证券代码：600192 证券简称：长城电工 公告编号：2025-45 兰州长城电工股份有限公司 关于召开 2025 年半年度业绩说明会的公告 兰州长城电工股份有限公司（以下简称"公司"）已于 2025 年 8 月 15 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 8 月 27 日（星期三）11:00-12:00 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年8月21日（星期四）至8月26日（星期二）16:00前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 gwe@chinagwe.c om进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 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。 重要内容提示： 会议召开时间：20 ...

Group 1 - The core viewpoint of the news highlights the financial performance and stock market activity of Changcheng Electric (600192) as of August 19, 2025, indicating a decline in both stock price and revenue [1] - The company's total operating revenue for the first half of 2025 was 694 million yuan, a year-on-year decrease of 6.31%, while the net profit attributable to shareholders was 112.17 million yuan, down 38.51% year-on-year [1] - The company has a current ratio of 1.165, a quick ratio of 0.786, and a debt-to-asset ratio of 76.64%, indicating its liquidity and financial leverage situation [1] Group 2 - Changcheng Electric has made investments in 22 companies and participated in 60 bidding projects, showcasing its active engagement in the market [2] - The company holds one trademark and one patent, along with three administrative licenses, reflecting its intellectual property status [2] - Established in 1998 and located in Lanzhou, the company primarily engages in the manufacturing of electrical machinery and equipment [1][2]

Group 1 - Gansu Province's electricity generation reached 190.3 billion kWh in June 2025, marking an 8.8% year-on-year increase [1] - In the first half of 2025, Gansu Province generated 551.3 billion kWh of electricity, reflecting a 4.1% year-on-year growth [1] - By type, thermal power generation accounted for 566.4 billion kWh, representing 52.1% of total generation, with a year-on-year increase of 9.5% [1] - Hydropower generation was 118.9 billion kWh, making up 10.9% of total generation, but saw a decline of 13.4% year-on-year [1] - Wind power generation reached 256.2 billion kWh, constituting 23.6% of total generation, with a year-on-year growth of 10.5% [1] - Solar power generation was 145.92 billion kWh, accounting for 13.4% of total generation, with a year-on-year increase of 6.1% [1] Group 2 - The report by Zhiyan Consulting covers the energy industry market research and investment outlook from 2025 to 2031 [1] - The statistical scope of the report includes large-scale industrial enterprises with annual main business income of 20 million yuan and above [2] - The data is adjusted to ensure comparability with previous years, accounting for changes in the scope of large-scale industrial enterprises [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [2]

Core Viewpoint - The financial performance of Great Wall Electric (600192) for the first half of 2025 shows a decline in revenue and profit, with significant increases in certain liabilities and a concerning cash flow situation [1][14]. Financial Performance Summary - Total revenue for the period reached 694 million yuan, a year-on-year decrease of 6.31% [1] - Net profit attributable to shareholders was -112 million yuan, down 38.51% year-on-year [1] - In Q2 alone, total revenue was 409 million yuan, reflecting a year-on-year increase of 15.46%, while net profit was -72.24 million yuan, a decrease of 36.01% [1] Key Financial Ratios - Gross margin stood at 11.52%, down 32.75% year-on-year [1] - Net margin was -17.21%, a decline of 51.38% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 144 million yuan, accounting for 20.81% of revenue, a decrease of 3.36% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable constituted 76.16% of total revenue, indicating a large volume of outstanding payments [1] - Cash flow from operating activities showed a significant decline of 57.18%, attributed to a decrease in cash received from customers [8] Changes in Assets and Liabilities - Cash and cash equivalents increased by 9.05% due to received payments [6] - Accounts receivable financing decreased by 71.0% due to the settlement of notes [2] - Inventory increased by 2.76%, influenced by a rise in work-in-progress [3] - Contract assets decreased by 8.2% due to a reduction in delivered orders [4] Revenue Breakdown - Revenue from switchgear business fell by 37.61 million yuan, a decline of 9.46% [7] - Revenue from electrical components decreased by 26.96 million yuan, down 12.82% [7] - Trade business revenue dropped by 9.60 million yuan, while engineering project revenue increased by 27.75 million yuan, up 143.34% [7] Cost and Expense Analysis - Operating costs changed minimally, with a slight increase of 0.03% [8] - Selling expenses decreased by 13.59%, while administrative expenses fell by 8.11% [8] - Financial expenses also saw a reduction of 5.07% [8] Investment and Financing Activities - Cash flow from investment activities decreased by 61.49%, primarily due to investments in the industrial park project [8] - Short-term borrowings increased by 9.06% to support operational needs [6] - Long-term borrowings rose by 18.11% for the same reason [6] Other Financial Metrics - Other income decreased by 8.01% due to reduced government subsidies [9] - Investment income plummeted by 172.61% due to losses from an associated company [9] - Asset impairment losses surged by 294.63%, influenced by the application of a credit loss model [10]

