湖南五新隧道智能装备股份有限公司 关于调整本次交易方案的公告 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、本次交易方案调整的情况 证券代码：835174 证券简称：五新隧装 公告编号：2025-164 经与交易对方协商并达成一致，结合本次交易的实际情况，对本次交易方案 中发行对象、支付方式等内容进行调整，具体如下： | 序号及调整 | 调整前 | 调整后 | | --- | --- | --- | | 项目 | | | | 1.发行对象 | 兴中科技及五新重工所有股东 | 兴中科技 156 名股东及五新重 | | | | 工所有股东 | | | 经交易各方友好协商确定标的 | 经交易各方友好协商确定标的 | | | 资产的转让价格合计为 265,031.44 | 资产的转让价格合计为 264,859.03 | | 2.交易对价 | 万元，其中兴中科技 100%股权的转让 | 万元，其中兴中科技 99.9057%股权 | | 及定价依据 | 价格为 182,729.47 万元，五新重工 | 的转让 ...

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 | 项目 | 交易对方/发行对象 | | --- | --- | | 发行股份及支付现金 | 五新投资、长沙凯诚等14名交易对方 | 募集配套资金的发行对象 符合条件的特定投资者 独立财务顾问 1 （草案）摘要（二次修订稿） 购买资产的交易对方 王薪程、郑怀臣等156名交易对方 二〇二五年九月 上市公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要的内容真实、 准确和完整，并对本报告书的虚假记载、误导性陈述或者重大遗漏负连带责任。 如本次交易因涉嫌所提供或者披露的信息存在虚假记载、误导性陈述或者重大 遗漏，被司法机关立案侦查或者被中国证监会立案调查的，在案件调查结论明确之 前，上市公司控股股东、实际控制人及全体董事、监事、高级管理人员将暂停转让 其在上市公司拥有权益的股份。 上市公司负责人和主管会计工作的负责人、会计机构负责人保证本报告书及其 摘要中财务会计资料真实、准确、完整。 本次重组的生效和完成尚需取得有关审批机关的批准、核准或认可（若有），审 批机关对于本次交易相关事项所做的任何决定或意见，均 ...

（一）会议召开情况 1.会议召开时间：2025 年 9 月 16 日 证券代码：835174 证券简称：五新隧装 公告编号：2025-163 湖南五新隧道智能装备股份有限公司 第四届董事会第十三次会议决议公告 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 会议应出席董事 8 人，出席和授权出席董事 8 人。 董事王薪程、张维友、周兰、刘敦文因工作原因以通讯方式参与表决。 二、议案审议情况 经与交易对方协商并达成一致，结合本次交易的实际情况，对本次交易方案 中发行对象、支付方式等内容进行调整，具体如下： 2.会议召开地点：公司 1 号会议室 3.会议召开方式：现场+通讯会议 4.发出董事会会议通知的时间和方式：2025 年 9 月 10 日以书面方式发出 5.会议主持人：董事长杨贞柿先生 6.会议列席人员：全体高级管理人员 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。 （二）会议出席 ...

证券代码：835174 证券简称：五新隧装 公告编号：2025-170 湖南五新隧道智能装备股份有限公司 关于本次交易涉及的控股股东、实际控制人及 5%以上股东权益变动的提示性公告 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。 湖南五新隧道智能装备股份有限公司（以下简称"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 99.9057%股权并募集配套资金（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公司持续监 管办法（试行）》《北京证券交易所上市公司证券发行注册管理办法》的相关规 定，公司于 2025 年 4 月 30 日召开第四届董事会第六次会议，审议通过了《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 资金暨关联交易报告书（草案）>及其摘要的议案》等与本次交易相关的各项议 案，具体内容详见公司于 2025 年 4 月 30 日在北京证券交易所指定信息披露平台 （www ...

证券代码：835174 证券简称：五新隧装 公告编号：2025-165 2025 年 8 月 19 日，公司披露了《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）》 （以下简称《重组报告书（草案）（修订稿）》）。 2025 年 9 月 16 日，经与交易对方协商并达成一致，结合本次交易的实际情 况，公司对本次交易方案中发行对象、支付方式等内容进行调整，并对《重组报 告书（草案）（修订稿）》进行了相应修订，形成了《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） （二次修订稿）》（以下简称《重组报告书（草案）（二次修订稿）》）。 相较公司于 2025 年 8 月 19 日披露的《重组报告书（草案）（修订稿）》，本 次主要修订内容如下： | 章节 | 修订情况 | | --- | --- | | 释义 | 修改、新增部分释义。 | | 重大事项提示 | 1、修改：本次交易方案概述、发行对象、支付方式、发行数量、标的 | | | 资产评估作价情况、本次交易对上市公司股权结构的影响、本次重组对 | | | ...

日暨半年度业绩说明会活动的预告公告 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。 湖南五新隧道智能装备股份有限公司 关于参加 2025 年湖南辖区上市公司投资者网上集体接待 证券代码：835174 证券简称：五新隧装 公告编号：2025-162 为进一步加强与投资者的互动交流，湖南五新隧道智能装备股份有限公司 (以下简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网 络有限公司联合举办的"资本聚三湘，楚光耀新程——2025 年湖南辖区上市公 司投资者网上集体接待日暨半年度业绩说明会"活动。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 19 日（星期五）14:00-17:00。 （二）会议召开地点：本次活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站(https://rs.p5w.net)，或关注微信公众号：全景财经，或下 载全景路演 APP，参与本次互动交流。 三、参加人员 公司副总经理、董事会秘书：崔连苹先生； 一、说明会类型 经营状况等投资者关 ...

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]