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 ...

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].

证券代码：002270 证券简称：华明装备 公告编号：〔2025〕004 号 华明电力装备股份有限公司 回购股份报告书 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、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，全体董事一致审议通过《关于回购公司股份方案的 议案》。根据《公司章程》的相关规定，本次回购股份方案属于董事会审批权限范 围，无需提交股东大会审议。 2、拟回购股份的基本情况 （1）回购股份的种类：公司已发行的人民币普通股（A 股）； （2）回购股份的用途：用于实施员工持股计划或股权激励； （3）回购股份的价格区间：不超过 24.60 元/股； （4）回购股份的数量、占公司总股本的比例：按回购金额下限 15,000 万元和 回购价格上限 24.60 元/股测算，预计回购股份数量约为 6,097,560 股，占公司当 前总股本的 0.68%；按回购金额上限 20,000 万元和回购价格上限 24.60 元/股测算， 预计回购股份数量约为 8,130,081 股，占公司当前 ...

一、公司董事会公告回购股份决议的前一个交易日（即 2025 年 2 月 28 日） 登记在册的前十名股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占总股本比 例（%） | | --- | --- | --- | --- | | 1 | 上海华明电力设备集团有限公司 | 253,144,534 | 28.25 | | 2 | 上海华明电力发展有限公司 | 136,986,301 | 15.28 | | 3 | 香港中央结算有限公司 | 120,564,052 | 13.45 | | 4 | 刘毅 | 24,351,627 | 2.72 | | 5 | 郭伯春 | 24,264,482 | 2.71 | | 6 | 李胜军 | 19,538,163 | 2.18 | | 7 | GIC PRIVATE LIMITED | 18,081,984 | 2.02 | | 8 | 中国光大银行股份有限公司－兴全 商业模式优选混合型证券投资基金 | 11,170,721 | 1.25 | | | （LOF） | | | | 9 | 广州汇垠华合投资企业（有限合 | 8,400,755 | 0.94 | | ...

Financial Performance - The company achieved total operating revenue of 2.32 billion yuan, an increase of 18.51% year-on-year[5] - The net profit attributable to shareholders was approximately 614 million yuan, reflecting a year-on-year growth of 13.17%[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was about 588 million yuan, up 17.03% year-on-year[5] - Basic earnings per share were 0.6849 yuan, an increase of 13.17% compared to the previous year[4] - The weighted average return on net assets was 18.55%, up 2.50 percentage points from the previous year[4] Revenue Sources - The overseas revenue from the core business of power equipment increased by approximately 40% year-on-year[5] Assets and Equity - Total assets at the end of the reporting period were 4.46 billion yuan, a decrease of 1.30% from the beginning of the period[5] - Shareholders' equity attributable to the listed company was 3.17 billion yuan, down 5.44% from the beginning of the period[5] Legal Matters - There is an ongoing lawsuit involving a subsidiary, which may impact the company's financial status, but it has not significantly affected normal operations[7] Performance Forecast - The company has not disclosed any performance forecasts prior to this earnings announcement[6]

证券代码:002270 证券简称:华明装备 公告编号：〔2025〕001 号 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"）第六届董事会第十五次会 议通知于 2025 年 2 月 25 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 2 月 28 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 1、经与会董事认真讨论，以 9 票赞成，0 票反对，0 票弃权审议通过了《关 于回购公司股份方案的议案》 华明电力装备股份有限公司 公司拟使用自有或自筹资金通过深圳证券交易所交易系统以集中竞价交易 方式回购公司股份，回购股份价格不超过人民币 24.60 元/股（含），回购资金 总额：不低于人民币 15,000 万元（含）且不超过人民币 20,000 万元（含）。在 回购价格不超过人民币 24 ...

（5）回购股份的实施期限：自董事会审议通过之日起 12 个月内； （6）用于回购的资金总额及资金来源：不低于 15,000 万元（含）且不超过 20,000 万元（含）；资金来源为自有或自筹资金。 2、截至本公告披露之日，公司控股股东、实际控制人、董事、监事、高级管 理人员尚无明确的减持计划。若未来上述主体拟实施股份减持计划，公司将按相关 规定及时履行信息披露义务。 证券代码：002270 证券简称：华明装备 公告编号：〔2025〕002 号 华明电力装备股份有限公司 关于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、拟回购股份的基本情况 （4）回购股份的数量、占公司总股本的比例：按回购金额下限 15,000 万元和 回购价格上限 24.60 元/股测算，预计回购股份数量约为 6,097,560 股，占公司当 前总股本的 0.68%；按回购金额上限 20,000 万元和回购价格上限 24.60 元/股测算， 预计回购股份数量约为 8,130,081 股，占公司当前总股本的 0.91%，具体以回购期 满时实际回购股份 ...

Market Overview - The market for tap changers is niche and limited in scale, closely tied to large infrastructure projects. Long-term growth is expected, but the average industry growth rate will not be particularly fast [3][5]. - The global market for tap changers has low market share for the company in overseas markets, despite being a leading domestic player. The company’s market share in sales volume is relatively high domestically, but lower in higher value-added markets where imports dominate [4][5]. Industry Trends - Demand for tap changers is driven by the expansion of transformer markets, which is closely linked to grid investments and fixed asset investments. Key growth factors include macroeconomic growth and increased electricity demand, particularly due to global energy transitions and the rise of industries like electric vehicles and renewable energy [5][6]. - The delivery cycle for transformers may be extended if relying solely on overseas production, but utilizing Chinese production capacity can shorten delivery times [6]. Company Strategy - The company is focusing on building overseas channels, including establishing partnerships and teams in Europe, with a French office already set up and an Indonesian factory nearing completion [7][19]. - The company aims to enter the Middle East and U.S. markets, with ongoing assessments and local team building as primary tasks [14][19]. Competitive Landscape - The company faces competition from established players with decades of experience, particularly in the U.S. and European markets. The competitive landscape is challenging, but increasing demand in overseas markets presents opportunities for growth [16][40]. - The company maintains two brands, "Huaming" and "Changzheng," to enhance service and customer relations while reducing internal competition [37]. Financial Performance - The company’s overseas direct and indirect export performance improved in the third quarter, with expectations for continued growth in overall revenue [56]. - The gross margin for overseas tap changer business is typically higher than that of domestic sales, with future stability in gross margin dependent on revenue growth and cost control [57][58]. Product Development - The company has made progress in high-voltage products, delivering seven units of ultra-high voltage products last year, with plans for operational deployment [39]. - The company’s products are primarily on-load tap changers, with a focus on maintaining high quality and reliability, which is critical given the potential risks associated with product failure [42][45]. Regulatory and Market Challenges - Tariffs have a minimal impact on the company due to its competitive pricing and faster delivery capabilities [18]. - The company is cautious about entering markets with high entry barriers and is focused on building long-term reliability and experience in overseas markets [26]. Future Outlook - The company anticipates stable capital expenditures focused on production efficiency improvements and technology upgrades, with no significant large-scale investments planned [61]. - The company is optimistic about the long-term demand for transformers and related components, although it acknowledges the challenges of matching production capacity with fluctuating market demands [30][31].