Core Insights - The company reported a revenue of 4.746 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26.93%, with a net profit attributable to shareholders of 11.1964 million yuan [1] Group 1: Business Overview - The company has been a pioneer in the petrochemical equipment manufacturing sector since its establishment in 1953, focusing on energy equipment manufacturing across traditional energy, new energy, industrial intelligent equipment, and energy conservation and environmental protection [1] - The company is strategically expanding its new energy equipment industry chain in response to the new energy revolution and "dual carbon" opportunities [1] Group 2: Hydrogen Energy Development - The company has developed a full industrial chain of core technologies and equipment for green hydrogen production, storage, transportation, and utilization [1] - In 2023, the company completed the first integrated demonstration project for green hydrogen in Gansu Province and signed an international order for PEM electrolyzer equipment, marking a significant step in its international development [1] Group 3: Nuclear Energy Sector - The company has established a comprehensive supply chain in the nuclear equipment sector, covering everything from upstream nuclear-grade materials to downstream nuclear environmental protection equipment [2] - In the first half of 2023, the company received orders worth 306 million yuan in the nuclear energy sector, a year-on-year increase of 32.16%, and successfully exported core equipment overseas [2] - The company is enhancing its production capacity in Qingdao to strengthen its manufacturing capabilities for high-end nuclear power equipment [2] Group 4: Research and Development - The company increased its R&D expenses by 65.67% year-on-year, focusing on core areas for technological breakthroughs and accelerating the application of research results [3] - The company achieved significant milestones, including the successful manufacturing of the first domestic low-pressure separator for LDPE/EVA tubular devices, breaking foreign technology monopolies [3] - Several projects have been approved for the 2025 provincial science and technology plan, and one project won the first prize in the Gansu Provincial Science and Technology Progress Award [3]

Company Overview - Lanzhou Lanshi Heavy Equipment Co., Ltd. is located in Lanzhou New District, Gansu Province, established on October 22, 2001, and listed on October 9, 2014 [1] - The company specializes in traditional energy chemical equipment, new energy equipment, industrial intelligent equipment, and energy-saving environmental protection equipment, covering research, design, manufacturing, testing, maintenance services, and engineering contracting [1] - The revenue composition of the main business includes: traditional energy equipment 50.98%, metal new materials 16.65%, engineering contracting 12.09%, energy-saving environmental equipment 8.59%, industrial intelligent equipment 6.49%, new energy equipment 4.13%, technical services 0.70%, and others 0.37% [1] Stock Performance - On October 31, Lanzhou Lanshi Heavy Equipment's stock fell by 5.18%, trading at 8.78 CNY per share, with a transaction volume of 778 million CNY and a turnover rate of 6.64%, resulting in a total market capitalization of 11.469 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders, Huaxia Fund's Huaxia CSI 1000 ETF (159845) reduced its holdings by 6,300 shares in the third quarter, holding a total of 3.55 million shares, which accounts for 0.27% of the circulating shares [2] - The estimated floating loss for Huaxia CSI 1000 ETF today is approximately 1.704 million CNY [2] - The fund was established on March 18, 2021, with a latest scale of 45.469 billion CNY, and has achieved a year-to-date return of 27.04% [2]

Core Viewpoint - Lanshi Heavy Industry (SH 603169) reported a significant increase in revenue for the first three quarters of 2025, but a substantial decline in net profit and earnings per share [1] Financial Performance - Revenue for the first three quarters reached approximately 4.746 billion yuan, representing a year-on-year increase of 26.93% [1] - Net profit attributable to shareholders was about 11.2 million yuan, showing a year-on-year decrease of 88.33% [1] - Basic earnings per share were 0.0086 yuan, down 88.3% compared to the previous year [1]

Group 1 - The core point of the article is that Lanshi Heavy Industry (SH 603169) held its eighth meeting of the sixth board of directors on October 30, 2025, where it reviewed the proposal for retrospective adjustment of financial data for enterprises under the same control [1] - For the year 2024, the revenue composition of Lanshi Heavy Industry is as follows: mechanical manufacturing accounts for 72.87%, new metal materials account for 14.29%, engineering general contracting accounts for 9.96%, technical services account for 2.02%, and other businesses account for 0.86% [1]

