Core Points - The Xi'an High Voltage Electrical Research Institute Co., Ltd. has received a notice from its sponsor, China International Capital Corporation (CICC), regarding a change in the representative responsible for ongoing supervision of its initial public offering (IPO) project [1] - The original supervising representatives were Ms. Tong Yan and Mr. Jia Yizhen, but due to Ms. Tong's job change, she will no longer serve in this role [1] - Mr. Zhan Zhengjie has been appointed to replace Ms. Tong and will continue to fulfill the duties of ongoing supervision [1]

证券代码：688334 证券简称：西高院 公告编号：2025-051 西安高压电器研究院股份有限公司 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 西安高压电器研究院股份有限公司（以下简称"公司"）于近日收到 保荐机构中国国际金融股份有限公司（以下简称"中金公司"）出具的《关 于变更西安高压电器研究院股份有限公司首次公开发行 A 股股票项目持 续督导保荐代表人的说明》。中金公司系公司首次公开发行股票并在科创 板上市的保荐机构，原委派持续督导的保荐代表人为佟妍女士、贾义真 先生。现因佟妍女士工作变动，不再继续担任公司持续督导的保荐代表 人，为保证持续督导工作的有序进行，中金公司委派湛政杰先生（简历 见附件）接替佟妍女士担任公司的持续督导保荐代表人，继续履行持续 督导职责。 公司董事会对佟妍女士在公司持续督导期间所做的工作表示衷心感 谢！ 特此公告。 西安高压电器研究院股份有限公司 董事会 2025 年 11 月 27 日 附件：湛政杰先生简历 本次变更后，公司首次公开发行股票并在科创板上 ...

Core Viewpoint - The company is experiencing steady operational improvement, with significant growth in both revenue and net profit for the first three quarters of 2025 compared to the previous year [2] Financial Performance - The company achieved an operating revenue of 651 million, representing a year-on-year increase of 15.05% [2] - The net profit attributable to shareholders reached 198 million, reflecting a year-on-year growth of 21.28% [2]

Group 1 - The company has a total of 11,192 common stock shareholders as of September 30, 2025 [1]

证券代码：688334 证券简称：西高院 西安高压电器研究院股份有限公司 2025 年第三次临时股东大会 会议资料 目 录 2025 年第三次临时股东大会会议须知……………………………………1 2025 年第三次临时股东大会会议议程……………………………………4 2025 年第三次临时股东大会会议议案……………………………………7 议案一：关于取消监事会、修订《公司章程》并办理工商变更登记 的议案………………………………………………………………………7 议案二：关于修订及制定公司部分治理制度的议案………………10 议案三：关于增加 2025 年度日常关联交易预计及 2026 年度日常关 联交易预计的议案…………………………………………………………12 2025 年 11 月 议案四：关于改聘会计师事务所的议案……………………………19 西安高压电器研究院股份有限公司 2025 年第三次临时股东大会 西安高压电器研究院股份有限公司 2025 年第三次临时股东大会会议须知 为维护广大投资者的合法权益，保障西安高压电器研究院股份有限 公司（以下简称"公司"）股东在本次股东大会期间依法行使权利，根 据《中华人民共和国 ...

格隆汇11月19日丨西高院(688334.SH)在投资者互动平台表示，公司暂不具备申请军工资质的相关条 件。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant increase in profit growth, with a 21.3% year-on-year increase in net profit for the first three quarters of 2025, reaching 200 million yuan [3][4]. - The gross profit margin improved to 55.09% for the first three quarters of 2025, an increase of 3.48 percentage points year-on-year [8]. - The company’s operating revenue for the first three quarters of 2025 was 650 million yuan, reflecting a 15.0% year-on-year growth [3][4]. Summary by Sections Revenue Performance - The company achieved an operating revenue of 230 million yuan in Q3 2025, representing a 21.9% year-on-year increase and an 8.7% quarter-on-quarter increase [3][4]. - The revenue growth is attributed mainly to the consolidation of He Gao Institute [8]. Profitability - The net profit for Q3 2025 was 60 million yuan, showing a 39.2% year-on-year increase, although it decreased by 7.1% compared to the previous quarter [3][4]. - The non-recurring net profit for Q3 2025 was also 60 million yuan, with a year-on-year increase of 41.5% [3][4]. Cost and Expenses - The total expense ratio for the first three quarters of 2025 was 19.46%, down by 2.26 percentage points year-on-year [8]. - The company’s operating cash flow for the first three quarters of 2025 was 353 million yuan, a 12.9% increase year-on-year [8]. Future Outlook - The company is expected to benefit from the ongoing upgrades and iterations in power equipment products, with a projected net profit of 280 million yuan for 2025, corresponding to a PE ratio of approximately 23 times [8].

