Core Viewpoint - Huaming Equipment's stock price has experienced fluctuations, with a year-to-date increase of 55.57% but a recent decline of 6.79% over the past five trading days [2] Group 1: Stock Performance - As of November 17, Huaming Equipment's stock price was 25.54 CNY per share, with a market capitalization of 22.89 billion CNY [1] - The stock has seen a 6.79% decline in the last five trading days, an 11.53% increase over the last 20 days, and a 25.69% increase over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Huaming Equipment reported a revenue of 1.815 billion CNY, representing a year-on-year growth of 6.87%, and a net profit attributable to shareholders of 581 million CNY, up 17.66% year-on-year [2] - The company has distributed a total of 2.468 billion CNY in dividends since its A-share listing, with 1.670 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of November 10, the number of Huaming Equipment's shareholders reached 38,500, an increase of 36.97% from the previous period, with an average of 23,305 circulating shares per shareholder, a decrease of 26.99% [2] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 193 million shares, an increase of 36.596 million shares from the previous period [3]

华明电力装备股份有限公司 关于 2025 年第三次临时股东会决议的公告 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。 特别提示： 1、本次股东会无增加、变更、否决议案的情况； 2、本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 证券代码：002270 证券简称：华明装备 公告编号：〔2025〕081 号 1、会议召开情况 召开时间 现场会议：2025年11月14日下午14:30 网络投票时间：2025年11月14日 （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 11 月 14 日上午 9:15-9:25,9:30-11:30，下午 13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 11 月 14 日 09:15-15:00 期间的任意时间。 （3）会议召开地点：上海市普陀区金沙江路1699号上海圣诺亚皇冠假日酒店 3楼诺亚3会议室 （4）会议召开方式：现场记名投票与网络投票相结合。 （5）召集人：华明电力装备股份有限公司（以下简称"公司"）董事会 （6）主持人：董事长肖毅先 ...

国浩律师(上海)事务所 国浩律师（上海）事务所 法律意见书 Grandall Law Firm (Shanghai) 中国 上海 山西北路 99 号苏河湾中心 25-28 楼，200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Shanghai 200085, China 电话/TEL.: (+86)(21) 5234 1668 传真/FAX: (+86)(21) 5243 3320 国浩律师（上海）事务所 关于华明电力装备股份有限公司 2025 年第三次临时股东会的 法律意见书 致：华明电力装备股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）和《上市公司股东会规则》（以下 简称"《股东会规则》"）的规定，国浩律师（上海）事务所（以下简称"本所"） 接受华明电力装备股份有限公司（以下简称"公司"）董事会的聘请，指派林祯 律师、凌宇斐律师（以下简称"本所律师"）出席并见证公司于 2025 年 11 月 14 日下午 14:30 在上海市普陀区金沙江路 1699 号上海圣诺亚皇冠假日酒店 3 ...

Core Viewpoint - Huaming Equipment (002270) reported that as of November 10, 2025, the total number of shareholders is 38,454 [1] Summary by Category - Company Information - Huaming Equipment has a total of 38,454 shareholders as of November 10, 2025 [1]

Summary of Key Points Core Viewpoint - In the past 10 days (from October 28 to November 10), overseas institutions have conducted research on 271 listed companies, with Huaming Equipment being the most focused, receiving attention from 80 overseas institutions [1]. Group 1: Research Activity - A total of 788 companies were researched by institutions in the last 10 days, with securities companies conducting research on 742 companies, accounting for the majority [1]. - Fund companies followed with research on 631 companies, while overseas institutions visited 271 listed companies [1]. - Huaming Equipment led the overseas research list with 80 institutions participating, followed by United Imaging Healthcare with 62 institutions [1]. Group 2: Stock Performance - The average stock price of companies researched by overseas institutions increased by 1.02% over the past 10 days [1]. - Notable stock price increases included Tianji Shares, which rose by 74.96%, and Aters, which increased by 71.51% [1]. - Conversely, 141 stocks experienced declines, with Juguang Technology showing the largest drop at 18.08% [1]. Group 3: Detailed Stock Data - The table lists various companies, their stock codes, the number of overseas institutions that researched them, latest closing prices, percentage changes, and their respective industries [1][2][3][4][5][6][7][8][9]. - For example, Tianji Shares (002759) had 2 overseas institutions researching it, with a closing price of 39.82 yuan and a rise of 74.96% [1]. - Huaming Equipment (002270) was researched by 80 overseas institutions, with a closing price of 27.40 yuan and a rise of 9.69% [2].

