上海电气集团股份有限公司2025 年年度报告 公司代码：601727 公司简称：上海电气 上海电气集团股份有限公司 2025 年年度报告 1 / 247 四、公司负责人吴磊、主管会计工作负责人卫旭东及会计机构负责人（会计主管人员）桂江生声明： 保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经公司董事会审议，2025 年度公司利润分配预案为：以实施权益分派股权登记日登记的总股本为 基数，公司拟向全体股东每 10 股派发现金红利人民币 0.1425 元（含税）。以上利润分配预案待提交公 司股东会审议通过后执行。 截至报告期末，母公司存在未弥补亏损的相关情况及其对公司分红等事项的影响 □适用 √不适用 六、前瞻性陈述的风险声明 上海电气集团股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、公司全体董事出席董事会会议。 三、安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 √适用 □不适 ...

公司 A 股代码：601186 公司 A 股简称：中国铁建 公司 H 股代码：1186 公司 H 股简称：中国铁建（China Rail Cons） 中国铁建股份有限公司 （于中华人民共和国注册成立的股份有限公司） （上海证券交易所股票代码：601186；香港联合交易所有限公司股票代码：1186） 2025 年年度报告 2025 年年报业绩速览 中国铁建股份有限公司 2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 独立非执行董事 | 马传景 | 因其他公务未出席本次会议 | 解国光 | 三、安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人戴和根、主管会计工作负责人朱宏标及会计机构负责人（会计主管人员）丁亚杰 声明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过 ...

三友联众集团股份有限公司 2025 年年度报告全文 三友联众集团股份有限公司 2025 年年度报告 2026-017 2026 年 03 月 1 三友联众集团股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 公司负责人宋朝阳、主管会计工作负责人高晓莉及会计机构负责人(会计 主管人员)高晓莉声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 公司目前不存在影响公司正常经营的重大风险。公司日常经营中可能面 临的风险因素详见"第三节管理层讨论与分析"之"十一、公司未来发展的 展望"。 公司经本次董事会审议通过的利润分配预案为：以 320,103,998 为基 数，向全体股东每 10 股派发现金红利 1.90 元（含税），送红股 0 股（含 ...

