证券代码：835174 证券简称：五新隧装 公告编号：2025-161 2、经向北京证券交易所申请，公司股票自 2024 年 11 月 26 日起停牌，公司 湖南五新隧道智能装备股份有限公司 关于重大资产重组事项的进展公告 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。 根据《上市公司重大资产重组管理办法》《北京证券交易所上市公司重大资 产重组业务指引》的规定："重组方案在股东会决议公告披露之日起 60 日内未 完成资产交付或者过户的，上市公司应当于期满后次一交易日披露重组实施情况 公告，并在此后每 30 日披露一次进展公告，直至资产交付或者过户完毕。"湖 南五新隧道智能装备股份有限公司（以下简称"公司"）依据本规定及时履行信 息披露义务，具体如下： 一、本次交易的基本情况 公司拟通过发行股份及支付现金方式购买湖南中铁五新重工有限公司 100% 股权和怀化市兴中科技股份有限公司 100%股权并募集配套资金暨关联交易事项 （以下简称"本次交易"），根据《上市公司重大资产重组管理办法》《北京证 券交易所上市 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has shown strong performance in its mining and hydropower businesses, with significant growth in these sectors. The acquisition of Wuxin Heavy Industry marks its entry into the port machinery sector, which is expected to enhance its market position [3][5] - Despite a decline in overall revenue and net profit in the first half of 2025, the company is optimistic about future profitability due to increased investment in R&D and growth in the mining and hydropower markets. The projected net profits for 2025-2027 are 115 million, 141 million, and 175 million respectively, with corresponding EPS of 1.28, 1.57, and 1.95 [3][4] Financial Performance Summary - In H1 2025, total revenue was 384 million, a year-on-year decrease of 5.19%, while net profit attributable to the parent company was 51 million, down 26.87% [3] - The mining sector revenue increased by 182.62% to 45.82 million, and the hydropower sector revenue grew by 72.61% to 31.54 million. The after-market services also saw a revenue increase of 19.57% [4] - The company has been awarded 43 patents in H1 2025, including 9 invention patents and 32 utility model patents, indicating a strong focus on innovation [4] Acquisition and Market Expansion - The company plans to acquire 100% of Wuxin Heavy Industry and Xiongzhong Technology through a combination of cash and stock, with a total transaction value of 2.65 billion. This acquisition is aimed at expanding into the port machinery and road and bridge construction sectors [5] - The acquisition is expected to enhance the company's capabilities in developing and selling intelligent equipment for port logistics, as well as providing specialized equipment and system solutions for transportation infrastructure [5] Financial Projections - The projected financials for the company indicate a recovery in revenue, with estimates of 861 million for 2025, 962 million for 2026, and 1.083 billion for 2027, reflecting a growth rate of 7.8%, 11.7%, and 12.6% respectively [6][9] - The projected net profit for 2025 is 115 million, with a year-on-year growth of 9.9%, and further growth expected in subsequent years [6][10]

Core Viewpoint - Wuxin Tunnel Equipment (835174.BJ) reported a decline in overall revenue for the first half of 2025, despite significant growth in incremental markets such as mining and hydropower, with mining revenue increasing by over 180% year-on-year [1][2]. Incremental Market Revenue Growth - In the first half of 2025, Wuxin Tunnel Equipment's mining market revenue reached 45.82 million yuan, a year-on-year increase of 182.62%. The hydropower market generated 31.54 million yuan, up 72.61%, while the aftermarket revenue was 30.41 million yuan, growing by 19.57% [2]. - The company has positioned its aftermarket business, which includes remanufacturing and major repair services, as a strategic growth area, achieving rapid development despite pressure on its main business [2]. - In 2024, the revenues for the mining, hydropower, and aftermarket were 47.41 million yuan, 50.34 million yuan, and 57.61 million yuan, with year-on-year growth rates of 78.36%, 96.06%, and 102.60% respectively [2]. Focus on Hydropower Projects - Wuxin Tunnel Equipment has established a dedicated hydropower team to focus on major projects such as pumped storage power stations and the Yarlung Tsangpo River hydropower project [3]. - The company has been actively pursuing these projects since the previous year, indicating a long-term commitment to expanding its presence in the hydropower sector [3]. Pressure on Railway and Highway Markets - Despite growth in incremental markets, the railway and highway sectors remain under pressure, with railway revenue in the first half of 2025 declining by 17.73% to 189 million yuan and highway revenue decreasing by 16.10% to 115 million yuan [4][5]. - The revenue share from the railway market fell by 7.5 percentage points to 49.21%, while the highway market share decreased by 3.91 percentage points to 30.01% [4]. Regional Performance Variations - Revenue in the Northeast, Southwest, and Northwest regions declined due to fewer new projects and slower progress on existing projects, impacting equipment demand [5]. - Conversely, revenue in the North China, East China, South China, and Central China regions increased, driven by projects like the Changling Tunnel of the Hefei-Wuhan High-Speed Railway and the Shanghai-Chongqing Railway [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a decline in performance due to pressure in the railway and highway market, but there was a quarter-on-quarter improvement in revenue in Q2 2025. The H1 2025 revenue was 384 million, with a year-on-year decrease of 5%, while Q2 2025 revenue was 211 million, showing a quarter-on-quarter increase of 22% [2] - The company is focusing on tunnel construction and mining, achieving significant growth in these sectors. In H1 2025, mining revenue increased by 183% year-on-year, while water conservancy revenue grew by 73% [3] - The company is optimistic about the long-term growth potential from the Yaxia hydropower project, with a total investment of approximately 1.2 trillion. The company is expected to benefit from increased demand for its products as the project enters its peak construction phase [4] Summary by Sections Financial Performance - H1 2025 total revenue was 384 million, with a net profit of 51 million, reflecting a year-on-year decline of 27%. The Q2 2025 revenue was 211 million, with a net profit of 19 million, showing a quarter-on-quarter increase in revenue but a decline in net profit [2] - The gross margin for H1 2025 was 31.73%, down 14.75 percentage points year-on-year, while the net profit margin was 13.27%, down 22.86 percentage points year-on-year [2] Business Focus - The company is concentrating on tunnel construction and mining, with a focus on small and medium-sized mines, achieving a revenue of 45.82 million in H1 2025, up 183% year-on-year [3] - In the water conservancy sector, the company has developed innovative intelligent construction equipment, generating 31.54 million in revenue in H1 2025, a 73% increase year-on-year [3] M&A and Future Prospects - The company is in the process of acquiring 100% equity of Wuxin Heavy Industry and Xingzhong Technology, with the review of the transaction resuming. This acquisition is expected to enhance the company's capabilities in the water conservancy and mining sectors [4] - The company maintains a profit forecast for 2025-2027, with net profits projected at 1.21 billion, 1.44 billion, and 1.70 billion respectively, corresponding to a P/E ratio of 49.40, 41.54, and 35.28 [4]

