Group 1 - The company, Harbin Electric Group Jiamusi Electric Machine Co., Ltd., will hold a semi-annual performance briefing on September 4, 2025, from 15:00 to 16:30 via online remote method [1][2] - The briefing aims to provide investors with insights into the company's financial status, operational performance, and development plans [1] - Key attendees will include the Chairman, General Manager, Independent Director, Chief Accountant, and Secretary of the Board [1] Group 2 - Investors are encouraged to participate in the performance briefing through the investor relations interactive platform [2] - The company is collecting questions from investors in advance to enhance the relevance of the discussion during the briefing [2] - The deadline for investors to submit questions is September 3, 2025, at 15:00 [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 公司名稱: 哈爾濱電氣股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01133 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 675,571,000 | RMB | | 1 RMB | | 675,571,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 675,571,000 | RMB | | 1 RMB | | 675,571,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Group 1: Company Performance - Harbin Electric reported a total revenue of approximately 22.696 billion yuan, representing a year-on-year increase of 31.49% [1] - The net profit attributable to the parent company was approximately 1.051 billion yuan, showing a year-on-year growth of 101.06% [1] - The company achieved a formal contract signing amount of 35.561 billion yuan, an increase of 36.64% year-on-year [1] Group 2: Segment Performance - New power equipment revenue was 19.195 billion yuan, a decrease of 1.39% year-on-year [1] - Green low-carbon driven equipment revenue was 376 million yuan, down 39.65% year-on-year [1] - Clean and efficient industrial systems revenue was 1.792 billion yuan, a decline of 33.08% year-on-year [1] - Engineering contracting and trade revenue surged to 10.485 billion yuan, an increase of 3,618.09% year-on-year [1] - Modern manufacturing services revenue reached 3.713 billion yuan, up 24.76% year-on-year [1] Group 3: Export Orders - The company achieved export orders of 11.874 billion yuan, reflecting a significant year-on-year increase of 945.25% [1] Group 4: Analyst Ratings and Projections - UBS initiated a "Buy" rating for Harbin Electric with a target price of 9.6 HKD, forecasting a compound annual growth rate of 19% in earnings per share from 2024 to 2029 [2] - The firm anticipates a 25% average annual growth rate in gross profit for nuclear equipment in China from 2025 to 2028 [2] - Each new small modular reactor (SMR) is expected to provide approximately 620 million yuan in revenue upside for Harbin Electric [2]

Group 1 - Harbin Electric's stock rose over 5%, reaching HKD 7.92 with a trading volume of HKD 47.97 million [1] - The company reported a total revenue of approximately RMB 22.696 billion for the first half of 2025, a year-on-year increase of 31.49% [1] - Net profit attributable to the parent company was around RMB 1.051 billion, reflecting a year-on-year growth of 101.06% [1] Group 2 - The company achieved a formal contract signing amount of RMB 35.561 billion, up 36.64% year-on-year [1] - Export orders reached RMB 11.874 billion, marking a significant year-on-year increase of 945.25% [1] - UBS initiated a "Buy" rating for Harbin Electric with a target price of HKD 9.6, forecasting a compound annual growth rate of 19% in earnings per share from 2024 to 2029 [2] Group 3 - The report anticipates a 25% average annual growth rate in gross profit for nuclear equipment in China from 2025 to 2028 [2] - Each new small modular reactor (SMR) is expected to generate approximately RMB 620 million in revenue for Harbin Electric [2] - There is increased market confidence in the nuclear power outlook and Harbin Electric's order execution capabilities, suggesting potential for re-rating [2]

