广东明阳电气股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | 审计报告 | 1-6 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-93 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第 441A013388 号 广东明阳电气股份有限公司全体股东： 一、审计意见 我们审计了广东明阳电气股份有限公司（以下简称明阳电气公司）财务 报表，包括 2024年 12月 31日的合并及公司资产负债表，2024年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了明阳电气公司 2024 年 ...

关于广东明阳电气股份有限公司 2024 年度募集资金存放与实际使用情况 鉴证报告 致同会计师事务所（特殊普通合伙） 目 录 | 关于广东明阳电气股份有限公司 2024 年度募集资金 存放与实际使用情况鉴证报告 | | | --- | --- | | | 1-2 | | 广东明阳电气股份有限公司 2024 年度募集资金 | 1-7 | | 存放与实际使用情况的专项报告 | | 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于广东明阳电气股份有限公司 2024 年度募集资金存放与实际使用情况 鉴证报告 致同专字（2025）第 441A008453 号 广东明阳电气股份有限公司全体股东： 我们接受委托，对后附的广东明阳电气股份有限公司（以下简称明阳电气 公司）《2024 年度募集资金存放与实际使用情况的专项报告》（以下简称 "专 项报告"）执行了合理保证的鉴证业务。 按照《上市公司监管指引第 2 号——上市公司募集资金管理和使用 ...

申万宏源证券承销保荐有限责任公司 注：1、"实际控制人控制的其他企业"指公司实际控制人张传卫先生实际控制的、除《关 于 2025 年度日常关联交易预计的公告》（公告编号：2024-057）中披露有明确交易指向的 关联方之外的其他关联企业。同时，公司与该系列关联企业中任何单一关联方发生的日常 关联交易金额不超过公司 2024 年末经审计净资产 0.5%。 关于广东明阳电气股份有限公司 增加 2025 年度日常关联交易预计额度的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保 荐机构"）作为广东明阳电气股份有限公司（以下简称"明阳电气"、"公司"）首次 公开发行股票并在创业板上市项目的保荐人，根据《证券发行上市保荐业务管理 办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关 规定，对明阳电气增加 2025 年度日常关联交易预计额度的事项进行了审慎核查， 核查意见如下： 一、新增日常关联交易基本情况 （一）新增日常关联交易概述 公司于 2024 年 12 月 10 日召开第二届董事会第十 ...

一、独立董事基本情况 （一）独立董事工作履历、专业背景及兼职情况 广东明阳电气股份有限公司 本人余鹏翼，1971 年出生，中国国籍，无境外永久居留权，会计学教授， 博士研究生学历。1996 年 6 月至 2000 年 7 月，任佛山大学经管学院金融系讲师； 2000 年 9 月至 2003 年 7 月，攻读华中科技大学经济学院经济学博士；2003 年 7 月至 2006 年 3 月，任中山大学管理学院副教授；2006 年 3 月至 2009 年 12 月， 任广东外语外贸大学国际工商管理学院副院长；2009 年 3 月至 2014 年 12 月， 任广东外语外贸大学科研处副处长、教授；2014 年 12 月至 2018 年 12 月，任广 东外语外贸大学审计处处长、教授、广东外语外贸大学资产经营公司董事；2018 年 12 月至今，任广东外语外贸大学会计学院院长、教授；2020 年 8 月至今，任 明阳电气独立董事。 2024 年度独立董事述职报告（余鹏翼） （二）独立性情况 本人作为广东明阳电气股份有限公司（以下简称"公司"或"明阳电气"） 的独立董事，严格按照《中华人民共和国公司法》《中华人民共和国证券法 ...

广东明阳电气股份有限公司 董事会对独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，独立董事应当每年对独立性情况进行自 查，并将自查情况提交董事会。董事会应当每年对在任独立董事独立性情况进行评估并 出具专项意见，与年度报告同时披露。 基于此，广东明阳电气股份有限公司（以下简称"公司"）董事会就在任独立董事 余鹏翼先生、李泽明先生、张书军先生的独立性情况进行了评估，并出具专项意见如下： 经公司独立董事自查，以及董事会核查独立董事在公司的履职情况，结合独立董事 签署的相关自查文件，董事会认为，独立董事余鹏翼先生、李泽明先生、张书军先生及 其配偶、父母、子女、主要社会关系未在公司或公司附属企业担任除独立董事以外的任 何职务，也未在公司主要股东公司及其附属企业担任任何职务，未与公司存在重大的持 股关系，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断 的关系，符合《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 ...

