证券代码：920476 证券简称：海能技术 公告编号：2026-030 海能未来技术集团股份有限公司 董事、高级管理人员薪酬与考核管理制度 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。 一、 审议及表决情况 海能未来技术集团股份有限公司 董事、高级管理人员薪酬与考核管理制度 第一章 总则 第一条 为进一步增强海能未来技术集团股份有限公司（以下简称"公司"） 董事、高级管理人员的薪酬管理，建立有效的薪资激励机制，提升经营管理水 平，参照有关法律法规和《海能未来技术集团股份有限公司章程》（以下简称 "《公司章程》"）的规定，结合公司实际情况，特制定本制度。 第二条 公司应当建立工资总额决定机制，并根据经营业绩、财务状况、 发展阶段、薪酬策略等，合理确定工资总额；工资总额的变动应当与公司经营 业绩联动，提升公司工资总额确定的合理性、有效性。 第三条 公司应当科学分配工资总额，结合行业水平、发展策略、岗位价 值等因素合理确定董事、高级管理人员和普通职工的薪酬水平，推动薪酬分配 向关键岗位、生产一线和紧缺急需的 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 362 million yuan for 2025, representing a year-on-year increase of approximately 16.63%. The net profit attributable to the parent company reached 42.12 million yuan, showing a significant year-on-year growth of 222.20% [2][3] - The company is experiencing growth in revenue from sectors such as new materials, new energy, and pharmaceuticals, driven by a recovery in industry demand and advancements in high-end instrument manufacturing [3] - The company has maintained stable investments in product research and development, market expansion, and brand enhancement, leading to the introduction of advanced instruments like organic element analyzers and liquid chromatography instruments [3] Financial Summary - For 2025, the company expects net profit attributable to the parent company to be 42 million yuan, with an EPS of 0.49 yuan per share, corresponding to a PE ratio of 49.5 times [2][6] - The projected revenue and net profit for 2026 and 2027 are 434 million yuan and 53 million yuan, and 499 million yuan and 64 million yuan, respectively, indicating a consistent growth trajectory [6] - The gross margin is expected to remain stable around 64.8% to 65.1% over the next few years, while the net margin is projected to improve from 10.1% in 2025 to 12.4% in 2027 [6][7]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 362 million yuan for 2025, representing a year-on-year increase of approximately 16.63%. The net profit attributable to the parent company reached 42.12 million yuan, showing a significant year-on-year growth of 222.20% [2][3] - The company is experiencing growth in revenue from sectors such as new materials, new energy, and pharmaceuticals, driven by a recovery in industry demand and advancements in high-end instrument manufacturing [3] - The company has maintained stable investments in product research and development, market expansion, and brand enhancement, leading to the introduction of advanced instruments like organic element analyzers and liquid chromatography instruments [3] Financial Summary - For 2025, the projected net profit attributable to the parent company is 42 million yuan, with an expected EPS of 0.49 yuan per share. The corresponding P/E ratios for 2025-2027 are 49.5, 39.4, and 32.6 times, respectively [2][6] - The company anticipates a stable gross margin of around 64.8% for 2025, with a net profit margin of 10.1% [6][7] - The company plans to establish a joint venture in the medical technology sector, focusing on innovative clinical medical devices for early cancer screening and Alzheimer's diagnosis, with a 10% ownership stake [4]

