Core Insights - The transmission line tower industry in China is experiencing significant growth, with the market size projected to reach approximately 71.1 billion yuan in 2024, driven by increasing electricity demand and urbanization [1][16] - The industry is characterized by a dual structure, with a large number of small enterprises competing in the low-end market and a few large companies dominating the high-end market [21][23] Industry Overview - Transmission line towers are essential infrastructure for supporting high and ultra-high voltage overhead power lines, primarily made of metal materials like iron and steel [3] - The industry has evolved from using low-voltage transmission lines to high-voltage lines, leading to increased demand for steel towers [5][19] Market Dynamics - The growth in electricity demand is reflected in the increase of total electricity consumption in China, which rose from 55,500 billion kWh in 2015 to 98,521 billion kWh in 2024, with a compound annual growth rate of 6.58% [11] - The length of 220 kV and above transmission lines has also increased significantly, from 609,100 km in 2015 to 952,800 km in 2024, indicating a compound annual growth rate of 5.1% [11] Investment Trends - Investment in power engineering construction is on the rise, with power source engineering investment expected to grow from 409.1 billion yuan in 2015 to 1,168.7 billion yuan in 2024, reflecting a compound annual growth rate of 12.37% [14] - The investment in grid engineering is also increasing, from 460.3 billion yuan in 2015 to 608.6 billion yuan in 2024, with a compound annual growth rate of 3.15% [14] Key Players - Major companies in the industry include China Tower Corporation, which is the leading player, and other significant firms such as Wind范股份, 东方铁塔, and 汇金通 [21][23] - China Tower Corporation reported a revenue of 75.7 billion yuan from tower-related businesses in 2024, showing a year-on-year growth of 0.89% [23] Industry Structure - The industry is divided into three tiers: a large number of small enterprises in the low-end market, a second tier of larger private companies, and a first tier of leading companies like China Tower [21] - The market for transmission line towers is highly competitive, with price wars prevalent among smaller firms producing low-end products [21] Future Trends - The industry is expected to undergo technological upgrades driven by the construction of ultra-high voltage transmission lines, leading to a shift towards new tower structures and materials [27] - The demand for intelligent operation and maintenance solutions is increasing, with the adoption of IoT and sensor technologies [28] - The push for green and low-carbon solutions is reshaping the industry, with a focus on environmentally friendly materials and recycling practices [30]

Project Progress and Achievements - The "Solid Potash Mine Safety Green Mining and Processing Technology and Standards" project has entered the mid-term acceptance stage, with several breakthrough technical indicators for overseas potash mining currently under review by the National Science and Technology Department [1][2] - The project has been officially implemented for 2 years, with improvements in recovery rates being one of the key indicators [2] Financial Performance and Sales - The average sales price of potassium chloride in 2024 was between 2000-2600 RMB (including tax), while the international CFR price ranged from 270-310 USD. Currently, domestic port prices are around 3000 RMB, and international Southeast Asia CFR prices are between 350-360 USD, indicating various degrees of increase [5][10] - The company reported a cash balance of 3.86 billion RMB, with interest-bearing liabilities increasing significantly, raising concerns about cash management efficiency [13][18] Investment and Development Plans - The Laos Circular Economy Industrial Park project has a planned investment of 1 billion USD, focusing on diversified development including potash fertilizer processing and renewable energy [2][29] - The company is prioritizing the 1 million tons of potash salt planning in the Nongbo area for development, with