Market Overview - The professional services sector experienced a decline of 0.2% on November 14, with Xigao Hospital leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Xigao Hospital (688334) closed at 20.39, down 2.63% with a trading volume of 40,400 shares and a turnover of 82.99 million yuan [1] - Shengke Nano (688757) closed at 27.46, down 1.96% with a trading volume of 11,300 shares and a turnover of 31.38 million yuan [1] - Other notable declines include: - Zhonggang Tianyuan (002057) down 1.91% to 10.81 with a turnover of 154 million yuan [1] - Guodian Jili (002967) down 1.65% to 20.30 with a turnover of 128 million yuan [1] - Kexuan International (300662) down 1.48% to 28.72 with a turnover of 70.15 million yuan [1] Capital Flow - The professional services sector saw a net outflow of 62.30 million yuan from institutional investors, while retail investors had a net inflow of 31.24 million yuan [1] - Notable individual stock capital flows include: - Xince Standard (300938) with a net inflow of 28.84 million yuan from institutional investors [2] - Ancha Detection (300572) with a net inflow of 12.45 million yuan from institutional investors [2] - Lihua Kechuang (002243) with a net inflow of 7.41 million yuan from institutional investors [2]

中国国际金融股份有限公司 关于西安高压电器研究院股份有限公司 增加 2025 年度日常关联交易预计及 2026 年度日常关联交易预计 的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为西安高压电器研究院股份 有限公司（以下简称"西高院"或"公司"）首次公开发行股票并在科创板上市的保荐机构， 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法律、法规和 规范性文件的规定，对西高院增加 2025 年度日常关联交易预计及 2026 年度日常关联 交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2025 年 11 月 12 日召开第二届董事会第五次会议、第二届监事会第五次会 议，审议通过了《关于增加 2025 年度日常关联交易预计及 2026 年度日常关联交易预 计的议案》，本次拟增加的 2025 年度日常关联交易预计金额为人民币 3,000 万元，本 次 2026 年度日常关联交易预计金额合计为人民币 47,150 万元。相关的关联董事、关 联监 ...

Core Viewpoint - The company plans to increase its expected daily related transactions for 2025 and 2026, which will be submitted for shareholder approval, ensuring that these transactions are necessary for normal business operations and do not harm the interests of shareholders, especially minority shareholders [2][4][19]. Group 1: Daily Related Transactions Overview - The expected increase in daily related transactions for 2025 is estimated at RMB 30 million, bringing the total expected amount to RMB 388 million [2][3]. - The expected daily related transactions for 2026 are projected to be RMB 471.5 million, which includes sales of goods and provision of services to related parties [4][13]. - The pricing for these transactions is determined based on conditions similar to those of non-related party transactions, ensuring fairness and reasonableness [16][18]. Group 2: Approval Process and Governance - The board of directors and the supervisory board have approved the increase in expected daily related transactions, with independent directors also expressing unanimous agreement [5][24]. - The approval process followed legal and regulatory requirements, with related directors abstaining from voting to maintain compliance [6][19]. - The company’s independent directors confirmed that the transactions are necessary for daily operations and do not compromise the company's independence or harm shareholder interests [6][24]. Group 3: Related Party Information - The main related party involved is China Electrical Equipment Group Co., Ltd., which is the indirect controlling shareholder of the company [9][11]. - The financial data of China Electrical Equipment Group Co., Ltd. as of December 31, 2024, includes total assets of RMB 1715.73 billion and net profit of RMB 5.173 billion [11]. - The company maintains a stable cooperative relationship with related parties, ensuring that the expected transactions will not lead to dependency on them [18]. Group 4: Impact and Necessity of Transactions - The expected related transactions are deemed necessary for the company's daily operations and are expected to promote business development [15][19]. - The company emphasizes that these transactions will not adversely affect its financial condition or operational results [18][19]. Group 5: Auditor Change Announcement - The company plans to change its auditing firm from Tianzhi International to Lixin Accounting Firm for the 2025 fiscal year, with the change requiring shareholder approval [51][53]. - The decision to change auditors is based on compliance with regulations and the need for quality assurance in financial reporting [63][66]. - Both the outgoing and incoming auditors have been informed of this change, and there are no objections from either party [64].