证券代码：002725 证券简称：跃岭股份 公告编号：2026-011 浙江跃岭股份有限公司 关于回购股份的进展公告 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。 公司于 2025 年 4 月 24 日召开第五届董事会第十五次会议，会议审议通过了 《关于回购公司股份方案的议案》，同意公司使用自有资金或自筹资金以集中竞 价交易方式回购部分公司发行的人民币普通股（A 股）股票，用于股权激励。本 次回购金额不低于人民币 1,500 万元（含）且不超过人民币 3,000 万元（含）， 具体回购资金总额以实际使用的资金总额为准。回购价格不超过 16.00 元/股， 该价格未超过董事会通过回购股份决议前三十个交易日公司股票交易均价的 150%，具体回购价格将综合公司二级市场股票价格、公司财务状况和经营情况确 定。按照回购资金总额人民币 1,500 万元-3,000 万元，以回购股份价格上限人 民币 16.00 元/股测算，预计本次回购股份约为 937,500 股至 1,875,000 股，占 公司目前总股本的比例约为 0.37%至 0.73%。本次回购股份的实施期限自董 ...

证券代码：002725 证券简称：跃岭股份 公告编号：2026-010 浙江跃岭股份有限公司 关于回购股份的进展公告 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。 公司于 2025 年 4 月 24 日召开第五届董事会第十五次会议，会议审议通过了 《关于回购公司股份方案的议案》，同意公司使用自有资金或自筹资金以集中竞 价交易方式回购部分公司发行的人民币普通股（A 股）股票，用于股权激励。本 次回购金额不低于人民币 1,500 万元（含）且不超过人民币 3,000 万元（含）， 具体回购资金总额以实际使用的资金总额为准。回购价格不超过 16.00 元/股， 该价格未超过董事会通过回购股份决议前三十个交易日公司股票交易均价的 150%，具体回购价格将综合公司二级市场股票价格、公司财务状况和经营情况确 定。按照回购资金总额人民币 1,500 万元-3,000 万元，以回购股份价格上限人 民币 16.00 元/股测算，预计本次回购股份约为 937,500 股至 1,875,000 股，占 公司目前总股本的比例约为 0.37%至 0.73%。本次回购股份的实施期限自董 ...

Summary of Conference Call on Gas Turbine Industry Industry Overview - The conference focused on the gas turbine industry, particularly in the context of North America's electricity shortage and the demand for gas turbines, gas internal combustion engines, and diesel generators [2][4]. Key Points and Arguments 1. **Global Demand and Supply Dynamics**: - In 2022, global gas turbine demand was 40 GW, increasing to 44 GW in 2023 and projected to reach 58 GW in 2024. New orders for 2025 are around 85 GW, with a forecasted average annual demand of approximately 30 GW from 2025 to 2030 [3]. - By 2030, demand is expected to exceed 200 GW, driven by increased electricity needs from AI and aging infrastructure in North America [4]. 2. **Supply Constraints**: - Current global supply is only 57 GW, with major manufacturers' deliveries scheduled until 2029. The supply chain is constrained, particularly in high-temperature components like turbine blades, leading to extended delivery times [3][4][6]. - The gas turbine market is characterized by high concentration, with domestic manufacturers still in a catch-up phase. Short-term shortages and price increases are prevalent across the supply chain [5][6]. 3. **Investment Opportunities**: - The investment focus should be on segments with the tightest supply constraints, such as turbine blades and large-bore engines, as well as companies positioned for domestic and export substitution [7]. - The gas turbine service market is also growing, with expectations of reaching approximately $87 billion by 2033, indicating a significant compound annual growth rate [8]. 4. **Comparative Analysis of Technologies**: - Gas turbines dominate the market, accounting for 81-82% of projects in North America, while reciprocating internal combustion engines hold about 19% [8][9]. - The cost per kilowatt-hour for gas turbines is comparable to high-speed engines but 20-30% higher than medium-speed engines. Medium-speed engines are favored in specific applications due to their lower costs [9]. 5. **Company Recommendations**: - **Jereh**: Strong performance in gas turbine orders and global supply chain advantages, positioned to capitalize on North America's electricity shortage [12]. - **Yingliu**: Key player in turbine blade manufacturing, with strong ties to global leaders like Siemens and GE, expected to see significant order growth [13]. - **Haomai**: A leading supplier of cold-end components for gas turbines, with stable growth prospects across its product lines [14]. - **Dongfang Electric**: Leading domestic gas turbine manufacturer with a 70% market share, benefiting from low valuations and strong growth potential [15]. - **Lian De**: Focused on expanding its market share in light and medium gas turbines and diesel generators, with strong growth expected in 2025 [16]. Additional Important Insights - The gas turbine industry is experiencing a multi-technology adjustment phase, similar to the solar industry a couple of decades ago, with no clear winner yet due to the significant demand gap [4]. - The diesel generator market is also growing, particularly in North America, with major players like Caterpillar and Cummins holding over 90% market share in high-power segments [11]. This summary encapsulates the critical insights and recommendations from the conference call regarding the gas turbine industry and its associated investment opportunities.