Core Viewpoint - The company, Changcheng Electric, reported a decline in revenue and an increase in net loss for the first half of 2025, indicating financial challenges ahead [1]. Financial Performance - For the first half of 2025, the company achieved an operating revenue of 694 million yuan, a year-on-year decrease of 6.31% [1]. - The net profit attributable to shareholders was -112 million yuan, with a year-on-year loss increase of 38.51% [1]. - The company's asset-liability ratio reached 76.64%, up 4.71 percentage points compared to the same period last year [1]. Market Activity - As of August 15, 2025, the stock price of Changcheng Electric was 11.30 yuan, down 3.5% from the previous trading day [1]. - The trading volume on that day was 631,093 hands, with a transaction amount of 708 million yuan, resulting in a turnover rate of 14.29% [1]. - On August 15, there was a net outflow of main funds amounting to 23.21 million yuan, with a cumulative net outflow of 109 million yuan over the past five days [1]. Company Overview - Changcheng Electric operates in the electrical machinery and equipment manufacturing industry, with products including medium and high voltage switchgear, bus ducts, and power electronic devices [1]. - The actual controller of the company is the Gansu Provincial State-owned Assets Supervision and Administration Commission, indicating it is a local state-owned enterprise [1].

（文章来源：证券日报） 证券日报网讯 8月14日晚间，长城电工发布公告称，2025年半年度公司实现营业收入693，765，889.41 元，同比下降6.31%；归属于上市公司股东的净利润为-112，167，546.40元，同比下降38.51%。 ...

2025年8月15日，长城电工(600192.SH)发布2025年中报。 公司最新资产负债率为76.64%，较上季度资产负债率增加1.16个百分点，较去年同期资产负债率增加4.71个百分点。 公司最新毛利率为11.52%，较上季度毛利率减少2.02个百分点，较去年同期毛利率减少5.61个百分点。最新ROE为-10.56%，较去年同期ROE减少4.50个百分 点。 公司股东户数为8.26万户，前十大股东持股数量为1.90亿股，占总股本比例为42.97%，前十大股东持股情况如下： 公司营业总收入为6.94亿元，较去年同报告期营业总收入减少4669.64万元，同比较去年同期下降6.31%。归母净利润为-1.12亿元，较去年同报告期归母净利 润减少3118.47万元。经营活动现金净流入为-8587.59万元，较去年同报告期经营活动现金净流入减少3124.20万元。 | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 甘肃电气装备集团有限公司 | 39.5. | | 2 | 北京宜中圣哲投资有限公司 | 0.61 | | 3 | 北京戴德澜文化传媒有限公司 | 0.53 | | 4 ...

Group 1 - The company has provided guarantees for its wholly-owned subsidiaries, Tianshui Changcheng Switch Factory Group Co., Ltd. and Tianshui 213 Electric Group Co., Ltd., with a total guarantee amount of RMB 40 million [3][5] - The company has approved a total guarantee limit of RMB 590 million for the year 2025, which includes a maximum of RMB 350 million for the Changcheng Switch Factory Group and RMB 140 million for the 213 Group [3][5] - As of the announcement date, the company has provided a total guarantee balance of RMB 335.8 million for the Changcheng Switch Factory Group and RMB 114 million for the 213 Group [3][5] Group 2 - The company has confirmed that there are no overdue guarantees and that the guarantees provided are within the approved limits [5] - The board of directors has assessed the repayment ability of the subsidiaries and believes that the guarantee risks are controllable, supporting the normal operations of the company [5][6] - The total amount of external guarantees provided by the company and its subsidiaries is RMB 509 million, accounting for 43.06% of the company's latest audited net assets [5] Group 3 - The company held its 14th meeting of the 8th Supervisory Board on August 14, 2025, where the 2025 semi-annual report was approved [6][7] - The Supervisory Board confirmed that the semi-annual report complies with legal regulations and accurately reflects the company's operational and financial status [6][7] - The company is in the process of amending its articles of association and has proposed to cancel the Supervisory Board, which requires approval from the shareholders' meeting [8] Group 4 - The company has appointed Zhang Jianjun as a candidate for a non-independent director, pending approval from the shareholders' meeting [10][12] - Zhang Jianjun has a background in human resources and has held various positions within the company and its controlling shareholder [12]

第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 公司代码：600192 公司简称：长城电工 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重大影响和预计未来会有重大影响的事项 □适用 √不适用 证券代码：600192 证券简称：长城电工 公告编号：2 ...

Core Points - The board of directors of Lanzhou Great Wall Electric Co., Ltd. held its 22nd meeting of the 8th session and approved several key proposals, including the 2025 semi-annual report and the nomination of a new non-independent director [1][2][3] Group 1: Financial Reports - The company approved its 2025 semi-annual report, which has been reviewed by the board's audit committee [1] - The financial report will be disclosed on August 15, 2025, in the Shanghai Securities Journal and on the Shanghai Stock Exchange website [1] Group 2: Board and Governance Changes - The board agreed to nominate Mr. Zhang Jianjun as a non-independent director candidate, with his term aligning with the current board [1] - A proposal to cancel the supervisory board and amend the company's articles of association was approved, pending shareholder meeting review [2] - The company plans to revise several management systems to enhance corporate governance, integrating supervisory responsibilities into the audit committee [2] Group 3: Budget and Meetings - The board approved the total salary budget for 2025 [3] - A proposal to hold the company's first extraordinary general meeting of 2025 was also approved, with details to be disclosed on August 15, 2025 [3]