广东明阳电气股份有限公司 2024 年度独立董事述职报告（张书军） 本人作为广东明阳电气股份有限公司（以下简称"公司"或"明阳电气"） 的独立董事，严格按照《中华人民共和国公司法》《中华人民共和国证券法》等 法律、法规、规范性文件，以及《公司章程》及《独立董事工作制度》的规定和 要求，在 2024 年度工作中诚实、勤勉、独立地履行职责，积极出席相关会议， 认真审议董事会各项议案，切实维护了公司和股东尤其是中小股东的利益，较好 地发挥了独立董事作用。现就本人 2024 年度履行独立董事职责情况汇报如下： 一、独立董事基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人张书军，1974 年出生，中国国籍，无境外永久居留权，管理学教授， 中山大学管理学博士研究生学历；2008 年 12 月至 2016 年 3 月，历任中山大学 管理学院系主任、副院长、EMBA 项目学术主任；2013 年 6 月至今，任中山大 学管理学院教授、博士生导师；2022 年 10 月 6 日至今，任明阳电气独立董事。 （二）独立性情况说明 本人未在公司担任除独立董事、董事会专门委员会委员以外的任何职务，也 未在公司主要股东单位担任任 ...

广东明阳电气股份有限公司 本人李泽明，1989 年出生，中国国籍，无境外永久居留权，硕士学位，研 究生学历；2014 年 1 月至 2015 年 7 月，任 SS&CTechnologies, Manchester, CT. 分 析师；2015 年 9 至 2020 年 7 月，任广发证券股份有限公司投资银行部高级副总 裁；2020 年 7 月至今，任广发信德投资管理有限公司投资经理；2020 年 8 月至 今，任明阳电气独立董事。 （二）独立性情况说明 本人未在公司担任除独立董事、董事会专门委员会委员以外的任何职务，也 未在公司主要股东单位担任任何职务，与公司以及主要股东之间不存在妨碍本人 进行独立客观判断的关系，不存在影响独立董事独立性的情况。 二、独立董事年度履职情况 （一）出席董事会及股东大会情况 2024 年，公司共召开了 6 次董事会和 3 次股东大会，本人亲自出席了 6 次 董事会和 3 次股东大会，没有委托他人出席或者连续两次未亲自出席会议的情况， 对提交董事会和股东大会的议案均认真审议，与公司经营管理层保持了充分沟通， 也提出了很多合理化建议，以谨慎的态度行使表决权，本人认为公司两会的召集 ...

