（记者 王晓波） 每经AI快讯，海鸥股份12月1日晚间发布公告称，截至2025年11月底，公司已累计回购股份约884万 股，占公司总股本的比例为约2.86%，购买的最高价为11.93元/股、最低价为9.92元/股，已支付的总金 额约为1亿元。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ ...

证券代码：603269 证券简称：海鸥股份 公告编号：2025-063 编号：2025-033）。 江苏海鸥冷却塔股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2025/4/29，由董事会提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 28 4 | 日~2026 | 年 | 月 | 24 | 日 | | 预计回购金额 | 6,000万元~12,000万元 | | | | | | | | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | 回购用途 | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 8,842,464股 | | | | | | | 累计已回购股数占总股本比例 | 2.8639% | | | | ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [1][9]. Core Insights - The company has shown a revenue growth of 10.68% year-on-year for the first three quarters of 2025, with a net profit increase of 25.10% [2][3]. - The cooling tower segment is positioned as a leader in the market, with significant growth potential driven by data center demand and domestic replacement opportunities [4][7]. - The company is actively expanding its overseas business, which has already seen over 1,000 projects in more than 70 countries, enhancing its profitability and global market share [7]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.219 billion yuan, with a gross margin of 27.44%, reflecting a year-on-year increase of 3.56 percentage points [3]. - The net profit margin for the same period was 4.38%, up by 0.68 percentage points year-on-year [3]. - The company holds a backlog of orders totaling 3.376 billion yuan as of June 30, 2025, representing a 2.93% increase from the previous year [3]. Market Opportunities - The domestic cooling tower market for data centers is projected to reach 66 billion USD (approximately 459 billion yuan) by 2030, indicating substantial growth potential [4]. - The company is focusing on high-margin overseas projects, which are expected to further enhance profitability [7]. Shareholder Confidence - The company has initiated a share buyback plan, allocating 60 to 120 million yuan for employee stock ownership plans, reflecting confidence in future performance [8]. - The targets set for revenue and net profit growth from 2025 to 2027 are ambitious, with expected revenues of 1.839 billion, 2.111 billion, and 2.430 billion yuan, and net profits of 110 million, 127 million, and 146 million yuan respectively [8]. Earnings Forecast - The company is projected to achieve revenues of 1.793 billion, 2.073 billion, and 2.393 billion yuan from 2025 to 2027, with corresponding EPS of 0.36, 0.48, and 0.62 yuan [9][11].

证券代码：603269 证券简称：海鸥股份 公告编号：2025-062 江苏海鸥冷却塔股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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个别及连带责任。 江苏海鸥冷却塔股份有限公司（以下简称"公司"）于 2025 年 11 月 27 日 在上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/）召开 了公司 2025 年第三季度业绩说明会。本次业绩说明会以网络互动方式召开，公 司针对 2025 年第三季度经营成果、财务状况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。现将相关情况公告如 下： 一、业绩说明会基本情况 2025 年 11 月 20 日，公司披露了《江苏海鸥冷却塔股份有限公司关于召开 2025 年第三季度业绩说明会的公告》（公告编号：2025-060）。本次业绩说明会 于 2025 年 11 月 27 日上午 10:00-11:00 以网络互动的形式在上海证券交易所上 证路演中心（网址：h ...

证券日报网讯 11月24日晚间，海鸥股份发布公告称，2025年11月24日，公司收到中国证券登记结算有 限责任公司出具的《证券过户登记确认书》，公司回购专用证券账户中持有的8，075，000股标的股票 已通过非交易过户形式过户至"江苏海鸥冷却塔股份有限公司－2025年员工持股计划"证券账户，过户价 格为5.54元/股。截至本公告披露日，公司2025年员工持股计划证券账户持有公司股份8，075，000股， 约占公司总股本的比例为2.6154%。 （文章来源：证券日报） ...

