证券代码：603489 证券简称：八方股份 公告编号：2026-004 八方电气（苏州）股份有限公司 关于与关联方共同投资设立控股公司 暨关联交易的进展公告 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个别及连带责任。 八方电气（苏州）股份有限公司（以下简称"公司"）于2026年2月9日召开第三届董事会第十二次会议， 审议通过了《关于与关联方共同投资设立控股公司暨关联交易的议案》，同意全资子公司八方（天津） 电气科技有限责任公司（以下简称"八方天津"）与自然人高志明先生、王治民先生共同投资设立控股公 司，新设公司注册资本2000万元人民币，其中八方天津持股60%，高志明持股30%，王治民持股10%。 具体详见公司于2026年2月11日在上海证券交易所网站（www.sse.com.cn）及《证券时报》《中国证券 报》《上海证券报》上披露的《关于与关联方共同投资设立控股公司暨关联交易的公告》（2026- 003）。 近日，公司获悉上述新设公司已完成注册登记手续，并取得了天津市静海区市场监督管理局下发的营业 执照，现将营业执照主要信息公告如 ...

证券代码：603489 证券简称：八方股份 公告编号：2026-004 八方电气（苏州）股份有限公司 关于与关联方共同投资设立控股公司 暨关联交易的进展公告 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个别及连带责任。 成立日期：2026 年 2 月 11 日 住所：天津子牙经济技术开发区高新产业园银海道 21 号 经营范围：一般项目：货物进出口；技术服务、技术开发、技术 咨询、技术交流、技术转让、技术推广；电机及其控制系统研发；金 属材料销售；金属制品销售；电子元器件与机电组件设备销售；机械 电气设备销售；发电机及发电机组销售；微特电机及组件销售；轴承、 齿轮和传动部件销售；自行车及零配件零售；自行车及零配件批发； 自行车零配件销售；助动自行车、代步车及零配件销售；电动自行车 销售；摩托车及零配件批发；摩托车及零配件零售；非公路休闲车及 零配件销售；电池销售；电池零配件销售；智能无人飞行器销售；娱 乐船和运动船销售；轮胎销售；五金产品批发；五金产品零售；电车 销售；新能源汽车整车销售；新能源汽车电附件销售；汽车零配件批 发；汽车零配 ...

Summary of Conference Call on Gas Turbine Industry Industry Overview - The conference focused on the gas turbine industry, particularly in the context of North America's electricity shortage and the increasing demand for power generation technologies [2][4]. Key Points and Arguments 1. **Global Demand and Supply Dynamics**: - In 2022, the global demand for gas turbines was 40 GW, increasing to 44 GW in 2023 and projected to reach 58 GW in 2024. By 2025, new orders are expected to be around 85 GW, with a long-term demand forecast exceeding 200 GW by 2030 [3][4]. - Current supply is constrained, with only 57 GW available against a demand of 87 GW for new orders in 2025, leading to a significant supply-demand gap [3][4]. 2. **Technological Adjustments**: - The industry is experiencing a dynamic adjustment in technology paths due to supply chain constraints and regional demand imbalances. Gas turbines remain the primary technology, but there is a shift towards other technologies as well [4][5]. 3. **Investment Opportunities**: - The investment focus should be on segments with the tightest supply constraints, such as gas turbine hot-end components and large-bore engines. There is also potential in domestic and export replacements, as well as companies that are well-positioned within global supply chains [7][12]. 4. **Service Market Growth**: - The global gas turbine service market is projected to grow from $38 billion in 2023 to approximately $87 billion by 2033, indicating a significant compound annual growth rate [8]. 5. **Gas Internal Combustion Engines**: - Gas internal combustion engines, particularly medium-speed engines, are gaining traction due to their cost-effectiveness and shorter delivery times compared to gas turbines. The cost per kilowatt-hour for medium-speed engines is competitive, making them attractive for specific applications [9][10]. 6. **Diesel Generators**: - Diesel generators are recognized as essential backup power sources, especially in data centers. The demand for diesel generators is expected to grow significantly, with a projected market size increase from over $11 billion in 2025 to approximately $16.5 billion by 2029 [10][11]. Additional Important Insights - **Market Concentration**: - The gas turbine market is highly concentrated, with a few key players dominating the supply chain. This concentration leads to rigid supply constraints, particularly in the production of critical components like hot-end blades [6][7]. - **Company Recommendations**: - Key companies highlighted include: - **Jereh**: Strong performance in gas turbine manufacturing and global supply chain advantages [12]. - **Inflow**: Focused on hot-end components with strong order visibility and partnerships with major global players [13]. - **Haomai**: A leading supplier of cold-end components with stable growth prospects [14]. - **Dongfang Electric**: A major domestic player with a significant market share and potential for valuation appreciation [15]. - **LianDe**: Positioned well across multiple segments with a focus on efficiency and cost reduction [16]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the gas turbine industry and its investment landscape.