AI Industry Insights - In February 2026, China's AI model API usage surpassed the US for the first time, with 41.2 trillion tokens compared to the US's 29.4 trillion tokens[5] - The average daily usage of large models in China increased by 263% from H1 2025 to H2 2025, reaching 37 trillion tokens[12] - The demand for domestic computing power is experiencing exponential growth, driven by the rapid adoption of AI technologies[5] Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was +0.70% from February 24 to February 27, 2026, with 63% of companies showing an increase[37] - Notable gainers included *ST Yun Chuang (+29.55%), Ke Li Co. (+21.79%), and Tonghui Information (+19.06%) during the same period[37] Valuation Metrics - The median TTM P/E ratio for the mechanical equipment sector rose from 44.0X to 50.0X, while the electronic equipment sector's median P/E increased from 60.5X to 61.0X[43][44] - The median market capitalization for electronic equipment companies increased from 22.4 billion yuan to 23.2 billion yuan[44] Sector Developments - The Beijing Stock Exchange has 28 companies in the AI+ industry chain, covering various segments such as computing power services, AI applications, and AI-powered products[31][32] - The AI computing market in China is projected to reach $25.9 billion in 2025, reflecting a year-on-year growth of 36.2%[26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in its performance, with a non-GAAP net profit growth of 821% year-on-year for 2025. The total revenue for the year reached 362 million yuan, representing a year-on-year growth of 16.63% [2][3] - The substantial profit increase is attributed to the recovery of the industry and the ramp-up of high-end product sales, supported by favorable policies and increased domestic demand for high-end scientific instruments [3] - The company has established a strong competitive position in the high-end scientific instrument sector, with a focus on innovative product development and efficient management practices [4] Financial Performance Summary - For 2025, the company achieved total revenue of 362 million yuan, a year-on-year increase of 16.63%, and a net profit attributable to shareholders of 42.12 million yuan, reflecting a 222.20% increase year-on-year. The non-GAAP net profit reached 35.57 million yuan, up 821.24% [2][3] - The company’s gross margin remained stable, and it effectively managed its expenses, contributing to a significant leap in profitability [3] - The projected net profits for 2025 to 2027 are 0.42 billion, 0.54 billion, and 0.65 billion yuan, respectively, with corresponding P/E ratios of 50, 39, and 32 times [4]

Financial Performance - The company achieved operating revenue of ¥361,850,165.54, an increase of 16.63% compared to the previous year[3] - Total profit reached ¥43,555,460.24, reflecting a significant growth of 622.02% year-over-year[3] - Net profit attributable to shareholders was ¥42,117,226.64, up 222.20% from the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥35,570,131.71, showing an increase of 821.24% year-over-year[3] - Basic earnings per share rose to ¥0.52, a 246.67% increase compared to ¥0.15 in the previous year[3] Assets and Equity - Total assets at the end of the reporting period were ¥577,379,382.68, a 3.07% increase from the beginning of the period[5] - Shareholders' equity attributable to the company decreased by 4.82% to ¥449,029,326.16[5] Investment and Product Development - The company has maintained stable investment in product R&D, market expansion, and brand enhancement, leading to increased revenue in high-end instruments[5] - The company has launched high-end instruments such as organic element analyzers and liquid chromatographs, achieving rapid progress in smart and digital high-end instruments[5] Profitability - The overall profitability of the company has significantly improved, with a stable gross margin and increased operating income[6]

（一）基本情况 根据海能未来技术集团股份有限公司（以下简称"公司"）发展战略及经 营规划，公司拟与铭晔管理咨询（上海）有限公司共同出资设立元神生物医疗 科技（上海）有限公司（暂定名称，以市场监督管理部门核准的名称为准），注 册地位于上海市，注册资本为 200 万元，其中，公司以自有资金出资 20 万元， 持股占比 10%；铭晔管理咨询（上海）有限公司以自有资金出资 180 万元，持 股占比 90%。 证券代码：920476 证券简称：海能技术 公告编号：2026-004 海能未来技术集团股份有限公司 对外投资设立参股公司暨关联交易的公告 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。 一、对外投资概述 参股公司基于光机电技术，拟研究开发用于癌症早期筛查辅助诊断、阿尔 兹海默症诊断等创新型临床医疗器械，并申请医疗器械生产和经营许可。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 根据《上市公司重大资产重组管理办法》相关规定，公司本次对外投资不 构成重大资产重组。 （三）是否构成关联交易 本次交 ...

