杭州联德精密机械股份有限公司 关于举办 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： 证券代码：605060 证券简称：联德股份 公告编号：2025-042 三、参加人员 董事长 孙袁，董事会秘书 潘连彬，财务总监 杨晓玉，独立董事 朱铁军（如 遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 一、说明会类型 杭州联德精密机械股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了《联德股份 2025 年第三 季度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等 会议召开时间：2025 年 11 月 19 日（星期三）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 19 日 前 访 问 网 址 https://eseb.cn/1sVavRfl ...

Market Overview - The general equipment sector increased by 0.52% on November 11, with Rongyi Precision leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Top Performers - Rongyi Precision (Code: 920223) closed at 26.04, up 20.17% with a trading volume of 189,900 shares and a transaction value of 454 million [1] - Magu Technology (Code: 688448) closed at 44.88, up 20.00% with a trading volume of 120,300 shares and a transaction value of 505 million [1] - Sifangda (Code: 300179) closed at 18.61, up 19.99% with a trading volume of 838,600 shares and a transaction value of 1.48 billion [1] - Other notable gainers include World (Code: 688028) up 17.95% and Boying Special Welding (Code: 301468) up 17.03% [1] Underperformers - Dingtai High-Tech (Code: 301377) closed at 107.02, down 7.15% with a trading volume of 148,900 shares and a transaction value of 1.61 billion [2] - Lande Co. (Code: 605060) closed at 39.69, down 6.61% with a trading volume of 109,300 shares and a transaction value of 442 million [2] - Xue Ren Group (Code: 002639) closed at 14.10, down 6.00% with a trading volume of 2,539,400 shares and a transaction value of 3.63 billion [2] Capital Flow - The general equipment sector saw a net inflow of 124 million from institutional investors, while retail investors contributed a net inflow of 106 million [2][3] - Speculative funds experienced a net outflow of 230 million [2][3] Individual Stock Capital Flow - Sifangda had a net inflow of 301 million from institutional investors, but a net outflow of 191 million from speculative funds [3] - Huanghe Xuanfeng saw a net inflow of 281 million from institutional investors, with a net outflow of 134 million from speculative funds [3] - Longhua Technology had a net inflow of 173 million from institutional investors, while experiencing a net outflow of 123 million from speculative funds [3]

Summary of Key Points from Conference Call Records Industry Overview - The North American power supply is facing shortages primarily due to an aging electrical grid and increased power demand driven by the rapid growth of data centers since the launch of ChatGPT 4.0 in November 2022. This has led to a significant rise in energy requirements, particularly for continuous power supply in data centers [2][4]. Key Companies and Their Performance Caterpillar - Caterpillar reported optimistic performance with a third-quarter revenue exceeding expectations, driven by an 18% growth in its energy and transportation segment, and a 26% increase in North America. The company plans to expand its gas turbine and diesel engine production capacity by 2.5 times and 2 times, respectively, by 2030, indicating sustained demand in North America [5]. Longyuan Donggu - Longyuan Donggu, a supplier of engine components, is expected to benefit from strong heavy truck sales and expansion into passenger vehicle markets. The company anticipates a compound annual growth rate (CAGR) exceeding 30% over the next 3-5 years, with an attractive valuation [2][23]. Caterpillar's Supplier - Linde - Linde, a key supplier for Caterpillar, is projected to achieve revenues of 250 million yuan in 2025, with a compound annual growth rate of over 30% expected as it capitalizes on new orders related to gas turbines and diesel engines [6][7]. KOTAI - KOTAI is the only OEM capable of exporting diesel generators to Europe and North America. The company has secured 70 orders in North America and expects to deliver around 500 units by 2026, significantly enhancing its profitability due to high margins in the European market [8][9][10]. Yinglian Co. - Yinglian Co., a leading supplier of gas turbine blades, is positioned to benefit from the tight demand in the North American market, presenting long-term investment value despite its current valuation not being fully recognized [14]. Jerry Holdings - Jerry Holdings has established a systematic presence in the North American power generation sector, generating revenue from gas turbine projects. The company expects sales of $70 million to $80 million in 2025 and aims to expand its leasing scale in North America [16][21]. Market Dynamics - The gas industry has entered a price increase cycle since 2021, primarily due to reduced turbine blade casting capacity during the pandemic, which has not yet recovered. This has led to delivery issues for aircraft engines, benefiting companies like Yingliu, which supplies components for GE's LEAP series engines [12][13]. Future Growth Potential - Jerry Holdings is expected to see significant growth in its gas turbine business, with projections of over 50% CAGR in the next 3-4 years. The company’s new orders have reached a historical high, and it is well-positioned for future expansion in both domestic and international markets [19][22]. Conclusion - The North American energy sector is experiencing a shift due to increased demand from data centers, leading to growth opportunities for companies involved in gas turbines and diesel engines. Key players like Caterpillar, KOTAI, and Jerry Holdings are well-positioned to capitalize on these trends, with strong growth forecasts and strategic expansions planned for the coming years [1][2][5][19].

