香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn)刊 登 之《東 方 電 氣 股 份 有 限 公 司2025年 年 度 報 告》，僅 供 參 閱。 承董事會命 海外監管公告 2025年年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 东方电气股份有限公司2025 年年度报告 公司代码：600875 公司简称：东方电气 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2026年3月31日 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜 先 生（董 事 長）及 張 少 峰 先 生 董 事： 張彥軍先生及孫國君先生 獨 立 非 執 行 董 事： 黃 峰 先 生、曾 道 榮 先 生 及 陳 宇 女 士 三、 立信会计师事务 ...

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 12.44, and it is rated as outperforming the market [2][4]. Core Views - The company's operating performance demonstrates resilience, with a maintained high level of dividend payout. For 2025, the total revenue was RMB 2,864.47 billion, a decrease of 2.50% year-on-year, while the net profit attributable to shareholders was RMB 157.30 billion, down 4.48% year-on-year. The company continues to show long-term investment value, maintaining a "Buy" rating [4][6]. - The company is adjusting its profit forecast due to rising international oil prices, with expected net profits for 2026-2028 at RMB 182.16 billion, RMB 182.58 billion, and RMB 183.84 billion, respectively, corresponding to a price-to-earnings ratio of 12.2x, 12.2x, and 12.1x [6][9]. Summary by Sections Financial Performance - In 2025, the company achieved total revenue of RMB 2,864.47 billion, with a net profit of RMB 157.30 billion. The fourth quarter revenue was RMB 695.21 billion, showing a year-on-year growth of 1.98% [4][10]. - The company’s EBITDA for 2025 was RMB 290.90 billion, with a projected EBITDA of RMB 349.83 billion for 2026 [8][12]. Production and Operations - The company’s oil and gas equivalent production reached 1,841.9 million barrels in 2025, an increase of 2.5% year-on-year. Domestic marketable natural gas production was 5,201.2 billion cubic feet, up 4.9% [9][10]. - The refining business is transitioning positively, with the company processing 1,375.9 million barrels of crude oil in 2025, a slight decrease of 0.2% year-on-year. The company has also seen a significant increase in chemical new materials production, which rose by 62.7% [9][10]. Capital Expenditure and Dividends - The capital expenditure for 2025 was RMB 2,690.89 billion, a decrease of 2.5% year-on-year. The board proposed a final dividend of RMB 0.25 per share, maintaining a high payout ratio of 54.7% [9][10]. - The company emphasizes shareholder returns, with the dividend payout ratio reaching its highest level in five years [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company achieved a total revenue of 15.213 billion yuan in 2025, representing a year-on-year growth of 26.46%, and a net profit attributable to shareholders of 1.764 billion yuan, up 19.87% year-on-year [1]. - In Q4 2025, the company reported revenue of 4.610 billion yuan, a 34.10% increase year-on-year and a 16.45% increase quarter-on-quarter, with a net profit of 579 million yuan, reflecting a 27.27% year-on-year growth and a 39.50% quarter-on-quarter growth [1]. - The company benefits from high capacity utilization and competitive advantages in raw material procurement and cost control, which helped mitigate the impact of rising raw material prices [1]. - The humanoid robot industry is experiencing rapid commercialization, with global shipments expected to reach approximately 18,000 units in 2025, a year-on-year growth of about 508% [2]. - The company has a comprehensive layout in humanoid robots, focusing on three main product areas: rotary joints, linear joints, and dexterous hands, with ongoing projects in lightweight harmonic reducers and integrated joint modules [2]. - The company is optimizing its global resource allocation, shifting projects to locations with supply chain advantages, which will accelerate overseas capacity release and benefit from global growth in the new energy sector [3]. Financial Summary - The company forecasts revenues of 19.038 billion yuan in 2026, with a growth rate of 25.14%, and net profits of 2.381 billion yuan, reflecting a growth rate of 34.97% [3]. - The projected earnings per share (EPS) for 2026 is 8.63 yuan, with a price-to-earnings (P/E) ratio of 20 [3]. - Key financial metrics indicate a stable growth trajectory, with a projected return on equity (ROE) of 15.8% in 2026 and a net profit margin of 12.5% [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance and growth potential [4]. Core Insights - The company reported a revenue of 1.094 billion yuan in 2025, a year-on-year increase of 2.90%, and a net