证券代码：603100 证券简称：川仪股份 公告编号：2025-033 重庆川仪自动化股份有限公司 关于控股股东签署《股份转让框架协议的补充协议》《表决权委托协议》 暨控制权拟发生变更的进展公告 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： 2025 年 5 月 27 日，川仪股份直接控股股东四联集团与国机集团、国机 仪器仪表公司签署《股份转让框架协议的补充协议》，明确由国机集团新设全 资子公司国机仪器仪表公司受让四联集团所持公司 98,841,678 股股份（占公司 总股本的 19.26%）；公司间接控股股东渝富控股与国机集团、国机仪器仪表 公司签署《表决权委托协议》，渝富控股拟将其所持公司 54,668,322 股股份对 应的表决权（占公司表决权总数的 10.65%）按约定的条件和条款委托给国机 仪器仪表公司行使。 本次交易不触及要约收购。本次交易完成后，国机仪器仪表公司将合 计持有公司 153,510,000 股股份对应的表决权（占公司表决权总数的 29.91%）， 四联集团及其一致行动人将合计持有公司 ...

证券研究报告：机械设备|公司点评报告 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 21.70 | | --- | --- | | 总股本/流通股本（亿股）5.13 | / 5.10 | | 总市值/流通市值（亿元）111 | / 111 | | 52 周内最高/最低价 | 27.83 / 15.76 | | 资产负债率(%) | 48.0% | | 市盈率 | 14.28 | | 第一大股东 | 中国四联仪器仪表集团 | | 有限公司 | | 川仪股份(603100) 业绩保持稳健，受益国产替代大趋势 l 事件描述 公司发布 2024 年年度报告，实现营收 75.92 亿元，同增 2.44%； 实现归母净利润 7.78 亿元，同增 4.60%；实现扣非归母净利润 6.43 亿元，同减 0.39%。公司发布 2025 年一季报，实现营收 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company achieved a revenue of 7.592 billion yuan in 2024, a year-on-year increase of 2.44%, and a net profit attributable to shareholders of 778 million yuan, up 4.60% year-on-year [3][4]. - The company is benefiting from the trend of domestic substitution, particularly in the industrial automation instruments and composite materials sectors, which have shown steady growth [4][5]. - The company is focusing on expanding its market presence and increasing domestic substitution efforts, with significant orders from major clients like the "Three Barrels of Oil" increasing by 30% year-on-year [5][6]. Financial Performance - The company reported a gross margin of 33.09% in 2024, a decrease of 0.93 percentage points year-on-year, attributed to changes in product mix and rising raw material costs [4]. - The company’s operating revenue is projected to grow to 8.193 billion yuan in 2025, with a year-on-year growth rate of 7.92% [10][11]. - The net profit attributable to shareholders is expected to reach 855 million yuan in 2025, reflecting a growth rate of 9.89% [10][11]. Product Performance - Revenue from industrial automation instruments and devices reached 6.750 billion yuan in 2024, with a year-on-year growth of 2.3% [4]. - The company has successfully replaced imports with several high-end products in the oil and gas sector, including PDS high-frequency ball valves and high-pressure oxygen control valves [5][6]. Market Expansion - The company is actively exploring overseas markets, particularly in Southeast Asia and the Middle East, achieving a 50% year-on-year increase in new orders amounting to 700 million yuan [5][6].

Core Viewpoint - Chuan Yi Co., Ltd. (川仪股份) reported a decline in net profit attributable to shareholders after deducting non-recurring gains and losses for the first time since 2019, despite a year-on-year increase in operating revenue [1][8]. Financial Performance - In 2024, Chuan Yi achieved operating revenue of 7.592 billion yuan, a year-on-year increase of 2.44%, and a net profit attributable to shareholders of 778 million yuan, up 4.60% year-on-year [5][8]. - The net profit after deducting non-recurring gains and losses was 643 million yuan, showing a slight decline of 0.39% year-on-year [8]. - In Q1 2025, the company reported operating revenue of 1.448 billion yuan and a net profit after deducting non-recurring gains and losses of 91 million yuan, representing year-on-year decreases of 7.63% and 26.16%, respectively [8]. Industry Context - The downstream sectors served by Chuan Yi, including petrochemicals, metallurgy, electricity, and nuclear industries, are experiencing cyclical impacts, leading to fluctuations in demand for the company's products [8]. - Current challenges in the downstream industries include supply-demand imbalances, reduced or delayed new projects, and declining profitability, which affect market expansion and order acquisition [8]. Strategic Initiatives - The company is focusing on exploring existing market potential from both depth and breadth, while also paying attention to emerging fields and markets [9]. - Chuan Yi plans to enhance collaboration with its future controlling shareholder, China National Machinery Industry Corporation (国机集团), to strengthen technological innovation, market development, and overseas expansion [11]. Shareholder Changes - Chuan Yi is undergoing a significant change in control, with a framework agreement signed for the transfer of 19.25% of shares from its current controlling shareholder to 国机集团, which aims to acquire control of the company [10]. - The new controlling shareholder is expected to enhance synergy across various business aspects, including technology and market collaboration [11].