一、主要会计数据和财务指标 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 6350.81万股，累计占流通股比： 36.36%，较上期变化： -467.82万股。 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3600 | 0.2800 | 28.57 | 0.1900 | | 每股净资产（元） | 15.35 | 13.77 | 11.47 | 4.34 | | 每股公积金(元) | 9.29 | 9.27 | 0.22 | 0.88 | | 每股未分配利润(元) | 4.54 | 3.15 | 44.13 | 2.21 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 13.06 | 10.34 | 26.31 | 7.07 | | 净利润(亿元) | 1.12 | 0.9 | 24.44 | 0.44 | | 净资产收益率(%) | 2.37 | 2.1 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,305,573,471.21, representing a 26.21% increase compared to ¥1,034,407,508.01 in the same period last year[4] - Net profit attributable to shareholders was ¥112,261,685.91, up 25.01% from ¥89,803,040.84 year-on-year[4] - Basic and diluted earnings per share increased to ¥0.36, reflecting a growth of 28.57% from ¥0.28 in the same quarter last year[4] - The net profit attributable to the parent company is CNY 1,416,596,389.14, reflecting an increase from CNY 1,304,334,703.22 in the previous period[20] - Net profit for the period reached CNY 112,261,685.91, an increase of 25% compared to CNY 89,803,040.84 in the previous period[22] - Operating profit rose to CNY 122,504,198.16, up from CNY 98,891,445.08, reflecting a growth of approximately 24%[22] - The company reported a total comprehensive income of CNY 112,261,685.91, up from CNY 89,803,040.84, reflecting a 25% increase[22] Cash Flow and Investments - The net cash flow from operating activities was -¥640,105,854.25, a significant decline of 257.69% compared to -¥178,956,979.74 in the previous year[4] - The company's investment activities generated a net cash outflow of -¥412,049,381.23, a 194.24% increase compared to -¥140,036,743.29 in the previous year[10] - Cash flow from operating activities showed a net outflow of CNY -640,105,854.25, worsening from CNY -178,956,979.74 in the previous period[25] - Cash flow from investing activities resulted in a net outflow of CNY -412,049,381.23, compared to CNY -140,036,743.29 previously[25] - Cash flow from financing activities generated a net inflow of CNY 41,263,305.21, down from CNY 102,017,216.40 in the prior period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,929,406,869.00, down 4.37% from ¥9,337,535,445.27 at the end of the previous year[4] - The total current assets decreased to CNY 7,133,226,681.98 from CNY 7,815,796,409.34, a decline of 8.7%[17] - The total liabilities decreased to CNY 4,138,582,487.25 from CNY 4,665,553,541.75, a reduction of 11.3%[19] - The company's cash and cash equivalents decreased by 41.82% to ¥1,406,625,563.79, primarily due to increased bill payments and investments in financial products[9] - The cash and cash equivalents decreased to CNY 1,406,625,563.79 from CNY 2,417,517,317.52, a decline of 42%[17] - The ending cash and cash equivalents balance was CNY 1,401,421,304.92, down from CNY 2,772,133,377.70[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,479, with the largest shareholder holding 41.82% of the shares[12] Operating Costs and Expenses - The total operating costs for the current period amount to CNY 1,167,555,858.91, up 26.4% from CNY 923,878,883.03 in the previous period[21] - The company experienced a 139.66% increase in taxes and surcharges, totaling ¥6,923,923.40, due to business scale growth[11] - The research and development expenses for the current period are CNY 50,546,966.04, up from CNY 43,191,661.43 in the previous period, indicating a focus on innovation[21] Inventory and Fixed Assets - The inventory increased to CNY 1,260,027,408.46 from CNY 1,088,815,392.35, an increase of 15.7%[18] - The company's fixed assets increased to CNY 547,948,807.51 from CNY 495,581,556.72, a growth of 10.6%[18] Audit Information - The company did not undergo an audit for the first quarter report[27]

