华明电力装备股份有限公司 2025 年年度报告全文 华明电力装备股份有限公司 2025 年年度报告 〔2026〕013 号 【2026 年 2 月】 1 华明电力装备股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人肖毅、主管会计工作负责人雷纯立及会计机构负责人（会计 主管人员）汤振辉声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划、经营目标等前瞻性陈述，均不代表公司的盈 利预测，也不构成公司对投资者的实质承诺，投资者及相关人士均应对此保 持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"中"十一、公司未来发展的展望" 部分，描述了公司经营中可能存在的风险，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 896,225,431 股扣除 回购专用证券账户中股份数量后的股份总数为基数，向 ...

证券代码:002270 证券简称:华明装备 公告编号:〔2026〕017 号 华明电力装备股份有限公司 关于使用自有资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 华明电力装备股份有限公司（以下简称"公司"）第七届董事会第七次会 议审议通过了《关于使用自有资金进行现金管理的议案》，同意公司（含全资 子公司和控股子公司）使用任一时点最高额度合计不超过人民币 15 亿元自有资 金用于购买安全性高、风险低、期限在 12 个月以内的银行、券商等金融机构发 行的投资产品（包括但不限于结构性存款、固定收益凭证以及稳健型理财产品 等）。在前述额度和期限范围内，可滚存使用。同时授权公司董事长具体办理 实施相关事项，授权期限自股东会审议通过之日起 12 个月有效。现将具体情况 公告如下： 一、现金管理基本情况 1、投资目的 为提高公司资金的使用效率，增加公司现金资产收益，在保证日常经营运 作资金需求及有效控制投资风险的前提下，公司及控股子公司拟利用自有闲置 资金进行现金管理，最大限度地提高公司资产运行效率。 2、投资金额 使用不超过 15 亿元自有资金进 ...

1、机构称AI芯片领域，钻石散热潜在市场空间广阔。 明日线索 2月24日，培育钻石概念大涨，四方达20cm涨停，黄河旋风涨停。 消息面上，河南省科技厅官微此前消息，热沉片是金刚石家族的新成员，它让超硬材料成功进入高端芯片散热这个新赛道。黄 河旋风表示，从热沉片上切割出来所需要的形状，以某种方式贴合在芯片上，做成顶级散热器，这将大大促进高功率器件、 5G/6G通信、AI算力性能的提升。如今，制约产业化的尺寸瓶颈已被突破，黄河旋风成功研制出国内可量产的最大8英寸热沉 片。据悉，公司热沉片生产车间将于今年2月份投入量产，这是功能性金刚石从实验室，迈向规模化商业应用的一个里程碑。 据中邮证券，AI芯片领域，钻石散热潜在市场空间广阔。假设2030年全球AI芯片市场规模为3万亿人民币；AI芯片中钻石散热方 案渗透率分别为5%、10%、20%、50%；钻石散热价值量占比分别为5%、8%、10%，进行弹性测算，钻石散热市场空间的区间 为75亿至1500亿元。 | 图表12: Al 芯片领域钻石散热市场空间弹性测算表 | | | | | | | --- | --- | --- | --- | --- | --- | | 单位( ...

其中我们再重点推荐仍有预期差标的： 发电设备整机出海：当前进度燃气发动机＞燃气轮机 1、 燃气发动机：从generac报表可见海外柴发缺货问题，具备柴发生产能 【天风电新】再call北美AI缺电：相关标的再梳理 【天风电新】再call北美AI缺电：相关标的再梳理 节后我们继续重点看好北美AIDC缺电，短期26-27年看好燃气发动机、SOFC快速上量，中期看好燃气轮机、类燃 机、电力设备需求增长、产业链估值上修。 #公司近期已开始接到燃气发动机相关订单、逐步上量。 预计公司26-27年净利润3.8、7亿净利润，当前估值37、20X。 节后我们继续重点看好北美AIDC缺电，短期26-27年看好燃气发动机、SOFC快速上量，中期看好燃气轮机、类燃 机、电力设备需求增长、产业链估值上修。 其中我们再重点推荐仍有预期差标的： 发电设备整机出海：当前进度燃气发动机＞燃气轮机 1、 燃气发动机：从generac报表可见海外柴发缺货问题，具备柴发生产能力的【潍柴动力】、【动力新科】我们预 计将不仅受益北美柴发出海加速，燃气发动机26H2开始均有望贡献增量利润。 当前两家公司27年PE均在15X左右，并存在出货量及利润上修空间 ...

