Core Viewpoint - Hezhong Electric (603063.SH) reported a strong performance in the third quarter of 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 2.778 billion yuan, representing a year-on-year increase of 20.19% [1] - The net profit attributable to shareholders of the parent company was 334 million yuan, showing a year-on-year growth of 31.99% [1] - The basic earnings per share stood at 0.74 yuan [1]

Report Information - Report Name: Nanhua Coal and Coke Industry Risk Management Daily Report - Date: October 27, 2025 - Research Team: Nanhua Research Institute, Black Research Team - Analyst: Zhang Xuan [1][2] Report Industry Investment Rating - Not provided in the report Core Viewpoint - The coal and coke market shows a strong performance. Near the off - season, steel demand weakens marginally, steel prices decline under pressure, and steel mill profits shrink. The potential negative feedback risk restricts the short - term rebound height of coal and coke prices. However, if the supply of coking coal tightens in the fourth quarter and the winter storage demand is released in mid - to late November, the overall valuation center of the black market is expected to move up, and coal and coke are suitable as long - allocation varieties in the black market [4]. Summary by Relevant Content 1. Double - Coking Price Range Forecast and Risk Management Strategy - **Price Range Forecast**: The monthly price range forecast for coking coal is 1100 - 1350, with a current 20 - day rolling volatility of 36.62% and a historical percentile of 71.00%. For coke, it is 1550 - 1850, with a volatility of 29.62% and a historical percentile of 63.17% [3]. - **Risk Management Strategy**: For inventory hedging, when steel mill profits contract marginally and coking enterprises face difficulties in price increases, they can short the J2601 coke contract at different entry intervals and with different hedging ratios. For procurement management, considering factors such as macro - sentiment fluctuations and coking coal supply disturbances, coking plants can long the JM2605 coking coal contract at different entry intervals and with different hedging ratios [3]. 2. Black Warehouse Receipt Daily Report - **Warehouse Receipt Quantity Changes**: The quantities of warehouse receipts for various black commodities on October 27, 2025, showed different changes compared with previous days. For example, the warehouse receipt quantity of hot - rolled coils decreased by 32,398 tons day - on - day, and the warehouse receipt quantity of iron ore decreased by 500 hands week - on - week [4]. - **Market Analysis**: The coking coal market has a tight supply situation, and the coke price may be strong in the short term. The steel market is under pressure due to weakening demand and high inventory, and steel mill profits are shrinking. The potential negative feedback risk affects the coal and coke market. The implementation of the temporary production - restriction plan in Tangshan may relieve local steel inventory pressure, but the impact on coking coal supply is limited [4]. 3. Coal and Coke Market Influencing Factors - **Positive Factors**: In the fourth quarter, domestic mine production is restricted by policies, and the supply elasticity of coking coal is limited. The winter storage scale in 2025 is expected to be better than that in 2024. The downstream replenishment and supply reduction in some areas improve the coking coal inventory structure, and the short - term coke price may be strong [4][6]. - **Negative Factors**: The steel inventory pressure is large in the short term, and if the steel profit situation deteriorates, it may trigger a negative feedback risk in the black market [7]. 4. Coal and Coke Price Data - **Futures Price**: The report provides the daily and weekly price changes of coking coal and coke futures, including warehouse receipt costs, basis, and price differences between different contracts [8]. - **Spot Price**: It shows the price changes of various coking coal and coke spot varieties, as well as import and export profits and other data [9][10]. 5. Graphical Data - The report includes multiple graphs such as double - coking historical volatility percentiles, coking coal and coke term - structure spread graphs, and various seasonal graphs related to coal and coke prices, warehouse receipt inventories, and import profits [11][12][37]

