Group 1 - The core point of the article is that the company clarifies its limited involvement in the controlled nuclear fusion sector, stating that only microchannel heat exchangers and plate heat exchangers have relevant applications, contributing less than 0.1% to annual revenue [1] - The company emphasizes that the 581 million yuan order disclosed on October 30, 2025, in the nuclear energy sector does not pertain to controlled nuclear fusion, and revenue recognition from this contract is expected to mainly occur in 2026, with uncertainty regarding any revenue recognition in 2025 [1] - The company advises investors to be cautious about investment risks, particularly regarding the potential impact of the aforementioned order on the company's operating performance for 2025, which is expected to be minimal [1] Group 2 - As of the latest market close, the company's stock has reached a limit-up price of 10.54 yuan per share, marking a trend of three consecutive days of gains over four trading days [4]

Core Viewpoint - The company clarifies its limited involvement in the controllable nuclear fusion sector, stating that related revenue is negligible, accounting for less than 0.1% of total revenue [1] Group 1 - The company has confirmed that only microchannel heat exchangers and plate heat exchangers have applications in the controllable nuclear fusion field [1] - The company emphasizes that the 581 million yuan order disclosed on October 30, 2025, in the nuclear energy sector does not pertain to controllable nuclear fusion business [1] - Revenue recognition for the aforementioned contract is expected to primarily occur in 2026, with uncertainty regarding any revenue recognition in 2025, indicating a minimal impact on the company's performance for that year [1]

Core Viewpoint - The company clarifies its limited involvement in the controlled nuclear fusion sector, stating that only microchannel heat exchangers and plate heat exchangers have relevant applications, contributing less than 0.1% to annual revenue [1] Group 1: Business Clarification - The company confirms that the revenue from the nuclear energy order disclosed on October 30, 2025, amounting to 581 million yuan, does not pertain to controlled nuclear fusion business [1] - The recognition of revenue from this contract is expected to primarily occur in 2026, with uncertainty regarding the recognition of any revenue in 2025, indicating a minimal impact on the company's performance for that year [1] Group 2: Market Reaction - The company addresses the market's classification of it as a "controlled nuclear fusion concept stock," emphasizing the negligible contribution of related business to overall revenue [1]

Core Viewpoint - The company clarifies that its involvement in the controlled nuclear fusion sector is minimal, with only microchannel heat exchangers and plate heat exchangers having relevant applications, contributing less than 0.1% to annual revenue [1] Group 1: Business Clarification - The company confirms that the revenue from the nuclear energy order disclosed on October 30, 2025, amounting to 581 million yuan, does not pertain to controlled nuclear fusion business [1] - The recognition of revenue from this contract is expected to primarily occur in 2026, with uncertainty regarding the recognition of any revenue in 2025, indicating a minimal impact on the company's performance for that year [1]

证券代码：603169 证券简称：兰石重装 公告编号：临 2025-089 兰州兰石重型装备股份有限公司 股票交易异常波动公告 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： 一、股票交易异常波动的具体情况 公司股票于 2025 年 11 月 3 日、11 月 4 日连续两个交易日收盘价格涨幅偏 离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交 1 易价格异常波动的情形。 二、公司关注并核实的相关情况 兰州兰石重型装备股份有限公司（以下简称"公司"）股票于 2025 年 11 月 3 日、11 月 4 日连续两个交易日收盘价格涨幅偏离值累计超过 20%，属于 股票交易异常波动的情形，存在短期涨幅较大后的下跌风险。 公司于 2025 年 10 月 31 日披露了《2025 年第三季度报告》，公司 2025 年 1-9 月实现归属于上市公司股东的净利润 1,119.64 万元，同比下降 88.33%； 实现归属于上市公司股东的扣除非经常性损益的净利润-1,513.79 万元，同比下降 11 ...

截至目前，本公司不存在影响你公司股票交易异常波动 的重大事项，不存在涉及你公司应披露而未披露的重大信息， 包括但不限于重大资产重组、股份发行、重大交易类事项、 业务重组、股份回购、股权激励、破产重整、重大业务合作、 引进战略投资者等重大事项。你公司本次股票交易异常波动 期间，本公司不存在买卖贵公司股票的行为。 特此复函。 兰州兰石集团有限公司 2025 年 11 月 4 日 兰州兰石集团有限公司 关于对《兰州兰石重型装备股份有限公司关于股票交 易异常波动的问询函》的回函 兰州兰石重型装备股份有限公司： 你公司于 2025 年 11 月 4 日发来的《关于股票交易异常 波动的问询函》已收悉，经自查，现回复如下： ...

