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Polysilicon (Xinte Energy) capacity, cost & technology多晶硅（新特能源）产能、成本与技术
29 · 2024-01-10 → 2026-06-01
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Polysilicon capacity expansion, cost control, N-type transition, and technology roadmap (Siemens process).多晶硅产能扩张、成本控制、N型转型及西门子法技术路线。
2024-01-10Company stated that its electronic-grade polysilicon has passed customer verification and is being supplied, meeting GB/T12963-2022 standard with surface metals ≤5.0ppb and bulk metals ≤2.0ppb.公司表示其电子级多晶硅已通过客户验证并供货，符合GB/T12963-2022标准，表金属≤5.0ppb，体金属≤2.0ppb。
2024-01-10Company stated that N-type polysilicon purity is higher than P-type; customers generally require metal impurities <0.5ppb, and the company supplies according to customer needs.公司表示N型硅料纯度高于P型，客户一般要求金属杂质小于0.5ppb，公司按客户需求供货。
2024-01-19Company stated that under full production, the total polysilicon cost for its Inner Mongolia 100kt project and Zhundong 100kt project can be controlled within CNY 50,000/ton; both projects are designed to fully meet N-type polysilicon production requirements.公司表示在满产状态下，内蒙古10万吨多晶硅项目、准东10万吨多晶硅项目完全成本可控制在5万元/吨以内；两项目均按全部可满足生产N型硅料要求设计。
2024-02-28TBEA's Ganquanbao polysilicon line can increase N-type silicon ratio with minor investment; new line full cost is under 50,000 yuan/ton.特变电工甘泉堡多晶硅生产线经少量投资可提高N型硅料比重，新产线满产全成本在5万元/吨以内。
2024-02-28TBEA's captive power plant supplies ~4 billion kWh/year to the Ganquanbao 100,000-ton polysilicon project; shortfall is covered by external purchases.特变电工自备电厂年均发电约40亿度，全部用于甘泉堡10万吨多晶硅项目，缺口需外购。
2024-04-08TBEA announced that its subsidiary Xinte Energy's 100,000-ton phase 1 polysilicon project in Zhundong was completed and put into trial production in August 2023, raising total polysilicon capacity to 300,000 tons/year.特变电工披露子公司新特能源准东一期10万吨多晶硅项目于2023年8月建成试生产，总产能提升至30万吨/年。
2024-04-30TBEA disclosed that polysilicon business revenue accounted for 19.89% of total revenue and about 22% of net profit attributable to parent in 2023.特变电工披露2023年多晶硅业务营收占总营收19.89%，净利润占归母净利润约22%。
2024-05-08TBEA discloses that its subsidiary Xinte Energy recorded impairment in 2023 for assets no longer used after technical upgrades and scrapped assets; polysilicon inventory at end-2023 was about 5,000 tonnes.特变电工披露子公司新特能源2023年对技改后不再使用及报废资产计提减值；2023年底多晶硅库存约5000吨。
2024-05-08TBEA states it uses the improved Siemens process for polysilicon, not granular silicon; costs are close to granular silicon technology, and it will continue R&D to reduce costs and improve quality.特变电工表示多晶硅采用改良西门子法，非颗粒硅技术；成本已与颗粒硅差距不大，将持续研发降本提质。
2024-07-11TBEA stated it will cautiously evaluate polysilicon capacity planning based on market conditions and seek new coal capacity approval; current coal capacity is 74 million tons/year as of end-2023.特变电工表示将根据市场情况谨慎评估多晶硅产能规划，并争取新的煤炭产能核增指标；截至2023年末核定煤炭产能7400万吨/年。
2024-07-23TBEA disclosed Q1 2024 polysilicon production cost of 48,500 yuan/ton and H1 2024 N-type polysilicon share above 50%.特变电工披露2024年一季度多晶硅生产成本4.85万元/吨，上半年N型硅料占比50%以上。
2024-08-29TBEA stated that green electricity from the new Zhundong projects will be used for its high-purity polysilicon production to enhance product competitiveness.特变电工表示新准东项目的部分绿色电力将用于公司高纯多晶硅生产，以提升产品竞争力和认可度。
2024-09-05TBEA reported H1 2024 domestic transformer contract signing growth of nearly 25%, wire and cable growth of nearly 18%; overseas product export signing growth of over 95% YoY; high-purity polysilicon output 146,500 tons, sales 136,800 tons, up 92.55% and 58.86% YoY; overall polysilicon capacity utilization 25%-30%; cash cost ~42,000 yuan/ton, target below 40,000 yuan/ton after upgrades.特变电工披露2024年上半年国内变压器签约增长近25%，电线电缆增长近18%；海外产品出口签约同比增长超95%；高纯多晶硅产量14.65万吨，销量13.68万吨，同比分别增长92.55%和58.86%；多晶硅整体开工率25%-30%；现金成本约4.2万元/吨，改造后目标低于4万元/吨。
2024-11-05TBEA disclosed that 2024 Q1-Q3 high-purity polysilicon output was 181.7kt, sales 182.8kt; current operating rate ~25%, Q4 output guidance 15-16kt; inverter orders on hand ~18GW; gold revenue up 215% YoY to 723M yuan; overseas engineering revenue down 14.7% to 3.4B yuan.特变电工披露2024年前三季度高纯多晶硅产量18.17万吨，销量18.28万吨；开工率约25%，四季度产量指引1.5-1.6万吨；在手逆变器订单约18GW；黄金业务收入7.23亿元同比增215%；海外工程收入34亿元同比降14.7%。
2024-11-15TBEA stated its polysilicon projects cannot be retrofitted to produce chip wafers and it has no intention to enter chip wafer production.特变电工表示多晶硅项目无法改造生产芯片晶圆，未来无此意向。
2024-12-06Tebian Electric disclosed that its polysilicon comprehensive power consumption was about 50,000-55,000 kWh/ton in H1 2024; it is conducting maintenance and upgrading to reduce consumption, and building a 3 GW wind-solar-storage project in Zhundong to supply green electricity to its polysilicon base.特变电工披露2024年上半年多晶硅综合电耗约5-5.5万度/吨，正在检修并提质降本改造，同时投资建设准东3GW风光储项目以绿电供应多晶硅基地。
2024-12-24Tebian Electric's subsidiary Xinte Energy terminated its A-share IPO application on the Shanghai Stock Exchange and withdrew materials, citing industry conditions; the planned 200,000-ton high-purity polysilicon project (Phase 1 of 100,000 tons built in Aug 2023, Phase 2 shelved) was the use of proceeds.特变电工控股子公司新特能源终止上交所主板A股IPO申请并撤回材料，原计划募资建设年产20万吨高端电子级多晶硅项目（一期10万吨已投产，二期暂无计划）。
2025-01-172024 net profit forecast at 3.9-4.3 billion yuan, down 59.81%-63.55% YoY, due to polysilicon price collapse, coal price decline, and impairment provisions of 2.149 billion yuan (including 1.474 billion for polysilicon fixed assets and 675 million for four PV stations).2024年净利润预计39-43亿元，同比下降59.81%-63.55%，因多晶硅价格暴跌、煤炭价格下跌，及计提减值准备21.49亿元（含多晶硅固定资产14.74亿元和4个光伏电站6.75亿元）。
2025-03-28Company has initiated polysilicon sell hedging to lock in profits amid futures premium of 2,000-3,000 yuan/ton over spot.公司已开展多晶硅卖出套期保值，以锁定期货较现货溢价2000-3000元/吨的利润。
2025-05-07TBEA confirmed it has no plan to switch its polysilicon process to the silane fluidized bed method (granular silicon); it is conducting technical upgrades on existing polysilicon lines to improve quality and reduce energy consumption amid industry losses.特变电工确认无计划切换至硅烷流化床法（颗粒硅）；正对现有多晶硅产线进行技术改造以提升品质、降低能耗，应对行业亏损。
2025-06-05TBEA claimed its polysilicon cost is among the top tier in China, citing self-owned power plant tariff advantages and continuous R&D optimization.特变电工声称其多晶硅成本居于国内第一梯队，依托自备电厂电价优势和持续研发优化。
2025-07-17TBEA disclosed that in Q1 2025, the production cost of polysilicon at its Ganquanbao base was about 43,000 yuan/ton, with cash cost about 38,000 yuan/ton. Overall capacity utilization was 20%-25%, and the company is executing a 'sell all that can be sold' strategy to keep inventory low.特变电工披露，2025年第一季度甘泉堡基地多晶硅生产成本约4.3万元/吨，现金成本约3.8万元/吨；总产能利用率20%-25%，执行“应销尽销”策略以维持低库存。
2025-09-09Disclosed polysilicon cash cost of about 30,000 yuan/ton and comprehensive cost of about 35,000 yuan/ton for July 2025; Q2 cash cost was 30,800 yuan/ton.披露2025年7月多晶硅现金成本约3万元/吨，综合成本约3.5万元/吨；第二季度现金成本为3.08万元/吨。
2025-11-04TBEA denied market rumor that its polysilicon capacity would be acquired by several leading companies.特变电工否认市场传闻称其多晶硅产能将被几家头部公司联合收购。
2025-11-06TBEA stated at performance briefing that its second polysilicon production line is ready to be put into operation, and that anti-internal competition in the polysilicon industry has helped prices recover.特变电工在业绩说明会上表示，第二条多晶硅生产线已准备投运，多晶硅行业反内卷推动价格回升。
2026-02-27TBEA subsidiary Xinte Energy is optimizing and digitally upgrading its polysilicon production lines to reduce energy and material consumption, and is iterating new inverter products to enhance competitiveness.特变电工子公司新特能源对多晶硅生产线开展工艺技术调优及数字化改造，降低能耗、物耗，并加强逆变器等核心装备新产品迭代研发。
2026-03-27TBEA's subsidiary Xinte Energy is optimizing polysilicon production lines with digital transformation to reduce costs, and enhancing inverter product iteration and market expansion.特变电工子公司新特能源对多晶硅生产线进行数字化改造降本，并加强逆变器新产品迭代及市场开拓。
2026-05-18TBEA reported that its subsidiary Xinte Energy achieved a net profit of 228 million yuan attributable to the parent in Q1 2026, with polysilicon business significantly reducing losses; international orders for transmission and distribution single-machine products reached approximately 621 million USD in Q1 2026, up about 30% YoY.特变电工披露，子公司新特能源2026年一季度实现归母净利润2.28亿元，多晶硅业务大幅减亏；一季度输变电单机产品国际订单约6.21亿美元，同比增长约30%。
2026-06-01Xinte Energy's polysilicon unit production cost significantly decreased year-on-year; old production lines fully depreciated and scrapped; new lines under digital transformation; still not at full capacity and not yet profitable.新特能源多晶硅单位生产成本同比显著下降；老产线已提足折旧并报废处置；新产线进行数字化改造；尚未满产且未实现盈利。
Coal & coal-chemical (Tianchi Energy) capacity & projects煤炭及煤化工（天池能源）产能与项目
20 · 2024-01-10 → 2026-06-25
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Coal mine capacity, coal-to-gas project, thermal power plants, and railway infrastructure.煤矿产能、煤制气项目、火电厂及铁路基础设施。
2024-01-10Company disclosed current coal approved capacity of 74 million tons/year: South Open-pit Mine 40 Mt, Jiang'er No.2 Mine 30 Mt, Jiang'er No.1 Mine 4 Mt (under construction).公司披露当前煤炭核定产能为7400万吨/年：南露天矿4000万吨，将二矿3000万吨，将一矿400万吨（在建）。
2024-02-06The Jiangjunmiao-Naomaohu railway (Jiangnao Railway) opened, enhancing coal transport capacity and reducing costs for TBEA's Zhundong coal base.将淖铁路（将军庙-淖毛湖）开通，增强了准东煤炭外运能力并降低了特变电工的运输成本。
2024-02-28TBEA's coal-to-gas project at Tianchi Energy is still in early-stage filing and preparation; no investment decision made pending national approval.特变电工天池能源煤制气项目仍处于备案等前期工作阶段，待国家批复后方可决策投资。
2024-03-05Coal mine resources in Zhundong Economic and Technological Development Zone, Xinjiang, have reserves of about 12 billion tons; approved capacity of 74 million tons/year as of end-2023, with Nan Open-pit Mine 40 Mt/y, Jiang'er Mine 30 Mt/y, Jiangyi Mine 4 Mt/y (under construction).新疆准东经济技术开发区煤炭矿区资源储量约120亿吨；截至2023年末核定产能7400万吨/年，其中南露天煤矿4000万吨/年、将二矿3000万吨/年、将一矿400万吨/年（在建）。
2024-09-05TBEA stated its coal mine approved capacity is 74 million tons/year; it is seeking national approval for capacity expansion.特变电工表示煤矿核定产能为7400万吨/年，正争取国家批复产能核增。
2024-10-14Ruoqiang 2×350MW CHP project achieved dual-unit grid connection on September 28; Zhundong 2×660MW thermal power plant will be commissioned in Q4 2024.若羌2×350MW热电联产项目已于9月28日实现双机组并网发电；准东2×660MW火电厂项目将于2024年四季度投运。
2024-12-27Tebian Electric disclosed that its major ongoing investment projects include new energy self-operated power stations, Zhundong 2×660 MW thermal power project, Bazhou 2×350 MW cogeneration project, and digital transformation projects at Shenbian, Hengbian, and Lucable subsidiaries.特变电工披露在建工程主要项目：新能源自营电站、准东2×660MW火电、巴州2×350MW热电联产、沈变/衡变/鲁缆数字化技改等。
2025-01-13Coal mine capacity increase to 164 Mt/year not yet approved by NDRC and other ministries.煤矿产能核增至1.64亿吨/年尚未获得国家发展改革委等部委批复。
2025-02-13TBEA disclosed that in 2024, coal sales outside Xinjiang accounted for over 20% of total coal sales, slightly higher than last year; the Tianchi Energy Er Mine technical renovation project has been completed; newly commissioned Bazhou and Zhundong thermal power projects purchase coal from Tianchi Energy.特变电工披露2024年疆外煤炭销量占煤炭总销量比重超20%，较上年略有提升；天池能源公司将二矿技改项目已完工；新投运的巴州及准东火电项目从天池能源公司采购煤炭。
2025-03-31Controlled subsidiary Tianchi Energy invests 17.04 billion yuan to build Zhundong 2 billion Nm3/year coal-to-natural gas project, with 3-year construction period, 80% load in year 4, full production in year 5.控股子公司天池能源投资170.4亿元建设准东20亿Nm3/年煤制天然气项目，建设期3年，第4年投产负荷80%，第5年达产。
2025-03-31Controlled subsidiary Tianchi Energy invests 808.28 million yuan to build a supporting coal supply project for the coal-to-gas project.控股子公司天池能源投资8.08亿元建设煤制气项目配套供煤项目。
2025-04-01Controlled subsidiary Tianchi Energy plans to invest 17.04 billion yuan to build a 2 billion Nm³/year coal-to-natural gas project in Zhundong via its wholly-owned subsidiary Zhunneng Chemical, with annual gas output of 2.05428 billion Nm³ (including 582,672 tons of LNG) and annual coal conversion of 5.7974 million tons.控股子公司天池能源通过全资子公司准能化工投资170.4亿元建设准东20亿Nm³/年煤制天然气项目，年产天然气20.5428亿Nm³（含58.2672万吨LNG），年转化原煤579.74万吨。
2025-04-01The coal-to-gas project includes a supporting coal supply project with an additional investment of 800 million yuan for coal handling and storage facilities.煤制气项目配套供煤项目追加投资8亿元，用于建设筛分破碎、储煤筒仓等输煤储运设施。
2025-04-14Tianchi Energy's 2025 coal long-term contract price remains basically flat compared to end-2024 price.天池能源2025年煤炭长协价格与2024年底价格基本持平。
2025-05-07TBEA stated that the new mining rights fees in 2024 were due to earlier capacity expansion contracts, not new coal capacity approvals; new coal capacity approvals are still under process with multiple national authorities.特变电工表示2024年新增采矿权出让收益源于前期扩产合同，与煤炭新核增产能无关；新产能审批仍在推进中。
2025-06-26TBEA stated that its coal mine capacity expansion requires approval from multiple national authorities and related work is in progress.特变电工表示煤矿新增产能需经国家多个部门批复，相关工作正在推动中。
2025-06-26TBEA reported its six thermal power plants have total installed capacity of 5,040 MW (including 1,000 MW captive), with Bazhou 2×350 MW CHP and Zhundong 2×660 MW plants commissioned in Q4 2024; thermal power gross margin was about 56% in 2024.特变电工披露现有六座火电厂，总装机5040MW（含1000MW自备电厂），其中巴州2×350MW热电联产和准东2×660MW火电站于2024年四季度投运；2024年火电毛利率约56%。
2026-03-18TBEA's subsidiary Xinjiang Tianchi Energy established Xinjiang Kumusu Energy Technology Co., Ltd. with 50 million yuan registered capital, covering coal mining, coal products, and new material R&D.特变电工旗下新疆天池能源成立新疆库木苏能源科技有限公司，注册资本5000万元，业务包括煤炭开采、煤制品及新材料研发。
2026-06-02TBEA's coal capacity expansion to exceed 74 million tons/year is pending final approval from NDRC and NEA; no approval document received yet.特变电工煤炭产能核增（超7400万吨/年）尚需国家发改委、能源局最终批复，尚未获得批复文件。
