Core Viewpoint - Huaguang Huaneng (600475) has three main business segments: Equipment Manufacturing, Engineering and Services, and Operations Management [1] Group 1: Equipment Manufacturing - The Equipment Manufacturing segment is divided into energy-efficient power generation equipment and environmental new energy power generation equipment [1] - Energy-efficient power generation equipment includes circulating fluidized bed boilers and pulverized coal boilers, while environmental new energy power generation equipment includes gas turbine waste heat boilers, waste incineration boilers, biomass boilers, and solid waste boilers [1] - The company has a strong foundation in manufacturing large and medium-sized boilers, which supports the development and implementation of innovative products [1] - New businesses in the hydrogen energy sector, such as alkaline electrolyzers for hydrogen production and flexible transformation of boiler thermal power, will be incubated within the Equipment Manufacturing segment [1] Group 2: Engineering and Services - The Engineering and Services segment is divided into power station engineering and municipal engineering [1] - Power station engineering includes EPC for power stations and photovoltaic projects, while municipal engineering focuses on municipal environmental projects such as sewage and solid waste disposal [1] - Subsidiary Huaxin Design Group holds first-class design qualifications in municipal and environmental engineering, ranking among the top ten in Jiangsu Province [1] - Huaguang Power Station and its subsidiary Huaguang (Xi'an) Design Institute possess second-class qualifications in the power industry, with a strong talent pool [1] Group 3: Operations Management - The Operations Management segment includes local thermal power and new energy operation services, as well as environmental operation services [1] - Local thermal power and new energy operation services involve combined heat and power generation and photovoltaic operation, with the company operating the longest domestic heating distance and a large-scale centralized steam heating system [1] - Subsidiary Zhongshe Guolian has capabilities in photovoltaic development and operation, managing 37 mature photovoltaic operation projects across multiple provinces [1] - In environmental operations, the company has capabilities for collaborative development and comprehensive disposal in the solid waste industry, covering household waste disposal, kitchen waste treatment, oil resource utilization, and sludge disposal [1] - The company has established a "City Comprehensive Solid Waste Disposal Center" in Wuxi Huishan District, achieving 100% collaborative treatment and efficient resource utilization of solid waste projects [1]

Core Viewpoint - Huaguang Huaneng (600475) has established itself as a leading manufacturer in the power equipment sector, particularly in large and medium-sized boilers, with extensive experience and market presence since 1995 [1] Group 1: Company Overview - The company has sold over 1,700 boilers, with products distributed across major provinces in China and nearly 40 countries and regions overseas [1] - Huaguang Huaneng has consistently ranked among the top 500 machinery companies in China, showcasing its advanced manufacturing capabilities and diverse customer base [1] Group 2: Product and Market Position - The company is the only domestic supplier of heat recovery steam generators (HRSG) that possesses both horizontal and vertical natural circulation technologies, indicating a unique market position [1] - Huaguang Huaneng holds a leading market share in the HRSG sector, reflecting its technological advancements and competitive edge in the domestic market [1]

证券日报网2月2日讯，华光环能（600475）在接受调研者提问时表示，在分红方面，公司已连续5年保 持0.35元/股或以上的现金分红，并且2024年、2025年连续2年进行中期分红。公司将保持稳健的分红政 策，为广大股东带来持续稳定的回报。在员工激励方面，公司关注长效激励机制，建立以业绩实现为基 本要求，以长期发展为基本目标，以股权分批解禁为基本方式的激励体系，充分调动和激发中高层管理 人员和核心骨干员工的积极性。公司2016年员工持股计划及2020年限制性股票员工股权激励计划均已实 施完毕。2024年，公司第二次限制性股票员工股权激励计划已完成授予，目前正在年度考核过程中。 ...

Group 1 - The core viewpoint of the article highlights a decline in China's industrial boiler production, with a reported decrease of 12.8% year-on-year in December 2025, resulting in a total production of 18.8 million tons for the year, which is an 8.9% cumulative decline [1][2]. Group 2 - The listed companies in the industrial boiler sector include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1]. - The data source for the production statistics is the National Bureau of Statistics, and the analysis is provided by Zhiyan Consulting, a leading industry consulting firm in China [2].