Financial Performance - Bright Dairy's net profit attributable to shareholders for 2025 was a loss of RMB 149,213,522, representing a decrease of 120.67% compared to the previous year[6]. - Total revenue for 2025 was RMB 23,895,349,837, a decline of 1.58% from RMB 24,277,783,283 in 2024[23]. - The company's operating cash flow for 2025 was RMB 612,090,552, down 51.21% from RMB 1,254,574,290 in 2024[23]. - Basic earnings per share for 2025 were -0.11 yuan, a decrease of 121.15% compared to 0.52 yuan in 2024[24]. - The company reported a total profit loss of RMB 196,287,973 for 2025, compared to a profit of RMB 442,058,953 in 2024, marking a decline of 144.4%[23]. - The net profit excluding non-recurring gains and losses was -57,531,063 yuan for 2025, a decrease of 133.83% from 170,083,635 yuan in 2024[23]. - The company's total revenue for the first quarter was approximately CNY 6.37 billion, with a decline to CNY 5.66 billion in the fourth quarter, reflecting a downward trend throughout the year[26]. - The net profit attributable to shareholders showed significant losses, with a net profit of CNY -236.43 million in the fourth quarter compared to a profit of CNY 141.04 million in the first quarter[26]. - The company achieved total revenue of 23.895 billion yuan in 2025, a year-on-year decrease of 1.58%[47]. - The company's net profit for 2025 was a loss of CNY 4.07 billion, primarily due to production issues leading to inventory write-offs and increased production costs[51]. Revenue Breakdown - The revenue from core business activities decreased to RMB 23,764,735,212, down 1.62% from RMB 24,156,980,260 in 2024[23]. - The dairy products segment generated operating revenue of CNY 21.69 billion, a year-on-year decrease of 1.22%, with a gross margin of 17.79%, down by 2.22 percentage points[54]. - The liquid milk segment reported operating revenue of CNY 13.22 billion, a decrease of 6.65%, with a gross margin of 25.82%, down by 0.65 percentage points[55]. - Revenue from other dairy products was 8.47 billion CNY, with a gross margin of 5.24%, decreasing by 3.03 percentage points year-on-year[84]. - The revenue from the foreign market was ¥7.65 billion, showing an increase of 2.84% year-over-year, but the gross margin fell to 2.35%, down by 3.64 percentage points[60]. Operational Efficiency - The company optimized 12 outdated production lines, reducing inefficient capacity by 144,400 tons[47]. - The company implemented a full-chain digital system to enhance operational efficiency, including real-time monitoring of logistics and quality control[50]. - The company has established a comprehensive cold chain preservation system, ensuring effective monitoring throughout the storage and transportation processes[46]. - The company has established a disease prevention system focused on cattle health and feed, aiming to strengthen its ability to mitigate risks from cattle diseases[101]. - The company plans to accelerate accounts receivable collection and inventory management to reduce liquidity risks associated with its assets[101]. Research and Development - Total R&D investment amounted to ¥137,335,655, representing 0.57% of operating revenue[71]. - The company plans to focus R&D spending on new product development and production process upgrades[73]. - The company is focused on developing new technologies and products to meet market demands and improve operational efficiency[109]. - The company has cultivated 53 bulls with a GTPI over 3000, with the top bull achieving a GTPI of 3389, ranking first in China and among the top 100 globally[49]. Market Strategy - The company is focusing on expanding its presence in high-end nutrition products and cream business in China and Southeast Asia[51]. - The company has expanded its overseas business through its subsidiary, focusing on industrial milk powder and cheese sales in New Zealand and globally[36]. - The company plans to expand its market presence and enhance product innovation through strategic investments and partnerships[109]. - The company is enhancing its brand through cultural and sports events, including participation in the Shanghai International Art Festival and the Shanghai Rolex Masters[48]. Governance and Management - The company has completed the restructuring of its board and management, eliminating the supervisory board and transferring its responsibilities to the audit committee[105]. - The company has revised its governance documents to improve operational transparency and shareholder rights, ensuring compliance with legal requirements[104]. - The total pre-tax compensation for the chairman is approximately CNY 1.30 million, while the financial director's compensation is around CNY 1.04 million[107]. - The company maintains independence from its controlling shareholders in terms of operations, assets, and financial management[104]. - The company has established a performance evaluation mechanism for senior management, which determines annual compensation based on the completion of annual operational goals and individual assessment results[139]. Social Responsibility - The company has disclosed its 2025 Sustainable Development Report, emphasizing its commitment to social responsibility[144]. - Total contributions to public welfare projects amounted to 5.16 million yuan, including 4.53 million yuan in cash donations[145]. - The company has expanded its planting operations to 183,000 acres, creating approximately 40,000 job opportunities for local rural laborers by the end of December 2025[146]. Financial Management - The company has a total loan amount of RMB 150 million with an interest rate of 2.90% after a 60 basis points reduction[162]. - The company has approved a loan of NZD 130 million to New Light, with a new maturity date extended to July 12, 2026[168]. - The company has a maximum daily deposit limit of RMB 4 billion with Bright Food Group Finance Co., Ltd., with an interest rate range of 0.2% to 1.8%[159]. - The total amount deposited during the period was RMB 50,346,814,703, with a closing balance of RMB 2,555,079,950[159]. Audit and Compliance - The audit opinion confirms that the financial statements of Bright Dairy are prepared in accordance with the Chinese Accounting Standards and fairly reflect the financial position as of December 31, 2025[193]. - The audit was conducted in accordance with Chinese auditing standards, ensuring independence and adherence to ethical requirements[194]. - The company has not reported any significant misstatements in other information based on the audit work performed[199].

