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 report assigns a "Buy" rating for the company, marking its first coverage [13]. Core Views - The company, as a leader in energy equipment, is expected to achieve sustained rapid growth against the backdrop of global energy development. Its core business in thermal power is solid, while hydropower, nuclear power, and wind power present high growth support. Gas power is anticipated to benefit from the North American AI-driven electricity shortage, offering significant upside potential [3][6]. Summary by Relevant Sections Overall - The company is recognized as a leading domestic power generation equipment manufacturer, with a projected annual compound growth rate of approximately 20% for new orders from 2020 to 2024. The company is expected to continue its growth trajectory, supported by its core thermal power business and high growth in hydropower, nuclear power, and wind power [6][11]. Gas Turbines - There is a significant global supply-demand imbalance in gas turbines, creating a golden opportunity for domestic gas turbine development. The demand for gas power is driven by the urgent need for reliable, flexible, and low-carbon electricity in AI infrastructure. The company has nearly 60 years of technical experience and has made breakthroughs in its G50 heavy-duty gas turbine, establishing a comprehensive product matrix and overcoming challenges in pure hydrogen turbine technology [7][67]. Thermal Power - Thermal power serves as a cornerstone of the power system, with the government promoting coal power as a "supporting power source." The implementation of the "three 80 million kilowatt" coal power projects is expected to significantly increase thermal power investment, with new installations reaching historical highs by 2025 [8][78]. Nuclear Power - The approval of 10 or more nuclear power units annually from 2022 to 2025 reflects a positive policy stance towards long-term nuclear development. The company’s nuclear power equipment business is expected to perform well, with a projected annual addition of 6-10 million kilowatts of nuclear capacity [9][22]. Hydropower - Hydropower remains a crucial renewable energy source globally, with rapid development in domestic pumped storage and significant demand anticipated from new projects. The company is well-positioned to benefit from both domestic and international hydropower construction [10][33]. Wind Power - The company’s wind turbine business is expected to see performance recovery by 2026, with overseas expansion providing additional growth opportunities. The projected net profit attributable to shareholders for 2026 is estimated at 4.57 billion yuan, corresponding to a PE ratio of approximately 28 times [11][26].

Group 1: Export Plans and Market Expansion - The company plans to actively expand international markets while adhering to the strategy of "import substitution and energy conservation" [1] - Establishing overseas sales channels to provide high-quality and competitively priced products to global customers [1] Group 2: Product Development and Revenue Contribution - The revenue contribution from refrigerant compressors is currently low, as it is in the technology accumulation and cultivation stage [1] - The company will focus on screw technology and increase investment in the development of refrigerant compressors to strengthen this business segment [1] Group 3: Hydraulic Pump Applications - The hydraulic pump product line is diverse, including vane pumps, internal gear pumps, and hydraulic servo systems [1] - These products are primarily used in industrial fields such as injection molding machines, die-casting machines, shoe-making machines, packaging machines, and sanitation machinery [1] Group 4: Vacuum Pump Applications - The company offers a wide range of vacuum products with advanced design and manufacturing capabilities, including rotary vane vacuum pumps, screw vacuum pumps, scroll vacuum pumps, and roots vacuum pumps [1][2] - These vacuum pumps are applicable in photovoltaic production, vacuum coating, home appliances, industrial sectors, and optics [2] - The company will continue to increase R&D investment to drive product technology innovation and expand into new application areas [2]

Investment Rating - The report assigns a positive outlook, expecting the company to turn losses into profits by 2025, with a projected net profit of no less than RMB 10 million, a significant improvement from a loss of RMB 77 million in 2024 [1]. Core Insights - The company is focusing on product structure optimization, aiming to expand high-value non-standard products and diversify its product offerings, which is expected to positively impact operational performance [1]. - There is a strong anticipated growth in overseas sales, particularly in the Middle East and North Africa regions, contributing to a substantial increase in export volume [1]. - The management team is implementing cost control measures and efficiency improvements across procurement, production, and operations, leading to better operational cost management and improved working capital turnover [1]. - A new "high-end energy equipment pipe intelligent production line" has been launched, enhancing production efficiency, optimizing cost structures, and improving product quality consistency [2]. - The company has successfully completed trial orders from Saudi Aramco, which positions it as a qualified supplier, potentially driving sales growth and market share in the Middle East [4]. - The subsidiary has received a temporary industrial license from the Saudi Ministry of Industry and Mineral Resources, allowing for the establishment of manufacturing projects in Saudi Arabia, which aligns with the country's Vision 2030 development goals [4].