Industry Overview - The boiler manufacturing industry in China has a limited number of publicly listed companies, with key players including Xizi Clean Energy, Huaguang Huaneng, Chuanrun Co., Hailu Heavy Industry, Huaxi Energy, and Dongfang Boiler [1][8] - The industry has a large upstream and downstream supply chain, with the midstream boiler manufacturing segment being the focus of the listed companies [1] Company Performance - The leading companies in the boiler manufacturing sector, such as Xizi Clean Energy, Huaguang Huaneng, and Hailu Heavy Industry, have reported boiler business revenues exceeding 1 billion yuan [8] - Hailu Heavy Industry achieved the highest gross margin of 26.03% for its waste heat boilers and related products in 2024 [8] Financing Activity - The financing activity in the boiler manufacturing industry has shown a declining trend, with a total of 61 financing events occurring from 2014 to 2025 [9] - The financing activity significantly decreased after 2018, with no financing events reported in 2021 [9] - In 2024, there were 5 financing events disclosed, amounting to approximately 1.15 billion yuan, while 3 financing events occurred in 2025, totaling around 250 million yuan [9] Investment Focus - The financing rounds in the boiler manufacturing sector are primarily concentrated on strategic investments and post-listing financing, particularly in the New Third Board [10]

Group 1 - The controlling shareholder, Wuxi Guolian Development (Group) Co., Ltd., plans to reduce its stake in Huaguang Huaneng (600475.SH) by up to 9,559,600 shares, representing no more than 1.00% of the total share capital [1] - The reduction period is set from March 2, 2026, to June 1, 2026, with the selling price determined by the market price at the time of the sale [1] - Based on the last trading day's closing price of 22.27 yuan, the total cash to be raised from the share reduction is approximately 212,892,292 yuan [1] Group 2 - As of the announcement date, the controlling shareholder holds 496,626,343 shares, accounting for 51.95% of the total share capital, with shares acquired through asset purchase [1] - Guolian Financial Investment Group Co., Ltd., a wholly-owned subsidiary of Guolian Group, holds 11,722,543 shares, representing 1.23% of the total share capital [1] - The combined shareholding of Guolian Group and its subsidiary amounts to 508,348,886 shares, or 53.18% of the total share capital, all of which are freely tradable shares [1] Group 3 - The implementation of the share reduction plan will not lead to a change in the control of the listed company [2]

重要内容提示： ● 控股股东持股的基本情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600475 证券简称：华光环能 公告编号：临2026-002 无锡华光环保能源集团股份有限公司 控股股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 截至本公告披露日，无锡华光环保能源集团股份有限公司（以下简称"公司"或"华光环能"）控股股东无 锡市国联发展(集团)有限公司（以下简称"国联集团"）直接持有公司股份496,626,343股，占公司总股本 的51.95%，上述股份来源为发行股份购买资产取得。无锡国联金融投资集团有限公司（以下简称"国联 金融"）直接持有公司股份11,722,543股，占公司总股本的1.23%，上述股份来源为非公开发行。国联金 融作为国联集团的全资子公司，因股权控制关系构成一致行动人。国联集团合并持有公司股份 508,348,886股，占公司总股本的53.18%。上述股份均为无限售条件流通股。 ● 减持计划的主要内容 因股东战略发展需要，控股股东国联集团拟通过集中竞价 ...

Core Viewpoint - On January 28, no A-share listed companies disclosed any increase in shareholding, while nine companies announced share reductions, indicating a trend of shareholder divestment in the market [1]. Group 1: Share Reduction Details - Tongda Co., Ltd. plans to reduce its shareholding by no more than 1.00% [2] - Hongqi Chain's shareholder Yonghui Supermarket has reduced its stake by 0.79% [2] - Wancheng Group's shareholders intend to collectively reduce their holdings by no more than 1.27% [2] - Hongchang Technology's shareholders plan to reduce their holdings by no more than 0.33% [2] - Tianyang Technology's controlling shareholder Ouyang Jianping intends to reduce his stake by no more than 3% [2] - Aide Biology's shareholder Xiamen Keying plans to reduce its holdings by no more than 1.22% [2] - Juzitech's director and executive Cui Cen intends to reduce his stake by no more than 0.11% [2] - Bozhong Precision's shareholder Xinke Chuang plans to reduce its holdings by no more than 1% [2] - Tianyang's controlling shareholder Guolian Group intends to reduce its stake by no more than 1% [2]

