证券代码：920174 证券简称：五新隧装 公告编号：2026-007 湖南五新隧道智能装备股份有限公司 简式权益变动报告书 信息披露义务人及其主要负责人保证公告内容的真实、准确和完整， 不存在虚假记载、误导性陈述或者重大遗漏。 信息披露义务人保证除本报告书披露的信息外，没有通过任何其他方 式增加或减少其在上市公司中拥有权益的股份。 上市公司名称：湖南五新隧道智能装备股份有限公司 股票上市地点：北京证券交易所 股票简称：五新隧装 股票代码：920174 信息披露义务人 1：湖南五新投资有限公司 法定代表人：王薪程 注册地址：长沙经济技术开发区东六路 266 号华润置地广场一期 12 栋 1201、 1205-0033 权益变动性质：股份增加，持股比例减少 信息披露义务人 2：湖南中铁五新重工有限公司 法定代表人：张维友 注册地址：浏阳经济技术开发区永阳路 17 号 权益变动性质：股份不变，持股比例减少 信息披露义务人 3：王薪程 住所和通讯地址：湖南省长沙县******** 权益变动性质：股份增加，持股比例增加 信息披露义务人 4：张维友 住所和通讯地址：湖南省长沙县******** 权益变动性质：股份增加， ...

湖南五新隧道智能装备股份有限公司增加控股股东、实际控制人 的一致行动人公告 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。 证券代码：920174 证券简称：五新隧装 公告编号：2026-005 一、增加的基本情况 （一）增加主体 □实际控制人 □控股股东 □第一大股东 √实际控制人/控股股东/第一大股东的一致行动人 （二）增加的原因及方式 湖南五新隧道智能装备股份有限公司（以下简称"公司"或"五新隧装"）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（以下简称"五新重工"）100%股权 和怀化市兴中科技股份有限公司（以下简称"兴中科技"）99.9057%股权事项（以下简称 "本次交易"）已获得中国证券监督管理委员会同意注册，标的资产已于 2025 年 12 月 25 日完成资产过户及工商变更登记手续，同时，本次交易向交易对方发行股份工作现已完成。 因本次交易公司向交易对方发行股份，根据《上市公司收购管理办法》第八十三条相 关规定，导致新增控股股东湖南五新投资有限公司（以下简称"五新投资"）、实 ...

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].

湖南五新隧道智能装备股份有限公司本次向特定对象发行股票总额为 126,896,173 股，其中有限售条件流通股 126,896,173 股，无限售条件流通股 0 股。本次向特定对象发行新增股票将于 2026 年 2 月 5 日在北京证券交易所上市 并公开交易。 本次发行相关文件公司已在北京证券交易所指定信息披露平台（www.bse.cn） 上披露，供投资者查阅。 证券代码：920174 证券简称：五新隧装 公告编号：2026-003 湖南五新隧道智能装备股份有限公司 向特定对象发行股票上市公告书 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。 特此公告。 湖南五新隧道智能装备股份有限公司 董事会 2026 年 1 月 30 日 ...

证券代码：920174 证券简称：五新隧装 公告编号：2026-004 湖南五新隧道智能装备股份有限公司 关于本次交易相关方出具的重要承诺 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"）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暨关联交易（以下简称"本次交易"）事项， 已于 2025 年 12 月 19 日收到中国证券监督管理委员会批复，并于 2025 年 12 月 25 日完成本次交易涉及标的资产过户手续。 现依据《北京证券交易所上市公司重大资产重组业务指引（2025 年修订）》 相关规定披露本次交易相关方出具的重要承诺，具体如下： 承诺主体 承诺事项 承诺内容 上市公司 关于提供资料真 实性、准确性和完 整性的承诺 1、本公司已向本次交易服务的中介机构提供了本公司有关 本次交易的相关信息和文件（包括但不限于原始书面材料、 副本材料和口头证言等）。本公司保证所 ...