Group 1 - The core point of the article is that Yue Ling Co., Ltd. announced the establishment of a new subsidiary, Nanning Yue Ling Special Automotive Parts Development Co., Ltd., with an investment of 50 million yuan [2] - The new subsidiary will be located in Nanning, Guangxi, and the company expects to hold 100% equity after the completion of business registration [2]

Group 1 - The company announced that its sixth board meeting was held on February 13, 2026, via telecommunication, where it reviewed the proposal to establish a wholly-owned subsidiary [1] - The company experienced a dramatic shift in net profit, increasing ninefold before suddenly reporting a loss exceeding 200 million [1] - The chairman personally contributed 50 million to cover the financial shortfall, raising questions about the company's financial management [1]

Core Viewpoint - The company has approved the establishment of a wholly-owned subsidiary in Nanning, Guangxi, to enhance its business operations in the Southwest region and facilitate access to the Southeast Asian market [1] Group 1: Investment and Expansion - The company’s subsidiary, Zhejiang Changyi, will invest 50 million in setting up Nanning Yueling Special Automobile Parts Development Co., Ltd. [1] - This investment is aimed at leveraging Nanning's unique geographical advantage to expand the company's business in the Southwest region [1] Group 2: Strategic Alignment - The establishment of the subsidiary aligns with the company's long-term strategic development plan [1] - The initiative is intended to serve as a core bridge for the company to connect with the Southeast Asian market [1]

Core Viewpoint - The company plans to invest 50 million in establishing a wholly-owned subsidiary in Nanning, Guangxi, to leverage the region's strategic location for expanding its business in Southwest China and connecting with the Southeast Asian market [1] Group 1 - The investment will be made by the company's wholly-owned subsidiary, Zhejiang Changyi Investment Co., Ltd. [1] - The establishment of the new subsidiary aims to assist the company in expanding its operations in the Southwest region of China [1] - The initiative aligns with the company's long-term strategic development plan [1]

Core Viewpoint - The company plans to invest 50 million in establishing a wholly-owned subsidiary in Nanning, Guangxi, to enhance its business in the Southwest region and connect with the Southeast Asian market [1] Group 1: Investment Details - The investment amount is 50 million [1] - The subsidiary will be named Nanning Yueling Special Automotive Parts Development Co., Ltd. [1] Group 2: Strategic Importance - The location in Nanning offers unique advantages for accessing the Southeast Asian market [1] - This initiative aligns with the company's long-term strategic development plan [1]

Core Viewpoint - The company, Yue Ling Co., Ltd. (002725.SZ), has approved the establishment of a wholly-owned subsidiary in Nanning, Guangxi, with an investment of 50 million yuan to enhance its business in the southwestern region and connect with the Southeast Asian market [1] Group 1 - The company’s board of directors approved the investment proposal during the third meeting of the sixth board session [1] - The subsidiary, named Nanning Yue Ling Special Automobile Parts Development Co., Ltd. (tentative), will be established using the funds from the company’s wholly-owned subsidiary, Zhejiang Changyi Investment Co., Ltd. [1] - The strategic move aims to leverage Nanning's unique geographical advantage to expand the company's operations in the southwestern region and facilitate access to the Southeast Asian market [1]

证券代码：002725 证券简称：跃岭股份 公告编号：2026-009 浙江跃岭股份有限公司 二、新设立全资孙公司的基本情况 1、公司名称：南宁跃岭专用汽车零部件开发有限公司（暂定名，最终以市 场监督管理部门核准为准） 2、注册地址：广西壮族自治区南宁市江南区海城路 9 号产投经开海城产业 园 5#楼 5303-45（具体地址以在市场监督管理部门登记为准） 3、法定代表人：霍红昌 4、注册资本：人民币 5,000 万元 5、出资方式：由子公司昌益投资以自有资金全额出资，出资期限按照相关 法律法规及公司章程规定执行。 6、经营范围：一般经营项目：汽车零部件研发；汽车零部件及配件制造； 关于对外投资设立全资孙公司的公告 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、对外投资概述 浙江跃岭股份有限公司（以下简称"公司"）于 2026 年 2 月 13 日召开第六 届董事会第三次会议，审议通过了《关于投资设立全资孙公司的议案》，同意公 司全资子公司浙江昌益自有资金投资有限公司（以下简称"昌益投资"）出资 5,000 万在广西南宁设立南宁跃岭专用汽车零部件开发有限 ...