Yubang Electric announced plans to terminate four fundraising sub-projects, with expected savings of 43.2074 million yuan in raised funds. It will also add a wholly-owned subsidiary as the implementing entity for some fundraising projects and adjust the internal investment structure of related projects. Reasons for termination include changes in market demand, updates to technical specifications, and rising raw material costs. Among them, the Power Digital Twin System R&D Project no longer requires large-scale self-purchased servers due to State Grid's 2025 new regulations that place related businesses on a negative list. The automated production line projects for current transformers and power transformers are affected by State Grid's 2025 upgraded technical specifications for smart energy meters and persistently high copper prices, making it difficult for self-built production lines to achieve economies of scale and cost advantages. The company's full-year 2025 revenue exceeded 1 billion yuan, up 6.71 percent year-on-year, but net profit attributable to shareholders was 76.1216 million yuan and recurring net profit was 61.7153 million yuan, down 31.62 percent and 35.23 percent year-on-year respectively. In the first quarter of this year, revenue was 146 million yuan, up 6.49 percent year-on-year, but net profit attributable to shareholders was negative 22.4433 million yuan, turning from profit to loss year-on-year, mainly affected by a decline in State Grid bidding volumes, product price reductions, and falling gross margins.
Beijing Yupont Electric Power Technology Co LtdTerminates projects due to State Grid's negative list and declining bidding volumes, plus product price reductions and falling gross margins.