（文章来源：证券日报） 证券日报网讯 2月25日，志高机械发布2025年年度业绩快报公告称，公司2025年实现营业收入 907089038.05元，同比增长2.10%；归属于上市公司股东的净利润119881185.33元，同比增长14.12%。 ...

证券代码：920101 证券简称：志高机械 公告编号：2026-002 注：解除限售原因： 浙江志高机械股份有限公司股票解除限售公告 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、本次股票解除限售数量总额为 2,148,000 股，占公司总股本 2.4095%，可交 易时间为 2026 年 3 月 2 日。 二、本次股票解除限售的明细情况及原因 单位：股 | | | 是否为控 | | | | 本次解 除限售 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | | 股股东、 | 任职 | 本次解限 | 本次解除 | 股数占 | 尚未解除 | | 号 | 股东姓名或名称 | 实际控制 | 情况 | 售原因 | 限售登记 | 公司总 | 限售的股 | | | | 人或其一 | | | 股票数量 | 股本比 | 票数量 | | | | 致行动人 | | | | 例 | | | | 上海瑞廷资产管 | | | | | | | | | 理有限 ...

（一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业收入 907,089,038.05 元，同比增长 2.10%。利润总 额 138,411,886.15 元，同比增长 14.75%。归属于上市公司股东的净利润 119,881,185.33 元，同比增长 14.12%。归属于上市公司股东的扣除非经常性损益 的净利润 114,570,189.98 元，同比增长 11.07%。基本每股收益为 1.66 元，较上 年同期增长 1.57%。 浙江志高机械股份有限公司 2025 年年度业绩快报公告 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。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 单位：元 项目 本报告期 上年同期 变动比例% 营业收入 907,089,038.05 888,437,748.17 2.10% 利润 ...

志高机械发布业绩快报，2025年度实现营业收入9.07亿元，同比增长2.10%；净利润1.2亿元，同比增长 14.12%。报告期内，公司积极开拓海外市场，销售毛利率较高的产品出口营业收入同比增长5.98%，导 致综合毛利率较上年度有所上升，归属于上市公司股东的净利润和归属于上市公司股东的扣除非经常性 损益的净利润呈增长趋势。 ...

Core Viewpoint - Zhigao Machinery is a high-tech enterprise specializing in the research, production, sales, and service of rock drilling equipment and air compressors, aiming to provide comprehensive solutions for rock drilling engineering and air power [2] Company Overview - The company has developed a complete product line with over 400 models, including integrated drilling rigs, split drilling rigs, engineering screw compressors, and industrial screw compressors [2] - Products are widely used in various sectors such as mining (copper, gold), construction, industrial air sources, and petrochemical industries [2] Key Projects and Clients - Core products have successfully served national key projects such as the Sichuan-Tibet Railway, Gaoligong Mountain Tunnel, and Zhengzhou-Wanzhou High-Speed Railway, as well as the construction project of Neom City in Saudi Arabia [2] - Major downstream clients include large enterprises like China Railway Tunnel Group, China Power Construction Group, Jiangxi Copper Group, and Beijing Shougang Group [2]

证券代码：920101 证券简称：志高机械 公告编号：2026-001 浙江志高机械股份有限公司 投资者关系活动记录表 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。 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 二、 投资者关系活动情况 活动时间：2026 年 2 月 6 日 活动地点：浙江省衢州市衢江区百灵北路 15 号公司会议室 参会单位及人员：华创证券、华西证券、国泰海通自营、永安国富、宁银理 财、殷实基金 上市公司接待人员：董事会秘书、财务总监应汉元先生、证券事务代表吕敏 峰先生 三、 投资者关系活动主要内容 问题一：公司产品结构分类，主要应用场景有哪些？ 回答：公司是一家专业从事凿岩设备和空气压缩机的研发、生产、销售和服 务的高新技术企业，构建了覆盖一体式钻机、分体式钻机、工程螺杆机、工业螺 杆机等 400 余种型号的完整产品谱系，致力于为下游客户提供凿岩工程与空气动 力的专业性综合解决方案。产品广泛应用于各类 ...

