Group 1: Economic Data Overview - In January-February 2026, the year-on-year growth of social retail sales was +2.8%, an increase of 1.9 percentage points compared to December 2025, but a decrease of 0.89 percentage points compared to the entire year of 2025 [6][7] - Fixed asset investment (FAI) in January-February 2026 showed a year-on-year increase of +1.8%, recovering from a decline of -3.8% in 2025, primarily driven by strong infrastructure investment [8][9] - The industrial added value for large-scale enterprises increased by +6.3% year-on-year in January-February 2026, marking a significant acceleration compared to December 2025 [10][11] Group 2: Banking Sector Insights - The banking sector is experiencing a new normal of "quality over quantity" in credit growth, with a projected loan growth rate of around 6.0% for 2026, influenced by fiscal policies and a focus on supported industries [14][15] - Profitability in the banking sector is stabilizing, with retail risks still present but manageable; large state-owned banks are expected to maintain dividend value due to low valuations [16][17] - Investment strategies should focus on two main lines: banks with strong wealth management capabilities and low valuation targets, as well as city and rural commercial banks with controllable risks and strong profit certainty [17] Group 3: Jiangsu Bank Analysis - Jiangsu Bank, a leading city commercial bank in the Yangtze River Delta, holds a significant market share in loans and deposits within Jiangsu province, with a loan balance accounting for 7.23% of the province's total [19][20] - The bank's corporate lending is supported by strong demand in manufacturing and infrastructure, while retail lending is steadily growing, particularly in consumer loans [20][21] - Jiangsu Bank's financial performance is robust, with a return on equity (ROE) significantly higher than the industry average, and a declining non-performing loan ratio of 0.84% [22][23] Group 4: HaiNeng Technology Overview - HaiNeng Technology reported a revenue of 362 million yuan in 2025, a year-on-year increase of 16.63%, with a net profit of 42.13 million yuan, reflecting a substantial growth in profitability [25][26] - The company is expanding its product lines in high-end scientific instruments, with significant growth in sample preparation and chromatography products, and is expected to continue this trend in 2026 [26][27] - HaiNeng Technology emphasizes shareholder returns, planning to distribute a cash dividend of 1.00 yuan per 10 shares, alongside a share buyback of 348,900 shares [30]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's profitability has significantly improved, with a projected revenue increase of 16.63% to 3.62 billion yuan in 2025 and a net profit growth of 222.30% to 421.3 million yuan [7] - The high-end scientific instrument industry is experiencing a recovery driven by favorable policies, and the company's high-end products are gaining market recognition [7] - The company plans to implement a simplified procedure for refinancing to enhance its competitive advantage [7] Financial Performance Summary - Total revenue forecast for 2024A is 310.26 million yuan, increasing to 630.40 million yuan by 2028E, with a compound annual growth rate (CAGR) of approximately 18.85% [1] - The net profit attributable to the parent company is expected to rise from 13.07 million yuan in 2024A to 78.08 million yuan in 2028E, reflecting a CAGR of about 20.89% [1] - The latest diluted EPS is projected to grow from 0.15 yuan in 2024A to 0.92 yuan in 2028E [1] Business Segment Analysis - The organic element analysis series is the largest revenue source, generating 113 million yuan in 2025, with a gross margin of 75.63% [7] - The chromatography and spectroscopy series saw a revenue increase of 20.60% to 95.18 million yuan, with a gross margin of 58.55% [7] - The sample pretreatment and general instruments series also showed strong growth, with revenue increases of 23.27% and 21.38%, respectively [7] Competitive Advantages - The company has established a solid foundation with key products like the Kjeldahl nitrogen analyzer and microwave digestion instrument, providing stable cash flow [7] - The company is entering the billion-level chromatography market, enhancing revenue elasticity with products that meet domestic and international standards [7] - A full industry chain operation model allows for high self-sourcing rates of key components, ensuring product quality and cost advantages [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 362 million yuan in 2025, representing a year-on-year growth of 16.63%, and a net profit attributable to shareholders of 42.13 million yuan, which is a significant increase of 222.30% year-on-year [6] - The company is focusing on expanding its high-end product matrix through new product launches in chromatography and mass spectrometry, which is expected to accelerate business growth [5] - The overall gross margin improved to 65.04%, with a notable increase in the chromatography series gross margin by 4.12 percentage points to 58.55% [6] - The company plans to implement a simplified procedure for a targeted stock issuance to raise funds, which could facilitate efficient financing of less than 100 million yuan [6] Financial Performance Summary - In 2025, the company reported a net cash flow from operating activities of 50.52 million yuan, up 80.52% year-on-year [6] - The company’s four core scientific instrument series showed robust growth, with the sample pretreatment series leading with a revenue of 70.86 million yuan, a year-on-year increase of 23.27% [6] - The domestic market revenue reached 284 million yuan, growing by 18.40% year-on-year, while overseas revenue was 77.79 million yuan, up 10.59% [6] - The company’s earnings per share (EPS) for 2025 is projected at 0.49 yuan, with a forecasted PE ratio of 45.55 [8] Future Outlook - The company is expected to continue its growth trajectory with projected net profits of 60 million yuan in 2026, 80 million yuan in 2027, and 102 million yuan in 2028, corresponding to a PE ratio of 32, 24, and 19 respectively [8] - The company is actively expanding into strategic emerging sectors such as biomanufacturing, nuclear industry, new materials, and new energy, with significant customer acquisition success [6] - The company is also focusing on R&D and product breakthroughs across its major product lines, including the development of an automated nitrogen analyzer and a new generation microwave digestion instrument [7]

