山西省安装集团股份有限公司2025年度报告

(A joint stock company incorporated in the People’s Republic of China with limited liability)股份代號Stock Code: 02520（於中華人民共和國註冊成立的股份有限公司） ANNUAL REPORT2025年 度 報 告 247823335476828588909294310 http://www.sxaz.com.cn azjtssb@sxcig.com(86) 0351–5679309 8 33191919 H183171712–1716 (FCG, HKFCG) 225 18 89 69 02520 2025 2025 EDF 100MW400MW/800MWh(EPC) 202596%246818%11%72 190BIM+BIM+ 202597%99% H13.5 2026 + 1. 2025202510,531,096200,3800.102.542025100.2038 2025120PBAT558.32115PC100MW400MW/800MWh(EPC)BOO 2025 20253060 2025202538.916.1%1818.447.3%6.422.9%1235.4% 2025213.354%144.785%202566.43189.4852%73%,202557% 202590.4816455%1.6513202517 20251.510.2%1.8%8%25%35% 2025 2025 2025 202726,884 20271,031 (i)(ii) (i)(ii)(iii)5,000 1. 30% 2. 2017.520262090%10% 3. 2023–202520251,0002022 4. [2023]14 5. 202515 202512,772.98.1%20,658.78.5%18,427.311.2%10,902.29.6% (1)(2)(3)(4) 10,531,0962024123112,243,15913.98% 7,573,19320249,091,21316.70%2025 1,141,4212024904,37826.21% 815,30220241,264,45535.52% PPPLNG 927,0532024939,1251.29%PPPLNG 20259,329,46710,722,49012.99% 20251,201,6291,520,66920.98% 202511.41%202412.42% 202537,20130,89220.42% LNG 20258901,30932.01% 2025467,548470,7340.68% 2025220,745593,40662.80% PPP 202592,946102,3499.19% 202510,8519,22217.66% 20253,261-2,6475,908 20251,267917350 2025ECL 2025134,22477,19557,029 202564,70627,73636,970 2025200,380225,03810.96% 20257,12015,2398,119 2025193,260209,7997.88% 2025144,518155,93411,416 2025852,06320241231-312,56318,952,0592024123117,189,44918,099,9962024123117,502,0121.0 20251,823,399202412312,626,85820251,548,345202412312,200,863 20257,843,747202412316,118,923 (a)(b)(c) 20252,262,302202412311,261,801 202564.33%2024123153.96% 20251.0202412311.0 2025 2025277,46420241231210,24531.97% 20255% 2025 2. (1) 2026 ++ 100% (2) 20251230[2025]301413.5020262 9526SACF0122.49% 45201822022320255 252000102012320146201772018220212202122025520255 20171202342019111020258202510 20141020201120251130 201412013201720192016–2017202162020–2021 542013920223 311993719951219989200011200312011620182 1993720197 20031120166202212 5320211020223 271996720044202011202011 19967 201311 4720211020223 2520029201032011720117201652017420204202011202410202410 20177 202012 542022320223 26199571998820001120046200412202222025320253 20027200512 5320211020223 311993820031020031020151020169 19991220057 19975 64202232023111 41212119819198571998102004120181020181202252021920221202212020112022120227202311 200012 632022320231111331201320192020 1501020204300069202246005462021287197020204202512 201152016360100620121120165601699 2006 52202232023111222024720246543051620231020246 202272023102019520225201762019520145201762011420144200962011420011120092 1995 200619991999 632022102023111 1982719892000 31000725 47 19987201162016820168201822018220214202011202182025420254 43 222002620131220177202042020112021420219 2009120161 20116202011202511302022102021 51 28199792008720143201462015120183 1997620097201712 2017122018201912 46 18200472005820147201512016220203202142021420229 20047 20148 40 102014220152201742018220258201942025112025720263 20137 202111 54 31199481998320038201452014820156201912021420218 199472004620126 201411 4220058201622019120178202032021420191120213202112 20057200972014102016820227 20 C1 20251231 2025522 20251231 3.13 20251231 A:B: 1044564 91 244 433 343 1% 20251231 3 20251024 12 (I)(II)(III)(IV)(V) 5202520241231202563020242026–20282024 12 (I)(II)(III)(IV) 1 20251231 0400,000400,001600,000600,0011,000,000 12025522320256262025522 (I)(II)(III) 22024 A.2.1 20251231 2025 20255 20251231 2025123128% 10%110%128%981 20251231 2025 3.2915 •••••• 33191919 1. 2. 3. 80300320351–5679309 (www.sxaz.com.cn) 202511 212025 •••••••• 2025522 (i)(ii)(iii)(iv)(i)(ii)(iii)(iv) 2025123120251231 ,20251231, 5.45%21.49% 8.28%21.40% 5% 20251231100.2038028.0 202520268H 8293 13 14 5 202512311,373,486,0001,373,486,0001.002025123135 202511 211,000,000,000HH72.81%HHH202512HHH20251121 20251231 20262 9202651001002.49%20262920261720262 520262 9 (1) [1993]045[2011]34810%10%10%(1)10%201935H10%H(2)10%20%(3)20% 20068 21[2006]88410%25%5% [2014]81[2016]127HH20% (2) 20081110%H10% H[2008]897H200810% [2014]81[2016]127H 2018201920081 120081 1HH10%2025 2025123179,601 1,373,486,000373,486,000H27.19%1,000,000,00072.81%1,000,000,00072.81%H373,486,000H27.19%XV23 33 ESGESGESGESGESGESGESGESGESGESGESGESGESGESGESG2025ESGESGESGESG 2026424 2025522 20255222025522 13.51(B) (i)(ii) 11 3 20251231 13.2013.2113.22 20251231XVXV78352 202512 31XV233365% (1)980,000,00020,000,00090%(2)(3)76.76%(4)99.98%(5)52%(6) 2633 14A 202510 2265251065%25%10% 14A 20251231 202311 32025123114A 2025123120248137.3 202512312.9 2025124202611202812315.05.45.6 202311 32025123114A 2025123114 202512310.8 20251242026112028123110.010.010.0 202311 32025123114A 2025123125