独立财务顾问报告 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、股权激励计划的批准与授权 6 | | 五、独立财务顾问意见 9 | | （一）预留授予部分第二个解除限售期解除限售条件的达成情况说明 9 | | （二）预留授予部分第二个解除限售期解除限售情况 9 | | （三）结论性意见 11 | | 六、备查文件及咨询方式 12 | | （一）备查文件 12 | | （二）咨询方式 12 | 公司简称：陕鼓动力 证券代码：601369 上海荣正企业咨询服务（集团）股份有限公司 关于 西安陕鼓动力股份有限公司 2021 年限制性股票激励计划预留授予部分 第二个解除限售期解除限售相关事项 之 2025 年 11 月 一、释义 3 1. 上市公司、公司、陕鼓动力：指西安陕鼓动力股份有限公司。 2. 股权激励计划、本激励计划：指西安陕鼓动力股份有限公司 2021 年限制性 股票激励计划。 3. 限制性股票：公司依照本激励计划授予的 A 股普通股股票，激励对象只有在 公司业绩目标和个人绩效考核结果符合本激励计划规定条件的，才可以出售 限制性股票并获益。 4. 激励对象：按 ...

表决结果：同意 8 票，占公司全体董事的 100%；反对 0 票，占公司全体董事的 0%； 弃权 0 票，占公司全体董事的 0%。 2、审议通过《关于制定〈西安陕鼓动力股份有限公司"三重一大"决策制度实施办 法〉的议案》 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"）第九届董事会第十八次会议于 2025 年 11 月 11 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 11 月 5 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 8 人，实际出席董事 8 人（其中 5 人以通讯表决方式 出席）。会议由公司副董事长刘海军先生主持。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《关于公司 2021 年限制性股票激励计划预留授予部分第二个解除限售 期解除限售条件成就的议案》 具体内容详见临时公告《西安陕鼓动力股份有限公司关 ...

Core Viewpoint - Shaan Gu Power's stock price increased by 2.15% on November 11, with a trading volume of 287 million yuan, indicating active market interest in the company [1]. Financing Summary - On November 11, Shaan Gu Power had a financing buy-in amount of 31.37 million yuan and a financing repayment of 33.52 million yuan, resulting in a net financing outflow of 2.15 million yuan [1]. - As of November 11, the total financing and securities lending balance for Shaan Gu Power was 291 million yuan, with the financing balance accounting for 1.79% of the circulating market value, which is above the 80th percentile of the past year [1]. - The company had a securities lending repayment of 11,900 shares and a securities lending sell-out of 400 shares on the same day, with a remaining securities lending amount of 43,600 shares valued at 415,100 yuan, also above the 70th percentile of the past year [1]. Business Performance - For the period from January to September 2025, Shaan Gu Power reported a revenue of 7.186 billion yuan, a year-on-year decrease of 1.42%, and a net profit attributable to shareholders of 617 million yuan, down 7.31% year-on-year [2]. - The company has cumulatively distributed 7.560 billion yuan in dividends since its A-share listing, with 2.329 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shaan Gu Power was 32,200, an increase of 6.99% from the previous period, while the average circulating shares per person decreased by 6.53% to 53,034 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fourth largest with 14.4857 million shares, an increase of 777,700 shares from the previous period [3].

Group 1 - The core point of the announcement is the resolution of the fourth temporary shareholders' meeting of Xi'an Shangu Power Co., Ltd., held on November 11, 2025, with no rejected proposals [1][2] - The meeting was conducted at the company's headquarters in Xi'an, and it utilized a combination of on-site and online voting methods, complying with the Company Law and the company's articles of association [2][3] - The meeting was attended by 6 out of 8 current directors, with some participating via communication methods, and the company’s secretary and management were also present [3] Group 2 - One of the key resolutions passed was the proposal to establish a wholly-owned subsidiary for Qin Feng Gas Investment and to construct a new air separation project with a capacity of 100,000 Nm3/h [4] - The voting for the proposal was a non-cumulative voting process, and there was no need for separate counting of votes from minority investors [4] - The meeting was witnessed by Beijing Dacheng (Xi'an) Law Firm, confirming that the procedures and qualifications for the meeting were in accordance with legal and regulatory requirements [5]

Core Insights - The article highlights the transformation of Shaan Gu Group from a traditional equipment manufacturer to a comprehensive solution provider in the green low-carbon energy sector, showcasing its achievements in various awards and recognitions [1][2][8] - The company has successfully integrated its core competencies in compressor technology with emerging fields such as carbon capture, utilization, and storage (CCUS), long-duration energy storage, and industrial data governance [3][4][6] Summary by Sections Recent Achievements - Shaan Gu Group has recently established a joint research institute with Xi'an Jiaotong University, marking a significant collaboration between academia and industry [1] - The company received the "Urban Innovation Award" from the United Nations Industrial Development Organization and was recognized as a "Leader" in industrial data governance and a "Pioneer" in long-duration energy storage [1][2] Technological Advancements - The CCUS technology developed by Shaan Gu has been included in the national directory of advanced green low-carbon technologies, emphasizing its role in reducing carbon emissions [4] - The company has signed a major project with a leading domestic energy enterprise for a million-ton integrated "new energy + coal power + CCUS" initiative, showcasing its expertise in this area [6] Strategic Transformation - Shaan Gu has undergone two significant strategic transformations, evolving from a single equipment manufacturer to a comprehensive service provider in major equipment systems [8][12] - The company has focused on enhancing its core equipment capabilities while expanding into industrial services and energy infrastructure operations [11][12] Future Directions - The company is initiating a third round of transformation, emphasizing service-oriented manufacturing and the integration of advanced technologies with production processes [15][18] - Shaan Gu aims to strengthen its high-end manufacturing capabilities and leverage financial tools to empower its industrial chain, while also developing new technologies for CCUS and energy transition [19]

