一、审议通过了《关于公司<2025 年第三季度报告>的议案》 经审核，监事会认为董事会编制和审议公司《2025年第三季度报告》的程序 符合法律、行政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、 准确、完整的反映了公司在2025年第三季度的实际运营状况，不存在任何虚假记 载、误导性陈述或者重大遗漏。 表决情况：同意3票，反对0票，弃权0票。 特此公告。 证券代码：300257 证券简称：开山股份 公告编号：2025-035 开山集团股份有限公司 第六届监事会第九次会议决议公告 本公司及监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。 开山集团股份有限公司（以下简称"公司"）第六届监事会第九次会议于 2025年10月27日上午在公司二楼会议室以现场和通讯方式召开。会议通知于2025 年10月15日以电子邮件及电话方式通知全体监事，应参加会议监事3人，实际参 加会议监事3人。会议的召开符合《公司法》和《公司章程》的有关规定。经与 会监事审议，以投票表决方式通过了如下议案： 开山集团股份有限公司 监 事 会 二〇二五年十月二十七日 ...

证券代码：300257 证券简称：开山股份 公告编号：2025-034 开山集团股份有限公司 第六届董事会第十一次会议决议公告 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。 开山集团股份有限公司（以下简称"公司"）第六届董事会第十一次会议于 2025 年 10 月 27 日以现场和通讯方式召开，本次应参加表决的董事 7 人，实际 参加表决的董事 7 人。公司第六届董事会第十一次会议通知已于 2025 年 10 月 15 日以电子邮件、传真及电话通知的方式向全体董事送达。会议的召开符合《公 司法》和《公司章程》的有关规定。本次会议审议通过了以下议案： 经审议，董事会一致认为公司《2025 年第三季度报告》符合法律、行政法 规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确，完整，不 存在任何虚假记载、误导性陈述或者重大遗漏。具体内容详见中国证监会指定信 息披露媒体。 具体内容详见巨潮资讯网同日披露的《2025 年第三季度报告》。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 特此公告。 开山集团股份有 ...

开山股份(300257.SZ)公告称，公司位于肯尼亚的全资子公司与肯尼亚发电公司签署了《蒸汽供应协 议》，项目公司将建设并运营地热电站，用从KenGen购得的蒸汽生产的电力通过电解水制氢，进而生 产绿氨及绿色氨基化肥。项目总投资预计8亿美元左右，年收入预计2.2亿美元至2.5亿美元，经营期限25 年以上。本项目的成功实施，将为公司带来长期稳定可观的现金流，并实现地热绿色能源价值链的延 伸。然而，项目投资金额较大，存在融资风险，且协议的生效取决于相关前置协议的签署，存在一定不 确定性。此外，项目位于海外，可能面临地缘政治、政策变化、汇率波动等风险。 ...

开山集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 证券代码：300257 证券简称：开山股份 公告编号：2025-036 开山集团股份有限公司 2025 年第三季度报告 1 开山集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 1,190,084,109.03 | 10.45% | 3 ...

证券代码：300257 证券简称：开山股份 公告编号：2025-037 开山集团股份有限公司 关于签订肯尼亚绿氨项目相关合同的公告 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。 特别提示： 1. 本次合同的顺利履行将对公司未来的经营业绩产生积极影响，具体影响 情况需以审计机构年度审计确认后的结果为准。 二、交易对方介绍 1. 交易对方名称：肯尼亚发电公司（Kenya Electricity Generating Company PLC, "KenGen"） 2. 在合同履行过程中，受外部宏观环境重大变化、国家有关政策变化以及 其他不可预见或不可抗力等因素的影响，将可能影响合同的履行情况。 一、合同签署及项目概况 近日，开山集团股份有限公司（以下简称"公司"）位于肯尼亚间接控制的 全资子公司Kaishan Terra Green Ammonia Limited（以下简称"项目公司"）与肯 尼亚发电公司（以下简称"KenGen"）签署了《蒸汽供应协议》（以下简称"协 议"），协议约定： 1. KenGen拟向项目公司提供其位于肯尼亚Olkaria地热田现有18口 ...

