证券代码：920942 证券简称：恒立钻具 公告编号：2025-107 武汉恒立工程钻具股份有限公司 第四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。 5.会议主持人：董事长余立新先生 6.会议列席人员：公司高级管理人员 7.召开情况合法合规的说明： 本次董事会的召集、召开和议案审议程序符合《公司法》及《公司章程》的 有关规定，表决结果合法有效。 （二）会议出席情况 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 11 月 14 日 2.会议召开地点：武汉市东湖新技术开发区财富二路 5 号 3.会议召开方式：现场及通讯结合方式 4.发出董事会会议通知的时间和方式：2025 年 11 月 11 日以通讯方式发出 会议应出席董事 7 人，出席和授权出席董事 7 人。 二、议案审议情况 （一）审议通过《关于公司 2024 年股权激励计划限制性股票第一个解除限售期 解除限售条件成就的议案》 1.议案内容： 根据《上市公司股权激励管理办法》《北京证券交易所 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][2] Core Views - The company shows initial signs of revenue recovery, with a significant increase in contract liabilities, growing by 261% compared to the beginning of the year [1][2] - The company has maintained its profit forecast for 2025-2027, expecting net profits of 0.44 billion, 0.52 billion, and 0.77 billion respectively, with corresponding PE ratios of 52.5, 44.3, and 29.7 times [2][3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.28 billion, a year-on-year decrease of 10.72%, and a net profit attributable to the parent company of 211.4 million, down 29.29% year-on-year [2] - The third quarter of 2025 saw a revenue of 474.4 million, an increase of 5.33% year-on-year and 15.66% quarter-on-quarter, while net profit was 66.45 million, down 36.92% year-on-year but up 252.86% quarter-on-quarter [2] Market Dynamics - The company is transitioning from new tool purchases to tool remanufacturing, with remanufacturing service revenue in the first half of 2025 reaching 10.01 million, up 47.33% year-on-year [3] - The company leverages nearly 20 years of industry experience to provide customized rock-breaking tools based on geological conditions and equipment types [3] Industry Outlook - Infrastructure investment in water conservancy reached a historical high of 1,352.9 billion in 2024, growing by 12.8% year-on-year, which is expected to further drive the development of the shield machine/TBM industry [4] - The ongoing development of the Yajiang project is expected to provide additional momentum for the industry [4]

Core Insights - The engineering machinery sector experienced a slight decline of 0.11% on October 30, with Zhongli Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance Summary - Zhongji United (605305) saw a significant increase of 9.99% in its closing price at 44.25, with a trading volume of 138,100 shares and a transaction value of 608 million yuan [1] - Other notable gainers included Jindao Technology (301279) with a 4.95% increase, closing at 24.58, and San重工 (600031) with a 1.76% increase, closing at 22.51 [1] - Conversely, Zhongli Co., Ltd. (603194) led the declines with a drop of 5.86%, closing at 40.13, followed by Tietuo Machinery (920706) down 5.17% [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 41.72 million yuan from institutional investors, while retail investors contributed a net inflow of 196 million yuan [2] - The capital flow data indicates that major stocks like Yichong Heavy Industry (600031) had a net inflow of 22.6 million yuan from institutional investors, while Zhongji United (605305) experienced a net outflow of 58.06 million yuan from retail investors [3]

证券代码：920942 证券简称：恒立钻具 公告编号：2025-105 武汉恒立工程钻具股份有限公司 第四届董事会第五次会议决议公告 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：2025 年 10 月 29 日 6.会议列席人员：公司高级管理人员 7.召开情况合法合规的说明： 本次董事会的召集、召开和议案审议程序符合《公司法》及《公司章程》 的有关规定，表决结果合法有效。 （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。 二、议案审议情况 2.会议召开地点：武汉市东湖新技术开发区财富二路 5 号 3.会议召开方式：现场及通讯结合方式 4.发出董事会会议通知的时间和方式：2025 年 10 月 25 日以通讯方式发出 5.会议主持人：董事长余立新先生 具体内容详见公司同日在北京证券交易所官方信息披露平台(www.bse.cn) 发布的《2025 年三季度报告》。 2.议案表决结果：同意 7 票；反对 0 票；弃权 0 ...

Investment Rating - The report rates the mining machinery industry as "Overweight" due to expected growth driven by rising metal prices [3][4]. Core Insights - Rising prices of precious and industrial metals are anticipated to boost capital expenditures on mining equipment, as increased profits for mining companies enhance their willingness to invest in new equipment [4]. - The demand for tools and spare parts is expected to rise directly with increased mining and processing volumes, with specific companies recommended for investment in these segments [4]. - The acceleration of new mining projects will lead to increased demand for complete machinery, with several companies highlighted as potential investment opportunities [4]. - Companies with mining assets are expected to benefit directly from price increases, particularly those involved in tungsten mining, which has seen significant price appreciation this year [4]. Summary by Sections Equipment Investment - The report emphasizes that equipment investment is driven by the upward trend in metal prices, which leads to increased mining activity and capital expenditures [4]. Tools and Spare Parts - The report categorizes mining tools into three types: dragging tools, rotating tools, and impact tools, recommending companies such as New Sharp, Hengli Drill, and Zhongtung High-Tech for investment [4]. Complete Machinery - The report identifies key segments in the mining process, including excavation, crushing, transportation, and mineral processing, and suggests companies like Xugong Machinery and Sany Heavy Industry for investment [4]. Mining Asset Companies - The report highlights the significant profit potential for companies with tungsten mining assets due to substantial price increases, recommending companies like Zhongtung High-Tech and Xiamen Tungsten for investment [4].