Group 1 - The company has developed a "DC side connection cable for electrochemical energy storage systems," which has received TV and CE certifications, and is currently in small batch supply [2] - The product standard TV 2PfG 2693 is the first globally established standard specifically for cables used in energy storage systems, addressing critical performance requirements such as long-term thermal aging, battery acid corrosion resistance, and flexibility [2] - The company has a strong presence in the electric vehicle drive motor sector, being one of the few manufacturers that master three insulation methods: "enamel," "enamel + film," and "PEEK insulation" [2] Group 2 - The company received a patent authorization for "PEEK insulated electromagnetic wire" in April 2024, which can meet various voltage platform requirements of 400V, 800V, and 1000V [2] - The company maintains long-term stable collaborations with third-party electric drive companies and new energy vehicle manufacturers, including major brands such as Li Auto, Xpeng, GAC, SAIC, and Volkswagen [2] - In the first half of 2025, the company secured 11 new model designations and 15 models entered mass production, with sales of flat electromagnetic wire for new energy vehicles increasing by 68% year-on-year [2] Group 3 - The company plans to expand into new business areas and product types based on market demand, technological trends, and its strategic planning [2]

Core Viewpoint - Jinbei Electric (002533) has established itself as a global leader in flat electromagnetic wire, recently obtaining a patent for "PEEK insulated electromagnetic wire" in April 2024, positioning the company favorably in the high-voltage platform for new energy vehicle drive motors [1] Group 1 - The company is one of the few manufacturers that master three insulation methods: "enamel," "enamel + film," and "PEEK insulation" [1] - Jinbei Electric has made early advancements in the research and development of flat electromagnetic wire for high-voltage applications, specifically for new energy vehicles [1] - The company has successfully supplied 800V flat electromagnetic wire for vehicles and has technical reserves for 1000V flat electromagnetic wire [1] Group 2 - The company clarified that it does not have a subsidiary named "Kemon Innovation," urging investors to verify the authenticity of such information [1]

Core Viewpoint - Jinbei Electric achieved significant growth in 2024, with revenue of 17.669 billion yuan, a year-on-year increase of 15.54%, and a net profit of 569 million yuan, up 8.78% [1] Group 1: Financial Performance - The company reported a high dividend of 4.5 yuan per 10 shares, reflecting strong shareholder returns [1] - The average net cash ratio over the past five years reached 1, indicating solid profitability [1] - Return on equity (ROE) has consistently remained above 14% for two consecutive years [1] Group 2: Business Strategy and Growth - Jinbei Electric's strategy focuses on dual engines of growth, balancing traditional infrastructure and new energy sectors [1] - The wire and cable business, a key growth driver, achieved an 8.8% increase in revenue despite a high base of over 10 billion yuan [1] - The company shifted its marketing strategy from broad outreach to targeting major clients, resulting in a 15 percentage point increase in direct sales [1] Group 3: Sector Performance - The electromagnetic wire segment capitalized on the explosive growth of the new energy vehicle market and sustained high investment in the power grid, with flat wire shipments exceeding 84,000 tons, a 19.74% increase [2] - Revenue from the electromagnetic wire segment reached 6.609 billion yuan, up 31.65%, with a 60% surge in shipments for new energy vehicle flat wires [2] - Clean energy and smart grid revenues accounted for 39% of total revenue, surpassing green building's 33% for the first time [2] Group 4: New Product Development and Capacity Expansion - The approval of the PEEK insulated electromagnetic wire patent positions the company as one of the few with advanced insulation technologies [3] - New production capacity includes 10,000 tons of transformer flat wire set to launch in Q2 2024 and ongoing construction of 30,000 tons of vehicle flat wire capacity in Xiangtan [3] - The company is also establishing a 20,000-ton overseas base in the Czech Republic, aiming for production by late 2025 or early 2026 [3]