BTW Achieves "Strong Start" in First Quarter

Forging ahead on a new journey and setting sail for a brilliant chapter. In the first quarter, BTW thoroughly implemented the decisions and deployments of China Electrical Equipment Group, locked onto its annual targets, and adopted a proactive stance of "sprinting from the start, fighting from the opening bell." Through concerted efforts and targeted breakthroughs, the company achieved operating revenue of 1.635 billion CHY, a year-on-year increase of 10.56%; total profit of 72.42 million CHY, a year-on-year increase of 82.21%; the asset-liability ratio decreased by 2.16 percentage points year-on-year; annualized return on equity increased by 7.4 percentage points year-on-year; the operating cash-to-revenue ratio increased by 16.2 percentage points year-on-year; and overall labor productivity increased by 12.22% year-on-year. With substantial growth in scale and benefits, and continuous optimization of the "five ratios," BTW's outstanding performance in achieving a "strong start" to the first quarter has laid a solid foundation for fulfilling the annual targets.

Precise Policies for Strong Deployment, Uniting Forces for Progress

The company regards a "strong start" to the first quarter as the "first battlefield" of the years’work. Through early planning and meticulous deployment, it focuses on core indicators, key projects, and critical links, promptly addressing bottlenecks and difficulties. It coordinated efforts in order fulfillment, market expansion, technological innovation, and other priority tasks, applying precise policies and targeted measures to ensure all work progresses on schedule. By reinforcingorganizational guidance and motivating all Party members, cadres, and employees to be pioneering and courageous, the company has fostered a dynamic of taking decisive action at the beginning of the year and delivering critical results in a crucial year. Embracing the "act now and work solidly" spirit and BTW's own "four specials spirit" – special capability for battle, special dedication, special capacity for innovation, and special achievement – the company has driven progress, ensured quality, and facilitated delivery, galvanizing strong momentum for the "strong start."

 Targeted Measures for Order Fulfillment, Demonstrating Tangible Results

      Focusing on core objectives, the company has strengthened internal coordination and upstream-downstream collaboration, adopting concrete measures to ensure the high-quality fulfillment of key products. For the Baotashan Converter Station of the Shaanxi-Anhui UHV Project, all 14 converter transformers passed on-site commissioning tests on the first attempt. For the Wuwei Station of the Gansu-Zhejiang UHV Project, 9 transformers have been manufactured as planned. For the Aba Station of the Sichuan-Chongqing UHV Project, 2 transformers have been manufactured, and on-site assembly of the first unit has been fully launched. For the Saudi Rumah 1800MW Combined Cycle Power Plant Project, 3 transformers have been manufactured and all passed factory tests on the first attempt. For the Bangladesh Kaliganj Substation P5 Project, 2 autotransformers passed all tests on the first attempt.

    The company has deepened strategic marketing, strengthened brand marketing, and enhanced service marketing, continuously consolidating its position in advantageous markets and expanding into emerging markets, injecting strong momentum into the first quarter's "strong start." Domestic market successes include: winning the bid for all 16 transformers for the converter station of the State Grid Fujian-Jiangxi Interconnection Project, with a total contract value of 411 million CHY, filling a market gap in this field; winning orders for 31 transformers across 4 projects in the Shanxi Jinbei New Energy Base, with a total contract value of 226 million CHY; securing 9 units of 500kV transformers in the first 2026 tender of State Grid's power transmission and transformation projects, representing the largest contract value at that voltage level in this tender; winning orders for 10 transformers across 3 projects including the Guangdong Dianbai Pumped Storage Power Station, with both quality and value of orders in the China Southern Power Grid market on the rise; and obtaining a framework procurement contract for main transformers for SPIC's new energy and energy storage projects, filling a gap in the new energy market. International market expansion has also progressed steadily, with 15 product orders successfully secured from multiple countries and regions. Notably, orders for 8 transformers and adjustable reactors from two power stations in Niger (Malbaza and Doutchi) have further improved the company's market presence in West Africa and added overseas performance records for its advantageous products.

Highlighting Key Priorities for Innovation, Enhancing Core Competencies

    The company has precisely aligned its efforts with the development needs of major national projects and new power systems, continuously improving its innovation system, accelerating the research and development of new technologies and the transformation of scientific and technological achievements, and giving full play to the leading role of technology. Innovation platforms have been steadily upgraded: BTW was successfully selected as a 2025-2027 National Intellectual Property Demonstration Enterprise creation unit by the China National Intellectual Property Administration, earning national recognition for its comprehensive intellectual property strength. It has jointly established a "Transformer Technology Joint Innovation Center" with China Electrical Equipment Science and Technology Research Institute, deepened university-industry collaboration with North China Electric Power University, and leveraged the Yanzhao Electric Power Laboratory for joint research, promoting deep integration of industry, academia, research, and application, and supporting the intelligent and green upgrading of power equipment. Notable results in technology transfer: two achievements won Electric Power Innovation Awards from the China Electricity Council, with one core transformer technology reaching internationally leading levels; three products were included in Hebei Province's Recommended Catalog of Green and Low-Carbon Equipment, providing strong support for the company's green and low-carbon transformation.

    BTW will build on this momentum, take solid action, and strive vigorously in the second quarter to achieve "half-year targets on schedule," laying a solid foundation for the successful completion of annual goals. In the first leg of the "15th Five-Year Plan," BTW will contribute its strength to building a world-class smart electrical equipment groupBy delivering tangible results.