Core Viewpoint - Kaishan Co., Ltd. has shown significant trading activity with a 4.97% increase in stock price on October 15, 2023, and a total transaction amount of 189 million yuan, indicating strong investor interest [1]. Financing Summary - On October 15, 2023, Kaishan Co., Ltd. had a financing buy-in amount of 24.86 million yuan and a net financing buy of 4.21 million yuan, with a total financing and margin balance of 515 million yuan [1]. - The current financing balance of 513 million yuan accounts for 3.35% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of margin trading, 5,400 shares were repaid, and 1,000 shares were sold short on the same day, with a short selling amount of 15,400 yuan, and a remaining short balance of 16,090 shares valued at 2.48 million yuan, also above the 90th percentile level over the past year [1]. Business Performance - As of June 30, 2023, Kaishan Co., Ltd. reported a total of 17,300 shareholders, an increase of 8.70% from the previous period, with an average of 55,178 circulating shares per person, a decrease of 8.00% [2]. - For the first half of 2025, the company achieved an operating income of 2.251 billion yuan, representing a year-on-year growth of 10.75%, and a net profit attributable to shareholders of 190 million yuan, up 7.25% year-on-year [2]. Dividend and Shareholding Information - Since its A-share listing, Kaishan Co., Ltd. has distributed a total of 1.279 billion yuan in dividends, with 298 million yuan distributed over the past three years [3]. - As of June 30, 2023, among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the sixth largest shareholder with 9.3648 million shares, an increase of 845,300 shares from the previous period [3].

Core Viewpoint - Kaishan Group Co., Ltd. has seen a stock price increase of 5.03% to 15.44 CNY per share, with a total market capitalization of 15.342 billion CNY as of October 15 [1] Company Overview - Kaishan Group was established on July 11, 2002, and listed on August 19, 2011. The company is located in the China (Shanghai) Free Trade Pilot Zone [1] - The main business activities include the research, development, manufacturing, and sales of screw air compressors, screw expansion generators, and other screw compressors, as well as the construction and operation of geothermal power stations and the development, manufacturing, and sales of geothermal power generation equipment [1] - The revenue composition is as follows: compressor products account for 63.84%, geothermal power business 22.72%, and other activities 13.45% [1] Fund Holdings - According to data, one fund under Guotai Haitong Asset Management holds a significant position in Kaishan shares. The Guotai Junan CSI 1000 Index Enhanced A fund (015867) held 1.3081 million shares in the second quarter, representing 0.92% of the fund's net value, making it the eighth-largest holding [2] - The fund has generated an estimated floating profit of approximately 968,000 CNY today [2] Fund Performance - The Guotai Junan CSI 1000 Index Enhanced A fund was established on August 16, 2022, with a current scale of 786 million CNY. Year-to-date, it has achieved a return of 35.41%, ranking 1161 out of 4220 in its category. Over the past year, the return is 50.25%, ranking 546 out of 3857 [2] - Since its inception, the fund has delivered a return of 42.72% [2] Fund Management - The fund is managed by Hu Chonghai and Liu Sheng. Hu has a tenure of 3 years and 306 days, with a total asset scale of 8.512 billion CNY, achieving a best return of 77.75% and a worst return of 1.78% during his tenure [3] - Liu has a tenure of 1 year and 56 days, managing assets of 1.536 billion CNY, with a best return of 85.2% and a worst return of -0.06% during his tenure [3]

