证券代码：002685 证券简称：华东重机 公告编号：2025-036 无锡华东重型机械股份有限公司 关于徐州光能及无锡光能第一次债权人会议情况 暨重整进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、徐州光能第一次债权人会议情况 2025 年 7 月 29 日，徐州光能管理人发布公告，因债权人人数较多，且债权人路 程较远，经汇报法院，将原定于 2025 年 8 月 4 日在沛县人民法院三楼中法庭召开的 徐州光能第一次债权人会议，变更为书面方式召开，债权人无需前往沛县法院。 根据徐州光能管理人送达的《华东光能科技（徐州）有限公司破产重整案第一次 1 债权人会议手册》载明，徐州光能破产重整案第一次债权人会议包含债权审查报告及 管理人执行职务工作报告。其中，根据徐州光能管理人债权审查报告，截至 2025 年 7 月 28 日，徐州光能管理人共计接收申报债权总额 775,053,145.58 元。 二、无锡光能第一次债权人会议情况 （一）本次债权人会议召开情况 无锡华东重型机械股份有限公司（以下简称"公司""上市公司"）于 2025 年 4 月 26 ...

Group 1 - The stock price of Huadong Heavy Machinery closed at 8.07 yuan on August 5, down 0.49% from the previous trading day, with a trading volume of 713 million yuan [1] - The stock price fluctuated between 7.93 yuan and 8.16 yuan during the day, with a turnover rate of 8.80% [1] - Huadong Heavy Machinery is primarily engaged in the research, development, manufacturing, and sales of port handling equipment, including container and bulk cargo handling equipment [1] Group 2 - The company also operates in the general equipment manufacturing sector and is involved in concepts related to TOPCon batteries and semiconductors [1] - In response to market speculation, the company clarified that it currently does not have any business cooperation with NVIDIA [1] - On August 5, the net outflow of main funds was 52.07 million yuan, accounting for 0.64% of the circulating market value, while the overall main funds showed a net inflow of 127.72 million yuan over the past five days, representing 1.57% of the circulating market value [1]

Market Performance - The engineering machinery sector rose by 0.55% on August 4, with Weiman Sealing leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Top Gainers - Weiman Sealing (301161) closed at 31.19, up 12.36% with a trading volume of 242,000 shares and a transaction value of 731 million [1] - Shanhai Intelligent (002097) closed at 15.61, up 10.01% with a trading volume of 1,532,800 shares and a transaction value of 2.36 billion [1] - Huadong Heavy Machine (002685) closed at 8.11, up 4.92% with a trading volume of 1,181,100 shares [1] Top Losers - Tietuo Machinery (873706) closed at 25.39, down 4.58% with a trading volume of 69,400 shares [2] - Heng7 Drill Tools (836942) closed at 56.90, down 4.42% with a trading volume of 117,800 shares [2] - Wuxin Suizhuang (835174) closed at 63.13, down 3.88% with a trading volume of 66,900 shares [2] Capital Flow - The engineering machinery sector saw a net inflow of 477 million from main funds, while retail funds experienced a net outflow of 32.95 million [2][3] - Major stocks like Shanhai Intelligent and Weiman Sealing had significant net inflows from main funds, indicating strong institutional interest [3] Individual Stock Analysis - Shanhai Intelligent had a main fund net inflow of 46 million, representing 19.49% of its trading volume, while retail funds saw a net outflow of 22.6 million [3] - Weiman Sealing experienced a main fund net inflow of 55.83 million, accounting for 7.64% of its trading volume, with retail funds also seeing a net outflow [3]

