证券代码：920029 证券简称：开发科技 公告编号：2026-005 成都长城开发科技股份有限公司 第二届董事会第六次会议决议公告 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：2026 年 2 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场结合通讯方式 4.发出董事会会议通知的时间和方式：2026 年 2 月 24 日以电子邮件方式发 出 5.会议主持人：莫尚云 6.会议列席人员：董事会秘书、其他高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等有关法 律、行政法规、规范性文件及《公司章程》和《董事会议事规则》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事莫尚云因异地工作以通讯方式参与表决。 董事周庚申因异地工作以通讯方式参与表决。 董事彭秧因异地工作以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于制定<套期保 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company reported a 22% year-on-year increase in net profit attributable to shareholders after excluding non-recurring gains and losses for the year 2025 [7] - The growth in performance is driven by product structure optimization and cost reduction, with a significant increase in the revenue share of high-margin products [7] - The company is expanding its global footprint, particularly in South America, with plans to establish a manufacturing base in Brazil to enhance local market penetration [7] Financial Performance Summary - Total revenue for 2025 is projected at 30.20 billion yuan, representing a year-on-year growth of 2.99% [7] - Net profit attributable to shareholders is expected to reach 7.07 billion yuan, with a year-on-year increase of 19.99% [7] - The company anticipates net profits of 8.57 billion yuan and 9.76 billion yuan for 2026 and 2027, respectively [7] Earnings Forecast and Valuation - Earnings per share (EPS) for 2025 is estimated at 5.09 yuan, with a price-to-earnings (P/E) ratio of 17.14 [1][8] - The company is expected to maintain a P/E ratio of 14.14 and 12.41 for 2026 and 2027, respectively [1][8] - The projected net profit growth rates for 2025, 2026, and 2027 are 19.99%, 21.20%, and 13.98%, respectively [8]

Group 1 - The company announced that it expects to achieve an operating revenue of 3020.48 million yuan in 2025, representing a year-on-year growth of 2.99% [2] - The net profit attributable to shareholders of the listed company is projected to be 706.74 million yuan, reflecting a year-on-year increase of 19.99% [2] - The basic earnings per share are expected to be 5.49 yuan [2]

Financial Performance - The company achieved operating revenue of CNY 3,020,483,237.81, representing a year-on-year increase of 2.99%[4] - Net profit attributable to shareholders reached CNY 706,735,840.17, up 19.99% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 715,829,800.72, reflecting a growth of 22.31%[4] - Basic earnings per share were CNY 5.49, showing a decrease of 6.47% year-on-year[4] Assets and Equity - Total assets at the end of the reporting period amounted to CNY 4,686,707,508.48, a 42.18% increase from the beginning of the period[4] - Shareholders' equity attributable to the company was CNY 3,730,525,002.81, up 76.36% from the start of the period[4] Profitability and Strategy - The company’s gross profit margin improved due to increased revenue from high-margin products and optimized product structure[7] - The company is advancing digital transformation to enhance R&D, quality management, and automated manufacturing, which strengthens profitability and competitiveness[7] Cautionary Notes - The earnings report is preliminary and has not been audited, cautioning investors about potential risks[8] - The company plans to disclose detailed financial data in the 2025 annual report, urging investors to make cautious decisions[8]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Insights - The company is positioned in the smart meter industry, focusing on smart metering terminal products and providing comprehensive smart energy management system solutions. It has successfully expanded into overseas markets, leveraging its experience in international smart meter projects [8][14] - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 25.75% in revenue and 41.40% in net profit from 2019 to 2024. The revenue for 2025 is projected to reach 33.69 billion yuan, with a year-on-year growth rate of 14.87% [5][39] - The global smart meter market is expected to grow from USD 23.171 billion in 2023 to USD 36.387 billion by 2028, with a CAGR of 9.5%. The smart electricity meter market is projected to grow from USD 7.8 billion in 2022 to USD 10.7 billion by 2027, with a CAGR of 6.5% [8][51] Company Overview - The company, Chengdu Changcheng Development Technology Co., Ltd., is a subsidiary of China Electronics Corporation, primarily engaged in the research, manufacturing, and sales of smart electricity, water, and gas meters, with a strong export focus [14][18] - The company has a stable shareholding structure, with the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller, holding 50.40% of the shares [37] Financial Analysis - The company has maintained stable revenue growth, with total revenue increasing from 1.475 billion yuan in 2021 to 2.933 billion yuan in 2024. The net profit rose from 208 million yuan to 588.99 million yuan during the same period [39][44] - The gross margin and net margin have shown improvement, with a gross margin of 39.41% and a net margin of 23.97% in the first three quarters of 2025 [44] Industry Development Overview - The smart meter industry is evolving towards greater intelligence, systematization, and modularity, driven by the need for real-time energy data collection and management in the context of energy transformation and carbon reduction goals [47][64] - The domestic market is experiencing increased investment in smart grid infrastructure, with significant growth in the number of smart meter tenders and projects initiated by major state-owned enterprises [62][63]

