证券日报网讯 8月28日晚间，明阳电气（301291）发布公告称，近日，根据公司全资子公司广东博瑞天 成能源技术有限公司的实际生产经营需要，公司为博瑞天成向华夏银行股份有限公司中山分行申请授信 业务提供连带责任保证担保，担保额度为5，000万元，公司与华夏银行中山分行签订了《最高额保证合 同》。本次担保前，公司对博瑞天成的担保余额为25，000万元。本次担保后，公司对博瑞天成的担保 余额为30，000万元，未超过公司股东会审议批准的担保额度。 ...

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、担保情况概述 广东明阳电气股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开 第二届董事会第十二次会议和第二届监事会第十二次会议、于 2025 年 5 月 16 日召开 2024 年年度股东会，审议通过了《关于 2025 年度为合并报表范围内子公 司提供担保额度预计的议案》，同意公司为合并报表范围内的子公司提供预计合 计不超过 86,000 万元的担保额度，有效期限自 2024 年年度股东会审议通过之日 起至 2025 年年度股东会召开之日止。在上述担保额度和期限内，授权公司管理 层在担保额度内签署与担保相关的合同及法律文件，无需再逐项提请公司董事会 和股东会审批。具体内容详见公司在巨潮资讯网上披露的相关公告。 二、担保进展情况 证券代码：301291 证券简称：明阳电气 公告编号：2025-045 广东明阳电气股份有限公司 关于为全资子公司提供担保的进展公告 （一）本次担保进展情况 1、近日，根据公司全资子公司广东博瑞天成能源技术有限公司（以下简称 "博瑞天成"）的实际生产经营需要，公司 ...

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, driven by increased demand in the data center sector and a robust overseas expansion strategy [1][2][4]. Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 2.169 billion yuan, representing a year-over-year increase of 50.80% and a quarter-over-quarter increase of 66.15% [1]. - The net profit attributable to shareholders for Q2 2025 was 194 million yuan, up 24.02% year-over-year and 72.93% quarter-over-quarter [1]. - For the first half of 2025, the company reported revenue of 3.475 billion yuan, a year-over-year increase of 40.51%, and a net profit of 306 million yuan, up 24.38% year-over-year [2]. Group 2: Business Segments - The company’s revenue from switchgear products saw a significant increase of 91.03% year-over-year, primarily due to high demand from the data center sector [3]. - The revenue breakdown for H1 2025 includes 1.866 billion yuan from box-type substations, 568 million yuan from transformers, and 513 million yuan from complete switchgear [3]. Group 3: Cost and Profitability - The gross profit margin for H1 2025 was 20.99%, a decrease of 2.27 percentage points year-over-year, attributed to a shift in product mix with a higher proportion of lower-margin switchgear products [2]. - The overall expense ratio for H1 2025 was 8.70%, down 1.30 percentage points year-over-year, with variations in sales, management, financial, and R&D expense ratios [2]. Group 4: International Expansion - The company is pursuing a dual strategy of indirect overseas expansion and global product certification, collaborating with leading domestic renewable energy firms [4]. - The export of transformers from China showed strong growth, with a 37.0% year-over-year increase in the first seven months of 2025 [4]. - The company has successfully expanded its overseas operations, including investments in a facility in Malaysia, which is expected to enhance profitability as overseas revenue increases [4]. Group 5: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 down by 3.64%, 1.60%, and 0.89% to 848 million yuan, 1.067 billion yuan, and 1.296 billion yuan, respectively [5]. - The target price for the company is set at 54.4 yuan, based on a price-to-earnings ratio of 20X for 2025, maintaining a "buy" rating [5].

2025年8月28日，明阳电气(301291.SZ)发布2025年中报。 公司营业总收入为34.75亿元。归母净利润为3.06亿元。经营活动现金净流入为-7.34亿元，在已披露的 同业公司中排名第101，较去年同报告期经营活动现金净流入减少2.84亿元。 公司最新资产负债率为48.53%，在已披露的同业公司中排名第56，较上季度资产负债率增加2.18个百分 点，较去年同期资产负债率增加5.16个百分点。 公司最新毛利率为20.99%，在已披露的同业公司中排名第60，较上季度毛利率减少0.80个百分点，较去 年同期毛利率减少2.27个百分点。最新ROE为6.43%。 公司摊薄每股收益为0.98元。 公司最新总资产周转率为0.37次。最新存货周转率为2.38次。 公司股东户数为1.32万户，前十大股东持股数量为2.06亿股，占总股本比例为66.00%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | J | 中山市明阳电器有限公司 | 41.82% | | 2 | 中山慧众企业管理咨询合伙企业(有限合伙) | 5.00% | | 3 | 郭献清 | ...

是否以公积金转增股本 证券代码：301291 证券简称：明阳电气公告编号：2025-038 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 □是 √否 公司经本次董事会审议通过的利润分配预案为：以股本312,200,000股为基数，向全体股东每10股派发现 金红利0.70元（含税），送红股0股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、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 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不 ...