Market Overview - The engineering machinery sector experienced a decline of 1.75% on July 31, with Hengli Drilling leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Top Performers - Tianyuan Intelligent (603273) saw a significant increase of 10.02%, closing at 21.09 with a trading volume of 218,000 shares and a turnover of 455 million yuan [1] - Southern Road Machinery (603280) also rose by 10.01%, closing at 54.86 with a trading volume of 82,400 shares [1] - Changling Hydraulic (605389) increased by 9.99%, closing at 48.99 with a trading volume of 45,400 shares [1] Underperformers - Hengli Drilling (836942) experienced the largest decline, down 11.39% to 57.90 with a trading volume of 135,500 shares and a turnover of 811 million yuan [2] - Tuoshan Heavy Industry (001226) fell by 9.97%, closing at 40.00 with a trading volume of 109,400 shares [2] - Wuxin Suizhuang (835174) decreased by 7.19%, closing at 64.67 with a trading volume of 87,500 shares [2] Capital Flow - The engineering machinery sector saw a net outflow of 566 million yuan from institutional investors and 196 million yuan from speculative funds, while retail investors contributed a net inflow of 762 million yuan [2][3] - Notable capital flows include Huadong Heavy Machine (002685) with a net inflow of 17.7 million yuan from institutional investors, while Tianyuan Intelligent (603273) had a net outflow of 143 million yuan from institutional investors [3]

来源：金融界 天眼查商业履历信息显示，无锡华东重型机械股份有限公司，成立于2004年，位于无锡市，是一家以从 事铁路、船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本100769.0641万人民币，实 缴资本10076.90641万人民币。公司法定代表人为翁杰。 通过天眼查大数据分析，无锡华东重型机械股份有限公司共对外投资了11家企业，参与招投标项目482 次，知识产权方面有商标信息4条，专利信息81条，此外企业还拥有行政许可44个。 金融界消息 截至2025年7月31日收盘，华东重机（002685）报收于7.7元，上涨5.34%，换手率13.73%， 成交量138.35万手，成交金额10.74亿元。 资金流向方面，今日主力资金净流入1.77亿元，占比成交额16.49%。其中，超大单净流入2.06亿元、占 成交额19.17%，大单净流出2879.13万元、占成交额2.68%，中单净流出流出7968.42万元、占成交额 7.42%，小单净流出9730.03万元、占成交额9.06%。 华东重机最新一期业绩显示，截至2025一季报，公司营业总收入2.15亿元、同比增长41.12%，归属净利 润3436.7 ...

无锡华东重型机械股份有限公司 关于控股子公司召开第一次债权人会议通知的公告 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。 无锡华东重型机械股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日披露了 《关于控股子公司被申请重整暨法院裁定受理的公告》（公告编号：2025-024），无 锡市滨湖区人民法院（以下简称"滨湖法院"）裁定受理债权人浙江凯盈新材料有限公 司（以下简称"申请人""凯盈公司"）对公司下属一级子公司无锡华东光能科技有 限公司（以下简称"无锡光能"）的重整申请；江苏省沛县人民法院（以下简称"沛县 法院"）裁定受理申请人凯盈公司对公司下属二级子公司华东光能科技（徐州）有限 公司（以下简称"徐州光能"）的重整申请。 证券代码：002685 证券简称：华东重机 公告编号：2025-035 公司于 2025 年 6 月 6 日披露了《关于控股子公司收到法院指定管理人决定书的 公告》（公告编号：2025-031），滨湖法院指定江苏居和信律师事务所担任无锡光能 管理人；公司于 2025 年 6 月 19 日披露了《关于控股子公司收到法院指定管理 ...

证券代码：002685 证券简称：华东重机 公告编号：2025-034 无锡华东重型机械股份有限公司 关于控股子公司召开第一次债权人会议通知的公告 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。 无锡华东重型机械股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日披露了 《关于控股子公司被申请重整暨法院裁定受理的公告》（公告编号：2025-024），无 锡市滨湖区人民法院（以下简称"滨湖法院"）裁定受理债权人浙江凯盈新材料有限公 司（以下简称"申请人""凯盈公司"）对公司下属一级子公司无锡华东光能科技有 限公司（以下简称"无锡光能"）的重整申请；江苏省沛县人民法院（以下简称"沛县 法院"）裁定受理申请人凯盈公司对公司下属二级子公司华东光能科技（徐州）有限 公司（以下简称"徐州光能"）的重整申请。 公司于 2025 年 6 月 6 日披露了《关于控股子公司收到法院指定管理人决定书的 公告》（公告编号：2025-031），滨湖法院指定江苏居和信律师事务所担任无锡光能 管理人；公司于 2025 年 6 月 19 日披露了《关于控股子公司收到法院指定管理 ...

