证券代码：002487 证券简称：大金重工 公告编号：2025-064 大金重工股份有限公司 1、经与会董事签字并加盖董事会印章的董事会决议； 2、经与会委员签字并加盖委员会印章的专门委员会决议。 特此公告！ 二、董事会会议审议情况 审议通过《关于 2025 年第三季度报告的议案》。 具体内容详见公司指定信息披露媒体《中国证券报》《证券时报》及巨潮 资讯网（www.cninfo.com.cn）。 审计委员会已审议通过此议案。 表决结果：9 票赞成，0 票反对，0 票弃权； 三、备查文件 第五届董事会第二十二次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 大金重工股份有限公司（以下简称"公司"）第五届董事会第二十二次会 议于 2025 年 10 月 24 日在公司会议室以现场投票结合通讯表决方式召开，召开 本次会议的通知及会议资料于 2025 年 10 月 17 日以直接送达或电子邮件方式送 达各位董事。本次会议由董事长金鑫先生主持，应出席董事 9 人，实际出席董 事 9 人，会议的召集、召开程序符合《中华人民共和国公司 ...

大金重工公告，第三季度营收为17.54亿元，同比增长84.64%；净利润为3.41亿元，同比增长215.12%。 前三季度营收为45.95亿元，同比增长99.25%；净利润为8.87亿元，同比增长214.63%。 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,754,226,520.87, representing an increase of 84.64% year-over-year[4] - Net profit attributable to shareholders was ¥340,751,204.81, a significant increase of 215.12% compared to the same period last year[4] - The basic earnings per share (EPS) for the period was ¥0.53, reflecting a growth of 211.76% year-over-year[4] - The company achieved a net profit of 887 million RMB in the first three quarters of 2025, representing a year-on-year increase of 214.63%[17] - In Q3 2025, the net profit was 341 million RMB, a 215.12% increase year-on-year and a 7.98% increase quarter-on-quarter[17] - Total operating revenue for the current period reached ¥4,595,365,783.31, a significant increase of 99.0% compared to ¥2,306,360,294.98 in the previous period[29] - Net profit attributable to the parent company was ¥887,266,617.56, up 214.5% from ¥282,004,183.93 in the prior period[30] - Operating profit for the current period was ¥1,042,497,833.35, compared to ¥293,810,160.86 in the previous period, reflecting a growth of 255.5%[29] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥14,231,923,353.61, marking a 23.09% increase from the end of the previous year[4] - As of September 30, 2025, the company's total assets amounted to CNY 14,231,923,353.61, an increase from CNY 11,561,949,391.14 at the beginning of the period, reflecting a growth of approximately 23%[28] - The company's non-current liabilities rose to CNY 1,869,664,820.74 from CNY 761,522,957.76, indicating an increase of approximately 145%[28] - The company’s short-term borrowings decreased to CNY 15,239,928.19 from CNY 34,031,194.48, a reduction of approximately 55%[28] Cash Flow - Cash flow from operating activities for the year-to-date was ¥1,509,074,852.19, up 173.60% compared to the same period last year[4] - Operating cash flow net amount reached 1.509 billion RMB, up 173.60% year-on-year[17] - Cash flow from operating activities generated a net amount of ¥1,509,074,852.19, an increase of 173.4% from ¥551,568,062.95 in the last period[32] - The net cash flow from financing activities was ¥1,057,642,272.80, reflecting the receipt of bank loans during the period[13] - The company experienced a net cash outflow from investing activities of ¥1,300,020,701.12, compared to a net inflow of ¥625,439,455.47 in the previous period, indicating increased investment activities[32] Research and Development - Research and development expenses surged to ¥192,613,620.48, an increase of 228.65% year-over-year, indicating a strong focus on innovation[11] - Research and development expenses increased to ¥192,613,620.48, up from ¥58,607,153.95, indicating a focus on innovation[29] Market and Business Expansion - The company has supplied over 200 sets of monopiles to the European market, achieving a market share increase from 18.5% in 2024 to 29.1% in the first half of 2025[18] - The company successfully launched the KING ONE, a large deck transport vessel, with a maximum load capacity of 40,000 tons, marking a significant milestone in its business expansion[19] - A contract worth approximately 300 million RMB was signed with a South Korean shipping company for the design and construction of a heavy-duty wind power deck transport vessel[20] - The company is transitioning from a product supplier to a system service provider, focusing on high-tech and high-value offshore wind power markets[16] - The company has optimized production processes and construction techniques, enhancing team collaboration for high-quality delivery[19] Governance and Strategic Plans - The company plans to issue H shares and list on the Hong Kong Stock Exchange, with a maximum issuance scale of 15% of the total share capital post-issuance, aiming to enhance its global strategic layout and competitiveness in the international market[22] - The company has submitted its application for H share issuance to the Hong Kong Stock Exchange on September 29, 2025[23] - The company has adjusted its governance structure by abolishing the supervisory board and transferring its powers to the audit committee of the board[24] Financial Adjustments and Standards - The third quarter financial report of the company has not been audited[34] - The new accounting standards will be implemented starting from 2025[33] - The financial statement adjustments related to the first-time implementation of the new accounting standards will be reflected at the beginning of the fiscal year[33] Dividend Distribution - The company approved a mid-term profit distribution plan, distributing CNY 0.86 per 10 shares, totaling CNY 54,846,444.01 in cash dividends[25] Inventory - The company reported a significant increase in inventory, which reached CNY 2,243,387,145.15, up from CNY 2,084,479,105.73, marking an increase of about 8%[27] Cash and Equivalents - The company’s cash and cash equivalents increased to CNY 4,180,334,080.20 from CNY 2,869,022,557.12, representing a growth of about 46%[27] - Cash and cash equivalents at the end of the period totaled ¥4,180,164,080.20, compared to ¥2,457,294,681.24 at the end of the previous period, marking a growth of 70.0%[32]