证券代码：603269 证券简称：海鸥股份 公告编号：2025-061 江苏海鸥冷却塔股份有限公司 关于2025年员工持股计划非交易过户完成的公告 根据公司《2025年员工持股计划》的相关规定，本员工持股计划的存续期为 48个月，自公司公告最后一笔标的股票过户至本员工持股计划名下之日起计算。 本员工持股计划所获标的股票，均自公司公告最后一笔标的股票非交易过户至本 员工持股计划名下之日起12个月、24个月、36个月且满足本员工持股计划约定的 解锁条件后，开始分期解锁，每期解锁的标的股票比例分别为30%、30%、40%。 各年度具体解锁比例和数量根据持有人考核结果计算确定。 江苏海鸥冷却塔股份有限公司（以下简称"公司"）于2025年9月15日召开的 第九届董事会第十四次会议和2025年10月13日召开的2025年第二次临时股东会， 审议通过了《关于<江苏海鸥冷却塔股份有限公司2025年员工持股计划（草案）> 及其摘要的议案》《关于<江苏海鸥冷却塔股份有限公司2025年员工持股计划管理 办法>的议案》《关于提请股东会授权董事会办理公司2025年员工持股计划相关事 项的议案》，同意公司实施2025年员工持股计划（以下 ...

证券代码：603269 证券简称：海鸥股份 公告编号：2025-060 江苏海鸥冷却塔股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 27 日（星期四）10:00-11:00 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：上证路演中心网络互动 投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星期三）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 liuli@seagull-ct.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。 江苏海鸥冷却塔股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 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 ...

Core Viewpoint - The company, Seagull Co., emphasizes the complexity and customization of industrial cooling towers, which leads to longer production and acceptance cycles, while also highlighting its strong cash flow and receivables management [2]. Group 1: Industry Characteristics - Industrial cooling towers are classified as "non-standard" products, requiring design and production based on customer specifications, resulting in significant technical differences and multiple production and installation stages [2]. - The delivery, debugging, and acceptance of these products are constrained by the overall project progress of the customer, contributing to longer lead times from production to acceptance [2]. Group 2: Company Financials - For the period from January to September 2025, the company reported a net cash flow from operating activities of 249 million yuan, indicating good operational performance [2]. - The company has established a strict receivables management system to enhance the management of accounts receivable, which is crucial given the industry's reliance on quality assurance deposits that are only recoverable after the warranty period [2]. Group 3: Customer Base - The company's clients primarily consist of large enterprise groups with strong creditworthiness and comprehensive strength, providing a certain level of assurance regarding the collectability of accounts receivable [2].

Core Viewpoint - The company Seagull Co., Ltd. (海鸥股份) has indicated that cooling towers can be utilized in the energy storage sector [2] Group 1 - Investors inquired about the application of cooling towers in the energy storage field [2] - Seagull Co., Ltd. responded positively, confirming the potential use of cooling towers in this area [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's performance is driven by an increase in gross margin, leading to steady growth in earnings. The employee stock ownership plan reflects confidence in future development [6] - The company reported a revenue of 1.219 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.68%, with a net profit attributable to shareholders of 51.23 million yuan, up 25.10% year-on-year [9] - The company plans to repurchase shares worth between 60 million to 120 million yuan for the employee stock ownership plan, which will account for 1.60% to 3.20% of the total share capital [9] Financial Performance Summary - Revenue for 2025 is projected to be 1.823 billion yuan, with a year-on-year growth rate of 14.01% [8] - Net profit for 2025 is expected to be 109 million yuan, with a year-on-year growth rate of 14.05% [8] - The gross margin for the first three quarters was 27.44%, an increase of 3.56 percentage points year-on-year [9] - The company’s total market capitalization is approximately 3.739 billion yuan [4] Earnings Forecast and Valuation - The forecasted net profit for 2025-2027 is 109 million yuan, 127 million yuan, and 151 million yuan respectively, corresponding to a PE ratio of 34X, 29X, and 25X based on the stock price as of November 4 [7] - The company’s return on equity (ROE) is expected to increase from 10.02% in 2025 to 12.36% in 2027 [8]