证券代码：002270 证券简称：华明装备 公告编号：〔2025〕011 号 华明电力装备股份有限公司 关于第六届监事会第十一次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 华明电力装备股份有限公司（以下简称"公司"）第六届监事会第十一次会 议通知于 2025 年 3 月 31 日以邮件、短信或专人送达的方式通知各位监事，本次 会议于 2025 年 4 月 10 日在上海市普陀区同普路 977 号以现场加通讯表决方式 召开。 本次会议应参加表决的监事 3 人，实际参加的监事 3 人，会议由监事会主席 尤德芹主持。会议召开符合《中华人民共和国公司法》有关法律、行政法规、部 门规章、规范性文件及《华明电力装备股份有限公司章程》的规定。 二、监事会会议审议情况 （一）以 3 票赞成、0 票反对、0 票弃权审议通过了《2024 年度监事会工作 报告》。 具体内容详见公司指定信息披露媒体《证券时报》《证券日报》《上海证券报》 《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）的《2024 年度监事 会 ...

证券代码:002270 证券简称:华明装备 公告编号：〔2025〕010 号 华明电力装备股份有限公司 关于第六届董事会第十六次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华明电力装备股份有限公司（以下简称"公司"）第六届董事会第十六次会 议通知于 2025 年 3 月 31 日以邮件、短信或专人送达的方式送达各位董事及其他 会议参加人，本次会议于 2025 年 4 月 10 日在上海市普陀区同普路 977 号以现 场加通讯表决方式召开。 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。本次会议由董事长 肖毅先生召集、主持,公司监事、部分高级管理人员列席了本次会议。本次会议 的召开符合《中华人民共和国公司法》及《华明电力装备股份有限公司章程》等 有关规定。 二、董事会会议审议情况 经与会董事认真讨论，会议审议以下议案： 1、以 9 票赞成，0 票反对，0 票弃权审议通过了《2024 年年度报告全文及 摘要》。 具体内容详见公司指定信息披露媒体《证券时报》《证券日报》《上海证券 报》《中国证券报》和巨潮资讯网 ...