Core Viewpoint - 兰石重装 reported a significant increase in revenue for Q3 2025, but also posted a net loss for the period [1] Financial Performance - The company's operating revenue reached 1.914 billion yuan, representing a year-on-year increase of 53.53% [1] - The net profit attributable to shareholders was -43.1328 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -50.1401 million yuan [1]

证券代码：603169 证券简称：兰石重装 公告编号：临 2025-088 兰州兰石重型装备股份有限公司 重要内容提示： 会议召开时间：2025 年 11 月 10 日(星期一)11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 11 月 3 日（星期一）至 11 月 7 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zqb@lshec.com）进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 兰州兰石重型装备股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 10 日（星期一） 11:00-12:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者 ...

证券代码：603169 证券简称：兰石重装 公告编号：临 2025-087 兰州兰石重型装备股份有限公司 关于同一控制下企业合并追溯调整财务数据的公告 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。 兰州兰石重型装备股份有限公司（以下简称"兰石重装"或"公司"）第六 届董事会第八次会议审议并通过了《关于同一控制下企业合并追溯调整财务数据 的议案》，现将有关情况公告如下： 根据《企业会计准则第 33 号——合并财务报表》等相关规定，对于同一控 制下的企业合并，在合并当期编制合并财务报表时，应当调整合并资产负债表的 期初数，应当将被合并的子公司合并当期期初至报告期末的收入、费用、利润纳 1 入合并利润表，以及将被合并的子公司合并当期期初至报告期末的现金流量纳入 合并现金流量表，同时应当对比较报表的相关项目进行调整，视同合并后的报告 主体自最终控制方开始控制时点起一直存在。因此，公司需要按照上述规定，对 截至 2024 年 12 月 31 日合并资产负债表、2024 年 1-9 月合并利润表、2024 年 1-9 月合并现金流量表相 ...

证券代码：603169 证券简称：兰石重装 公告编号：临 2025-086 兰州兰石重型装备股份有限公司 第六届董事会第八次会议决议公告 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。 2. 审议通过《关于同一控制下企业合并追溯调整财务数据的议案》 同意公司按照同一控制下企业合并的相关规定，对截至 2024 年 12 月 31 日 合并资产负债表、2024 年 1-9 月合并利润表、2024 年 1-9 月合并现金流量表相 关财务数据进行追溯调整。 一、董事会会议召开情况 兰州兰石重型装备股份有限公司（以下简称"公司"）第六届董事会第八次 会议于 2025 年 10 月 30 日以现场加通讯表决方式在公司六楼会议室召开。会议 通知于 2025 年 10 月 24 日以电子邮件方式送达全体董事。会议应出席董事 9 人， 实际出席董事 9 人，公司高级管理人员列席会议。会议由公司董事长郭富永主持， 会议的召集、召开符合《公司法》及公司《章程》的相关规定。 二、董事会会议审议情况 会议以记名投票方式形成如下决议： 1. 审议通过《2 ...