证券代码：603100 证券简称：川仪股份 公告编号：2025-032 重庆川仪自动化股份有限公司 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 15 日 (二)股东大会召开的地点：重庆川仪自动化股份有限公司两江新区工业园科研楼 一楼会议厅（重庆市两江新区黄山大道 61 号） (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 | 192 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 297,963,184 | | 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（%） | 58.0597 | (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。 1、 议案名称：《关于公司 2024 年度财务决算报告的议案》 审议结果：通过 表决情况： ...

国浩律师(上海)事务所 关于 重庆川仪自动化股份有限公司 2024 年年度股东大会 之 法律意见书 國浩律師事務所 GRANDALL LAW FIRM 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 1670 网址/Website: http://www.grandall.com.cn 二〇二五年五月 国浩律师(上海)事务所 法律意见书 国浩律师(上海)事务所 关于重庆川仪自动化股份有限公司 2024 年年度股东大会 之 法律意见书 致:重庆川仪自动化股份有限公司 作为具有从事中国法律业务资格的律师事务所,国浩律师(上海)事务所(以 下简称"本所"）接受重庆川仪自动化股份有限公司（以下简称"公司"）的委托， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）等法律法 ...

Core Insights - The digital transformation of petrochemical equipment is crucial for enhancing production efficiency and ensuring safety in operations [1][2] - The integration of digital technologies across all stages of production and operation is reshaping the petrochemical industry [2][4] - The Chinese government is promoting the safety renovation of outdated petrochemical facilities as part of a broader strategy for sustainable development [1][2] Industry Developments - Digital technologies have been implemented in various scenarios, significantly improving production efficiency and product performance [2] - Companies like Chongqing Chuan Yi Automation Co., Ltd. have developed multiple products that break foreign technology monopolies, leading to the establishment of smart factories and digital production lines [2][3] - Jiangsu Huaying Valve Industry Co., Ltd. has utilized advanced computer technologies to enhance manufacturing efficiency and quality through interconnected data systems [3] Technological Advancements - High-precision and reliable smart instruments are essential for the digital and intelligent transformation of the petrochemical industry [4] - The application of digital technologies in equipment integrity management includes lifecycle optimization, real-time risk control, predictive maintenance, and data-driven decision-making [4] - The implementation of a two-level precision inspection system at Lanzhou Petrochemical has improved fault diagnosis accuracy from 10% to 75% [4] Challenges and Solutions - The industry faces challenges such as data silos, low interoperability of digital systems, and the need for comprehensive system redesigns [5][6] - The development of centralized control platforms for equipment management has shown to enhance operational efficiency and risk management [6] - Experts emphasize the importance of focusing on core data and key parameters rather than merely pursuing big data [7] Future Outlook - The transformation in the petrochemical sector is not just a technological upgrade but a comprehensive restructuring of production models, management thinking, and industrial ecosystems [7] - Continued improvement of standard systems and cross-industry collaboration will further support the digital transformation and high-quality development of the petrochemical industry [7]

证券代码：603100 证券简称：川仪股份 公告编号：2025-029 重庆川仪自动化股份有限公司 第六届董事会第六次会议决议公告 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。 一、董事会会议召开情况 重庆川仪自动化股份有限公司（以下简称"公司"或"川仪股份"）第六 届董事会第六次会议于 2025 年 4 月 28 日以现场结合通讯表决方式在公司会议 室召开，会议通知及相关资料已于 2025 年 4 月 25 日以电子邮件方式通知全体 董事。本次会议应参加董事 10 名，实际参加董事 10 名，其中 2 名董事现场参 会，8 名董事以通讯表决方式参会。本次董事会由董事吴正国先生主持。公司 部分监事、高级管理人员、相关部门负责人列席会议。本次会议的召集、召开 及表决程序符合《中华人民共和国公司法》和公司章程的有关规定，合法有效。 （一）《关于公司 2025 年第一季度报告的议案》 同意公司 2025 年第一季度报告。 本议案已经公司第六届董事会审计委员会 2025 年第二次定期会议审议通 过，并同意提交董事会审议。 表决结果： ...

