Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 20.369 billion yuan in 2025, representing a year-on-year growth of 49.20%, and a net profit attributable to shareholders of 957 million yuan, up 6.62% year-on-year [1]. - The mining service segment showed strong performance with revenues of 14.437 billion yuan, a 33.54% increase year-on-year, and the company has a backlog of orders exceeding 38 billion yuan [2]. - The defense equipment segment generated revenue of 461 million yuan, reflecting a growth of 31.64% year-on-year, supported by strategic acquisitions and ongoing projects [3]. Summary by Sections Financial Performance - In 2025, the company reported revenues of 20.369 billion yuan and a net profit of 957 million yuan, with respective growth rates of 49.20% and 6.62% [1]. - The mining, civil explosives, and energy chemical businesses contributed revenues of 14.437 billion yuan, 2.993 billion yuan, and 2.314 billion yuan, with year-on-year growth rates of 33.54%, 29.63%, and not specified [2]. Order Backlog and Future Prospects - As of the end of 2025, the company had a backlog of mining service orders exceeding 38 billion yuan, with new orders steadily increasing [2]. - The overseas revenue reached 1.524 billion yuan, marking a 12.41% increase year-on-year, although growth was impacted by project delays and initial phases of new contracts [2][3]. Strategic Developments - The company is advancing its strategy to transition into the military industry, with the defense equipment segment expected to become a new growth driver [3]. - The acquisition of Southern Explosives in Peru and the establishment of a new explosives production base in Zambia are expected to contribute positively to future revenues [3]. Profit Forecast and Valuation - The profit forecasts for 2026 and 2027 have been adjusted downwards by 7% and 8% to 1.221 billion yuan and 1.429 billion yuan, respectively, with a new forecast for 2028 set at 1.745 billion yuan [4]. - The estimated EPS for 2026, 2027, and 2028 are projected to be 1.61 yuan, 1.88 yuan, and 2.30 yuan, respectively [5].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Insights - The company reported a revenue of 20.37 billion yuan for 2025, representing a year-on-year increase of 49.2%. The net profit attributable to shareholders was 0.96 billion yuan, up 6.6% year-on-year, while the net profit excluding non-recurring items was 0.94 billion yuan, reflecting an 11.0% increase year-on-year [2][6]. - In Q4 2025, the company achieved a revenue of 5.82 billion yuan, which is a 32.8% increase year-on-year and a 7.7% increase quarter-on-quarter. The net profit attributable to shareholders for this quarter was 0.30 billion yuan, up 22.5% year-on-year and 103.3% quarter-on-quarter [2][6]. Summary by Sections Financial Performance - The company’s overall gross margin for 2025 was 20.9%, a slight decrease of 0.4 percentage points year-on-year. The gross margin for mining services remained stable at 18.2%, while the gross margin for explosive materials increased to 38.3%, up 1.8 percentage points year-on-year [10]. - The company’s overseas revenue reached 1.52 billion yuan in 2025, marking a 12.4% year-on-year growth, indicating strong international expansion despite domestic market challenges [10]. Strategic Developments - The acquisition of Changzhilin and the establishment of Guokexinghuan are part of the company's strategic shift towards military and defense sectors. The company is actively developing high-end defense equipment and has participated in international defense exhibitions, showcasing advanced equipment and systems [10]. - The company is positioned as a leader in the integrated mining service and explosive materials sector, with significant profit potential in the military sector. Projected net profits for 2026 to 2028 are estimated at 1.34 billion, 1.49 billion, and 1.53 billion yuan respectively [10].

