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].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a strong potential for growth and profitability in the context of the new power system construction [64][67][84]. Core Insights - The company has a solid position in the transformer tap switch market, holding over 80% of the domestic market share and ranking as the second-largest manufacturer globally [64][67]. - The demand for tap switches is expected to increase significantly due to the acceleration of new power system construction and the need for high-voltage transformers [84]. - The company has demonstrated strong financial performance, with a projected net profit growth of 17% to 21% from 2024 to 2026 [67][86]. Summary by Sections Company Overview - The company has been deeply involved in the tap switch sector for over 30 years, establishing a robust industry position [1]. - Its main business includes the research, production, sales, and lifecycle maintenance of transformer tap switches, as well as contracting and operation of renewable energy power stations [2][3]. Market Position - The company has a comprehensive product matrix for tap switches, covering voltage levels up to 1000kV, and has a significant number of patents, enhancing its competitive edge [11][20]. - The domestic market for tap switches is concentrated, with the company, MR, and ABB holding over 90% of the market share for 110kV and above [13]. Demand Drivers - The construction of new power systems is expected to sustain long-term demand for tap switches, particularly as the country aims to increase renewable energy capacity [14][17]. - The company has successfully broken the foreign monopoly in the high-voltage tap switch market, particularly for products rated at 500kV and above [19]. Financial Performance - The company’s revenue from its core power equipment business reached 16.25 billion yuan in 2023, accounting for 82.9% of total revenue, with a year-on-year growth of 14.55% [64][97]. - The projected revenue growth for the power equipment segment is estimated at 16% to 14.6% from 2024 to 2026, with a maintained gross margin of 59% [67][86]. International Expansion - The company has made significant strides in international markets, with overseas revenue reaching 274 million yuan in 2023, a year-on-year increase of nearly 80% [25][65]. - The focus on localizing operations in key markets such as Turkey, Russia, and Brazil is expected to enhance responsiveness and market share [27]. Profitability Forecast - The company’s net profit is projected to be 634 million yuan in 2024, with a growth rate of 16.93%, and is expected to reach 881 million yuan by 2026 [67][86].

证券代码：002270 证券简称：华明装备 公告编号：〔2024〕048 号 华明电力装备股份有限公司 关于出售参股企业合伙份额暨对外投资的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次交易基本情况 华明电力装备股份有限公司（以下简称"公司"）通过金开启昱（北京） 新能源发展合伙企业（有限合伙）（以下简称"金开启昱"）对英利能源发展 有限公司及其持有的新能源项目进行投资，与金开启昱普通合伙人/执行事务合 伙人及其他有限合伙人合作，使用自有资金向金开启昱增资人民币 1 亿元。具 体详见公司于 2022 年 6 月 28 日、2022 年 6 月 29 日、2023 年 4 月 29 日指定信 息披露媒体《证券时报》《证券日报》《上海证券报》《中国证券报》及巨潮 资讯网（www.cninfo.com.cn）披露的《关于对外投资的公告》《关于对外投资 的补充公告》《关于对外投资的进展公告》。 二、交易对手基本情况 1、名称：金开新能科技有限公司 2、成立时间：2014 年 12 月 17 日 3、法定代表人：范晓波 4、企业类型：有限责任公司（法 ...

证券代码：002270 证券简称：华明装备 公告编号：〔2024〕049 号 4、本次实施的利润分配方案与股东大会审议通过的利润分配方案一致； 5、本次权益分派的实施距股东大会审议通过的时间未超过两个月。 华明电力装备股份有限公司 2024 年前三季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。 华明电力装备股份有限公司（以下简称"公司"）2024 年前三季度权益分 派方案已获2024年11月8日召开的公司2024年第二次临时股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1、公司 2024 年第二次临时股东大会审议通过公司 2024 年前三季度利润分 配议案，具体内容为：公司拟以本次董事会审议时，公司总股本 896,225,431 股为基数，按每 10 股派发现金红利 0.56 元（含税），共分配现金股利 50,188,624.14 元（含税），不送红股，不以资本公积金转增股本，剩余未分配 利润结转以后年度。 2、自公司 2024 年前三季度利润分配方案披露至本次权益分派实施期间，公 司股本总额未发 ...

Group 1: Company Overview and Market Position - The company, Huaming Power Equipment Co., Ltd., specializes in transformer-related products, primarily focusing on tap changers [1][2]. - The company has a high market share in domestic sales volume for tap changers, but its sales revenue market share is lower due to a significant presence of imported products in high-end markets [5][7]. - The company’s average revenue growth over the past three years has been between 15%-20% [5]. Group 2: Investment and Growth Trends - The growth of the company is closely linked to the number of new transformer station projects and the scale of investments, with a relatively stable increase in new projects [3][4]. - The company anticipates that the investment growth in the power grid and renewable energy will continue, although its revenue growth may lag behind these investments [3][4]. - The company expects a gradual recovery in order rhythm since June, following fluctuations in order pace due to raw material price volatility and project progress [4]. Group 3: Customer and Procurement Insights - Customers typically do not purchase tap changers directly from the company but include technical requirements in their transformer bidding processes [3][4]. - The procurement decisions for grid customers are influenced by the bidding entities, primarily state-owned enterprises [4][5]. Group 4: Competitive Landscape - The global transformer industry is currently experiencing a favorable cycle, with some overseas customers viewing it as a rare opportunity [4][5]. - The company faces significant competition from established brands, particularly in high-voltage products, where the market is dominated by a German competitor with a long history [5][7]. - The company’s overseas market share is still low, but it aims to leverage its full supply chain production model and customization capabilities to enhance competitiveness [7][8]. Group 5: International Expansion Strategy - The company is focusing on localized strategies in overseas markets, establishing local teams for sales and service after securing a foothold in specific regions [7][8]. - The company’s overseas sales strategy primarily involves direct sales, with some consideration for distributors in early market development stages [7][8]. - The company plans to expand its production capacity in overseas markets, including potential factory setups in the U.S. if market conditions allow [21][22]. Group 6: Product Development and Innovation - The company is developing high-voltage tap changers and has begun supplying products for ultra-high voltage applications, with initial orders already fulfilled [22]. - The company is also exploring low-voltage power electronic products, although mass application remains uncertain [22]. - The company’s vacuum switches are gaining traction due to their safety and lower lifecycle maintenance costs compared to traditional oil-immersed switches [22].