2026-06-25TBEA's coal-to-gas project is under construction, expected to be commissioned by end of 2027; alumina project is in commissioning and trial production; Guinea hydropower project is under construction, expected to be operational by mid-2028.特变电工煤制气项目在建，预计2027年底投产；氧化铝项目处于调试试生产阶段；几内亚水电项目在建，预计2028年中投运。
Overseas EPC & project contracts (transmission & distribution)海外输变电EPC及项目合同
10 · 2024-01-10 → 2026-01-13
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Overseas engineering, procurement, and construction contracts for power transmission and distribution projects.海外输变电工程总承包合同。
2024-01-10Company reported that in the first three quarters of 2023, its international single-machine signing for power transmission and distribution reached approximately USD 400 million.公司报告2023年前三季度输变电国际单机实现签约约4亿美元。
TBEA: Products exported to East Asia, Central Asia, Southeast Asia, Africa, Europe, North America特变电工：公司的产品已出口至东亚、中亚、东南亚、非洲、欧洲、北美洲等地区↗TBEA (600089.SH): Products exported to East Asia, Central Asia, Southeast Asia, Africa, Europe, North America特变电工(600089.SH)：公司的产品已出口至东亚、中亚、东南亚、非洲、欧洲、北美洲等地区↗TBEA (600089.SH): Q1-Q3 2023 international single-machine transformer orders signed at about $400 million特变电工(600089.SH)：2023年前三季度公司输变电国际单机实现签约4亿美元左右↗ 2024-03-07India transformer production base is operating normally; power equipment exported to Southeast Asia, Europe, Middle East with full overseas certifications; international single-machine signing reached $400 million in first three quarters of 2023, up over 50% YoY.印度变压器生产基地生产经营正常；变压器、变流器等电力设备已出口至东南亚、欧洲、中东，海外主流认证齐全；2023年前三季度输变电国际单机签约4亿美元，同比增长超50%。
2024-07-11TBEA's Bangladesh Dhaka grid expansion and upgrade project (contract value $1.65 billion) achieved successful power transmission for the third batch of substations, entering peak delivery phase.特变电工承建的孟加拉达卡地区电网系统扩容和升级项目（合同金额16.5亿美元）第三批变电站顺利送电，进入批量交付高峰。
2024-09-05TBEA disclosed that its overseas ultra-high voltage transformer base in India and gold production base in Tajikistan are operational; polysilicon business loss of about 1.2 billion yuan in H1 2024; overseas signing amount in H1 2024 was $675 million, up 96% YoY.特变电工披露印度超高压变压器基地和塔吉克斯坦黄金生产基地已运营；2024年上半年多晶硅业务亏损约12亿元；上半年海外签约额6.75亿美元，同比增长96%。
2024-09-07TBEA signed a contract with Senegal for a rural power grid construction project worth nearly $100 million, covering 4,000 km.特变电工与塞内加尔签署乡村电力能源网建设工程合同，金额接近1亿美元，全长4000公里。
2024-09-14TBEA ranked 60th in ENR's 2024 'Top 250 International Contractors', up 19 places from 2023; ranked 12th among Chinese companies.特变电工在2024年ENR“全球最大250家国际承包商”中排名第60位，较2023年上升19位，中资企业第12位。
2025-05-15Guosen Securities report: TBEA 2024 net profit 4.13 billion yuan, down 61% YoY; Q1 2025 net profit 1.60 billion yuan, down 20% YoY. Power transmission overseas orders reached 1.2 billion USD in 2024, up over 70% YoY. Maintained 'outperform' rating.国信证券报告：特变电工2024年归母净利润41.3亿元，同比降61%；2025年一季度净利润16.0亿元，同比降20%。输变电海外签约12亿美元，同比增超70%。维持“优于大市”评级。
2025-08-20The EPC general contracting project for the 330 kV power transmission and transformation project of the 1 GW green electricity aggregation pilot project in the Qingyang 'East Data West Computing' industrial park in Gansu officially started.承建的甘肃庆阳“东数西算”产业园区绿电聚合试点项目一期工程100万千瓦新能源项目330千伏输变电工程EPC总承包项目正式开工。
2025-11-19TBEA's participation in the Malaysia Penang 275kV cross-sea transmission line project won the ENR 2025 Global Energy Industry Excellence Award.特变电工参与建设的马来西亚槟城275千伏跨海输电线路项目荣获ENR 2025年度全球能源工业类优秀项目奖。
2026-01-13Tebian Electric won a Saudi Arabia $2.4 billion ultra-high voltage transformer and reactor project with a 7-year execution period; international product orders grew over 80% year-on-year.特变电工中标沙特24亿美元超高压变压器及电抗器项目，执行期7年，国际产品签约同比增长超80%。
Residential & commercial energy storage & charging piles户用及工商业储能与充电桩
4 · 2024-01-10 → 2026-01-19
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Residential energy storage product launch, charging pile network expansion, and energy storage product sales.户用储能产品发布、充电桩网络扩张及储能产品销售。
2024-01-10Company plans to launch residential energy storage system products within the year, actively investing in R&D and team building.公司计划在今年推出户用储能系统产品，正积极投入研发并加强团队建设。
2024-01-10Company disclosed that its subsidiary Hengyang Transformer Co., Ltd. develops, produces, and operates fast-charging piles; all invested and operated charging piles are fast-charging.公司披露其控股子公司特变电工衡阳变压器有限公司研制生产并运营充电桩业务，目前投资建设及运营的充电桩均为快充桩。
2024-08-01TBEA subsidiary Hengyang Transformer operates 671 charging piles across Hunan, Hubei, Jiangsu, Guangxi as of June 30, 2024, and plans to accelerate charging station deployment.特变电工控股子公司衡阳变压器在湖南、湖北、江苏、广西等省市运营充电桩671台（截至2024年6月30日），并将加快充电站布局。
2026-01-19Tebian Electric is actively laying out the energy storage business as a key component of the new energy system.特变电工正积极布局储能业务，作为构建新型能源体系的关键组成部分。
Customer & OEM deals (Huawei, data centers, etc.)客户及OEM交易（华为、数据中心等）
28 · 2024-01-16 → 2026-06-23
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Supply contracts with Huawei, data center projects, and other key customers.与华为、数据中心项目及其他关键客户的供货合同。
2024-01-16Company confirmed it supplied transformers, cables, and other products to Huawei's project construction.公司确认曾向华为项目建设供应过变压器、电缆等产品。
2024-03-12Won bid for two 110kV main transformers for Haoyun Changsheng Ningxia Zhongwei No.3 Data Center project.成功中标浩云长盛宁夏中卫3号数据中心项目两台110kV主变设备。
2024-04-30TBEA confirmed it supplied transformers and cables to Huawei's data center projects.特变电工确认向华为数据中心等项目建设供应过变压器、电缆等产品。
2024-07-13TBEA won a bid for low-voltage switchgear cabinets from Urumqi Petrochemical Company (project WSH2024电气DY03048).特变电工中标乌鲁木齐石化公司低压成套开关柜项目（WSH2024电气DY03048）。
2024-07-30Tuori New Energy confirmed TBEA is a supplier of equipment for its PV power station construction.拓日新能确认特变电工为其光伏电站建设所需部分设备的供应商。
2024-08-05TBEA Group (Tianjin) New Energy Technology Co., Ltd. won a bid for Shandong Electric Power Engineering Consulting Institute's 2024 photovoltaic fixed steel支架 framework procurement.特变电工集团(天津)新能源科技有限公司中标山东电力工程咨询院有限公司2024年度光伏固定钢支架框架协议采购。
2024-09-25Yongda (永达股份) announced it has entered TBEA's supplier system, providing metal structural parts.永达股份宣布已进入特变电工供应商体系，提供金属结构件。
2024-11-30TBEA won the bid for the booster station HV/LV switchgear equipment procurement of China Power Construction Northwest Institute's Shaanxi Huadian Jingbian 200MW wind power EPC project (Phase II).特变电工中标中国电建西北院陕西华电靖边20万千瓦风电项目二期升压站高低压开关柜设备采购。
2025-03-17Wins bid for China Power Engineering Consulting Group Northwest Electric Power Design Institute's low-voltage dry-type transformer procurement for Shanxi Tou Yan'an Thermal Power 2×350MW project, bid amount 9.3921 million yuan.中标中国电力工程顾问集团西北电力设计院有限公司陕投延安热电2×350MW机组项目低压干式变采购，中标金额939.21万元。
2025-08-05Won the bid for the offshore booster station GIS and auxiliary equipment of Zhoushan Putuo 2# offshore wind farm project, with a winning amount of 10.985 million yuan.中标舟山市普陀2#海上风电场项目海上升压站GIS及其附属设备采购项目，中标金额1098.50万元。
2025-09-05Won bid for China Resources Power (Zhenxiong) high-voltage plant transformer procurement project, amount 8.68 million yuan.中标华润电力（镇雄）高压厂用变压器采购项目，金额868万元。
2025-09-09Confirmed providing transformers, medium/low-voltage switchgear for multiple key data center projects.确认为多个重点数据中心项目提供变压器、中低压开关等产品。
2025-10-15TBEA won a bid for the Ningxia Electric Power Shizuishan 2×660MW ultra-supercritical thermal power project, supplying high-voltage transformers, with a contract value of 11.54 million yuan.特变电工中标宁夏电投石嘴山2×660MW超超临界热电项目厂用高压变压器，中标金额1154万元。
2025-10-31TBEA won a bid for the Three Gorges Southern Xinjiang Taklamakan Desert New Energy Base 6×660MW coal power EPC project, supplying high-voltage transformers, with a contract value of 31.16 million yuan.特变电工中标三峡南疆塔克拉玛干沙漠新能源基地6×66万千瓦煤电EPC项目高压厂用变压器，中标金额3116万元。
2025-11-17TBEA won a bid for China Energy Engineering Group Northeast Electric Power Third Engineering Co., Ltd. cable procurement project for the Hami CSP supporting wind-solar project, with a winning amount of 10.0501 million yuan.特变电工中标中国能建东北电力第三工程有限公司哈密光热配套风光项目电缆采购，中标金额1005.01万元。
2025-12-28TBEA won a bid for Gansu Huitong New Energy's 300MW/1200MWh independent energy storage project 330kV substation equipment procurement and installation, with a bid amount of 33.05 million yuan.特变电工中标甘肃辉通新能源开发有限公司300MW/1200MWh独立储能项目330KV升压站设备采购及安装工程，中标金额3305万元。
2026-01-14Tebian Electric won a bid for China Gezhouba Electric Power's G3033 highway project power transmission line conductor procurement, amount 28.8077 million yuan.特变电工中标中国葛洲坝电力G3033高速公路项目输变电工程导线采购项目，中标金额2880.77万元。
2026-03-04TBEA won a bid for State Investment Luoyang Potash Company's box-type substation and shell procurement project, with a winning amount of 2.7696 million yuan.特变电工中标国投罗钾公司箱式变电站及外壳采购项目，中标金额276.96万元。
2026-03-16TBEA won a bid for Xinjiang Production and Construction Corps Fourth Division Power Company's power supply renovation project (cable), with a winning amount of 3.0458 million yuan.特变电工中标新疆生产建设兵团第四师电力有限责任公司供电设施改造项目（导线电缆），中标金额304.58万元。
2026-03-24TBEA won a bid for China Railway Lanzhou Bureau's Lanzhou-Zhangye railway project (Wuwei-Zhangye section), with a winning amount of 55.86 million yuan.特变电工中标中国铁路兰州局集团有限公司新建兰州至张掖三四线铁路武威至张掖段工程，中标金额5586.00万元。
2026-03-30TBEA won a bid for Ningxia Electric Power Investment Yongli's 2×660MW coal power project low-voltage power cable procurement, with a winning amount of 66.1733 million yuan.特变电工中标宁夏电投永利2×66万千瓦煤电项目低压动力电缆采购项目，中标金额6617.33万元。
2026-04-07TBEA won a bid from PetroChina Tarim Oilfield for a prefabricated substation framework procurement, amount 4.9289 million yuan.特变电工中标中国石油塔里木油田预装式变电站框架采购项目，金额492.89万元。
2026-04-07TBEA won a bid from China Energy for main transformers for the Badain Jaran Desert new energy base 4×1000 MW coal power project, amount 97.96 million yuan.特变电工中标国家能源集团巴丹吉林沙漠新能源基地4×1000MW煤电项目主变压器采购，金额9796万元。
2026-04-13TBEA won a bid from CGN New Energy for box-type transformer framework procurement (4th lot), amount 142 million yuan.特变电工中标中广核新能源2026年度箱变设备框架采购（第四标段），金额1.42亿元。
2026-04-17TBEA won a bid from China Power Engineering Consulting Group for low-voltage power cables for Wushenqi 2×660 MW coal power project, amount 36.9536 million yuan.特变电工中标中国电力工程顾问集团西北电力设计院乌审旗2×660MW煤电工程低压动力电缆采购，金额3695.36万元。
2026-04-30TBEA won a bid from Datang Guizhou Faren Power Generation for main transformer overhaul, amount 1.1022 million yuan.特变电工中标大唐贵州发耳发电有限公司1号主变大修项目，金额110.22万元。
2026-06-10TBEA won a bid from Gezhouba Electric Power for cable procurement on the G3033 expressway project, with a winning amount of 21.866 million yuan.特变电工中标葛洲坝电力G3033高速公路项目电缆采购，中标金额2186.60万元。
2026-06-23TBEA won a bid from Northwest Electric Power Design Institute for cable procurement on the Xinjiang Oilfield 2.64GW new energy and coal power carbon capture project, with a winning amount of 11.5208 million yuan.特变电工中标西北电力设计院新疆油田264万千瓦新能源及配套煤电碳捕集项目输变电工程电缆采购，中标金额1152.08万元。
Transformer & reactor capacity & digital factories变压器及电抗器产能与数字化工厂
21 · 2024-01-19 → 2026-06-04
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Transformer and reactor capacity expansion, digital factory projects, and production milestones.变压器及电抗器产能扩张、数字化工厂项目及生产里程碑。
2024-01-19Subsidiary Tebian Electric Tianbian (Hunan) Intelligent Technology Co., Ltd. was established with registered capital of CNY 50 million, jointly held by Tebian Electric Beijing-Tianjin-Hebei Intelligent Technology Co., Ltd. and Hengyang Transformer Co., Ltd., covering transformer manufacturing and R&D.子公司特变电工天变(湖南)智能科技有限公司成立，注册资本5000万元，由特变电工京津冀智能科技有限公司与衡阳变压器有限公司共同持股，经营范围包括变压器制造和研发。
2024-02-05TBEA's UHV bushing project was put into operation in H2 2023; at full capacity, annual output value is 490 million yuan.特变电工特高压套管项目于2023年下半年投产，达产年产值4.9亿元。
2024-03-07Tianjin Wuqing Smart Industrial Park distribution transformer digital project, after completion, will have annual capacity of 20,000 distribution transformers and 3,300 box-type substations.天津武清智慧产业园配变数字化项目建设完成后，具备年产20000台配电变压器及3300台箱式变电站生产能力。
2024-03-18Completed full-series product certification for new energy efficiency standards of transformers from 10kV to 500kV; invested in digital factory projects increasing transformer and cable capacity; produces wind turbine cables for offshore wind projects.完成变压器新能效标准10kV至500kV全系列产品认证取证；投资建设数字化工厂项目，变压器、电线电缆产能增长；生产的风机电缆应用于海上风电项目。
2024-06-12TBEA Shenyang Transformer Co. started construction of a high-end power equipment smart upgrade and UHV test manufacturing base expansion project with total investment of 2.05 billion yuan, expected to start production in first half of 2025.特变电工沈变公司高端电力装备头部园区智能化绿色化升级项目暨特高压试验制造基地扩建项目开工，总投资20.5亿元，预计2025年上半年投产。
2024-06-16TBEA Intelligent Electric Co.'s digital dry-type transformer workshop was inaugurated, with annual capacity of nearly 10,000 units, covering 35,000 square meters.特变电工智能电气公司数字化干变车间落成投产，面积3.5万平方米，年产能近万台。
2024-08-12TBEA disclosed that as of end-2023, its transformer and reactor output reached 338 million kVA, with transformer revenue of 18.485 billion yuan; current production is at full capacity with ample orders.特变电工披露2023年末变压器、电抗器产量达3.38亿kVA，变压器产品营收184.85亿元；目前满负荷生产，在手订单充足。
2024-11-21Five TBEA digital factories, including 'Digital Intelligent Mine 5G Factory' and 'Dry-type Transformer Industrial Internet Digital 5G Factory', were listed in MIIT's 2024 5G Factory Directory.特变电工“数智矿山5G工厂”等5个数字化工厂入选工信部《2024年5G工厂名录》。
2024-12-27Tebian Electric stated that its transformer, wire & cable, and inverter production lines are all running at full capacity; transformer revenue in H1 2024 was RMB 10.309 billion, up 27.92% YoY, and inverter revenue grew significantly.特变电工表示变压器、电线电缆、逆变器生产线均满负荷生产；2024年上半年变压器收入103.09亿元，同比增长27.92%，逆变器收入大幅增长。
