证券代码：002270 证券简称：华明装备 公告编号：〔2025〕050 号 华明电力装备股份有限公司 关于调整回购公司股份方案的公告 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。 重要内容提示： 1、本次调整回购股份方案的具体内容：将回购资金总额由"不低于人民币 15,000 万元(含)，不超过人民币 20,000 万元（含）"调整至"不低于人民币 15,000 万元(含)，不超过人民币 25,000 万元（含）"。 （3）本次回购的股份拟用于实施员工持股计划或股权激励，可能存在因相关 人员放弃认购等原因，导致已回购股票无法全部转让的风险； （4）本次回购可能存在实施期限内发生对公司股票交易价格产生重大影响的 重大事项，或公司生产经营、财务状况、外部客观情况发生重大变化，或其他导致 公司董事会决定调整、变更或终止本次回购的事项发生，则存在本次回购方案无法 顺利实施或者根据规则调整、变更或终止的风险。 本次回购方案不代表公司最终回购股份的实际执行情况，公司将在回购期限内 根据市场情况择机做出回购决策，努力推进本次回购方案的顺利实施。若出现上述 情形，公司将根 ...

证券代码:002270 证券简称:华明装备 公告编号：〔2025〕049 号 基于对公司未来业务发展、市场价值等方面的信心，为切实推进公司回购股 份事项及员工持股计划的顺利实施，综合考虑证券市场变化调整回购资金总额， 由"不低于人民币 15,000 万元（含），不超过人民币 20,000 万元（含）"调整 至"不低于人民币 15,000 万元（含），不超过人民币 25,000 万元（含）"。除 回购资金总额调整外，回购股份方案的其他内容未发生变化。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《关于调整回购公司股份方案的公 告》。 三、备查文件 华明电力装备股份有限公司 关于第七届董事会第二次会议决议的公告 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"）第七届董事会第二次会议 通知于 2025 年 7 月 1 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 2 ...

Core Viewpoint - The company has adjusted its share repurchase plan, increasing the total repurchase fund from a range of "not less than RMB 150 million and not more than RMB 200 million" to "not less than RMB 150 million and not more than RMB 250 million" [1] Group 1 - The adjustment in the repurchase plan reflects the company's confidence in its future development [1] - The purpose of the adjustment is to promote sustainable and healthy development of the company [1] - The company aims to enhance its long-term incentive and benefit-sharing mechanisms to motivate core employees effectively [1]

Group 1 - The company has approved a share repurchase plan to buy back its A-shares using self-owned or raised funds, with a maximum repurchase price of RMB 24.60 per share and a total repurchase amount between RMB 150 million and RMB 200 million [1] - As of June 30, 2025, the company has repurchased 11,995,609 shares, accounting for 1.3385% of the total share capital, with a total transaction amount of RMB 202,000,000, at a maximum price of RMB 17.76 per share and a minimum price of RMB 14.74 per share [2] - The company will continue to implement the repurchase plan within the specified timeframe and will fulfill its information disclosure obligations as required by relevant laws and regulations [3]

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕048 号 一、回购股份基本情况 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的方式回购部分公司股份，用于后续实施 员工持股计划或股权激励。本次回购股份的资金总额为不低于人民币 15,000 万 元（含），不超过人民币 20,000 万元（含），回购股份的价格不超过人民币 约为 6,097,560 股，占公司总股本的 0.68%；按回购金额上限和回购价格上限 测算，预计回购股份数量约为 8,130,081 股，占公司总股本的 0.91%。具体以 回购期限届满或回购完毕时实际回购的股份数量和金额为准。回购期限为自董 事会审议通过回购股份方案之日起 12 个月内。具体内容详见公司刊登于《中国 证 券 报 》《 上 海 证 券 报 》《 证 券 时 报 》《 证 券 日 报 》 和 巨 潮 资 讯 网 （www.cninfo.com.cn）的《关于回购公司股份方案的公告》（公告编号：〔2025〕 二、2024 ...

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕046 号 华明电力装备股份有限公司 1、公司未在下列期间内回购股份 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 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 ...

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕048 号 华明电力装备股份有限公司 关于 2024 年度权益分派实施后调整回购股份价格上限的公告 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。 重要内容提示： 1．调整前回购股份价格上限：不超过人民币 24.60 元/股（含）。 2．调整后回购股份价格上限：不超过人民币 24.38 元/股（含）。 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的方式回购部分公司股份，用于后续实施 员工持股计划或股权激励。本次回购股份的资金总额为不低于人民币 15,000 万 元（含），不超过人民币 20,000 万元（含），回购股份的价格不超过人民币 24.60 元/股（含）；按回购金额下限和回购价格上限测算，预计回购股份数量 约为 6,097,560 股，占公司总股本的 0.68%；按回购金额上限和回购价格上限 测算，预计回购股份数量约为 8,130,081 股，占 ...