Core Viewpoint - The company Baifang Co., Ltd. (八方股份) anticipates a significant increase in net profit for 2025, driven by market recovery and operational efficiencies [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders for 2025 to be between 90 million and 110 million yuan, representing a year-on-year growth of 40.96% to 72.29% [2]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between 72 million and 92 million yuan, indicating a growth of 74.46% to 122.93% [2]. - The growth is attributed to the end of inventory depletion in overseas terminal markets, order recovery, and the effects of technological innovation and cost control [2]. Related Transactions - On February 10, 2026, the company announced that its wholly-owned subsidiary, Baifang (Tianjin) Electric Technology Co., Ltd., plans to jointly invest with individuals Gao Zhiming and Wang Zhimin to establish Tianjin Naisi Mufu Trading Co., Ltd., with a registered capital of 20 million yuan, where Baifang Tianjin will hold 60% [3]. - This transaction is classified as a related party transaction but does not constitute a major asset restructuring, aiming to integrate resources and expand the market [3]. Stock Performance - As of February 10, 2026, Baifang's stock price was 29.33 yuan per share, reflecting a decline of 2.00% on that day, with a total market capitalization of approximately 6.881 billion yuan [4]. - Over the past five trading days, the stock has decreased by 4.65%, and over the past 20 days, it has fallen by 5.66% [4]. - On that day, there was a net outflow of 733,100 yuan in principal funds [4].

Group 1 - The company held its 12th meeting of the third board of directors on February 9, 2026, with all six directors present, and the meeting was deemed legally valid [2][4] - The board approved a proposal for the establishment of a holding company in partnership with related parties, which was reviewed by independent directors prior to the board meeting [3][11] - The proposal involves the establishment of Tianjin Naisi Mufu Trading Co., Ltd. with a registered capital of 20 million RMB, where the company's wholly-owned subsidiary will hold 60% of the shares [7][8] Group 2 - The investment will be made by the company's wholly-owned subsidiary, Bafang (Tianjin) Electric Technology Co., Ltd., in collaboration with natural persons Gao Zhiming and Wang Zhimin [8][10] - The shareholding structure will be 60% for Bafang Tianjin, 30% for Gao Zhiming, and 10% for Wang Zhimin, with the latter being classified as a related party due to familial ties with the company's chairman [8][13] - The new company will not have a significant impact on the company's financial performance in the short term, and its future operations may be subject to market uncertainties [9][31] Group 3 - The investment agreement stipulates that the three parties will contribute a total of 20 million RMB, with specific amounts allocated to each party [17] - The governance structure of the new company will include a shareholders' meeting and a single director, with management responsibilities assigned to Wang Zhimin [18][20] - The agreement includes restrictions on share transfers and competition for five years, ensuring that parties do not engage in competing businesses [23][24] Group 4 - The independent directors have reviewed the transaction and concluded that it aligns with the company's operational needs and does not harm the interests of the company or minority shareholders [32] - The board's approval of the transaction does not require submission to the shareholders' meeting, pending local regulatory approval for the new company [34][35] - The company has not engaged in any related transactions with the same or different related parties in the past 12 months [35]