Financial Performance - Operating revenue for the third quarter reached ¥1,914,250,353.04, an increase of 53.53% compared to the same period last year[3] - Total profit for the quarter was -¥43,621,650.09, a decrease of 253.78% year-on-year[3] - Net profit attributable to shareholders was -¥43,132,765.11, down 263.44% from the previous year[3] - Basic earnings per share for the quarter were -¥0.033, a decrease of 263.37% year-on-year[3] - Net profit for the first three quarters of 2025 was ¥1,165,443.95, a significant decrease from ¥97,287,272.20 in the previous year[16] - The net profit for the first three quarters of 2025 was a loss of ¥46,010,334.35, compared to a profit of ¥37,631,567.12 in the first three quarters of 2024, indicating a significant decline in profitability[24] Cash Flow - The net cash flow from operating activities was -¥8,265,512.62, a decline of 115.08% compared to the same period last year[3] - The net cash flow from operating activities for the first three quarters of 2025 was -135,071,119.01, a decrease from 318,553,212.16 in the same period of 2024[27] - Cash inflow from operating activities totaled ¥4,100,727,986.37, slightly up from ¥4,065,338,916.76 in the previous year[20] - Total cash inflow from operating activities decreased to 2,745,225,268.91 in 2025 from 2,905,204,757.19 in 2024, representing a decline of approximately 5.5%[27] - Cash inflow from financing activities decreased to 3,091,170,000.00 in 2025 from 3,702,860,000.00 in 2024, a decline of about 16.5%[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,672,263,750.83, an increase of 1.13% from the end of the previous year[3] - Total current assets as of September 30, 2025, amount to ¥7,906,351,924.50, an increase from ¥7,680,234,202.52 in December 2024[11] - Total liabilities as of September 30, 2025, are ¥9,114,131,850.17, compared to ¥8,903,499,277.38 in December 2024[12] - The total assets as of September 30, 2025, are ¥12,672,263,750.83, compared to ¥12,530,576,708.82 in December 2024[12] - The company's total liabilities and equity amounted to ¥12,672,263,750.83, an increase from ¥12,530,576,708.82 year-over-year[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 87,888[8] - The largest shareholder, Lanzhou Lanshi Group Co., Ltd., holds 602,062,196 shares, accounting for 46.09% of total shares[8] - The company reported a total equity attributable to shareholders of ¥3,309,860,229.43, down from ¥3,395,211,764.20 in the previous year[15] - The total equity decreased to ¥3,135,742,104.87 as of September 30, 2025, from ¥3,181,752,439.22 at the end of 2024, reflecting a decline in shareholder value[23] Research and Development - The company's R&D expenses increased by 65.67% year-to-date, reflecting a commitment to new product development and technology transformation[6] - Research and development expenses increased to ¥196,204,613.29, up 65.7% from ¥118,433,508.04 year-over-year[15] - Research and development expenses for the first three quarters of 2025 were ¥81,789,057.14, significantly higher than ¥40,798,897.61 in the same period of 2024, indicating a focus on innovation[24] Inventory and Receivables - The company's inventory as of September 30, 2025, is ¥2,613,760,987.07, down from ¥3,077,730,260.43 in December 2024[11] - The company reported a decrease in accounts receivable from ¥1,260,575,920.37 in December 2024 to ¥1,254,339,798.51 as of September 30, 2025[11] - The company's inventory decreased to ¥1,164,908,158.87 as of September 30, 2025, down from ¥1,670,071,079.26 at the end of 2024, indicating improved inventory management[22] Financing Activities - The company raised ¥10,700,000.00 from minority shareholders during the financing activities in 2025[20] - The company's cash flow from financing activities showed a net inflow of ¥133,793,592.07, a decrease from ¥675,241,437.48 in the previous year[21] - The total cash outflow from financing activities was 3,143,957,778.38 in 2025, slightly lower than 3,207,954,814.32 in 2024[27] Other Financial Metrics - Non-recurring gains and losses for the quarter totaled ¥7,007,355.17, with government subsidies contributing significantly[4] - The company has no significant changes in the participation of major shareholders in margin trading and stock lending[9] - The company did not apply new accounting standards for the year 2025[28]

Core Insights - Lanzhou Lanshi Heavy Equipment Co., Ltd. signed a contract with China Nuclear Engineering Co., Ltd. worth 581 million yuan (including tax) to provide main process equipment for nuclear energy projects, marking a significant breakthrough in the nuclear energy sector [1] - The contract is expected to support the company's operational performance from 2025 onwards, enhancing its market share and core competitiveness in the nuclear energy field [1] Company Overview - Founded in 1953, Lanzhou Lanshi Heavy Equipment has been a pioneer in the petrochemical equipment manufacturing sector, with a focus on energy equipment across traditional and renewable energy, industrial intelligent equipment, and energy conservation [2] - The company has a comprehensive nuclear energy product range covering upstream nuclear-grade materials, nuclear fuel equipment, midstream nuclear power plant equipment, and downstream spent fuel recycling and nuclear environmental protection equipment [2] - The company has seen a continuous increase in nuclear energy orders, with a 32.16% year-on-year growth in new orders amounting to 306 million yuan in the first half of the year [2] Strategic Developments - The company is investing in enhancing its nuclear power equipment production capacity through the establishment of new heavy-duty workshops and the installation of advanced core equipment [2] - The company aims to leverage favorable policies in the nuclear energy market to deepen its development in the third-generation nuclear power equipment market and accelerate the exploration of fourth-generation nuclear equipment and spent fuel processing [3]