证券代码：301291 证券简称：明阳电气 公告编号：2025-055 广东明阳电气股份有限公司 关于续聘会计师事务所的公告 1、2024 年度审计意见为标准的无保留审计意见； 2、本次拟续聘会计师事务所不涉及变更会计师事务所事项； 3、董事会、董事会审计委员会对拟续聘会计师事务所事项不存在异议； 4、本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）有关规定。 广东明阳电气股份有限公司（以下简称"公司"）于 2025 年 11 月 25 日召开 第二届董事会第十五次会议，审议通过《关于续聘会计师事务所的议案》，同意 继续聘请致同会计师事务所（特殊普通合伙）（以下简称"致同所"）为公司 2025 年度财务审计机构及内部控制审计机构。该事项尚需提交公司股东会审议。具体 情况如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 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： 成立日期：2011 年 12 ...

关于修订《公司章程》及制定、修订部分治理制度的公告 证券代码：301291 证券简称：明阳电气 公告编号：2025-057 广东明阳电气股份有限公司 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。 广东明阳电气股份有限公司（简称"公司"）于 2025 年 11 月 25 日召开第 二届董事会第十五次会议，审议通过了《关于修订<公司章程>并办理工商变更登 记的议案》《关于制定/修订公司部分治理制度的议案》。本议案尚需提交股东 会审议。现将相关事项公告如下： 一、《公司章程》的修订情况 为完善公司法人治理结构，进一步规范公司运作，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《关于新〈公司法〉配套制度规则实施相 关过渡期安排》《上市公司章程指引》等法律法规、规范性文件的有关规定，结 合公司实际情况，公司对《公司章程》相关条款进行修订和完善，主要修订条款 情况如下： | 序号 | 修订前 | 修订后 | | --- | --- | --- | | | 第一条 为维护广东明阳电气股份有限公 | 第一条 为维护广东明阳电气股份有限公司 | | | 司（以下简 ...

1、股东会届次：2025 年第一次临时股东会。 2、股东会召集人：公司董事会。 证券代码：301291 证券简称：明阳电气 公告编号：2025-058 广东明阳电气股份有限公司 关于召开 2025 年第一次临时股东会的通知 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。 广东明阳电气股份有限公司（以下简称"公司"）第二届董事会第十五次会 议决定于 2025 年 12 月 12 日 15:00 召开公司 2025 年第一次临时股东会，本次股 东会将采取现场表决及网络投票相结合的方式召开。根据相关规定，现将会议有 关事项通知如下： 一、召开会议的基本情况 6、会议的股权登记日：2025 年 12 月 5 日（星期五） 3、会议召开的合法、合规性：公司第二届董事会第十五次会议审议通过了 《关于提请召开 2025 年第一次临时股东会的议案》，本次股东会的召开符合有关 法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开日期和时间 （1）现场会议召开时间：2025 年 12 月 12 日 15:00； （2）网络投票日期与时间：通过深圳证券交易所交易 ...

经与会监事审议表决，审议通过了以下议案： （一）审议通过《关于续聘会计师事务所的议案》 公司监事会认为：致同会计师事务所（特殊普通合伙）具备相关审计业务执 业资格，具备为上市公司提供审计服务的丰富经验和专业胜任能力。由于公司与 致同会计师事务所（特殊普通合伙）合作良好，且为保持公司财务审计业务的一 致性、连续性，保证公司财务报表的审计质量，更好地安排公司本年度审计工作， 同意续聘致同会计师事务所（特殊普通合伙）为公司 2025 年度财务审计机构及 内部控制审计机构，由其负责公司 2025 年度财务审计和内部控制审计相关工作， 聘期一年。 证券代码：301291 证券简称：明阳电气 公告编号：2025-060 广东明阳电气股份有限公司 第二届监事会第十五次会议决议公告 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。 一、监事会会议召开情况 广东明阳电气股份有限公司（以下简称"公司"）第二届监事会第十五次会 议于 2025 年 11 月 25 日在公司会议室召开。本次会议通知已于 2025 年 11 月 22 日送达各位监事。会议应出席监事 3 人，实际出席监事 ...

