证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-024 西安陕鼓动力股份有限公司 关于部分股权激励限制性股票回购注销实施公告 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： 回购注销原因：根据西安陕鼓动力股份有限公司（以下简称"公司"）《2021 年限 制性股票激励计划（草案）》（以下简称"《2021 年激励计划》"）的规定，原股权激励对象 中 2 人离职、2 人身故、1 人退休（均为首次授予激励对象），不符合激励计划中有关激 励对象的规定，公司决定取消其激励对象资格并回购注销其已获授但尚未解除限售的全 部限制性股票合计 268,000 股；294 名激励对象（291 名首次授予激励对象，3 名预留授 予激励对象）因岗位职级变动及绩效考核等原因，公司决定回购注销其已获授但尚未解 除限售的限制性股票合计 1,856,541 股。综上，公司决定回购注销上述激励对象已获授但 尚未解除限售的限制性股票共计 2,124,541 股。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：2025-023 西安陕鼓动力股份有限公司关于公司董事长辞职 及副董事长代行董事长职责的公告 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。 根据《公司法》《公司章程》的有关规定，李宏安先生的辞职未导致公司董 事会成员低于法定最低人数，其辞职报告自送达公司董事会之日起生效。 根据《公司章程》，由公司副董事长陈党民先生代为履行公司董事长、董事 会战略委员会主任委员、董事会提名委员会委员、董事会薪酬与考核委员会委员 职责，代行职责的期限自李宏安先生辞职之日起至董事会选举产生新任董事长之 日止。公司将根据《公司法》《公司章程》等相关规定，尽快完成公司董事、董 事长的选举及相关董事会专业委员会主任委员、委员的补选等工作。公司董事会 对李宏安先生在任期内为公司发展所做出的贡献表示衷心感谢。 特此公告。 西安陕鼓动力股份有限公司董事会 2025 年 6 月 11 日 2025 年 6 月 10 日，西安陕鼓动力股份有限公司（以下简称"公司"）董事 会收到公司董事长李宏安先生的书面辞职报 ...

根据《公司法》《公司章程》的有关规定，李宏安先生的辞职未导致公司董 事会成员低于法定最低人数，其辞职报告自送达公司董事会之日起生效。 根据《公司章程》，由公司副董事长陈党民先生代为履行公司董事长、董事 会战略委员会主任委员、董事会提名委员会委员、董事会薪酬与考核委员会委员 职责，代行职责的期限自李宏安先生辞职之日起至董事会选举产生新任董事长之 日止。公司将根据《公司法》《公司章程》等相关规定，尽快完成公司董事、董 事长的选举及相关董事会专业委员会主任委员、委员的补选等工作。公司董事会 对李宏安先生在任期内为公司发展所做出的贡献表示衷心感谢。 证券代码：601369 证券简称：陕鼓动力 公告编号：2025-023 西安陕鼓动力股份有限公司关于公司董事长辞职 及副董事长代行董事长职责的公告 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。 2025 年 6 月 10 日，西安陕鼓动力股份有限公司（以下简称"公司"）董事 会收到公司董事长李宏安先生的书面辞职报告。李宏安先生因年龄原因即将退休， 为确保公司各项工作平稳有序推进，结合公司 ...

陕鼓动力（601369）公告，公司董事长李宏安因年龄原因于2025年6月10日提出辞职，不再担任公司及 控股子公司任何职务。副董事长陈党民代行董事长职责，期限自辞职之日起至董事会选举新任董事长之 日止。公司将尽快完成相关选举及补选工作。 ...