2025-01-03Transformer and reactor capacity is 400 MVA/year, running at full capacity; digital transformation projects at Shenbian and Hengbian subsidiaries underway to expand capacity.变压器、电抗器产能4亿千伏安/年，满负荷生产；正在实施沈变公司、衡变公司数字化技术改造项目以扩产。
2025-02-07TBEA's smart factory in Tianjin Port Free Trade Zone completed main construction, with new production lines starting commissioning; annual capacity to increase by 4,000 units, production to start in early March, two months ahead of schedule, to fulfill over 200 orders from China Energy and Spain.特变电工位于天津港保税区的智能工厂主体竣工，新产线开始调试；年产能将提高4000台，生产提前至3月初启动，比计划提前两个月，以交付来自国家能源集团和西班牙的200多台订单。
2025-03-18Shenbian Company's ultra-high voltage bushing project has commenced production; bushing products achieved revenue of 369 million yuan in 2024.沈变公司特高压套管项目已投产，套管产品2024年实现营业收入3.69亿元。
2025-07-18TBEA disclosed that its transformer and reactor output in fiscal year 2024 reached 420 million kVA.特变电工披露2024年度变压器、电抗器产量达到4.20亿kVA。
2025-08-292025 semi-annual report disclosed: the 2 billion Nm3/year coal-to-natural-gas project is accelerating, with progress ahead of schedule; the UHV test and manufacturing base, ultra-high-voltage GIS smart factory, and medium/low-voltage cable digital workshop have been completed and put into operation.2025年半年报披露：年产20亿立方米煤制天然气项目加速建设，进度超前；特高压试验制造基地、超特高压GIS智能工厂、中低压电缆数字化车间等建成投产。
2025-11-11TBEA disclosed that its transformer order book is full, with production cycle of 3-6 months, and it has orders from North America.特变电工披露变压器在手订单饱满，生产周期3-6个月，有北美订单。
2026-03-26TBEA stated that its transmission and distribution lines are running at full capacity, with transformers, cables, and reactors having full order books.特变电工表示输变电产线满负荷生产，变压器、电线电缆、电抗器等在手订单饱满。
2026-04-15TBEA announced investment of 1.18951 billion yuan in Xi'an High-end Intelligent Manufacturing Park capacitor and reactor project, with annual capacity of 30 million kvar oil-immersed capacitors, 50 million kvar dry capacitors, etc.特变电工公告投资11.8951亿元建设西安高端智能制造园电容电抗项目，年产油浸式电容器3000万kvar、干式电容器5000万kvar等。
2026-05-19TBEA's Hengyang Transformer subsidiary completed factory tests for all 7 units of 1000kV main transformers for the Datong-Tianjin South 1000kV UHV AC project Tianjin North substation, with single-phase rated capacity of 1000MVA.特变电工衡变公司为大同-天津南1000千伏特高压交流工程天津北站承制的7台1000kV主变压器全部通过试验，单相额定容量1000MVA。
2026-05-19TBEA's HeRong Electric subsidiary developed 39 units of 110kV shunt reactors for the Huailai substation, with cold resistance improved by 30% for high-altitude and extreme low-temperature conditions.特变电工旗下合容电气为怀来变电站专项研发39台110千伏并联电抗器，抗严寒能力提升30%，适应高海拔极低温工况。
2026-05-30Tianjin TBEA Transformer Co., Ltd. developed a new generation high-efficiency energy-saving data center transformer in cooperation with Tsinghua University, Tianjin University, and Hebei University of Technology, achieving 15% improvement in conversion efficiency; orders are booked through year-end.天津特变电工变压器股份有限公司与清华大学、天津大学、河北工业大学合作，研发出新一代高效节能数据中心变压器，转换效率提升15%，订单已排至年底。
2026-06-04TBEA Hengbian's self-developed 1000kV UHV generator transformer was put into commercial operation at Anhui Pingwei Power Plant Phase IV, the world's first 27kV direct step-up to 1000kV application.特变电工衡变公司自主研发的1000千伏特高压发电机变压器在安徽平圩电厂四期投入商业运行，为世界首个27千伏直接升压至1000千伏工程。
Capital & shareholder actions (bonds, buybacks, pledges)资本与股东行动（债券、回购、质押）
39 · 2024-01-23 → 2026-06-10
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Bond issuances, share buybacks, pledges, and other capital market activities.债券发行、股份回购、质押及其他资本市场活动。
2024-01-23Board approved using idle funds to purchase bank wealth management products, fixed-income certificates (daily balance ≤ CNY 2 billion), and treasury bond reverse repo products (daily balance ≤ CNY 1 billion) to improve fund efficiency.董事会批准使用阶段性沉淀资金购买银行理财产品、固定收益凭证（单日余额不超过20亿元）及国债逆回购产品（单日余额不超过10亿元），以提高资金使用效率。
2024-01-30Company received CSRC approval to publicly issue corporate bonds to professional investors with a total face value of up to CNY 5 billion, valid for 24 months.公司获得中国证监会批复，同意向专业投资者公开发行面值总额不超过50亿元的公司债券，注册有效期24个月。
2024-03-22Shareholder Xinjiang Honglian Venture Investment Co., Ltd. pledged 45.8 million shares (0.91% of total equity) to GF Securities Co., Ltd.股东新疆宏联创业投资有限公司向广发证券股份有限公司质押4580万股，占总股本0.91%。
2024-04-11TBEA's application to issue up to RMB 5 billion in 'Belt and Road' corporate bonds (high-growth industrial bonds) was approved by the CSRC (Zheng Jian Xu Ke [2024] No. 139).特变电工面向专业投资者公开发行不超过50亿元“一带一路”公司债券（高成长产业债）获中国证监会注册（证监许可[2024]139号）。
2024-04-24TBEA issued the first tranche of short-term corporate bonds (24TEDS1) for up to RMB 500 million, with a 180-day term, final coupon rate 2.18%, and subscription multiple of 4.12.特变电工发行首期短期公司债券（24特电S1），规模不超过5亿元，期限180天，最终票面利率2.18%，认购倍数4.12。
2024-05-29TBEA increases registered capital from approximately 3.885 billion yuan to approximately 5.053 billion yuan, as per business registration change.特变电工注册资本由约38.85亿元增至约50.53亿元。
2024-08-13TBEA confirmed its share buyback plan ended on November 7, 2023, with 32,543,837 shares repurchased for 600.07 million yuan; no new buyback plan is in place.特变电工确认回购计划已于2023年11月7日届满，实际回购32,543,837股，使用资金6.0007亿元；目前无新回购计划。
2024-10-14The 24TDS1 bond (code 240971.SH) will be delisted on October 23, 2024, with final interest and principal payment at a coupon rate of 2.18%.24特电S1债券（代码240971.SH）将于2024年10月23日摘牌，按票面利率2.18%支付最后一期利息和本金。
2024-10-21TBEA issued RMB 1 billion 'Science & Technology Innovation + Perpetual + High-Growth Industrial Bond' on the Shanghai Stock Exchange, the first of its kind nationally, with a 3+N-year term and coupon rate of 2.88%, a record low for private enterprise perpetual bonds.特变电工在上交所发行10亿元“科技创新+可续期+高成长产业债”，为全国首单，期限3+N年，票面利率2.88%，创民营企业永续类债券新低。
2024-12-17Tebian Electric's 'Guoxin Securities-Tebian Electric Advanced Manufacturing Accounts Receivable Phase 2 Asset-Backed Special Plan (Technology Innovation)' was established, with total subscription amount of RMB 1.60335 billion, including RMB 1.523 billion of senior securities at 2.10% yield.特变电工“国信证券-特变电工先进制造应收账款2期资产支持专项计划（科技创新）”成立，实际认购金额16.0335亿元，优先级15.23亿元，预期收益率2.10%。
2025-01-06Completed cancellation of 73.21 million unexercised stock options from the 2022 incentive plan, involving 1,684 grantees.完成注销2022年股票期权激励计划中未行权的7321万份股票期权，涉及1684名激励对象。
2025-01-17Board approved use of up to 2 billion yuan for low-risk bank wealth management products and 1 billion yuan for treasury reverse repo products, rolling within 12 months.董事会批准使用阶段性沉淀资金购买银行理财产品（单日余额不超过20亿元）和国债逆回购产品（单日余额不超过10亿元），额度12个月内滚动使用。
2025-03-19Second-largest shareholder Xinjiang Honglian Venture Capital extends pledge of 45.8 million shares (0.91% of total shares) to GF Securities, with new expiry date March 20, 2026.第二大股东新疆宏联创业投资有限公司将质押给广发证券的4580万股（占总股本0.91%）延期购回至2026年3月20日。
2025-06-18TBEA's subsidiary Xinjiang New Energy received a RMB 1 billion capital increase from ABC Financial Asset Investment Co., primarily for repaying financial institution loans; shareholders Xinte Energy and CECEP Solar Energy waived proportional subscription rights.特变电工控股公司新疆新能源获得农银金融资产投资有限公司10亿元增资，主要用于偿还金融机构贷款；股东新特能源和中节能太阳能放弃同比例增资权。
2025-06-18TBEA's board resolved to cancel unvested stock options under the 2022 equity incentive plan for the third exercise period (initial grant) and second exercise period (reserved grant) as conditions were not met.特变电工董事会决议注销2022年股票期权激励计划首次授予第三个行权期及预留授予第二个行权期未成就的股票期权。
2025-06-20TBEA received a no-objection letter from the Shanghai Stock Exchange for its 'TBEA Receivables 1-10期 Asset-Backed Special Plan' (up to RMB 5 billion), with first issuance due within 12 months.特变电工收到上交所对'特变电工应收账款1-10期资产支持专项计划'（规模不超过50亿元）的无异议函，首期发行须在12个月内完成。
2025-06-27TBEA's 'Receivables Phase 1 Carbon-Neutral Asset-Backed Special Plan (Tech Innovation)' was established, with total subscriptions of RMB 289.7 million fully raised.特变电工'应收账款1期碳中和资产支持专项计划（科技创新）'成立，实际认购金额2.897亿元已全额募集。
2025-07-07TBEA issued its first tranche of 2025 publicly offered innovative sci-tech perpetual corporate bonds (high-growth industrial bonds) on the Shanghai Stock Exchange, with a total size of 2.0 billion yuan. Tranche 1 (25TeYK01, 800 million yuan) has a coupon of 2.35% (2+N year), and Tranche 2 (25TeYK02, 1.2 billion yuan) has a coupon of 2.46% (3+N year), setting a record low coupon for private-enterprise perpetual corporate bonds and a record high single-issue size.特变电工在上交所发行2025年第一期科技创新可续期公司债券（高成长产业债），总规模20亿元。品种一（25特YK01，8亿元）票面利率2.35%（2+N年），品种二（25特YK02，12亿元）票面利率2.46%（3+N年），创民企可续期公司债票面利率新低和单期发行规模新高。
2025-07-30TBEA issued its 2025 publicly offered short-term corporate bond for sci-tech innovation and SME support (high-growth industrial bond, first tranche) on the Shanghai Stock Exchange. The bond (25TeDianSK, code 243431) has a size of 1.0 billion yuan, a tenor of 150 days, and a coupon rate of 1.68%. Proceeds will support upstream and downstream SMEs in the supply chain.特变电工在上交所发行2025年公开发行科技创新中小微企业支持短期公司债券（高成长产业债）（第一期），简称“25特电SK”，代码243431，规模10亿元，期限150天，票面利率1.68%，募集资金用于支持产业链上下游中小微企业。
2025-08-18Announced a plan to issue up to 8 billion yuan in convertible bonds to unspecified investors, with net proceeds used for the Zhundong 20 billion Nm3/year coal-to-natural-gas project (total project investment 17.039 billion yuan).公告拟向不特定对象发行不超过80亿元可转换公司债券，募集资金净额用于准东20亿Nm3/年煤制天然气项目（项目总投资170.39亿元）。
2025-10-16TBEA applied to register and issue multi-variety non-financial enterprise debt financing instruments (DFI) with the NAFMII to broaden financing channels and optimize structure.特变电工向中国银行间市场交易商协会申请统一注册并发行多品种非金融企业债务融资工具（DFI），以拓宽融资渠道、优化结构。
2025-10-16TBEA applied to register a 3-billion-yuan shelf offering of asset-backed securities (REITs-like) on the Shanghai Stock Exchange, with the first tranche of up to 1.5 billion yuan backed by two new energy power projects.特变电工申请在上交所注册储架发行30亿元类REITs资产支持证券，首期不超过15亿元，以两个新能源发电项目为底层资产。
2025-10-31TBEA's wholly-owned subsidiary TBEA Technology Investment Co., Ltd. increased its registered capital from 2.46 billion yuan to 2.966 billion yuan, a 21% rise.特变电工全资子公司特变电工科技投资有限公司注册资本由24.6亿元增至29.66亿元，增幅约21%。
2025-12-02TBEA established a 1.7215 billion yuan asset-backed special plan for accounts receivable (Phase 2, Sci-Tech Innovation), fully subscribed.特变电工设立17.215亿元应收账款2期资产支持专项计划（科技创新），已全额认购。
2025-12-12TBEA plans to use idle funds for entrusted wealth management: bank/券商 products up to 2 billion yuan daily, other products (e.g., reverse repo) up to 1 billion yuan daily.特变电工计划使用阶段性沉淀资金进行委托理财：银行/券商理财产品单日余额不超过20亿元，其他类（国债逆回购等）不超过10亿元。
2025-12-17TBEA received SSE no-objection letter for its 1-5期 'TBEA-Power Energy Infrastructure Investment' asset-backed special plan (类REITs), with non-renewable tranche up to 3 billion yuan and renewable tranche 0 yuan initially; valid for 24 months.特变电工收到上交所对‘特变电工-电力能源基础设施投资1-5期资产支持专项计划’资产支持证券挂牌转让无异议函，非续发型发行总额不超过30亿元，可续发型各期存量余额合计0亿元，有效期24个月。
2025-12-18TBEA received NAFMII acceptance notice for unified registration of multi-variety non-financial enterprise debt financing instruments (DFI), valid for 2 years from December 17, 2025.特变电工收到交易商协会接受多品种非金融企业债务融资工具（DFI）统一注册通知书，自2025年12月17日起2年内有效。
2025-12-26TBEA established the 'TBEA New Energy Infrastructure Investment Green Carbon Neutral Phase 1 Asset-Backed Special Plan', with actual subscription funds of 1.337 billion yuan; priority tranche 1.316 billion yuan at 2.70% yield, maturity 2040-12-26.特变电工设立‘特变新能源基础设施投资绿色碳中和1期资产支持专项计划’，实际到账认购资金13.37亿元；优先档13.16亿元，预期年收益率2.70%，到期日2040年12月26日。
2026-01-21Tebian Electric plans to provide guarantees totaling approximately 199 million yuan for its subsidiary Tebian Electric Energy (India) Co., Ltd. for credit lines from DBS Bank (INR 1 billion), Deutsche Bank ($20 million), and HSBC ($20 million), valid for 7 years.特变电工拟为控股子公司特变电工能源（印度）有限公司向星展银行（10亿印度卢比）、德意志银行（2000万美元）及汇丰银行（2000万美元）申请的授信提供合计约1.99亿元人民币的担保，有效期七年。
2026-01-21Tebian Electric plans to shelf-register up to 5 billion yuan in corporate bonds, including up to 2 billion yuan in public short-term corporate bonds, with a maturity of up to 10 years, for working capital, debt repayment, project construction, and equity investment.特变电工拟储架发行不超过50亿元公司债券，其中公开发行短期公司债券注册规模不超过20亿元，期限不超过10年，用于补充流动资金、偿还有息债务、支持项目建设及运营、股权出资等。
2026-01-29Tebian Electric stated that its convertible bond project is progressing in an orderly manner.特变电工表示公司可转债项目目前正在有序推进中。
2026-01-30Tebian Electric provides joint and several guarantee for subsidiary Tebian Electric Dushanbe Mining Co., Ltd.'s 400 million yuan loan from Bank of China Xinjiang Branch, with the company bearing 70% and major shareholder Tebian Group bearing 30%.特变电工为控股子公司特变电工杜尚别矿业有限公司向中国银行新疆分行申请的4亿元贷款按70%比例提供连带责任保证，第一大股东特变集团按30%比例提供保证。
2026-03-17TBEA's second-largest shareholder Xinjiang Honglian extended the pledge of 45.8 million shares (13.86% of its holding) to March 19, 2027, for debt repayment, with no new financing.特变电工第二大股东新疆宏联将4580万股质押延期至2027年3月19日，用于偿还债务，不涉及新增融资。
2026-04-01Xinjiang Honglian pledged shares reduced by 25 million shares, cumulative pledged shares dropped to 20.8 million, accounting for 6.30% of its holdings and 0.41% of total shares, lowering pledge risk.新疆宏联解除质押2500万股，累计质押股份降至2080万股，占其持股比例6.30%，占总股本0.41%，质押风险降低。
2026-04-08Xinjiang TBEA Loulan New Energy increased registered capital from 827 million yuan to 1.317 billion yuan (59% increase) and added CITIC Financial Asset as a new shareholder.新疆特变电工楼兰新能源注册资本从8.27亿元增至13.17亿元（增幅59%），新增中信金融资产为股东。
2026-04-15TBEA's controlled subsidiary Xinjiang Zhunneng Chemical plans to introduce six financial investors including ICBC Investment and CMB Investment for up to 3.2 billion yuan, mainly for debt repayment.特变电工控股孙公司新疆准能化工拟引入工银投资、招银投资等六家机构增资不超过32亿元，用于偿还债务。