Core Viewpoint - Haineng Technology announced the establishment of Yuanshen Biomedical Technology (Shanghai) Co., Ltd. in collaboration with Mingye Management Consulting (Shanghai) Co., Ltd. to align with its development strategy and operational planning [1] Group 1: Company Structure - The registered capital of Yuanshen Biomedical Technology is set at 2 million yuan, with Haineng Technology contributing 200,000 yuan for a 10% stake [1] - Mingye Management Consulting will invest 1.8 million yuan, holding a 90% ownership in the new company [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [4]. Core Insights - The company forecasts a significant increase in net profit attributable to shareholders for 2025, estimated between 41 to 44 million yuan, representing a year-on-year growth of approximately 213.65% to 236.61% [1]. - The expected operating revenue for 2025 is around 362 million yuan, reflecting a year-on-year increase of about 16.77% [1]. - The company is actively investing in high-end instruments and has made progress in their smart and digital capabilities, with new products like organic element analyzers and liquid chromatography instruments gaining market recognition [2]. - The company has received multiple invention patents, enhancing its intellectual property moat and supporting future product iterations and market expansion [3]. Financial Summary - The projected financial metrics for the company are as follows: - Operating revenue (million yuan): 341 in 2023, 310 in 2024, 362 in 2025, 435 in 2026, and 499 in 2027, with a year-on-year growth of 18.7% in 2023, -9.1% in 2024, and 16.7% in 2025 [6]. - Net profit attributable to shareholders (million yuan): 45 in 2023, 13 in 2024, 43 in 2025, 53 in 2026, and 64 in 2027, with a year-on-year growth of 1.4% in 2023, -71.0% in 2024, and 225.7% in 2025 [6]. - Earnings per share (EPS): 0.53 in 2023, 0.15 in 2024, 0.50 in 2025, 0.62 in 2026, and 0.75 in 2027 [6]. - Price-to-earnings ratio (P/E): 48.3 in 2023, 166.5 in 2024, 51.1 in 2025, 41.0 in 2026, and 33.9 in 2027 [6].

Investment Rating - The report assigns a "Buy" rating for the company, HaiNeng Technology (920476) [1]. Core Insights - HaiNeng Technology is focusing on the scientific instrument sector, leveraging both self-research and acquisitions to build a diverse product matrix, benefiting from the increasing domestic market share in scientific instruments [3][9]. - The company has established a strong competitive barrier through a full industry chain model, ensuring stable cash flow from its core products while expanding into high-growth areas such as chromatography instruments [3][10]. - The global market for analytical instruments is projected to grow significantly, with China's market expected to reach $11.66 billion by 2029, driven by increasing demand across various sectors [9][53]. Summary by Sections Company Overview - HaiNeng Technology, founded in 2006, specializes in the research, production, and sales of analytical instruments, initially focusing on Kjeldahl nitrogen analyzers and microwave digestion instruments, and later expanding into chromatography instruments [15]. - The company has developed a product matrix that includes organic element analysis, sample preparation, chromatography, and general instruments, serving various industries such as food, pharmaceuticals, and environmental testing [15][9]. Market Potential - The analytical instrument market is characterized by high technical barriers and diverse applications, with significant growth expected in the Chinese market, which is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2029 [53][50]. - The demand for analytical instruments is widespread across sectors, including food safety, pharmaceuticals, and environmental monitoring, indicating a robust market potential [50][53]. Financial Performance - The company is expected to see a recovery in performance, with projected revenues of 3.79 billion yuan in 2025, reflecting a 22.25% year-on-year growth, and net profits expected to reach 420 million yuan [1][10]. - The earnings per share (EPS) are forecasted to improve from 0.15 yuan in 2024 to 0.49 yuan in 2025, indicating a positive trend in profitability [1][10]. Competitive Landscape - The Chinese analytical instrument market is currently dominated by foreign brands, with a high import rate for advanced products. However, domestic manufacturers like HaiNeng Technology are gradually gaining market share by offering competitive pricing and tailored services [9][58]. - The report highlights the importance of innovation and quality improvement in enhancing the competitive position of domestic firms in the analytical instrument sector [9][58].