Market Overview - The general equipment sector increased by 0.11% on November 10, with World leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Top Gainers - World (688028) closed at 71.13, up 9.80% with a trading volume of 149,700 shares and a turnover of 1.043 billion [1] - Lande (605060) closed at 42.50, up 8.47% with a trading volume of 142,000 shares and a turnover of 570 million [1] - Snowman Group (002639) closed at 15.00, up 7.45% with a trading volume of 3.3082 million shares and a turnover of 4.818 billion [1] Top Losers - Tongfei (300990) closed at 77.80, down 8.54% with a trading volume of 64,600 shares and a turnover of 513 million [2] - Chunhui Intelligent Control (300943) closed at 21.04, down 7.92% with a trading volume of 296,000 shares and a turnover of 644 million [2] - Baose (300402) closed at 25.06, down 6.32% with a trading volume of 431,000 shares and a turnover of 1.093 billion [2] Capital Flow - The general equipment sector experienced a net outflow of 1.48 billion from institutional investors, while retail investors saw a net inflow of 1.455 billion [2] - The top individual stock capital flows showed varying trends, with Snowman Group receiving a net inflow of 294.79 million from institutional investors [3] - Lande (605060) had a net inflow of 43.41 million from institutional investors, while experiencing outflows from retail investors [3]

Group 1 - The core viewpoint of the news is that Linde Co., Ltd. experienced a 5% increase in stock price, reaching 41.14 CNY per share, with a trading volume of 439 million CNY and a turnover rate of 4.61%, resulting in a total market capitalization of 9.898 billion CNY [1] - Linde Co., Ltd. is located in Hangzhou Economic and Technological Development Zone, established on February 12, 2001, and listed on March 1, 2021. The company specializes in the research, design, production, and sales of high-precision mechanical components and precision cavity molds, providing a one-stop service from casting to precision machining [1] - The main business revenue composition of Linde Co., Ltd. includes compressor components at 54.59%, engineering machinery components at 35.21%, and others at 10.21% [1] Group 2 - Among the top ten circulating shareholders of Linde Co., Ltd., a fund under Dongzheng Asset Management has entered the list, specifically the Oriental Red Hong Kong-Shenzhen Mixed Fund (002803), which acquired 2.232 million shares, accounting for 0.93% of the circulating shares. The estimated floating profit today is approximately 4.3747 million CNY [2] - The Oriental Red Hong Kong-Shenzhen Mixed Fund (002803) was established on July 11, 2016, with a latest scale of 2.477 billion CNY. Year-to-date returns are 46.14%, ranking 1356 out of 8219 in its category; the one-year return is 32.06%, ranking 1960 out of 8125; and since inception, the return is 129% [2]