profit attributable to shareholders of 205 million yuan, reflecting a growth of 20.81% [1]. - The company is actively expanding its overseas market presence, with overseas revenue increasing by 24.01% to 55 million yuan in 2025 [3]. - The company's gross margin improved by 1.78 percentage points to 46.45% in 2025, driven by cost reduction and product structure upgrades [3]. Summary by Relevant Sections Financial Performance - In Q4 2025, the company achieved a revenue of 257 million yuan, up 3.92% year-on-year, but net profit decreased by 80.59% quarter-on-quarter to 13 million yuan [1]. - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares to all shareholders [1]. Product and Market Development - The company has seen a decline in revenue from its power monitoring and substation monitoring products, which fell by 1.35% to 430 million yuan, while the energy efficiency management products grew by 8.66% to 386 million yuan [2]. - The company is focusing on key domestic industries such as new energy and virtual power plants, while also accelerating its expansion into overseas markets, particularly in Southeast Asia [3]. Profitability and Efficiency - The company has improved its operational efficiency, with a decrease in sales expense ratio by 0.43 percentage points to 13.41% [3]. - The net profit margin increased by 2.78 percentage points to 18.74%, indicating a positive trend in profitability [3]. Future Projections - The company forecasts net profits of 284 million yuan, 335 million yuan, and 389 million yuan for 2026, 2027, and 2028 respectively, with corresponding EPS of 1.13 yuan, 1.34 yuan, and 1.55 yuan [4][5]. - The current stock price corresponds to a P/E ratio of 23, 20, and 17 for the years 2026, 2027, and 2028 respectively, suggesting potential for growth [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2025, the company achieved a revenue of 3.603 billion yuan, representing a year-on-year increase of 12.4%. The net profit attributable to the parent company was 425 million yuan, up 20.6% year-on-year, while the net profit excluding non-recurring items was 385 million yuan, an increase of 20.8% year-on-year [2][6]. - The company continues to focus on strategic emerging industries such as military, automotive, and new energy, which are maintaining good growth momentum. The rapid development of aerospace and integrated circuits, along with the growth of innovative capabilities in data science and new materials testing, is also notable [2][6]. Revenue Summary - The company’s revenue growth rates for each quarter in 2025 were 5.2%, 13.8%, 14.9%, and 13.4% respectively. The revenue for Q4 was 1.187 billion yuan, a year-on-year increase of 13.4% [13]. - Revenue by business segment includes: - Measurement services: 757 million yuan, up 1.6% - Reliability and environmental testing: 893 million yuan, up 14.6% - Integrated circuit testing: 309 million yuan, up 21.0% - Electromagnetic compatibility testing: 423 million yuan, up 16.8% - Data science analysis and evaluation: 272 million yuan, up 126.4% - Life sciences: 472 million yuan, down 5.3% - EHS evaluation services: 133 million yuan, down 26.6% [13]. Profit Summary - The company’s net profit margin for 2025 was 12.3%, an increase of approximately 1.1 percentage points year-on-year. The gross profit margin was 46.8%, a slight decrease of about 0.37 percentage points [13]. - The company implemented refined management practices, leading to a significant reduction in impairment losses, which decreased from 107 million yuan in the previous year to 17 million yuan in 2025 [13]. Cash Flow and Dividends - The company reported a net operating cash flow of 952 million yuan in 2025, an increase of 11.3% year-on-year, with Q4 alone contributing 694 million yuan, a year-on-year increase of approximately 33.9% [13]. - Total cash dividends and buybacks in 2025 amounted to approximately 207 million yuan, representing 48.75% of the net profit attributable to the parent company [13]. Future Outlook - The company completed a targeted issuance of shares, raising approximately 1.292 billion yuan, which will be invested in various strategic projects, including testing platforms for aerospace equipment and artificial intelligence chips [13]. - Revenue forecasts for 2026-2028 are projected at 4.11 billion yuan, 4.699 billion yuan, and 5.309 billion yuan, with corresponding net profits of 537 million yuan, 664 million yuan, and 805 million yuan, indicating growth rates of 26.6%, 23.5%, and 21.3% respectively [13].