Industry Overview - The Long-Duration Energy Storage (LDES) industry in China is experiencing unprecedented development opportunities driven by carbon neutrality goals, with a projected market size of approximately 85.2 billion yuan in 2024 [1][10] - The three main LDES technologies are flow batteries, compressed air energy storage, and molten salt storage, with flow battery installations expected to grow by about 10 times year-on-year in 2024, and compressed air energy storage installations expected to increase by approximately 70 times [1][10] - The price of all-vanadium flow battery systems has dropped below 2 yuan/Wh, significantly improving economic viability [1][10] Industry Development History - The LDES industry in China has gone through four stages: the initial stage from the mid-20th century to the 1990s, the early development stage from 2000 to 2015, the commercial phase from 2015 to 2020, and the current scale development phase from 2020 to present [4][5] - The early policies focused on technology verification and demonstration, while post-2015 policies began to emphasize the role of energy storage in supporting the power grid [8][9] Current Industry Status - The LDES industry is set to benefit from the dual carbon goals, with a market size of approximately 85.2 billion yuan in 2024 [10] - The industry is witnessing significant growth in new installations, with flow batteries and compressed air storage technologies leading the way [10] Key Companies - Leading companies in the LDES sector include CATL, BYD, and Sungrow, with CATL maintaining the largest global market share in energy storage batteries [14][15] - Companies like Sungrow and Haibo Innovation focus on energy storage system integration and PCS (Power Conversion System) development, with Sungrow achieving the highest global PCS shipment volume [14][15] Industry Trends - The LDES industry is expected to see significant trends in technology integration and diversification, with a push towards hybrid storage technologies combining different energy storage methods [19] - The market size is anticipated to continue expanding, driven by increasing policy support and market demand, leading to a peak in investment and construction of LDES projects [21] - Policy-driven initiatives and improved market mechanisms will be crucial for the future development of the LDES industry, with government support expected to include financial subsidies and tax incentives [22]

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 2024 年年度股东会的 意见 ff 大成西意字[2025]第 147 号 大成 is Der w Firm in China. == 西安市西安国际港务区港务大道 4811 号西安港国际采购中心 3 号楼 17 层 1702 室（710026） Room 1702,17F,Building 3 Xi'an Port International Purchasing Center No.4811 Gangwu Road Xi'an International Trade & Logistics Park,Xi'an,China Tel: +86 29-88866955 Fax: +86 29-88866956 2024 年年度股东会的 法 律 意 见 书 大成西意字[2025]第147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》（以下简称"《公司法》"）和中国证券监督管理 委员会《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规和其他有关规范性文件的要求,北京大 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：2025-022 西安陕鼓动力股份有限公司 2024年年度股东大会决议公告 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 5 月 20 日 (二)股东大会召开的地点：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 | 195 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,083,713,571 | | 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 | 62.8021 | | 份总数的比例（%） | | (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。大会由公司董事会召集，公司董事长李宏安先 ...

Core Viewpoint - The company reported steady growth in its financial performance for 2024 and Q1 2025, driven by a focus on distributed energy market expansion and customer demand [1][2]. Financial Performance - In 2024, the company achieved revenue of 10.28 billion, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 1.04 billion, up 2.1% [1]. - For Q1 2025, the company reported revenue of 2.56 billion, a 2.7% increase year-on-year, and a net profit of 250 million, reflecting a 5.6% growth [1]. Profitability - The company's gross margin for 2024 was 22.5%, an increase of 1 percentage point year-on-year, while the net margin was 11.1%, up 0.3 percentage points [1]. - In Q1 2025, the gross margin decreased to 20.5%, down 2.9 percentage points year-on-year, but the net margin increased to 10.90%, up 0.3 percentage points [1]. Expense Ratios - The company's expense ratio for 2024 was 9.2%, an increase of 1.3 percentage points year-on-year, with sales expense ratio at 2.3% (down 0.3 percentage points), management expense ratio at 5.3% (down 0.3 percentage points), and R&D expense ratio at 4% (up 1.3 percentage points) [2]. - Financial expense ratio was -2.5%, an increase of 0.6 percentage points, attributed to increased interest expenses and reduced exchange gains [2]. Industry Insights - The company is a leading manufacturer of axial flow compressors, benefiting from the promising growth potential of compressed air energy storage, which is seen as a key non-electrochemical energy storage technology [2]. - The industrial gas market in China reached approximately 212.9 billion in 2023, with an expected growth to 284.2 billion by 2026, driven by domestic substitution and outsourcing [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.13 billion, 1.24 billion, and 1.36 billion for 2025-2027, with year-on-year growth rates of 8%, 10%, and 10% respectively, resulting in a compound annual growth rate of 10% [4]. - Corresponding price-to-earnings ratios are expected to be 13.2, 12.0, and 11.0 times for the same period [4].