Financial Performance - The company's operating revenue for 2024 was CNY 2,322,202,947.07, representing an increase of 18.41% compared to CNY 1,961,135,955.92 in 2023[19] - The net profit attributable to shareholders for 2024 was CNY 614,298,729.87, up 13.25% from CNY 542,405,245.44 in 2023[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 581,823,828.12, reflecting a 15.79% increase from CNY 502,473,466.31 in 2023[19] - The net cash flow from operating activities for 2024 was CNY 889,356,091.31, a significant increase of 43.06% compared to CNY 621,679,795.55 in 2023[19] - The basic earnings per share for 2024 was CNY 0.69, which is a 13.11% increase from CNY 0.61 in 2023[19] - The total assets at the end of 2024 were CNY 4,457,694,231.04, a decrease of 1.34% from CNY 4,518,148,178.69 at the end of 2023[19] - The net assets attributable to shareholders at the end of 2024 were CNY 3,165,709,972.69, down 5.50% from CNY 3,350,005,160.56 at the end of 2023[19] - The company reported a weighted average return on equity of 18.74% for 2024, an increase of 2.69% from 16.05% in 2023[19] Revenue Growth - In Q1 2024, the company's operating revenue was approximately CNY 451.22 million, with a net profit attributable to shareholders of CNY 126.92 million, reflecting a strong performance[23] - The total operating revenue for Q2 2024 increased to CNY 669.64 million, with net profit attributable to shareholders rising to CNY 187.58 million, indicating a growth of 39.5% quarter-over-quarter[23] - The company achieved operating revenue of 2.322 billion yuan, a year-on-year increase of 18.41%, and a net profit attributable to shareholders of 614 million yuan, up 13.25% year-on-year[68] - The company’s power equipment business generated operating revenue of 1.811 billion yuan in 2024, representing a year-on-year growth of 11.47%[70] - The international layout and after-sales service extension contributed to operating revenue of 485 million yuan from direct and indirect exports, a year-on-year increase of 41%[70] Investment and Market Position - The investment in power grid projects in 2024 reached CNY 608.3 billion, a year-on-year increase of 15.3%, indicating robust infrastructure development[31] - The company is positioned as the only domestic manufacturer with two complete industrial chain production bases in the transformer tap changer sector, solidifying its market leadership[34] - The company is a leading player in the domestic market for transformers below 500kV, with a strong position in the high-voltage and ultra-high-voltage markets, which are still dominated by imported products[50] - The company has made significant progress in the Southeast Asian market, with its factory in Indonesia nearing completion and its subsidiary in Singapore officially operational[50] - The company expects to leverage the ongoing growth in domestic and international power grid investments and the renewable energy sector to drive demand for its products[51] Research and Development - The company’s R&D investment amounted to ¥81,360,934.02 in 2024, representing a 3.69% increase from ¥78,467,703.42 in 2023[88] - The company is focusing on developing high-precision moving contact systems to enhance product reliability and manufacturing efficiency[86] - The company has developed an automatic pressure gel forming (APG) technology for epoxy resin, enhancing the precision and stability of terminal board manufacturing[59] - The number of R&D personnel increased to 206 in 2024, up by 1.98% from 202 in 2023[88] Cash Flow and Financial Management - The company’s operating cash flow reached 889 million yuan, reflecting a significant year-on-year growth of 43.06%[68] - The total cash inflow from operating activities was ¥2,556,393,040.18, a 22.17% increase from ¥2,092,536,980.44 in the previous year[89] - The company reported a net increase in cash and cash equivalents of ¥112,216,418.24, a significant rise of 2,256.73% compared to ¥4,761,531.23 in 2023[89] - The company’s asset-liability ratio stands at 28.63%[68] Dividend Distribution - The company plans to distribute a cash dividend of CNY 2.20 per 10 shares, totaling CNY 198,000,000.00 based on 896,225,431 shares[3] - The total cash dividend for 2024 is projected to be 489,339,085.33 RMB, representing 79.66% of the net profit attributable to shareholders of the parent company[159] - The cash dividend distribution plan for the first half of 2024 was implemented on September 30, 2024[157] - The cash dividend distribution plan for the first three quarters of 2024 was implemented on January 7, 2025[157] Governance and Compliance - The company has established an internal audit system, with a dedicated internal audit department responsible for evaluating operational quality and internal controls[125] - The governance structure has been strengthened to ensure compliance with regulatory standards and enhance operational transparency[123] - The company maintains independence from its controlling shareholders in business, personnel, assets, and finance, ensuring complete operational autonomy[128] - The company has implemented an investor relations management system to facilitate communication with investors through various platforms[125] Environmental Responsibility - The company has implemented measures to ensure compliance with emission standards for volatile organic compounds (VOCs) during production[168] - The company reported a total pollutant discharge of 0.6 tons for toluene, with no exceedance of emission limits[168] - The company has a proactive approach to environmental monitoring, regularly updating its self-monitoring plans in compliance with national regulations[170] - The company invested a total of 246,560.52 CNY in environmental protection, including 178,063 CNY for the operation and maintenance of environmental facilities[170] Strategic Outlook - The company anticipates that by 2025, the national total electricity consumption will reach 10.4 trillion kilowatt-hours, growing approximately 6% year-on-year[29] - The company is focusing on technological advancements and new product development as part of its growth strategy[117] - The company is expected to disclose its 2024 financial results on January 29, 2024, indicating a focus on transparency and investor communication[117] - The company is actively exploring potential mergers and acquisitions to enhance its market position[118]