（编辑 丛可心） 证券日报网讯 1月28日，华光环能发布公告称，控股股东国联集团计划自2026年3月2日至6月1日通过集 中竞价减持不超过9559600股，不超过公司总股本1.00%，股份来源为发行股份购买资产取得。 ...

Group 1 - Chihong Zn & Ge plans to increase capital by 3.3 billion RMB to its wholly-owned subsidiary, Hulunbuir Chihong Mining, primarily for repaying internal loans, supplementing working capital, and constructing lead-zinc smelting projects. Post-increase, the registered capital will rise to 3.515 billion RMB [2] - Yuguang Gold Lead's stock price has surged by 59.52% over six trading days, but the future of silver prices remains uncertain, which could adversely affect the company's profitability if prices decline [3] - Changjiang Investment expects a net loss of 30 to 45 million RMB for 2025, with potential delisting risk due to failing to meet the 300 million RMB revenue threshold [4] Group 2 - Kewan Technology's subsidiary has not generated revenue, and the company anticipates a significant net profit decrease of 72.90% to 80.42% for 2025 [5] - Hainan Mining is planning to acquire control of Fengrui Fluorine Industry through a combination of cash and stock issuance, with trading suspended for up to 10 days [6] - Chifeng Gold's stock has shown abnormal trading fluctuations, with significant increases in gold product prices expected to impact its operating performance [7] Group 3 - Jin Hui Co. reports that silver product revenue constitutes a low percentage of total revenue, with silver sales accounting for 12.46% of total revenue in the first three quarters of 2025 [8] - Western Gold emphasizes its focus on gold mining and smelting as its main business amid rising market interest [9] - Gehua Cable plans to invest 100 million RMB in a private equity fund focused on the smart robotics industry, aiming to enhance synergy with its broadcasting business [10] Group 4 - Keda Manufacturing intends to acquire a 51.55% stake in Tefu International, with trading resuming on January 29, 2026 [11] - Hai Xin Food has successfully entered the Sam's Club retail channel, launching customized products to enhance brand image and product value [12] - Shangwei New Materials warns of potential further stock suspensions if prices continue to rise, as its new product development is still in the early stages [13] Group 5 - Xie Chuang Data expects a net profit increase of 51.78% to 80.69% for 2025, projecting profits between 1.05 billion to 1.25 billion RMB [15] - Industrial Fulian anticipates a net profit of 35.1 billion to 35.7 billion RMB for 2025, reflecting a growth of 51% to 54% [17] - Mingyang Smart Energy forecasts a net profit increase of 131.14% to 188.92% for 2025, driven by significant growth in wind turbine deliveries and sales [18] Group 6 - Keda Technology expects a net profit increase of 40% to 70% for 2025, projecting profits between 785 million to 950 million RMB [19] - Hunan Silver anticipates a net profit increase of 67.88% to 126.78% for 2025, supported by increased production and rising market prices for silver and gold [21] - Honghe Technology projects a substantial net profit increase of 745% to 889% for 2025, driven by rising demand for electronic-grade glass fiber cloth [22] Group 7 - Zhongtian Rocket expects a net loss of 95 million to 115 million RMB for 2025, a shift from a profit of 19.56 million RMB in the previous year due to increased competition and price declines in its core business [23] - Zotye Auto anticipates a net loss of 281 million to 417 million RMB for 2025, primarily due to operational issues and fixed costs [24] Group 8 - Huaguang Huaneng's controlling shareholder plans to reduce its stake by up to 1% through market transactions [25] - Bozhong Precision's major shareholder intends to reduce its stake by up to 1% due to funding needs [26] Group 9 - ST Songfa's subsidiary has signed a contract for the construction of container ships worth approximately 3.4 billion to 4 billion RMB, with delivery expected in 2028 [27]