Core Insights - On October 24, Daikin Heavy Industries saw a stock price increase of 7.02%, with a trading volume of 1.844 billion yuan [1] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2.841 billion yuan, a year-on-year growth of 109.48%, and a net profit of 547 million yuan, up 214.32% [2] Financing and Trading Activity - On October 24, Daikin Heavy Industries had a financing buy-in amount of 244 million yuan, with a net financing purchase of 67.68 million yuan [1] - The total financing and securities lending balance reached 1.481 billion yuan, accounting for 4.33% of the circulating market value, indicating a high level of financing activity [1] - The company had a securities lending balance of 3.226 million yuan, with a remaining quantity of 60,300 shares, also reflecting a high level of activity in this area [1] Shareholder and Institutional Holdings - As of October 10, the number of shareholders for Daikin Heavy Industries increased to 58,300, a rise of 14.63%, while the average circulating shares per person decreased by 12.77% to 10,815 shares [2] - The company has distributed a total of 325 million yuan in dividends since its A-share listing, with 240 million yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder, increasing its holdings by 6.9767 million shares to 19.4121 million shares [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others, based on their strong growth potential and market positioning [7]. Core Insights - The electric equipment and new energy sector experienced a weekly increase of 4.90%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 7.05% [3]. - The report highlights the launch of multiple strategic new products by Ruipu Lanjun, covering energy storage, commercial vehicles, and passenger vehicles, showcasing the company's commitment to innovation and market expansion [4][11]. - In September, China's inverter exports reached 5.085 billion yuan, marking a year-on-year increase of 4.96%, driven by strong demand in markets like Australia [5][29]. - The total electricity consumption in China for September was 888.6 billion kWh, reflecting a year-on-year growth of 4.5%, with significant contributions from various industrial sectors [6][42]. Summary by Sections New Energy Vehicles - Ruipu Lanjun launched several strategic products in energy storage and vehicles, including a 6.25MWh energy storage system with a high efficiency of 35.5% and a 4C fast-charging battery for passenger vehicles [4][11]. - The company aims to leverage its parent company's resources and technological innovations to enhance its market position [11]. New Energy Generation - Inverter exports in September totaled 5.085 billion yuan, with a notable increase in the Australian market, which saw a year-on-year growth of 306% [5][29]. - The report also notes a significant increase in battery component exports, indicating robust demand in the international market [29]. Electric Equipment and Industrial Control - The total electricity consumption for the first nine months of 2025 reached 77,675 billion kWh, with a year-on-year growth of 4.6%, driven by industrial and residential demand [6][42]. - The report emphasizes the importance of digitalization and smart grid investments in the electric equipment sector, recommending companies involved in these areas [50][54]. Market Performance - The report indicates that the electric equipment and new energy sector is expected to continue its upward trend, supported by favorable policies and market demand [3][6].

