证券代码：301291 证券简称：明阳电气 公告编号：2025-052 广东明阳电气股份有限公司 第二届监事会第十四次会议决议公告 本次会议的召集、召开和表决程序符合国家有关法律、行政法规、部门规章、 规范性文件及《公司章程》的规定，会议形成的决议合法有效。 二、监事会会议审议情况 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<2025 年第三季度报告>的议案》 公司监事会认为：公司编制的《2025 年第三季度报告》符合《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作》及《公司章程》等有关规定，全面、客观、真实地反 映了公司 2025 年第三季度的实际经营情况，不存在任何虚假记载、误导性陈述 或者重大遗漏。 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"）第二届监事会第十四次会 议于 2025 年 10 月 28 日在公司会议室召开。本次会议通知已于 2025 年 10 月 17 日送达各位监事。会议应出席监事 ...

第二届董事会第十四次会议决议公告 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"）第二届董事会第十四次会 议于 2025 年 10 月 28 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 10 月 17 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。 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。 证券代码：301291 证券简称：明阳电气 公告编号：2025-051 二、董事会会议审议及表决情况 广东明阳电气股份有限公司 本议案已经董事会审计委员会审议通过。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《2025 年第三季度报告》（公告编号：2025-050）。 （二）审议通过《关于调整 20 ...

证券代码：301291 证券简称：明阳电气 公告编号：2025-053 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（以下简称"公司"）于 2025 年 10 月 28 日召 开第二届董事会第十四次会议与第二届监事会第十四次会议，审议通过了《关于 调整 2024 年股票期权激励计划行权价格的议案》，鉴于公司已完成 2024 年度利 润分配方案和2025年中期利润分配方案，根据公司2024年股票期权激励计划（以 下简称"本激励计划"）等有关规定，同意公司 2024 年股票期权激励计划行权 价格由 42.88 元/份调整为 42.09 元/份。现将有关情况公告如下： 一、本激励计划概述及已履行的相关程序 （一）2024 年 12 月 10 日，公司召开第二届董事会第十次会议和第二届监 事会第十次会议，审议并通过了《关于<2024 年股票期权激励计划（草案）>及 其摘要的议案》《关于<2024 年股票期权激励计划实施考核管理办法>的议案》 《关于提请股东大会授权董事会办理 2024 年股票期权激励计划相关事宜的议 ...

北京大成（广州）律师事务所 关于广东明阳电气股份有限公司 2024 年股票期权激励计划行权价格调整的 法律意见书 北京大成（广州）律师事务所 guangzhou.dachenglaw.com 中国广州市珠江新城珠江东路 6 号广州周大福金融中心 14 层、15 层 14/F、15/F,CTFFinanceCentre,No.6ZhujiangEastRoad,ZhujiangNewTown, Guangzhou, Guangdong, China Tel:+8620-85277000 Fax:+8620-85277002 dentons.cn 释义 在本法律意见书中，除非另有说明，下列简称具有如下规定的含义： 北京大成（广州）律师事务所 关于广东明阳电气股份有限公司 2024 年股票期权激励计划行权价格调整的 法律意见书 大成证字[2025]第 237 号 致：广东明阳电气股份有限公司 北京大成（广州）律师事务所接受广东明阳电气股份有限公司的委托，作 为其实施 2024 年股票期权激励计划的专项法律顾问，为本次激励计划相关事 项出具本法律意见书。 本所律师依据《公司法》《证券法》《管理办法》《上市规则》《自律 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,725,612,832.68, representing a 6.69% increase year-over-year, while the year-to-date revenue was ¥5,200,400,784.42, up 27.14% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥161,127,515.12, a decrease of 14.90% year-over-year, with a year-to-date net profit of ¥467,525,181.26, reflecting a 7.31% increase[4] - The basic earnings per share for Q3 2025 was ¥0.52, down 14.75% from the previous year, while the diluted earnings per share also stood at ¥0.52[4] - Total operating revenue for the current period reached ¥5,200,400,784.42, an increase of 27.2% compared to ¥4,090,330,297.96 in the previous period[22] - Net profit for the current period was ¥467,525,181.26, representing a growth of 7.0% from ¥435,670,810.83 in the previous period[23] - Basic and diluted earnings per share increased to ¥1.50, compared to ¥1.40 in the prior period[23] Assets and Liabilities - The company's total assets as of the end of Q3 2025 amounted to ¥9,364,864,850.39, a slight increase of 0.29% from the end of the previous year[4] - Non-current assets totaled ¥2,000,048,445.16, compared to ¥1,521,739,035.93 in the previous period, reflecting a growth of 31.4%[18] - Total assets increased slightly to ¥9,364,864,850.39 from ¥9,337,535,445.27, indicating a marginal growth of 0.3%[19] - Total liabilities decreased to ¥4,453,118,201.99 from ¥4,665,553,541.75, a reduction of 4.5%[19] - Owner's equity rose to ¥4,911,746,648.40, up from ¥4,671,981,903.52, marking an increase of 5.1%[19] Cash Flow - Cash flow from operating activities showed a significant decline, with a net outflow of ¥426,721,353.50, marking a 149.93% decrease compared to the same period last year[11] - Net cash flow from operating activities was -426,721,353.50, compared to -170,733,627.81 in the previous period, indicating a decline[26] - Total cash inflow from investment activities was 1,453,944,127.20, significantly up from 57,775,607.17 in the prior period[26] - Cash outflow from investment activities totaled 2,026,382,722.61, compared to 1,053,997,506.91 previously, leading to a net cash flow of -572,438,595.41 from investments[26] - Cash