| 证券代码：002135 | 证券简称：东南网架 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：127103 | 债券简称：东南转债 | | 浙江东南网架股份有限公司 关于 2025 年第四季度经营数据的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监 管指引第 3 号——行业信息披露》等相关规定，浙江东南网架股份有限公司（以 下简称"公司"）现将 2025 年第四季度主要经营情况披露如下： 一、主要经营情况 1、建筑业务经营情况 2025 年 10 月至 12 月，公司（包括控股子公司）新签订单 22 项，合同金额 总计人民币 77,644.62 万元，较上年同期减少 52.58%。 2025 年，公司（包括控股子公司）共计新签订单 111 项，合同金额总计人 民币 678,062.59 万元，较上年同期减少 19.10%。其中国内项目合同 104 项，合 同金额合计 625,373.36 万元；国外项目合同 7 项，合同金额合计 52,68 ...

Market Overview - The professional engineering sector experienced a decline of 0.28% on January 30, with the leading drop attributed to Tongguan Mining Construction [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the professional engineering sector included: - Baicheng Co., Ltd. (601133) with a closing price of 18.55, up 10.02% and a trading volume of 477,900 shares [1] - Roman Co., Ltd. (605289) at 80.41, up 10.00% with a trading volume of 114,100 shares [1] - Shenghui Integration (603163) at 110.85, up 8.68% with a trading volume of 66,900 shares [1] - Significant decliners included: - Tongguan Mining Construction (920019) at 24.02, down 14.43% with a trading volume of 163,800 shares [2] - China Aluminum International (601068) at 6.07, down 6.62% with a trading volume of 825,000 shares [2] Capital Flow - The professional engineering sector saw a net outflow of 123 million yuan from institutional investors and 247 million yuan from speculative funds, while retail investors contributed a net inflow of 370 million yuan [2] - Detailed capital flow for selected stocks indicated: - Baicheng Co., Ltd. (601133) had a net inflow of 311 million yuan from institutional investors, while speculative funds saw a net outflow of 172 million yuan [3] - Huadian Technology (601226) experienced a net inflow of 134 million yuan from institutional investors, with a net outflow of 42.43 million yuan from speculative funds [3]

南财智讯1月30日电，东南网架发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为4000万元—6000万元，同比预减68.50%—79.00%；预计2025年全年归属于上市公司股东的扣除非经 常性损益的净利润为2000万元—3000万元，同比预减80.82%—87.21%。业绩变动原因说明：1、报告期 内，面对建筑行业下行、市场化竞争加剧、回款周期延长等市场变化，公司聚焦"EPC总承包+1号工 程"双引擎战略，积极地向新型装配式EPC总承包转型升级。为降低应收账款回款风险，公司主动对业 务订单优化，新增订单量减少。受业务结构转型的阶段性影响，公司本期营业收入与利润较上年同期有 所回调，毛利率水平有一定程度下降。2、报告期内，化纤业务受国内外经济环境的不确定性以及市场 竞争态势的加剧等多重因素的影响，涤纶长丝产品价差进一步减少，毛利率下滑，导致化纤业务亏损额 同比上年同期大幅增加。 ...

证券代码：002135 证券简称：东南网架 公告编号：2026-003 浙江东南网架股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向下降 50%以上情形 （1）以区间数进行业绩预告的 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所审计。公 司已就业绩预告有关事项与会计师事务所进行了预沟通，双方在本次业绩预告方面不存在 重大分歧。 三、业绩变动原因说明 1、报告期内，面对建筑行业下行、市场化竞争加剧、回款周期延长等市场变化，公 司聚焦"EPC 总承包+1 号工程"双引擎战略，积极地向新型装配式 EPC 总承包转型升级。 单位：万元 项 目 本报告期 上年同期 归属于上市公司股东的 净利润 4,000 ～ 6,000 19,045.11 比上年同期下降 68.50% ～ 79.00% 扣除非经常性损益后的 净利润 2,000 ～ ...