Core Viewpoint - Mingyang Electric reported significant growth in revenue and net profit for the first half of 2025, driven by the rapid development of the renewable energy sector and the company's strategic positioning in the market [2][3]. Financial Performance - The company achieved an operating income of approximately 3.475 billion yuan, representing a year-on-year increase of 40.51% [2]. - The net profit attributable to shareholders was around 306 million yuan, reflecting a year-on-year growth of 24.38% [2]. - Basic earnings per share were reported at 0.98 yuan [2]. - The company plans to distribute a cash dividend of 0.7 yuan per 10 shares (tax included) to all shareholders [2]. Business Focus and Product Development - Mingyang Electric focuses on the research, production, and sales of power distribution and control equipment, with applications in renewable energy, new infrastructure, and smart grids [2]. - The company is enhancing its competitive advantage in the renewable energy sector while developing new products for smart grids and data centers [3]. - The data center business is identified as a major growth direction, with significant order progress expected to contribute to future revenue growth [3]. Market Expansion and International Strategy - The company is accelerating its overseas capacity layout, with exports becoming a new growth driver [3]. - Mingyang Electric is actively establishing overseas direct sales channels and customizing products according to regional standards [3]. - The Malaysian base has officially commenced equipment investment, indicating a commitment to expanding international operations [3]. Industry Environment - The performance growth of Mingyang Electric is closely linked to the rapid development of the renewable energy industry, with a reported 99.3% year-on-year increase in newly installed renewable energy capacity in the first half of 2025 [2]. - The power distribution and control equipment sector benefits from the stable development of the macro economy and the expansion of renewable energy generation capacity [2].

8月27日晚间，明阳电气（301291）发布2025年半年报。上半年公司实现营业收入约34.75亿元，同比增 加40.51%；归属于上市公司股东的净利润约3.06亿元，同比增加24.38%；基本每股收益0.98元。公司拟 向全体股东每10股派发现金红利0.7元(含税)。 作为明阳集团旗下上市公司，明阳电气核心业务聚焦于输配电及控制设备的研发、生产和销售，产品广 泛应用于可再生能源(涵盖风能、光伏、储能)、新型基础设施(包括数据中心、智能电网)等关键领域。 凭借优质的产品与服务，公司已成为中国"五大六小"发电集团、两大EPC单位、三大电信运营商及大型 电网公司的核心战略供应商，产品销往全球60多个国家和地区。 从行业环境来看，明阳电气的业绩增长与行业快速发展密不可分。根据国家能源局相关数据发布，2025 上半年，全国可再生能源新增装机2.68亿千瓦，同比增长99.3%，可再生能源继续保持新增装机的主体 地位，装机规模持续实现新突破。而输配电及控制设备作为国民经济的基础行业，得益于宏观经济的稳 步发展和可再生能源发电装机规模的稳步扩容，为输配电及控制设备行业创造了一个稳定、持续发展的 环境。 此外，伴随AI相关产 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant revenue growth driven by key product lines and effective cost control measures [1] Financial Performance - In 1H25, the company achieved revenue of 3.475 billion yuan, representing a year-on-year increase of 40.51% [1] - The net profit attributable to shareholders for 1H25 was 306 million yuan, up 24.38% year-on-year [1] - In Q2 2025, revenue reached 2.169 billion yuan, reflecting a year-on-year growth of 50.8%, while net profit was 194 million yuan, an increase of 24.0% [1] - The revenue growth in key product lines included: box-type substations (+16.1%), complete switchgear (+91.0%), and transformers (+19.1%) [1] - The gross margin for Q2 2025 was approximately 20.5%, a decrease of about 2.9 percentage points year-on-year, attributed to short-term impacts from product delivery structure [1] - The company demonstrated improved cost control, with sales, management, and R&D expense ratios decreasing by 0.4, 0.2, and 0.6 percentage points year-on-year, respectively [1] Industry Trends - The company is well-positioned in the renewable energy sector, with strong growth in wind and solar installations, which increased by 99% and 107% year-on-year, respectively [2] - The company is focusing on offshore wind product development, having successfully obtained authoritative testing reports for its 110kV offshore wind transformer [2] - The data center construction boom is expected to drive performance growth, with the company collaborating with major internet clients like ByteDance and Tencent [2] - The company is expanding its overseas direct sales strategy, with investments in a facility in Malaysia to capture quality orders from international markets [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with the current stock price corresponding to P/E ratios of 16.6x and 13.1x for 2025 and 2026, respectively [3] - The company maintains an outperform rating and a target price of 52.9 yuan, implying a potential upside of 20.8% based on P/E ratios of 20.0x and 15.9x for 2025 and 2026 [3]

申万宏源证券承销保荐有限责任公司 关于广东明阳电气股份有限公司 调整募集资金投资项目内部投资结构的 核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐人"、"申万宏源承 销保荐"）作为广东明阳电气股份有限公司（以下简称"明阳电气"或"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》《上市公司募集资金监管规则》《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》等相关规定，对明阳电气调整募集资金投资项目内 部投资结构的事项进行了核查，具体情况如下： （二）募集资金使用进度 根据《广东明阳电气股份有限公司首次公开发行股票并在创业板上市招股说 明书》及 2023 年第三次临时股东大会决议、2024 年第一次临时股东大会决议相 关内容，截至 2025 年 6 月 30 日，公司首次公开发行股票募投项目、募集资金使 用计划（调整后）及使用情况如下： 单位：万元 | 序 | | 项目名称 | 投资总额 | 已使用金 | | 预计达到可使用状 | | | | | | | | | --- ...

公司经本次董事会审议通过的利润分配预案为：以股本312,200,000股为基数，向全体股东每10股派发现 金红利0.70元（含税），送红股0股（含税），不以公积金转增股本。计派发现金红利人民币2185.40 万 元（含税）。 2025年8月27日，明阳电气(301291.SZ)发布了2025年上半年业绩公告，上半年公司营收为34.75亿元，同 比增长40.51%；净利润3.06亿元，同比增长24.385；扣非净利润3.01亿元，同比增长23.35%。 ...