Group 1 - The core viewpoint of the article highlights the significant performance and market activity of Huadong Heavy Machinery Co., Ltd. as of July 1, 2025, with a notable stock price increase and strong financial results [1][3] - The company's stock closed at 8.08 yuan, reflecting a 7.3% increase, with a trading volume of 1.3873 million hands and a transaction amount of 1.088 billion yuan [1] - The net inflow of main funds was 161 million yuan, accounting for 14.76% of the transaction amount, indicating strong investor interest [1] Group 2 - For the first quarter of 2025, the company reported total operating revenue of 215 million yuan, a year-on-year increase of 41.12%, and a net profit attributable to shareholders of 34.3677 million yuan, up 64.64% [1] - The company's current ratio is 1.523, quick ratio is 1.115, and debt-to-asset ratio is 50.02%, indicating a stable financial position [1] - Huadong Heavy Machinery has made investments in 10 companies and participated in 477 bidding projects, showcasing its active engagement in the industry [2]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a forecasted stock price increase of 5% to 15% relative to the industry index over the next six months [4]. Core Insights - The company has achieved a significant turnaround in net profit for 2024, with a reported net profit of 123 million yuan, compared to a loss of 811 million yuan in 2023. This improvement is attributed to strategic adjustments and the divestment of its CNC machine tool business [2][10]. - The company's revenue for 2024 is projected to be 1.184 billion yuan, reflecting a year-on-year growth of 76.5%. The first quarter of 2025 shows continued strong performance with a revenue increase of 41.12% year-on-year [1][2]. - The GPU chip business is highlighted as a new growth area, with the company successfully entering the domestic GPU market through its subsidiary, Ruixin Tuxin, which has begun mass production of its BF2000 series GPU chips [9][10]. Financial Performance Summary - **Revenue**: The company expects revenues to grow from 671 million yuan in 2023 to 1.184 billion yuan in 2024, with a compound annual growth rate (CAGR) of 76.5% [1]. - **Net Profit**: The net profit is forecasted to improve from a loss of 811 million yuan in 2023 to a profit of 123 million yuan in 2024, with further increases expected in subsequent years [1][10]. - **Gross Margin**: The gross margin for 2024 is projected at 12.41%, up 5.42 percentage points year-on-year, while the first quarter of 2025 shows a gross margin of 27.64% [2]. - **Earnings Per Share (EPS)**: EPS is expected to rise from -0.80 yuan in 2023 to 0.12 yuan in 2024, with further growth anticipated in the following years [1][10]. Business Strategy and Developments - The company has successfully divested its CNC machine tool business, receiving 357 million yuan from the sale and recovering associated loans and dividends [3]. - The company is focusing on enhancing its product portfolio in the port machinery and photovoltaic sectors, with a strong order backlog of approximately 2 billion yuan as of the end of 2024 [3][10]. - The GPU chip segment is positioned to capitalize on the growing domestic market, with the company’s products already integrated into various applications across multiple industries [9][10].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Views - The company is a globally recognized supplier of port handling equipment and is actively pursuing a transformation strategy that includes GPU chip design and sensor business [1]. - In 2024, the company turned a profit with a revenue of 1.184 billion yuan, a year-on-year increase of 76.48%, and a net profit attributable to shareholders of 123 million yuan [2]. - The company has completed the acquisition of GPU chip design business in October 2024, which will be consolidated into the financial statements starting November 2024 [2]. - A strategic partnership was established with 聚众科技 to enter the high-end sensor market, acquiring a 9.09% stake [3]. Financial Summary - The company achieved a revenue of 1.184 billion yuan in 2024, with a projected revenue of 1.379 billion yuan in 2025, reflecting a growth rate of 16.44% [4]. - The net profit attributable to shareholders is expected to grow from 133 million yuan in 2025 to 201 million yuan in 2027, with corresponding P/E ratios of 54.58X and 36.08X [3][4]. - The company’s gross margin is projected to improve from 12.4% in 2024 to 24.1% in 2027 [4].