证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-019 西安陕鼓动力股份有限公司 第九届监事会第五次会议决议公告 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法律责任。 西安陕鼓动力股份有限公司第九届监事会第五次会议于 2025 年 4 月 16 日在西安市 高新区沣惠南路8号陕鼓动力802会议室以现场表决方式召开。会议通知及资料已于2025 年 4 月 6 日以电子邮件和书面方式发出。本次会议应出席监事 3 人，实际出席监事 3 人， 会议由监事会主席罗克军先生主持。会议符合《公司法》和《公司章程》的有关规定。 经与会监事审议，形成如下决议： 一、审议通过并同意向股东大会提交《关于公司 2024 年度监事会工作报告的议案》 公司 2024 年度监事会工作报告全文详见上海证券交易所网站 http://www.sse.com.cn。 表决结果：同意 3 票，占公司全体监事的 100%；反对 0 票，占公司全体监事的 0%； 弃权 0 票，占公司全体监事的 0%。 二、审议通过并同意向股东大会提交《关于公司 2024 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-005 西安陕鼓动力股份有限公司 第九届董事会第十一次会议决议公告 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法律责任。 西安陕鼓动力股份有限公司（以下简称"公司"）第九届董事会第十一次会议于 2025 年 4 月 16 日在西安市高新区沣惠南路 8 号陕鼓动力 810 会议室以现场结合通讯表决方式 召开。本次会议通知及会议资料已于 2025 年 4 月 6 日以电子邮件形式和书面形式发给各 位董事。本次会议应出席董事 9 人，实际出席董事 8 人。董事宁旻先生因公务原因不能 出席会议，委托董事徐光华先生代为出席并行使表决权。会议由公司董事长李宏安先生 主持。会议符合《公司法》和《公司章程》的有关规定。 经与会董事审议，以记名投票表决方式逐项表决形成决议如下： 1、审议通过并同意向股东大会提交《关于公司 2024 年度董事会工作报告的议案》 公司独立董事向董事会提交了《独立董事 2024 年度述职报告》，并将在 2024 年年 度股东大会上进行述职。 董事会依据独立 ...

●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权益 分派实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配比例不 变，相应调整分配总额。 ●此次利润分配方案未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》 第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配预案内容 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-007 西安陕鼓动力股份有限公司 关于 2024 年年度利润分配预案的公告 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法律责任。 重要内容提示： ●每股分配比例：每股派发现金红利 0.27 元（含税） （一）利润分配预案的具体内容 经致同会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，西安陕鼓动 力股份有限公司（以下简称"公司"）母公司未分配利润余额为 2,462,644,090.66 元。2024 年母公司净利润为 901,648,640.43 元，当年净利润的 10%提 ...

Financial Performance - The company's net profit for 2024 is reported at ¥901,648,640.43, with an unallocated profit balance of ¥2,462,644,090.66 as of December 31, 2024[6]. - The proposed cash dividend distribution is ¥0.27 per share, totaling approximately ¥465,911,738.91, which represents 74.55% of the net profit attributable to shareholders for the year[6]. - The company has already distributed a mid-year cash dividend of ¥310,607,825.94, leading to a total proposed cash dividend of ¥776,519,564.85 for the year[6]. - The company's operating revenue for 2024 reached ¥10,277,079,913.78, representing a year-on-year increase of 1.32% compared to ¥10,142,916,595.47 in 2023[23]. - Net profit attributable to shareholders for 2024 was ¥1,041,588,362.13, up 2.09% from ¥1,020,280,603.15 in 2023[23]. - The basic earnings per share for 2024 was ¥0.6105, reflecting a 1.13% increase from ¥0.6037 in 2023[24]. - The company's total assets decreased by 0.85% to ¥25,264,416,097.26 at the end of 2024, down from ¥25,480,225,960.22 at the end of 2023[23]. - Cash flow from operating activities for 2024 was ¥1,148,131,030.86, a decline of 15.06% compared to ¥1,351,711,550.49 in 2023[23]. - The weighted average return on equity for 2024 was 11.83%, a decrease of 0.32 percentage points from 12.15% in 2023[24]. - The company reported a net profit of ¥375,415,096.80 in Q4 2024, which is the highest quarterly profit for the year[27]. Audit and Compliance - The company has confirmed no non-operating fund occupation by controlling shareholders or related parties[8]. - The company has received a standard unqualified audit report from its accounting firm, indicating the financial report's authenticity and completeness[4]. - The board of directors has ensured that the annual report's content is truthful, accurate, and complete, with no significant omissions[4]. - The company has not reported any violations in decision-making procedures regarding external guarantees[8]. - There were no incidents of insider trading or regulatory actions against the company regarding insider information management during the reporting period[141]. - The internal control audit report issued by the accounting firm confirmed the effectiveness of the financial reporting internal control[196]. - The internal control system has been effectively executed, with no significant defects reported during the period[195]. Corporate Governance - The company emphasizes the importance of rigorous corporate governance to enhance shareholder value and investor confidence, adhering to relevant laws and regulations[139]. - The board of directors is composed in accordance with legal requirements, and board members are committed to their responsibilities and familiar with relevant laws[140]. - The company