capital investment for 2 million tons of potash salt extraction exceeding 3 billion RMB [5][9] Stakeholder Engagement and Communication - The company has received feedback regarding the need for more detailed disclosures in production and sales metrics, suggesting a shift to ton-based reporting for clarity [2] - There is an ongoing effort to enhance investor relations and communication, with a commitment to regular updates on shareholder numbers and project progress [5][13] Regulatory and Environmental Considerations - The company is actively seeking tax incentives related to the export of potash products and has submitted applications to relevant government departments [14] - The environmental impact of projects, particularly in the Laos region, is being closely monitored, with measures in place to address water management challenges [6][14]

Investment Announcements - Jinchengxin plans to invest approximately $231 million in the development of the Alacran copper-gold-silver mine project, aiming to acquire a 55% stake in CMH Colombia S.A.S. after the acquisition [3] - China Merchants Bank intends to invest 15 billion yuan to establish a wholly-owned financial asset investment company, enhancing its integrated financial services capabilities [5][6] Performance Reports - Huahong Semiconductor reported Q1 2025 revenue of 3.913 billion yuan, an 18.66% year-on-year increase, but net profit decreased by 89.73% to 22.76 million yuan due to uncertainties in the semiconductor industry [7] - King Long Motor's April bus sales were 3,611 units, a 3.91% year-on-year decrease, while production was 4,361 units, down 5.79% year-on-year [8] - Zhengbang Technology reported April sales of 609,800 pigs, with revenue of 738 million yuan, a 174.29% year-on-year increase, attributed to orderly resumption of production [9] - Sunac China achieved a contract sales amount of approximately 1.1 billion yuan in April, with a cumulative total of 11.2 billion yuan by the end of April [10] Major Contracts - Pinggao Electric won contracts totaling approximately 1.751 billion yuan from the State Grid, representing 14.12% of its 2024 revenue [13] - State Grid Information Technology's subsidiaries secured contracts worth 477 million yuan, positively impacting future operating performance [14] - Dongfang Iron Tower won contracts worth about 100 million yuan from the State Grid, accounting for 2.39% of its 2024 revenue [15] - Jiaojian Co. won a construction project worth approximately 704 million yuan, representing 8.43% of its 2024 revenue [16] Shareholding Changes - Ruihua Tai's shareholder plans to reduce holdings by up to 1% of the company's shares [17][18] - *ST Gengxing's controlling shareholder intends to increase holdings between 30 million and 60 million yuan [19] - Lexin Technology's shareholder plans to reduce holdings by up to 1.2032% of the company's shares [20] Share Buybacks - Sichuan Meifeng plans to repurchase shares worth 50 million to 70 million yuan, with a maximum buyback price of 10.07 yuan per share [21]

Investment Announcements - Jincheng intends to invest approximately $231 million in the Alacran copper-gold-silver mine project, following the acquisition of a 5% stake in CMH Colombia S.A.S., which will allow it to hold a 55% stake and control the project development [3] - Huasheng Technology's subsidiary plans to sell a 5.4019% stake in Shanghai Lingkai Technology Co., Ltd. for 200 million yuan, resulting in the subsidiary no longer holding shares in the company [4] - China Merchants Bank plans to invest 15 billion yuan to establish a wholly-owned financial asset investment company, which will enhance its integrated operations and service capabilities [5] Performance Reports - Huahong's Q1 revenue reached 3.913 billion yuan, a year-on-year increase of 18.66%, while net profit dropped by 89.73% to 22.76 million yuan, indicating challenges in the semiconductor industry due to international and policy changes [7] - King Long Automobile reported a production of 4,361 buses in April, a decrease of 5.79% year-on-year, with sales of 3,611 buses, down 3.91% [8] - Zhengbang Technology's April pig