Core Points - The company announced a cash dividend distribution of 0.30 CNY per share for the first half of 2025, approved at the shareholders' meeting on September 8, 2025 [2][4] - The total cash dividend to be distributed amounts to 61,930,704.30 CNY based on a total share capital of 206,435,681 shares [4] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [3] Distribution Plan - The cash dividend will be distributed through the clearing system of the China Securities Depository and Clearing Corporation, with shareholders who have designated trading able to receive their dividends on the payment date [5] - For shareholders who have not designated trading, the dividends will be held by the China Securities Depository and Clearing Corporation until they complete the necessary procedures [5] - The distribution is applicable for the first half of 2025, with no differential dividend or stock transfer involved [7] Taxation Details - Individual shareholders holding shares for over one year will not be subject to personal income tax on the dividend, while those holding for one year or less will have taxes calculated upon stock transfer [9] - For limited sale condition shares, the tax will be calculated based on the holding period post-lifting of restrictions, with a 10% tax rate applied for dividends received [10] - For foreign institutional investors, a 10% tax will also be withheld on dividends, resulting in a net cash dividend of 0.27 CNY per share after tax [11]

Core Insights - The apple futures sector experienced a 0.46% increase on September 19, with ST Langyuan leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Sector Performance - The following table summarizes the performance of individual stocks within the apple futures sector: | Code | Name | Closing Price | Change (%) | Volume (thousand) | Turnover (million) | |--------|--------------|---------------|------------|-------------------|---------------------| | 300175 | ST Langyuan | 6.29 | 1.78% | 62.6 | 39.15 | | 603336 | Honghui Fruits| 9.92 | 1.12% | 231.2 | 23.00 | | 605198 | Andeli | 45.88 | 1.06% | 14.7 | 66.93 | | 000902 | Xinyangfeng | 13.85 | 0.44% | 125.0 | 173.00 | | 600962 | Guotou Zhonglu| 20.78 | -0.53% | 35.4 | 73.60 | | 600192 | Great Wall Electric| 9.34 | -1.68% | 115.3 | 108.00 | [1] Capital Flow Analysis - On the same day, the apple futures sector saw a net inflow of 13.52 million yuan from main funds, while retail funds experienced a net outflow of 14.18 million yuan [1] - The following table details the capital flow for individual stocks: | Code | Name | Main Net Inflow (yuan) | Main Net Ratio | Speculative Net Inflow (yuan) | Speculative Net Ratio | Retail Net Inflow (yuan) | Retail Net Ratio | |--------|--------------|------------------------|----------------|-------------------------------|-----------------------|--------------------------|-------------------| | 603336 | Honghui Fruits| 31.40 million | 13.67% | 7.30 million | 3.18% | -38.71 million | -16.85% | | 000902 | Xinyangfeng | 12.92 million | 7.46% | -17.85 million | -10.31% | 0.49 million | 2.85% | | 605198 | Andeli | 3.24 million | 4.85% | 3.11 million | 4.64% | -6.35 million | -9.49% | | 300175 | ST Langyuan | 2.33 million | 5.96% | -0.78 million | -2.00% | -1.55 million | -3.96% | | 600962 | Guotou Zhonglu| -10.30 million | -13.99% | -5.66 million | -7.69% | 15.96 million | 21.68% | | 600192 | Great Wall Electric| -26.09 million | -24.08% | -0.29 million | -0.27% | 26.39 million | 24.35% | [2]