Core Viewpoint - Kaishan Group is a leading multinational enterprise in high-end equipment manufacturing and renewable energy development, focusing on compressor R&D and geothermal power generation [1] Group 1: Business Overview - The main business segments of the company are compressor manufacturing and geothermal power generation [1] - The company is actively advancing its globalization strategy, with a significant increase in overseas revenue contribution [1] Group 2: Geothermal Business Development - The company is continuously expanding its geothermal business, with a total of 7 operational geothermal power projects in 2024, contributing approximately $150 million in grid-connected revenue [1] - By the end of 2024, there will be 8 geothermal power projects under construction, with a total capacity of approximately 191 MW [1] Group 3: Financial Projections - The company is expected to achieve a net profit attributable to shareholders of 409 million, 638 million, and 950 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth of 27.8%, 55.8%, and 48.9% respectively [1] - The initial coverage of the company has been rated as "Buy" [1]

Group 1 - On October 13, brokerages set target prices for listed companies, with notable increases for Fuliwang, Huguang Co., and Nengke Technology, showing target price increases of 34.45%, 33.69%, and 30.03% respectively, across the consumer electronics, automotive parts, and IT services industries [1] - A total of 17 listed companies received brokerage recommendations on October 13, including Nanjing Steel, Wumart New Energy, and Lianhua Technology, each receiving one recommendation [2] - Northeast Securities upgraded the rating of Xinyi Chang from "Hold" to "Buy" on October 13 [2] Group 2 - Tianfeng Securities downgraded the rating of Hualu Hengsheng from "Buy" to "Hold" on October 13 [3] - On October 13, brokerages initiated coverage on 7 companies, with Nanjing Steel receiving an "Accumulate" rating from Industrial Securities, and Huguang Co. receiving a "Buy" rating from Everbright Securities [4][5] - The newly covered companies include Nanjing Steel, Kaishan Co., Fuliwang, Huguang Co., Shanghai Yizhong, SMIC, and Yingshi Innovation, with ratings ranging from "Accumulate" to "Buy" across various industries [5]

Group 1: Macro Insights - In September, exports increased significantly, reaching a six-month high, indicating the resilience of China's export sector. The export growth rate for Q3 was 6.5%, slightly higher than in Q1 and Q2, supporting the GDP growth target of "above 5%" for the year [2] - Imports surged by 7.4% year-on-year in September, marking the highest increase in a year and a half, with industrial metals like copper and iron ore, as well as integrated circuits, being the main drivers [2] - Looking ahead to Q4, export growth may slow due to high base effects and recent escalations in US-China tariffs, but it is expected to remain positive overall, with strong support from regions outside the US [2] Group 2: Company-Specific Insights - Duople (301528.SZ) is a leading domestic provider of ultrasonic phased array testing equipment, showing strong profitability with H1 2025 revenue of 80 million yuan, up 56.2% year-on-year, and a net profit of 20 million yuan, up 12.15% [6][7] - Kaishan (300257.SZ) is a leader in high-end equipment manufacturing and renewable energy, with a revenue of 4.235 billion yuan in 2024, a 1.64% increase, and a net profit of 320 million yuan, down 26.05% [8] - 361 Degrees (01361.HK) reported strong Q3 performance with a 10% increase in adult and children's apparel sales in offline channels and a 20% increase in e-commerce sales, projecting net profits of 1.261 billion yuan for 2025 [14] - Xingyu (601799.SH) established a robotics subsidiary to expand into the emerging robotics sector, while maintaining strong growth in its core automotive lighting business, with a projected net profit of 1.7 billion yuan for 2025 [16][17] Group 3: Industry Trends - The basic chemical sector is experiencing a configuration opportunity, with a significant adjustment in the index from a peak of 9565.18 points to a low of 3876.11 points, a cumulative decline of 59.5% [12] - Strategic metals are expected to see a revaluation due to geopolitical tensions, with a focus on rare earths, tungsten, and antimony as potential investment opportunities [9][11] - The liquid cooling market is anticipated to grow, with East Sunshine's acquisition of Qinhuai Data expected to enhance its capabilities in AI infrastructure and cooling solutions [13]