has established a system for information disclosure and investor relations management to ensure the quality and fairness of information shared with all shareholders[141]. - The company held multiple shareholder meetings in 2024, including a significant one on January 16, where resolutions regarding governance rules and bank loan applications were approved[142]. - The company approved its 2023 annual report and financial statements during the shareholder meeting on May 13, 2024, which included a profit distribution proposal[142]. - The company plans to expand its investment projects, as discussed in the shareholder meeting on February 23, 2024[142]. - The company has independent directors with no shareholdings, indicating a focus on governance[145]. - The term for the current board members extends until July 2027, ensuring stability in leadership[145]. Strategic Initiatives and Market Expansion - The company is focusing on international expansion, leveraging the "Belt and Road" initiative to enhance its overseas brand recognition and secure major contracts[35]. - The company is actively involved in the development of low-carbon energy solutions, including hydrogen production and carbon capture technologies, aligning with national green energy policies[42]. - The company has successfully expanded its market share by focusing on user needs and market changes, enhancing its core competitiveness in distributed energy solutions[44]. - The company is pursuing a bank loan application as discussed in the shareholder meeting on November 1, 2024[144]. - The company is enhancing its global marketing system to accelerate breakthroughs in key overseas regions and projects[128]. - The company is expanding its market presence in Southeast Asia, targeting a growth rate of 10% in those markets over the next fiscal year[149]. Research and Development - The company completed 154 R&D projects throughout the year, focusing on enhancing core technology and optimizing key products to improve competitiveness[64]. - Research and development expenses increased by 50.43% to CNY 416.24 million, reflecting the company's commitment to enhancing core competitiveness in the distributed energy market[93]. - The number of R&D personnel is 894, representing 25.50% of the total workforce[107]. - The company has accumulated 699 valid patents, including 123 invention patents, 547 utility model patents, and 29 design patents, enhancing its core technology competitiveness[70]. Employee and Talent Management - The company has a total of 658 employees with master's degrees or higher, 1,083 with bachelor's degrees, and 1,001 with associate degrees, indicating a strong educational background among its workforce[170]. - The company has implemented a diversified compensation structure that reflects employee roles, capabilities, and performance, significantly motivating employee engagement[171]. - The company provides comprehensive employee benefits, including supplementary medical and pension insurance, paid annual leave, and various allowances, ensuring strong support for employee welfare[172]. - The company plans to conduct 26 training sessions for management personnel in 2024, aiming to enhance the capabilities of over 30 outstanding managers[174]. Environmental and Sustainability Efforts - The company is committed to sustainability, with plans to reduce carbon emissions by 40% over the next five years[154]. - The company invested 703,400 CNY in environmental protection during the reporting period[198]. - The company’s subsidiary, Chifeng Qinfeng Gas Co., Ltd., is classified as a key pollutant discharge unit, with specific emission standards met[200]. Shareholder Engagement and Dividend Policy - The company has maintained a cash dividend policy with a distribution ratio of 44.73% of the net profit attributable to shareholders for the most recent fiscal year[187]. - The company plans to distribute a cash dividend of CNY 0.27 per share, totaling CNY 465,911,738.91 (including tax), which represents 74.55% of the net profit attributable to shareholders for the year[182]. - The independent directors have expressed their agreement with the proposed profit distribution plan, ensuring compliance with the company's articles of association and shareholder resolutions[184]. - The company will actively communicate with shareholders, especially minority shareholders, to gather their opinions on the profit distribution plan[180].