广东明阳电气股份有限公司 第二届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 广东明阳电气股份有限公司（以下简称"公司"）第二届董事会第十五次会 议于 2025 年 11 月 25 日在公司会议室以现场结合通讯的方式召开。本次会议通 知已于 2025 年 11 月 22 日送达各位董事。会议应到董事 8 名，实到董事 8 名， 会议召集及召开程序符合《中华人民共和国公司法》和公司章程的规定。本次会 议由公司董事长张传卫主持，公司监事、高级管理人员列席会议。 证券代码：301291 证券简称：明阳电气 公告编号：2025-059 本次董事会会议的召集、召开和表决程序符合国家有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定，会议形成的决议合法有效。 二、董事会会议审议及表决情况 经与会董事审议表决，审议通过了以下议案： （一）审议通过《关于续聘会计师事务所的议案》 公司董事会认为：经公司董事会审计委员会提议，公司拟续聘致同会计师事 务所（特殊普通合伙）为公司 2025 年度审计机构，由其负责公司 ...

Core Viewpoint - The company reported its Q3 2025 results, showing a mixed performance with revenue growth but declining net profit in the third quarter compared to the previous year and quarter [1][2]. Revenue Summary - For the first three quarters of 2025, the company achieved a revenue of 5.20 billion, representing a year-on-year increase of 27.1% [1]. - In Q3 2025, the revenue was 1.73 billion, reflecting a year-on-year growth of 6.7% but a quarter-on-quarter decline of 20.4% [1]. Profitability Summary - The net profit attributable to shareholders for the first three quarters of 2025 was 470 million, up 7.3% year-on-year [1]. - In Q3 2025, the net profit was 160 million, down 14.9% year-on-year and 17.0% quarter-on-quarter [1]. Margin Analysis - The gross margin for the first three quarters of 2025 was 21.99%, a decrease of 0.56 percentage points year-on-year [2]. - The gross margin for Q3 2025 was 24.01%, an increase of 1.74 percentage points year-on-year and 3.50 percentage points quarter-on-quarter [2]. Expense Summary - The total expense ratio for the first three quarters of 2025 was 9.10%, a slight decrease of 0.03 percentage points year-on-year [3]. - In Q3 2025, the total expense ratio rose to 9.90%, an increase of 1.31 percentage points year-on-year and 2.39 percentage points quarter-on-quarter [3]. - The increase in expenses was primarily driven by higher sales and management expenses [3]. Inventory and Liabilities - As of the end of Q3 2025, inventory stood at 1.14 billion, down 8.4% year-on-year and 6.8% quarter-on-quarter [4]. - Contract liabilities at the end of Q3 2025 were 200 million, a significant decrease of 49.1% year-on-year and 26.9% quarter-on-quarter [4]. Cash Flow and Financial Health - The operating net cash flow for the first three quarters of 2025 was -427 million, while Q3 2025 saw a positive cash flow of 307 million, up 10.0% year-on-year [4]. - The asset-liability ratio at the end of Q3 2025 was 47.55%, a decrease of 0.28 percentage points year-on-year and 0.98 percentage points quarter-on-quarter [4]. Future Outlook - The company’s core growth drivers remain in overseas markets, offshore wind, and data centers, with expectations for continued growth [4]. - The projected net profit for 2025 is approximately 758 million, corresponding to a PE ratio of about 17 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 27.1%. The net profit attributable to the parent company was 470 million yuan, up 7.3% year-on-year, while the net profit excluding non-recurring items was 460 million yuan, an increase of 6.5% year-on-year [2][4]. - In Q3 2025, the company's revenue was 1.73 billion yuan, showing a year-on-year growth of 6.7% but a quarter-on-quarter decline of 20.4%. The net profit attributable to the parent company was 160 million yuan, down 14.9% year-on-year and 17.0% quarter-on-quarter [2][4]. Summary by Sections Revenue Performance - The revenue growth in Q3 2025 was impacted by a slowdown in domestic photovoltaic installations after May 31, which affected some of the company's product lines. However, growth in wind power, overseas markets, and data centers is expected to remain strong [10]. Profitability Metrics - The gross margin for the first three quarters of 2025 was 21.99%, a decrease of 0.56 percentage points year-on-year. In Q3 2025, the gross margin was 24.01%, an increase of 1.74 percentage points year-on-year and 3.50 percentage points quarter-on-quarter [10]. Expense Analysis - The total expense ratio for the first three quarters of 2025 was 9.10%, a slight decrease of 0.03 percentage points year-on-year. In Q3 2025, the expense ratio increased to 9.90%, up 1.31 percentage points year-on-year and 2.39 percentage points quarter-on-quarter, primarily due to higher sales and management expenses [10]. Balance Sheet Insights - As of the end of Q3 2025, inventory was 1.138 billion yuan, down 8.4% year-on-year and 6.8% quarter-on-quarter. Contract liabilities were 200 million yuan, a decrease of 49.1% year-on-year and 26.9% quarter-on-quarter. The debt-to-asset ratio was 47.55%, a decrease of 0.28 percentage points year-on-year and 0.98 percentage points quarter-on-quarter [10]. Cash Flow Analysis - The operating net cash flow for the first three quarters of 2025 was -427 million yuan, while Q3 2025 saw a positive operating net cash flow of 307 million yuan, an increase of 10.0% year-on-year [10]. Future Outlook - The core growth drivers for the company are expected to be in overseas markets, offshore wind, and data centers, with a projected net profit of approximately 758 million yuan for 2025, corresponding to a PE ratio of about 17 times [10].

