特变电工股份有限公司2025年年度报告摘要深度解读

一、业绩概览及分红预案

• 2025年，公司实现营业收入972.27亿元，同比微降0.61%；归属于上市公司股东的净利润为59.54亿元，同比增长43.69%。受益于主营业务优化与市场需求结构性调整，净利润大幅提升，显示公司盈利能力和经营效率显著提升。
• 2025年利润分配预案：公司拟以实施权益分派的股权登记日公司总股本扣除已回购股份后为基数，向全体股东每10股派发现金红利3.60元（含税），合计派发现金红利18.07亿元，占归母净利润的30.35%。
• 不进行股票股利分配，也不进行资本公积转增股本。
• 公司总股本为50.53亿股，扣除回购后为50.20亿股。

二、主营业务及行业环境

1. 输变电行业

• 在全球碳中和加速背景下，国内外电力设备需求持续增长。国内电网投资结构优化，特高压、配电网智能化升级加速，人工智能、大数据等新型用电需求上升。
• 据权威机构预测，2025年全国发电装机容量达38.9亿千瓦，同比增长16.1%；跨区输送电量9984亿千瓦时，同比增长7.9%；电网工程投资6395亿元，同比增长5.1%。
• 国际市场方面，欧盟发布超万亿欧元电网投资计划，全球电网升级改造进入快车道。
• 公司在特高压交直流输变电及大型水电、火电设备领域处于行业领先，主要竞争对手包括中国电气装备集团、ABB、西门子等。

2. 新能源行业

• 我国新能源装机量首次超过火电，新能源成为新增用电量绝对主体。2025年光伏新增装机3.17亿千瓦，同比增长14%，风电新增装机1.2亿千瓦，同比增长51%。
• 多晶硅产量同比下降28.4%，价格经历先跌后涨，行业向高端、智能、绿色方向转型。
• 公司为国内领先多晶硅生产商及风光电站建设与运营商，行业主要竞争对手包括通威股份、协鑫科技等。

3. 能源行业

• 煤炭原煤产量48.3亿吨，同比增长1.2%；发电量97,159亿千瓦时，同比增长2.2%。煤电地位由“主力军”向“调节器”转变，清洁高效利用和与新能源融合发展持续推进。
• 公司拥有新疆准东大型煤炭基地，煤炭核定产能7400万吨/年，控股运营火电厂装机总量4,040MW。

4. 新材料行业

• 高纯铝、电子铝箔、电极箔等产品市场需求上升，受益于家电、电子、汽车、航空等领域持续增长。新能源汽车年产销同比增长约29%，带动铝合金材料用量持续提升。
• 行业进入绿色低碳发展新阶段，铝冶炼纳入全国碳排放权交易市场，公司积极布局高性能铝材及下游深加工产品。

三、财务数据亮点与风险提示

• 归母净资产为743.92亿元，同比增长10.22%。
• 2025年利润总额80.52亿元，同比增长60.13%。
• 扣非净利润45.54亿元，同比增长15.64%。
• 经营性现金流净额为93.31亿元，同比下降27.75%，需关注现金流管理压力。
• 资产负债率55.60%，较上年下降0.97个百分点，财务结构稳健。
• 加权平均净资产收益率8.75%，同比提升2.3个百分点，盈利能力增强。
• 公司已成功按期兑付所有债券利息及本息，债务风险可控。

四、股东结构及潜在影响

• 截至报告期末，普通股股东总数为511,867户，较上年大幅减少。大股东新疆特变电工集团有限公司持股11.50%，无表决权恢复优先股。
• 公司前十大股东中，多只基金持股1.34%，显示机构投资者关注度较高。
• 主要大股东之间存在关联关系，公司治理结构需继续关注。

五、债券情况

• 公司在报告期内存续债券余额共计超52亿元，利率区间1.58%~3.66%，涵盖公司债、科创债、中期票据、超短融等多品种。
• 2025年内所有到期债券及利息均已如期兑付，展示出较强的偿债能力。

六、投资者关注事项及潜在影响

• 净利润大幅提升，分红比例稳定，显示公司对股东回报承诺。
• 主营业务结构继续优化，新能源、高端新材料业务成长迅速，未来增长动能充足。
• 现金流下滑需警惕，行业波动及市场需求变化可能对公司业绩产生影响。
• 公司在输变电、新能源及新材料领域具备显著行业地位，政策风向正面，公司有望持续受益于国家能源结构转型和绿色发展战略。

七、结论

特变电工2025年表现亮眼，业绩大幅提升，分红稳健，行业地位突出，尤其新能源与新材料业务成长迅速，值得投资者高度关注。短期需关注现金流波动风险及原材料价格波动对盈利能力的影响。公司持续受益于能源转型政策利好，具备中长期投资价值。业绩大幅提升和高比例分红或将对公司股价形成正面催化。

