北交所信息更新 海能技术（920476.BJ） 科学仪器能源领域突破，驱动盈利能力显著增强 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 27.75 | | 一年最高最低(元) | 46.98/8.91 | | 总市值(亿元) | 23.64 | | 流通市值(亿元) | 22.35 | | 总股本(亿股) | 0.85 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 352.82 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-Q3 营收 2.27 亿元，同比+24%，归母净利润 1811 万元 公司发布 2025 年三季报，2025Q1-Q3，公司实现营收 2.27 亿元，同比增长 23.54%； 归母净利润 1810.63 万元，2024 前三季度为-467.78 万元。看好公司多项科学仪 器新产品达行业领先水平，国产替代工作积极进行，我们维持 2025-2027 年盈利 预测，预计 202 ...

证券代码：920476 证券简称：海能技术 公告编号：2025-134 海能未来技术集团股份有限公司 投资者关系活动记录表 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （线上会议） 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、 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：2025 年 10 月 28 日 活动地点：线上调研 参会单位及人员：第一场：华源证券、创金合信基金、天弘基金、前海联合 基金、同泰基金、嘉合基金、开源证券、兴业证券、申万宏源证券、中泰证券、 长江证券、国投证券、红塔证券、民生证券、联储证券、上海东方证券资产管理 有限公司、上海艾叶私募基金管理有限公司、上海易正朗投资管理有限公司、深 圳市尚诚资产管理有限责任公司、鸿运私募基金管理(海南)有限公司、磊垚资本、 洪顺资本、巨鹿投资、上海冰河资产管理有限公司、深圳市正德泰投资有限公司、 北京星允投资管理有限公司、明河投资、浦赢建和（上海）资产管理有限公司。 第二场 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 机械设备 2025 年 10 月 28 日 海能技术 (920476) ——Q3 收入稳健增长，色谱光谱系列延续高增势头 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 28 日 | | --- | --- | | 收盘价（元） | 26.90 | | 一年内最高/最低（元） | 46.98/8.91 | | 市净率 | 5.3 | | 股息率%（分红/股价） | 0.56 | | 流通 A 股市值（百万 | 2,167 | | 元） | | | 上证指数/深证成指 | 3,988.22/13,430.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 5.05 | | 资产负债率% | | 19.91 | | 总股本/流通 A 股（百 | | 85/81 | | 万） | | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 10-28 11 ...