Core Viewpoint - The company has experienced relatively high overseas growth in the past two years, primarily due to a low base from previous years, and the overall industry landscape has not fundamentally changed [1] Group 1: Overseas Growth - The company's overseas growth is significantly influenced by indirect exports, benefiting from the expansion of Chinese transformer manufacturers abroad, while direct export growth remains limited [1] - The current level of overseas revenue growth is affected by demand changes, base effects, and market share, and does not necessarily reflect the overall development level of the industry [1] - As the base changes, the current growth rate is not sustainable in the long term, but an increase in the proportion of overseas revenue can still support the company's overall performance despite a slowdown in growth [1] Group 2: Market Position - The company has seen a slight increase in market share, although competitors may have lower growth rates, their absolute revenue increments are higher than that of the company [1]

Core Viewpoint - The company indicates that its products in the power equipment or transformer sector are among the weakest links in terms of elasticity, primarily serving the demand from large infrastructure and industrial development cycles [1] Company Performance - The company’s products are mainly applied in transformers rated at 35kV and above, with demand growth historically driven by the Chinese market [1] - Since last year, the Chinese market has remained stable, and overseas market growth is not expected to cause disruptive demand changes in the short term [1] - The company has experienced relatively high overseas growth in the past two years, primarily due to a low base from previous periods [1] - Despite competitors having lower growth rates, their absolute revenue increments are higher than that of the company [1] - The company has seen a slight increase in market share [1] Overseas Market Dynamics - The significant overseas growth for the company since last year has been attributed to indirect exports, benefiting from the expansion of Chinese transformer manufacturers abroad, while direct export growth remains limited [1] - The current growth level of overseas revenue is influenced by a combination of demand changes, base effects, and market share, and does not necessarily reflect the overall development level of the industry [1] - The sustainability of the current growth rate is questionable as it is unlikely to persist long-term due to base changes; however, an increase in the proportion of overseas revenue can still support the company's overall performance [1]

Core Insights - Huaming Power Equipment Co., Ltd. (Huaming Equipment) has engaged in investor activities, including specific object research, site visits, and conference calls, with a significant number of renowned domestic and international institutions participating [1] Group 1: Overseas Market Performance - The company's overseas business has seen high growth rates, primarily due to a low base, increased market share, and indirect export growth from Chinese transformer manufacturers [2] - Europe, Southeast Asia, and South America are the main contributors to overseas revenue growth, with multiple countries contributing rather than a few [2] - The company indicates that the European and American markets are relatively open, allowing products that meet parameter standards to enter [2] Group 2: U.S. Market Potential - The U.S. market, being the largest single market for power equipment, is a focal point for institutions, driven by grid renovation, manufacturing return, and AI-related electricity demand [3] - Current growth in the U.S. market is mainly from built-in tap changers, with external tap changers undergoing testing [3] - While the U.S. market has potential for revenue growth, significant breakthroughs will depend on localization strategies or policy changes [3] Group 3: Capacity and Competition - The company states that domestic capacity can meet future demand, with assembly capacity being relatively saturated but still operating on a single shift [4] - Overseas factories in Indonesia and Turkey are being established not for capacity reasons but to obtain local production certifications [4] - The company views short-term impacts from competitors' capacity expansions as limited, with a focus on long-term market share growth rather than immediate profits [4] Group 4: Financials and Strategy - Recent increases in product prices are attributed to product structure optimization and a higher proportion of overseas revenue [5] - The company plans to gradually exit the engineering business to focus on power equipment and manufacturing, aiming to reduce financial volatility [5] - The dividend policy stipulates that cash dividends will not be less than 60% of distributable profits annually from 2023 to 2025 [5] Group 5: Challenges and Opportunities - The company faces challenges in product reliability, talent cultivation, brand building, and macroeconomic influences on demand [7] - The Middle East is being considered for local layout due to tender requirements, while the Russian market will expand under compliance [7] - The repair business has seen significant order growth in the first three quarters, with potential for future expansion as overseas holdings increase [7] - New products in power electronics for distribution networks have received positive feedback from overseas clients, indicating potential for small-scale sales [7]