Core Viewpoint - Wuxin Tunnel Equipment's major asset restructuring project aims to build a diversified system covering four key areas: transportation infrastructure, energy infrastructure, mining, and port logistics, driving the company towards high-quality sustainable development [1] Group 1: Diversification Strategy - The company focuses on tunnel construction and intelligent equipment for mining, enhancing its competitiveness and industry position through continuous technological innovation and application expansion [2] - The development strategy includes deepening involvement in transportation infrastructure, advancing energy infrastructure, exploring mining and port logistics, and leading development through intelligence and internationalization [2] - In transportation infrastructure, the company aims to become a one-stop supplier for challenging projects such as cross-river and cross-sea bridges and long tunnels [2] - In energy infrastructure, the focus is on developing equipment for hydropower, pumped storage, and oil and gas reserve projects, aspiring to be a leader in integrated solutions [2] - The mining sector strategy targets small and medium-sized mines and explores integrated solutions combining mining and port logistics [2] - In port logistics, the company seeks to innovate in inland and marine port logistics equipment and unmanned terminals, aiming to become a comprehensive service provider [2] Group 2: Innovation and Market Expansion - The company plans to enhance product and engineering scene intelligence, supporting the construction of smart infrastructure, intelligent mining, and unmanned terminals, while also expanding into overseas markets [3] - The diversification and extension of the industrial chain are expected to strengthen the company's market competitiveness and reduce risks associated with single business operations [3] Group 3: Synergy and Value Creation - The collaboration between Wuxin Tunnel Equipment, Xingzhong Technology, and Wuxin Heavy Industry is expected to create significant synergy, potentially leading to a "fusion effect" that generates greater value for shareholders [4] - The companies share major customers and have complementary strengths, facilitating rapid integration of customer resources post-transaction [4] - The transaction will optimize sales service network layouts, reducing personnel costs and enhancing resource allocation for better market coverage [4] - The overseas market strategy will leverage existing sales service systems to support the new companies' international business, significantly reducing market entry costs and improving operational efficiency [4] Group 4: Technological Integration - All three companies are recognized as national-level specialized "little giant" enterprises with strong technical foundations in their respective fields [5] - Wuxin Tunnel Equipment aims to develop intelligent and information-based products, while the target companies have numerous application cases in relevant fields, enhancing R&D and production efficiency through technological collaboration [5] - The integration of technologies from Wuxin Heavy Industry and Xingzhong Technology is expected to drive innovation and industrial upgrades [5]

中信证券股份有限公司 核查意见 中信证券股份有限公司 关于北京证券交易所《关于湖南五新隧道智 能装备股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易申请 的审核问询函》相关问题之核查意见 独立财务顾问 二〇二五年八月 中信证券股份有限公司 核查意见 北京证券交易所： 受湖南五新隧道智能装备股份有限公司（以下简称"公司"、"上市公司"或 "五新隧装"）委托，中信证券股份有限公司（以下简称"独立财务顾问"、"中 信证券"）担任五新隧装本次发行股份及支付现金股买资产并募集配套资金的独 立财务顾问。根据贵所于 2025 年 6 月 13 日下发的《关于湖南五新隧道智能装备 股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易申请的 审核问询函》（以下简称"问询函"）的相关要求，中信证券对问询函提出的问题 进行了认真分析和核查，现就问询函相关内容作如下回复，请予审核。 如无特殊说明，本回复所述的简称或名词的释义均与《湖南五新隧道智能装 备股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易报告 书（草案）》中的释义内容相同，本文涉及数字均按照四舍五入保留两位小数， 合计数与分项有差异 ...