2026-04-30TBEA responded to SSE review inquiry for its proposed convertible bond issuance of up to 8 billion yuan, to fund the Zhunneng Chemical coal-to-gas project (2 billion Nm³/year).特变电工回复上交所可转债审核问询函，拟募资不超过80亿元用于准能化工20亿Nm³/年煤制天然气项目。
2026-05-11TBEA Electrical Equipment Group Co., Ltd., a wholly-owned subsidiary of TBEA, increased its registered capital from approximately 7.245 billion yuan to approximately 7.45 billion yuan.特变电工全资子公司特变电工电气装备集团有限公司注册资本由约72.45亿元增至约74.5亿元。
2026-06-10TBEA Xinjiang New Energy's application for unified registration of 3 billion yuan debt financing instruments (PDFI) was accepted by NAFMII, valid for 2 years, jointly underwritten by CCB and CMB.特变电工新疆新能源公司30亿元债务融资工具（PDFI）注册申请获交易商协会接受，有效期2年，由建行和招行联席主承销。
Inverter & energy storage (PCS) products & sales逆变器及储能（PCS）产品与销售
17 · 2024-01-29 → 2026-06-11
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Inverter product launches, sales growth, digital factory, and energy storage system integration.逆变器产品发布、销售增长、数字化工厂及储能系统集成。
2024-01-29Controlled company Xi'an Electric Technology Co., Ltd. plans to invest CNY 1.163 billion to build Xi'an Digital Factory project, including string inverter, distributed inverter, and module assembly lines, with annual capacity of 239,408 units, construction period 24 months.控股公司特变电工西安电气科技有限公司拟投资11.63亿元建设西安数字化工厂项目，包括组串式逆变器、分布式逆变器和模块装配流水线，年产能239,408台，建设期24个月。
2024-03-07Company produces energy storage converters (PCS).公司生产储能变流器产品。
2024-06-25TBEA's inverter signed contracts of about 7.5 GW from January to May 2024.特变电工2024年1-5月逆变器实现签约约7.5GW。
2024-09-05TBEA confirmed it has developed energy storage converters (PCS) and provides energy storage system integration solutions, covering large-scale ground, shared independent, industrial/commercial, and residential applications.特变电工确认已开发储能变流器产品，具备储能系统集成解决方案能力，覆盖大型地面、共享独立、工商业及户用储能场景。
2024-09-19TBEA stated its string-type liquid-cooled energy storage products are used in its own new energy projects and sold externally.特变电工表示其组串式液冷储能产品既用于自有新能源项目也对外销售。
2024-11-18TBEA disclosed that 2024 Q1-Q3 inverter sales were ~13GW, up over 80% YoY; it is building a Xi'an digital factory to expand inverter capacity.特变电工披露2024年前三季度逆变器销量约13GW，同比增长超80%；正在建设西安数字化工厂提升产能。
2025-03-18Inverter orders in 2024 reached approximately 30 GW.2024年逆变器订单约30GW。
2025-04-25TBEA shortlisted as inverter supplier in CNNC's 2025-2026 centralized procurement for PV inverters (three bid sections).特变电工入围中核集团2025-2026年度光伏逆变器一级集中采购（共3个标段）。
2025-06-12TBEA launched a 2000V 450kW string inverter with 2000Vdc/1140Vac design, 0.2% efficiency gain, 37% higher power density; also unveiled the world's first ±800kV/5000MW VSC-HVDC converter valve, raising voltage from ±500kV to ±800kV and capacity from 1 GW to 5 GW.特变电工推出2000V 450kW组串式逆变器（2000Vdc/1140Vac设计，效率提升0.2%，功率密度提升37%）；同时发布世界首套±800kV/5000MW柔性直流换流阀，将电压从±500kV提升至±800kV，容量从1GW提升至5GW。
2025-07-11TBEA stated that its inverter production orders are relatively full, indicating high capacity utilization.特变电工表示逆变器生产订单较为饱满。
2025-09-09Stated inverter business is relatively small but growing; new inverter digital factory capacity is being built and released, with inverter shipments up year-on-year; expects revenue and profit from inverters, flexible DC converter valves to increase.表示逆变器业务规模较小但增长中；逆变器数字化工厂新建产能陆续建成释放，出货量同比增长；预计逆变器、柔直换流阀等产品收入及效益将增长。
2025-11-06TBEA said at performance briefing that its energy storage business sales in the first three quarters of 2025 grew significantly year-on-year, though the overall scale remains small.特变电工在业绩说明会上表示，2025年前三季度储能业务销量同比大幅增长，但整体规模较小。
2026-05-25TBEA launched the world's largest 500kW string inverter and a new generation grid-forming energy storage converter, strengthening its PV-storage integration competitiveness.特变电工发布全球最大功率500kW组串逆变器与新一代构网型储能变流器，强化光储融合竞争力。
2026-06-01TBEA inverter annual capacity exceeds 50GW; Xinjiang coal prices continue to decline due to regional capacity release and new energy priority grid connection.特变电工逆变器年产能超50GW；新疆煤价因区域产能释放及新能源优先并网持续承压下行。
2026-06-05At SNEC 2026, TBEA launched T-Block 1.6MW dual-core modular inverter, 12.5MW overseas string smart PV box, water electrolysis hydrogen production integrated power supply, and 8-10MW European centralized energy storage all-in-one machine.在SNEC 2026上，特变电工发布T-Block 1.6MW双核模块化逆变器、12.5MW海外组串式智能光伏箱变、水电解制氢一体化电源、8-10MW欧式集中式储能一体机等产品。
2026-06-05TBEA's 2025 energy storage revenue was about 14 billion yuan; Q1 2026 shipments declined year-on-year due to slower installation pace.特变电工2025年储能收入约14亿元；2026年一季度出货量因装机节奏放缓同比略有下降。
2026-06-11TBEA's self-developed 5MW mobile charging AC/DC all-in-one machine for mining achieved mass production and shipment, targeting electric heavy trucks and heavy machinery in open-pit and large coal mines.特变电工自主研发的5MW矿用移动式充电交直流一体机实现量产发运，针对露天矿、大型煤矿电动重卡及重型工程机械。
Guinea Amaria hydropower project几内亚阿玛利亚水电项目
5 · 2024-01-29 → 2025-10-29
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Financing, construction, and progress of the Guinea Amaria hydropower station.几内亚阿玛利亚水电站的融资、建设与进展。
2024-01-29Company provided guarantee of up to CNY 4.55 billion (including USD ≤200 million) for the Guinea Amaria hydropower project financing to accelerate construction.公司为几内亚阿玛利亚水电项目融资提供不超过45.5亿元人民币（含美元不超过2亿美元）的担保，以加快项目建设。
2024-02-06TBEA's Amaria hydropower project in Guinea (via its holding company) has completed preliminary planning, design, project approval, and financing plan.特变电工控股的几内亚阿玛利亚水电项目已完成前期规划、设计、项目审批及融资方案。
2024-10-14The Amaria hydropower project in Guinea (54-month construction period) has completed financing and infrastructure work is proceeding orderly.几内亚阿玛利亚水电站项目（工期54个月）融资已完成，各项基础设施建设工作有序开展。
2025-01-26Amalia hydropower station project has a 54-month construction period and is currently under construction.阿玛利亚水电站项目工期54个月，目前正在建设中。
2025-10-29Minsheng Financial Leasing provided a 1.46-billion-yuan cross-border direct leasing facility to TBEA's subsidiary for the Guinea Amaria hydropower station project, the first cross-border new energy SPV leasing project in China.民生金融租赁向特变电工子公司提供14.6亿元跨境直租额度，用于几内亚阿玛利亚水电站项目，为全国首单跨境新能源SPV融资租赁项目。
Subsidiary IPO & listing progress子公司IPO与上市进展
1 · 2024-02-06
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Xinte Energy's A-share IPO approved by Shanghai Stock Exchange; registration with CSRC pending.新特能源A股IPO获上交所审核通过，待证监会注册。
2024-02-06TBEA's subsidiary Xinte Energy's A-share IPO application was approved by the Shanghai Stock Exchange on Sep 19, 2023; registration with CSRC is pending.特变电工子公司新特能源A股发行上市申请于2023年9月19日获上交所审核通过，尚待中国证监会注册。
Executive & board changes高管及董事会变动
16 · 2024-02-23 → 2026-03-06
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Changes in directors, supervisors, and senior management.董事、监事及高级管理人员变动。
2024-02-23Multiple TBEA executives (Huang Hanjie, Hu Youcheng, Wang Yimin, Guo Jin, Bai Yungang, Jiao Haihua) completed share reductions totaling ~1.86 million shares (0.0369% of total equity).特变电工多名高管（黄汉杰、胡有成、王益民、郭金、白云罡、焦海华）完成减持，合计约186万股（占总股本0.0369%）。
2024-04-30TBEA stated that its directors and senior management completed their 2023 share reduction plan.特变电工表示公司董监高2023年减持计划已实施完毕。
2024-05-16TBEA's securities affairs representative Yu Yongxin resigns for personal reasons, effective immediately.特变电工证券事务代表于永鑫因个人原因辞职，即日生效。
2024-06-27TBEA appointed Wang Chenxi as securities affairs representative to assist the board secretary.特变电工聘任王晨曦女士为公司证券事务代表，协助董事会秘书开展工作。
2024-10-07Directors and senior executives Hu Nan, Hu Youcheng, and Wu Wei plan to reduce their holdings by up to 668,960 shares (0.01324% of total shares) via centralized竞价 within 3 months starting 15 trading days after the announcement.董事及高管胡南、胡有成和吴微计划在公告之日起15个交易日后的3个月内，通过集中竞价方式减持不超过668,960股（占总股本0.01324%）。
2024-11-04TBEA held the 11th first board of supervisors meeting, electing Chen Qijun as chairman of the supervisory board.特变电工召开十一届一次监事会会议，选举陈奇军为监事会主席。
2024-11-04TBEA board approved the appointment of Peng Xu as vice general manager.特变电工董事会审议通过聘任彭旭为副总经理。
2024-11-12TBEA director and VP Hu Nan completed a share reduction of 217,200 shares (0.00430% of total) via block trade; Wu Wei terminated her reduction plan early.特变电工董事、副总经理胡南完成减持21.72万股（占总股本0.00430%）；吴微提前终止减持计划。
2024-12-03Tebian Electric Appliance added Peng Xu as deputy general manager; Chen Yingru exited from original position.特变电工新增彭旭为副总经理，陈盈如从原职务退出。
2025-01-09Employee supervisor Jiang Lizhi resigned, replaced by Wang Bin; Vice President Li Dan resigned; both will take key positions in controlled subsidiaries.职工监事蒋立志辞职，王斌接任；副总经理李丹辞职；两人均将在控股子公司重要岗位任职。
2025-01-17Vice President Hu Youcheng terminated his share reduction plan early, having not sold any shares.副总经理胡有成提前终止减持计划，未减持任何股份。
2025-11-24TBEA announced that GM Huang Hanjie resigned to become chairman of Xinte Energy and TBEA Xinjiang New Energy; Peng Xu resigned as deputy GM to become GM of TBEA Xinjiang New Energy; Zhong Yanmin appointed as new GM, Lu Yang as deputy GM.特变电工公告总经理黄汉杰辞职拟任新特能源及特变电工新疆新能源董事长，彭旭辞职拟任特变电工新疆新能源总经理，聘任种衍民为总经理、陆旸为副总经理。
2025-11-24Xinte Energy announced that Zhang Jianxin resigned as chairman, Huang Hanjie was appointed as executive director and chairman, and Hu Youcheng was proposed as non-executive director.新特能源公告张建新辞任董事长，黄汉杰调任执行董事并获委任为董事长，建议委任胡有成为非执行董事。
2025-12-03TBEB appointed Zhong Yanmin as general manager and Lu Yang as deputy general manager; subsidiary Xinte Energy appointed Huang Hanjie as chairman of Xinte Energy and TBEA Xinjiang New Energy Co., and Peng Xu as general manager of the latter.特变电工聘任种衍民为总经理、陆旸为副总经理；控股子公司新特能源任命黄汉杰为新特能源及特变电工新疆新能源股份有限公司董事长，彭旭为后者总经理。
2026-03-06TBEA director Li Bianqu resigned as non-independent director and committee member due to governance restructuring, and was elected as employee director by the labor union on the same day.特变电工董事李边区因治理结构调整辞去非独立董事及委员会委员职务，同日被工会选举为职工董事。
2026-03-06TBEA appointed Zheng Yan and Han Shaoyong as vice presidents, effective from the board meeting date until the end of the 11th board term.特变电工聘任郑岩、韩少勇为公司副总经理，任期自董事会审议通过之日起至第十一届董事会任期届满。
Guinea alumina & bauxite project (Joinworld)几内亚氧化铝及铝土矿项目（众和）
2 · 2024-02-28 → 2025-03-07
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Investment in a 1 million-ton/year alumina project in Guinea by subsidiary Joinworld.子公司众和在几内亚投资100万吨/年氧化铝项目。
2024-02-28TBEA's subsidiary Xinjiang Joinworld disclosed a 2018 plan to invest in a 1 million-ton/year alumina project in Guinea; progress depends on planning and funding.特变电工子公司新疆众和于2018年披露投资建设几内亚年产100万吨氧化铝项目，进展取决于规划及资金情况。
2025-03-07Controlled company Fangchenggang ZhongSilk Road New Materials Technology Co., Ltd. invests 6.781 billion yuan to build a 2.4 million ton/year alumina project, with a 24-month construction period.控股公司防城港中丝路新材料科技有限公司投资67.81亿元建设年产240万吨氧化铝项目，建设期24个月。
Project construction & permits项目建设与许可
5 · 2024-02-29 → 2025-02-14
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TBEA Fuxin park obtains construction permit in 5 hours; Tianjin expansion plans; Deyang offshore equipment project first steel hoisting; Angang Steel wins bid for digital factory.阜新园区5小时获施工许可；天津扩产计划；德阳海工装备项目首吊；鞍钢中标数字化工厂。
2024-02-29TBEA (Fuxin) Industrial Park project obtained construction permit in 5 hours in Xinqiu Economic Development Zone, accelerating project progress.特变电工（阜新）产业园项目在新邱经济开发区5小时内取得施工许可，加速项目进度。
2024-02-29TBEA Chairman Zhang Xin met with Tianjin party secretary and mayor; TBEA plans to expand in Tianjin with a dry-type transformer base in Tianjin Port Free Trade Zone and a supply chain base in Dongjiang Free Trade Zone.特变电工董事长张新与天津市领导座谈，计划在津扩大布局，建设天津港保税区干式变压器基地和东疆综保区供应链基地。
2024-05-22Angang Steel's color-coated products win a bid for TBEA's Beijing-Tianjin-Hebei Industrial Park (Phase III) factory construction project in Tianjin Wuqing, TBEA's first fully digital smart factory.鞍钢彩涂产品中标特变电工京津冀产业园（三期）工厂建设项目，该项目为特变电工首个全数字化智能工厂。
2024-06-18Angang Steel's color-coated products won the bid for TBEA Beijing-Tianjin-Hebei Industrial Park (Phase III) factory construction project, TBEA's first fully digital smart factory.鞍钢彩涂产品中标特变电工京津冀产业园（三期）工厂建设项目，该项目是特变电工首个全数字化智能工厂。
2025-02-14TBEA's offshore equipment project in Deyang, Sichuan, completed the first steel structure hoisting; the project involves 45,000 sqm of new and renovated factory space.德阳特变电工海上装备项目顺利完成钢结构首吊，项目涉及约4.5万平方米的新建及改造厂房。
Industrial silicon & quartz mine project工业硅及石英矿项目
3 · 2024-03-07 → 2025-07-17
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Investment in industrial silicon project and quartz mine for raw material security.投资工业硅项目及石英矿以确保原材料安全。
2024-03-07Ruoqiang Tuogelike quartz mine project in Xinjiang is invested to secure silica raw material for the Ruoqiang 200,000-ton industrial silicon project, not for quartz crucible production.新疆若羌县托盖里克石英矿项目主要保障若羌20万吨工业硅项目硅石原材料供应，不用于生产石英坩埚。
2025-01-24Industrial silicon project (200 kt/year high-purity silicon and integrated source-grid-load-storage) has commenced production; supporting renewable energy station is operational.20万吨/年高纯硅及配套源网荷储一体化项目（工业硅项目）已投产，配套新能源电站已投运。
2025-07-17TBEA stated that it has no plans to expand industrial silicon capacity due to low prices, and that processing coal from its Tianchi Energy subsidiary into silicon coal is not economical.特变电工表示，因工业硅价格低迷，暂无扩大工业硅产能的计划；天池能源煤炭加工成硅煤不具备经济性。
Tajikistan gold mine production塔吉克斯坦金矿生产
8 · 2024-03-18 → 2026-01-21
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Gold mine production launch and output guidance in Tajikistan.塔吉克斯坦金矿投产及产量指引。
2024-03-18Two gold mines in Tajikistan: Shangkumarke Kuhedong gold mine (Zone I) high-grade oxide project and Dongdu'ao gold mine project (Phase II) have both been completed and put into production.塔吉克斯坦上库马尔克矿区库河东金矿（一区）高品位氧化矿项目、东杜奥巴金矿工程项目（金矿二期项目）均已建成投产。