Core Viewpoint - The stock of Lanstone Heavy Industry experienced an abnormal fluctuation, with a cumulative closing price deviation exceeding 20% over two consecutive trading days, prompting the company to clarify its business status and the nature of recent orders [1] Group 1: Stock Performance - The company's stock price increased significantly, with a cumulative deviation of over 20% on November 3 and 4, 2025 [1] - The company confirmed that there were no significant changes in its main business or operating environment [1] Group 2: Business Operations - The recently disclosed order worth 581 million yuan in the nuclear energy sector does not involve controllable nuclear fusion business, and its revenue recognition is expected to mainly impact the 2026 fiscal year [1] - The revenue contribution from microchannel heat exchangers and plate heat exchangers in the controllable nuclear fusion field is less than 0.1% [1] Group 3: Management Actions - The company's controlling shareholders, directors, and senior management did not engage in any stock trading during the period of abnormal price fluctuation [1] - The company advised investors to be cautious regarding investment risks and emphasized that all relevant information should be based on designated disclosure media [1]

Core Viewpoint - The company clarifies its limited involvement in the controllable nuclear fusion sector, stating that only microchannel heat exchangers and plate heat exchangers have relevant applications, contributing less than 0.1% to annual revenue [2] Group 1: Business Clarification - The company has been identified as a "controllable nuclear fusion concept stock" in the market, prompting the need for clarification regarding its actual business involvement [2] - The company emphasizes that the revenue from its nuclear energy orders, amounting to 581 million yuan, does not pertain to controllable nuclear fusion and is expected to be recognized mainly in 2026 [2] - There is uncertainty regarding the recognition of any revenue in 2025, which is anticipated to have a minimal impact on the company's operating performance for that year [2]

Core Viewpoint - The article discusses the transformation challenges faced by Lanzhou Heavy Equipment (兰石重装) as it shifts focus towards nuclear and hydrogen energy, highlighting both the potential opportunities and the financial struggles associated with this transition [3][39]. Group 1: Company Background and Transformation - Lanzhou Heavy Equipment, established in 1953, has a long history as a key player in China's energy equipment manufacturing, initially focusing on traditional energy sectors [6]. - The company went public in 2014, experiencing a strong market debut despite previous declines in net profit, reflecting high market expectations [6]. - Following a downturn in traditional energy equipment, the company identified a need for transformation, emphasizing the development of new energy equipment, industrial intelligence, and environmental protection equipment since 2018 [6][7]. Group 2: New Energy Focus - The company has made significant strides in nuclear energy and hydrogen energy, claiming to cover the entire industry chain from production to storage and utilization [9][14]. - In nuclear energy, Lanzhou Heavy Equipment has established itself as a major supplier in the domestic market, particularly in nuclear fuel and nuclear power station equipment [9][10]. - The hydrogen energy segment includes various technologies for hydrogen production, storage, and refueling stations, showcasing a comprehensive approach to new energy solutions [14][15]. Group 3: Financial Performance and Challenges - In 2022, the company reported revenue of 4.98 billion, a 23.4% increase, with net profit rising by 37.6% to 180 million, driven largely by the growth in new energy equipment [17]. - Despite revenue growth, the company faced challenges, including a significant drop in the profitability of its nuclear-related acquisition, which fell short of performance expectations [20][21]. - The overall gross margin declined by approximately 4 percentage points across both traditional and new energy equipment, attributed to rising raw material costs [22][23]. Group 4: Recent Developments and Future Outlook - By 2025, the company reported a revenue of 2.83 billion in the first half, a 13.6% increase, but faced a sharp decline in net profit by 21.9% due to increased R&D expenditures [27][30]. - The first three quarters of 2025 showed a revenue increase of 26.9%, yet net profit plummeted by 88.3%, indicating a significant disconnect between revenue growth and profitability [30][34]. - The company is currently navigating a challenging transition, with high R&D costs and cash flow pressures impacting its financial health, raising questions about the sustainability of its growth strategy [36][39].

Core Points - The specialized equipment sector experienced a decline of 1.15% on November 4, with Qiangrui Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Sector Performance - Notable gainers in the specialized equipment sector included: - Lanshi Heavy Industry (603169) with a closing price of 10.54, up 10.02% and a trading volume of 2.482 million shares, totaling 2.559 billion yuan [1] - Standard Shares (600302) closed at 11.10, up 10.01% with a trading volume of 589,600 shares, totaling 625 million yuan [1] - Jereh Group (002353) closed at 53.23, up 5.11% with a trading volume of 156,700 shares, totaling 828 million yuan [1] - Major decliners included: - Qiangrui Technology (301128) closed at 92.65, down 9.71% with a trading volume of 81,100 shares, totaling 771 million yuan [2] - Taidan Shares (003036) closed at 17.14, down 5.62% with a trading volume of 164,700 shares, totaling 281 million yuan [2] - Lingge Technology (920284) closed at 41.97, down 5.45% with a trading volume of 41,700 shares, totaling 179 million yuan [2] Capital Flow - The specialized equipment sector saw a net outflow of 2.813 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.173 billion yuan [2][3] - Key stocks with significant capital flow included: - Yongchuang Intelligent (603901) with a net inflow of 48.0565 million yuan from institutional investors [3] - Jinggong Technology (002006) with a net inflow of 37.316 million yuan from institutional investors [3] - Houpus Shares (300471) with a net inflow of 26.5446 million yuan from institutional investors [3]