission, transformation, distribution, and quality control of electrical energy [5] - The industry includes a wide range of equipment from large generators to small distribution devices, essential for the production, transmission, distribution, and control of electricity [5] Industry Classification - Power equipment can be categorized based on its application, including generation, transmission, transformation, distribution, consumption, and energy storage [6][7] - It can also be classified into primary and secondary equipment based on its functional characteristics within the power system [13][14] Industry Characteristics - The industry features diverse business models, with traditional manufacturers focusing on equipment sales and emerging companies providing customized power solutions [16] - The competitive landscape is marked by a concentration of leading firms in high-tech areas, while smaller companies maintain competitiveness through specialization [17] - Government policies are increasingly supportive, promoting the transition to smart grids and renewable energy [18] Market Demand and Trends - There is a robust growth in demand for renewable energy technologies, with solar and wind energy applications becoming more prevalent [20][45] - The industry is witnessing a shift towards digitalization and smart technologies, driven by the need for efficient energy management and sustainability [50] Industry Development History - The industry has evolved through various stages, from initial establishment to rapid growth and now to a phase of technological innovation and international competitiveness [22][24][26] Industry Scale - The power equipment market has been growing steadily, with significant contributions from renewable energy projects and ongoing upgrades to electrical infrastructure [45][46] - Future growth is expected to be fueled by the expansion of renewable energy capacity and the modernization of power grids [49]

Core Viewpoint - The construction of the 35kV Taiping Substation project by the State Grid Suixi County Power Supply Company has reached a critical phase with the arrival of smart switchgear and distribution equipment, marking the start of the electrical equipment installation stage for this significant livelihood project [1][2]. Group 1: Project Overview - The Taiping Substation project, with a total investment of 41.67 million yuan, aims to build one 35kV substation, expand two intervals, and lay 23.12 kilometers of lines [2]. - The project will significantly optimize the regional power grid structure and enhance the reliability of power supply for nearly 50,000 residents and agricultural production in areas such as Nanping Town and Sundian Town [2]. Group 2: Technological Advancements - The project employs the latest modular design concept from the State Grid Corporation, featuring fully insulated closed structures for the smart switchgear and distribution cabinets, equipped with digital monitoring units and automated control systems [2]. - The smart equipment supports remote real-time monitoring and can quickly identify and address operational issues, enhancing the efficiency and intelligence of power supply [2]. Group 3: Construction Progress - Despite challenges posed by spring rains, the construction team has completed foundational work and road hardening ahead of schedule, utilizing 3D positioning technology for precise installation of electrical equipment [4]. - The project is part of the "Three-Year Action Plan for Upgrading the Power Grid in Northern Anhui" and includes features like fault self-healing capabilities to support local tourism and modern agriculture [4]. Group 4: Community Impact - The project is expected to improve the power supply reliability to 99.98%, addressing long-standing low voltage issues in the western part of Nanping Town, thus providing stable and reliable power for regional economic and social development [2]. - The collaboration between the Suixi County Power Supply Company and local government has facilitated the smooth implementation of the project, creating a model for regional power grid construction [4][6].