Financial Performance - The company's operating revenue for 2024 reached ¥6,444,072,813.27, representing a 29.62% increase compared to ¥4,948,044,424.34 in 2023[17]. - Net profit attributable to shareholders for 2024 was ¥662,518,862.78, a 33.80% increase from ¥497,871,010.14 in 2023[17]. - The net cash flow from operating activities for 2024 was ¥385,499,487.60, an 18.21% increase from ¥329,360,000.00 in 2023[17]. - The total assets at the end of 2024 amounted to ¥9,337,535,445.27, an 18.87% increase from ¥7,835,581,941.36 in 2023[17]. - The company reported a basic earnings per share of ¥2.12 for 2024, up 17.13% from ¥1.82 in 2023[17]. - The company experienced a net profit of ¥226,848,051.95 in Q4 2024, compared to ¥189,337,456.51 in Q3 2024, indicating growth[19]. - The company received government subsidies amounting to ¥982,617.60 in 2024, down from ¥9,207,080.20 in 2023[23]. - The total non-recurring gains and losses for 2024 were ¥8,636,015.08, compared to ¥5,628,419.04 in 2023[23]. - The company's total operating revenue reached ¥6.44 billion, representing a year-on-year increase of 29.62%[60]. - Transformer products generated sales revenue of ¥1.07 billion, up 56.12% year-on-year; complete switchgear products saw revenue of ¥674 million, a 32.65% increase; and box-type substations achieved sales of ¥4.24 billion, growing by 22.60%[56]. Dividend Distribution - The company plans to distribute a cash dividend of 7.20 RMB per 10 shares to all shareholders, based on a total share capital of 312,200,000 shares[3]. - The company distributed a cash dividend of RMB 19,980.80 million (including tax), amounting to RMB 6.4 per 10 shares, based on a total share capital of 31,220 million shares[154]. - The total cash dividend distributed accounted for 100% of the total distributable profit of RMB 1,294,488,188.53[154]. - The company plans to distribute a cash dividend of RMB 22,478.40 million (including tax) for the 2024 fiscal year, at a rate of RMB 7.20 per 10 shares[157]. Research and Development - The company has obtained over 260 patents, with 40 invention patents applied to its main business, demonstrating its strong focus on innovation and technology accumulation[35]. - The company has established a comprehensive R&D system centered on customer needs and market orientation, supported by provincial engineering technology research centers[42]. - Research and development (R&D) investment amounted to ¥210,897,511.34 in 2024, representing 3.27% of operating revenue, slightly down from 3.28% in 2023[74]. - The number of R&D personnel increased to 396, a growth of 4.49% from 379 in 2023, while the proportion of R&D personnel to total employees decreased by 2.31%[74]. - The company is investing in R&D, allocating 10% of its revenue towards new technology development, aiming to enhance product efficiency[130]. Market and Industry Position - The company operates in the electrical machinery and equipment manufacturing industry, focusing on renewable energy and new infrastructure[27]. - The company has been recognized as a core strategic supplier for major power generation groups and large EPC units in China, and has expanded its overseas market presence, exporting to over 60 countries and regions[31]. - The company is actively expanding into the smart grid market and developing high-voltage, large-capacity products to enhance its competitive edge[57]. - The company aims to expand its international market presence, particularly in rapidly growing regions like Europe, North America, and Southeast Asia, enhancing brand influence and market share[99]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the annual report[3]. - The management discussion section details potential operational risks and corresponding mitigation strategies[3]. - The company faces risks from industry policy adjustments, market competition, raw material price fluctuations, and large accounts receivable, and has strategies in place to mitigate these risks[102][103][104]. Governance and Compliance - The company maintained strict compliance with information disclosure regulations, ensuring timely and fair communication with shareholders[111]. - The company has established an independent financial department with a complete accounting system, ensuring financial independence from controlling shareholders[114]. - The company has a clear asset ownership structure, ensuring no asset occupation by controlling shareholders[113]. - The company’s governance structure complies with legal requirements, with no significant discrepancies noted[112]. - The company has a structured remuneration decision-making process involving the remuneration and assessment committee of the board[138]. Employee and Talent Development - The company has established a comprehensive training system to enhance employee skills and support business growth[151]. - The company has a total of 59 employees with a master's degree or above, and 659 employees with a bachelor's degree[149]. - The company has a structured compensation policy that includes various incentive mechanisms to motivate employees and enhance productivity[150]. - The company prioritizes talent development, establishing a competitive compensation system to attract and retain high-quality personnel[54]. Environmental and Social Responsibility - The company actively promotes green production and low-carbon transformation, aligning with national "dual carbon" goals[168]. - The company has implemented necessary environmental protection facilities to manage major pollutants effectively, complying with legal standards[168]. - The company disclosed its social responsibility situation in the 2024 Sustainable Development Report on the official website[170]. - The company is committed to consolidating and expanding poverty alleviation and rural revitalization efforts, as detailed in the same 2024 Sustainable Development Report[172]. Strategic Planning - The company aims for a strategic plan by 2025 focusing on "high-level planning, strategic coordination; steady development, lean operation; digital low-carbon, practical innovation" to ensure sustainable growth[99]. - The company will increase R&D investment in renewable energy, smart grids, and new application scenarios to drive technological innovation and product upgrades[99]. - The company plans to enhance its product competitiveness by developing high-adaptability box-type substations for renewable energy applications in harsh environments[73]. Shareholder Commitments - The company will not transfer or delegate management of its shares within 36 months from the date of its initial public offering[175]. - The company will comply with relevant laws and regulations regarding share reduction and information disclosure obligations[175]. - The company will ensure that any changes in shareholding due to equity distribution will adhere to the established commitments[175]. - The company will bear legal responsibilities if any losses occur due to non-compliance with the commitments made[176].