Core Viewpoint - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a shift towards "anti-involution" practices, benefiting certain construction companies that have extended their operations into the chemical sector [1][21]. Supply Side Summary - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a significant drop in investment growth turning negative by June 2025. The construction of new capacity in the chemical industry has notably decreased, with the share of ongoing projects in the basic chemical sector falling from 33.8% in 2022 to 24.4% in Q1-Q3 2025 [1]. - The reduction in new capacity is compounded by energy consumption controls and enhanced environmental policies set for 2025, alongside significant shutdowns of chemical facilities in Europe and Japan due to cost disadvantages, leading to an overall improvement in the global supply landscape [1]. Demand Side Summary - Despite weak traditional demand, certain factors such as manufacturing inventory replenishment, pre-Spring Festival stocking, increased exports, and growth in new manufacturing demands are providing strong support for some chemical products. The manufacturing PMI reached 50.1% in December 2025, indicating a return to expansion for the first time since April 2025 [3]. Inventory Cycle Summary - The chemical industry is transitioning from active destocking to passive destocking. Although there was a slight increase in inventory levels in the chemical raw materials and products sector in H2 2025, the inventory growth of finished products in downstream sectors has been declining since March 2025, indicating a significant inventory disparity within the supply chain [5]. - The current inventory structure shows moderate inventory levels upstream and low inventory levels downstream, suggesting that any improvement in demand could trigger rapid destocking of upstream chemical products, providing strong support for price elasticity [5]. Policy Environment Summary - The "anti-involution" policy introduced in July 2024 has shifted from a slogan to actionable industry measures, encouraging leading companies to avoid price wars and instead focus on maintaining price levels through reduced production rates [5]. Company-Specific Insights - **China Chemical (601117.SH)**: Positioned as a quality undervalued stock with strong cash flow, benefiting from the anti-involution trend. The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam, with potential profit increases from price rebounds in these products [6]. - **Sandi Chemical (002469.SZ)**: Expected to see continued price improvements for existing chemical products under the anti-involution backdrop. The company has significant production capacities and is advancing new product lines that are anticipated to enhance profitability [11]. - **Donghua Technology (002140.SZ)**: The company is experiencing improved profitability in its industrial segment due to supply reductions stabilizing ethylene glycol prices. It has several high-end chemical projects in operation, contributing to revenue growth [15]. - **Southeast Net Framework (002135.SZ)**: The company produces polyester filament with a capacity of 500,000 tons. Price recovery in this segment is expected to contribute positively to performance [18]. Investment Recommendations - The chemical product price increase is supported by declining capital expenditures, environmental restrictions, and a shift in competitive dynamics. Companies such as China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Framework are highlighted as key beneficiaries of this trend [21].

Core Insights - The professional engineering sector experienced a slight increase of 0.08% on January 19, with Hongsheng Huayuan leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up by 0.29%, while the Shenzhen Component Index closed at 14294.05, up by 0.09% [1] Stock Performance - The following stocks in the professional engineering sector showed significant declines: - Yaxiang Integration (603929) decreased by 10.00% to a closing price of 147.11, with a trading volume of 67,800 shares and a transaction value of 1.032 billion [1] - Hangxiao Steel Structure (600477) fell by 6.93% to 3.36, with a trading volume of 3,472,400 shares and a transaction value of 1.151 billion [1] - Shenghui Sun Cheng (603163) dropped by 4.91% to 86.67, with a trading volume of 103,400 shares and a transaction value of 908 million [1] Capital Flow - The professional engineering sector saw a net outflow of 182 million from institutional investors, while retail investors contributed a net inflow of 107 million [3] - Notable capital flows included: - Hongsheng Huayuan (601096) had a net inflow of 89.03 million from institutional investors, but a net outflow of 61.33 million from retail investors [3] - Lixiangte (605167) experienced a net inflow of 57.38 million from institutional investors and a net inflow of 57.46 million from retail investors [3]

Core Viewpoint - Recently, Hangzhou Ruibo Technology Co., Ltd. was established, focusing on mobile communication equipment sales, information security equipment sales, electronic components retail, and integrated circuit sales [1] Company Summary - Hangzhou Ruibo Technology Co., Ltd. has been registered with a business scope that includes mobile communication equipment sales and information security equipment sales [1] - The company is co-owned by Southeast Network Framework (002135) among other shareholders [1]

Core Insights - Zhejiang Ruiguang Intelligent Manufacturing Technology Co., Ltd. has been established with a registered capital of 50 million yuan [1] - The company's business scope includes manufacturing and sales of communication equipment and electronic specialized equipment [1] - The company is jointly held by Southeast Network Framework (002135) and others [1]

| 证券代码：002135 | 证券简称：东南网架 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：127103 | 债券简称：东南转债 | | 浙江东南网架股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保概述 （一）本次担保基本情况 浙江东南网架股份有限公司（以下简称"公司"）因控股子公司东南新材料 （杭州）股份有限公司（以下简称"东南新材料"）生产经营发展需要，近日与 中国民生银行股份有限公司杭州分行（以下简称"民生银行杭州分行"）签署了 《最高额保证合同》，同意为控股子公司东南新材料和与债权人民生银行杭州分 行办理各类融资业务所发生的债权债务提供保证担保，本次保证担保的最高债权 本金额为人民币 10,000 万元整。 （二）本次担保事项履行的内部决策程序 公司于 2025 年 1 月 20 日召开第八届董事会第十九次会议、2025 年 2 月 10 日召开的 2025 年第一次临时股东大会审议通过了《关于公司 2025 年度对外担保 额度预计的议案》，同意公司 ...

Core Viewpoint - The company has signed a guarantee contract with Minsheng Bank Hangzhou Branch to provide a maximum guarantee of 100 million yuan for its subsidiary, Southeast New Materials, to support its production and operational needs [1] Group 1: Guarantee Details - The total estimated guarantee amount for the subsidiary in 2025 is not to exceed 805 million yuan, and the current guarantee falls within this limit [1] - After this guarantee, the available guarantee amount for the subsidiary will be 492 million yuan, leaving a remaining available amount of 85 million yuan for Southeast New Materials [1] Group 2: Ownership and Financial Impact - The company holds 100% equity in Southeast New Materials, both directly and indirectly [1] - As of the announcement date, the actual guarantee balance is 1.532 billion yuan, which accounts for 23.57% of the audited net assets as of the end of 2024 [1]