重庆川仪自动化股份有限公司 董事会战略与投资委员会实施细则 第一章 总则 第一条 为适应重庆川仪自动化股份有限公司（以下简称"公司"） 战略发展需要，完善公司治理结构、规范公司董事会战略与投资委员会的 运作，健全战略规划、重大投资决策程序，提高决策效率和决策质量，不 断增强公司核心竞争力和可持续发展能力，根据《中华人民共和国公司法》 《上市公司治理准则》、公司章程及其他有关规定，制定本实施细则。 第二条 董事会战略与投资委员会是董事会下设的专门委员会，负责 对公司中长期发展战略、重大投资决策、可持续发展和 ESG 工作进行研究 并提出建议。 第二章 人员组成 第三条 战略与投资委员会成员由五名董事组成，其中应至少包括一 名独立董事。 第四条 战略与投资委员会委员由董事长、1/2 以上独立董事或者全 体董事的 1/3 以上提名，并由董事会选举产生。 第五条 战略与投资委员会设主任委员（召集人）一名，由公司董事 长担任。 第六条 战略与投资委员会任期与董事会任期一致，委员任期届满， 可以连选连任。期间如有委员不再担任公司董事职务，自动失去委员资格， 并由董事会根据上述第三至第五条规定补足委员人数。 第七条 公司规 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 144,790.88 million, a decrease of 7.63% compared to CNY 156,748.63 million in the same period last year[3]. - The net profit attributable to shareholders was CNY 11,355.94 million, down 23.46% from CNY 14,837.00 million year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 9,065.51 million, a decline of 26.16% compared to CNY 12,276.99 million in the previous year[3]. - Total operating revenue for Q1 2025 was $1,447.91 million, a decrease of 7.63% compared to $1,567.49 million in Q1 2024[19]. - Net profit for Q1 2025 was $115.88 million, down 22.05% from $148.71 million in Q1 2024[20]. - The total comprehensive income for Q1 2025 was $115.79 million, down from $148.72 million in Q1 2024[20]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, with a net outflow of CNY 4,403.56 million, an 88.41% reduction from a net outflow of CNY 38,002.80 million in the same period last year[3][7]. - Cash flow from operating activities showed a net outflow of $44.04 million in Q1 2025, an improvement from a net outflow of $380.03 million in Q1 2024[23]. - Cash and cash equivalents at the end of Q1 2025 were $2,392.61 million, compared to $2,068.11 million at the end of Q1 2024[24]. - Cash and cash equivalents decreased to CNY 2,426,298,237.71 from CNY 2,684,139,918.59, a decline of about 9.59%[14]. - Investment activities resulted in a net cash outflow of $19.00 million in Q1 2025, compared to a net outflow of $12.30 million in Q1 2024[24]. - Financing activities led to a net cash outflow of $161.76 million in Q1 2025, significantly higher than $6.29 million in Q1 2024[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 811,874.75 million, a decrease of 3.46% from CNY 840,969.50 million at the end of the previous year[3]. - The company reported a total asset of CNY 8,118,747,495.83 as of March 31, 2025, a decrease from CNY 8,409,694,963.25 on December 31, 2024, representing a decline of approximately 3.45%[14]. - The company's total liabilities amounted to CNY 3,629,108,526.42, down from CNY 4,039,719,145.10, indicating a reduction of about 10.15%[16]. - The company’s total current liabilities decreased to CNY 3,465,304,462.28 from CNY 3,739,947,888.70, a reduction of approximately 7.33%[15]. Shareholder Equity - The equity attributable to shareholders increased by 2.72% to CNY 443,011.92 million from CNY 431,277.61 million at the end of the previous year[3]. - The total equity attributable to shareholders increased to CNY 4,430,119,208.37 from CNY 4,312,776,085.77, reflecting a growth of approximately 2.73%[16]. - Basic and diluted earnings per share for Q1 2025 were both $0.22, compared to $0.29 in Q1 2024[20]. - The basic and diluted earnings per share were both CNY 0.22, down 24.14% from CNY 0.29 in the same period last year[3][5]. Operational Challenges - The company faced intensified competition and insufficient downstream demand, leading to a significant decrease in investment income from joint ventures[4]. - The company reported a decrease in research and development expenses to $105.56 million in Q1 2025 from $111.26 million in Q1 2024[19]. Ownership Changes - The company is undergoing a change in control, with a significant share transfer involving 98,841,678 shares (19.25% of total shares) to China National Machinery Industry Corporation[12]. - The company’s shareholder equity change involves the transfer of 54,668,322 shares (10.65% of total shares) to its controlling shareholder, indicating a strategic shift in ownership[11].