2024-05-08TBEA reports 2023 gold output of about 800 kg of finished gold and nearly 600 kg of gold concentrate; gold revenue was 415 million yuan; 2024 gold (including concentrate) output guided at 1.5-2 tonnes.特变电工2023年黄金成品金产量约800公斤，金精粉金属量近600公斤，黄金营收4.15亿元；2024年黄金（含金精粉）产量指引1.5-2吨。
2024-09-05TBEA guided 2024 gold (including gold concentrate metal) production of 2-2.5 tons; gold business net profit in H1 2024 was about 176 million yuan.特变电工预计2024年黄金（含金精粉金属量）产量2-2.5吨；上半年黄金业务净利润约1.76亿元。
2025-06-26TBEA said its gold mining operations produce trace amounts of silver as a by-product.特变电工表示其金矿开采生产中伴生有极少量白银产出。
2025-07-18TBEA disclosed that its annual gold production (metal content) is 2.5-3 tons per year.特变电工披露黄金产量（金金属量）为每年2.5-3吨。
2025-12-12TBEA disclosed 2025 gold (metal content) production is expected to be about 3 tonnes.特变电工披露2025年黄金（金金属量）产量预计约3吨。
2026-01-21Tebian Electric disclosed annual gold production (metal content) of approximately 2.5-3 tonnes, and owns coal and quartz mines related to its main business.特变电工披露黄金年产量（金金属量）约2.5至3吨，并持有煤矿、石英矿等与主业相关的矿产资源。
2026-01-21Tebian Electric stated it has no silver revenue; gold business revenue for H1 2025 was 766 million yuan with a gross margin of 54.76%.特变电工表示无白银收入；2025年上半年黄金业务实现收入7.66亿元，毛利率54.76%。
Strategic partnerships & government agreements战略合作与政府协议
25 · 2024-03-25 → 2026-05-12
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Strategic cooperation agreements with major companies (State Grid, Huaneng, Huadian, CNNC, Baosteel, etc.) and local governments.与主要企业（国家电网、华能、华电、中核、宝钢等）及地方政府的战略合作协议。
2024-03-25President Huang Hanjie visited Ningxia Electric Power Investment Group to discuss cooperation in new energy, new materials, risk management, and technology innovation.总裁黄汉杰拜访宁夏电投集团，探讨在新能源、新材料、风控管理、技术创新等领域深化合作。
2024-04-19TBEA Chairman Zhang Xin met with China Huaneng Group Chairman Wen Shugang; both sides discussed expanding cooperation in new energy development, joint innovation, and power equipment.特变电工董事长张新会见中国华能集团董事长温枢刚，双方就拓展新能源开发、联合创新、电力装备等合作交换意见。
2024-04-23TBEA Chairman Zhang Xin met with China Huadian President Ye Xiangdong; both sides discussed deepening cooperation in new energy, equipment manufacturing, and overseas business.特变电工董事长张新会见中国华电总经理叶向东，双方就深化新能源、装备制造、海外业务等合作进行交流。
2024-05-22TBEA Chairman Zhang Xin and President Huang Hanjie visit Zhongkong Technology (Zhongkong) to discuss future cooperation, focusing on digital transformation, AI, and the newly launched UCS and TPT products.特变电工董事长张新、总裁黄汉杰等访问中控技术，探讨未来合作，聚焦数字化转型、AI及新发布的UCS和TPT产品。
2024-06-19Tianjin municipal government signed a strategic cooperation agreement with TBEA to strengthen cooperation in equipment manufacturing, R&D, and talent cultivation, jointly building a supply chain platform and international energy engineering services.天津市政府与特变电工签署战略合作协议，在装备制造、科技研发、人才引育等方面加强合作，共同打造供应链平台和国际能源工程服务。
2024-07-12TBEA held talks with Ganzhou District government to deepen cooperation in industrial development, power transmission, and Xinjiang coal conversion.特变电工与甘州区政府座谈，深化在工业发展、输变电、疆煤转化等领域的合作。
2024-07-16Baotou city party secretary visited TBEA to discuss deepening cooperation in new energy and increasing investment in Baotou.包头市委书记考察特变电工，探讨在新能源领域深化合作并加大在包投资。
2024-08-06TBEA Chairman Zhang Xin met with State Grid Chairman Zhang Zhigang to discuss cooperation on new power systems, electrical equipment, technological self-reliance, and international operations.特变电工董事长张新与国家电网董事长张智刚会谈，就新型电力系统、电工装备、高水平科技自立自强、国际化经营等合作进行交流。
2024-08-08TBEA Electrical Equipment Group Chairman Zhong Yanmin visited Zhongcheng Dayou Industry Group to discuss deepening cooperation in electrical equipment and other fields.特变电工电气装备集团董事长种衍民一行莅临中城大有产业集团，就深化电工装备等领域合作进行交流。
2024-09-12TBEA and Hongfa (宏发股份) signed a strategic cooperation framework agreement to deepen collaboration.特变电工与宏发股份签署战略合作框架协议，深化合作。
2024-11-08TBEA and Baosteel signed the sixth round of strategic agreement, establishing a 'Joint Innovation Center' to deepen oriented silicon steel cooperation and low-carbon transformation.特变电工与宝钢股份签署第六轮战略协议，成立“联合创智中心”，深化取向硅钢合作与低碳化。
2024-11-18TBEA president Huang Hanjie met with CNNC general manager Shen Yanfeng to discuss cooperation in nuclear power, new energy, smart mining, and international markets.特变电工总裁黄汉杰会见中核集团总经理申彦锋，交流核电、新能源、智慧矿山、国际市场合作。
2024-11-27TBEA VP Luo Jun and Xinte Energy chairman Zhang Jianxin met with Baotou city party secretary to discuss accelerating a new energy electrical equipment manufacturing base in Baotou.特变电工副总裁罗军和新特能源董事长张建新会见包头市委书记，商讨加快在包头建设新能源电气装备制造基地。
2025-01-19Mayor of Fangchenggang met with Vice President Zhong Yanmin to discuss investment in eco-aluminum chain projects and offshore wind cooperation.防城港市市长会见副总裁种衍民，就生态铝产业链项目投资和海上风电合作进行交流。
2025-02-17TBEA and Yellow River Company (黄河公司) held talks to deepen cooperation in clean energy development, energy storage equipment, coal resource allocation, and international expansion.特变电工与黄河公司会谈，深化清洁能源开发建设、储能设备研究应用、优化煤炭资源配置和国际化发展等领域合作。
2025-02-20TBEA Chairman Zhang Xin met with China Huadian Chairman Jiang Yi to discuss deepening cooperation in fuel supply, equipment manufacturing, new energy development, joint innovation, and Belt & Road projects.特变电工董事长张新与中国华电董事长江毅会谈，深化在燃料供应、装备制造、新能源开发、产业链联合创新、共建一带一路等领域合作。
2025-02-28TBEA signed a strategic cooperation agreement with Shougang Co., Ltd. to jointly develop new quality productive forces.特变电工与首钢股份签订战略合作协议，共同培育和发展新质生产力。
2025-03-18Chairman Zhang Xin meets China Huaneng Group Chairman Wen Shugang; both sides agree to deepen cooperation in green transition, power equipment, collaborative innovation, and fuel supply.董事长张新会见中国华能集团董事长温枢刚，双方同意在绿色转型、电力装备、协同创新、燃料供应等方面深化合作。
2025-05-06TBEA Vice President Hu Youcheng led a delegation to inspect clean energy project sites in Zhangpu County, Fujian, discussing cooperation in offshore wind power and other new energy fields.特变电工副总裁胡有成率团考察福建漳浦县清洁能源项目选址，探讨海上风电等新能源领域合作。
2025-05-26CEC expert team visited TBEA's Tianjin headquarters to provide strategic consulting for its '15th Five-Year Plan' high-quality development, marking the start of in-depth cooperation.中电联专家服务队走进特变电工天津总部，为其“十五五”高质量发展提供战略咨询，开启深度合作。
2025-12-21Hunan provincial government and TBEA held talks; TBEA chairman Zhang Xin stated the company will increase investment in Hunan during the '15th Five-Year Plan', focusing on UHV equipment, smart manufacturing, and green energy.湖南省政府与特变电工举行工作会谈；董事长张新表示‘十五五’期间将加大在湘投入，聚焦特高压装备、智能制造和绿色能源。
2025-12-23TBEA chairman Zhang Xin announced at a conference that the company plans to invest an additional 10 billion yuan in Hunan during the '15th Five-Year Plan', focusing on smart upgrades, green transformation, power electronics, and 'wind-solar-hydrogen-nuclear-storage' innovation equipment.特变电工董事长张新在大会上宣布，‘十五五’期间计划在湖南新增投资100亿元，聚焦智能化升级、绿色化转型、电力电子及‘风光氢核储’创新装备。
2026-04-24TBEA signed a strategic cooperation agreement with CNNC to deepen collaboration in nuclear power, new energy, technology innovation, and international markets.特变电工与中核集团签署新一轮战略合作协议，深化核电、新能源、科技创新及国际市场合作。
2026-04-24TBEA signed a strategic cooperation agreement with Qi-Anxin to collaborate on industrial cybersecurity, data security, and AI security for smart factories and overseas operations.特变电工与奇安信签署战略合作协议，围绕工业网络安全、数据安全、AI安全等展开合作。
2026-05-12TBEA Chairman Zhang Xin met with China Huaneng Group Chairman Wen Shugang; both sides agreed to deepen cooperation in green transformation and collaborative innovation for new power systems.特变电工董事长张新会见中国华能集团董事长温枢刚，双方同意在绿色转型和协同创新方面深化合作，助力新型电力系统建设。
Annual & quarterly financial results年度及季度财务业绩
24 · 2024-03-25 → 2026-05-19
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Annual and quarterly revenue, net profit, dividend, and impairment disclosures.年度及季度收入、净利润、分红及减值披露。
2024-03-25Company stated debt-to-asset ratio was 55.94% at end of Q3 2023, within industry average; 2023 profit distribution plan to be disclosed on April 9.截至2023年三季度末资产负债率55.94%，处于行业平均水平；2023年度利润分配预案将于4月9日披露。
2024-04-08TBEA released 2023 annual results: revenue RMB 98.123 billion (+1.79% YoY), net profit RMB 10.703 billion (-32.75% YoY), proposed cash dividend of RMB 2.0 per 10 shares.特变电工发布2023年年报：营业收入981.23亿元（同比+1.79%），净利润107.03亿元（同比-32.75%），拟每10股派发现金红利2.0元。
2024-04-08TBEA's 2023 net profit decline of 32.75% was mainly due to a sharp drop in average selling price of polysilicon; new energy segment revenue fell 18.39% YoY.特变电工2023年净利润下降32.75%，主要因多晶硅产品销售均价大幅下降；新能源产业及工程收入同比下降18.39%。
2024-04-08TBEA's 2023 asset impairment losses surged to about RMB 1.69 billion from RMB 650 million in 2022, an increase of 1.6 times.特变电工2023年资产减值损失从2022年的6.5亿元增至约16.9亿元，增幅达1.6倍。
2024-04-08TBEA's 2023 cash dividend of RMB 2.0 per 10 shares was less than half of the 2021 dividend (RMB 5.8 per 10 shares).特变电工2023年每10股派2.0元，不及2021年每10股派5.8元的一半。
2024-04-29TBEA reported Q1 2024 net profit of RMB 1.994 billion, down 57.89% YoY, mainly due to lower average selling prices of polysilicon and coal products.特变电工发布2024年一季报，净利润19.94亿元，同比下降57.89%，主要因多晶硅和煤炭产品销售均价下降。
2024-04-30TBEA noted that as of end-2023, committed capital expenditure for projects under construction and planned exceeded RMB 20 billion, explaining the lower dividend payout.特变电工表示截至2023年末在建及待建项目尚待投入金额超过200亿元，解释了较低的分红比例。
2024-05-06TBEA reports Q1 2024 revenue of 23.543 billion yuan, down 11.12% YoY; net profit of 1.994 billion yuan, down 57.89% YoY; operating cash flow of 2.496 billion yuan, down 61.38% YoY.特变电工2024年一季度营收235.43亿元，同比下降11.12%；净利润19.94亿元，同比下降57.89%；经营现金流24.96亿元，同比下降61.38%。
2024-06-27TBEA announced 2023 annual cash dividend of 2.00 yuan per 10 shares, totaling 1.004 billion yuan, based on 2023 net profit of 10.703 billion yuan (down 32.75% YoY) and revenue of 98.206 billion yuan (up 1.76% YoY).特变电工2023年度权益分派：每10股派发现金红利2.00元，合计10.04亿元；2023年营收982.06亿元（同比+1.76%），净利润107.03亿元（同比-32.75%）。
2024-07-09TBEA expects H1 2024 net profit of 3.05-3.35 billion yuan, down 67.69%-70.58% YoY, due to sharp drop in polysilicon prices and decline in coal sales prices.特变电工预计2024年上半年净利润30.5-33.5亿元，同比减少67.69%-70.58%，因多晶硅售价大幅下跌及煤炭销售价格下降。
2024-08-24TBEA scheduled its H1 2024 results briefing for September 2, 2024, to be attended by GM Huang Hanjie, independent director Chen Yingru, CFO Bai Yungang, and board secretary Jiao Haihua.特变电工定于2024年9月2日召开2024年半年度业绩说明会，总经理黄汉杰、独立董事陈盈如、总会计师白云罡、董事会秘书焦海华出席。
2024-08-29TBEA reported H1 2024 revenue of 47.798 billion yuan, down 4.54% YoY; net profit attributable to shareholders was 3.034 billion yuan, down 59.46% YoY.特变电工2024年上半年营收477.98亿元，同比下降4.54%；归母净利润30.34亿元，同比下降59.46%。
2024-10-29Q3 2024 revenue was RMB 24.483 billion (+2.8% YoY); net profit attributable to shareholders was RMB 1.263 billion (-33.87% YoY) due to sharp decline in high-purity polysilicon average selling price and decline in coal product average selling price.2024年第三季度营业收入244.83亿元（同比+2.8%）；归母净利润12.63亿元（同比-33.87%），因高纯多晶硅销售均价大幅下降及煤炭产品销售均价下降。
2024-10-29First three quarters of 2024: revenue RMB 72.28 billion (-1.79% YoY); net profit attributable to shareholders RMB 4.297 billion (-54.17% YoY) due to sharp drop in high-purity polysilicon and coal product selling prices.2024年前三季度：营业收入722.8亿元（同比-1.79%）；归母净利润42.97亿元（同比-54.17%），因高纯多晶硅和煤炭产品销售均价大幅下降。
2025-04-08Actual controller and chairman Zhang Xin proposes a 2024 profit distribution plan of cash dividend at 30% of net profit attributable to shareholders.实际控制人、董事长张新提议2024年度利润分配预案，按归母净利润的30%进行现金分红。
2025-04-212024 annual report: revenue 97.782 billion yuan, down 0.35% YoY; net profit 4.1348 billion yuan, down 61.37% YoY; proposes cash dividend of 2.5 yuan per 10 shares.2024年年报：营业收入977.82亿元，同比下降0.35%；归母净利润41.35亿元，同比下降61.37%；拟每10股派发现金红利2.5元。
2025-04-212025 Q1 results: revenue 23.383 billion yuan, down 0.77% YoY; net profit 1.6 billion yuan, down 19.74% YoY, mainly due to sharp drop in polysilicon selling price and decline in coal selling price.2025年一季报：营业收入233.83亿元，同比下降0.77%；归母净利润16.00亿元，同比下降19.74%，主要因多晶硅销售均价大幅下降及煤炭销售均价下降。
2025-05-07TBEA announced its 2024 proposed cash dividend ratio is 30.35%.特变电工宣布2024年拟现金分红比例为30.35%。
2025-05-12TBEA held its 2024 annual general meeting in Changji, Xinjiang, chaired by Chairman Zhang Xin; all nine proposals including board work report, profit distribution, and accounts receivable asset-backed securitization were approved.特变电工在新疆昌吉召开2024年年度股东大会，董事长张新主持；包括董事会工作报告、利润分配、应收账款资产证券化等九项议案均获通过。
2025-08-20Released 2025 semi-annual results: revenue 48.401 billion yuan (+1.12% YoY), net profit 3.184 billion yuan (+5.00% YoY).发布2025年半年度业绩快报：营业收入484.01亿元（同比+1.12%），净利润31.84亿元（同比+5.00%）。
2025-10-30TBEA reported Q3 2025 revenue of 24.566 billion yuan (up 0.31% YoY) and net profit of 2.300 billion yuan (up 81.51% YoY); 9-month revenue 72.918 billion yuan (up 0.84%), net profit 5.484 billion yuan (up 27.55%).特变电工2025年第三季度营收245.66亿元（同比+0.31%），净利润23.00亿元（同比+81.51%）；前三季度营收729.18亿元（同比+0.84%），净利润54.84亿元（同比+27.55%）。
2026-04-15TBEA's 2025 annual results: revenue 97.227 billion yuan (-0.61% YoY), net profit 5.954 billion yuan (+43.69% YoY), EPS 1.16 yuan, proposed dividend 0.36 yuan per share.特变电工2025年年报：营收972.27亿元（同比-0.61%），净利润59.54亿元（同比+43.69%），每股收益1.16元，拟每10股派3.60元。
2026-04-29TBEA 2026 Q1 results: revenue 24.946 billion yuan (+6.8% YoY), net profit 1.815 billion yuan (+13.4% YoY).特变电工2026年一季报：营收249.46亿元（同比+6.8%），净利润18.15亿元（同比+13.4%）。
2026-05-19TBEA set 2026 revenue target of 110 billion yuan and cost target of 88 billion yuan; stated that Xinte Energy's A-share IPO cannot restart in the near term as it does not meet conditions due to losses.特变电工设定2026年营收目标1100亿元、营业成本控制在880亿元以内；明确新特能源目前亏损，不满足A股IPO条件，短期难以重启。