证券代码:002270 证券简称:华明装备 公告编号：〔2025〕012 号 华明电力装备股份有限公司 关于 2024 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、审议程序 1、2025 年 4 月 10 日，公司第六届董事会第十六次会议审议通过了《关于 2024 年度利润分配预案》，并同意将该议案提交公司 2024 年年度股东大会审议。 2、2025 年 4 月 10 日，公司第六届监事会第十一次会议审议通过了《关于 2024 年度利润分配预案》，监事会认为：此议案符合相关法律、法规的要求及 《公司章程》的相关规定，未侵犯公司及股东利益，符合公司发展需求，并同 意将该议案提交公司 2024 年年度股东大会审议。 3、本议案尚需提交公司 2024 年年度股东大会审议。 二、利润分配预案的基本情况 1、经信永中和会计师事务所（特殊普通合伙）审计，母公司 2024 年度净 利润为 570,173,180.56 元。根据《公司法》和《公司章程》规定，本期母公司 按照净利润的 10%提取法定盈余公积金 57,017,318.06 元，加 ...

Summary of Key Points Core Viewpoint - Huaming Equipment (002270) is planning to repurchase shares using self-owned or raised funds, with a total amount between 150 million to 200 million RMB, aimed at implementing an employee stock ownership plan or equity incentive [1]. Company Performance - As of March 28, 2025, Huaming Equipment's stock closed at 15.3 RMB, down 1.48% from the previous week's closing price of 15.53 RMB [1]. - The stock reached a weekly high of 15.74 RMB on March 25, 2025, and a low of 15.25 RMB on March 28, 2025 [1]. - The company's current total market capitalization is 13.264 billion RMB, ranking 20th out of 120 in the electric grid equipment sector and 1202nd out of 5140 in the A-share market [1]. Share Repurchase Plan - The company announced a plan to repurchase shares at a price not exceeding 24.60 RMB per share, with a total repurchase amount not less than 150 million RMB and not exceeding 200 million RMB [1]. - The specific number of shares to be repurchased and the proportion of total share capital will be determined based on the actual repurchase quantity by the end of the repurchase period, which is set to not exceed 12 months from the board's approval date [1]. - As of March 31, 2025, the company has not yet initiated the share repurchase [1].

一、回购股份的进展情况 证券代码：002270 证券简称：华明装备 公告编号：〔2025〕007 号 华明电力装备股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 华明电力装备股份有限公司（以下简称"公司"）于 2025 年 2 月 28 日召开 第六届董事会第十五次会议审议通过了《关于回购公司股份方案的议案》，公司 拟使用自有或自筹资金以集中竞价交易方式回购公司部分人民币普通股（A 股） 股份，用于实施员工持股计划或股权激励，回购价格不超过人民币 24.60 元/股， 回购的资金总额不低于 15,000 万元（含）且不超过 20,000 万元（含），具体回 购股份的数量及占总股本的比例以回购期满时实际回购数量为准，实施期限为 自公司董事会审议通过回购股份方案之日起不超过 12 个月，具体内容详见于 2025 年 3 月 1 日、2025 年 3 月 10 日在指定信息披露媒体《证券时报》《证券日 报》《上海证券报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于回购公司股份方 ...

证券代码:002270 证券简称:华明装备 公告编号：〔2025〕006 号 华明电力装备股份有限公司 关于非公开发行限售股份解禁上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次解除限售股份的数量为 136,986,301 股，占公司总股本的 15.28%； 2、本次限售股份可上市流通日期为 2025 年 3 月 24 日。 一、公司 2021 年非公开发行股份情况 经中国证券监督管理委员会《关于核准华明电力装备股份有限公司非公开 发行股票的批复》（证监许可[2022]94 号）核准，公司非公开发行 136,986,301 股 股 票 ， 每 股 发 行 价 格 为 人 民 币 3.65 元 ， 募 集 资 金 总 额 为 人 民 币 499,999,998.65 元，扣除与发行相关的费用（不含税）人民币 7,327,345.59 元后，募集资金净额为人民币 492,672,653.06 元。上述募集资金的到位情况已 经 信 永 中 和 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） 审 验 ， 并 出 具 了 ...

