Wangbian Electric aims to achieve a revenue of 3.92B yuan in 2025, a year-on-year increase of 16.87%.

News Report (Reporter Feng Yuyao)

Recently, Chongqing Wangbian Electrical (Group) Co., Ltd. (hereinafter referred to as “Wangbian Electrical”) released its 2025 annual report. The report shows that in 2025, the company achieved operating revenue of CNY 3.917 billion, a year-on-year increase of 16.87%; net profit attributable to shareholders of listed companies was CNY 69.24 million, a year-on-year increase of 6.26%. Driven by the growth in operating revenue of power transformers, the company’s core business profitability has been significantly strengthened. Meanwhile, the three business segments—power transmission and distribution and control equipment, grain-oriented silicon steel, and electric vehicle charging—worked in concert to provide solid business support for subsequent strategic investment and sustainable development.

In 2025, the company continued to promote business-structure optimization and upgrading by focusing on three paths: “high-end development + scaling up + incubating new businesses.” The power transmission and distribution and control equipment business achieved operating revenue of CNY 2.511 billion, a year-on-year increase of 29.90%. Among them, the production and sales volumes of power transformers increased year on year by 45.08% and 35.15%, respectively; the production and sales volumes of packaged substations increased year on year by 22.26% and 88.60%, respectively, fully benefiting from the needs arising from grid expansion and new energy interconnection. The year-on-year production and sales volumes of complete electrical equipment declined to some extent, mainly because the company proactively optimized its product structure and focused on high-end products.

The company continued to advance its high-end strategy, with products in higher voltage classes achieving rapid growth. In 2025, the company’s transformer products in the 110kV and above category achieved operating revenue of CNY 1.103 billion, a year-on-year increase of 74.39%. The share of revenue from this category in the revenue of businesses of the same type increased from 44.05% in the same period last year to 60.01%, an increase of 15.96 percentage points. High-voltage products with high added value and high technological barriers have become the core engine driving growth in the power transmission and distribution business, significantly optimizing the company’s product structure and enhancing the company’s value positioning and pricing power in the industrial chain.

In 2025, the company’s grain-oriented silicon steel business maintained a strong development momentum. Total production capacity reached 180,000 tons, including 130,000 tons of high-grade grain-oriented silicon steel. The scale of capacity remained among the top in the industry. Benefiting from the continued release of downstream demand for energy-efficiency upgrades and the company’s forward-looking layout in the high-end product field, the company’s capacity utilization rate reached 103.71%, and its production-to-sales ratio was 95.77%, basically achieving full production and full sales. At the same time, the company successfully overcame key technologies for high-magnetic-induction grain-oriented silicon steel of the 075 grade, laying the foundation for mass production of subsequent high-end products. The company also actively deployed in the new energy sector by investing in and building the “megawatt-level intelligent super charging network construction project.” As of now, Wangbian No. 1 super charging station has been completed and put into operation. The company’s independently developed intelligent integrated charging-and-swapping unit has been successfully applied; it not only effectively reduces the investment cost for self-built charging stations and improves construction efficiency, but also provides important support for the company to explore an integrated business model of “equipment + operations,” and is expected to cultivate a new business growth pole.

In 2025, the company continued to promote its global expansion layout. Overseas orders for power transmission and distribution equipment reached CNY 110 million, a year-on-year increase of 28.71%, and the company successfully broke into Europe’s high-end market. Grain-oriented silicon steel was shipped to more than ten countries, and the company continued to track and advance 23 key overseas projects. Expanding into overseas markets not only drove revenue growth, but also helped optimize the revenue structure, offset cyclical fluctuations in the domestic market, and strengthen the company’s operational resilience.

As the only domestic national-level high-tech enterprise that has implemented a complete industrial-chain layout covering “grain-oriented silicon steel—transformer core materials—power transformers—complete electrical equipment,” Wangbian Electrical continues to strengthen the advantages of industrial-chain coordination, achieving a virtuous internal cycle of “using materials to support transformers, and using transformers to promote materials.” Through holding shares in Cloudbian Electrical, the company has become one of the few private enterprises in China that has production capacity for power transformers at the 500kV level, and it maintains a leading position in sub-sectors such as traction transformers for rail transit and high-altitude special transformers.

Over the next five years, the company will focus on three major core strategies—“breakthroughs in high-end materials, upgrades to equipment capabilities, and expansion of global markets”—and continue to push for a transformation into an “integrated energy and power full-industrial-chain service provider.” Vertically, the company will further deepen its full-industrial-chain layout and accelerate the process of mass-producing high-grade grain-oriented silicon steel. Horizontally, it will actively expand into new business areas such as super charging operations and energy storage systems. Relying on national-level innovation platforms, it will focus on tackling key technologies such as high-end grain-oriented silicon steel, high-efficiency energy-saving transformers, and megawatt-level super charging technologies. At the same time, it will also promote the overseas expansion of products and services in a coordinated manner, gradually forming a global development pattern of “materials—equipment—services—operations.”

(Edited by Zhang Wenling, Zhang Mingfu)