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

长江商报消息 ●长江商报记者 徐阳 又一家A股上市公司拟赴港上市，冲刺A+H。 华明装备在近期的投资者关系活动中表示，截至2025年三季度，公司海外收入占比超30%，其中直接与 间接出口比例接近1:1，直接出口略高；间接出口增速远快于直接出口，直接出口毛利率仍高于间接出 口，但直接出口与间接出口的毛利率正逐渐接近。 二级市场方面，赴港上市公告发布次日，即2月13日，华明装备股价下跌3.26%，报收33.83元/股。总体 来看，华明装备股价仍处于高位，仅从2025年年初至2026年2月13日期间累计涨幅就超过100%。 股价上涨背后是，华明装备回购、分红不断。公司2026年2月4日披露关于回购公司股份进展的公告，公 司于2025年年初启动了股份回购计划，截至2026年1月31日已累计回购股份金额达2.21亿元（不含交易 费用）。 根据华明装备2023—2025年股东回报规划，公司承诺每年现金分红比例不低于可分配利润的60%。2023 年、2024年均已超额兑现承诺。公司2025年前三季度累计已派发现金红利3.58亿元，稳步兑现年度承 诺。 日前，变压器分接开关龙头企业华明装备（002270.SZ）公告称，拟筹划 ...

Core Viewpoint - China's technological innovation capabilities are increasingly attracting global capital attention [1] Group 1: Foreign Investment Research - Since 2026, foreign institutions have conducted research on 189 A-share listed companies, focusing on hard technology sectors such as power equipment, electronics, and machinery [2][3] - The most popular companies among foreign investors include Huaming Equipment, Yingshi Innovation, and Huichuan Technology, each receiving over 50 foreign institution inquiries [3][4] Group 2: Company-Specific Insights - Huaming Equipment has been a focal point for foreign investors, with 59 institutions including Morgan Asset and BlackRock showing interest. The company's global business development and plans for an H-share listing in Hong Kong are key discussion points [5] - Yingshi Innovation has attracted attention from 58 foreign institutions, focusing on its new product developments in cameras and wearable technology [6] - Huichuan Technology is also under scrutiny from 53 foreign institutions, with aspirations to enhance its international business presence [6] Group 3: Industry Focus - The power equipment, electronics, and machinery sectors are receiving the highest levels of international attention this year [7][8] - Notable companies in the power equipment sector include Huaming Equipment, Huichuan Technology, and Dajin Heavy Industry, while the electronics sector features Yingshi Innovation and Aobi Zhongguang [8][9] Group 4: Future Economic Outlook - Foreign institutions believe that China's large technology sector, domestic demand, innovation, and high-tech investment will be key drivers of economic growth in 2026 [9] - The FTSE Russell's global investment research head indicates that technology will constitute 27.1% of the FTSE China Index by the end of 2025, suggesting a diversified industry composition that could benefit Chinese stocks [9] - UBS's China equity strategy head notes that potential inflows of $16 billion could occur if foreign funds reallocate to include Chinese stocks in their portfolios [9]

公告显示，华明装备召开了第七届董事会第六次会议审议通过了《关于公司聘请H股发行及上市的审计 机构的议案》，同意聘请安永会计师事务所为公司发行H股股票并在香港联合交易所有限公司主板上市 的审计机构。 2月12日，华明装备（证券代码：002270）发布公告称，为进一步推进国际化战略布局、打造国际化资 本运作平台、提升公司整体竞争力，公司正在筹划境外发行股份（H股）并在香港联合交易所有限公司 上市事宜。 据了解，华明装备成立于2002年8月，2008年9月登陆深交所，注册资本8.96亿元，是一家集变电站高压 电力设备研究、开发、生产、销售于一体的民营高新技术企业。公司主要产品为变压器有载分接开关、 无励磁分接开关、高压断路器和高压隔离开关、敞开式组合电器、绝缘材料等。 华明装备业绩快报显示，2025年度公司实现营业收入24.25亿元，同比增长4.43%；实现归属于上市公司 股东的净利润7.08亿元，同比增长15.29%；实现扣除非经常性损益后的归属于上市公司股东的净利润 6.76亿元，同比增长16.15%。主要系公司核心业务——电力设备实现营业收入21亿元，同比增长约 16%，首次突破20亿元，其中电力设备业务海外 ...

华明装备指，将充分考虑现有股东的利益和境内外资本市场的情况，在股东会决议有效期内选择适当的 时机和发行窗口完成本次H股发行上市。 来自山东济南的A股上市公司华明装备(002270.SZ)发布公告称，为进一步推进国际化战略布局，打造国 际化资本运作平台，提升公司整体竞争力，公司正在筹划境外发行股份（H股）并在港交所上市事宜。 华明装备(002270.SZ)于2015年通过借壳法因数控在深交所上市，截至2026年2月13日午间收市，其总市 值约310.18亿元人民币。 华明装备(SZ:002270) 深龄通 可融资 可卖空 加自选 | 休盘中 02~13 12:07:12 北京时间 成交量：82781手 成交量：82781手 成交题：3,84亿 | | --- | 华明装备同时宣布，拟聘请安永香港为本次发行并上市的审计机构。 华明装备，主要子公司上海华明电力设备制造有限公司，核心产品是变压器有载分接开关和无励磁分接 开关，涵盖了研发、制造、销售和全生命周期的运维检修，已成为中国分接开关销量较大的企业，同时 拥有上海、遵义两大分接开关全产业链生产基地的配套供应商。 公司是国内细分市场的领军企业，目 前的出货量稳居世 ...