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕047 号 华明电力装备股份有限公司 2024 年年度权益分派实施公告 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．截至本公告披露之日，华明电力装备股份有限公司（以下简称"公司"） 总股本为896,225,431股，回购专用证券账户持有的股份数量为11,995,609股。 根据《中华人民共和国公司法》（以下简称《公司法》）的规定，该部分已回购的 股份不享有参与本次利润分配的权利。公司本次权益分派以公司总股本 896,225,431 股扣除当前回购专用证券账户持有的股份 11,995,609 股后的 884,229,822 股为基数，向全体股东每 10 股派发现金红利 2.20 元（含税），公 司本次实际现金分红的总金额=实际参与分配的总股本×分配比例，即 194,530,560.84 元=884,229,822 股×0.22 元/股。 2．公司回购股份不参与分红，本次权益分派实施后，实施权益分派前后公 司总股本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权益 分 ...

Investment Rating - The report assigns an "Overweight" (OW) rating to Huaming Equipment with a price target of Rmb19.00 by December 2025 [3][19]. Core Insights - Huaming Equipment is recognized as an under-appreciated player in the global transformer market, currently trading at a valuation discount of over 10% compared to peers [2][4]. - The company has a strong market position with over 60% market share in tap changers for transformers in China and has made gradual gains globally, achieving over 15% market share [19]. - The report highlights the favorable competitive landscape for Huaming, with only two major overseas competitors and a gross margin exceeding 60% [4][19]. - Continued strength in transformer demand and positive export data from Asia are expected to bolster investor confidence in Huaming's overseas momentum [4][19]. Summary by Sections Recent Performance - Huaming has outperformed its peers and the index by over 10% in the past month, while peers have averaged a decline of 1% [2][4]. - The report notes that the earnings cutting cycle is likely over, supported by strong first-quarter results and the announcement of a share incentive scheme [4]. Market Dynamics - The transformer market is experiencing a supply tightness, benefiting companies like Huaming, which is positioned to capitalize on this trend [4]. - The report anticipates that Huaming's overseas revenue growth will accelerate, particularly with high voltage transformer capacity expansion expected to begin in 2026 [4][19]. Valuation - The price target of Rmb19.00 is based on a 21x 2025E-26E P/E ratio, which aligns with the average valuation of regional transformer companies [20]. - The report emphasizes that Huaming's valuation discount to peers is unjustified given its growth prospects and market position [4][19].

Summary of Key Points Core Viewpoint - The company, Huaming Power Equipment Co., Ltd., has signed a maximum guarantee contract with Ningbo Bank to provide a joint liability guarantee for its wholly-owned subsidiary, Shanghai Huaming Electric Equipment Manufacturing Co., Ltd., for a credit limit not exceeding 80 million yuan from June 18, 2025, to May 15, 2026 [1][5]. Group 1: Guarantee Overview - The company will provide a joint liability guarantee for Shanghai Huaming's credit business with Ningbo Bank, with a maximum debt limit of 80 million yuan, including interest, penalties, and fees [1]. - Prior to this guarantee, the total guarantee balance for Shanghai Huaming was 793 million yuan, which will increase to 873 million yuan after this guarantee [2]. - The company has authorized a total guarantee limit of up to 1.3 billion yuan for subsidiaries with a debt-to-asset ratio below 70%, valid until the next annual shareholders' meeting [2]. Group 2: Subsidiary Information - Shanghai Huaming Electric Equipment Manufacturing Co., Ltd. was established on April 3, 1995, with a registered capital of 39.11225 million yuan [3]. - The main business activities include manufacturing power facility equipment, mechanical and electrical equipment, and import-export activities [3]. Group 3: Financial Data - As of the latest audited financial data, Shanghai Huaming's total assets were approximately 2.79 billion yuan, with total liabilities of about 1.50 billion yuan, resulting in a debt-to-asset ratio of 53.60% [3]. - The company reported a revenue of approximately 1.81 billion yuan and a net profit of about 577 million yuan for the most recent fiscal year [4]. Group 4: Guarantee Agreement Details - The guarantee period is set for two years from the maturity date of the main contract's debt, with specific terms for various types of financial instruments [4]. - The maximum principal limit for the guarantee is set at 80 million yuan, covering interest, penalties, and other related costs [5]. Group 5: External Guarantee Status - After this guarantee, the total external guarantee amount will account for 14.43% of the company's audited net assets for 2024, with no overdue guarantees or litigation issues reported [5].