sales reached 609,800 heads, with revenue of 738 million yuan, showing a significant year-on-year increase of 174.29% [9] - Sunac China achieved a contract sales amount of approximately 1.1 billion yuan in April, with a cumulative total of 11.2 billion yuan by the end of April [11] - *ST Aonong reported a pig sales volume of 132,800 heads in April, a year-on-year decrease of 14.42% [12] Major Contracts - Pinggao Electric won contracts totaling approximately 1.751 billion yuan from the State Grid, representing 14.12% of its 2024 revenue [14] - State Grid Information Technology's subsidiaries secured contracts worth 477 million yuan, positively impacting future performance [15] - Dongfang Tower won a procurement project from the State Grid worth about 100 million yuan, accounting for 2.39% of its 2024 revenue [16] - Jiaojian Co. won a construction project worth approximately 704 million yuan, with a project duration of 870 days, representing 8.43% of its 2024 revenue [17] Shareholding Changes - Ruihua Tai's shareholder plans to reduce holdings by up to 1% of the company's shares [19] - *ST Gengxing's controlling shareholder intends to increase holdings between 30 million and 60 million yuan [20] - Lexin Technology's shareholder plans to reduce holdings by up to 1.2032% of the company's shares [22] Share Buybacks - Sichuan Meifeng plans to repurchase shares worth between 50 million and 70 million yuan, with a maximum repurchase price of 10.07 yuan per share [24]

Group 1 - Dashi Intelligent signed a smart hospital project contract worth 58.12 million yuan with the First Affiliated Hospital of Bengbu Medical College and Bengbu Urban Construction Investment Development Co., Ltd. [1] - The project aims to create a comprehensive tumor specialty hospital integrating medical care, research, teaching, preventive health care, and rehabilitation, which is expected to positively impact the company's future performance [1] Group 2 - Huahong Company reported a net profit of 22.76 million yuan for Q1 2025, a year-on-year decrease of 89.73%, despite a revenue increase of 18.66% to 3.913 billion yuan [2] - The company specializes in the development and application of embedded/non-volatile memory, power devices, and other semiconductor technologies [2] Group 3 - Jindi Group announced a signed area of 214,000 square meters in April, a year-on-year decrease of 55.14%, with a signed amount of 2.78 billion yuan, down 55.45% [3] - The company focuses on real estate development and sales, commercial real estate, and property management [3] Group 4 - Jinlong Automobile reported a bus production of 4,361 units in April, a year-on-year decrease of 5.79%, with sales of 3,611 units, down 3.91% [4][5] - The company is engaged in the production and sales of bus products [5] Group 5 - Sanyou Medical established a joint venture with CGBio Co., Ltd. with a registered capital of 60 million yuan, focusing on innovative cell biological materials and regenerative medicine [6][7] - The company specializes in the research, production, and sales of orthopedic implant consumables [7] Group 6 - Jinzhi Technology won a bid for projects related to the State Grid with a total amount of 90.73 million yuan, accounting for 5.12% of the company's projected revenue for 2024 [9][10] - The company focuses on smart energy and smart city businesses [10] Group 7 - Pinggao Electric won multiple procurement projects from the State Grid, totaling approximately 1.751 billion yuan, which is 14.12% of the company's projected revenue for 2024 [10] - The company specializes in high-voltage switchgear and power engineering contracting [10] Group 8 - Luantang Pharmaceutical received approval for the raw material drug Celecoxib, which is a selective COX-2 inhibitor with fewer gastrointestinal side effects compared to traditional NSAIDs [11][12] - The company is involved in the research, production, and sales of pharmaceutical products [12] Group 9 - Dongjie Intelligent obtained seven patent certificates related to AGV and conveyor system technologies [13][14] - The company specializes in the research, design, manufacturing, installation, and debugging