Group 1 - Major shareholder Han Yuanfu of Dayuan Pump Industry plans to reduce his stake by up to 3%, totaling no more than 5.595 million shares [1] - Hainan Highway, a shareholder of Haikou Group, intends to increase its stake in the company by no less than 40 million yuan and no more than 50 million yuan [2] - China Communications Construction Company signed new contracts worth 1.883672 trillion yuan in 2025, a year-on-year increase of 0.13% [3] Group 2 - The controlling shareholder of Quzhou Development proposed to repurchase shares worth between 100 million and 200 million yuan [4] - Shareholder Huang Song of Huibo Pu plans to reduce his stake by up to 1%, totaling no more than 1.3372 million shares [5] - The board secretary of Fusenmei has had his detention lifted and is now under investigation, allowing him to resume his duties [6] Group 3 - YN Holdings clarified that its investment target does not belong to the sectors of computing chip manufacturing, computing leasing, or cloud services [7] - Shareholder Euro Star Diamond plans to reduce its stake in Laishen Tongling by up to 3%, totaling no more than 1.029 million shares [8] - Shareholder Zhu Guangkui of Demar Technology plans to reduce his stake by up to 3%, totaling no more than 791.24 million shares [10] Group 4 - Newnow's subsidiary received approval for clinical trials of drug SYS6023 for breast cancer treatment [11] - Ruipubio plans to invest 295 million yuan to establish a merger and acquisition industry fund focusing on animal health and biomedicine [12] - Shareholder Ningbo Hutong plans to reduce its stake in Huitong Energy by up to 1%, totaling no more than 206.28 million shares [13] Group 5 - Chengda Bio's high-dose influenza virus vaccine has received approval for clinical trials [14] - Kang En Bei's subsidiaries participated in the national centralized procurement process, with selected drugs expected to generate 385 million yuan in sales in 2024 [15] - Weitang Industrial signed a strategic cooperation framework agreement with Amphenol to enhance product development and market collaboration [16] Group 6 - Terui De is the first candidate for a 137 million yuan EPC general contracting project [17] - Chen Zhan Optoelectronics plans to invest 650 million yuan to establish an overseas smart manufacturing base [19] - Zhang Yi Technology's AI short drama business revenue is expected to account for no more than 1% of total revenue in 2025 [20] Group 7 - Jiangshan Co. plans to reduce its stake by up to 3%, totaling no more than 4.3308 million shares [21] - Xie Chuang Data plans to procure servers from multiple suppliers, with a total expected expenditure of no more than 11 billion yuan [22] - Huaming Equipment is planning to issue H-shares and list on the Hong Kong Stock Exchange [23] Group 8 - Wenzhou Hongfeng plans to raise no more than 450 million yuan through a private placement for expansion projects [24] - Yingkerui plans to raise no more than 379 million yuan for various projects including smart power supply systems [25] - Jingrui Electric Materials plans to invest 600 million yuan to build a key materials base for the integrated circuit manufacturing industry [26] Group 9 - Beijing Bank's chairman resigned due to age [27] - Youkeshu's actual controller plans to increase his stake by no less than 50 million yuan and no more than 100 million yuan [28] - Hanbo High-tech's subsidiary plans to acquire assets to enter the wet electronic chemicals industry [29] Group 10 - Jia Mei Packaging clarified that its capital operations related to Magic Atom will be independent of the listed company [30] - International Composite Materials confirmed that electronic-grade glass fiber is a key raw material for PCBs [31] - Zhongyin Fashion plans to procure hardware simulation accelerators for 9.385 million USD [32] Group 11 - Haohai Biotechnology's shareholder plans to reduce his stake by up to 0.4337% [33] - United Optoelectronics plans to sign a framework contract with Lingzhi Cloud Creation for robot assembly services [34] - Qianfang Technology's major shareholder plans to reduce its stake by up to 1.5%, totaling no more than 2.36507 million shares [35] Group 12 - Xiamen Airport plans to acquire 100% of Zhaoxiang Technology for 1.193 billion yuan [36] - Tuoshan Heavy Industry plans to acquire 51% of Xin Kaiyuan for 219 million yuan [38] - Shenkai Co. plans to repurchase shares worth between 40 million and 80 million yuan [39] Group 13 - Hushun Co. plans to invest 3.3 billion yuan in a high-end PCB production project [40] - Zhengzhou Bank appointed Wang Sentao as vice president, pending regulatory approval [41]