证券代码：920476 证券简称：海能技术 公告编号：2026-010 海能未来技术集团股份有限公司 关于提请股东会授权董事会以简易程序向特定对象发行股票的 公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 海能未来技术集团股份有限公司（以下简称"公司"）于 2026 年 3 月 16 日 召开第五届董事会第十三次会议，审议通过了《关于提请股东会授权董事会以简 易程序向特定对象发行股票的议案》。根据《北京证券交易所上市公司证券发行 注册管理办法》《北京证券交易所上市公司证券发行上市审核规则》等相关规定， 公司董事会提请 2025 年年度股东会授权董事会办理以简易程序向特定对象发行 累计融资额低于 1 亿元且低于最近一年末净资产 20%的股票，授权期限为公司 2025 年年度股东会通过之日起至 2026 年年度股东会召开之日止。上述事项尚需 提交公司 2025 年年度股东会审议。 本次授权事宜包括以下内容： 一、授权具体内容 （一）确认公司是否符合以简易程序向特定对象发行股票的条件 授权董事会根据《中 ...

| 保荐机构名称：东方证券股份有限公司 | | | | 被保荐公司简称：海能技术 | | | --- | --- | --- | --- | --- | --- | | 保荐代表人姓名：马婧瑶 | | | | 联系电话：021-68761616 | | | 保荐代表人姓名：张玥 | | | | 联系电话：021-68761616 | | | 现场核查人员姓名：马婧瑶、张玥 | | | | | | | 年度 现场核查对应期间：2025 | | | | | | | 现场核查时间：2025 年 月 日、2026 年 月 日 10 3 | 15 | 10 | | | | | 一、现场核查事项 | | | | 现场核查意见 | | | | | | 是 | 否 | 不适用 | | （一）公司治理和内部控制情况，股东会、董事会运作情况 | | | | | | | 现场核查手段： | | | | | | | （1）对上市公司管理层有关人员进行访谈； | | | | | | | （2）查阅公司章程和公司治理制度； | | | | | | | （3）查阅公司股东会、董事会及重大经营活动决策文件； | | | | | | | （4 ...

海能未来技术集团股份有限公司 2025 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-107 | 联系申话· :永中和会计师事务所| 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 Donachena District Beiji 审计报告 XYZH/2026JNAA2B0098 海能未来技术集团股份有限公司 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计 师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册 会计师独立性准则和中国注册会计师职业道德守则中适用于公众利益实 ...