Core Viewpoint - The financial report of Haineng Future (stock code: 920476) for the third quarter of 2025 indicates significant changes in both revenue and net profit, showcasing a strong recovery compared to the previous year [2][3]. Financial Data Summary Major Financial Data - Total assets decreased by 5.11% from 560.18 billion to 531.56 billion [3]. - Net assets attributable to shareholders decreased by 8.78% from 471.78 billion to 430.37 billion [3]. - The asset-liability ratio (parent company) increased from 3.63% to 11.15% [3]. - The consolidated asset-liability ratio rose from 15.83% to 19.91% [3]. Revenue and Profit Analysis - Operating revenue for the first nine months of 2025 was 227.24 billion, up 23.54% from 183.94 billion in the same period of 2024 [3]. - Net profit attributable to shareholders surged by 487.07%, reaching 18.11 billion compared to a loss of 4.68 million in the previous year [3]. - Basic earnings per share increased by 466.67%, from -0.06 to 0.22 yuan [3]. Quarterly Performance - For the third quarter of 2025, operating revenue was 91.17 billion, a 9.78% increase from 83.05 billion in Q3 2024 [3]. - Net profit attributable to shareholders rose by 35.28%, from 9.34 million to 12.63 million [3]. - Basic earnings per share for Q3 increased by 45.45%, from 0.11 to 0.16 yuan [3]. Significant Changes in Financial Data Major Changes in Assets and Liabilities - Prepayments increased by 95.39% due to prepayment for information system usage fees and increased inventory [4]. - Other current assets rose by 70.32% due to increased prepaid taxes [4]. - Construction in progress decreased by 100% as the production line renovation project was completed [4]. - Long-term prepaid expenses increased by 34.26% due to the completion of renovation projects [4]. Changes in Cash Flow - Net cash flow from operating activities improved significantly, with a 99.02% increase in cash flow, reflecting higher cash receipts from sales [5]. - Net cash flow from investment activities showed a drastic decline of 380.19% due to investments in the construction of the Haineng Future Science Instrument Intelligent Manufacturing Base [5]. - Cash flow from financing activities decreased by 63.74% primarily due to stock repurchase activities [5]. Shareholder Structure - The total number of ordinary shares at the end of the reporting period was 85.18 million, with 94.57% being unrestricted shares [6]. - The largest shareholder, Wang Zhigang, holds 19.08% of the shares [8]. - The top ten shareholders collectively hold 39.83% of the shares, with no inter-relationships among them [8]. Major Events and Compliance - The company has been involved in litigation and arbitration matters, with no significant unresolved cases reported [11][13]. - The company has complied with internal review procedures for significant transactions and has fulfilled disclosure obligations in a timely manner [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown continuous high performance in its earnings, with the recent launch of a new near-infrared spectrometer expected to drive additional revenue growth [5] - The company reported a revenue of 227 million yuan for Q1-Q3 2025, representing a year-on-year increase of 24%, and a net profit attributable to shareholders of 18.11 million yuan, marking a turnaround from losses [7] - The company is focusing on expanding its international distribution channels and participating in significant exhibitions to accelerate overseas growth [7] Financial Performance Summary - Revenue projections for the company are as follows: 341 million yuan in 2023, 310 million yuan in 2024, 370 million yuan in 2025E, 437 million yuan in 2026E, and 526 million yuan in 2027E [6] - The company achieved a net profit of 12.63 million yuan in Q3 2025, which is a 35% increase year-on-year and a 111% increase quarter-on-quarter [7] - The company’s R&D expenses for Q1-Q3 2025 were 38.71 million yuan, with a R&D expense ratio of 17%, indicating a strong focus on high-end instrument localization [7] Earnings Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 50 million yuan, 63 million yuan, and 80 million yuan, respectively, corresponding to price-to-earnings ratios of 46.0, 36.5, and 28.8 times [8] - The company has been actively repurchasing shares, completing a buyback plan in October 2025, which accounted for 4.1% of the total share capital [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market [3][5]. Core Insights - The company has demonstrated strong revenue growth, with a year-over-year increase of 23.5% in the first three quarters of 2025, reaching a revenue of 230 million yuan. The net profit attributable to shareholders surged by 487.1% to 20 million yuan during the same period [1]. - The company has successfully reduced its overall expense ratio, with significant decreases in sales, management, financial, and R&D expense ratios, contributing to improved cash flow and operational efficiency [2]. - The completion of the share buyback program, with a total of 5.089 million shares repurchased, reflects the company's confidence in its future growth prospects [3]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 63.4%, consistent with the previous year. The net cash flow from operating activities improved significantly, increasing by 99% year-over-year [2]. - The company is focusing on the liquid chromatography product line and has established a research partnership with Xi'an Jiaotong University to enhance its capabilities in scientific instrumentation [2]. - The financial projections for 2025 to 2027 estimate revenues of 370 million, 450 million, and 540 million yuan, respectively, with net profits expected to reach 50 million, 70 million, and 90 million yuan [3][4]. Market Position and Strategy - The company is strategically expanding into high-tech areas, particularly in chromatography, with products like the "Wukong" high-efficiency liquid chromatography instrument and the "GAS" gas chromatography-ion mobility spectrometry combined instrument, which are expected to drive future growth [2]. - The adjustment of the share buyback price cap from 15 yuan to 25 yuan per share indicates a strong belief in the company's valuation and future performance [3].

证券代码：920476 证券简称：海能技术 公告编号：2025-132 海能未来技术集团股份有限公司 第五届董事会第十次临时会议决议公告 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：2025 年 10 月 22 日以电子邮件方式发 出 5.会议主持人：董事长张振方先生 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 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：2025 年 10 月 27 日 2.会议召开地点：山东省德州市临邑县花园东大街 16 号公司会议室 2.议案表决结果：同意 7 票；反对 0 票；弃权 0 票。 本议案已经公司董事会审计委员会 2025 年第三次会议审议通过。 3.回避表决情况： 本次会议的召集、召开、议案审议程序等符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事徐渊、刘文玉 ...

证券代码：920476 证券简称：海能技术 公告编号：2025-131 海能未来技术集团股份有限公司 (一)审议及表决情况 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。 海能未来技术集团股份有限公司（以下简称"公司"）于 2025 年 3 月 20 日召开了 第五届董事会第五次临时会议、第五届监事会第三次临时会议，审议通过了《关于以集 中竞价交易方式回购公司股份方案的议案》。 一、 回购方案基本情况 (二)回购用途及目的 基于对公司未来发展的信心及公司价值的认可，为维护广大投资者的利益，增强投 资者信心，推进股票价值与公司内在价值相匹配，提升公司股票长期投资价值，公司积 极响应党中央、国务院决策部署，根据中国人民银行、金融监管总局、中国证监会《关 于设立股票回购增持再贷款有关事宜的通知》，公司决定以自有资金及银行提供的股票 回购专项贷款资金回购公司股份。 本次回购的股份将用于实施股权激励，以引进和稳定优秀经营管理人才，提升经营 管理团队的凝聚力，推进长期激励与约束机制，使各方共同关注公司的长远发展，确保 ...