Core Viewpoint - Mingyang Electric has experienced a significant decline in stock price, dropping 5.04% on November 21, with a total decrease of 13.88% over the past five days, indicating potential concerns regarding its market performance and investor sentiment [1]. Company Overview - Mingyang Electric, established on November 27, 2015, and listed on June 30, 2023, is located in Zhongshan, Guangdong Province. The company specializes in the research, production, and sales of power distribution and control equipment used in renewable energy and new infrastructure sectors [1]. - The revenue composition of Mingyang Electric includes: - Box-type substations: 53.70% - Transformers: 16.36% - Complete switchgear: 14.76% - Other: 13.51% - Additional (supplementary): 1.66% [1]. Fund Holdings - According to data, one fund from ICBC Credit Suisse Asset Management holds a significant position in Mingyang Electric. The fund, ICBC Lingdong Value Mixed A (010744), held 299,900 shares as of the third quarter, accounting for 2.4% of the fund's net value, making it the fourth-largest holding [2]. - The fund has incurred a floating loss of approximately 656,800 yuan today, with total losses of 2,099,300 yuan during the five-day decline [2]. - ICBC Lingdong Value Mixed A was established on December 25, 2020, with a current scale of 562 million yuan. Year-to-date returns are 19.76%, ranking 4004 out of 8136 in its category, while the one-year return is 14.33%, ranking 4611 out of 8056 [2].

Group 1 - The core point of the article highlights the trading performance of Mingyang Electric, which experienced a decline of 0.87% on November 20, closing at 43.45 yuan [1] - A significant block trade occurred, with a total volume of 89,600 shares and a transaction amount of 3.1468 million yuan, indicating a premium rate of -19.17% [1] - The buyer was Wukuang Securities Co., Ltd., while the seller was Financial Street Securities Co., Ltd., indicating active trading between these firms [1] Group 2 - Over the past three months, there has been only one block trade for this stock, with a total transaction amount of 3.1468 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 13.88%, with a net outflow of 28.9136 million yuan in principal funds [1]

Group 1 - On November 20, Mingyang Electric conducted a block trade of 89,600 shares, with a transaction amount of 3.1468 million yuan, accounting for 1.36% of the total transaction volume for the day [1][2] - The transaction price was 35.12 yuan, representing a discount of 19.17% compared to the market closing price of 43.45 yuan [1][2]