证券代码：832662 证券简称：方盛股份 公告编号：2025-056 无锡方盛换热器股份有限公司 关于取消监事会并修订《公司章程》公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、修订内容 根据《中华人民共和国公司法》及《上市公司章程指引》、《北京证券交易所 股票上市规则》等相关规定，公司修订《公司章程》的部分条款，修订对照如下： | 原规定 | 修订后 | | --- | --- | | 第一条 为维护公司、股东和债权人的 | 第一条 为维护公司、股东、职工和债权 | | 合法权益，规范公司的组织和行为， | 人的合法权益，规范公司的组织和行为， | | 根据《中华人民共和国公司法》（以下 | 根据《中华人民共和国公司法》（以下简 | | 简称"《公司法》"）、《中华人民共和国 | 称"《公司法》"）、《中华人民共和国 | | 证券法》（以下简称"《证券法》"《北 | 证券法》（以下简称"《证券法"》）和 | | 交所股票上市规则（试行）》和其他有 | 其他有关规定，制定本章程。 | | 关 ...

证券代码：832662 证券简称：方盛股份 公告编号：2025-089 无锡方盛换热器股份有限公司 关于召开 2025 年第二次临时股东会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 （一）股东会届次 本次会议为 2025 年第二次临时股东会。 （二）召集人 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司股东只能选择上述投票方式中的一种方式，如果同一表决权出现重复 投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2025 年 7 月 31 日下午 15：00。 2、网络投票起止时间：2025 年 7 月 30 日 15:00—2025 年 7 月 31 日 15:00。 登记在册的股东可通过中国证券登记结算有限责任公司（以下简称"中国结 算"）持有人大会网络投票系统对有关议案进行投票表决，为有利于投票意见的 顺利提交，请拟参加网络投票的投资者在上述时间内及早登录中国结算网上营业 厅（网址： ...

无锡方盛换热器股份有限公司 第四届监事会第十次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 本次会议的召集、召开及议案审议程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 证券代码：832662 证券简称：方盛股份 公告编号：2025-055 不再设置监事会，监事会的职权由董事会审计委员会行使。 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于取消公司监事会的议案》 1.议案内容： 根据《中华人民共和国公司法》《上市公司章程指引》以及《北京证券交易所股 票上市规则》等相关法律法规、规范性文件的规定，结合公司实际情况，公司拟 1.会议召开时间：2025 年 7 月 14 日 2.会议召开地点：公司会议室 3.会议召开方式：现场召开 4.发出监事会会议通知的时间和方式：2025 年 ...

证券代码：832662 证券简称：方盛股份 公告编号：2025-054 2.会议召开地点：公司会议室 3.会议召开方式：现场召开 4.发出董事会会议通知的时间和方式：2025 年 7 月 11 日以书面通知方式发 出 无锡方盛换热器股份有限公司 第四届董事会第十次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 7 月 14 日 5.会议主持人：董事长丁云龙 6.会议列席人员：全体监事及高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序、议事内容及表决程序均符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定，所作决议合法有 效。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事丁振红因工作原因缺席，委托董事丁云龙代为表决。 董事刘大荣因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于取消公司监事会的议案》 1.议案 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has made significant breakthroughs in the fields of energy storage and hydrogen energy, paving new paths for future growth [4] - The company is expected to benefit from its penetration into emerging fields such as clean energy and energy conservation, despite challenges from lithium battery construction slowdown and rising aluminum prices [4] - The company has established business cooperation with several well-known clients in the energy storage and hydrogen energy sectors, leading to substantial business volume growth [4] Financial Summary - In Q1 2025, the company achieved revenue of 74.46 million yuan, a year-on-year increase of 21% [4] - The company’s revenue for 2024 is projected to be 347 million yuan, a growth of 1.1% year-on-year, while the net profit attributable to the parent company is expected to decline by 52.39% to 29.81 million yuan [4] - The company’s revenue is forecasted to grow significantly in the coming years, with estimates of 439 million yuan in 2025, 546 million yuan in 2026, and 659 million yuan in 2027, representing year-on-year growth rates of 26.5%, 24.3%, and 20.8% respectively [7][8] - The projected net profit attributable to the parent company for 2025 is 44 million yuan, with an expected increase to 57 million yuan in 2026 and 70 million yuan in 2027 [7][8] - The company has a total market capitalization of 2.141 billion yuan and a circulating market capitalization of 601 million yuan [2] Research and Development - The company has obtained 105 patent certificates, including 19 invention patents and 81 utility model patents, indicating a strong focus on innovation [5] - In 2024, the company increased its R&D expenditure to 15.26 million yuan, a year-on-year growth of 9% [5]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is recognized as a national-level "little giant" in heat exchangers, diversifying into the new energy sector, with production lines expected to enhance capacity in 2025 [5][9]. - The company is focusing on accelerating R&D in diversified fields, particularly in cooling systems, which are crucial for achieving national "dual carbon" goals [6][7]. - The company has established partnerships with several universities to drive innovation and maintain a competitive edge in the market [7]. Summary by Relevant Sections Market Performance - As of June 27, 2025, the closing price is 25.48 yuan, with a total market capitalization of 2,230.77 million yuan and a circulating market value of 626.32 million yuan [3]. Financial Performance - In 2024, the company achieved revenue of 347 million yuan, a year-on-year increase of 1.10%, with a net profit of 29.81 million yuan [8]. - The forecast for 2025 estimates revenue to reach 435 million yuan, reflecting a growth rate of 25.28% [8]. R&D and Product Development - The company invested 15.26 million yuan in R&D in 2024, a 9.08% increase from 2023, and holds 105 patents, including 19 invention patents [6]. - The focus areas for R&D include integrated thermal management products and new cooling systems for various applications [6][9]. Growth Drivers - The company anticipates recovery in orders from the wind power and waste heat recovery sectors, with new growth expected from energy storage, hydrogen energy, and data centers [7][9]. - The introduction of new products and partnerships with well-known clients in the energy sector is expected to drive future growth [9]. Profitability Forecast - The projected net profits for 2025-2027 are 48 million yuan, 61 million yuan, and 74 million yuan respectively, with corresponding EPS of 0.55 yuan, 0.69 yuan, and 0.85 yuan [8][9].