北京证券交易所： 北京坤元至诚资产评估有限公司（以下简称"我公司"或"坤元至诚"）于2025 年6月13日收到北京证券交易所《湖南五新隧道智能装备股份有限公司发行股份 及支付现金购买资产并募集配套资金暨关联交易申请的审核问询函》，收到问询 函后，我公司高度重视并立即组织相关人员对有关问题经过了认真的讨论，对需 评估师核实回复的相关事项进行了核查，现将问询函中涉及资产评估方面的问题 汇报如下： 问题二、关于评估 《关于湖南五新隧道智能装备股份有限公司发行股份及支付现金购买资产并募集配套资金 暨关联交易申请的审核问询函》之回复 北京坤元至诚资产评估有限公司 关于对《湖南五新隧道智能装备股份有限公司发行股份及支付现金购 买资产并募集配套资金暨关联交易申请的审核问询函》 的回复 问题 1、关于收益法评估 根据申请文件，（1）兴中科技收益法与资产基础法的评估增值率分别为 69.69% 和 40.80%（合并报表口径），五新重工收益法与资产基础法的评估增值率分别 为 380.64%和 125.82%，标的公司均以收益法评估结果作为最终评估结论；（2） 兴中科技信息化桥梁构件生产线收入 2025 年-2029 年预测增长率 ...

湖南五新隧道智能装备股份有限公司 关于北京证券交易所《关于湖南五新隧道智 能装备股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易申请 的审核问询函》的回复 独立财务顾问 二〇二五年八月 湖南五新隧道智能装备股份有限公司 审核问询函回复 北京证券交易所： 湖南五新隧道智能装备股份有限公司（以下简称"公司"、"上市公司"或 "五新隧装"）于 2025 年 6 月 13 日收到贵所下发的《关于湖南五新隧道智能装 备股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易申请 的审核问询函》（以下简称"问询函"）。根据问询函的相关要求，公司会同本 次交易相关方及中介机构对问询函所列问题认真进行了逐项讨论核实，现就问询 函相关内容作如下回复说明，并根据问询函对《湖南五新隧道智能装备股份有限 公司发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）（修 订稿）》及其摘要等相关文件进行了相应的修订和补充披露。 如无特殊说明，本回复所述的简称或名词的释义均与《湖南五新隧道智能装 备股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易报告 书（草案）》中的释义内容相同，本文涉及数字均 ...

湖南启元律师事务所 关于 湖南五新隧道智能装备股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 致：湖南五新隧道智能装备股份有限公司 湖南启元律师事务所（以下简称"本所"）接受湖南五新隧道智能装备股份 有限公司（以下简称"五新隧装"）的委托，担任五新隧装发行股份及支付现金 购买资产并募集配套资金暨关联交易事项（以下简称"本次重组"或"本次交易"） 的专项法律顾问。 本所已根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司重大资产重组管理办法》《上市公司证券发行注册管理办法》《北京证券交易 所上市公司证券发行注册管理办法》《上市公司监管指引第 9 号——上市公司筹 划和实施重大资产重组的监管要求》《公开发行证券的公司信息披露内容与格式 准则第 26 号——上市公司重大资产重组》《公开发行证券的公司信息披露内容 与格式准则第 56 号——北京证券交易所上市公司重大资产重组》等现行法律、 行政法规及中国证券监督管理委员会相关文件的规定，为五新隧装本次重组出具 了《湖南启元律师事务所关于湖南五新隧道智能装备股份有限公司发行股份及支 付现金购买资产并募集配套资金暨关联交易之法律意见书 ...

中信证券股份有限公司 关于湖南五新隧道智能装备股份有限公司 发行股份及支付现金购买资产并募集配套 资金暨关联交易 之 独立财务顾问报告 （修订稿） 独立财务顾问 二〇二五年八月 独立财务顾问声明和承诺 中信证券股份有限公司受湖南五新隧道智能装备股份有限公司委托，担任本 次发行股份及支付现金购买资产的独立财务顾问，就该事项出具独立财务顾问报 告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管 理办法》《公开发行证券的公司信息披露内容与格式准则第 56 号——北京证券 交易所上市公司重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和 实施重大资产重组的监管要求》和《北京证券交易所上市公司重大资产重组审核 规则》等法律、法规的有关规定，根据本次交易各方提供的有关资料和承诺编制 而成。本次交易各方保证资料不存在虚假记载、误导性陈述或者重大遗漏，并对 所提供资料的真实性、准确性和完整性承担相应的法律责任。 本独立财务顾问按照证券行业公认的业务标准、道德规范和诚实信用、勤勉 尽责精神，遵循客观、公正的原则，在认真审阅各 ...