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company achieved steady growth in 2024, with revenue of 10.28 billion yuan, a year-on-year increase of 1.3%, and a net profit of 1.04 billion yuan, up 2.1% year-on-year, driven by a focus on distributed energy market expansion and customer demand [1][12] - In Q1 2025, the company reported revenue of 2.56 billion yuan, a 2.7% year-on-year increase, and a net profit of 250 million yuan, up 5.6% year-on-year, attributed to cost reduction and market expansion efforts [1] - The company is positioned as a leader in axial flow compressors, benefiting from the commercialization and rapid development of compressed air energy storage [3] Financial Performance - The company's gross margin for 2024 was 22.5%, an increase of 1 percentage point year-on-year, while the net margin was 11.1%, up 0.3 percentage points year-on-year [2][17] - In Q1 2025, the gross margin decreased to 20.5%, down 2.9 percentage points year-on-year, but the net margin increased to 10.9%, up 0.3 percentage points year-on-year [2] - The company’s operating expenses ratio for 2024 was 9.2%, an increase of 1.3 percentage points year-on-year, with R&D expenses rising due to increased investment in the distributed energy market [2][17] Market Outlook - The industrial gas market in China is projected to grow from 212.9 billion yuan in 2023 to 284.2 billion yuan by 2026, with a compound annual growth rate of 10% [5] - The company’s subsidiary, Qin Feng Gas, achieved a market share of 1.6% in 2023, establishing itself as a leader in the domestic industrial gas sector [5] Profit Forecast and Valuation - The company’s net profit is expected to reach 1.13 billion yuan in 2025, 1.24 billion yuan in 2026, and 1.36 billion yuan in 2027, with year-on-year growth rates of 8%, 10%, and 10% respectively [6] - The corresponding price-to-earnings ratios are projected to be 13.2, 12.0, and 11.0 for the years 2025, 2026, and 2027 [6]

Core Viewpoint - The company, Xi'an Shangu Power Co., Ltd., has achieved steady growth in revenue and profit in 2024, focusing on distributed energy solutions amidst challenging external conditions [2][3]. Group 1: Overall Business Performance - The company reported a revenue of 1,027,708 million yuan, a 1.32% increase from the previous year [2]. - Net profit reached 114,533 million yuan, reflecting a 4.30% increase year-on-year [2]. - Basic earnings per share were 0.6105 yuan, up 1.13% compared to the previous year [2]. Group 2: Key Initiatives and Achievements - The company is focusing on market expansion and enhancing its "1+7" core competitiveness by promoting energy interconnection solutions [3]. - It has actively engaged in cultural initiatives to strengthen employee morale and align with corporate strategy, including various cultural activities and publications [3]. - The company has received extensive media coverage for its achievements in smart green low-carbon solutions and service-oriented manufacturing transformation [4][5]. Group 3: Awards and Recognition - The company ranked 81st in the "China Machinery 500" list and was recognized as a top enterprise in various categories, including "Top 100 Enterprises in Digital and Real Integration" [7]. - It has been acknowledged multiple times by national and local governments for its service-oriented manufacturing transformation and innovative practices [5][6]. Group 4: Market Development and Projects - The company has signed several significant contracts in the chemical sector, including the first domestic innovative nitric acid five-in-one unit and a global first integrated project for coal-based activated carbon [9][10]. - It has also made strides in the metallurgy and energy sectors, signing projects that enhance its market position and demonstrate its technological capabilities [11][12]. Group 5: Technological Advancements - The company has completed 154 R&D projects, focusing on enhancing its core competitiveness and expanding its technology system in various sectors [13][14]. - It has developed advanced compressor technologies for various applications, including offshore platforms and high-efficiency energy storage systems [14][15]. Group 6: Future Goals and Strategies - The company aims to achieve a revenue target of 1,027,800 million yuan and a net profit of 114,550 million yuan in 2025, continuing its focus on distributed energy solutions [28][29]. - It plans to enhance its brand influence and customer engagement through digital transformation and cultural initiatives [28][29].