of intelligent logistics systems [14] Group 10 - XJH Holdings received a government subsidy of 8.69 million yuan, which accounts for 38.67% of the company's projected net profit for 2024 [15][16] - The company focuses on the recycling and dismantling of waste electrical products [16] Group 11 - Huaihua Pharmaceutical's subsidiary received approval for the clinical trial of HZ-J001 ointment for treating non-segmental vitiligo [17][19] - The company is engaged in the research, production, and sales of pharmaceutical products [19] Group 12 - ST Aonong reported a pig sales volume of 132,800 heads in April, a year-on-year decrease of 14.42%, while the stock of pigs increased by 15.06% [22][23] - The company is involved in feed, pig farming, food, and trade [23] Group 13 - Beibu Gulf Port reported a cargo throughput of 31.75 million tons in April, a year-on-year increase of 20.32% [24][25] - The company specializes in port loading, storage, and related services [25] Group 14 - Dongfang Iron Tower won a bid for State Grid projects totaling approximately 100 million yuan, which is 2.39% of the company's projected revenue for 2024 [26] - The company focuses on steel structures and related businesses [26] Group 15 - Huanxu Electronics reported a consolidated revenue of 4.641 billion yuan in April, a year-on-year increase of 0.72% [27] - The company provides design, manufacturing, and related services for brand customers [27] Group 16 - Jincheng Co. announced that part of its bank accounts has been frozen, involving approximately 32.97 million yuan due to contract disputes [28][29] - The company specializes in high-end intelligent equipment for photovoltaic and smart port sectors [29] Group 17 - NAIKE Equipment announced the departure of core technical personnel Wang Xiangguo [30][31] - The company focuses on semiconductor packaging equipment and related products [31] Group 18 - Jiaojian Co. won a construction project in Hefei with a bid amount of approximately 704 million yuan, covering residential buildings and related infrastructure [32][33] - The company specializes in infrastructure construction and related services [33] Group 19 - Hongyuan Green Energy plans to transfer a 27.07% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. for 1.245 billion yuan [34][35] - The company focuses on the research, production, and sales of aviation electromechanical products [35] Group 20 - Poly Development reported a signed amount of 24.622 billion yuan in April, a year-on-year decrease of 25.44% [46][48] - The company specializes in real estate development and sales [48]

（一）国家电网有限公司 2025 年第十三批采购（输变电项目第二次线路装置 性材料招标采购）（招标编号：0711-250TL02421004）项目 项目单位：国家电网有限公司 中标产品：角钢塔、钢管塔 中标标包：包 11，包 60，包 135，包 94 近日，国家电网公司电子商务平台（http://ecp.sgcc.com.cn）公布了《国家电网 有限公司2025年第十三批采购（输变电项目第二次线路装置性材料招标采购）中标 公告》及《国家电网有限公司2025年第十四批采购（输变电项目第一次35-330千伏 材料协议库存招标采购）中标公告》。青岛东方铁塔股份有限公司（以下简称"公 司"）及全资子公司合计中标约10,028.88万元，约占公司2024年经审计的营业收入 的2.39%。现将相关项目中标情况公告如下： 一、中标项目概况 证券代码：002545 证券简称：东方铁塔 公告编号：2025-022 青岛东方铁塔股份有限公司 关于项目中标的公告 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。 中标金额：8,969.23 万元 详情请查看国家电网公司电子商务平台相 ...

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。届 时公司董事长韩方如女士、董事兼董事会秘书何良军先生、财务总监周小凡先生、 独立董事张世兴先生将以在线交流形式就公司治理、发展战略、经营状况等投资者 关注的问题与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 证券代码：002545 证券简称：东方铁塔 公告编号：2025-020 青岛东方铁塔股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日暨 2024 年度业绩说明会活动的公告 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。 为进一步加强与投资者的互动交流，青岛东方铁塔股份有限公司（以下简称"公 司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳全景网络有限公司联 合举办的"2025年青岛辖区上市公司投资者网上集体接待日暨2024年度业绩说明会 活动"，现将相关事项 ...

证券代码：002545 证券简称：东方铁塔 公告编号：2025-021 2025 年 5 月 8 日 青岛东方铁塔股份有限公司（以下简称"公司"）第八届董事会、监事会任期将 于 2025 年 6 月 8 日届满。鉴于新修订的《中华人民共和国公司法》（以下简称"公 司法"）《上市公司章程指引》及《关于新<公司法>配套制度规则实施相关过渡期安 排》等要求，以及公司换届工作尚在筹备中，为确保公司相关工作的连续性和稳定性， 公司第九届董事会、监事会的换届选举工作将适当延期，董事会各专门委员会、高级 管理人员的任期亦相应顺延。 根据《公司法》《上市公司独立董事管理办法》等相关法律法规、规范性文件的 规定，独立董事在上市公司连续任职时间不得超过 6 年。公司独立董事张世兴先生、 权锡鉴先生自 2019 年 5 月 28 日起担任公司独立董事，连任时间即将满 6 年，由于 公司新一届董事会、监事会换届选举工作尚未完成，张世兴先生、权锡鉴先生将依据 《公司法》等相关规定，继续履行其独立董事及董事会相关专门委员会委员职责，直 至公司股东大会选举出新的独立董事。 在换届工作完成前，公司第八届董事会、监事会全体成员、董事会各专门委 ...