免责声明：本文基于公司公开披露的2025年年度报告摘要整理和解读，不构成任何投资建议。投资者据此操作，风险自负。

English Version

In-Depth Review of TBEA Co., Ltd. 2025 Annual Report Summary

1. Performance Overview & Dividend Proposal

• In 2025, the company achieved revenue of RMB 97.23 billion, down 0.61% year-on-year; net profit attributable to shareholders reached RMB 5.954 billion, up 43.69% year-on-year. Profitability and operational efficiency improved significantly, driven by business structure optimization and favorable market demand.
• 2025 Dividend Proposal: The company plans to distribute a cash dividend of RMB 3.60 (tax included) for every 10 shares, totaling RMB 1.807 billion, accounting for 30.35% of net profit attributable to the parent. No stock dividend or capital reserve transfer is planned.
• Total share capital stands at 5.053 billion shares, 5.020 billion after share buyback deduction.

2. Main Businesses & Industry Environment

a) Power Transmission & Transformation

• With global carbon neutrality, demand for power equipment surges. Domestic grid investments focus on UHV, smart grid upgrades, and new electricity demand from AI, big data, etc.
• By end-2025, national installed capacity reached 3.89 billion kW (+16.1% YoY); cross-region power transmission 998.4 billion kWh (+7.9%); grid engineering investment RMB 639.5 billion (+5.1%).
• Internationally, the EU announced an over EUR 1 trillion grid investment plan, speeding up global grid modernization.
• TBEA leads in UHV equipment, with major competitors including China Electrical Equipment Group, ABB, Siemens, etc.

b) New Energy

• China’s new energy installed capacity surpassed thermal power for the first time. In 2025, PV new installation reached 317 GW (+14%), wind power 120 GW (+51%).
• Polysilicon output fell 28.4% YoY, with prices first declining then rebounding. The industry is upgrading towards high-end, intelligent, and green solutions.
• TBEA is a leading polysilicon manufacturer and wind/PV developer/operator. Main competitors include Tongwei, GCL Tech, etc.

c) Energy (Coal & Power)

• Raw coal output was 4.83 billion tons (+1.2%), power generation 9.716 trillion kWh (+2.2%). Coal-fired power’s role is shifting to system “regulator” from “main force”.
• TBEA has 74 million tons/year coal capacity in Xinjiang, and 4,040MW of thermal power plants in operation.

d) New Materials

• Demand for high-purity aluminum, electronic foil, and electrode foil is rising, driven by home appliances, electronics, automotive, and aviation. NEV production/sales grew ~29%, boosting aluminum alloy demand.
• Industry entering a green transformation, with aluminum smelting included in national carbon trading. TBEA actively expands into high-performance aluminum products and downstream processing.

3. Financial Highlights & Risk Alerts

• Shareholders’ equity reached RMB 74.39 billion (+10.22%).
• Profit before tax was RMB 8.05 billion (+60.13%).
• Net profit after non-recurring items RMB 4.55 billion (+15.64%).
• Operating cash flow RMB 9.33 billion, down 27.75% YoY—cash flow pressure should be monitored.
• Asset-liability ratio 55.60%, down 0.97ppt YoY, showing a robust financial structure.
• ROE 8.75%, up 2.3ppt; profitability improved.
• All bonds and interests were paid on schedule, indicating strong debt servicing capability.

4. Shareholder Structure & Potential Impact

• 511,867 ordinary shareholders at year-end, a sharp decline YoY. The largest shareholder, Xinjiang TBEA Group, holds 11.50%.
• Top 10 holders include many institutional funds (each ~1.34%), reflecting strong institutional interest.
• There are related-party relationships among large shareholders; corporate governance needs ongoing attention.

5. Bond Status

• Total outstanding bonds exceed RMB 5.2 billion, with rates from 1.58% to 3.66%, covering company bonds, innovation bonds, MTNs, and SCPs.
• All scheduled bond/redemption payments in 2025 were made on time, showing strong solvency.

6. Key Investor Focus & Potential Impacts

• Significant profit growth, stable dividend payout—demonstrating commitment to shareholder returns.
• Business structure continues to optimize, with new energy and high-end materials growing rapidly—future growth drivers are robust.
• Cash flow decline is a watch point; market and input price fluctuations could impact earnings.
• With a leading position in grids, new energy, and materials, plus policy tailwinds, TBEA is poised to benefit from China’s clean energy transition.

7. Conclusion

TBEA posted outstanding results in 2025: sharp profit growth, stable dividends, and a leading industry position, especially in new energy and advanced materials. Investors should note the declining cash flow and market volatility risks. The company stands to benefit from energy transition policies and has mid- to long-term investment value. The significant profit growth and high dividend payout could positively impact the share price.

Disclaimer: This article is based on TBEA’s disclosed 2025 Annual Report Summary and does not constitute investment advice. Investors assume all risks associated with their decisions.

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