证券代码：920476 证券简称：海能技术 公告编号：2026-019 海能未来技术集团股份有限公司 2025 年度独立董事述职报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 吕瑞敏女士，1966 年出生，中国国籍，无境外永久居留权，本科学历，工 程技术应用研究员。1988 年 7 月至 2006 年 9 月，历任山东省化工研究院助理工 程师、工程师、高级工程师、工程技术应用研究员；2020 年 12 月至今，任山东 善维免疫科技有限公司董事；2006 年 10 月至今，任山东省分析测试中心工程技 术应用研究员、科研科主任。2024 年 10 月至今，任海能未来技术集团股份有限 公司独立董事。 作为公司的独立董事，本人具备独立董事任职资格和法律法规所要求的独立 性，本人及本人直系亲属均不在公司或其附属企业担任除独立董事之外的其他职 务，也未在公司主要股东处担任任何职务，没有为公司或其附属企业提供财务、 法律、咨询等服务。除独立董事津贴外，没有从公司及其主要股东或有利害关系 的机构和人员处取得额外的 ...

证券代码：920476 证券简称：海能技术 公告编号：2026-017 海能未来技术集团股份有限公司 2025 年度独立董事述职报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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个 别及连带法律责任。 2025 年度，本人臧恒昌，作为海能未来技术集团股份有限公司（以下简称 "公司"）第五届董事会独立董事，严格按照《公司法》、《上市公司独立董事管 理办法》、《北京证券交易所上市公司持续监管指引第 1 号——独立董事》等法律 法规、规范性文件和《公司章程》、《独立董事工作制度》的规定，认真、勤勉、 谨慎履行职责，积极出席公司召开的相关会议并认真审议各项议案，及时了解公 司的经营情况，充分发挥独立董事的独立作用，为董事会提供多元化视角和专业 支持，推动董事会作出科学合理的决策。现就 2025 年度本人履行独立董事职责 的情况汇报如下： 一、 独立董事的基本情况 臧恒昌先生，1964 年出生，中国国籍，无境外永久居留权，博士研究生学 历，教授。1985 年 7 月至 1987 年 9 月，任山东医科大学卫生化学教研室助教； 199 ...

证券代码：920476 证券简称：海能技术 公告编号：2026-018 海能未来技术集团股份有限公司 2025 年度独立董事述职报告 一、 独立董事的基本情况 梁锦梅女士，1982 年出生，中国国籍，无境外永久居留权，硕士研究生学 历，注册会计师。2005 年 7 月至 2011 年 2 月，任毕马威华振会计师事务所（特 殊普通合伙）审计助理经理；2011 年 3 月至 2015 年 9 月，任云游控股有限公司 财务总监；2015 年 9 月至 2019 年 9 月，任广州市巴图鲁信息科技有限公司高级 副总裁兼首席财务官；2022 年 2 月至 2022 年 12 月，任深圳市乐其网络科技有 限公司首席财务官；2019 年 6 月至今，任广州幸可咨询有限公司监事。2024 年 10 月至今，任海能未来技术集团股份有限公司独立董事。 作为公司的独立董事，本人具备独立董事任职资格和法律法规所要求的独立 性，本人及本人直系亲属均不在公司或其附属企业担任除独立董事之外的其他职 务，也未在公司主要股东处担任任何职务，没有为公司或其附属企业提供财务、 法律、咨询等服务。除独立董事津贴外，没有从公司及其主要股东或有利害关系 ...

证券代码：920476 证券简称：海能技术 公告编号：2026-016 海能未来技术集团股份有限公司 董事会关于独立董事独立性自查情况的专项报告 （三）独立董事及其配偶、父母、子女不是直接或间接持有公司已发行股份 百分之五以上的股东，未在公司前五名股东任职； （四）独立董事及其配偶、父母、子女未在公司控股股东、实际控制人的附 属企业任职； 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 根据中国证券监督管理委员会《上市公司独立董事管理办法》等相关规定， 海能未来技术集团股份有限公司（以下简称"公司"）董事会就截至报告期末公 司在任独立董事臧恒昌、吕瑞敏、梁锦梅的独立性情况进行评估并出具了专项意 见。 根据独立董事向董事会提供的关于独立性情况的自查报告，结合其他相关资 料，董事会就独立董事的独立性形成如下结论： （一）独立董事及其配偶、父母、子女、具有主要社会关系的人员未在公司 或公司附属企业任职； （二）独立董事及其配偶、父母、子女未直接或间接持有公司已发行股份百 分之一以上，不是公司前十名股东中的自然 ...