2025‑12‑29: TBEA Co., Ltd. Holds Sixth Extraordinary General Meeting
On the afternoon of 29 December 2025, TBEA Co., Ltd. (stock code 600089) convened its sixth extraordinary general meeting in Changji, Xinjiang. The meeting, held at the International Conference Centre on Beijing South Road, attracted 4,271 shareholders (or proxies) who exercised 26.22 % of the total voting rights. The session combined on‑site and online voting, in compliance with the Company Law, Securities Law, and the Shanghai Stock Exchange listing rules.
During the meeting, five material resolutions were examined and approved by an overwhelming majority of shareholders:
Foreign‑exchange and forward‑contract hedging – the Board approved the company’s plan to engage in hedging and forward foreign‑exchange trading, with an 99.70 % affirmative vote from A‑share shareholders.
Annual related‑party transaction with Xinjiang TBEA Group – the approval of the 2026 related‑party transaction plan received a 99.41 % vote in favor.
Dissolution of the Supervisory Board – the resolution to abolish the supervisory board passed with a 99.61 % approval rate.
Amendment of the Company Charter – the charter amendment was ratified, with 94.28 % of shareholders voting in favour.
Amendment of the Meeting Rules – the rules governing the general meeting were also approved.
The meeting’s outcomes indicate a decisive push toward streamlined governance and a proactive stance on risk management, particularly in the foreign‑exchange arena.
2025‑12‑31: Capital Outflows Hit the Power‑Equipment Sector
The Shanghai Composite Index edged up 0.09 % on 31 December 2025. While the defense‑and‑media subsectors gained 2.13 % and 1.54 % respectively, the electric‑power equipment industry fell 0.90 %. Institutional investors withdrew a net 72.46 billion CNY from power‑equipment stocks that day, making it the second‑largest outflow after the electronics sector.
TBEA’s share price closed at 22.22 CNY on 30 December 2025, well below its 52‑week high of 27.45 CNY reached earlier in November. The 21.57 price‑earnings ratio places the company slightly above the industry average, reflecting the market’s cautious outlook amid broader sector sell‑off.
Despite the capital outflow, TBEA’s robust fundamentals—market cap of 112 billion CNY, a diverse product mix including transformers, reactors, mutual inductors, and new‑energy equipment, and a long‑standing IPO dating back to 1997—provide a solid foundation for weathering short‑term volatility.
2025‑12‑29: Solid‑State Transformers (SSTs) Surge in Demand
A report on 29 December 2025 highlighted a rapid expansion of solid‑state transformer (SST) demand, driven by the explosive growth of artificial‑intelligence (AI) computing. Analysts forecast that the global AI market will expand from 1.19 trillion CNY in 2023 to 11.46 trillion CNY by 2030, achieving a compound annual growth rate above 35 %. Within this environment, the SST market is expected to grow at 25 %–35 % year‑on‑year.
SSTs replace heavy oil‑filled or dry‑type transformers with power‑electronic devices and high‑frequency technologies, achieving efficiencies above 98 % and significantly reducing size and weight. They also offer integrated power‑quality functions such as voltage regulation, harmonic suppression, and bidirectional power flow, which are essential for the dynamic power demands of AI data centers.
TBEA has already begun to supply SSTs for key data‑center projects. Its subsidiary, TBEA Power Electronics Co., Ltd., has delivered 2.4 MW SST units to a “digital‑east‑west” data‑center, and is actively pursuing further deployments in high‑voltage direct‑current (HVDC) 800 V infrastructures. The company’s commitment to R&D in SST technology aligns with the broader trend of electrification across data‑center, renewable‑energy, and electric‑vehicle charging sectors.
Synthesis
The events of late December illustrate the dynamic environment in which TBEA operates. The extraordinary general meeting’s decisive resolutions underscore a governance model that balances risk management with growth initiatives, particularly in foreign‑exchange hedging and related‑party transactions. Meanwhile, the sector‑wide capital outflow signals investor caution toward traditional power‑equipment stocks, even as TBEA’s strong market position and diversified product portfolio buffer against short‑term pressure.
In parallel, the accelerating demand for solid‑state transformers—propelled by AI computing—offers a compelling growth vector. TBEA’s active engagement in SST development and delivery positions it to capture market share in a technology that promises higher efficiency, smaller footprint, and enhanced power‑quality control.
Overall, TBEA’s strategic focus on governance, risk mitigation, and high‑growth technology segments appears poised to sustain its competitive edge amid the evolving landscape of China’s industrial and energy sectors.