Investment Rating - The report assigns a positive outlook, expecting the company to turn losses into profits by 2025, with a projected net profit of at least RMB 10 million compared to a loss of RMB 77 million in 2024 [1]. Core Insights - The company is focusing on product structure optimization, aiming to increase the volume of high-value-added non-standard products and diversify its product offerings, which is expected to positively impact operational performance [1]. - There is a strong anticipated growth in overseas sales, particularly in the Middle East and North Africa regions, contributing to significant revenue increases [1]. - The management team is implementing cost control measures and enhancing operational efficiency, leading to improved working capital turnover [1]. - A new "high-end energy equipment pipe intelligent production line" has been launched, which is expected to enhance production efficiency, optimize cost structures, and improve product quality consistency [2]. - The company has successfully completed trial orders from Saudi Aramco, which positions it as a qualified supplier and is expected to drive sales growth and market share in the Middle East [4]. - The subsidiary has received a temporary industrial license from the Saudi Ministry of Industry and Mineral Resources, allowing for the establishment of manufacturing projects in Saudi Arabia, which aligns with the country's Vision 2030 [4].

Company Overview - The company was established in 1955 and joined the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [4] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [4] Business Segments - The company operates in four main segments: - Waste heat boilers - Clean energy equipment - Solutions - Spare parts and services [4] - Key products include gas turbine waste heat boilers, biomass boilers, and various energy solutions targeting high-energy-consuming industries such as power, steel, and cement [4] Order and Financial Performance - In 2025, the company achieved new orders totaling CNY 59.98 billion, with specific contributions from: - Waste heat boilers: CNY 19.67 billion - Clean energy equipment: CNY 26.88 billion - Solutions: CNY 6.32 billion - Spare parts and services: CNY 7.11 billion [4] - As of December 31, 2025, the total orders on hand amounted to CNY 59.16 billion, reflecting a focus on quality control and optimized order structure [4] Market Position and Advantages - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, positioning itself as a leader in the industry [5] - Internationally, the company has established itself as a major technology transfer partner, with significant projects in Pakistan and Nigeria [5] Profitability and Financial Health - As of mid-2025, the comprehensive gross margin for waste heat boiler products was 29.68%, with plans to enhance order quality and improve margins [6] - The company reported a net profit attributable to shareholders of CNY 220 million to CNY 280 million for 2025, marking a substantial increase of 53.3% to 95.11% year-on-year [7] Strategic Partnerships and Innovations - In January 2026, the company signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology Co., Ltd. to advance AI data center (AIDC) construction and energy solutions [8] - The collaboration aims to integrate energy and computing capabilities, focusing on green computing centers and energy storage solutions [9] Risk Management and Accounts Receivable - The company has enhanced its contract review and customer risk assessment processes to mitigate operational risks associated with accounts receivable [9] - A dedicated accounts receivable management team has been established to improve cash flow and manage credit risks effectively [9] International Expansion - The company employs two main export methods: international general contracting and direct contracts with owners, leveraging its brand and product quality to penetrate overseas markets [10] - Ongoing efforts to deepen cooperation with clients in Belt and Road regions are expected to drive international business growth [10]

Core Viewpoint - The company emphasizes the construction of a global supply chain system, focusing on long-term partnerships with major gas turbine manufacturers to enhance its offerings in power generation solutions [2] Group 1: Gas Turbine Supply - The company has established stable long-term cooperation with gas turbine manufacturers such as Siemens, Baker Hughes, and Kawasaki Heavy Industries [2] - The collaboration covers multiple models of gas turbines, including SGT-A05, LM2500, and NovaLT [2] Group 2: Internal Combustion Engine Supply - The company possesses a mature internal combustion engine supply system, enabling it to provide internal combustion engine power generation solutions [2] - Future plans include continuous integration of high-quality global technology resources to build a diversified supply system for gas and internal combustion engines [2] Group 3: Supply Chain Resilience - The company aims to enhance supply chain resilience to offer integrated power solutions to its customers [2]