Core Viewpoint - The company has provided guarantees for its subsidiaries, with a total guarantee amount of RMB 5.9 billion approved for the year 2025, and has already provided RMB 44.2 million in guarantees within the approved limits [5][6]. Summary by Sections Guarantee Overview - The company has approved a total guarantee amount of RMB 5.9 billion for its subsidiaries during the 2025 fiscal year, with specific allocations for each subsidiary [5]. - The company has provided guarantees of RMB 10 million for Tianshui Changcheng Switch Factory Group Co., Ltd., RMB 20 million for Tianshui 213 Electric Group Co., Ltd., RMB 4.2 million for Changcheng Electric Tianshui Logistics Co., Ltd., and RMB 10 million for Tianshui Electric Drive Research Institute Group Co., Ltd. [2]. Guarantee Progress - Recently, the company has provided a total of RMB 44.2 million in guarantees to the aforementioned subsidiaries, which is within the approved limit from the annual shareholders' meeting [6]. Financial Health and Risk Management - The company has confirmed that there are no overdue guarantees and that the guarantees provided are for subsidiaries where the company holds control [4][5]. - The board of directors has assessed the repayment capabilities of the guaranteed subsidiaries and believes that the risks associated with these guarantees are manageable [5][6]. Total Guarantee Amount and Ratios - As of the announcement date, the total approved external guarantee amount for the company and its subsidiaries is RMB 5.9 billion, which accounts for 49.92% of the company's latest audited net assets [6]. - The actual external guarantee balance is RMB 5.39 billion, representing 45.60% of the company's latest audited net assets [6].

证券代码：600192 证券简称：长城电工 公告编号：2025-47 兰州长城电工股份有限公司 ●公司不存在逾期担保情况。 ●特别风险提示：长开厂集团、物流公司、天传所集团目前资产负债率超 过 70%，天传所集团的少数股东未提供同比例担，保敬请投资者注意相关风险。 一、本次担保情况概述 公司 2025 年 5 月 9 日召开的 2024 年年度股东大会，审议通过 了《公司 2025 年度拟向子公司提供信贷业务担保额度的议案》，拟 在 2025 年度为子公司提供不超过人民币 5.9 亿元的信贷业务担保额 度。其中为长开厂集团提供最高额不超过 3.5 亿元人民币的银行信 贷业务提供担保，为二一三集团提供最高额不超过 1.4 亿元人民币 的银行信贷业务提供担保，为物流公司提供最高额不超过 0.1 亿元 关于对外担保进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： ●被担保人名称：公司的全资子公司天水长城开关厂集团有限公司（简称： 长开厂集团）、天水二一三电器集团有限公司（简称：二一三集团）、长城电 工 ...

Meeting Overview - The shareholder meeting of Lanzhou Changcheng Electric Co., Ltd. was held on September 1, 2025, in the company's 13th-floor conference room [1] - The meeting was conducted with a combination of on-site and online voting, presided over by Chairman Liu Wanxiang [1] Voting Results - All proposed resolutions were passed with significant majority votes, including: - A total of 179,607,184 votes (99.4501%) in favor of the first resolution, with 791,391 votes against [1] - The second resolution received 179,560,720 votes (99.4243%) in favor, with 831,855 votes against [1] - The third resolution had 179,615,320 votes (99.4546%) in favor, with 780,591 votes against [1] - The fourth resolution garnered 179,635,820 votes (99.4659%) in favor, with 206,264 votes against [1] Legal Compliance - The meeting's procedures and voting methods complied with the Company Law and the company's articles of association, as confirmed by lawyers Zhao Huanyu and Cui Qian [2] - The special resolution required more than two-thirds of the voting rights to pass, while ordinary resolutions required more than half [2]

Core Viewpoint - The legal opinion issued by Gansu Longda Law Firm confirms that the 2025 First Extraordinary General Meeting of Shareholders of Lanzhou Changcheng Electric Co., Ltd. was convened and conducted in compliance with relevant laws and regulations [1][4][8]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors on August 14, 2025, and the notice was published on August 15, 2025, detailing the time, location, agenda, voting methods, and attendees [3][4]. - The meeting took place on September 1, 2025, at 15:00, combining on-site and online voting methods, with specific time slots for online voting [3][4]. Group 2: Attendance and Qualifications - A total of 1,172 participants attended the meeting, holding 180,600,275 voting shares, which accounted for 40.8830% of the total shares [4][5]. - The meeting was attended by company directors, supervisors, senior management, and the law firm, confirming the legality and validity of the attendees' qualifications [5][6]. Group 3: Voting Procedures and Results - All agenda items were voted on without any postponements, with the voting process being monitored by shareholder representatives and the law firm [6][8]. - The results of key resolutions included: - Proposal to add a director: 99.4501% approval [6][7]. - Proposal to cancel the supervisory board and amend the articles of association: 99.4243% approval [6][7]. - Proposal to amend the rules of shareholder meetings: 99.4546% approval [7][8]. - Proposal to amend the rules of board meetings: 99.4659% approval [7][8]. Group 4: Conclusion - The law firm concluded that the meeting's convening, procedures, attendance qualifications, and voting results were all in compliance with legal and regulatory requirements [8].