Core Viewpoint - Harbin Electric (01133.HK) reported significant growth in revenue and net profit for the six months ending June 30, 2025, indicating strong financial performance and operational efficiency [1] Financial Performance - The company achieved operating revenue of 2,247,401 thousand yuan, representing a year-on-year increase of 31.86% [1] - The net profit attributable to the owners of the parent company was 105,089 thousand yuan, showing a remarkable year-on-year growth of 101.06% [1] - Earnings per share increased to 0.47 yuan, up by 0.24 yuan compared to the previous year [1] Equity and Asset Value - As of the end of the reporting period, the total equity attributable to the owners of the parent company was 1,612,270 thousand yuan, an increase of 63,994 thousand yuan from the beginning of the year [1] - The net asset value per share rose to 7.21 yuan, reflecting an increase of 0.29 yuan since the start of the year [1]

Core Insights - Harbin Electric (01133) reported a total revenue of approximately 22.696 billion yuan for the first half of 2025, representing a year-on-year increase of 31.49% [1] - The net profit attributable to shareholders was about 1.051 billion yuan, showing a significant year-on-year growth of 101.06% [1] - Basic earnings per share stood at 0.47 yuan [1] Revenue Breakdown - The company achieved a formal contract signing amount of 35.561 billion yuan, up 36.64% year-on-year [1] - New energy equipment contracts totaled 19.195 billion yuan, a slight decline of 1.39% year-on-year [1] - Coal power equipment: 11.286 billion yuan, up 4.17% [1] - Hydropower equipment: 5.996 billion yuan, up 34.26% [1] - Nuclear power equipment: 0.867 billion yuan, down 71.64% [1] - Green low-carbon driven equipment contracts were 0.376 billion yuan, down 39.65% [1] - Clean and efficient industrial systems contracts reached 1.792 billion yuan, down 33.08% [1] - Engineering contracting and trade amounted to 10.485 billion yuan, a remarkable increase of 3,618.09% [1] - Modern manufacturing services generated 3.713 billion yuan, up 24.76% [1] - Export orders surged to 11.874 billion yuan, reflecting a year-on-year increase of 945.25% [1] Production Metrics - The company produced 20.12 million kilowatts of generating equipment, a year-on-year increase of 39.05% [1] - Hydroelectric generator sets: 4.64 million kilowatts, up 13.45% [1] - Steam turbines: 15.48 million kilowatts, up 49.13% [1] - Power station boilers: 1.3 million kilowatts, down 58.20% [1] - Power station steam turbines: 9.49 million kilowatts, up 3.72% [1]

Group 1: Financial Performance - The company reported total revenue of approximately 22.696 billion yuan, representing a year-on-year increase of 31.49% [1] - The net profit attributable to the parent company was approximately 1.051 billion yuan, showing a year-on-year growth of 101.06% [1] - Basic earnings per share were 0.47 yuan [1] Group 2: Contract and Order Performance - The company achieved a formal contract signing amount of 35.561 billion yuan, an increase of 36.64% year-on-year [1] - The new power equipment segment generated 19.195 billion yuan, a slight decrease of 1.39% year-on-year [1] - Export orders reached 11.874 billion yuan, reflecting a significant year-on-year increase of 945.25% [1] Group 3: Production Metrics - The company produced 20.12 million kilowatts of generating equipment, marking a year-on-year increase of 39.05% [2] - The production of hydraulic turbine generator sets was 4.64 million kilowatts, up 13.45% year-on-year [2] - The production of steam turbines was 15.48 million kilowatts, showing a year-on-year increase of 49.13% [2]

[General Information](index=1&type=section&id=General%20Information) This announcement discloses the unaudited operating results for the six months ended June 30, 2025, with RMB as the reporting currency [Announcement Details](index=1&type=section&id=Announcement%20Details) The announcement details the unaudited but reviewed operating performance of Harbin Electric Company Limited and its subsidiaries for the first half of 2025 - This announcement discloses the unaudited but reviewed operating results of Harbin Electric Company Limited and its subsidiaries for the six months ended June 30, 2025[3](index=3&type=chunk) - All currencies discussed in the report are in **RMB**, unless otherwise specified[4](index=4&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the consolidated financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in