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 114085.41万股，累计占流通股比： 67.45%，较上期变化： -1163.68万股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.6105 | 0.6037 | 1.13 | 0.5718 | | 每股净资产（元） | 5.14 | 5.06 | 1.58 | 4.72 | | 每股公积金(元) | 1.5 | 1.47 | 2.04 | 1.41 | | 每股未分配利润(元) | 1.75 | 1.77 | -1.13 | 1.58 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 102.77 | 101.43 | 1.32 | 107.66 | | 净利润(亿元) | 10.42 | 10.2 | 2.16 | 9.68 | | 净资产收益率(%) | 11.83 | 12.15 | -2.63 | 12.51 ...

Group 1 - The Hannover Industrial Fair 2025 focused on cutting-edge topics such as artificial intelligence, green energy, and digital transformation, attracting over 3,800 companies from more than 60 countries, with nearly 1,000 from China [1] - Chinese companies showcased a wide range of industrial technologies, from traditional equipment manufacturing to AI industrial models and flexible manufacturing platforms, demonstrating strong "going global" momentum [1][2] - The event highlighted the transformation of companies like Shaanxi Blower (Group) Co., Ltd. from single equipment manufacturers to comprehensive smart green system solution providers, emphasizing the importance of system performance and delivery efficiency [1][2] Group 2 - Shaanxi Blower has established 28 overseas companies and service institutions in countries like Germany, Czech Republic, India, and Indonesia, forming a global system that integrates equipment, services, and operations [1][2] - The fair also featured innovations from Shanghai Electric, which signed strategic cooperation agreements worth over 3.6 billion RMB with companies from Germany, France, and Egypt, showcasing the integration of Chinese manufacturing capabilities with cultural heritage [2] - The event underscored the growing role of Chinese enterprises in global industrial collaboration, with a focus on building win-win ecosystems rather than mere formal partnerships [3]

Financial Performance - Total operating revenue for 2024 reached ¥10,279,845,630.95, an increase of 1.35% compared to the previous year[4] - Operating profit was ¥1,405,599,750.62, reflecting a year-on-year growth of 5.14%[4] - Net profit attributable to shareholders was ¥1,042,190,739.94, up 2.15% from the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥942,705,460.94, a 1.26% increase year-on-year[4] - Basic earnings per share increased to ¥0.6121, representing a growth of 1.39%[4] Assets and Equity - Total assets at the end of the reporting period were ¥25,449,620,792.83, a slight decrease of 0.12% from the beginning of the period[4] - Shareholders' equity attributable to the parent company rose to ¥8,895,585,669.05, an increase of 1.71%[4] - The weighted average return on equity decreased by 0.34 percentage points to 11.81%[4] Strategic Initiatives - The company is actively pursuing opportunities in the distributed energy market and international expansion[6] Audit and Reporting - The financial data presented is preliminary and subject to change upon final audit[8]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 10.19 RMB based on a 16x PE valuation for 2025 [3]. Core Viewpoints - The company is a leading