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]

Core Viewpoint - Mingyang Smart Energy (301291.SZ) has experienced a decline in stock price, closing at 43.83 yuan with a drop of 3.90% on November 19, 2023, marking a trend of six out of seven trading days of price decreases since November 11, 2023 [1] Group 1 - Mingyang Smart Energy's stock has faced downward pressure, reflecting broader market challenges [1] - Huazhong Securities analysts Zhang Zhibang and Zheng Yang maintained a "Buy" rating for Mingyang Smart Energy in their report published on November 10, 2023, highlighting potential growth from overseas operations and data center business expansion [1]

Core Insights - A new global "power shortage cycle" is emerging, driven by aging power grids in Western countries and a surge in electricity consumption due to AI, leading to a widening supply-demand gap in power equipment [1] - China is positioned as a key solution provider in this cycle, leveraging its advantages in supply, manufacturing, and cost [2] Group 1: Global Power Shortage Cycle - The rapid development of AI in the U.S. exacerbates the "power shortage" phenomenon, resulting in significant electricity price increases and shifting market focus towards the broader "power-related AI" sector [1] - Historical trends indicate that global power shortage phases are typically accompanied by increased investment in power and grid infrastructure, as well as an expansion in the export share of manufacturing powerhouses [1] - The aging of power grids in Europe and the U.S. is critical, with over 50% of transmission lines in service for more than 20 years, and a projected additional power demand of 89GW from data centers in the U.S. between 2025 and 2028 [1] Group 2: China's Role and Advantages - China has a significant surplus in electricity supply relative to economic growth, providing ample opportunity for energy export through related commodity trade [2] - The transition from "selling equipment" to "selling systems" highlights China's manufacturing advantages, as the global power shortage reflects a systemic deficiency rather than just a lack of power plants [2] - China controls 55% of global refined copper and 60% of electrolytic aluminum capacity, with lower production costs compared to overseas, creating a closed loop of "power shortage-price increase-profit return to China" [2] Group 3: Investment Opportunities - Domestic power equipment companies that actively expand into overseas markets, particularly in Europe and the U.S., are poised for significant growth opportunities, with recommendations for companies involved in transformers and smart grid solutions [3] - The rise in physical consumption due to power system construction suggests a focus on upstream resources like copper and aluminum [4] - Related materials in high demand due to increased downstream renewable energy needs include separators, lithium iron phosphate anodes and cathodes, and lithium hexafluorophosphate [4]

Core Viewpoint - The industrial control and power equipment industry experienced rapid profit growth in Q3 2025, indicating a high level of prosperity [2][3]. Industry Overview - The industrial control and power equipment industry reported a revenue increase of 11% year-on-year for Q1-Q3 2025, with Q3 showing a 9% increase. Net profit for the same period grew by 17%, with Q3 net profit increasing by 15% [2]. - The overall gross margin for the industry remained stable at 22.7% in Q3 2025, reflecting a slight decrease of 0.8 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [2]. - Operating cash flow for the industry saw a net inflow of 234 billion, representing a 23% year-on-year increase [2]. Segment Performance - The industrial control segment achieved a revenue of 101.7 billion in Q1-Q3 2025, with a year-on-year growth of 21%, and a net profit of 8.8 billion, also up by 21% [2][3]. - In Q3 2025, the industrial control segment generated a revenue of 38.5 billion, a 21% increase year-on-year and a 10% increase quarter-on-quarter, with a net profit of 2.95 billion, up 14% year-on-year but down 11% quarter-on-quarter [2][3]. - The cable segment reported a revenue increase of 6.36% year-on-year, but net profit decreased by 42.46% [3]. - The ultra-high voltage/high voltage segment saw a revenue increase of 5.37% and a net profit increase of 48.51% year-on-year [3]. - The secondary equipment segment achieved a revenue of 26.9 billion in Q3 2025, with a year-on-year growth of 18.5% and a net profit of 2.75 billion, up 8.3% [4]. Financial Health - The operating cash flow for the industrial control segment was a net inflow of 40.9 billion in Q3 2025, showing a 2% decrease year-on-year [3]. - The inventory levels increased significantly, with a year-on-year rise of 24.37%, while operating cash flow improved by 23% [4]. - The gross margin for the secondary equipment segment was 26.4% in Q3 2025, reflecting a year-on-year decrease of 2.7 percentage points, while the net profit margin was 10.3%, down by 1.0 percentage points [4].