New subsidiary establishments新设子公司
9 · 2024-04-07 → 2026-04-10
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Establishment of new subsidiaries in various regions and business lines.在各地区和业务线设立新子公司。
2024-04-07TBEA established TBEA (Tianjin) Electrical Equipment Group Co., Ltd. with registered capital of RMB 200 million, covering transformers, charging piles, and power transmission and distribution equipment.特变电工在天津设立特变电工（天津）电气装备集团有限公司，注册资本2亿元人民币，业务涵盖变压器、充电桩、输配电及控制设备制造。
2024-08-12TBEA's subsidiary Xinjiang Tianchi Energy Co., Ltd. wholly funded the establishment of Kashgar China-Kyrgyzstan-Uzbekistan Land Port Technology Co., Ltd. with registered capital of 10 million yuan, covering non-ferrous metal smelting, building materials, and 5G communication services.特变电工子公司新疆天池能源全资成立喀什中吉乌陆港科技有限公司，注册资本1000万元，经营范围包括常用有色金属冶炼、建筑材料销售、5G通信技术服务等。
2024-09-30TBEA indirectly wholly-owned subsidiary Hainan Qiong Tongda Supply Chain Co., Ltd. was established with registered capital of 30 million yuan, covering supply chain management and international freight forwarding.特变电工间接全资子公司海南琼通达供应链有限公司成立，注册资本3000万元，经营范围包括供应链管理和国际货运代理。
2025-03-10Wholly-owned subsidiary Xinjiang Zhuneng Technology Co., Ltd. established with registered capital of 10 million yuan, covering AI software development.全资子公司新疆准能科技有限公司成立，注册资本1000万元，经营范围包含人工智能应用软件开发。
2025-03-11Wholly-owned subsidiary Xinjiang Zhidian Xianfeng Electrical Equipment Co., Ltd. established with registered capital of 10 million yuan, covering transformer and rectifier manufacturing.全资子公司新疆智电先锋电气设备有限公司成立，注册资本1000万元，经营范围包含变压器、整流器和电感器制造。
2025-08-12Established a wholly-owned subsidiary, Xinjiang Zhundong Economic and Technological Development Zone Jingye Mineral Resources Development Co., Ltd., with a registered capital of 2 million yuan, engaged in loading, unloading, handling and warehousing.设立全资子公司新疆准东经济技术开发区精冶矿产资源开发有限公司，注册资本200万元，从事装卸搬运和仓储业。
2025-11-13TBEA wholly established Hainan Green Mining Energy Investment Co., Ltd. with registered capital of 10 million yuan, covering mineral exploration, gold import/export, and electrical installation.特变电工全资成立海南绿矿能源投资有限公司，注册资本1000万元，经营范围包括矿产资源勘查、黄金进出口、电气安装等。
2026-03-01TBEA established Hainan Green Mine Energy Investment Co., Ltd. with a registered capital of 14.28571 million yuan, wholly owned, covering mineral resources exploration, electrical installation, and import/export.特变电工出资1428.571万元成立海南绿矿能源投资有限公司，持股100%，业务涵盖矿产资源勘查、电气安装及进出口等。
2026-04-10TBEA (Yunnan) Electrical Equipment Co., Ltd. was established, wholly owned indirectly by TBEA, covering wires, cables, and charging piles.特变电工（云南）电气装备有限公司成立，由特变电工间接全资持股，经营范围包括电线电缆、充电桩等。
New energy power station (BOO) capacity & projects新能源电站（BOO）容量与项目
23 · 2024-04-08 → 2026-06-01
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Self-operated wind and solar power station capacity, new project investments, and grid connections.自营风电、光伏电站容量、新项目投资及并网。
2024-04-08TBEA's 2023 transformer revenue grew 32.39% YoY, cable revenue grew 32.56% YoY; polysilicon output 191,300 tons, sales 202,900 tons; new energy BOO station installed capacity 3.41 GW.特变电工2023年变压器收入同比增长32.39%，电线电缆收入同比增长32.56%；多晶硅产量19.13万吨，销量20.29万吨；新能源BOO电站装机3.41GW。
2024-04-29TBEA announced that its controlled company Tongyang New Energy will invest in a 1 GW wind-storage project with total investment of RMB 3.395 billion.特变电工公告控股公司同阳新能源有限公司投资建设1GW风储项目，项目总投资33.95亿元。
2024-04-29TBEA's 1 GW wind-storage project in Bazhou includes 1 GW wind turbines, two 220 kV booster stations, and 175 MW/700 MWh energy storage system; construction period 18 months.特变电工巴州1GW风储项目包括1GW风机、两座220kV升压站和175MW/700MWh储能系统，工期18个月。
2024-05-05TBEA's controlled company Tongyang New Energy invests 3.395 billion yuan to build a 1 GW wind-storage project in Ruoqiang County, Xinjiang, including 175 MW/700 MWh energy storage, with an 18-month construction period.特变电工控股公司同阳新能源投资33.95亿元在新疆若羌县建设1GW风储项目，包括175MW/700MWh储能系统，工期18个月。
2024-05-08TBEA discloses that as of end-2023, its self-operated new energy installed capacity was 3.41 GW, of which 1.27 GW had subsidies; 0.72 GW of subsidized projects were included in the first batch of compliant renewable subsidy list.特变电工披露截至2023年末自营新能源电站装机3.41GW，其中1.27GW含补贴；0.72GW补贴项目已纳入首批合规清单。
2024-06-27TBEA's holding company Tongchang plans to invest 3.558 billion yuan to build the Bazhou Qiman 1000MW wind power and energy storage project in two phases (200MW + 800MW).特变电工控股公司同昌公司拟投资35.58亿元建设巴州祁曼1000MW风电及配套储能项目，分两期建设（200MW+800MW）。
2024-07-01TBEA's holding company Tongchang plans to invest 3.557 billion yuan in a 1000MW wind power and energy storage project in Bazhou Qiman Wind Zone.特变电工控股公司同昌公司拟投资35.57亿元建设巴州祁曼风区1000MW风电及配套储能项目。
2024-08-29TBEA announced that as of June 2024, its installed power station capacity was 6,529.95 MW (coal 3,020 MW, wind 2,234.50 MW, solar 1,275.45 MW); H1 power generation was 12.466 billion kWh.特变电工公告截至2024年6月末电站装机容量6,529.95MW（煤电3,020MW、风电2,234.50MW、光伏1,275.45MW）；上半年发电量124.66亿千瓦时。
2024-08-29TBEA approved investment in the Zhundong 1 GW solar-storage project (total investment 3.495 billion yuan) and Zhundong 2 GW wind-storage project (total investment 6.656 billion yuan), to be built by subsidiaries Shengyu and Shengding.特变电工批准投资建设准东1GW光储项目（总投资34.95亿元）和准东2GW风储项目（总投资66.56亿元），由子公司盛裕和盛鼎负责。
2024-09-02TBEA announced investment in Zhundong 1GW solar-storage project (total investment 3.495 billion yuan) and 2GW wind-storage project (total investment 6.656 billion yuan), with construction periods of 12 and 20 months respectively.特变电工公告投资建设准东1GW光储项目（总投资34.95亿元）和2GW风储项目（总投资66.56亿元），工期分别为12个月和20个月。
2024-09-19TBEA disclosed that as of June 2024, its self-operated power station installed capacity reached 3.51 GW; annual ECC construction scale is about 2-2.5 GW.特变电工披露截至2024年6月末自营电站装机规模达3.51GW；每年ECC电站建设规模约2-2.5GW。
2024-11-06TBEA's residential PV business (EPC model) has cumulatively built and connected 300MW to grid in 2024.特变电工户用光伏业务以EPC方式2024年累计建设并网300MW。
2025-01-02Ruoqiang County 1 GW wind power and supporting energy storage project successfully connected to grid, with 150 turbines (42×7.15MW, 48×6.25MW, 60×6.7MW) and two 220kV booster stations.若羌县100万千瓦风电及配套储能项目成功并网，包含150台风机（42台7.15兆瓦、48台6.25兆瓦、60台6.7兆瓦）及2座220千伏升压站。
2025-01-03Zhundong 1 GW solar-storage project (12-month construction) and 2 GW wind-storage project (20-month construction) will be built and grid-connected in phases.准东1GW光储项目（工期12个月）和2GW风储项目（工期20个月）分期建设、分批并网。
2025-03-07Controlled subsidiary Tianchi Energy invests 3.495 billion yuan in a 1 GW solar-plus-storage project and 6.656 billion yuan in a 2 GW wind-plus-storage project in Zhundong, with completion expected by end of 2026.控股子公司天池能源投资34.95亿元建设准东1GW光储项目，投资66.56亿元建设准东2GW风储项目，预计2026年底前建成并网。
2025-04-21Controlled subsidiary Xuyi Xinte invests 1.488 billion yuan to build Tianquan Lake 300MW photovoltaic composite project, including 300MW PV station, 220kV booster station and 30MW/60MWh energy storage system.控股子公司盱眙鑫特公司投资14.88亿元建设天泉湖300MW光伏复合项目，包括300MW光伏电站、220kV升压站及30MW/60MWh储能系统。
2025-04-23As of end-March 2025, TBEA's total installed capacity reaches 8,781.45 MW (coal 5,040 MW, wind 2,416 MW, PV 1,325.45 MW); Q1 2025 power generation 8,250.78 GWh.截至2025年3月末，特变电工电站装机容量8781.45MW（煤电5040MW、风电2416MW、光伏1325.45MW）；2025年一季度发电量825078.02万千瓦时。
2025-06-05TBEA disclosed that its wind and solar power stations under construction total about 3-4 GW; in 2024 it completed and recognized revenue for about 3 GW of EPC/BT projects, and cumulative grid-connected operating capacity reached 3.61 GW by end-2024.特变电工披露在建风光电站规模约3-4GW；2024年以EPC、BT方式完成并确认收入约3GW，截至2024年末并网运营电站累计装机达3.61GW。
2025-07-11TBEA commented on the Xinjiang autonomous region's new energy on-grid electricity price market reform plan, noting that the plan ensures 50% of generation revenue stability while the rest is market-determined. The company will adopt a 'pick-the-best' strategy and invest prudently in new energy stations.特变电工就新疆自治区新能源上网电价市场化改革方案表示，该方案确保50%发电量收益稳定，其余部分由市场决定；公司将坚持优中选优策略，审慎投资建设新能源电站。
2025-12-29TBEA secured over 300 MW of solar PV project capacity in Anhui Province's 2025 competitive allocation (total 3 GW), alongside CGN, Datang, etc.特变电工在安徽省2025年度光伏发电项目建设规模竞争性配置中获取超过300MW规模（总规模3GW），与中广核、大唐等并列。
2026-01-15As of end-September 2025, Tebian Electric operated 4.25 GW of self-owned wind and solar power stations.截至2025年9月末，特变电工运营的风光自营电站容量为4.25GW。
2026-04-03Baicheng Rongsheng New Energy, controlled by TBEA, ranked first in the competitive selection for a 200 MW wind power project in Jilin Baicheng Industrial Park.特变电工实际控股的白城市荣晟新能源在吉林白城工业园区20万千瓦风电项目竞争性优选排名第一。
2026-06-01TBEA is investing in the Zhundong 3GW new energy project to supply green electricity to the Zhundong 100,000-ton polysilicon project via market-based trading.特变电工正在投资建设准东3GW新能源项目，通过市场化交易向准东10万吨多晶硅项目销售绿色电力。
Overseas business & guarantees海外业务与担保
4 · 2024-04-08 → 2024-12-20
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TBEA overseas gross margin up 7.05pp to 18.71%; provides guarantees for international engineering and overseas solar EPC projects.海外毛利率提升7.05个百分点至18.71%；为国际工程及海外光伏EPC项目提供担保。
2024-04-08TBEA's 2023 overseas business gross margin was 18.71%, up 7.05 percentage points from 2022.特变电工2023年境外业务毛利率18.71%，较2022年增加7.05个百分点。
2024-08-19TBEA's 9th interim board meeting approved a proposal to provide guarantees for TBEA International Engineering Co., Ltd.特变电工第九次董事会临时会议审议通过了对特变电工国际工程有限公司提供担保的议案。
2024-10-17TBEA Xinjiang New Energy provides a guarantee of up to RMB 200 million for its subsidiary Xi'an Electric Technology to fulfill a photovoltaic equipment framework agreement with Galp New Energy S.A.特变电工新疆新能源为其子公司西安电气科技提供不超过2亿元担保，用于履行与Galp New Energy S.A.的光伏设备框架协议。
2024-12-20Tebian Electric proposed to provide a guarantee for its subsidiary Tebian Electric Xinjiang New Energy Co., Ltd. for an overseas 136 MW solar EPC project with total contract value of USD 73.84 million.特变电工拟为控股公司特变电工新疆新能源股份有限公司的境外136MW太阳能EPC项目提供担保，合同总金额7384.14万美元。
REIT & asset-backed securitizationREIT及资产证券化
2 · 2024-05-14 → 2024-07-02
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Infrastructure REIT listing and asset-backed special plans.基础设施REIT上市及资产支持专项计划。
2024-05-14TBEA's infrastructure REIT, Huaxia TBEA New Energy Closed-end Infrastructure Securities Investment Fund, receives approval from China Securities Regulatory Commission (CSRC) for registration, with an 18-year term.特变电工基础设施公募REITs——华夏特变电工新能源封闭式基础设施证券投资基金获中国证监会注册批复，期限18年。
2024-07-02Huaxia TBEA New Energy REIT listed on Shanghai Stock Exchange (code 508089), raising net funds of 1.1637 billion yuan from 300 million units at 3.879 yuan/unit.华夏特变电工新能源REIT在上交所上市（代码508089），募集资金净额11.637亿元，共3亿份，发售价格3.879元/份。
Litigation & legal disputes诉讼与法律纠纷
7 · 2024-05-24 → 2025-02-15
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Lawsuits filed, enforcement orders, and dispute resolutions.诉讼、执行令及纠纷解决。
2024-05-24TBEA's wholly-owned subsidiary Xuyi Gaochuan Wind Power Co., Ltd. is subject to a consumption restriction order (case no. (2024) Su 0830 Zhi 1410).特变电工全资子公司盱眙高传风力发电有限公司新增限制消费令（案号(2024)苏0830执1410号）。
2024-07-04TBEA's controlled subsidiary Hengyang Transformer added as an enforcement target with execution标的 of 964,500 yuan.特变电工控股的特变电工衡阳变压器有限公司新增被执行人信息，执行标的96.45万元。
2024-07-17TBEA's wholly-owned subsidiary Xuyi Gaochuan Wind Power added a consumption restriction order (case no. (2024)苏0830执602号).特变电工全资持股的盱眙高传风力发电有限公司新增限制消费令（案号(2024)苏0830执602号）。
2024-08-26TBEA and its Xinjiang Transformer Factory were sued by Panzhihua Anning New Energy Technology Co., Ltd. and Sichuan Anning Iron & Titanium Co., Ltd. for contract disputes in Miyi County Court.特变电工及新疆变压器厂被攀枝花安宁新能源科技有限公司和四川安宁铁钛股份有限公司以买卖合同纠纷起诉至米易县人民法院。
2024-12-12A contract dispute lawsuit between Oriental Sunrise and Tebian Electric's subsidiary Xinjiang Tebian Electric Automatic Control Equipment Co., Ltd. was scheduled for court hearing on December 16 at Ninghai County People's Court.东方日升因买卖合同纠纷起诉特变电工子公司新疆特变电工自控设备有限公司，案件于12月16日在宁海县人民法院开庭。
2024-12-24Tebian Electric as plaintiff voluntarily withdrew a contract dispute lawsuit against China Railway Construction Electrification Bureau Group Southern Engineering Co., Ltd. at Wuhan East Lake High-tech Development Zone People's Court.特变电工作为原告在武汉东湖新技术开发区法院自愿撤回对中铁建电气化局集团南方工程有限公司的买卖合同纠纷起诉。
2025-02-15TBEA as plaintiff in a sales contract dispute with Shizuishan Gaoxin Technology was voluntarily dismissed by the court (case (2025) Xin 2301 Min Chu 497).特变电工作为原告与石嘴山市高新某某科技有限公司的买卖合同纠纷案，法院裁定按撤诉处理（案号(2025)新2301民初497号）。
UHV & HVDC equipment & projects特高压及直流输电设备与项目
19 · 2024-05-29 → 2026-06-22
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UHV transformer, reactor, bushing, and converter valve deliveries for major domestic and international projects.为国内外重大项目交付特高压变压器、电抗器、套管及换流阀。
2024-05-29TBEA states it can produce large nuclear power plant transmission equipment, with a market share of about 46% in nuclear power main transformers in 2023.特变电工表示具备生产大型核电站输变电设备能力，2023年核电站主变压器市场占有率约46%。
2024-09-05TBEA announced it won bids for two DC project transformers in Brazil and Saudi Arabia from State Grid, worth about 2.7 billion yuan; expects UHV market contract growth in H2 2024.特变电工中标国网巴西、沙特两个直流项目变压器，金额约27亿元；预计下半年特高压市场签约增长。
2024-11-04Huangshi 1000kV substation, supplied with 7 1000kV transformers by TBEA Hengbian, was commissioned, completing the Central China UHV AC ring grid.特变电工衡变公司供货7台1000千伏变压器的黄石变电站投产，华中特高压交流环网闭环。
2024-11-13TBEA Herong Electric shipped the last of 9 ±800kV dry-type smoothing reactors for the Jin-Shang-Hubei UHV DC project; all 9 units delivered, 6 installed on site.特变电工合容电气为金上-湖北特高压工程制造的9台±800kV干式平波电抗器全部发运，已安装6台。