inflow from financing activities was 114,538,510.66, down from 194,413,174.74 in the last period[26] - Net cash flow from financing activities was -247,161,612.34, compared to -219,713,046.52 previously, indicating increased cash outflows[26] - The net increase in cash and cash equivalents was -1,246,282,718.67, compared to -1,386,668,574.07 in the prior period[26] - The ending balance of cash and cash equivalents was 1,166,030,516.52, down from 1,602,441,310.26 previously[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,698[12] - The largest shareholder, Zhongshan Mingyang Electric Co., Ltd., holds 41.82% of shares, totaling 130,574,010 shares, with 46,300,000 shares pledged[12] - The total number of preferred shareholders with restored voting rights is 0[12] - The company has a total of 150,893,345 shares under lock-up conditions, with the majority set to be released by December 30, 2026[14] - The top ten shareholders collectively hold a significant portion of the company's equity, indicating concentrated ownership[13] - The company has not reported any changes in the participation of major shareholders in margin trading activities[13] Expenses - The company reported a 35.77% increase in management expenses, totaling ¥126,330,318.72, primarily due to business scale growth and increased personnel compensation[9] - Financial expenses decreased by 56.61% to -¥7,118,339.48, attributed to increased investment in fundraising projects and reduced interest income[9] - The company experienced a 134.25% increase in credit impairment losses, amounting to -¥80,061,714.93, due to business scale growth and an increase in receivables[9] - Research and development expenses for the current period were ¥158,596,372.76, compared to ¥137,757,915.36 in the previous period, reflecting an increase of 15.1%[22] - Cash paid for purchasing goods and services was 3,614,473,797.95, up from 2,727,789,906.80 in the previous period[26] - Cash paid to employees increased to 480,154,417.93 from 340,263,134.08, reflecting higher labor costs[26] - Cash paid for taxes was 253,057,859.47, compared to 145,249,009.46 in the prior period, indicating an increase in tax obligations[26] Inventory and Receivables - Accounts receivable increased from 2,834,378,619.63 CNY to 3,323,545,125.76 CNY, representing a growth of about 17.3%[17] - Inventory rose from 1,088,815,392.35 CNY to 1,137,734,185.66 CNY, an increase of approximately 4.5%[17] - The total current assets decreased from 7,815,796,409.34 CNY to 7,364,816,405.23 CNY, a reduction of about 5.8%[17]

Core Viewpoint - Mingyang Electric has seen a stock price increase of 5.24%, reaching 51.25 CNY per share, with a total market capitalization of 16 billion CNY as of October 29 [1] Group 1: Company Overview - Mingyang Electric, established on November 27, 2015, is located in Zhongshan, Guangdong Province, and was listed on June 30, 2023 [1] - The company specializes in the research, production, and sales of power distribution and control equipment for the renewable energy and new infrastructure sectors [1] - Revenue breakdown: box-type substations (53.70%), transformers (16.36%), complete switchgear (14.76%), others (13.51%), and additional (1.66%) [1] Group 2: Fund Holdings - According to data, the ICBC Credit Suisse Fund has a significant holding in Mingyang Electric, with the ICBC Lingdong Value Mixed A Fund (010744) owning 299,900 shares, representing 2.4% of the fund's net value [2] - The fund has realized a floating profit of approximately 764,700 CNY as of the report date [2] - The ICBC Lingdong Value Mixed A Fund was established on December 25, 2020, with a current size of 562 million CNY and a year-to-date return of 23.89% [2] Group 3: Fund Manager Information - The fund manager of ICBC Lingdong Value Mixed A is Lv Yan, who has been in the position for 2 years and 291 days [3] - The total asset size managed by Lv Yan is 3.455 billion CNY, with the best fund return during his tenure being 28.96% and the worst being 5.45% [3]