Group 1: Company Performance - BYD maintained its position as the global leader in electric vehicle sales for four consecutive years, ranking fifth among global automotive groups, an improvement from the previous year [2] - The company's total vehicle exports exceeded 1 million units for the first time, representing a year-on-year increase of 140% [2] - The sales of high-end brands, including Yangwang, Tengshi, and Fangchengbao, reached nearly 400,000 units, significantly increasing their share of the total passenger vehicle sales compared to 2024 [2] Group 2: Technological Innovations - BYD introduced the new generation Haohan energy storage system, featuring the world's largest 2,710Ah blade battery, achieving unprecedented energy density and volume utilization rates of 52.1% [2] - The company launched its flash charging technology, which significantly reduces charging time, with a 1,500kW charger comparable to a 5G mobile phone, enhancing user experience and addressing range anxiety [3][4] Group 3: Future Outlook - BYD anticipates that overseas markets will become a crucial growth driver, with plans to promote flash charging technology internationally [5] - The second-generation blade battery, released in March 2026, allows for rapid charging, achieving 97% charge in just 9 minutes at room temperature, addressing efficiency and low-temperature charging challenges [5] - The company aims to continue its high R&D investment, projected at 63.441 billion yuan in 2025, a 17.13% increase year-on-year, to maintain its technological leadership [9] Group 4: Market Challenges and Strategies - The competitive landscape in the electric vehicle industry is intensifying, necessitating a focus on technological innovation and product quality [3] - Despite challenges from rising storage prices, BYD's high-end strategy and product optimization are expected to support stable performance [11] - The company is actively expanding its AI computing infrastructure, with a strategic focus on server and liquid cooling systems, anticipating strong growth in this sector [11]

Investment Rating - The report maintains a "Positive" rating for the steel industry and the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [5]. Core Views - The Middle East geopolitical situation is a key factor affecting global aluminum prices, with recent production cuts and damages in Middle Eastern aluminum plants expected to provide upward momentum for prices [3][40]. - The domestic copper market shows decent fundamentals, with potential support for copper prices as some smelters may enter maintenance periods [3][34]. - The report highlights the importance of monitoring the speed of steel inventory reduction, which could boost steel prices if seasonal demand expectations are validated [5][17]. Industry Summary Steel - The production of five major steel products has slightly decreased, with total inventory also declining, indicating a potential for price increases if demand strengthens [17][25]. - As of March 27, the capacity utilization rate for blast furnaces was 86.63%, an increase of 1.10 percentage points from the previous week [22]. Copper - The global refined copper market experienced a surplus of 17,000 tons in January 2026, down from a surplus of 168,000 tons in December 2025, indicating a tightening supply situation [34]. - On March 27, the LME copper spot price was $12,000 per ton, reflecting a 0.20% increase from the previous week [37]. Aluminum - The LME aluminum spot price on March 27 was $3,300 per ton, a decrease of 1.11% from the previous week, while domestic aluminum inventory continues to accumulate [41]. - The report anticipates that the aluminum price may remain strong in the short term due to the geopolitical situation in the Middle East and the gradual release of domestic demand [40]. Precious Metals - Gold prices are currently under pressure due to high oil prices, but there is potential for a rebound if geopolitical tensions ease or inflation concerns diminish [46]. - As of March 27, the COMEX gold closing price was $4,521.30 per ounce, a 0.65% increase from the previous week [46]. New Energy Metals - Concerns over potential production cuts in Australian lithium mines due to energy issues may lead to a supply shortage, with lithium carbonate prices rising to 159,500 yuan per ton [52]. - The report emphasizes the need to monitor production dynamics in Australia and export policies in Zimbabwe [51]. Rare Earths and Minor Metals - The rare earth market is facing pressure due to weak demand from downstream enterprises, with prices expected to remain volatile [66]. - As of March 27, the price of light rare earth oxide neodymium praseodymium was 712,500 yuan per ton, reflecting a 1.42% increase from the previous week [66].