2025-06-26TBEA confirmed it has signed orders for core equipment supply for State Grid's Gansu-Zhejiang ±800kV UHVDC project and Datong-Tianjin South 1000kV UHVAC project in 2025.特变电工确认2025年已签约国网甘肃-浙江±800kV特高压直流输电工程和大同-天津南1000kV特高压交流输电工程核心设备供应订单。
2025-07-04TBEA provided core equipment including transformers for the 'Ningxia-Hunan' ±800 kV UHVDC transmission project (the 'Ningdianruxiang' project), which began trial operation of its bipolar low-end system on July 4, 2025. The project has a total investment of 28.1 billion yuan, a line length of 1,616 km, and a designed transmission capacity of 8,000 MW.特变电工为“宁电入湘”±800千伏特高压直流输电工程提供变压器等核心设备，该工程双极低端于2025年7月4日启动送电，总投资281亿元，线路全长1616公里，设计送电能力800万千瓦。
2025-07-30TBEA disclosed that its bushing production line is currently running at full capacity. Conventional bushings and UHV low-end DC bushings (valve-side below 600 kV) have been localized, while UHV high-end DC bushings (valve-side 800 kV and 600 kV) are undergoing trial grid connection for domestic substitution.特变电工披露套管产线当前满产运行；常规套管及特高压低端（阀侧600kV以下）直流套管已实现国产化，特高压高端（阀侧800kV和600kV）直流套管已挂网试用。
2025-08-20The 'Ningdianruxiang' UHV project, China's first 'desert, gobi, barren' wind-solar base UHV channel, was fully completed, with an 8 GW full-load transmission capacity and total investment of 28.1 billion yuan; TBEA supplied core equipment including ±800 kV converter transformers.我国首条“沙戈荒”风电光伏大基地外送特高压通道“宁电入湘”工程整体竣工，具备800万千瓦满负荷送电能力，总投资281亿元；特变电工提供了±800千伏高端换流变压器等核心装备。
2025-09-02First batch of ±500kV flexible DC converter transformers for Saudi Central-South ±500kV flexible DC transmission project successfully shipped from Shenyang Transformer subsidiary.为沙特中南±500千伏柔直输电工程研制的首批±500千伏柔直换流变压器从沈阳变压器子公司顺利发运。
2025-09-10Provided core equipment including ±800kV converter transformers, AC filter capacitors, 750kV station transformers, bushings, transmission conductors, and oil tanks for the 'Ningxia-Hunan' UHV project, which achieved full 8 GW capacity and can deliver over 36 TWh of clean electricity annually to Hunan.为“宁电入湘”特高压工程提供±800千伏换流变压器、交流滤波电容器、750千伏站用变压器、套管、输电导线、油箱等核心装备；该工程实现800万千瓦满负荷送电，每年可向湖南输送超360亿千瓦时清洁电力。
2025-10-10TBEA's 550kV GIS passed a 740kV withstand partial discharge test at Zhejiang Tiantai Pumped Storage Power Station, the first application of 550kV GIS in pumped storage, supporting the national key project with 1.7GW capacity.特变电工550千伏GIS在浙江天台抽水蓄能电站一次通过740千伏耐压局部放电试验，首次将550千伏GIS应用于抽水蓄能电站，助力国家重点项目（装机170万千瓦）。
2025-12-10TBEA Shenyang Transformer Group passed all factory tests for 26 units of ±500 kV VSC-HVDC converter transformers, to be used in Saudi Arabia's Central-South ±500 kV VSC-HVDC project (7 GW capacity, serving ~13 million people).特变电工沈变集团研制的26台±500千伏柔性直流换流变压器一次性通过全部出厂试验，将用于沙特中南±500千伏柔性直流输电工程（总容量700万千瓦，满足约1300万人口用电）。
2026-01-13Tebian Electric won bids in 2025 for multiple UHV transmission projects including State Grid Gansu-Zhejiang ±800kV DC, Datong-Tianjin South 1000kV AC, Mengxi-Beijing-Tianjin-Hebei, and Ge'nan converter station; order backlog is ample.特变电工2025年先后中标国网甘肃-浙江±800kV特高压直流、大同-天津南1000kV特高压交流、蒙西—京津冀、葛南换流站等特高压输电工程，在手订单饱满。
2026-03-02TBEA developed the industry's first 400kV three-phase oil-immersed current-limiting reactor (1524MVA), the highest voltage and capacity, for Abu Dhabi National Energy Company's grid project in UAE.特变电工研制出行业首台400kV三相一体油浸式限流电抗器（1524MVA），电压等级和容量最高，将用于阿联酋阿布扎比国家能源公司电网工程。
2026-04-20TBEA provided core power equipment (transformers, reactors) for the China-Laos 500 kV interconnection project, which was officially put into operation.特变电工为中老500千伏联网工程提供核心电力装备（变压器、电抗器），工程正式投产送电。
2026-06-02TBEA signed core equipment supply orders for State Grid's Gansu-Zhejiang ±800kV UHVDC and Datong-Tianjin South 1000kV UHVAC projects in 2025.2025年特变电工签约国网甘肃-浙江±800kV特高压直流输电工程、大同-天津南1000kV特高压交流输电工程核心设备供应订单。
2026-06-15TBEA Hengbian completed factory tests for the first ZRDFP-750000/500-800 converter transformer for the Gansu-Zhejiang ±800kV UHVDC flexible project, the industry's first single-unit 750MVA solution, with zero defects.特变电工衡变公司完成甘肃-浙江±800kV特高压柔性直流工程首台750MVA换流变压器出厂试验，为行业首创单台最大容量方案，零缺陷通过。
2026-06-22TBEA won bids for flexible DC converter valves: Huanneng Yuhuan 2 offshore wind project (~100 million yuan) in 2024, 'Zang-Yue DC' project (>1.2 billion yuan) in Q4 2025, and Xiang-Qian back-to-back project (~300 million yuan) in Q1 2026.特变电工中标柔直换流阀项目：2024年华能玉环2号海上风电项目（约1亿元），2025年四季度“藏粤直流”工程（超12亿元），2026年一季度湘黔背靠背项目（约3亿元）。
2026-06-22TBEA's 126kV clean air insulated vacuum interrupting eco-friendly GIS has achieved commercial application.特变电工126kV纯洁净空气绝缘真空开断型环保GIS已实现商业化应用。
Other developments其他动态
4 · 2024-05-30 → 2026-05-18
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Assorted one-off developments.零散的一次性动态。
2024-05-30TBEA is added to the 'pumped storage' concept list by Tonghuashun, as it provides transformers and high-voltage cable installation for pumped storage projects.特变电工被同花顺新增“抽水蓄能”概念，因其为抽水蓄能项目提供变压器及高压电缆安装一体化产品。
2024-10-18TBEA and Germany's MR (Reinhausen Group) deployed key equipment including customized switches, DGA9 gas monitoring devices, and ETOS digital solutions in Saudi Arabia's PIF3 solar project, the largest PV project in Saudi Arabia.特变电工与德国MR公司在沙特PIF3光伏项目中部署了定制化开关、DGA9气体监测设备和ETOS数字化解决方案，该项目为沙特最大光伏项目。
2024-10-21Han's Laser Intelligent Equipment Group delivered multiple L-series high-power large-format laser cutting machines to TBEA to support national power equipment manufacturing.大族激光智能装备集团向特变电工交付多台L系列超高功率大幅面激光切割机，助力国家电力装备制造。
2026-05-18TBEA disclosed that it developed the industry's first 10kV/1MW multi-port power electronic transformer in 2017, with multiple demonstration projects at State Grid and China Southern Grid sites.特变电工披露，公司于2017年开发了行业首套10kV/1MW多端口电力电子变压器，已在国网和南网多个示范项目落地。
Wire & cable capacity & products电线电缆产能与产品
4 · 2024-06-03 → 2026-04-17
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Wire and cable production capacity, digital workshops, and revenue growth.电线电缆产能、数字化车间及收入增长。
2024-06-03TBEA established TBEA (Shandong) Intelligent Cable Co., Ltd. with registered capital of 186 million yuan, wholly owned by TBEA Shandong Luneng Taishan Cable Co., Ltd.特变电工成立特变电工（山东）智能电缆有限公司，注册资本1.86亿元，由特变电工山东鲁能泰山电缆有限公司全资持股。
2025-10-16TBEA's wholly-owned subsidiary Dianzhuang Group acquired 74.1942% of Yangzhou Shuguang Cable for 946 million yuan, gaining control to expand into nuclear and rail transit cable markets.特变电工全资子公司电装集团以9.46亿元收购扬州曙光电缆74.1942%股权，获得控制权，拓展核电、轨道交通用电缆市场。
2025-12-25TBEA stated on investor platform that its wire and cable product revenue in H1 2025 was 7.843 billion yuan, up 10.93% YoY; it uses hedging to mitigate raw material price impact.特变电工在互动平台表示，2025年半年度电线电缆产品收入78.43亿元，同比增长10.93%；公司通过套期保值降低原材料价格波动影响。
2026-04-17TBEA confirmed acquisition of Yangzhou Shuguang Cable (74.1942% stake) for 946 million yuan, now consolidated into its financial statements.特变电工确认以9.46亿元收购扬州曙光电缆74.1942%股权，已纳入合并报表。
Subsidiary restructuring & equity transfers子公司重组与股权转让
5 · 2024-06-14 → 2025-09-04
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Internal restructuring, equity transfers among subsidiaries, and capital increases.内部重组、子公司间股权转让及增资。
2024-06-14TBEA's subsidiary Xinte Energy acquired 11.87% each from Agricultural Bank Investment and Bank of Communications Investment in TBEA Xinjiang New Energy Co. for 1 billion yuan each, raising stake to 99.49%.特变电工控股子公司新特能源分别以10亿元受让农银投资和交银投资所持的新疆新能源公司各11.87%股份，持股比例升至99.49%。
2024-06-27TBEC transferred equity of six subsidiaries (Shenyang Transformer, Hengyang Transformer, Tianjin Transformer, Shandong Luneng Cable, Deyang Cable, Beijing-Tianjin-Hebei Intelligent Technology) to wholly-owned subsidiary TBEA Electrical Equipment Group at net book value of 7.045 billion yuan.特变电工将6家子公司股权（沈变公司、衡变公司、天变公司、鲁缆公司、德缆公司、京津冀公司）按账面净值70.45亿元划转至全资子公司特变电工电气装备集团。
2024-10-18TBEA transferred 100% equity of six subsidiaries (Shenyang Transformer, Hengyang Transformer, Tianjin Transformer, Shandong Luneng Cable, Deyang Cable, Beijing-Tianjin-Hebei Smart Technology) to wholly-owned subsidiary TBEA Electrical Equipment Group at book value as of Dec 31, 2023.特变电工将六家子公司（沈变公司、衡变公司、天变公司、鲁缆公司、德缆公司、京津冀公司）全部股权按2023年12月31日账面净值划转至全资子公司电气装备集团。
2024-12-06Tebian Electric's subsidiary Xinte Energy acquired 49% equity of Zhundong Energy from Tianshan Energy for RMB 1.5077 billion, to enhance Xinte Energy's profitability and resilience.特变电工控股子公司新特能源以15.08亿元受让天池能源持有的准东能源49%股权，以增强新特能源盈利能力。
2025-09-04Wholly-owned subsidiary TBEA International Engineering Co., Ltd. increased registered capital from 800 million yuan to 1.5 billion yuan (87.5% increase), with some management changes.全资子公司特变电工国际工程有限公司注册资本由8亿元增至15亿元（增幅87.5%），部分管理人员变更。
Product certifications & awards产品认证与奖项
9 · 2024-06-16 → 2026-06-01
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Product certifications (UL, IEC, KEMA), national technology awards, and industry rankings.产品认证（UL、IEC、KEMA）、国家科技奖及行业排名。
2024-06-16TBEA's 23 new products (technologies) passed national-level appraisal, with 10 reaching international leading level and 13 international advanced level, including carbon footprint edge control device and pumped storage transformer.特变电工23项新产品（技术）通过国家级鉴定，其中10项达到国际领先水平，13项达到国际先进水平，包括产品碳足迹边缘智控装置和抽水蓄能电站用变压器。
2024-06-25TBEA New Energy Co. won the second prize of National Science and Technology Progress Award for 'Large-capacity battery energy storage system digital testing and control key technology and industrialization'.特变电工新能源公司“大容量电池储能系统数智化测试与控制关键技术及产业化”项目荣获国家科学技术进步奖二等奖。
2024-07-03TBEA Xinjiang New Energy won the second prize of National Science and Technology Progress Award for 'Large-capacity battery energy storage system digital intelligent testing and control key technology and industrialization'.特变电工新疆新能源股份有限公司获国家科学技术进步奖二等奖，项目为“大容量电池储能系统数智化测试与控制关键技术及产业化”。
2025-01-03Transformer obtained UL certification; small sales in North America.变压器获得UL认证，在北美有少量销售业务。
2025-01-04Ranked first in the 24th China Electrical Industry Top 100 and won the Special Contribution Award.在第24届中国电气工业100强中排名第一，并荣获中国电气工业特别贡献奖。
2025-08-21The 'ultra-large-scale active-supporting MW-level grid-following/grid-forming intelligent distributed PV power generation system' was included in the fifth batch of the National Energy Administration's first (set) major technical equipment list.“超大规模主动支撑型兆瓦级跟/构网智能分布式光伏发电系统”入围国家能源局第五批能源领域首台（套）重大技术装备名单。
2026-04-15TBEA won three first prizes: 2025 China Environmental Protection Federation Science and Technology Award, and China Electricity Council Power Innovation Awards for green low-carbon and UHV standards.特变电工荣获2025年度中华环保联合会科学技术奖、中国电力企业联合会电力创新奖三项一等奖，涉及绿色低碳和特高压标准。
2026-04-20TBEA's 'Power Energy Infrastructure Investment 1-5期 Asset-Backed Special Plan' won the Best Quasi-REITs Product Award at the 10th Real Estate Securitization REITs Forum; first tranche 1.337 billion yuan.特变电工“电力能源基础设施投资1-5期资产支持专项计划”获第十届不动产证券化REITs论坛年度最佳类REITs产品奖，首期发行13.37亿元。
2026-06-01TBEA electrical equipment products obtained UL, IEC, KEMA and other international mainstream standard certifications.特变电工电气设备产品获得UL、IEC、KEMA等多项国际主流标准认证。
Digitalization & smart factory数字化与智能工厂
3 · 2024-07-08 → 2026-05-10
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TBEA launches digital string production line, builds first fully digital smart factory, deploys digital procurement platform, and co-hosts smart park site meeting with Huawei.特变电工启动数字化串生产线，建设首个全数字化智能工厂，部署数字化采购平台，与华为联合举办智慧园区现场会。
2024-07-08TBEA Xike's 3.0 digital string production line officially launched, boosting production efficiency by 50%, reducing production cycle by 40%, and lowering aging room energy consumption by 40%.特变电工西科公司3.0数字化组串产线正式投产，生产效率提升50%，生产周期减少40%，老化房能耗降低40%。
2025-04-09Shangyue Technology wins the bid for TBEA's 'Teyicai' digital procurement platform Phase I project to build a transparent, efficient and win-win supply chain collaboration system.商越科技中标特变电工‘特易采’数字化采购平台一期项目，旨在打造透明、高效、共赢的供应链协同体系。
2026-05-10TBEA and Huawei jointly held a site meeting for the Tianjin Wuqing Smart Park, a six-star Huawei smart park demonstration site in China, showcasing digital and intelligent solutions for industrial parks.特变电工与华为联合举办天津武清智慧园区样板点现场会，该园区为华为中国区六星级智慧园区样板点，展示了园区数字化与智能化解决方案。
Partnership & supplier denials合作与供应商否认
3 · 2024-07-11 → 2025-06-09
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TBEA denies cooperation with BYD in PV/storage/EV, denies being acquirer of Hoshine Silicon equity, and confirms graphite supply from Henan Wanguan.特变电工否认与比亚迪在光伏储能/新能源车合作，否认收购合盛硅业股权，确认河南万泉供应石墨。
2024-07-11TBEA confirmed that Henan Wanguan Industrial, a subsidiary of Ningxia Zhongyin Cashmere, supplies graphite products to TBEA.特变电工确认宁夏中银绒业股份有限公司的控股子公司河南万贯实业有限公司向其供应石墨制品。
2025-02-13TBEA stated it currently has no cooperation with BYD in photovoltaic storage or new energy vehicles.特变电工表示目前暂无与比亚迪在光伏储能和新能源汽车领域有相关合作。
2025-06-09Hoshine Silicon denied media reports that TBEA was a potential acquirer of its equity, stating no contact or negotiations ever occurred.合盛硅业否认媒体报道称特变电工为其股权转让意向方，声明从未进行任何接触或洽谈。
Product & technology clarification产品与技术澄清
5 · 2024-07-23 → 2026-02-27
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TBEA clarifies it does not produce certain products (BC cells, lithium hexafluorophosphate, perovskite batteries) and has no aerospace or lithium mining involvement.特变电工澄清不生产BC电池、六氟磷酸锂、钙钛矿电池，且未涉及航空航天或锂矿投资。
2024-07-23TBEA stated it does not produce solar BC cells; its new energy business includes polysilicon, inverters, and PV/wind电站 solutions.特变电工表示不生产太阳能BC电池，新能源业务包括多晶硅、逆变器及光伏风能电站解决方案。
