2025 年迄今，兰石重装已披露的核聚变相关订单总额约为 9 亿元，订 单增速非常快，大型设备如线圈盒单个体量金额非常可观，是未来拓展 的重要方向。 兰石重装主要参与冷却系统、包覆层、屏蔽包覆层及整流系统等多个核 聚变子系统的建设，技术壁垒主要体现在高效传热、高温材料及复杂系 统集成方面，未来批量化生产后，其毛利水平预计将高于三代核电产品。 料焊接。 兰石重装 20251125 摘要 兰石重装具备高端金属材料研发和锻造能力，以及工业智能装备设计和 生产能力，已在三代核电站装备（如压力容器、板式换热器）方面有较 好布局，并通过收购中核嘉华实现核燃料全产业链覆盖。 控股股东变更为甘肃国投后，兰石重装将获得更强的融资支持和甘肃省 内装备制造业资源的协同发展，有利于拓展市场和提升竞争力，甘肃国 投作为 3A 级信用评级的平台公司，将为兰石集团提供更强有力的融资 支持。 兰石重装在可控核聚变项目中，从换热器项目切入，与 CFEDR 合作开 发高性能材料（如 316 控氮合金钢），并从整体系统设计角度切入，注 重模块化开发，青岛基地新建车间用于高温合金材料焊接。 兰石重装在聚变堆高效换热器方面深耕多年，积累了板翘式换热器 ...

Core Insights - The "2025 Carbon Peak and Carbon Neutrality Forum and Shenzhen National Low-Carbon City Forum" was held in Longgang, Shenzhen, focusing on the theme "AI Empowering Urban Green Development" [1][3] - The forum showcased 137 products in the fields of new municipal services, green low-carbon technologies, and AI, along with the signing of 10 quality projects with a total investment of 6 billion yuan [1][5] Group 1: Forum Highlights - The forum released significant outcomes in the green low-carbon sector, including the "2025 Shenzhen Green Low-Carbon Development White Paper," which outlines actions and achievements in carbon reduction, pollution control, greening, and growth [3][6] - The release of carbon footprint certification results and the electrochemical energy storage carbon footprint white paper indicates progress in international green trade compliance and regional collaborative carbon reduction efforts in the Guangdong-Hong Kong-Macao Greater Bay Area [3][6] Group 2: Project Investments - Longgang District signed 10 high-value green low-carbon projects during the forum, with a total investment of 6 billion yuan, covering areas such as new energy headquarters, high-end nuclear equipment manufacturing, large-scale energy storage applications, and hydrogen industry chain development [5][6] - Longgang has been recognized as the top industrial district in China for seven consecutive years, contributing nearly 75% of Shenzhen's secondary industry added value [5][6] Group 3: Technological Innovations - The forum featured a city-level new municipal energy system model, showcasing 63 products from 37 companies, transforming Longgang's "new municipal" system plans into a tangible model [4][6] - Innovations presented included special materials for space applications and technologies addressing energy supply concerns, highlighting the technological advancements in Longgang's industries [4][6] Group 4: Policy Support - The Longgang District Development and Reform Bureau released the "Implementation Rules for Supporting High-Quality Development of the Green Low-Carbon Industry," aiming to attract quality enterprises, core technologies, and high-end talent to the region [7] - The policy is designed to align with national "dual carbon" goals and foster a healthy ecosystem for research, transformation, application, and iteration in the green low-carbon sector [7]

Core Viewpoint - The company, Lanzhou Lanshi Heavy Equipment Co., Ltd., has faced challenges in meeting performance commitments related to its acquisition of 55% of China Nuclear Jiahua Equipment Manufacturing Co., Ltd. The performance commitment for the period 2022-2024 was a cumulative net profit of no less than 47 million yuan, but the actual net profit achieved was only 20.55 million yuan, representing a completion rate of 43.73% [1][13]. Group 1: Industry Development and Market Conditions - The nuclear energy industry in China has seen a continuous increase in operational and construction scale from 2021 to 2024, but the growth rate has slowed significantly in recent years [3]. - The demand for nuclear fuel cycle equipment and services is expected to grow in the medium to long term, despite short-term fluctuations in order acquisition and profitability due to project construction schedules [4][5]. - The market for nuclear waste treatment equipment faced unexpected demand release in 2024, impacting order acquisition for China Nuclear Jiahua [4][13]. Group 2: Performance Commitment and Financial Impact - The acquisition of China Nuclear Jiahua was based on optimistic market expectations, particularly surrounding the Gansu Nuclear Technology Industrial Park project, which has not progressed as anticipated [3][4]. - The company has not received the agreed performance compensation of 26.45 million yuan from the counterparty due to their failure to meet performance commitments [1][19]. - The financial performance of China Nuclear Jiahua has been adversely affected by increased competition and a shift in customer demand, leading to a significant impact on revenue and profit margins [6][10][13]. Group 3: Customer and Order Dynamics - China Nuclear Jiahua's customer base remains stable, primarily serving core enterprises and research institutions in the nuclear energy sector, with high customer stickiness [5][6]. - The company has faced challenges in order acquisition due to intensified competition and changes in customer product demand, which have affected its revenue and profit expectations [10][13]. Group 4: Cost and Expense Management - The company has implemented budget optimization and cost control measures since 2022, resulting in a decrease in management and sales expenses [12]. - R&D expenses have increased significantly due to the need for technological innovation in response to market competition, impacting overall profitability [12][13]. Group 5: Goodwill and Impairment Testing - The company recognized a goodwill impairment of 40 million yuan related to China Nuclear Jiahua, reflecting the underperformance against prior commitments [23][24]. - The goodwill impairment testing process involved assessing future cash flows and market conditions, with adjustments made based on the company's performance and market dynamics [25][26].