Group 1 - The company announced that its first extraordinary general meeting of shareholders for 2025 will be held on September 1, 2025 [2] - The meeting will review and approve several proposals, including the proposal to add new directors to the board [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 证券代码：600192 证券简称：长城电工 公告编号：2025-46 兰州长城电工股份有限公司 2025年第一次临时股东会决议公告 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采用现场投票与网络投票相结合的方式召开及表决。会议由董事会 召集，由董事长刘万祥先生主持。会议的召集和召开程序符合《公司法》及《公 司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 1 日 (二)股东大会召开的地点：公司 13 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,172 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 180,600,275 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 ...

甘肃陇达律师事务所 关于兰州长城电工股份有限公司 2025 年第一次临时股东大会的法律意见 甘陇股字（2025）第 2 号 致：兰州长城电工股份有限公司 兰州长城电工股份有限公司（以下简称"公司"）2025 年第一次临时股东大会 （以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议 于 2025 年 9 月 1 日（星期一）下午 15:00 在甘肃省兰州市七里河区瓜州路 4800 号 甘肃国投大厦 13 楼会议室召开。甘肃陇达律师事务所（以下简称"本所"）接受 公司聘任，指派本所律师参加本次股东大会现场会议，并根据《中华人民共和国公 司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督 管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）以及《兰州 长城电工股份有限公司章程》（以下简称"《公司章程》"）等有关规定，就本次 股东大会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程 序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《兰州长城电工股份有限公司第八届董事 会第二十二次会议决议公告》、《兰州长城电工股份有限公司第八届监 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The report suggests focusing on the new energy storage segment, highlighting the need for system-friendly new energy power plants to address the instability of renewable energy output [2][39] - The report emphasizes the importance of enhancing the predictive accuracy of wind and solar power generation to improve grid integration [39] - It recommends paying attention to leading inverter companies that benefit from the development of new energy storage technologies [39] Market Review - As of August 28, 2025, the electric equipment industry has increased by 6.08% over the past two weeks, underperforming the CSI 300 index by 0.88 percentage points, ranking 9th among 31 industries [11] - The electric equipment industry has risen by 11.88% this month, outperforming the CSI 300 index by 2.35 percentage points, ranking 7th [11] - Year-to-date, the electric equipment sector has increased by 15.01%, outperforming the CSI 300 index by 1.56 percentage points, ranking 16th [11] Valuation and Industry Data - As of August 28, 2025, the PE (TTM) for the electric equipment sector is 28.32 times, with sub-sectors showing varied valuations: - Electric motor II: 57.18 times - Other power equipment II: 54.33 times - Photovoltaic equipment: 21.08 times - Wind power equipment: 35.53 times - Battery: 27.20 times - Grid equipment: 26.13 times [22][25] Industry News - The report discusses the Chinese government's initiatives to promote green and low-carbon urban development, emphasizing energy efficiency and the adoption of advanced technologies [35] - It highlights the National Energy Administration's focus on enhancing the adaptability of the power system to renewable energy, including the construction of a new power system and the promotion of energy storage solutions [36] Company Announcements - The report includes recent financial performance announcements from various companies, such as: - GreenMe achieved a revenue of 17.56 billion yuan in the first half of 2025, a year-on-year increase of 1.28% [41] - XianDai Intelligent reported a revenue of 6.61 billion yuan, up 14.92% year-on-year [41] - Euro Continental's revenue reached 2.12 billion yuan, reflecting a growth of 32.59% [41]