Group 1: Power Equipment Industry Overview - The domestic power grid investment has shown rapid growth, with a total investment of 379.6 billion yuan from January to August 2025, representing a year-on-year increase of 14.0%, driven by the significant rise in new energy installed capacity and the demand for ultra-high voltage and distribution network construction [3][13][21] - The bidding amount for the first four batches of ultra-high voltage equipment by the State Grid reached 68.179 billion yuan, a year-on-year increase of 22.9%, indicating a strong growth momentum in the power equipment sector [3][13][19] - The overseas market for power equipment remains robust, with transformer exports totaling 5.338 billion USD from January to August 2025, reflecting a year-on-year growth of 38.0%, driven by demand from North America and other regions [4][33][36] Group 2: Industrial Control Sector - The industrial control market is gradually recovering, with the OEM market experiencing a rebound due to the recovery of emerging industries, while traditional industries show signs of weak recovery [5][12] - In the first half of 2025, revenue and profit for industrial control companies have shown marginal improvement, indicating a positive trend towards recovery [5][12] - The market share is expected to concentrate towards leading domestic industrial control enterprises, which will support the industry's upward trajectory [5][12] Group 3: AI-Driven Demand and Investment - The rise of AI is expected to significantly boost power demand, with the U.S. projected to invest between 170 billion to 340 billion USD in data center power generation, grid, and storage by 2030 [39][40] - Major AI companies are anticipated to increase capital expenditures, with overseas firms expected to reach 336.373 billion USD in 2025, a year-on-year increase of 54.82% [52][53] - The shift from traditional data centers to intelligent computing centers (AIDC) is driving the need for enhanced power supply and infrastructure, as AI applications require substantial computational resources [51][58]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others, based on their strong growth potential and market positioning [7]. Core Insights - The electric equipment and new energy sector experienced a weekly increase of 4.90%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 7.05% [3]. - The report highlights the launch of multiple strategic new products by Ruipu Lanjun, covering energy storage, commercial vehicles, and passenger vehicles, showcasing the company's commitment to innovation and market expansion [4][11]. - In September, China's inverter exports reached 5.085 billion yuan, marking a year-on-year increase of 4.96%, driven by strong demand in markets like Australia [5][29]. - The total electricity consumption in China for September was 888.6 billion kWh, reflecting a year-on-year growth of 4.5%, with significant contributions from various industrial sectors [6][42]. Summary by Sections New Energy Vehicles - Ruipu Lanjun launched several strategic products in energy storage and vehicles, including a 6.25MWh energy storage system with a high efficiency of 35.5% and a 4C fast-charging battery for passenger vehicles [4][11]. - The company aims to leverage its parent company's resources and technological innovations to enhance its market position [11]. New Energy Generation - Inverter exports in September totaled 5.085 billion yuan, with a notable increase in the Australian market, which saw a year-on-year growth of 306% [5][29]. - The report also notes a significant increase in battery component exports, indicating robust demand in the international market [29]. Electric Equipment and Industrial Control - The total electricity consumption for the first nine months of 2025 reached 77,675 billion kWh, with a year-on-year growth of 4.6%, driven by industrial and residential demand [6][42]. - The report emphasizes the importance of digitalization and smart grid investments in the electric equipment sector, recommending companies involved in these areas [50][54]. Market Performance - The report indicates that the electric equipment and new energy sector is expected to continue its upward trend, supported by favorable policies and market demand [3][6].