Group 1 - Jinan's private enterprises have resumed operations with a strong focus on production and innovation, showcasing a vibrant start to the new year [1][3] - Ilate Energy Equipment Co., Ltd. has resumed work early to fulfill orders across various sectors, including wind power and nuclear energy, with orders scheduled until May [1] - Jinan Dingdian CNC Equipment Co., Ltd. has achieved a 98% employee attendance rate and is operating at full capacity, with a 40% year-on-year increase in export orders for January [1] Group 2 - Shensi Electronics Co., Ltd. has commenced production with all equipment operational, ensuring a smooth start to the new year [2] - Shandong Youbaote Intelligent Robot Co., Ltd. is fully engaged in the development and production of robots, with various models ready for deployment in multiple applications [2] - The integration of robotics into production processes is becoming a significant trend in Jinan, enhancing operational efficiency and capabilities [2] Group 3 - Beike Video has rebranded as Beike Cultural Technology Group, reflecting a strategic shift towards the integration of culture and technology [3] - The rebranding signifies the company's commitment to becoming a leader in cultural productivity amidst the digital transformation [3] - Jinan's private sector is characterized by a robust operational momentum, contributing significantly to the local economy [3]

Core Viewpoint - Recently, Shuangliang Group announced that Shuangliang Energy has secured three overseas orders for a total of 12 high-efficiency heat exchangers, intended for the fuel production system of the SpaceX Starship launch base expansion. However, the company later clarified that these orders will not have a significant impact on its operating performance [1][2]. Group 1: Orders and Financial Impact - The total value of the three overseas orders is approximately €1.7 million, equivalent to about 13.92 million RMB, which represents only 0.11% of the company's audited revenue for 2024 [2]. - The heat exchangers supplied are part of the fuel production system for the SpaceX Starship launch base, indicating the company's involvement in commercial aerospace projects, albeit indirectly [2][3]. Group 2: Market Context and Company Strategy - SpaceX is accelerating its Starship launch capabilities, planning to build three new launch pads in Florida, which could lead to exponential growth opportunities for the related supply chain [2]. - Shuangliang Energy has been focusing on international market development, particularly in Europe, the Middle East, and Southeast Asia, and has successfully secured contracts for projects in India and Kazakhstan [5]. - The company aims to enhance its international presence and product differentiation, particularly in the hydrogen energy sector and green electricity hydrogen production systems [5]. Group 3: Regulatory Response - Following the announcement of the orders, the Shanghai Stock Exchange issued a regulatory warning to Shuangliang Energy and its Secretary of the Board for not providing sufficient details about the orders and their impact on the company, which could mislead investors [6]. - The exchange emphasized the need for accurate and complete information disclosure, especially regarding high-interest topics like commercial aerospace [6].

Core Viewpoint - CIMC Enric (03899) has seen a stock price increase of over 4%, currently at HKD 12.37, with a trading volume of HKD 41.22 million, following news of a collaboration on the Indonesia Qingshan project [1] Group 1: Project Development - CIMC Enric plans to sign a cooperation agreement regarding its first overseas coke oven gas project in Indonesia [1] - If the project reaches its maximum capacity, it could contribute approximately RMB 70 million in profit, accounting for about 6% of the projected net profit for the fiscal year 2025 [1] - This project marks the fifth coke oven gas project for CIMC Enric, further solidifying its expertise in this field [1] Group 2: Market Sentiment and Financial Outlook - The development of the Indonesia project is expected to enhance market sentiment towards the company, as it reflects the transition from vision to actual execution in its overseas expansion strategy [1] - The successful implementation of the company's three new project-based businesses will provide stable revenue sources, thereby improving long-term growth visibility [1] - The project is anticipated to bring significant financial and strategic benefits to CIMC Enric [1]