Core Insights - The gas turbine sector is experiencing significant growth, driven by substantial orders and a favorable market environment, with companies like Triangular Defense and Weichai Power seeing stock surges [1][3] - The global energy crisis is propelling gas turbines into a central role in the energy landscape due to their quick startup, high efficiency, and low carbon emissions [2][3] Market Dynamics - Demand for gas turbines is surging, particularly in North America, where new orders increased by 187% year-on-year in Q1 2025, with major manufacturers like GE and Siemens facing order backlogs extending to 2028 [3][6] - The price of heavy-duty gas turbines has risen by 15%-20% compared to 2023, with lead times extending from 18 months to as long as 5-7 years for some components [3][6] Domestic Industry Advancements - Chinese manufacturers are rapidly catching up in gas turbine technology, with significant advancements in the domestic production of high-temperature components and the successful ignition of hydrogen turbines [4][5] - Companies like Aero Engine Corporation of China and others are securing substantial contracts with international giants, marking a shift from reliance on imports to actively competing in the global market [6] Future Trends - The push for carbon neutrality is making hydrogen gas turbines a focal point of competition, with projections indicating a market size exceeding 50 billion yuan by 2030 [7] - The average thermal efficiency of gas turbines is currently over 45%, with goals to reach 50% in the future, which will further drive demand [7] Investment Opportunities - Key investment areas include core components, complete turbine manufacturers, and services related to low-carbon technologies, with companies like Yingliu and Dongfang Electric positioned favorably [8] - The gas turbine market is expected to exceed 300 billion yuan by 2030, with companies holding core technologies and strong international ties likely to see significant performance growth [9]

Core Viewpoint - The gas turbine sector is experiencing a significant surge in demand driven by real orders and technological advancements, with companies like Triangular Defense and Weichai Power seeing substantial stock price increases due to new contracts and strategic partnerships [2][3][10]. Market Dynamics - The global energy crisis has positioned gas turbines as essential, with a 36% year-on-year increase in new orders in Q1 2025, and a staggering 187% growth in North America [5][6]. - Major manufacturers like GE and Siemens are facing order backlogs extending to 2028, indicating a supply-demand imbalance [5][6]. Technological Advancements - Gas turbines are favored for their quick startup time (10 minutes), high efficiency (over 45% thermal efficiency, up to 64% for combined cycle units), and low carbon emissions, aligning with global carbon reduction goals [5][6]. - Domestic manufacturers in China are catching up technologically, with significant advancements in high-temperature components and a high localization rate for small gas turbines [9]. Domestic Market Opportunities - Chinese companies are seizing the opportunity to enter the global supply chain, with firms like Aerospace Technology and Weichai Power securing long-term contracts with international giants [10]. - The export value of China's gas turbines is projected to grow from 8 billion yuan in 2023 to 12 billion yuan by 2030, driven by demand in North America and the Middle East [13]. Investment Focus - Key investment areas include core components, complete machine manufacturers, and after-sales services, with companies like Yingliu Co. and Dongfang Electric positioned favorably due to their technological capabilities and order backlogs [15][16]. - The market is expected to continue growing, with the global gas turbine market projected to exceed 300 billion yuan by 2030, benefiting companies with strong technological foundations and international partnerships [17].

证券代码：605060 证券简称：联德股份 公告编号：2025-041 杭州联德精密机械股份有限公司 关于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： 杭州联德精密机械股份有限公司（以下简称"公司"或"本公司"）股 票于 2025 年 11 月 4 日、11 月 5 日、11 月 6 日连续三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。 经公司自查并向控股股东及实际控制人核实，截至本公告披露日，不存 在应披露而未披露的重大信息。 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 公司股票于 2025 年 11 月 4 日、11 月 5 日、11 月 6 日连续三个交易日内收 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， 属于股票交易价格异常波动。 （一）生产经营情况 公司 2025 年前三季度营业收入 9.30 亿元，同比增加 9.2 ...