Market Performance - The grid equipment sector increased by 2.14% on the previous trading day, with Zhiguang Electric leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Highlights - Zhiguang Electric (002169) closed at 8.12, with a rise of 10.03% and a trading volume of 567,100 shares, amounting to a transaction value of 439 million yuan [1] - Guodian Nanzi (600268) closed at 12.78, up 9.98%, with a trading volume of 812,900 shares, totaling 1.004 billion yuan [1] - Mingyang Electric (301291) closed at 51.10, increasing by 7.76%, with a trading volume of 150,000 shares, amounting to 744 million yuan [1] - Siyuan Electric (002028) closed at 122.85, up 7.32%, with a trading volume of 169,500 shares, totaling 2.058 billion yuan [1] Capital Flow - The grid equipment sector saw a net inflow of 389 million yuan from institutional investors, while retail investors contributed a net inflow of 483 million yuan [2] - The sector experienced a net outflow of 871 million yuan from speculative funds [2] Individual Stock Capital Flow - TBEA (600089) had a net inflow of 48.6 million yuan from institutional investors, while it faced a net outflow of 291 million yuan from speculative funds [3] - Zhiguang Electric (002169) recorded a net inflow of 80.61 million yuan from institutional investors, with a net outflow of 34.29 million yuan from speculative funds [3] - Mingyang Electric (301291) had a net inflow of 63.72 million yuan from institutional investors, but faced a net outflow of 80.21 million yuan from speculative funds [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including CATL, Kodali, and others, based on their strong growth potential and market positioning [5]. Core Insights - The solid-state battery sector is experiencing significant breakthroughs, with global shipments expected to rise from 34 GWh in 2026 to 614 GWh by 2030, indicating a robust market expansion [2][9]. - The photovoltaic industry is stabilizing in terms of pricing, with silicon material prices holding steady and production levels increasing, suggesting a balanced supply-demand dynamic [3][28]. - The State Grid's investment is projected to exceed 650 billion RMB in 2025, reflecting ongoing infrastructure development and strategic projects [4]. Summary by Sections 1. New Energy Vehicles - The solid-state battery research in China has made substantial progress, addressing key challenges in interface, materials, and stability, paving the way for commercialization [2][9]. - The market for solid-state batteries is expected to grow, with their share in the overall market projected to increase from 10% in 2027 to 30% by 2030 [2][9]. 2. New Energy Generation - The pricing for silicon materials has remained stable, with first-tier manufacturers maintaining prices around 55 RMB per kg, while second and third-tier manufacturers are priced between 52-53 RMB [3][28]. - The production of silicon wafers has increased significantly in October compared to September, indicating a positive trend in the supply chain [28][29]. 3. Electric Power Equipment and Automation - The State Grid's fixed asset investment reached over 420 billion RMB from January to September, marking an 8.1% year-on-year increase, with expectations for 2025 to see investments surpassing 650 billion RMB [4]. - Key companies to watch include CATL, Kodali, and others, which are positioned to benefit from the anticipated growth in the sector [4]. 4. Market Performance - The electric power equipment and new energy sector saw a decline of 5.30% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The solar energy index showed a slight increase of 0.52%, while other indices, including wind power and energy storage, experienced declines [1]. 5. Investment Recommendations - The report suggests focusing on three main investment lines: 1. Long-term competitive segments with short-term marginal changes, highlighting companies like CATL and others [18]. 2. The impact of 4680 technology iterations on industry upgrades, with a focus on companies involved in high-nickel cathodes and structural components [18]. 3. New technologies that offer high elasticity, particularly in solid-state battery companies [18].