证券代码：603063 证券简称：禾望电气 公告编号：2025-088 深圳市禾望电气股份有限公司 公司 2025 年 1-9 月计提各类减值损失-5,820.84 万元，计提减值具体情况如 下： 关于计提减值损失的公告 本公司董事会及全体董事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。 深圳市禾望电气股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开 2025 年第五次临时董事会会议和 2025 年第五次临时监事会会议，审议 通过了《关于计提减值损失的议案》。现将具体情况公告如下： 一、计提减值损失的概述 为真实反映公司 2025 年 1-9 月的财务状况和经营状况，按照《企业会计准 则》及公司会计政策的相关规定，公司合并范围内各公司对所属资产进行了减 值测试，并对其中存在减值迹象的资产相应计提了减值损失。 | 项目 | 计提减值损失金额（万元） | | --- | --- | | 一、信用减值损失（损失以"-"号填列） | -4,744.66 | | 其中：应收票据坏账损失 | 602.26 | | 应收账款坏账损失 | ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-090 深圳市禾望电气股份有限公司 一、基本情况 深圳市禾望电气股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开 2025 年第五次临时董事会会议和 2025 年第五次临时监事会会议，审议 通过了《关于公司以大额银行承兑汇票质押开具小额银行承兑汇票的议案》， 同意公司（包含全资子公司）以大额银行承兑汇票向银行进行质押，开具总金 额不大于质押票据金额的小额银行承兑汇票，用于对外支付货款，质押额度不 超过人民币 5 亿元。 在上述额度范围内，授权董事长或董事长授权人员行使决策权并签署相关 合同文件，包括但不限于选择合格的合作机构、明确质押额度等。 本议案属于董事会审批范围，无需提交股东会审议批准。 关于公司以大额银行承兑汇票质押开具 小额银行承兑汇票的公告 本公司董事会及全体董事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。 六、备查文件 1、公司 2025 年第五次临时董事会会议决议； 二、质押物 本公告所称质押物为公司收取的银行承兑汇票。 三、质押额度及有效期 ...

本公司董事会及全体董事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。 证券代码：603063 证券简称：禾望电气 公告编号：2025-091 深圳市禾望电气股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 重要内容提示： 会议召开时间：2025 年 11 月 10 日（星期一）9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 3 日（星期一）至 11 月 7 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@hopewind.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 深圳市禾望电气股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-089 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》《上 市公司行业信息披露指引第九号——光伏》等相关法律法规，深圳市禾望电气股 份有限公司（以下简称"公司"）现将 2025 年 1-9 月经营数据（未经审计）披 露如下： 特此公告。 | 项目 | 主营业收入 | 主营业成本 | | 主营业收 | 主营业成 | 毛利率比 | | --- | --- | --- | --- | --- | --- | --- | | | （1-9 月） | （1-9 月） | 毛利率 | 入比上年 同期增减 | 本比上年 同期增减 | 上年同期 增减 | | 分产品 | | | | | | | | 新能源电 控业务 | 2,278,307,251.06 | 1,522,905,096.39 | 33.16% | 26.40% | 28.69% | -1.18% | | 工程传动 业务 | 311,017,931.90 | 164,953,324.64 | 46.96% | -1.71% | -11.19% | 5.66% | | 其他 | ...

一、 监事会会议召开情况 1、深圳市禾望电气股份有限公司（以下简称"公司"）2025 年第五次临时 监事会会议（以下简称"本次会议"）的召开符合《中华人民共和国公司法》（以 下简称"《公司法》"）《上海证券交易所股票上市规则》等相关法律、行政法 规、规范性文件及《深圳市禾望电气股份有限公司章程》的有关规定； 2、公司于 2025 年 10 月 23 日以电子邮件、电话等方式向监事发出监事会会 议通知； 3、本次会议于 2025 年 10 月 27 日以通讯方式召开； 证券代码：603063 证券简称：禾望电气 公告编号：2025-086 深圳市禾望电气股份有限公司 2025 年第五次临时监事会会议决议公告 本公司监事会及全体监事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。 4、本次会议应参会监事 3 名，实际参会监事 3 名； 5、本次监事会会议由监事会主席陈云刚先生主持。 二、 监事会会议审议情况 （一）审议通过《关于注销 2023 年股票期权激励计划部分股票期权的议案》 经监事会审查，认为：鉴于2023年股票期权激励计划首次授予激励对象中7 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-085 深圳市禾望电气股份有限公司 3、本次会议于 2025 年 10 月 27 日以通讯方式召开； 4、本次会议应参会董事 5 名，实际参会董事 5 名； 5、本次会议由董事长韩玉先生主持，部分高级管理人员列席会议。 二、 董事会会议审议情况 2025 年第五次临时董事会会议决议公告 本公司董事会及全体董事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。 一、 董事会会议召开情况 1、深圳市禾望电气股份有限公司（以下简称"公司"）2025 年第五次临时 董事会会议（以下简称"本次会议"）的召开符合《中华人民共和国公司法》《上 海证券交易所股票上市规则》等相关法律、行政法规、规范性文件及《深圳市禾 望电气股份有限公司章程》的有关规定； 2、公司于 2025 年 10 月 23 日以电子邮件、电话等方式向董事发出董事会会 议通知； （一）审议通过《关于注销2023年股票期权激励计划部分股票期权的议案》 本议案已经公司第四届薪酬与考核委员会第四次会议审议通过，并同意提交 公司董事会审议。 根 ...