player in the domestic turbine compressor market and is expanding its gas business to reduce reliance on the metallurgical sector [1][18]. - The gas segment has shown a compound annual growth rate (CAGR) of 20.3% from 2019 to 2023, increasing its revenue contribution from 23% to 34% [1][28]. - The company has a strong asset structure with robust cash flow, allowing for sustained high dividends, with a proposed dividend yield of 4.8% for 2023 [1][44]. Summary by Sections Company Overview - The company is a leading manufacturer of turbine compressors in China, with a dominant position in the axial compressor market [18]. - It has a high technical barrier and significant market share, particularly in high-end turbine compressors used in large process industries [1][16]. Business Structure - The company is actively developing its gas operations, which have become a significant revenue stabilizer, with a CAGR of 20.3% from 2019 to 2023 [1][28]. - The gas business is expected to continue growing, supported by a strong pipeline of projects and contracts [2][28]. Financial Health - The company maintains a solid asset structure with a net cash position of 7.53 billion RMB, representing about one-third of total assets [1][40]. - It has demonstrated strong cash flow management, with a cash cycle of -101 days, indicating effective working capital management [1][43]. Gas Business Expansion - The company has a substantial backlog of gas supply contracts, with a total supply capacity of 1.43 million cubic meters, three times that of 2017 [2][53]. - The gas business is expected to benefit from the increasing trend of outsourcing gas supply, which is projected to rise from 57% to 80% in line with developed countries [2][50]. Energy Storage Projects - The company is positioned to capitalize on the growing demand for compressed air energy storage, which is nearing a commercial tipping point with a signed capacity of 6.8 GW for 2024 [2][4]. - The company has already secured contracts for large-scale compressed air energy storage projects, enhancing its revenue potential in this area [2][37].

投资逻辑： 公司是国内透平风机龙头，正拓展气体业务作为设备业务的补充， 并逐步摆脱设备业务对单一冶金下游的依赖。（1）公司主要设备 产品为高端透平压缩机，技术壁垒高，价值量大，下游以大型流程 工业为主。（2）公司发挥设备与客户优势，积极扩产工业气体业 务，分业务看，19-23 年公司气体板块收入 CAGR 为 20.3%，收入 占比从 23%提升到 34%。（3）受钢铁行业量价低迷影响，根据公司 年报，分下游看，22-23 年公司冶金收入占比从 69%下降至 46%； 公司加大力度拓展其他下游，石化收入占比从 2022 年的 18%提高 到 2023 年的 30%，24H1 继续新签多个非冶金行业项目设备订单。 公司资产结构良好，现金流稳健充裕，高分红有望持续。根据公司 年报，公司连续十年分红比例均高于 60%，2023 年报分红预案对 应 2 月 21 日股息率 4.8%；公司 24Q3 末净现金 75.3 亿元，占总资 产约 1/3，2023 年现金周期-101 天，其中应付/预收周转天数分别 高达 324/154 天，对上游议价能力极强，公司良好的周转效率带 来稳健现金流，充沛的在手现金保障了持续高分红 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-003 西安陕鼓动力股份有限公司 关于高级管理人员辞职的公告 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法律责任。 西安陕鼓动力股份有限公司（以下简称"公司"）董事会于 2025 年 2 月 25 日收到 公司高级管理人员周根标提交的书面辞职报告。周根标先生因工作调动，将调入陕西鼓 风机（集团）有限公司工作，故辞去西安陕鼓动力股份有限公司副总经理职务。周根标 先生确认与公司董事会及经营管理团队之间无重大意见分歧，亦无其他与辞职有关的事 项需提请公司或公司股东注意。根据上市公司规范运作等相关要求，其辞职报告自送达 董事会时生效。周根标先生辞去公司副总经理后，仍继续担任公司董事职务。 截至本公告披露日，周根标先生持有公司股份 149,700 股，不存在应当履行而未履 行的承诺事项，其辞职不会对公司的正常生产经营活动产生不利影响。公司董事会将按 相关规定尽快完成副总经理的聘任工作，并及时履行信息披露义务。 公司董事会对周根标先生担任公司高级管理人员期间为公司所做出的贡献表 ...