珠海冠宇电池股份有限公司2025 年年度报告 公司代码：688772 公司简称：珠海冠宇 转债代码：118024 转债简称：冠宇转债 珠海冠宇电池股份有限公司 2025 年年度报告 1 / 261 珠海冠宇电池股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、公司上市时未盈利且尚未实现盈利 □是 √否 三、重大风险提示 公司已在本报告"第三节 管理层讨论与分析"之"四、风险因素"中详细披露了可能面对的 风险，提请投资者注意查阅。 四、公司全体董事出席董事会会议。 五、致同会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人徐延铭、主管会计工作负责人刘宗坤及会计机构负责人（会计主管人员）韦金花 声明：保证年度报告中财务报告的真实、准确、完整。 七、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经致同会计师事务所（特殊普通合伙）审计，截至 2025 年 12 月 31 日，公司母公司报表中期 末未分配利润为人民币 1,782, ...

Financial Performance - The company's operating revenue for 2025 reached ¥183.99 billion, an increase of 8.49% compared to ¥169.60 billion in 2024[19] - The total profit for 2025 was ¥9.53 billion, reflecting a growth of 14.65% from ¥8.31 billion in the previous year[19] - The net profit attributable to shareholders was ¥7.21 billion, up by 7.51% from ¥6.70 billion in 2024[19] - The net cash flow from operating activities was ¥9.52 billion, representing a 15.72% increase compared to ¥8.23 billion in 2024[19] - The total assets of the company at the end of 2025 amounted to ¥199.19 billion, a 7.34% increase from ¥185.57 billion in 2024[19] - The net assets attributable to shareholders reached ¥67.14 billion, an increase of 8.17% from ¥62.07 billion in 2024[19] - The basic earnings per share for 2025 was ¥2.286, which is a 7.53% increase from ¥2.126 in 2024[20] - The weighted average return on equity was 11.16%, a slight decrease of 0.03 percentage points from 11.19% in 2024[20] Cash Dividends - The company plans to distribute a cash dividend of ¥10.00 per 10 shares, totaling approximately ¥3.15 billion based on the total share capital of 3,152,723,984 shares[4] - The cash dividend for the fiscal year 2024 is set at 8.00 RMB per 10 shares, totaling 2,522,179,187.20 RMB, which accounts for 37.70% of the net profit attributable to shareholders[118] - The company has distributed a total of 30.83 billion yuan in cash dividends to shareholders from 2009 to 2023, with a planned cash dividend of 2.522 billion yuan for 2024, representing 37.70% of the net profit attributable to shareholders[94] Market and Business Strategy - The company is focusing on the transformation and upgrading of core businesses to enhance operational resilience amid intense market competition[33] - The company is actively expanding its international market presence, particularly in automotive interior and lightweight aluminum products[30] - The company has established long-term partnerships with major domestic automakers, including SAIC Volkswagen, BYD, and Tesla Shanghai, covering a wide range of customer resources[34] - The company is focusing on the development of smart chassis and smart power platforms, aiming to strengthen its competitive edge in the automotive industry[39] - The company is committed to expanding its overseas market presence and becoming a leading global automotive parts system supplier[87] - The company emphasizes the importance of aligning with international market strategies and enhancing supply capabilities to compete in a globalized automotive parts market[86] Research and Development - The total R&D expenditure for the period was ¥6,509,296,485.31, representing 3.54% of total operating revenue[58] - The company employed 11,326 R&D personnel, which is 20.74% of the total workforce[59] - The company applied for 1,273 patents in 2025, including 424 invention patents, and held a total of 10,748 valid patents by the end of the year[60] - Research and development expenses rose to approximately ¥6.51 billion, marking a 4.47% increase year-over-year[47] - The company is committed to continuous innovation in key areas such as smart cockpits, intelligent chassis, and power batteries, with a focus on accelerating the iteration and mass production of new technologies[88] Operational Efficiency - The company is focusing on cost reduction and efficiency improvement through lean management and supply chain optimization[44] - The company has implemented an orderly exit from non-core or less competitive businesses, optimizing operations to improve efficiency[43] - The company achieved a significant reduction in financial expenses, decreasing by 33.30% to approximately ¥300 million due to increased foreign exchange gains[47] - The company plans to implement cost control measures and efficiency improvements across the entire value chain, aiming to upgrade cost management from "savings-oriented" to "control and innovation-oriented"[89] Risk Management - The company is enhancing its risk management framework to improve resilience against complex external environments[45] - The company has established a financial derivatives management system to control risks associated with financial derivatives trading[80] - The company plans to strengthen its risk management practices, including accounts receivable management, to mitigate potential risks from customer defaults[80] - The company has established a market dynamic monitoring and risk warning mechanism to address risks from rising raw material prices and supply chain fluctuations[89] Governance and Compliance - The company has established a governance structure that complies with the latest regulations, including the abolition of the supervisory board effective June 27, 2025[100] - The company has formed a governance structure characterized by clear responsibilities, effective checks and balances, and coordinated operations[100] - The company has not experienced any insider information leaks during the reporting period, ensuring compliance with information disclosure regulations[101] - The company’s board of directors approved multiple fundamental management systems, including the audit committee and strategic committee work rules[100] Subsidiaries and Joint Ventures - The company operates numerous subsidiaries across various sectors, including automotive sales, financial services, and technology development[139] - Significant joint ventures include MG Motor India and SAIC Motor UK Technical Centre Ltd, indicating a strong international presence[139] - The company has established multiple subsidiaries focused on new energy vehicles and battery systems, reflecting a commitment to innovation in the automotive sector[140] - The extensive list of subsidiaries and joint ventures highlights the company's strategic approach to leveraging partnerships for market expansion and innovation[138] Future Outlook - The company aims to achieve consolidated revenue of 185 billion yuan in 2026, with a target to control operating costs within 162 billion yuan[88] - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[143] - The company plans to increase production capacity by 25% in response to rising demand for electric vehicles[142] - The company aims to achieve a 30% reduction in carbon emissions by 2025 as part of its sustainability strategy[141]