Financial Performance - The company's operating revenue for the third quarter was ¥893,970,433.02, a decrease of 3.87% compared to the same period last year[4] - The total profit for the quarter was ¥100,607,000.81, down 10.92% year-on-year[4] - The net profit attributable to shareholders was ¥91,659,390.12, reflecting a decline of 6.98% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥79,907,530.36, a decrease of 19.85% year-on-year[4] - Basic and diluted earnings per share were both ¥0.20, down 9.09% from the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,778,269,420.94, a 20.2% increase from ¥2,311,541,742.13 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was ¥372,037,691.54, compared to ¥298,652,438.08 in 2024, reflecting a growth of 24.6%[20] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥334,343,597.54, up 32.0% from ¥253,317,192.62 in 2024[21] - Basic earnings per share for the first three quarters of 2025 increased to ¥0.74, compared to ¥0.57 in the same period of 2024[21] Cash Flow - Cash flow from operating activities increased significantly by 243.13% to ¥192,392,549.10 during the quarter[4] - Cash inflows from operating activities totaled ¥3,098,925,738.71 for the first three quarters of 2025, compared to ¥2,831,440,808.58 in 2024, showing a growth of 9.4%[22] - The net cash flow from operating activities was $19,636,595.22, a significant improvement from a negative cash flow of $39,984,610.39 in the previous period[23] - The company reported a cash flow from operating activities outflow of $3,079,289,143.49, compared to $2,871,425,418.97 previously[23] - The cash flow from operating activities generated a net cash flow of $19,636,595.22, contrasting with a negative cash flow in the prior period[23] Assets and Liabilities - The total assets at the end of the quarter reached ¥9,087,937,789.22, an increase of 14.30% compared to the end of the previous year[5] - The total current assets as of September 30, 2025, amounted to CNY 6,601,716,863.47, an increase from CNY 5,503,560,003.85 in the previous year, representing a growth of approximately 20%[15] - Total assets reached CNY 9,087,937,789.22, up from CNY 7,950,716,228.10, which is an increase of about 14.3%[16] - Total liabilities increased to ¥4,031,938,907.35 from ¥3,548,650,770.36, indicating a rise in financial obligations[17] - Total current liabilities increased to CNY 2,690,791,675.33 from CNY 2,344,436,673.11, representing a rise of approximately 14.7%[16] - Long-term borrowings rose to CNY 876,701,650.28 from CNY 725,445,660.47, indicating an increase of about 20.8%[16] - The total non-current liabilities increased to CNY 1,341,147,232.02 from CNY 1,204,214,097.25, reflecting a growth of approximately 11.4%[16] Shareholder Equity - The equity attributable to shareholders increased by 15.05% to ¥4,948,800,316.65 compared to the end of the previous year[5] - The company's total equity reached ¥5,055,998,881.87, up from ¥4,402,065,457.74, reflecting a strong capital position[17] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥272,785,165.98, up from ¥235,121,271.38 in 2024, indicating a focus on innovation[20] Non-Recurring Items - The company reported a net gain from non-recurring items totaling ¥11,751,859.76 for the current period[8] Cash and Cash Equivalents - Cash and cash equivalents reached CNY 2,019,380,999.55, up from CNY 1,459,889,179.35, indicating a year-over-year increase of about 38%[14] - The total cash and cash equivalents at the end of the period reached $1,439,864,363.20, up from $659,924,014.47 at the end of the previous period[23] Other Information - The company reported no significant changes in shareholder participation in margin trading and securities lending activities[13] - There were no applicable reminders regarding the company's operational status during the reporting period[14] - The company did not apply new accounting standards starting from 2025[24]

关于注销 2023 年股票期权激励计划部分股票期权的公告 证券代码：603063 证券简称：禾望电气 公告编号：2025-087 深圳市禾望电气股份有限公司 本公司董事会及全体董事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。 深圳市禾望电气股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日 召开 2025 年第五次临时董事会会议和 2025 年第五次临时监事会会议，审议通过 了《关于注销 2023 年股票期权激励计划部分股票期权的议案》，现将有关事项 公告如下： 一、2023 年股票期权激励计划已履行的相关审批程序 1、2023 年 3 月 31 日，公司召开 2023 年第四次临时董事会会议，会议审议 通过了《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》和《关 于制定公司<2023 年股票期权激励计划实施考核管理办法>的议案》。公司 2023 年第四次临时监事会会议审议通过了前述议案及《关于公司<2023 年股票期权激 励计划首次授予激励对象名单>核查意见的议案》。公司独立董事就本次激励计 划是否有利于公司 ...