Core Viewpoint - The company reported mixed financial results for 2024, with revenue growth but a decline in net profit, while the first quarter of 2025 showed a recovery in net profit despite a decrease in revenue [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.196 billion yuan, a year-on-year increase of 4.79%, but the net profit attributable to shareholders decreased by 10.97% to 564 million yuan [1] - For Q4 2024, the company reported a revenue of 1.085 billion yuan, a year-on-year decrease of 16.63%, and a net profit of 98 million yuan, down 22.01% year-on-year [1] - In Q1 2025, the company recorded revenue of 954 million yuan, a year-on-year increase of 6.48%, and a net profit of 206 million yuan, up 22.70% year-on-year [1] Business Segments - The potassium chloride business generated revenue of 2.364 billion yuan in 2024, a year-on-year increase of 16.3%, with production rising by 35% to 1.2 million tons and sales increasing by 39% to 1.21 million tons [2] - The construction segment, which includes steel structures and related services, reported revenue of 1.783 billion yuan, a year-on-year decrease of 7.4%, but the gross margin improved by 2.1 percentage points to 9.0% [2] Cost and Expenses - In 2024, the company's sales, management, and R&D expenses increased by 3.5%, 22.0%, and 11.0% respectively, while financial expenses decreased by 64.88 million yuan due to foreign exchange gains from a subsidiary [2] Future Projects and Market Position - The company is actively advancing the construction of a second 1 million tons/year potassium fertilizer project and maintains a leading market share in the steel structure business for power grid procurement [3] - The company holds potassium salt mining rights in Laos with over 400 million tons of pure potassium chloride resources and has a current production capacity of 1 million tons/year [3] - The company has secured contracts worth 383 million yuan from the State Grid and Southern Power Grid for various procurement projects in early 2025 [3] Profit Forecast and Valuation - The company maintains its profit forecast for 2025 but has adjusted the 2026 forecast downward due to slower-than-expected potassium chloride capacity construction, while a new forecast for 2027 has been added [4] - Expected net profits for 2025, 2026, and 2027 are 817 million yuan, 852 million yuan (previously 968 million yuan), and 1.032 billion yuan respectively [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has significantly increased its potassium chloride production and sales in 2024, and is actively advancing the construction of a second million-ton project [5][6] - In 2024, the company achieved a revenue of 4.196 billion yuan, a year-on-year increase of 4.79%, while the net profit attributable to shareholders decreased by 10.97% to 564 million yuan [4][7] - The company’s potassium chloride business revenue reached 2.364 billion yuan in 2024, up 16.3% year-on-year, with production increasing by 35% to 1.2 million tons and sales rising by 39% to 1.21 million tons [5][6] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.085 billion yuan, a decrease of 16.63% year-on-year, and a net profit of 98 million yuan, down 22.01% year-on-year [4] - For Q1 2025, the company achieved a revenue of 954 million yuan, a year-on-year increase of 6.48%, and a net profit of 206 million yuan, up 22.70% year-on-year [4] Business Segments - The construction segment, including steel structures and installation, generated 1.783 billion yuan in revenue in 2024, a decrease of 7.4%, but with an improved gross margin of 9.0% [5] - The company is progressing with its second 1 million tons/year potassium fertilizer project and has a strong market position in the steel structure business, particularly in power grid procurement [6] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 817 million yuan, 852 million yuan, and 1.032 billion yuan respectively, with a downward adjustment for 2026 due to slower-than-expected capacity construction [7][8] - The report projects a revenue growth rate of 14.37% for 2025 and a net profit growth rate of 44.74% for the same year [8][11]