Core Viewpoint - The company is actively addressing challenges in the wind power industry, focusing on maintaining profit margins amidst intense price competition while expanding its production capacity and optimizing its supply chain [2][3][4]. Group 1: Industry Outlook - The wind power market is expected to see significant growth by 2025, despite ongoing cost pressures and fierce price competition [2]. - The company is implementing measures to ensure profit margins, including selecting high-quality clients and optimizing technology to reduce costs [2]. Group 2: Company Operations - The company has acquired Jufeng Aluminum to stabilize its supply chain and enhance cost control, as aluminum is a major component of its products [3]. - The company operates three production facilities, with the third facility expected to be operational by the end of 2025 [4]. - The new facility is projected to produce 200,000 energy-efficient heat exchange systems annually, potentially doubling the company's output value to approximately 460 million yuan [6]. Group 3: Financial Performance - In Q1 2025, the company reported a revenue of 74.46 million yuan, a year-on-year increase of 21.02%, while net profit decreased by 16.03% to 7.01 million yuan [7]. - The company's gross margin stands at 22.24%, with a debt ratio of 24.4% [7]. - Recent financing data indicates a net inflow of 368,200 yuan over the past three months, suggesting increased investor interest [8].

Group 1: Investor Relations Activity Overview - The investor relations activity took place from June 18 to June 19, 2025, at the company's board secretary office [3] - Participating institutions included Dongwu Securities, Shanxi Securities, Northeast Securities, Beiyin Asset, Jinding Capital, and Ruihua Capital [3] - Company representatives included the board secretary and financial officer Mr. Zhang Weifeng [3] Group 2: Industry Challenges and Company Strategies - The wind power industry is expected to see significant growth in 2025, but cost reduction pressures and price competition remain intense [4] - The company is implementing measures to maintain gross margin levels, including: - Selecting quality customers and phasing out high-debt and low-price orders - Optimizing heat exchanger technology and reducing costs through R&D - Collaborating with the supply chain for process improvements - Expanding into higher-margin sectors such as air compressors, engineering machinery, hydrogen energy, and data centers - Strengthening relationships with existing high-margin export customers and developing new ones [4] Group 3: Impact of Acquisition on Raw Material Costs - The acquisition of Jufeng Aluminum Industry aims to stabilize the supply chain, as aluminum is a key component in plate heat exchangers, constituting a significant portion of raw material costs [5] - The acquisition enhances cost control capabilities, allowing for batch production cost advantages and reducing pricing volatility linked to external procurement [5] Group 4: Production Capacity and Depreciation - The company operates three production facilities, with the third facility expected to be operational by the end of 2025 [6] - The new facility is projected to have an annual production capacity of 200,000 units of energy-efficient heat exchange systems and heat exchangers, potentially generating a revenue of approximately 460 million yuan, nearly doubling current capacity [8][9] - The new facility will incur an additional depreciation cost of around 3 million yuan in 2024, with ongoing annual depreciation costs of approximately 6 million yuan thereafter [7]

证券代码：832662 证券简称：方盛股份 公告编号：2025-053 无锡方盛换热器股份有限公司 投资者关系活动记录表 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 答：风电领域市场 2025 年预计有望呈现明显增长，但该领域降本压力持续， 价格竞争较为激烈，公司积极采取以下措施应对：①筛选优质客户，逐步淘汰欠 款高、低价订单；②研发中心推进换热器技术优化与成套方案降本；③协同供应 链与工艺改进，挖掘成本空间。④巩固并积极开拓毛利率相对较高的空压机、工 程机械、氢能、数据中心等领域业务。⑤加强毛利率较高的外销市场老客户维护 和新客户开发。 问题 2、公司铝材占成本比重较高，公司收购钜丰铝业对原材料端有什么影 响吗？体现在什么方面？ 答：公司收购上游原材料端的钜丰铝业，主要考虑以下影响： （1）保障供应链稳定。铝材（槽铝、封条等）是板式换热器的关键结 ...

具体内容详见公司在北京证券交易所信息披露平台（http://www.bse.cn/） 披露的《关于使用闲置募集资金进行现金管理的公告》（公告编号：2024-100）。 公司保荐机构华英证券有限责任公司出具了无异议的核查意见。 二、 本次现金管理情况 （一） 本次现金管理的基本情况 | | | | 产品 | 预计年 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 受托方名 | 产品类 | 产品名称 | 金额 | 化收益 | 产品 | 收益 | 投资 | 资金 | | 称 | 型 | | （万 | | 期限 | 类型 | 方向 | 来源 | | | | | 元） | 率（%） | | | | | 证券代码：832662 证券简称：方盛股份 公告编号：2025-052 无锡方盛换热器股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权现金管理情况 （一）现 ...