Group 1 - The core point of the article is that Lanshi Heavy Industry held its sixth board meeting on December 29, 2025, where it approved a proposal regarding the formulation of certain resolutions [2] Group 2 - The meeting was conducted in a hybrid format, combining both in-person and communication methods [2] - The announcement was made public through the Securities Daily [2]

二、董事会会议审议情况 会议以记名投票方式形成如下决议： 1. 审议通过《关于制订<董事和高级管理人员所持本公司股份及其变动管理 制度>的议案》 证券代码：603169 证券简称：兰石重装 公告编号：临 2025-100 兰州兰石重型装备股份有限公司 第六届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 兰州兰石重型装备股份有限公司（以下简称"公司"）第六届董事会第十次 会议于 2025 年 12 月 29 日以现场加通讯表决方式在公司六楼会议室召开。会议 通知于 2025 年 12 月 24 日以电子邮件方式送达全体董事。会议应出席董事 9 人， 实际出席董事 9 人，公司高级管理人员列席会议。会议由公司董事长郭富永主持， 会议的召集、召开符合《公司法》及公司《章程》的相关规定。 兰州兰石重型装备股份有限公司董事会 2025 年 12 月 30 日 表决结果：9 票同意，0 票反对，0 票弃权。 详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《兰州兰石 ...

Group 1 - The core viewpoint of the article highlights that Lanshi Heavy Industry (SH 603169) held its 10th meeting of the 6th Board of Directors on December 29, 2025, to discuss the management system for shares held by directors and senior management [1] - For the year 2024, Lanshi Heavy Industry's revenue composition is as follows: Mechanical manufacturing accounts for 72.87%, new metal materials for 14.29%, engineering contracting for 9.96%, technical services for 2.02%, and other businesses for 0.86% [1] - As of the report date, Lanshi Heavy Industry has a market capitalization of 13.8 billion yuan [1]

兰州兰石重型装备股份有限公司 董事和高级管理人员所持本公司股份 及其变动管理制度 第一章 总 则 第一条 为加强对兰州兰石重型装备股份有限公司(以下简称"公司")董事 和高级管理人员所持本公司股份及其变动的管理，进一步明确管理程序，根据《中 华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下 简称"《证券法》"）《上市公司董事和高级管理人员所持本公司股份及其变动管理 规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第 8 号——股份变动管理》《上海证券交易所上市公司自律监管指引第 15 号—— 股东及董事、高级管理人员减持股份》等有关法律、行政法规、部门规章、规范 性文件及公司《章程》的有关规定，制定本规则。 第二条 公司董事、高级管理人员应当遵守《公司法》《证券法》和有关法 律、行政法规、部门规章、规范性文件以及上海证券交易所规则中关于股份变动 的限制性规定。 公司董事、高级管理人员等主体对持有股份比例、持有期限、变动方式、变 动数量、变动价格等作出承诺的，应当严格履行所作出的承诺。 第四条 公司董事、高级管理人员所持本公司股份是指登记在其名下和利用 他人 ...

Core Viewpoint - The traditional energy equipment manufacturing giant, Lanzhou Lanshi Heavy Equipment Co., Ltd. (Lanshi Heavy Equipment), is strategically transitioning into the new energy sector, focusing on hydrogen and nuclear fusion technologies through partnerships with research institutions [1][2]. Group 1: Strategic Partnerships - Lanshi Heavy Equipment and its subsidiary signed agreements with the Hefei Comprehensive National Science Center Energy Research Institute to establish joint laboratories for hydrogen-ammonia fusion technology and nuclear fusion heat exchange equipment [1][2]. - This collaboration aims to promote the localization of core hydrogen and nuclear fusion equipment, addressing critical technological challenges [2]. Group 2: Industry Positioning - Lanshi Heavy Equipment is expanding its capabilities in the energy revolution, focusing on both nuclear fusion and hydrogen-ammonia sectors, reflecting its strategic commitment to the new energy equipment industry [2][3]. - The company has established a comprehensive industrial chain in nuclear energy, covering everything from nuclear-grade materials to environmental protection equipment, with a significant increase in orders in the nuclear sector [3]. Group 3: Technological Development - In the nuclear fusion field, Lanshi Heavy Equipment has developed a new type of compact heat exchanger for fusion engineering, contributing to major scientific projects and achieving a 90% market share in nuclear-grade plate heat exchangers [3]. - The joint laboratory for fusion heat exchange equipment aims to tackle extreme temperature challenges and drive technological advancements in fusion power generation [3]. Group 4: Hydrogen-Ammonia Sector - Lanshi Heavy Equipment is developing a systematic solution capability in the hydrogen-ammonia sector, establishing a green hydrogen integrated demonstration base and creating leading core equipment in the industry [4]. - The partnership with the Energy Research Institute aims to advance research and industrial application of zero-carbon technologies in hydrogen and ammonia fusion, with ambitious goals for modular ammonia production facilities [4]. Group 5: Innovation and Talent Development - The collaboration establishes a closed-loop system for industry-academia-research cooperation, enhancing the transition of scientific research into market applications [6]. - The establishment of a nuclear fusion science and engineering college in partnership with Lanzhou University aims to strengthen talent cultivation, creating a virtuous cycle of research, transformation, and talent development [6].