超颖电子电路股份有限公司2025 年年度报告 公司代码：603175 公司简称：超颖电子 超颖电子电路股份有限公司 2025 年年度报告 1 / 210 超颖电子电路股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、公司全体董事出席董事会会议。 三、华兴会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人黄铭宏、主管会计工作负责人邱垂明及会计机构负责人（会计主管人员）邱垂明 声明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年度利润分配方案为：以公司2025年度权益分派实施时的股权登记日登记的总股本 为基数，向全体股东每10股派发现金红利人民币1.60元（含税），不送红股，不以资本公积金转 增股本，剩余未分配利润结转下一年度。上述利润分配方案尚需提交公司2025年年度股东会审议 。 截至报告期末，母公司存在未弥补亏损的相关情况及其对公司分红等事项的影响 □适用 ...

江苏中超控股股份有限公司 2025 年年度报告全文 江苏中超控股股份有限公司 2025 年年度报告 2026 年 3 月 1 江苏中超控股股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、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。 公司负责人刘广忠、主管会计工作负责人李川冰及会计机构负责人（会 计主管人员）王艳声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"之"十一、公司未来发展的展望" 中详细描述了公司经营中可能存在的风险，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财 ...

安徽鑫科新材料股份有限公司2025 年年度报告 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、公司全体董事出席董事会会议。 三、 政旦志远（深圳）会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计 报告。 四、公司负责人宋志刚、主管会计工作负责人席丽娟及会计机构负责人（会计主管人员）龚迎兵 声明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司于2026年3月30日召开十届五次董事会审议通过了《2025年度利润分配预案》，截至2025 年12月31日，母公司报表口径累计未分配利润为负值，公司2025年度拟不进行利润分配，也不进 行资本公积金转增资本。 公司代码：600255 公司简称：鑫科材料 安徽鑫科新材料股份有限公司 2025 年年度报告 1/227 安徽鑫科新材料股份有限公司2025 年年度报告 重要提示 截至报告期末，母公司存在未弥补亏损的相关情况及其对公司分红等事项的影响 √适用 □不适用 截至报告期末，母公司报表口径累 ...