Group 1: Company Overview and Market Position - Huaming Power Equipment Co., Ltd. is primarily engaged in the transformer sector, focusing on products applicable to 35kV and above transformers [3][39]. - The company has a high market share in domestic sales volume, but its sales revenue share is lower due to a significant presence of imported products in high-end markets [38]. - The company has seen an increase in overseas revenue, primarily due to a low base in previous years, but this growth is not expected to be sustainable in the long term [3][4]. Group 2: Overseas Market Dynamics - The company has limited channels and understanding of overseas markets, but recent growth has led to increased confidence in international expansion [4]. - Key regions contributing to overseas growth include Europe, Southeast Asia, and South America, with multiple countries contributing to overall revenue growth [5][6]. - The U.S. market is a significant focus due to high demand for power equipment driven by energy transition and infrastructure upgrades, but rapid progress is challenging [11]. Group 3: Product and Revenue Insights - The company’s product demand is closely tied to large infrastructure projects, making it sensitive to macroeconomic factors [40]. - The average price of products has increased due to a shift in product structure and a higher proportion of overseas revenue [18]. - The company has been focusing on improving production efficiency and reducing fluctuations in financial performance by exiting engineering business [29][34]. Group 4: Challenges and Strategic Considerations - Key challenges include ensuring product reliability across different international standards, talent acquisition in manufacturing, and brand building in new markets [44]. - The company aims to maintain a cash dividend of no less than 60% of distributable profits as part of its shareholder return plan [45]. - Future growth targets are ambitious, considering the long growth cycle experienced in recent years [46].

Core Insights - The A-share market's power grid equipment sector surged by 12.45% in the first trading week of November, driven by the dual narratives of AI catalysis and energy transformation [1][2] - The sector's performance raises questions about the underlying earnings support and growth potential amid the AI-driven electricity demand surge [1] Market Performance - The Shenwan Power Grid Equipment Index rose by 12.46% over the week, reaching 5872.41 points, with a year-to-date increase of 43.11%, marking the highest level since June 2015 [2] - 16 stocks within the power grid equipment sector reached historical highs, with notable performers including Zhongneng Electric, Moen Electric, and Tebian Electric [2] Industry Dynamics - Since May, trading activity in the power grid equipment sector has increased, with the index showing seven consecutive months of gains, primarily due to AI-related electricity shortages [3] - The U.S. Energy Information Administration (EIA) predicts that electricity consumption will reach record highs in 2025 and 2026, driven by AI and data center expansion [3] - Goldman Sachs forecasts a 175% increase in global electricity demand from AI data centers by 2030 compared to 2023 [3] Investment Trends - The State Grid Corporation of China reported over 420 billion yuan in fixed asset investments from January to September, a year-on-year increase of 8.1% [3] - Major projects in high-voltage direct current (HVDC) engineering are underway, with total investments expected to exceed 650 billion yuan in 2025 [3] Financial Performance - The power grid equipment sector reported a revenue of 263.7 billion yuan and a net profit of 22.2 billion yuan in the first three quarters, reflecting year-on-year growth of 12% and 14%, respectively [4][5] - Significant performance disparities exist within the sector, with non-UHV main networks showing a net profit growth of 38.2%, while distribution and meter companies faced declines [5] Export Growth - China's transformer exports reached 6.22 billion USD from January to September, a 39% increase year-on-year, driven by demand from Europe and North America [5] - High-voltage switch exports also grew by 31.2%, with a notable monthly increase of 55.7% in September [5] Institutional Investment - Public fund holdings in the power grid equipment sector decreased slightly in the third quarter, with a total market value share of 0.6% [6] - Institutional investors are favoring companies with strong overseas demand and those involved in data center business growth, such as Siyuan Electric and Tebian Electric [6] Technological Advancements - Companies like Jinpan Technology are focusing on solid-state transformer (SST) technology, which is seen as a suitable solution for future energy demands [6][7] - Jinpan Technology has developed an SST prototype for HVDC applications, with plans for further testing and certification [7]