Core Viewpoint - Lansi Heavy Industry (603169) is advancing its development in nuclear energy and hydrogen energy equipment by establishing joint laboratories with Hefei Comprehensive National Science Center's Energy Research Institute to promote research and industrial development in zero-carbon technologies and high-performance fusion heat exchange equipment [1] Group 1: Joint Laboratory Agreements - Lansi Heavy Industry and its subsidiary signed agreements to establish two joint laboratories focused on hydrogen-ammonia fusion engineering technology and high-efficiency fusion heat exchange equipment [1] - The collaboration aims to enhance research in controlled nuclear fusion and develop high-performance heat exchange equipment, with specific research directions including compact and efficient heat exchange equipment for fusion power systems and low-temperature heat exchange equipment [1][1] - The goal is to create a technology roadmap and key milestone progress charts within one year, and to achieve significant results in the fusion energy sector within two to five years [1][1] Group 2: Research Focus and Goals - The joint laboratory for hydrogen-ammonia fusion will focus on modular flexible ammonia synthesis, green hydrogen liquefaction, and ammonia cracking for hydrogen production [1] - The aim is to establish modular industrial ammonia synthesis plants with capacities ranging from 10,000 to 100,000 tons and to develop hydrogen stations with a capacity of over 1,000 kg/d within two to five years [1][1] - Hefei Energy Research Institute has made significant breakthroughs in clean energy utilization and renewable energy technologies since its establishment in 2019 [1] Group 3: Market Position and Growth - Lansi Heavy Industry has developed a strategic emerging industry focusing on "nuclear-hydrogen-light-storage" new energy equipment and efficient heat exchange equipment [1] - The company has achieved a 90% market share in nuclear-grade plate heat exchangers and has received orders worth 306 million yuan in the nuclear energy sector, reflecting a 32.16% year-on-year growth [1][1] - The company is enhancing its production capacity to strengthen its manufacturing capabilities for high-end nuclear power equipment, aiming for future market growth [1]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The successful completion of the non-nuclear commissioning test for the "Linglong One" modular small reactor marks a significant milestone in the nuclear power sector, validating the core system functions and laying a solid foundation for future nuclear operations [4]. - The global nuclear energy industry is experiencing an unprecedented revival due to the increasing demand for clean and safe electricity, with the International Atomic Energy Agency raising its nuclear power expansion forecasts for the fifth consecutive year [5]. - The strategic value of nuclear energy is becoming increasingly prominent, especially in the context of global energy transition and geopolitical shifts, with the U.S. government accelerating international commercial cooperation to enhance its energy leadership [5]. Company Summaries - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a joint R&D center for micro-reactor/SMR technology, showcasing significant development potential in the context of rising AI energy demands and energy transition [6]. - **Jia Electric**: The main helium fan is the only power device in the primary loop of the fourth-generation high-temperature gas-cooled reactor, with its subsidiary Ha Electric's nuclear main pump products leading in the nuclear power business segment [6]. - **Guoguang Electric**: The company's filter and cladding systems are key components of the ITER project, indicating its critical role in the nuclear energy supply chain [6]. - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing, providing a comprehensive service in the nuclear energy sector [6]. - **Kexin Electromechanical**: Has manufactured high-temperature gas-cooled reactor nuclear power products, with new fuel transport containers replacing imports [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves in new nuclear power projects in China [6].