Market Performance - On October 24, the wind power equipment sector rose by 1.97%, with Daikin Heavy Industries leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Daikin Heavy Industries (002487) closed at 53.50, up 7.02% with a trading volume of 355,500 shares and a transaction value of 1.844 billion [1] - Jinlei Co., Ltd. (300443) closed at 32.46, up 6.08% with a trading volume of 407,300 shares [1] - Feiwo Technology (301232) closed at 43.46, up 5.92% with a trading volume of 106,900 shares [1] - Other notable performers include Taisheng Wind Power (300129) up 5.58% and Rihua Co., Ltd. (603218) up 4.51% [1] Fund Flow Analysis - The wind power equipment sector experienced a net outflow of 78.9747 million from institutional investors, while retail investors saw a net inflow of 100 million [2] - The top stocks by net inflow from retail investors include Jinlong Technology (002202) with 49.4662 million and Taisheng Wind Power (300129) with 69.6989 million [3] - Conversely, Daikin Heavy Industries (002487) saw a net outflow of 37.0152 million from retail investors [3]

Core Insights - The stock of Daikin Heavy Industries increased by 0.89% on October 23, with a trading volume of 1.19 billion yuan [1] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2.84 billion yuan, a year-on-year growth of 109.48%, and net profit of 547 million yuan, a year-on-year increase of 214.32% [2] Financing and Trading Activity - On October 23, Daikin Heavy Industries had a net financing purchase of 21.74 million yuan, with a total financing balance of 14.13 billion yuan, representing 4.42% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] - In terms of securities lending, the company had a low borrowing balance of 2.69 million yuan, which is below the 50th percentile of the past year [1] Shareholder and Dividend Information - As of October 10, the number of shareholders increased to 58,300, a rise of 14.63%, while the average number of circulating shares per person decreased by 12.77% to 10,815 shares [2] - Since its A-share listing, Daikin Heavy Industries has distributed a total of 325 million yuan in dividends, with 240 million yuan distributed in the last three years [3] - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 19.41 million shares, an increase of 6.98 million shares from the previous period [3]

Market Overview - On October 23, the wind power equipment sector rose by 0.22%, with Xin Qiang Lian leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Xin Qiang Lian (300850) closed at 53.19, up 10.42% with a trading volume of 544,600 shares and a transaction value of 2.764 billion [1] - Jin Lei Co., Ltd. (300443) closed at 30.60, up 5.52% with a trading volume of 276,700 shares and a transaction value of 820 million [1] - Ri Yue Co., Ltd. (603218) closed at 14.20, up 2.31% with a trading volume of 243,000 shares and a transaction value of 338 million [1] - Other notable stocks include Hai Li Wind Power (301155) at 66.66, up 1.83%, and Tai Sheng Wind Energy (300129) at 8.06, up 1.51% [1] Capital Flow - The wind power equipment sector experienced a net outflow of 268 million from institutional investors, while retail investors saw a net inflow of 132 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Da Jin Heavy Industry (002487) had a net inflow of 61.739 million from institutional investors, while retail investors had a net outflow of 10.8 million [3] - Ri Yue Co., Ltd. (603218) saw a net inflow of 30.480 million from institutional investors but a net outflow of 2.620 million from retail investors [3] - Jin Lei Co., Ltd. (300443) had a net inflow of 22.853 million from institutional investors, with retail investors experiencing a net outflow of 40.158 million [3]