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company experienced a decline in revenue due to a drop in natural gas sales, with total sales volume for 2025 at 5.255 billion cubic meters, down 10.71% year-on-year. However, there was a recovery in LNG sales in Q4 2025 [1][2]. - The company's wind power generation increased by 7.71% year-on-year to 15.210 billion kWh in 2025, while solar power generation surged by 68.14% to 360 million kWh [2]. - The average on-grid electricity price for 2025 was 0.41 yuan/kWh, a decrease of 4.52% compared to the previous year, but the company maintained a high utilization rate of wind power at 97.58% [2]. - Operating cash flow saw a significant increase of 96.11% year-on-year, reaching 7.297 billion yuan, primarily due to reduced cash payments for goods and services [2]. - The company plans to distribute a cash dividend of 0.20 yuan per share, resulting in a total cash dividend of 903 million yuan, with a dividend payout ratio of 49.42% [3]. Financial Summary - For 2025, the company reported total revenue of 19.831 billion yuan, a decrease of 7.21% year-on-year, and a net profit attributable to shareholders of 1.826 billion yuan, an increase of 9.21% year-on-year [1][9]. - The projected revenues for 2026-2028 are 22.301 billion yuan, 25.406 billion yuan, and 27.922 billion yuan, reflecting growth rates of 12.5%, 13.9%, and 9.9% respectively [3][9]. - The expected net profits for the same period are 2.108 billion yuan, 2.653 billion yuan, and 2.928 billion yuan, with corresponding EPS of 0.47 yuan, 0.59 yuan, and 0.65 yuan [3][9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within six months [7][14]. Core Insights - The company reported a revenue of 89.23 billion yuan for 2025, representing a year-on-year growth of 14.73%. The net profit attributable to shareholders reached 8.41 billion yuan, up 41.18% year-on-year [4][5]. - All product lines showed steady revenue growth, with notable increases in concrete machinery (9.53%), excavators (13.73%), and cranes (18.67%) [5]. - The company achieved a net cash flow from operating activities of 19.98 billion yuan, a historical high, reflecting a 34.8% year-on-year increase [5]. - International revenue accounted for 64% of total revenue, with a 15.1% year-on-year growth, highlighting the company's successful global expansion strategy [6]. - The company experienced explosive growth in its new energy products, with sales reaching 8.64 billion yuan, a 115% increase year-on-year [6]. Financial Summary - Revenue projections for 2026-2028 are 1026.16 billion yuan, 1162.16 billion yuan, and 1302.77 billion yuan, with year-on-year growth rates of 14.40%, 13.25%, and 12.10% respectively [7][10]. - The net profit attributable to shareholders is expected to be 10.85 billion yuan, 13.31 billion yuan, and 15.88 billion yuan for 2026-2028, with growth rates of 29.00%, 22.68%, and 19.33% respectively [7][10]. - The company's price-to-earnings (P/E) ratio is projected to be 16.00, 13.04, and 10.93 for 2026-2028 [7][10].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company experienced a decline in revenue by 7.21% year-on-year, totaling 19.83 billion yuan in 2025, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion yuan [1][3]. - The overall gas sales volume decreased by 10.71% year-on-year, with a total of 5.255 billion cubic meters sold in 2025, primarily due to warmer weather affecting demand [1]. - The company's wind power generation increased by 7.71% year-on-year, reaching 15.21 billion kWh, while solar power generation surged by 68.14% to 360 million kWh [2]. - The average on-grid electricity price (excluding tax) for 2025 was 0.41 yuan/kWh, a decrease of 4.52% compared to the previous year [2]. - The company achieved a significant increase in cash flow from operating activities, with a net cash flow of 7.297 billion yuan, up 96.11% year-on-year, supporting further capital expenditures in the renewable energy sector [2]. Financial Summary - The projected revenues for 2026-2028 are 22.30 billion yuan, 25.41 billion yuan, and 27.92 billion yuan, reflecting year-on-year growth rates of 12.5%, 13.9%, and 9.9% respectively [3][9]. - The net profit attributable to shareholders for the same period is expected to be 2.11 billion yuan, 2.65 billion yuan, and 2.93 billion yuan, with corresponding EPS of 0.47 yuan, 0.59 yuan, and 0.65 yuan [3][9]. - The company plans to distribute a cash dividend of 0.20 yuan per share, resulting in a total cash dividend distribution of 903 million yuan, with a dividend payout ratio of 49.42% [3].