Core Viewpoint - Lansi Heavy Industry (603169) is advancing its development in nuclear energy and hydrogen energy equipment by establishing joint laboratories with Hefei Comprehensive National Science Center's Energy Research Institute to promote research and industrial development in zero-carbon technologies and high-performance fusion heat exchange equipment [2][3][4]. Group 1: Joint Laboratory Agreements - Lansi Heavy Industry and its subsidiary signed agreements to establish joint laboratories focused on hydrogen-ammonia fusion engineering technology and high-efficiency fusion heat exchange equipment [2][3]. - The collaboration aims to enhance research in controlled nuclear fusion and develop new technologies for high-performance heat exchange systems [3][4]. Group 2: Research Directions and Goals - The joint laboratory for fusion heat exchange equipment will focus on three main areas: compact and efficient heat exchange systems for fusion power generation, low-temperature heat exchange equipment, and optimization of flow channels in Tokamak devices [3][4]. - The goal is to create a roadmap for technology development within one year and achieve significant results in the fusion energy sector within two to five years, including prototypes for efficient heat exchange equipment [4]. Group 3: Hydrogen-Ammonia Fusion Technology - The establishment of the hydrogen-ammonia fusion engineering technology laboratory will facilitate research in modular flexible ammonia synthesis, green hydrogen liquefaction, and ammonia cracking for hydrogen production [4][5]. - The aim is to develop a modular industrial ammonia synthesis facility powered by renewable energy sources and establish a hydrogen station with a capacity exceeding 1000 kg/d [5]. Group 4: Market Position and Growth - Lansi Heavy Industry has built a robust industry system in the fusion heat exchange equipment sector, achieving a 90% market share in nuclear-grade plate heat exchangers [6]. - The company reported a 32.16% year-on-year increase in nuclear energy orders, amounting to 306 million yuan in the first half of 2025, and is enhancing production capacity to meet future market demands [7].

Core Viewpoint - Lanzhou Lanshi Heavy Equipment Co., Ltd. has shown significant stock performance and financial metrics, indicating potential growth opportunities despite a decrease in net profit. Group 1: Stock Performance - On December 26, Lanzhou Lanshi's stock rose by 2.27%, reaching 10.79 CNY per share, with a trading volume of 418 million CNY and a turnover rate of 3.02%, resulting in a total market capitalization of 14.095 billion CNY [1] - The stock has increased by 97.98% year-to-date, with a 7.90% rise over the last five trading days, 9.99% over the last 20 days, and 34.04% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on November 26, where it recorded a net buy of -16.75 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Lanzhou Lanshi reported a revenue of 4.746 billion CNY, reflecting a year-on-year growth of 26.93%, while the net profit attributable to shareholders decreased by 88.40% to 11.196 million CNY [2] - The company has distributed a total of 256 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 12.59% to 87,900, with an average of 14,863 circulating shares per person, an increase of 14.40% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 10.357 million shares, an increase of 2.1535 million shares from the previous period [3]

Group 1 - Lanzhou Lanshi Heavy Equipment Co., Ltd. (referred to as "Lanshi Heavy Equipment") announced that its subsidiaries, Lanzhou Lanshi Heat Exchange Equipment Co., Ltd. (referred to as "Heat Exchange Company") and Qingdao Lanshi Heavy Machinery Equipment Co., Ltd. (referred to as "Qingdao Company"), have obtained important qualification recognitions [2] - The Heat Exchange Company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, which is part of the seventh batch of such enterprises in Gansu Province [2] - The Heat Exchange Company, established in 1965, is the only state-owned enterprise in the field of plate heat exchangers and has a leading position in technology, equipment level, and production scale in the domestic industry [2] Group 2 - The Heat Exchange Company has developed over 100 series of products, including detachable plate heat exchangers and welded plate heat exchangers, achieving domestic leading and international advanced levels in several areas [3] - Qingdao Company has been recognized as a high-tech enterprise, allowing it to enjoy preferential tax policies for three consecutive years, with a corporate income tax rate of 15% [3] - Qingdao Company has also been included in the list of "Shandong Province Manufacturing Single Champion Enterprises," which recognizes its excellence in manufacturing [3] Group 3 - Qingdao Company focuses on high-end equipment manufacturing for refining and chemical industries, providing core equipment with high technical content and added value [4] - The recognition of the subsidiaries as specialized, high-tech, and manufacturing champions reflects their comprehensive development strength in R&D, technological innovation, and product services [4] - This recognition is expected to enhance Lanshi Heavy Equipment's competitiveness and influence in the energy-saving and traditional energy chemical equipment sectors [4]