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-055 (一) 股东会召开的时间：2025 年 11 月 11 日 (二) 股东会召开的地点：西安市高新区沣惠南路 8 号陕鼓动力 810 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 | 369 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,070,877,670 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 62.1348 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 本次会议采取现场记名投票与网络投票相结合的表决方式，符合《公司法》 及《公司章程》的规定。股东会由公司董事会召集，公司副董事长刘海军先生担 任主持人。 西安陕鼓动力股份有限公司 2025年第四次临时股东会决议公告 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。 重要内容提示： 本次会议是否有 ...

北京大成(西安)律师事务所 关于 西安陕鼓动力股份有限公司 2025 年第四次临时股东会的 法 ff 大成西意字[2025]第 317 号 IS 大成 DIEN 大成 is Dentons' Preferred Law Firm in China. 北京大成 www.dac 西安市西安国际港务区港务大道 4811 号西安港国际采购中 号楼 17 层 1702 室 (710026) Room 1702,17F,Building 3 Xi'an Port friteriational Purchasing Center No.4811 Gangwu Road Xi'an International Trade & Logistics Park,Xi'an,China Tel: +86 29-88866955 Fax: +86 29-88866956 北京大成(西安)律师事务所 关于 西安陕鼓动力股份有限公司 2025 年第四次临时股东会的 法 律 意 见 书 大成西意字[2025]第 317 号 致:西安陕鼓动力股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中 华人民共和国公司法》（以下 ...

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a positive performance with a 0.54% increase as of November 10, 2025, with notable gains in constituent stocks such as Luxi Chemical (000830) up by 9.99% and Shaanxi鼓动力 (601369) up by 2.90% [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.25%, indicating a favorable market sentiment towards dividend-paying stocks [1] - Analysts suggest that the fourth quarter may see increased policy measures aimed at stabilizing growth and promoting consumption, which could benefit stable dividend-paying companies [1] Market Performance - The National State-Owned Enterprises Dividend ETF recorded a turnover rate of 1.26% with a transaction volume of 568,400 yuan, and an average daily transaction volume of 4.0748 million yuan over the past month [1] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 17.08% of the index, with China COSCO Shipping (601919) being the largest component [2] Investment Strategy - The current market environment, characterized by high historical index levels and profit-taking pressures, suggests that dividend stocks may offer better value during periods of market volatility [1] - The index comprises 100 listed companies selected for their high cash dividend yields and stable dividend distributions, reflecting the overall performance of high-dividend securities among state-owned enterprises [1]

Core Viewpoint - The participation of Shaanxi Blower (Group) Co., Ltd.'s Czech subsidiary EKOL at the China International Import Expo highlights its commitment to providing innovative solutions for a zero-carbon future through advanced energy-efficient technologies [1][3]. Group 1: Company Participation and Innovations - Shaanxi Blower EKOL has participated in the expo for the sixth time, showcasing its dual role as both an exhibitor and a buyer [2]. - The company presented its high-end centrifugal compressors and air separation units, which are designed to enhance energy efficiency and reduce system energy consumption, aiding users in achieving their carbon reduction goals [2][3]. - The core equipment and system solutions displayed emphasize the company's focus on technological innovation, driving the industrial equipment sector towards larger, more efficient, intelligent, and greener solutions [3]. Group 2: Strategic Collaborations and Global Impact - During the expo, Shaanxi Blower EKOL launched its green hydrogen, ammonia, and methanol core equipment solutions, aimed at supporting the large-scale and economical production of clean energy [3]. - The company has established deep collaborations with global enterprises in high-end equipment procurement and joint technology development, enhancing its global development strategy [4]. - Shaanxi Blower EKOL's participation in the expo serves as a platform to promote its green solutions worldwide, contributing to the global energy transition [4].

2025 年第四次临时股东会 西安陕鼓动力股份有限公司 2025 年第四次临时股东会 会 议 议 案 1 www.shaangu.com 2025 年第四次临时股东会 关于秦风气体投资设立全资子公司并新建一套 100000Nm³/h 空分项 目的议案 各位股东及股东代表： 西安陕鼓动力股份有限公司（以下简称"陕鼓动力"）下属控股子公司陕西秦 风气体股份有限公司（以下简称"秦风气体"）拟投资设立漳州秦风气体有限公司 （以下简称"漳州秦风"），并由漳州秦风投资龙翔恒宇化工有限公司（以下简称 "龙翔化工"）50 万吨/年丁辛醇及原料配套工程一体化项目配套 100,000Nm3 /h 空 分项目（以下简称"10 万空分项目"），本项目预估总投资 53,174 万元。本项目建 设过程中，如因行业政策调整、市场环境变化及客户需求变动等原因导致项目投 资金额调整的，董事会提请股东会授权董事会调整项目投资金额。 以上投资事项不属于关联交易和重大资产重组事项。 一、投资标的基本情况 （一）投资标的概况 秦风气体在漳州市注册成立全资子公司漳州秦风，全面负责龙翔化工 10 万 空分项目的投资、建设、运营。龙翔化工向漳州秦风供应水电 ...