Summary of Conference Call for Guangdong Hongda Company Overview - **Company**: Guangdong Hongda - **Industry**: Mining Services, Explosives, Defense Equipment Key Points Financial Performance - **2025 Revenue**: 20.369 billion CNY, up 49% YoY - **Net Profit**: 956 million CNY, up 6.62% YoY - **Operating Cash Flow**: 2.276 billion CNY, up 28% YoY - **Impact of Snow Peak Technology**: Contributed 86.14 million CNY to profit, but incurred 60 million CNY in financial costs, leading to a net profit increase of approximately 26 million CNY [4][5][12] Business Segments Performance 1. **Mining Services**: - **Revenue**: 14.4 billion CNY, up 33% YoY - **Gross Margin**: 18.24%, up 0.52 percentage points - **Backlog**: Over 38 billion CNY in orders, with nearly 5 billion CNY from overseas [4][5] - **New Orders**: Exceeded 20 billion CNY, surpassing the initial target of 18 billion CNY [4] 2. **Explosives**: - **Revenue**: 2.993 billion CNY, up 16.9% YoY - **Gross Margin**: 38%, up 1.8 percentage points - **Production Capacity**: Aiming for 1 million tons through acquisitions and capacity swaps [5][6] 3. **Defense Equipment**: - **Revenue**: 461 million CNY, up 31% - **Profitability**: Achieved a turning point from losses to profits, with contributions from Jiangsu Hongguang and Changzhi Lin [5][9] Future Outlook - **2026 Projections**: - **Mining Services**: Expected stable growth with a backlog translating to approximately 10 billion CNY in annual revenue [6][9] - **Overseas Revenue Growth**: Anticipated to exceed 50% growth, driven by projects in Peru and Zambia [6][12] - **Defense Sector**: Expected to reach breakeven, with significant contributions from Jiangsu Hongguang and Changzhi Lin [3][9] Strategic Initiatives - **Investment in R&D**: Planned annual investment of 2 billion CNY in military technology and acquisitions over the next five years [2][6] - **Debt Issuance**: Issuing 3 billion CNY in bonds to replace high-interest loans, with an expected interest rate below 2% [10] - **Integration with Snow Peak Technology**: Aiming to transfer 150,000 tons of capacity within three years, with a total transfer by 2028 [13] Market Dynamics - **Domestic Market**: Optimistic outlook for Xinjiang and Tibet markets, with significant growth potential in explosives demand [8] - **International Expansion**: Focus on South America and Africa, with a target of achieving over 10 billion CNY in overseas revenue by 2030 [12] Additional Insights - **Management Stability**: The company maintains a stable governance structure, with no anticipated changes in management direction despite the age of the former chairman [14][15] - **Profitability Comparison**: Overseas explosives business shows significantly higher profitability compared to domestic operations, with margins exceeding 1,000 USD per ton in Peru [12][13] This summary encapsulates the key insights and projections from the conference call, highlighting the company's performance, strategic direction, and market outlook.

Financial Performance - The company achieved a revenue of CNY 20.369 billion in 2025, a year-on-year increase of 49.20% [2] - The net profit attributable to shareholders was CNY 0.957 billion, up 6.62% from the previous year [2] - Operating cash flow reached CNY 2.276 billion, reflecting a growth of 28.15% [2] Business Segments Mining Services - The mining services segment generated CNY 14.437 billion in revenue, a growth of 33.54% year-on-year [2] - Gross margin for this segment was 18.24%, an increase of 0.52 percentage points [2] - The company has over CNY 38 billion in orders on hand, with new orders steadily increasing [2] Explosives Business - The explosives segment reported revenue of CNY 2.993 billion, a 29.62% increase from the previous year [3] - The segment's gross margin was 38.30%, up 1.8 percentage points [3] - The company has a combined production capacity of 701,500 tons for explosives [3] Defense Equipment - Revenue from the defense equipment segment was CNY 0.461 billion, a 31.64% increase from CNY 0.350 billion in the previous year [3] - The company has made strategic acquisitions to enhance its capabilities in this sector [7] International Expansion - Overseas revenue reached CNY 1.524 billion, a 12.41% increase from CNY 1.356 billion [3] - The company is optimistic about international growth, particularly in regions like Peru and Zambia [8] Market Strategy - The company is focusing on optimizing its production capacity and expanding its market presence in key regions such as Xinjiang and Tibet [4][5] - Plans to integrate and enhance the explosives business through mergers and acquisitions are underway [9] Corporate Governance - The company has been recognized as a "Demonstration Enterprise of State-owned Enterprise Governance" by the State-owned Assets Supervision and Administration Commission [12] - It has established a diversified equity structure with a mix of state and private ownership, ensuring effective governance and decision-making [12]

广东宏大控股集团股份有限公司 关于对 2025 年度会计师事务所履职情况评估报告 广东宏大控股集团股份有限公司（以下简称"公司"）聘请天健会计师事务所 （特殊普通合伙）（以下简称"天健事务所"）作为公司 2025 年度审计机构。根 据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 《国有企业、上市公司选聘会计师事务所管理办法》《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》等规定和要求，公司对天健事务 所 2025 年度履职情况进行了评估。情况汇报如下： 一、会计师事务所基本情况 （一）会计师事务所基本情况 机构名称：天健会计师事务所（特殊普通合伙） 成立日期：2011 年 7 月 18 日 组织形式：合伙企业（特殊普通合伙） 经审计，天健事务所认为公司财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了公司截至 2025 年 12 月 31 日的合并及母公司财务状况以 及 2025 年度的合并及母公司经营成果和现金流量，为公司出具了标准无保留意 见的审计报告。 在执行审计工作的过程中，天健事务所就会计师事务所和相关审计人员的独 立性、审计工作小组的人员 ...