证券代码：920174 证券简称：五新隧装 公告编号：2026-002 湖南五新隧道智能装备股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易之发行结果暨股本变动公告 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。 资产过户情况 本次发行股份及支付现金购买的标的资产已于 2025 年 12 月 25 日过户登记 至公司名下，公司现持有湖南中铁五新重工有限公司 100%股权、怀化市兴中科 技股份有限公司 99.9057%股权。 一、本次发行概况 （一）本次发行已经履行的决策及批准程序 重要内容提示： 发行数量和价格 股票种类：人民币普通股（A 股） 发行价格：17.95 元/股 发行数量：126,896,173 股 预计上市时间 公司本次向各交易对方发行股份总额为 126,896,173 股，其中有限售条件流 通股 126,896,173 股，无限售条件流通股 0 股。本次向各交易对方发行新增股份 将于 2026 年 2 月 5 日在北京证券交易所上市并公开交易。 截至本公告披露日，本 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company focuses on the tunnel construction and mining equipment sector, emphasizing research, design, production, sales, and service across various markets including railways, highways, and hydropower [5][12] - The company has achieved self-research and industrialization of full-process equipment for the drilling and blasting method, which is widely used in the market [12][17] - The company is actively expanding into new growth areas such as hydropower and mining, which are expected to become key growth drivers [6][7] Summary by Relevant Sections 1. Business Overview - The company has a clear focus on tunnel intelligent equipment, with a robust governance structure supporting healthy cash flow [5][11] - It has developed a comprehensive product matrix that includes various types of equipment tailored for tunnel and mining construction [12][17] 2. Market Opportunities - The tunnel construction industry is rooted in traditional infrastructure, with ongoing demand driven by high-speed rail and urbanization [5][6] - The company is expanding its market presence in hydropower and mining, which are expected to provide significant growth opportunities [6][7] 3. Financial Performance - The company's revenue reached a historical high of 9.54 billion yuan in 2023, reflecting a year-on-year increase of 76.34% [33] - In 2024, revenue is projected to decline to 7.99 billion yuan due to funding pressures in the highway sector, leading to reduced equipment procurement [5][33] - The company maintains a strong cash flow, with cash reserves increasing from 0.52 billion yuan in 2020 to 2.68 billion yuan in the first three quarters of 2025, a year-on-year increase of 25.54% [5][33] 4. Strategic Developments - The company is undergoing significant asset restructuring, which has been approved by regulatory authorities, aimed at enhancing performance and creating synergies [7][8] - The acquisition of related companies is expected to significantly boost earnings and establish a second growth curve in high-end port logistics equipment manufacturing [7][8] 5. Customer Base - The company primarily serves large state-owned enterprises and top domestic construction and mining groups, with a growing focus on international markets due to the Belt and Road Initiative [22][25] - Major clients include China Railway, China Communications Construction, and China State Construction, contributing significantly to the company's revenue [22][25]

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 - Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd. has received approval for the acquisition of 100% equity of Wuxin Heavy Industry and 99.9057% equity of Xingzhong Technology, enhancing its competitive edge in the energy infrastructure, mining, port, and overseas markets [1] Group 1 - As of January 16, 2026, Wuxin's stock closed at 49.89 yuan, up 2.13% from the previous trading day, with a total market capitalization of 4.491 billion yuan [1] - The stock opened at 48.73 yuan, reached a high of 50.89 yuan, and a low of 48.73 yuan, with a trading volume of 1.87 billion yuan and a turnover rate of 4.29% [1] Group 2 - The company held an online investor relations event on January 15, 2026, to announce the completion of the asset transfer on December 25, 2025 [1] - Xingzhong Technology reported revenue of 1.029 billion yuan and a net profit of 191 million yuan for the first nine months of 2025, while Wuxin Heavy Industry reported revenue of 325 million yuan and a net profit of 63 million yuan during the same period [1] - The company is advancing the share issuance registration process and plans to enhance overall competitiveness through synergies in procurement, sales, research and development, and production [1]

证券代码：920174 证券简称：五新隧装 公告编号：2026-001 湖南五新隧道智能装备股份有限公司 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 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 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。 二、投资者关系活动情况 活动时间：2026 年 1 月 15 日 活动地点：线上交流会 参会单位及人员：中信证券股份有限公司、青岛城投城金控股集团有限公司、 前海中船股权投资基金管理有限公司、财信证券股份有限公司、西南证券股份有 限公司、上海毅远私募基金管理有限公司、江苏银创资本管理有限公司、上海尚 颀投资管理合伙企业（有限合伙）、山证（上海）资产管理有限公司、广东瑞信 投资有限公司、青岛鹿秀投资管理有限公司、上海盛宇钤晟投资管理有限公司、 南昌产投投资基金管理有限公司、天津津融卓创投资管理有限公司、湖南轻盐创 业投资管理有限公司、福建银丰创业投资有限责任公司、东兴证券股份有限公司、 常州金融投资集团有限公 ...