Investment Rating - The investment rating for the company is "Hold" (initial coverage) [1] Core Viewpoints - The company, Zhigao Machinery, is a specialized manufacturer in the rock drilling equipment sector and has been recognized as one of the top 50 mining equipment manufacturers in China. The company focuses on providing energy-efficient, environmentally friendly, and high-efficiency drilling and air compressor products, with a strong emphasis on overseas market expansion [5][9][16] - The company's revenue for 2023 and 2024 is projected to be 840.37 million and 888.44 million yuan, respectively, reflecting year-on-year growth rates of 5.70% and 5.72%. This growth is supported by the "Belt and Road" initiative and an increase in the contribution of high-value-added integrated drilling machines [9][28] - The company has achieved a significant increase in overseas revenue, which grew from 0.13 million yuan in 2020 to 2.27 million yuan in 2024, with a compound annual growth rate of 104.23% [9][42] Financial Forecast - Total revenue is forecasted to reach 921.83 million yuan in 2025, with a growth rate of 3.76%, and 1,006.02 million yuan in 2026, with a growth rate of 9.13% [7] - The net profit attributable to shareholders is expected to be 124.83 million yuan in 2025, with a growth rate of 18.84%, and 151.37 million yuan in 2026, with a growth rate of 21.26% [7] - The company's earnings per share (EPS) is projected to be 1.40 yuan in 2025 and 1.70 yuan in 2026 [7] Company Overview - Zhigao Machinery was established in 2003 and is recognized as a high-tech enterprise specializing in the research, production, and sales of rock drilling equipment and air compressors. The company has a diverse product matrix and is actively involved in global market expansion [9][16][25] - The company has a stable and concentrated shareholding structure, with the largest shareholder holding 33.18% of the shares, which supports long-term development [19] Market Demand and Trends - The demand for rock drilling equipment is expected to grow due to increased infrastructure investment and mining activities, particularly in developing countries [47][61] - The company is focusing on high-end, automated, and intelligent drilling products, which are seen as the core direction for upgrading rock drilling equipment [60][67] - The global market for rock drilling equipment is projected to reach 831 million USD by 2031, with a compound annual growth rate of 4.60% from 2025 to 2031 [47][50]

Market Overview - The engineering machinery sector experienced a decline of 2.26% on February 2, with Zhigao Machinery leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Zhigao Machinery (code: 920101) saw a significant drop of 9.01%, closing at 42.33 with a trading volume of 31,200 shares and a transaction value of 136 million [2] - Other notable declines included Fushite (code: 301446) down 7.31% and Tietuo Machinery (code: 920706) down 7.08% [2] - Conversely, Construction Machinery (code: 600984) increased by 3.52%, closing at 4.12 with a transaction value of 275 million [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 261 million from institutional investors, while retail investors saw a net outflow of 68.44 million [2] - Notably, speculative funds had a net inflow of 329 million [2] Detailed Capital Flow for Selected Stocks - Zhongji United (code: 605305) had a net outflow of 33.05 million from institutional investors, while speculative funds saw a net inflow of 17.02 million [3] - Iron Construction Machinery (code: 688425) reported a net inflow of 12.55 million from institutional investors and 21.61 million from speculative funds [3] - Other stocks like Longling Hydraulic (code: 605389) and Tuoshan Heavy Industry (code: 001226) also showed varying net inflows and outflows across different investor categories [3]

Group 1 - The report highlights the recent issuance of a notification by the National Development and Reform Commission and the National Energy Administration to improve the capacity pricing mechanism for power generation, which aims to adapt to the needs of the new power system and market structure [6][9]. - As of the end of 2025, China's cumulative installed capacity of new energy storage is expected to reach 213.3 GW, representing a year-on-year growth of 54%. The market share of lithium-ion batteries in new energy storage is projected to increase significantly from 8.2% at the end of the 13th Five-Year Plan to 65.8% by the end of the 14th Five-Year Plan [12][19]. - The report identifies 13 core companies in the energy storage industry chain listed on the Beijing Stock Exchange, including Changhong Energy, Haixi Communication, and others, which are involved in various aspects of energy storage technology and products [28][29]. Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry on the Beijing Stock Exchange has decreased from 37.1X to 35.9X, with the median market capitalization dropping from 27.2 billion to 24.2 billion [31][32]. - The report notes that the median P/E ratio for electronic equipment companies on the Beijing Stock Exchange has declined from 65.8X to 61.1X, indicating a shift in market valuation trends [31][32]. - The report indicates that the median P/E ratio for mechanical equipment companies has decreased from 44.6X to 42.3X, reflecting changes in investor sentiment and market conditions [31][32].

Market Overview - The engineering machinery sector experienced a decline of 1.06% on January 29, with Zhigao Machinery leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Individual Stock Performance - Notable gainers in the engineering machinery sector included: - Construction Machinery (600984) with a closing price of 4.08, up 4.08% on a trading volume of 605,000 shares and a transaction value of 245 million [1] - Shaoyang Hydraulic (301079) closed at 43.28, up 1.81% with a trading volume of 113,000 shares and a transaction value of 487 million [1] - Tietuo Machinery (920706) closed at 28.45, up 1.72% with a trading volume of 39,300 shares and a transaction value of 111 million [1] - Decliners included: - Zhigao Machinery (920101) closed at 45.72, down 3.75% with a trading volume of 45,200 shares and a transaction value of 211 million [2] - Hengli Hydraulic (601100) closed at 108.90, down 3.03% with a trading volume of 106,600 shares and a transaction value of 1.17 billion [2] - Tuoshan Heavy Industry (001226) closed at 48.78, down 3.02% with a trading volume of 13,300 shares and a transaction value of 66.05 million [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 322 million from institutional investors, while retail investors contributed a net inflow of 162 million [2] - Key stocks with significant capital flow included: - Xugong Machinery (000425) with a net inflow of 60.78 million from institutional investors, but a net outflow of 32.23 million from retail investors [3] - Hailunzhe (300201) had a net inflow of 35.86 million from institutional investors, while retail investors experienced a net outflow of 45.19 million [3] - Construction Machinery (600984) saw a net inflow of 31.44 million from institutional investors, with a net outflow of 27.89 million from retail investors [3]