Trading Information Summary - On February 2, 2026, the stock of Chengdu Great Wall Development Technology Co., Ltd. closed at 88.46 yuan, down 0.44%, with a turnover rate of 1.61% and a trading volume of 6,199 shares, amounting to a total transaction value of 54.88 million yuan [1] - On the same day, the net outflow of main funds was 8.76 million yuan, accounting for 15.96% of the total transaction value [3] Company Announcement Summary - The company held a board and supervisory board meeting on June 13, 2025, and approved the use of no more than 500 million yuan of idle raised funds for cash management [1] - As of the announcement date, the unused balance of idle raised funds for cash management was 430 million yuan, which represents 20.33% of the company's audited net assets for 2024 [1] - The company has decided to invest an additional 10 million yuan of raised funds to purchase a one-month CD25-1 product from the Bank of China, with an expected annualized return of 0.90%, classified as a principal-protected fixed income [1]

Group 1 - The former Party Secretary and Vice President of Shenzhen Great Wall Development Technology Co., Ltd., Chen Zhujiang, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission, in collaboration with the discipline inspection team stationed at China Electronics Corporation [1][2]

证券代码：920029 证券简称：开发科技 公告编号：2026-003 成都长城开发科技股份有限公司 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）审议情况 为提高资金使用效率，增加公司收益水平，为股东获取更好的投资回报，2025年6月13日， 公司召开第二届董事会第一次会议、第一届监事会第二十二次会议审议通过《关于使用部分闲 置募集资金进行现金管理的议案》，公司拟使用不超过人民币5亿元（含本数）的闲置募集资 金进行现金管理，择机购买安全性高、流动性好、能够保障投资本金安全的产品，包括但不限 于结构性存款、大额存单等产品，且购买的产品不得质押或作其他用途，拟投资产品的期限最 长不超过12个月，在上述额度内，资金可循环滚动使用，不影响募集资金投资计划正常进行。 决议自公司董事会审议通过之日起12个月内有效，如单笔产品存续期超过前述有效期，则 决议的有效期自动顺延至该笔交易期满之日。 具体内容详见公司于北京证券交易所信息披露平台（ww ...

Group 1 - In the past month (from December 27, 2025, to January 26, 2026), a total of 18 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Xingchen Technology being the most notable, attracting 31 participating institutions [1] - Among the 18 companies, 16 were researched by brokerages, 11 by funds, 5 by private equity, and 4 by insurance companies [1] - The companies that received the most attention from institutions include Tietuo Machinery, Wuxin Tunnel Equipment, and Jikang Technology, with 27, 23, and 16 participating institutions respectively [1] Group 2 - The average market capitalization of all companies on the BSE as of January 26 was 3.327 billion yuan, while the average market capitalization of the companies that received research was 4.205 billion yuan [2] - The companies with the highest market capitalization among those researched include Kaifa Technology, Fujida, and Jinhua New Materials [2] - The average stock price increase for the researched companies over the past month was 5.46%, with notable gainers including Tianrun Technology, Tairis, and Fujida, which saw increases of 24.61%, 18.46%, and 13.52% respectively [1][2]

Core Viewpoint - The company's global competitiveness is attributed to its leading technological strength and the continuous accumulation of brand reputation [2] Group 1: Certifications and Market Competition - The company has obtained multiple international certifications, including EU MID, CE certification, and UK CPA certification, which reflect the strong hard power of its products [2] - Competition in overseas markets primarily comes from two sources: local leading enterprises in various regions and domestic peers also expanding internationally [2] Group 2: Business Philosophy and Commitment - The company adheres to a consistent philosophy of pragmatic operations, continuously improving performance, actively creating jobs, fulfilling tax obligations, and striving to reward investor trust [2]