Core Insights - On November 6, 23 A-share listed companies disclosed shareholding reductions, while Guocera Materials announced a share repurchase plan of 100 million to 200 million yuan [1][2]. Summary of Share Repurchase and Reduction Share Repurchase - Guocera Materials plans to repurchase company shares worth between 100 million and 200 million yuan [2]. Share Reductions - Wenke Co., Ltd. plans to reduce its holdings by no more than 0.55% of the company's shares [2]. - Zhenhua Co., Ltd. saw three directors collectively reduce their holdings by 64,000 shares during a period of abnormal stock trading [2]. - Hubei Investment Company plans to reduce its holdings in Lijing Mico by no more than 0.77% [2]. - Executive Xu Jinzhu of Zhou Dashing plans to reduce his holdings by no more than 0.0117% [2]. - Panxin Investment intends to reduce its holdings in Dali Cap by no more than 4.5% [2]. - Director and executive Zou Peng of Wanli Stone plans to reduce his holdings by no more than 1.63% [2]. - Three executives of Gaomeng New Materials plan to collectively reduce their holdings by no more than 0.061% [2]. - Directors and executives of Feiliwa plan to collectively reduce their holdings by no more than 0.1187% [2]. - Specific shareholders and Huang Jian plan to collectively reduce their holdings in Bangyin Co. by no more than 2.82% [2]. - Shareholders and Feng Investment plan to reduce their holdings in New Light Pharmaceutical by no more than 3% [2]. - Vice General Manager Cui Rong of Online and Offline plans to reduce his holdings by no more than 0.03% [2]. - Shareholders Yao Xiaoqing and executives of Hongri Pharmaceutical plan to collectively reduce their holdings by no more than 1.576% [2]. - Beijing Yindi Investment and its concerted parties plan to collectively reduce their holdings in Mengguli by no more than 3% [2]. - Shareholders of Maituo Co. plan to reduce their holdings by no more than 0.86% [2]. - Wanze Investment plans to reduce its holdings in Huawei Technology by no more than 1.92% [2]. - Director Bi Songling of Shandong Heda plans to reduce his holdings by no more than 0.1017% [2]. - Shareholder Zhang Li of Chongde Technology cumulatively reduced 531,900 shares from October 24 to November 6 [2]. - Ruize Investment plans to reduce its holdings in Weiao Co. by no more than 3% [2]. - Jining Bochuang plans to reduce its holdings in New Fengguang by no more than 0.1978%, while Xu Lin plans to reduce by no more than 0.5354% [2]. - Shareholder Yili Group reduced its holdings in Sun Cable by 1.20% of the total share capital [2]. - A concerted party of a controlling shareholder of Liande Co. reduced 1,952,800 shares on November 5 [2]. - Shareholders plan to collectively reduce their holdings in Xili Technology by no more than 2.08% [2]. - Shareholder Bi Fang Investment plans to reduce its holdings in New Tonglian by no more than 3% [2].

Group 1 - BeiGene adjusts its 2025 revenue forecast to between RMB 36.2 billion and RMB 38.1 billion, with R&D, sales, and management expenses estimated at RMB 29.5 billion to RMB 30.9 billion, maintaining a gross margin of 80% to 90% [1] - Lixing Co. signs a strategic cooperation agreement with Zhejiang Rongtai to collaborate in key areas such as screw components for industrial robots, aiming for a sustainable partnership [1] - Zhongjian Technology signs a procurement contract worth RMB 563 million for carbon fiber materials, representing 69.34% of its audited revenue for the last fiscal year [2] Group 2 - Energy-saving Wind Power plans to raise up to RMB 3.6 billion through a private placement to fund multiple wind power projects [3] - Lian De Co. announces a reduction of 1.9528 million shares by its controlling shareholder and concerted parties on November 5, 2025 [4] - Biao Bang Co. terminates its control change planning due to a lack of agreement on core terms, with stock resuming trading on November 7, 2025 [5] Group 3 - Tianci Materials signs a framework procurement contract with Guoxuan High-tech for an estimated total of 870,000 tons of electrolyte products from 2026 to 2028 [5] - Su Da Weige plans to acquire 51% of Changzhou Weipu Semiconductor Equipment Co. for RMB 510 million, enhancing its capabilities in semiconductor defect detection equipment [6] Group 4 - Zhongtong Bus reports a 33.87% year-on-year increase in sales volume for October [7] - New Hope sees a 20.86% month-on-month increase in pig sales in October [7] - Baiyun Airport experiences a 12.04% year-on-year growth in passenger throughput, reaching 7.6422 million in October [7] Group 5 - Upwind New Materials completes a tender offer acquisition, increasing Zhiyuan Hengyue's shareholding to 58.62% [8] - Chongqing Construction wins a bid for a RMB 781 million EPC project [8] - Tonghua Jinma plans to establish a wholly-owned subsidiary with an investment of RMB 70 million [8]