编制单位：广东宏大控股集团股份有限公司 单位：人民币万元 非经营性资金占用 资金占用方名称 占用方与上市公司 的关联关系 上市公司核算的 会计科目 2025年期初 占用资金余额 2025年度占用累 计发生金额 （不含利息） 2025年度占用 资金的利息 （如有） 2025年度偿还 累计发生金额 2025年期末 占用资金余额 占用形成原因 占用性质 控股股东、实际控制 人及其附属企业 小 计 前控股股东、实际控 制人及其附属企业 小 计 其他关联方及其附属 企业 小 计 总 计 — — — — — — — — — — 其它关联资金往来 资金往来方名称 往来方与上市公司 的关联关系 上市公司核算的 会计科目 2025年期初 往来资金余额 2025年度往来累 计发生金额 （不含利息） 2025年度往来 资金的利息 （如有） 2025年度偿还 累计发生金额 2025年期末 往来资金余额 往来形成原因 往来性质（经营性往 来、 非经营性往来 ） 控股股东、实际控制 人及其附属企业 广东广业云硫矿业有限公司 控股股东附属企业 应收账款 2,479.93 2,427.60 52.33 销售商品 经营性往来 广东广业投资顾问 ...

广东宏大控股集团股份有限公司 2025年度内部控制评价报告 按照财政部发布的《企业内部控制基本规范》《企业内部控制配 套指引》和省国资委《关于加强省属企业全面风险管理与内部控制工 作的实施意见》（粤国资函〔2021〕380号）等有关制度和文件的要 求，结合广东省环保集团有限公司《全面风险管理办法》（广东环保 法〔2022〕4号）、公司内部控制制度和评价办法，在内部控制日常 监督和专项监督的基础上，我们对公司2025年12月31日（内部控制评 价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控 制，评价其有效性，并如实披露内部控制评价报告是公司董事会的责 任。审计委员会负责监督和评估内部控制。经理层负责组织领导企业 内部控制的日常运行。公司董事会、董事、高级管理人员保证本报告 内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的 真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、 财务报告及相关信息真实完整，提高经营效率和效果，促进实现发展 战略。由于内部控制存在的固有局限性，故仅能为实 ...

广东宏大控股集团股份有限公司 董事会审计委员会对会计师事务所 2025 年度履职情况 评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《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》等法律法规和广东宏大 控股集团股份有限公司（以下简称"公司"）《公司章程》《董事会审计委员会 工作细则》等规定和要求，公司董事会审计委员会本着勤勉尽责的原则认真履职， 现将董事会审计委员会对天健会计师事务所（特殊普通合伙）（以下简称"天健 事务所"）2025 年度履职评估及履行监督职责的情况汇报如下： 一、会计师事务所基本情况 （一）会计师事务所基本情况 机构名称：天健会计师事务所（特殊普通合伙） 成立日期：2011 年 7 月 18 日 组织形式：合伙企业（特殊普通合伙） 统一社会信用代码：913300005793421213 注册地址：浙江省杭州市西湖区灵隐街道西溪路 128 号 年度审计机构。 二、会计师事务所履职情况 按照《业务约定书》，遵循《中国注册会计师审计准则》和其他执业规范， 结合公司 2 ...

证券代码：002683 证券简称：广东宏大 公告编号：2026-013 广东宏大控股集团股份有限公司 关于 2026 年度担保额度预计的公告 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。 特别风险提示： 1、广东宏大控股集团股份有限公司（下称"公司"）及控股子 公司预计 2026 年度新增担保额度总计不超过人民币 81.53 亿元，其 中向资产负债率为 70%以上的子公司提供担保总额为 22.47 亿元，占 公司最近一期经审计净资产的 32.00%。2026 年度担保获得批准后， 公司累计审批的对外担保额度为 91.53 亿元（或等值外币），占公司 最近一期经审计净资产的比例为 130.33%。 2、本次对外担保事项的被担保人为公司合并报表范围内子公司， 本次对外担保尚需提交股东会审议，请投资者注意相关风险。 一、担保情况概述 公司于 2026 年 3 月 25 日召开第六届董事会 2026 年第一次会议， 审议通过了《关于公司 2026 年度担保额度预计的议案》，为了提高 公司决策效率，满足公司及下属公司正常生产经营需要，确保其资金 流畅通，同时加强公司及 ...

证券代码：002683 证券简称：广东宏大 公告编号：2026-011 广东宏大控股集团股份有限公司 关于"质量回报双提升"行动方案的进展公告 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。 广东宏大控股集团股份有限公司（以下简称"公司"）为贯彻落 实中央政治局会议提出的"要活跃资本市场、提振投资者信心"及国 务院常务会议指出的"要大力提升上市公司质量和投资价值，要采取 更加有力有效措施，着力稳市场、稳信心"的指导思想，以维护全体 股东利益、增强投资者信心、促进公司高质量发展为目标，围绕公司 核心竞争力，制定了"质量回报双提升"行动方案。 2025年，公司实现营业收入 203.69亿元，较上年同比增长49.20%； 实现归母净利润 9.57 亿元，较上年同期增长 6.62%，公司规模进一 步增大，业绩较去年稳步增长。矿服板块方面，公司经营规模稳步扩 大，国内重点布局新疆、西藏、内蒙古等核心区域市场，海外依托 "一 带一路"沿线国家稳步拓展，在手订单充足，业绩有望持续释放。民 爆板块方面，报告期内完成对雪峰科技的并购整合，产能规模进一步 提升，未来将持续推进民爆 ...