申万宏源证券承销保荐有限责任公司 保荐机构（主承销商） NGYUAN FINANCING SERVICES CO. 签署日期:二０二五年三月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐公司" 或"本保荐机构"）作为华明电力装备股份有限公司（以下简称"华明装备"或 " 公司" ) 2021 年非公开发行股票持续督导工作的保荐机构。根据《证券发行上 市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市 公司自律监管指引第 1 号――主板上市公司规范运作》等相关法律法规的要求, 就华明装备向特定对象发行股票限售股份上市流通事项进行了核查。核查情况及 核查意见如下: 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于核准华明电力装备股份有限公司非公开发 行股票的批复》（证监许可[2022]94号）核准,公司非公开发行136,986,301股股 票，每股发行价格为人民币3.65元，募集资金总额为人民币499.999.998.65元，扣 除与发行相关的费用(不含税)人民币7,327,345.59元后,募集资金净额为人民币 492,672,653.06元。上述募集资金的到位情况 ...

新加坡政府投资公司增持华明装备 3月10日，华明装备发布回购股份公告，披露了截至2月28日的公司前十大股东和前十大无限售条件股东的情 况。券商中国记者注意到，新加坡政府投资公司的最新持仓在此次回购股份公告中曝光，持有华明装备1808万 股，占总股本比例为2.02%，相较之前有所增持。 华明装备是国内唯一拥有两大全产业链生产基地的分接开关制造企业，全资子公司上海华明被认定为上海 市"专精特新"中小企业以及国家级专精特新"小巨人"企业。公司主要从事变压器有载分接开关和无励磁分接开 关的研发、制造、销售和服务，历经20载已自主研发了多款分接开关产品，其产品在全球近百个国家安全运 行，成为各国电网和工业用户主要选择的分接开关产品之一。 随着上市公司陆续发布股份回购报告，农历新年后的外资机构加仓动作也浮出水面。 券商中国记者注意到，多家知名外资近期密集布局，增持了工业制造领域的一批潜力个股。具体来看，新加坡 政府投资公司（GIC）增持了华明装备，巴克莱和高盛增持了悦心健康，摩根士丹利则增持了唯万密封。 业内人士认为，在当前的市场背景下，外资纷纷将注意力落在工业制造领域的投资机会，不仅体现出海外投资 者对中国制造业复苏前 ...

Group 1: Company Overview and Market Position - Huaming Power Equipment Co., Ltd. is a leading player in the tap changer market, with a significant share in both domestic and international markets [4][20]. - The company has established a strong presence in Europe, Southeast Asia, and is exploring opportunities in the Middle East and the United States [7][8][24]. - The tap changer product accounts for 5%-15% of transformer costs but is critical for transformer operation, leading to a high barrier for new entrants [4]. Group 2: Market Dynamics and Trends - The ratio of internal to external market demand was approximately 1:1 before 2021, but has shifted towards external demand due to growth in industrial and renewable energy sectors [5]. - AI's impact on the company is currently minimal, unlike the significant influence seen in the renewable energy sector [6]. - The company faces challenges in overseas recruitment due to the competitive landscape and the need for experienced personnel [10]. Group 3: Future Growth and Expansion Plans - The company aims to penetrate untapped markets, particularly in the U.S. and the Middle East, while consolidating its existing market share in regions where it has established operations [8][24]. - Future growth drivers include domestic economic development, grid investment scale, and product structure optimization [13][14]. - The company plans to enhance its production capabilities in Indonesia and is considering establishing a facility in the U.S. [26][34]. Group 4: Competitive Landscape and Challenges - The company competes with established brands that have a long history and strong market presence, making it challenging to gain market share [36][37]. - The competitive environment is influenced by factors such as pricing strategies, brand reliability, and the need for long-term product validation [17][36]. - The company is not overly concerned about competitors' expansions, as the overall market is expected to grow, providing opportunities for all players [29]. Group 5: Financial Performance and Outlook - The company has seen an increase in average product prices due to a higher proportion of overseas revenue and high-value products [37]. - Future gross margin stability will depend on revenue growth and cost control, particularly in light of rising labor and material costs [51]. - The company has committed to a cash dividend policy of at least 60% of distributable profits for the years 2023-2025, reflecting confidence in future operations [54].