Financial Performance - The company's operating revenue for 2025 reached ¥36,260,458,326, representing a 5.24% increase from ¥34,456,420,181 in 2024[23] - The total profit for 2025 was ¥1,116,024,014, which is a 19.05% increase compared to ¥937,429,252 in 2024[23] - The net profit attributable to shareholders for 2025 was ¥731,841,793, marking a 37.17% increase from ¥533,524,077 in 2024[23] - The net cash flow from operating activities for 2025 was ¥6,249,304,381, up 18.45% from ¥5,275,878,878 in 2024[23] - The basic earnings per share for 2025 increased to ¥0.14, a 40.00% rise from ¥0.10 in 2024[24] - The weighted average return on equity for 2025 was 4.69%, an increase of 1.30 percentage points from 3.39% in 2024[24] - The net profit after deducting non-recurring gains and losses for 2025 was ¥498,939,242, a significant increase of 136.35% from ¥211,097,452 in 2024[23] Cash Dividends - The company plans to distribute a cash dividend of ¥0.055 per share, totaling approximately ¥289,110,895.65 based on the adjusted total share capital[6] - The cash dividend amount for the 2024 fiscal year was RMB 394.35 million, representing 53.88% of the net profit attributable to ordinary shareholders[134] - The total cash dividend amount, including share buybacks, was RMB 423.35 million, accounting for 57.85% of the net profit attributable to ordinary shareholders[134] - The proposed cash dividend for the 2025 fiscal year is RMB 0.055 per share, with a total distribution amounting to approximately RMB 289.11 million based on the adjusted total share count[130] Business Segments and Contracts - The port machinery business signed new contracts worth $4.6 billion for the year, representing a year-on-year growth of 14.97%[37] - The offshore engineering business secured new contracts worth $1.174 billion, marking a significant expansion into the European wind power maintenance vessel market[37] - The steel structure business achieved new contracts worth $345 million, including key projects like the Lion's Gate Tunnel and Qianjiang Third Bridge[38] - The company is focusing on the "3+1" core business areas: port machinery, offshore engineering, steel structures, and smart ports, with new product launches including the 3E Ultra large quay crane[51] International Presence and Market Strategy - The company has entered 111 countries and regions globally, enhancing its international presence and market reach[36] - The company is focusing on high-end, intelligent, green, and international development to enhance its core competitiveness in smart ports[36] - The company anticipates a strong demand for port equipment upgrades and renovations in the next five to ten years due to the aging global port equipment[43] Research and Development - The company’s total R&D investment for the period was CNY 1,515,374,795, accounting for 4.18% of total revenue[69] - The number of R&D personnel is 1,890, representing 23.82% of the total workforce[70] - Research and development expenses increased by 0.86% to CNY 1.52 billion, driven by higher spending on capitalized R&D projects[56] Environmental and Social Responsibility - In 2025, the company generated 34.47 million kWh of self-consumed solar power, reducing CO2 emissions by 18,500 tons[145] - The company invested a total of 84.96 million yuan in social responsibility projects, benefiting approximately 12,000 individuals[148] - A total of 374.3 million yuan was invested in poverty alleviation and rural revitalization projects, including direct financial support and material donations[149] - The company organized eight environmental training sessions, totaling 114 hours, to enhance the capabilities of environmental management personnel[144] Corporate Governance and Management - The total pre-tax compensation for the board members and senior management during the reporting period amounted to 1,473.60 million CNY[103] - The company has established a performance-based compensation system that aligns employee incentives with departmental performance and market standards[125] - The company has effectively implemented its compensation management policies, ensuring compliance and performance evaluation[111] Market Risks and Challenges - The company is facing increased competition and cost pressures in the market, impacting profitability[80] - The company faces market risks due to macroeconomic conditions and geopolitical issues, which may impact global trade and investment[97] Future Outlook and Strategic Initiatives - The company is committed to five major transformations, including shifting from selling products to selling systems and services, and focusing on both domestic and international markets[94] - The company aims to become a world-class equipment manufacturing enterprise with a focus on product excellence, brand prestige, innovation leadership, and modern governance[93] - The company is enhancing its supply chain management to improve resilience and security, particularly in critical systems like electric control and cable drums[97]