Group 1 - The company Baifang Co., Ltd. announced on February 10 that its third board meeting was held on February 9, 2026, combining in-person and communication methods [1] - The meeting reviewed the proposal regarding the establishment of a holding company through joint investment with related parties and the associated transactions [1]

证券代码：603489 证券简称：八方股份 公告编号：2026-003 八方电气（苏州）股份有限公司 关于全资子公司与关联方共同投资设立控股公司 暨关联交易的公告 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。 重要内容提示： ● 拟投资设立控股公司的名称：天津耐思幕夫贸易有限公司（暂 定名，以下简称"天津贸易"，最终名称以市场监督管理部门核准结 果为准） ● 交易简要内容：八方电气（苏州）股份有限公司（以下简称 "公司"）之全资子公司八方（天津）电气科技有限责任公司（以下 简称"八方天津"）拟与自然人高志明先生、王治民先生共同投资新 设天津贸易，注册资本 2000 万元人民币，其中八方天津持股 60%， 高志明持股 30%，王治民持股 10%。 ● 因公司控股股东、实际控制人、董事长王清华先生与王治民 先生系叔侄关系，基于谨慎性原则，公司将王治民先生列为关联自然 人。本次交易构成与关联方共同投资的关联交易，未构成重大资产重 组。 ● 本次关联交易事项已经公司独立董事专门会议、第三届董事 会第十二次会议审议通过，无需提交 ...

八方电气（苏州）股份有限公司（以下简称"公司"）于 2026 年 2 月 9 日以现场结合通讯方式召开了第三届董事会第十二次会议，会 议通知于 2026 年 2 月 6 日以电子邮件方式发出。本次会议由董事长 王清华先生召集并主持，会议应出席董事 6 名，实际出席董事 6 名， 公司高级管理人员列席了会议。本次会议的召集、召开及表决程序符 合《公司法》及《公司章程》等文件的相关规定，程序合法，会议决 议有效。 二、董事会会议审议情况 与会董事审议并通过如下议案： （一）审议通过《关于全资子公司与关联方共同投资设立控股公 司暨关联交易的议案》 证券代码：603489 证券简称：八方股份 公告编号：2026-002 八方电气（苏州）股份有限公司 第三届董事会第十二次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 - 1 - 披露的《关于与关联方共同投资设立控股公司暨关联交易的公告》 （2026-003）。 表决结果：4 票同意，0 票反对，0 票弃权。关联董事王清华先 生、王英喆先生回避 ...

Core Viewpoint - The company Baifang Co., Ltd. (八方股份) announced that its wholly-owned subsidiary Baifang (Tianjin) Electric Technology Co., Ltd. plans to jointly invest in a new entity, Tianjin Trade, with two individuals, which aligns with the company's long-term strategic development [1] Group 1 - Baifang Tianjin will hold a 60% stake in the new Tianjin Trade, while the individual investors Gao Zhiming and Wang Zhimin will hold 30% and 10% respectively [1] - The registered capital for Tianjin Trade is set at 20 million RMB [1] - This investment is aimed at resource integration and market expansion, which is consistent with the company's strategic goals [1] Group 2 - The investment will utilize idle funds and is not expected to have a significant impact on the company's financial and operational status [1] - There are no concerns regarding the potential harm to the interests of the company and its shareholders [1]

Core Viewpoint - Bafang Co., Ltd. announced that its wholly-owned subsidiary, Bafang Tianjin, plans to jointly invest 20 million yuan with Gao Zhiming and Wang Zhimin to establish Tianjin Trading (tentative name), with respective shareholdings of 60%, 30%, and 10% [1] Group 1 - The investment constitutes a related party transaction due to the familial relationship between the company's chairman, Wang Qinghua, and Wang Zhimin, but it does not qualify as a major asset restructuring [1] - The transaction has been approved through relevant reviews and does not require shareholder meeting approval [1] - There have been no related party transactions in the past 12 months [1] Group 2 - The newly established company has not commenced operations and is not expected to have a significant impact on performance in the short term [1] - Future performance may be subject to uncertainty based on market conditions [1]