2025-06-05TBEA stated it has not invested in lithium mining projects, denying investor claims of losses from lithium, polysilicon, industrial silicon, and alumina investments.特变电工表示未投资建设锂矿项目，否认投资者关于锂矿、多晶硅、工业硅、氧化铝投资损失的指控。
2025-11-18TBEA stated that it does not produce lithium hexafluorophosphate.特变电工表示目前没有生产六氟磷酸锂产品。
2026-02-27TBEA stated it has not yet been involved in perovskite battery production.特变电工表示目前未涉及钙钛矿电池生产。
2026-02-27TBEA stated it has no current technology pre-research layout for aerospace applications.特变电工表示暂无向航天领域迁移的技术预研布局。
India transformer base & operations印度变压器基地及运营
3 · 2024-08-19 → 2025-07-30
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India transformer manufacturing base operations, orders, and export expansion.印度变压器制造基地运营、订单及出口扩张。
2024-08-19TBEA announced an extraordinary general meeting on September 4, 2024, to vote on a proposal to provide guarantees for TBEA Energy (India) Co., Ltd.特变电工公告将于2024年9月4日召开临时股东大会，审议对特变电工能源(印度)有限公司提供担保的议案。
2025-07-11TBEA confirmed it has a transformer manufacturing base in India, serving the local market, and that the Indian subsidiary currently has full order books with no plans for additional investment in India for now.特变电工确认在印度设有变压器生产基地，服务当地市场；印度子公司当前订单饱满，暂无新增投资计划。
2025-07-30TBEA stated that its India factory's transformers have already achieved market access to some countries in Europe and the Middle East.特变电工表示印度工厂变压器已实现欧洲、中东部分国家的市场开拓。
Investment recovery & equity transfer投资回收与股权转让
2 · 2024-11-06 → 2026-02-27
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TBEA pursues recovery from CM International and lists Xinjiang Xinhua Hydropower shares for transfer; subsidiary holds stake in China Power Construction New Energy.特变电工向中蒙国际追索投资，挂牌转让新华水电股份；子公司持有中电建新能源集团股份。
2024-11-06TBEA is still pushing to recover investment from CM International Holdings, which is in poor condition; the transfer of its 88,888,888 shares in Xinjiang Xinhua Hydropower is being listed on Beijing Equity Exchange.特变电工仍在推动收回中民投国际控股的投资款；所持新疆新华水电8888.8888万股转让已在北京产权交易所挂牌。
2026-02-27TBEA confirmed its subsidiary's fund, Nanyang Shuangtan Green Energy (Guangzhou) Private Equity Investment Fund Partnership, holds a 2.6229% stake in China Power Construction New Energy Group Co., Ltd.特变电工确认旗下南网双碳绿能（广州）私募股权投资基金合伙企业持有中电建新能源集团股份有限公司2.6229%的股权。
Market orders & growth市场订单与增长
3 · 2024-11-06 → 2026-01-21
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Domestic T&D equipment orders grew 30% YoY in Q3 2024; contract signings up 20% in first three quarters; overseas demand strong.国内输变电设备Q3订单同比增长30%；前三季度合同签约增长20%；海外需求旺盛。
2024-11-06TBEA stated that its transmission and distribution equipment domestic market orders in Q3 2024 grew 30% YoY.特变电工表示2024年三季度输变电产业国内市场签约同比增长30%。
2025-02-13TBEA reported that in the first three quarters of 2024, its domestic power transmission and distribution market contract signings grew 20% year-on-year.特变电工表示2024年前三季度国内输变电市场签约同比增长20%。
2026-01-21Tebian Electric stated it will prudently evaluate capacity expansion based on market demand and current capacity; overseas market demand is strong.特变电工表示将根据市场需求及目前产能情况审慎评估是否提升产能；海外市场需求旺盛。
R&D & software copyrights研发与软件著作权
8 · 2024-11-29 → 2026-05-23
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New software copyrights, R&D spending, and technology development.新软件著作权、研发投入及技术开发。
2024-11-29TBEA registered a new software copyright 'Intelligent Operation and Maintenance Management Platform V1.0'; R&D spending in H1 2024 was 670M yuan, up 30.08% YoY.特变电工新注册《智能运维管理平台V1.0》软件著作权；2024年上半年研发投入6.7亿元，同比增30.08%。
2024-12-25Tebian Electric registered three new software copyrights: weld quality assessment system based on convolutional neural network, weld quality visualization system based on line-structured light, and 3D point cloud weld position recognition test system.特变电工新注册3项软件著作权：基于卷积神经网络的焊缝质量评估系统、基于线结构光的焊缝质量可视化系统、三维点云焊缝位置识别测试系统。
2025-05-09TBEA registered 2 new software copyrights in early May, including a welding torch trajectory generation system for steel plate reinforced structures; total 7 new copyrights in 2025, up 250% YoY. R&D spending in 2024 was 1.354 billion yuan, up 5.51% YoY.特变电工5月初新注册2项软件著作权，包括钢板凸台加强结构件自适应焊枪轨迹生成系统；2025年累计7项，同比增250%。2024年研发投入13.54亿元，同比增5.51%。
2025-05-19TBEA registered 3 new software copyrights including an unmanned intelligent inspection system for PV plant substations and a video-based optical power prediction system; total 10 new copyrights in 2025, up 400% YoY.特变电工新注册3项软件著作权，包括光伏电厂升压站无人智能巡检系统、基于视频图像的光功率预测系统等；2025年累计10项，同比增400%。
2025-11-11TBEA registered two new software copyrights: TBEA Intelligent R&D Management Platform iIPD V1.0 and TBEA Transformer iMOM Platform Equipment Digital Management System V1.0.特变电工新注册2项软件著作权：《特变电工智能研发管理平台iIPDV1.0》和《特变电工变压器iMOM平台设备数字化管理系统V1.0》。
2026-03-05TBEA registered a new software copyright 'Log Management Platform Based on Application Log Analysis Combined with AI Scenarios V1.0'.特变电工新注册《基于应用日志排查结合AI场景的日志管理平台V1.0》软件著作权。
2026-03-25TBEA registered a new software copyright 'Power Transformer Winding Risk Assessment System 1.0'.特变电工新注册《电力变压器绕组风险评估系统1.0》软件著作权。
2026-05-23TBEA registered a new software copyright for 'TBEA Cable Accessories Warehouse Management Platform V1.0'; total R&D investment in 2025 was 1.732 billion yuan, up 27.7% YoY.特变电工新注册《特变电工电缆附件仓储管理平台V1.0》软件著作权；2025年研发投入17.32亿元，同比增长27.7%。
Trademarks, strategy & governance商标、战略与治理
5 · 2025-02-08 → 2026-06-25
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TBEA submits new trademark applications, promotes market value management system, outlines strategy for polysilicon, power transmission, and energy, and confirms no perovskite or submarine cable production.特变电工提交新商标申请，推进市值管理制度，阐述多晶硅、输变电及能源战略，确认不生产钙钛矿或海底电缆。
2025-02-08TBEA submitted 6 new trademark applications for '特变电装' and '特变电工', holding 730 registered trademarks total.特变电工新提交“特变电装”、“特变电工”等6件商标注册申请，目前共持有注册商标730件。
2025-02-13TBEA confirmed it is actively promoting the formulation of a market value management system, in response to investor inquiry.特变电工确认正在积极推进制定市值管理制度，以回应投资者提问。
2025-05-13TBEA outlined strategy: in polysilicon, focus on quality and cost reduction through R&D and fine management; in power transmission, push high-efficiency eco-friendly equipment, UHV AC/DC tech, and digital upgrades; in energy, leverage Xinjiang coal-power-railway integration, accelerate coal-to-gas project for national energy security.特变电工阐述战略：多晶硅聚焦质量与成本，加大研发；输变电领域推动高效环保设备、特高压交直流技术及数字化升级；能源领域发挥新疆煤电铁路一体化优势，加快煤制气项目建设。
2026-01-12Tebian Electric stated it can provide wind turbine towers, tower accessories and cables for offshore wind projects, but does not have submarine cable production capability.特变电工表示可为海上风电项目提供风机、塔筒等配套装备电缆，但尚不具备生产海底电缆的能力。
2026-06-25TBEA stated that the new energy consumption standard has not been officially issued; its existing polysilicon capacity is industry-advantage and should meet the new standard at full production.特变电工表示新能耗标准尚未正式下发，现有多晶硅产能为行业优势产能，满产情况下应能达到新能耗标准。
Data center & AI infrastructure products数据中心及AI基础设施产品
2 · 2025-02-13 → 2026-05-22
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Power routers, transformers, and integrated power cabins for data centers and AI computing.为数据中心和AI计算提供电力路由器、变压器及集成电力方舱。
2025-02-13TBEA stated its power router products can be applied in data centers and AI computing centers, helping allocate power and improve efficiency.特变电工表示其电能路由器产品可应用于数据中心和智算中心，有助于分配电能资源、提升能效。
2026-05-22TBEA delivered a pre-assembled modular integrated power cabin for data centers, supporting AI computing infrastructure, featuring 10kV medium-voltage, DC UPS, and lithium battery cabins with 'plug-and-play' capability.特变电工交付预装模块式集成电力方舱，专为算力数据中心打造，涵盖10kV中压、直流不间断电源、锂电方舱，具备即到即用能力。
Asset impairment & write-offs资产减值与核销
1 · 2025-03-28
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Subsidiary Xinjiang JingShuo writes off silicone and fumed silica production line fixed assets, recording ~409 million yuan impairment.子公司新疆晶硕核销有机硅及气相二氧化硅生产线固定资产，计提减值约4.09亿元。
2025-03-28Subsidiary Xinjiang JingShuo New Materials Co., Ltd. writes off fixed assets of silicone and fumed silica production lines, recording impairment provision of approximately 409 million yuan.子公司新疆晶硕新材料有限公司对有机硅、气相二氧化硅生产线固定资产进行报废处置，计提减值准备约4.09亿元。
Raw material & hedging disclosure原材料与套期保值披露
2 · 2025-05-13 → 2025-06-05
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TBEA states US raw material imports are minimal; discloses commodity hedging across copper, aluminum, polysilicon, lithium carbonate, gold, etc.特变电工称美国原材料进口占比极小；披露对铜、铝、多晶硅、碳酸锂、黄金等商品进行套期保值。
2025-05-13TBEA stated that its imports of raw materials from the US account for a very small proportion.特变电工表示从美国进口的产品原料占比极少。
2025-06-05TBEA revealed it hedges commodities including copper, aluminum, lead, industrial silicon, alumina, plastics, steel, lithium carbonate, refined oil, polysilicon, and gold; specific execution details are confidential.特变电工披露其套期保值品种包括铜、铝、铅、工业硅、氧化铝、塑料、钢材、碳酸锂、成品油、多晶硅、黄金等，具体执行情况属商业机密。
Nuclear power equipment supply核电设备供应
2 · 2025-06-26 → 2025-11-21
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Supply of transformers and other core equipment to nuclear power projects.向核电项目供应变压器及其他核心设备。
2025-06-26TBEA disclosed it supplies transformers and other core equipment to multiple nuclear power projects.特变电工披露为多个核电项目提供变压器等核心设备。
2025-11-21TBEA stated that it supplies power equipment to multiple nuclear power projects and is participating in nuclear fusion R&D cooperation.特变电工表示为多个核电项目提供电力设备，并参与核聚变科研合作研发。
Zirconium-based project impairment锆基项目减值
1 · 2025-07-11
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Impairment and scrapping of zirconium-based production lines.锆基生产线减值及报废。
2025-07-11TBEA disclosed that it has fully impaired and scrapped the production lines related to its zirconium-based project, which was originally built to recycle high-impurity chlorosilane from polysilicon production. The project became uneconomical as polysilicon lines were upgraded and byproduct volumes decreased.特变电工披露，已对锆基项目相关生产线全额计提资产减值并报废处理；该项目原为回收多晶硅副产高杂质氯硅烷而建，因多晶硅产线技改后副产物减少而失去经济性。
Silicon steel processing (Zhufeng)硅钢加工（珠峰）
1 · 2025-07-24
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Silicon steel slitting and processing capacity at Zhufeng Silicon Steel subsidiary.珠峰硅钢子公司的硅钢剪切加工能力。
2025-07-24TBEA disclosed that its Zhufeng Silicon Steel subsidiary currently has 110,000 tons of slitting processing capacity, and after the Phase II digital core project reaches full production, total capacity will reach 200,000 tons. The subsidiary is profitable and has no current plans to further expand capacity.特变电工披露，珠峰硅钢公司具备11万吨纵剪加工能力，铁芯数字化二期项目达产后最终将达20万吨纵剪加工能力；该公司已实现盈利，暂无继续扩充产能计划。
Technology development & products技术研发与产品
6 · 2025-07-24 → 2026-04-23
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TBEA develops solid-state transformers, VSC-HVDC converter valves, multi-port power electronic transformers, and ships rectifier transformers for green hydrogen and aluminum projects.特变电工研发固态变压器、VSC-HVDC换流阀、多端口电力电子变压器，并交付绿色氢能及铝项目整流变压器。
2025-07-24TBEA stated that it has developed solid-state transformer products, currently mainly for new-energy smart microgrid applications, and can quickly commercialize them as application scenarios expand.特变电工表示已研发固态变压器产品，现阶段主要应用于新能源智能微网领域，随着应用场景增加可迅速推进市场化。
2025-12-02TBEA stated on investor platform that it researches IGBT applications; its subsidiary Xi'an Flexible Transmission & Distribution Co. develops and produces VSC-HVDC converter valves.特变电工在互动平台表示，公司围绕IGBT应用开展技术研究，子公司西安柔性输配电有限公司研发生产柔性直流换流阀。
2026-01-12Tebian Electric developed the industry's first 10kV/1MW multi-port power electronic transformer in 2017, with multiple State Grid and China Southern Grid demonstration projects in Zhuhai Tangjiawan, Dongguan data center, Shanxi Electric Power Research Institute, Suzhou Baotong, etc. The company continues to deepen solid-state transformer R&D.特变电工于2017年开发了行业首套10kV/1MW多端口电力电子变压器，已在珠海唐家湾、东莞数据中心、山西电科院、苏州宝通等地有多个国网和南网工程示范应用项目落地，并持续深化固态变压器研发。
2026-03-10TBEA president Zhong Yanmin outlined a technology roadmap focusing on solid-state transformers, vacuum switches up to 550kV, DC breakers, and DC GIL for new power systems during the 15th Five-Year Plan.特变电工总裁种衍民明确技术攻关路线图，聚焦固态变压器、550kV真空环保开关、直流断路器及直流GIL等新型电力系统装备。
2026-03-24TBEA's Xinjiang transformer factory successfully shipped Xinjiang's largest-capacity 220kV oil-immersed self-cooled on-load tap-changing rectifier transformer for Yidian Holding Group's green aluminum-based new material project.特变电工新疆变压器厂成功发运新疆容量最大的220千伏油浸自冷式有载调压整流变压器，用于伊电控股集团绿色智能新能源铝基新材料项目。
2026-04-23TBEA's first electrolytic hydrogen production 24-pulse dry-type rectifier transformer shipped to a green hydrogen project in Morocco.特变电工自主研制的首台电解制氢用24脉波干式整流变压器发往摩洛哥电解制氢项目。
Saudi Arabia transformer plant & SEC contract沙特变压器工厂及SEC合同
2 · 2025-08-29 → 2025-09-02
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Major contract with Saudi Electricity Company and plan to build a local manufacturing plant.与沙特电力公司重大合同及在当地建厂计划。
2025-08-29Received a notification of award from Saudi Electricity Company (SEC) for the localization procurement of EHV/HV power transformers and reactors; total estimated award amount ~16.4 billion yuan (minimum 70% execution ~11.5 billion yuan); will build a manufacturing plant in Saudi Arabia.收到沙特电力公司（SEC）超高压、高压电力变压器及电抗器本地化采购项目中标通知，中标总金额约164亿元（执行量70%约115亿元）；将在沙特建设制造工厂。
2025-09-02Announced plan to build transformer and reactor manufacturing plant in Saudi Arabia for localized production and supply, targeting Middle East and North Africa markets.宣布计划在沙特建设变压器、电抗器制造工厂，实现本地化生产及供应，瞄准中东和北非市场。
