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]

一、公司 2025 年半年度报告 证券代码：600192 证券简称：长城电工 公告编号：2025-41 兰州长城电工股份有限公司 第八届监事会第十四次会议决议公告 本公司监事会及全体监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。 兰州长城电工股份有限公司第八届监事会第十四次会议于 2025 年 8 月 14 日以通讯方式召开。应参会监事 3 名，实参会 3 名。会议 的召开符合《公司法》及《公司章程》的有关规定，会议审议并通过 了以下议案。 监事会认为：公司 2025 年半年度报告的编制和审议程序符合法 律法规、公司章程和公司内部管理制度的各项规定，其内容和格式符 合中国证监会和上海证券交易所的有关规定，所包含的信息能从各个 方面真实地反映出公司 2025 年半年度的经营管理和财务状况。在提 出本意见前，未发现参与半年报编制和审议的人员有违反保密规定的 行为。 同意 3 票，反对 0 票，弃权 0 票。 二、关于取消监事会并修订《公司章程》的议案 同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东会审议通过。 特此公告。 ...

证券代码：600192 证券简称：长城电工 公告编号：2025-44 兰州长城电工股份有限公司 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 1 日 关于召开2025年第一次临时股东大会的通知 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： 召开的日期时间：2025 年 9 月 1 日 15 点 00 分 召开地点：兰州市七里河区瓜州路国投大厦公司 13 楼会议室 (五)网络投票的系统、起止日期和投票时间。 至2025 年 9 月 1 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 ...

《公司章程》 等相关规定中禁止任职的情形，不存在被中国证监会确定为市场禁入 者且尚未解除的情形，未受过中国证监会、证券交易所及其他有关部 门处罚和惩戒。符合《公司法》等法律法规和上海证券交易所业务规 则及《公司章程》要求的任职条件。 特此公告。 证券代码：600192 证券简称：长城电工 公告编号：2025-42 兰州长城电工股份有限公司 关于增补董事的公告 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。 兰州长城电工股份有限公司（以下简称：公司）于 2025 年 8 月 公司董事的议案》 根据《公司法》和《公司章程》的有关规定，经公司控股股东甘 肃电气装备集团有限公司推荐，并经公司董事会提名委员会审核，增 补张建军先生为公司第八届董事会非独立董事候选人（简历附后）， 任期与第八届董事会一致，该事项还需提交公司股东会审议。 截至本公告披露日，张建军先生未持有公司股份；与公司董事、 监事、高级管理人员不存在关联关系；不存在《公司法》 兰州长城电工股份有限公司董事会 附：张建军简历 张建军，男，1973 年 1 月出生，中共 ...