Core Insights - The report emphasizes the importance of modernizing industry governance to achieve new industrialization during the "14th Five-Year Plan" period [5] - The report highlights significant growth in Shanghai's leading industries, with a GDP growth contribution from the artificial intelligence manufacturing sector reaching 12.8% year-on-year [5] Industry Dynamics - AI glasses shipments have surged, indicating a potentially hot market, with related stocks including Lingyi Technology (002600) and GoerTek (002241) [6] - Wind power-related equipment has seen explosive growth due to policy support and performance realization, with relevant stocks such as Daikin Heavy Industries (002487) and Shuangyi Technology (300690) [6] - Leju Robotics has completed a 1.5 billion yuan Pre-IPO financing round, with an IPO plan in progress, related stocks include Green Harmony (688017) and Mingzhi Electric (603728) [6] Company Focus - Baili Tianheng (688506) received clinical trial approval for its injectable BL-M24D1 (ADC) for treating hematologic malignancies and advanced solid tumors [7] - Keda Technology (002518) is developing several AIDC-related products, including solid-state transformers, as a new power electronics technology solution [7] - Zhaojin Gold (000506) reported a revenue of 340 million yuan for the first three quarters, a year-on-year increase of 119.51%, with a net profit of 82.16 million yuan, up 191.20% [7] - Tonghuashun (300033) experienced a 145% year-on-year increase in net profit in the third quarter, driven by demand for financial information services and increased R&D investment in AI [7] Market Overview - The market failed to maintain the previous day's rebound, with the Shanghai Composite Index closing down 0.07% at 3913 points, and trading volume in the Shanghai and Shenzhen markets decreased by 206 billion yuan compared to the previous trading day [8] - Sectors such as mining, wind power, real estate, engineering machinery, and oil saw gains, while the precious metals sector declined significantly due to a drop in international gold prices [8] - Overall, the market's performance during the adjustment period was stronger than expected, with trading volume gradually shrinking below 2 trillion yuan, indicating a strong wait-and-see atmosphere [8]

Core Viewpoint - The wind power equipment company, Dajin Heavy Industry, is planning to go public on the Hong Kong Stock Exchange, driven by significant growth in product sales and performance, particularly in the European market [2] Group 1: Company Performance - Dajin Heavy Industry achieved a record high revenue in the first half of 2025, with operating income reaching 2.841 billion yuan, a year-on-year increase of 109.48% [7] - The company's net profit attributable to shareholders grew over 250% year-on-year, reaching 547 million yuan [2][7] - The gross profit margin for wind power equipment products increased to 25.53%, up nearly 3% from the same period in 2024 [9] Group 2: Market Expansion - Dajin Heavy Industry plans to use the funds raised from the IPO to establish a total assembly base in Europe, which is expected to further enhance its revenue from European operations [2] - The company has seen a significant increase in overseas business, with overseas revenue accounting for 78.95% of total revenue in the first half of 2025, compared to 55.92% in the same period of 2024 [9] Group 3: Industry Growth - According to Frost & Sullivan, global new wind power installations are projected to grow from 95.3 GW in 2020 to 117.0 GW in 2024, with a compound annual growth rate (CAGR) of 5.3% [3] - The offshore wind power sector, which Dajin Heavy Industry is focusing on, is expected to have a CAGR of 28.9% from 2024 to 2030 [4] Group 4: Financial Health - Dajin Heavy Industry's operating cash flow has been strong, with cash inflows of 1.12 billion yuan, 8.09 billion yuan, 10.83 billion yuan, and 2.38 billion yuan from 2022 to the first half of 2025 [15] - As of June 30, 2025, the company had cash reserves of 3.341 billion yuan, primarily in foreign currencies [15][16] Group 5: Future Investments - The company is currently involved in 14 ongoing projects with an expected total investment of 10.248 billion yuan, indicating a significant expansion strategy [16][18] - Dajin Heavy Industry is also planning to enter the shipbuilding and renewable energy sectors, with a recent contract signed for a 300 million yuan shipbuilding project [18]