襄阳长源东谷实业股份有限公司2025 年年度报告 公司代码：603950 公司简称：长源东谷 襄阳长源东谷实业股份有限公司 2025 年年度报告 1 / 209 襄阳长源东谷实业股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、中审众环会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人李佐元、主管会计工作负责人王红云及会计机构负责人（会计主管人员）彭明辉 声明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东每10股派发现金红利人民币1.30元（含税）。截至2025年12月31日，公司总 股本324,130,800股，扣除不参与利润分配的已回购股票后的股份数为323,654,800股，以此计算合 计拟派发现金红利为人民币42,075,124.00元（含税）。本次利润分配预案不送红股，也不进行资本 公积转增股本。 截至报告期末， ...

根据上海证券交易所相关规定，经向上海证券交易所申请，公司股票（证券 简称：长源东谷，证券代码：603950）已于 2026 年 3 月 24 日（星期二）开市起 停牌，预计停牌（累计）时间不超过 10 个交易日。具体内容详见公司于 2026 年 3 月 24 日披露的《襄阳长源东谷实业股份有限公司关于筹划发行股份及支付 现金购买资产并募集配套资金暨关联交易事项的停牌公告》（公告编号：2026-005 号）。 截至本公告披露之日，公司及有关各方正在积极推进本次交易相关工作，就 本次交易方案等进行沟通、协商和论证。鉴于本次交易的相关事项存在重大不确 定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根 据上海证券交易所相关规定，公司股票将继续停牌。 停牌期间，公司将积极推进各项工作，并根据事项进展情况，严格按照有关 法律法规的规定和要求履行信息披露义务。待相关事项确定后，公司将及时发布 相关公告并申请公司股票复牌。 本次交易的具体方案以各方进一步签署的交易文件为准。本次交易尚需提交 公司董事会、股东会审议，并需经有权监管机构批准后方可正式实施，能否实施 尚存在不确定性。后续进展以公司在上海证券交 ...

襄阳长源东谷实业股份有限公司 审计报告 众环审字[2026]1700012 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://ac.mof.gov.cn）"进行全 审计报告 众环审字[2026]1700012 号 襄阳长源东谷实业股份有限公司全体股东： 一、审计意见 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要的事项。 这些事项的应对以对财务报表整体进行审计并形成审计意见为背景,我们不对这些 事项单独发表意见。我们确定主营业务收入确认事项是需要在审计报告中沟通的关 键审计事项。 | 关键审计事项 在审计中如何应对该事项 | | --- | | 请参见财务报表附注四、28以及六、37。 1、了解并评估长源东谷主营业务收入确认相关的关 | | 本 年 度 主 营 业 务 收 入 为 人 民 币 键内部控制的设计合理性,核实其实际执行情况,并 | | 2,200,965,339.80 元，主营业务收入较上年│对相关内部控制的运行有效性实施测试; | 审计报告第1页 共4页 | 关键审计事项 | 在审计中如何应对该事项 | | --- | --- | | 同期上升了 17. ...

内部控制审计报告 众环审字[2026]1700013号 襄阳长源东谷实业股份有限公司 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn】"进行查 报告编码: 鄂26TRJ 内部控制审计报告 一、长源东谷对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是长源东谷董事 会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审 计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 众环审字[2026]1700013 号 襄阳长源东谷实业股份有限公司全体股东; 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们 审计了襄阳长源东谷实业股份有限公司(以下简称"长源东谷")2025 年 12 月 31 日 的财务报告内部控制的有效性。 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情 况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根 ...

证券代码：603950 证券简称：长源东谷 公告编号：2026-005 襄阳长源东谷实业股份有限公司 关于筹划发行股份及支付现金购买资产 并募集配套资金暨关联交易事项的停牌公告 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： 证券停复牌情况：适用 因筹划发行股份及支付现金购买资产并募集配套资金暨关联交易事项,本公司的 相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603950 | 长源东谷 | A 股 | 停牌 | 2026/3/24 | | | | 一、停牌事由和工作安排 襄阳长源东谷实业股份有限公司（以下简称"公司"）正在筹划以发行股份及 支付现金的方式购买湖北芯源动力科技集团有限公司（以下简称"交易对方"）持 有的襄阳康豪机电工程有限公司（以下简称"标的公司"）100%股权并募集配套资 金事项（以下简称"本次交易 ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The report highlights that with the global expansion of AI capital expenditure, the diesel generator segment is expected to benefit directly from the increased demand for AI data center construction (AIDC). The domestic supply chain is anticipated to achieve both volume and price increases due to the supply-demand imbalance in diesel generators [4][20] - The global diesel generator market is projected to reach approximately $22.6 billion by 2026, with overseas demand at $19.6 billion and domestic demand at $3 billion. This corresponds to a global demand of about 42,000 units, with overseas demand at 35,600 units and domestic demand at 6,600 units [24][25] Summary by Sections 1. Diesel Generators: Key Power Source for Data Centers - Diesel generators are a critical power source for data centers, typically comprising a system of "grid + UPS + diesel generators" to provide backup power during outages [9] 2. Demand: Higher Overseas than Domestic, with Significant Growth Potential in Domestic Market - The report indicates that global AI capital expenditure is expected to exceed $600 billion in 2026, a year-on-year increase of over 70%. Major companies like Google, Amazon, Meta, and Microsoft are significantly increasing their investments in AI infrastructure [15][17] - Domestic companies such as ByteDance, Alibaba, and Tencent are also optimistic about their AI capital expenditure plans for 2026, contributing to the overall demand for diesel generators [15][18] 3. Supply: Acceleration of Domestic Substitution, Price and Profitability Expected to Improve - The global diesel generator market is dominated by foreign companies like Cummins and Caterpillar, but their cautious expansion cycles have led to supply shortages. Domestic suppliers are expected to gain market share due to price and delivery advantages [27] - The average price of a single unit in the domestic market is close to 3 million yuan, with prices expected to rise continuously from 2024. The price of units using foreign engines has increased by about 20% [27]

