Newonder Special Electric Co.Ltd

Xinte Electric released its half-year report, with revenue of 258 million yuan, up 33.72 percent year on year, net profit attributable to the parent of 11.15 million yuan, a sharp increase of 109.32 percent, and non-GAAP net profit of 6.74 million yuan, up 224.15 percent from the same period last year. Among this, the traditional transformer business contributed about 78 percent of revenue, up 33.41 percent year on year, with gross margin stable at 26.87 percent. Gross margin for energy storage products improved significantly from negative 2.58 percent to 23.14 percent, while revenue grew 68.12 percent year on year. Contract liabilities jumped from 6.19 million yuan at the beginning of the period to 56.43 million yuan, indicating ample orders in hand. The company is laying out solid-state transformers, where the high-frequency transformer segment accounts for about 60 to 70 percent of costs. It has jointly developed a 2-megawatt-class rack-mounted solid-state transformer with Vertiv and secured the first small-batch orders, to be used in China Unicom's DC8 project in Zhongwei, Ningxia, and an East-Data-West-Computing pilot project in Inner Mongolia. In addition, the company has established a joint research center for solid-state transformers with Tsinghua University, and its medium-frequency isolated DC transformer has been deployed in a 200-megawatt photovoltaic DC collection project in Hami, Xinjiang. Institutions forecast that the solid-state transformer market will grow from about 10 billion yuan in 2026 to over 1 trillion yuan by 2035.

Xinte Electric has disclosed a share buyback plan, proposing to repurchase company shares through centralized bidding. The total buyback amount will range from 25 million yuan to 48 million yuan, with a maximum repurchase price of 23 yuan per share. The shares bought back will be used for equity incentives or employee stock ownership plans. The buyback period is within 12 months from the date the board of directors approves the buyback plan.

Xinte Electric announced on July 31 that the company's controlling shareholder, actual controller, and their concert parties have decided to terminate early the previously disclosed share reduction plan, which originally proposed to reduce holdings by no more than 3% of the company's total share capital. From the start of the reduction plan to the date of the announcement, the above shareholders did not reduce their holdings in the company.