Core Viewpoint - Changyuan Donggu announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over two consecutive trading days on February 26 and 27, 2026 [1] Summary by Relevant Sections - **Stock Trading Fluctuation** - The stock trading of Changyuan Donggu was identified as having an abnormal fluctuation due to a cumulative increase of over 20% in closing prices over two consecutive trading days [1] - **Company's Self-Examination** - The company conducted a self-examination and confirmed that neither it nor its controlling shareholders and actual controllers had any undisclosed significant matters that could affect the abnormal stock trading [1] - **Disclosure of Major Events** - There are no undisclosed significant events related to the company, including but not limited to major asset restructuring, share issuance, significant transactions, business restructuring, share buybacks, equity incentives, bankruptcy reorganization, major business cooperation, or introduction of strategic investors [1]

经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日不 存在应披露而未披露的重大事项。 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票交易于 2026 年 2 月 26 日、2026 年 2 月 27 日，连续 2 个交易日内 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，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 证券代码：603950 证券简称：长源东谷 公告编号：2026-004 襄阳长源东谷实业股份有限公司 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： 襄阳长源东谷实业股份有限公司（以下简称"公司"或"长源东谷"）股 票连续 2 个交易日（2026 年 2 月 26 日、2026 年 2 月 27 日）内日收盘价格涨幅 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 交易异常波动情形。 针对公司股票交易异常波动的情况，公司对有关事项进行了核 ...

Core Viewpoint - The stock of Changyuan Donggu experienced a significant price fluctuation, with a cumulative increase of 21.02% over two consecutive trading days, which is classified as an abnormal trading situation according to Shanghai Stock Exchange regulations [1] Company Operations - As of the date of the announcement, the company's production and operations are normal, with no significant changes in market environment or industry policies [1] - There have been no substantial fluctuations in production costs or sales conditions [1] Disclosure and Major Events - The company, its controlling shareholder, and actual controller have confirmed that there are no undisclosed major matters that could impact stock trading, including but not limited to major asset restructuring, share issuance, significant transactions, business restructuring, share buybacks, equity incentives, bankruptcy reorganization, major business collaborations, or introduction of strategic investors [1] - No media reports, market rumors, or trending concepts have been identified that could significantly affect the company's stock price [1] Insider Trading - During the period of abnormal stock price fluctuation, the controlling shareholder, actual controller, and company executives did not engage in buying or selling the company's stock [1]

Group 1: Rare Earth and Tungsten Industry - The company is one of the six major rare earth groups in the country, having completed the integration of rare earth resources in Fujian Province [2] - The company possesses a complete tungsten industry chain, with significant competitive advantages in tungsten mining, smelting, powder, wire materials, and hard alloy deep processing [2] - The company is the first in China to develop and produce ITER filter tungsten probe components for nuclear fusion devices, capable of precision machining large-sized ITER-grade tungsten materials [2] Group 2: Data Center and AI Computing - The company is planning to acquire a stake in Xiantian Computing and aims to leverage it to acquire control of Zhengzhou Heying, which focuses on third-party large-scale data center operations [3] - The company is collaborating with Alibaba Cloud to jointly invest 15.8 billion yuan in building a cloud computing data center in Zhejiang [3] - The company has established a large data center in Xinjiang Hami, with a total computing power exceeding 80,000 P [3] Group 3: Power and Energy Sector - The company has acquired Honghe Power, a major thermal power plant in southern Yunnan, with a certified installed capacity of 1,300 MW [5] - The company is a leading player in the composite insulator market for high-voltage transmission lines, with a net profit growth of 177.52% year-on-year [5] - The company is expected to achieve a profit of 300 million to 360 million yuan by 2025, marking a turnaround from previous losses [5] Group 4: Semiconductor and AI Technology - The company has developed a low-code platform that integrates AI capabilities and has been applied in various sectors including power, aerospace, and manufacturing [4] - The company is a leading domestic player in crystal oscillators, with products applicable in optical communication and navigation systems [4] - The company has launched a series of AI products and is involved in the construction of AI computing centers across the country [4] Group 5: Renewable Energy and Materials - The company is a leader in the photovoltaic aluminum frame market, with a global market share exceeding 18% [5] - The company is investing 600 million yuan to build a project for producing 10,000 tons of iron phosphate battery precursor materials annually [8] - The company has established a comprehensive lithium battery supply chain, including mining, selection, and processing of lithium carbonate [8]