equity [Consolidated Balance Sheet](index=2&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets increased by 11.76% to **RMB 80.41 billion**, with liabilities rising 14.05% to **RMB 63.59 billion**, and an asset-liability ratio of **79.08%** Consolidated Balance Sheet Key Data (As of June 30, 2025) | Metric | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 80,410,032,989.42 | 71,946,155,154.17 | +8,463,877,835.25 | +11.76% | | Total Current Assets | 67,682,918,516.57 | 60,208,795,230.03 | +7,474,123,286.54 | +12.41% | | Total Non-current Assets | 12,727,114,472.85 | 11,737,359,924.14 | +989,754,548.71 | +8.43% | | **Total Liabilities** | 63,588,484,622.91 | 55,756,293,925.45 | +7,832,190,697.46 | +14.05% | | Total Current Liabilities | 61,406,117,639.53 | 53,192,396,798.99 | +8,213,720,840.54 | +15.44% | | Total Non-current Liabilities | 2,182,366,983.38 | 2,563,897,126.46 | -381,530,143.08 | -14.88% | | **Total Shareholders' Equity** | 16,821,548,366.51 | 16,189,861,228.72 | +631,687,137.79 | +3.90% | | Total Equity Attributable to Owners of the Parent Company | 16,122,704,764.35 | 15,482,762,134.00 | +639,942,630.35 | +4.13% | | Asset-Liability Ratio | 79.08% | 77.49% | +1.59% | - | - The increase in total liabilities is primarily due to business growth and increases in **bills payable**, **accounts payable**, and **contract liabilities** (advances from customers)[81](index=81&type=chunk) [Consolidated Income Statement](index=7&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, total operating revenue grew **31.49%** to **RMB 22.70 billion**, with net profit attributable to the parent company increasing **101.06%** to **RMB 1.05 billion** Consolidated Income Statement Key Data (January-June 2025) | Metric | January-June 2025 (RMB) | January-June 2024 (RMB) | Change | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 22,696,104,178.47 | 17,260,636,497.03 | +5,435,467,681.44 | +31.49% | | Total Operating Costs | 21,442,004,500.37 | 16,640,870,337.70 | +4,801,134,162.67 | +28.85% | | Operating Profit | 1,222,779,847.09 | 694,868,031.09 | +527,911,816.00 | +76.09% | | Total Profit | 1,227,435,715.46 | 690,481,328.01 | +536,954,387.45 | +77.77% | | Net Profit | 1,056,332,627.14 | 541,073,632.84 | +515,258,994.30 | +95.23% | | Net Profit Attributable to Owners of the Parent Company | 1,050,891,055.16 | 522,667,422.32 | +528,223,632.84 | +101.06% | | Basic Earnings Per Share (RMB) | 0.47 | 0.23 | +0.24 | +104.35% | | Diluted Earnings Per Share (RMB) | 0.47 | 0.23 | +0.24 | +104.35% | - Net after-tax other comprehensive income shifted from a negative value in the prior period to a positive value, indicating a significant increase in **total comprehensive income**[12](index=12&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) [Consolidated Cash Flow Statement](index=12&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash flow from operating activities significantly improved to **RMB 3.19 billion**, driven by stronger collections Consolidated Cash Flow Statement Key Data (January-June 2025) | Metric | January-June 2025 (RMB) | January-June 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,192,093,533.31 | -1,430,147,768.73 | +4,622,241,302.04 | | Net Cash Flow from Investing Activities | -1,051,156,166.95 | -2,326,470.95 | -1,048,829,696.00 | | Net Cash Flow from Financing Activities | -398,946,560.54 | -676,024,063.22 | +277,077,502.68 | | Net Increase in Cash and Cash Equivalents | 1,668,743,579.33 | -2,165,912,507.45 | +3,834,656,086.78 | | Cash and Cash Equivalents at Period End | 16,842,496,950.52 | 15,198,319,600.90 | +1,644,177,349.62 | - Net cash flow from operating activities significantly increased, primarily due to the company's enhanced efforts in **accounts receivable collection**[83](index=83&type=chunk) [Consolidated Statement of Changes in Equity](index=17&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the parent company increased by **RMB 0.64 billion**, driven by higher comprehensive income Changes in Equity Attributable to Owners of the Parent Company (January-June 2025) | Metric | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Parent Company | 16,122,704,764.35 | 15,482,762,134.00 | +639,942,630.35 | | Other Comprehensive Income | -17,522,025.30 | -102,281,657.96 | +84,759,632.66 | | Retained Earnings | 7,364,157,846.98 | 6,823,254,033.56 | +540,903,813.42 | | Total Comprehensive Income (Attributable to Parent Company) | 1,133,298,098.08 | 504,875,133.08 | +628,422,965.00 | - Net after-tax other comprehensive income for the current period was **RMB 85,272,494.20**, compared to **RMB -17,792,289.24** in the prior period, indicating significant improvement[12](index=12&type=chunk) [Consolidated Financial Summary](index=23&type=section&id=Consolidated%20Financial%20Summary) This section provides a summary of the company's information, financial statement preparation basis, accounting policies, segment information, and key financial notes [Company Information](index=23&type=section&id=Company%20Information) Harbin Electric Company Limited, incorporated in 1994, specializes in power generation equipment and EPC, with Harbin Electric Group Co., Ltd. as its ultimate controlling entity - The company was incorporated in Harbin on **October 6, 1994**, and restructured as a Hong Kong-listed joint-stock company on **November 5, 1994**[34](index=34&type=chunk) - The company's parent company and ultimate controlling party is **Harbin Electric Group Co., Ltd**[35](index=35&type=chunk) - The company's main business involves the production and sale of power generation equipment and undertaking **EPC projects for power plants**, operating in the generator and generator set manufacturing industry[35](index=35&type=chunk) [Basis of Preparation and Compliance](index=23&type=section&id=Basis%20of%20Preparation%20and%20Compliance) Financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards and relevant regulatory disclosure requirements - The financial statements are prepared on a **going concern basis**, in accordance with **Chinese Enterprise Accounting Standards** and relevant regulations from the **CSRC** and **HKEX**[36](index=36&type=chunk) - The company declares that the prepared financial statements comply with **Enterprise Accounting Standards**, truly and completely reflecting the financial position, operating results, and cash flows[37](index=37&type=chunk) - Chinese mainland Enterprise Accounting Standards are equivalent to **Hong Kong Financial Reporting Standards**, allowing Hong Kong-listed companies to prepare financial reports using Chinese mainland standards[37](index=37&type=chunk) [Significant Accounting Policies and Estimates](index=24&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The fiscal year runs from January 1 to December 31, with RMB as the primary functional currency, and specific accounting policies for business combinations are detailed - The accounting period is from **January 1 to December 31** of the Gregorian calendar[38](index=38&type=chunk) - The company and most of its subsidiaries use **RMB** as their functional currency, while some Hong Kong subsidiaries use **USD**[39](index=39&type=chunk) - Detailed provisions are made for the measurement of assets and liabilities in **business combinations under common control**, and the criteria for identifying the acquisition date and treatment of merger costs in **business combinations not under common control**[40](index=40&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - Intermediary fees such as audit, legal services, and appraisal consulting incurred for business combinations are recognized as **current period expenses** when incurred[46](index=46&type=chunk) [Segment Information and Accounting Policy Changes](index=26&type=section&id=Segment%20Information%20and%20Accounting%20Policy%20Changes) The company's main business is segmented into four areas, with New Power Systems being the largest contributor, and new accounting standards for warranty provisions were adopted with no material profit impact - The company's main business is divided into three systems: **New Power Systems** (primarily new energy), **Clean and Efficient Industrial Systems**, **Green and Low-Carbon Drive Systems**, with the finance company and other non-core businesses as a separate segment[47](index=47&type=chunk)[51](index=51&type=chunk) - Inter-segment transfer prices are determined by **actual transaction prices**, and indirect expenses are allocated based on **revenue proportion**[48](index=48&type=chunk)[53](index=53&type=chunk) - Effective **January 1, 2024**, the company adopted **Interpretation No. 18 of Enterprise Accounting Standards**, accounting for provisions arising from warranty-type quality assurance, with no significant impact on profit[49](index=49&type=chunk) Segment Financial Information (January-June 2025) | Item | New Power Systems | Green and Low-Carbon Drive Systems | Clean and Efficient Industrial Systems | Other Businesses | Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Million RMB) | 15,900.85 | 170.76 | 2,287.26 | 6,099.17 | -1,761.94 | 22,696.10 | | Net Profit (Million RMB) | 1,129.01 | 12.12 | 162.40 | 433.06 | -680.26 | 1,056.33 | | Total Assets (Million RMB) | 79,265.51 | 851.22 | 11,401.98 | 30,404.29 | -41,512.97 | 80,410.03 | | Total Liabilities (Million RMB) | 61,110.91 | 656.26 | 8,790.53 | 23,440.64 | -30,409.85 | 63,588.48 | [Notes to Consolidated Financial Statements](index=29&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details management expenses, impairment losses, dividends, EPS, income tax, and accounts receivable/payable, noting increases in expenses and receivables, and a significant rise in EPS Management Expenses Details (January-June 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Staff Remuneration | 381,714,576.48 | 325,677,609.51 | +56,036,966.97 | +17.21% | | Depreciation and Amortization | 109,964,713.77 | 97,759,883.59 | +12,204,830.18 | +12.48% | | Total | 758,385,864.32 | 658,448,508.09 | +99,937,356.23 | +15.18% | Credit Impairment Losses (January-June 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | Bad Debt Losses | -164,647,350.97 | 15,629,160.48 | -180,276,511.45 | | Impairment Losses on Other Debt Investments | -31,838,347.50 | 0.00 | -31,838,347.50 | | Total | -196,485,698.47 | 15,629,160.48 | -212,114,858.95 | Asset Impairment Losses (January-June 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | Inventory Impairment Losses | -30,870,653.12 | -7,373,314.31 | -23,497,338.81 | | Contract Asset Impairment Losses | -62,094,275.36 | -74,578,741.05 | +12,484,465.69 | | Fixed Asset Impairment Losses | -309,873.46 | 0.00 | -309,873.46 | | Total | -93,274,801.94 | -81,952,055.36 | -11,322,746.58 | - The Board of Directors does not recommend the distribution of an **interim dividend** for the six months ended June 30, 2025[56](index=56&type=chunk)[97](index=97&type=chunk) - The company and some subsidiaries enjoy a **15% preferential income tax rate** as high-tech enterprises, while other Chinese subsidiaries pay **25%**[58](index=58&type=chunk)[90](index=90&type=chunk) - As of June 30, 2025, total accounts receivable amounted to **RMB 9.39 billion**, with bad debt provisions of **RMB 4.05 billion**, resulting in a net amount of **RMB 5.34 billion**[61](index=61&type=chunk)[62](index=62&type=chunk) - The net amount of bad debt provisions accrued, reversed, or recovered in the current period was **RMB 0.102 billion**, with no actual write-offs of accounts receivable during the period[65](index=65&type=chunk)[66](index=66&type=chunk) - As of June 30, 2025, total accounts payable amounted to **RMB 19.51 billion**, representing a **17.75% increase** from the beginning of the period[68](index=68&type=chunk) [Industry Development and Business Review](index=35&type=section&id=Industry%20Development%20and%20Business%20Review) In H1 2025, the company achieved significant performance growth, with substantial increases in revenue, net profit, contract signings, and export orders, driven by accelerated green energy transition and increased R&D investment - In H1 2025, national newly installed power generation capacity reached **293.32 million kilowatts**, with wind and solar power accounting for **89.9%** of the total new capacity[70](index=70&type=chunk) H1 2025 Operating Performance Overview | Metric | H1 2025 (RMB) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 22.474 billion | +31.86% | | Net Profit Attributable to Owners of Parent Company | 1.051 billion | +101.06% | | Earnings Per Share | 0.47 | +0.24 | | Formal Contract Signing Amount | 35.561 billion | +36.64% | | Export Orders | 11.874 billion | +945.25% | - Formal contract signing amounts for **EPC and trade** and **export orders** significantly increased, primarily due to the official commencement of a large-scale EPC project in the **Saudi Arabia region**[74](index=74&type=chunk) - The company produced **20.12 million kilowatts** of power generation equipment, a **39.05% year-on-year increase**[75](index=75&type=chunk) - Export revenue was **RMB 4.01 billion**, accounting for **17.83% of operating revenue**, primarily to **Asian regions**[76](index=76&type=chunk) - Gross profit margin was **12.05%**, an increase of **0.70 percentage points year-on-year**, mainly due to higher gross profit margins for **nuclear and hydropower products**[78](index=78&type=chunk)[79](index=79&type=chunk) - Total period expenses amounted to **RMB 1.58 billion**, an increase of **RMB 0.12 billion year-on-year**, with increases in **management and R&D expenses**[80](index=80&type=chunk) - Total assets were **RMB 80.41 billion**, an **11.76% increase**; total liabilities were **RMB 63.59 billion**, a **14.05% increase**, with an asset-liability ratio of **79.08%**[81](index=81&type=chunk) - Monetary funds amounted to **RMB 17.91 billion**, an **11.62% increase**[83](index=83&type=chunk) - Completed **fixed asset investments of RMB 0.48 billion**, primarily for enhancing **nuclear power** and **pumped-storage hydropower capacity** and technological upgrades[85](index=85&type=chunk) - The company entered into capital increase agreements with Jiadian Co., Ltd. and Dongzhuang Co., Ltd., increasing capital in Dongzhuang Co., Ltd., which resulted in a **9.58% reduction** in the company's shareholding percentage[86](index=86&type=chunk) - To manage exchange rate fluctuation risks, the company signed **forward foreign exchange settlement contracts** for a portion of future foreign currency receivables from overseas projects[87](index=87&type=chunk) - All **2023 raised funds** have been fully utilized according to their planned purposes and schedule[88](index=88&type=chunk)[89](index=89&type=chunk) - R&D investment increased by **62.87% year-on-year** in H1, with an R&D intensity of **4.41%**, achieving significant technological breakthroughs in areas such as **gas turbines, hydro turbines, nuclear steam turbine retrofits, waste incineration boilers, and compressed air energy storage power stations**[92](index=92&type=chunk)[93](index=93&type=chunk) - As of June 30, 2025, the company had **11,143 employees**, with total remuneration of **RMB 1.03 billion**, and implemented a **stock appreciation rights incentive plan**[94](index=94&type=chunk) [Outlook](index=43&type=section&id=Outlook) The company anticipates significant growth in new energy capacity in 2025 and plans to enhance profitability, innovation, and operational efficiency to deliver better shareholder returns - National newly installed power generation capacity is expected to exceed **500 million kilowatts** in 2025, with new energy generation accounting for approximately **400 million kilowatts**[98](index=98&type=chunk) - The company will focus on serving national strategies, prioritizing **efficiency and effectiveness**, deepening quality and efficiency improvements, and enhancing **profitability and cost competitiveness**[99](index=99&type=chunk) - The company will adhere to **technological innovation** to foster new productive forces, comprehensively enhance the overall effectiveness of its innovation system, continuously increase funding, and advance breakthroughs in **key core technologies**[99](index=99&type=chunk) - The company will deepen reforms, optimize resource allocation, and strategically plan investment scale and structure to enhance investment efficiency, focusing on **technological innovation, industrial upgrading, and digital transformation**[99](index=99&type=chunk) [Shareholder and Governance Information](index=44&type=section&id=Shareholder%20and%20Governance%20Information) As of June 30, 2025, total share capital was **2.24 billion shares**, with Harbin Electric Group Co., Ltd. as the largest shareholder; the company adheres to governance codes, and recent board changes include a new Chairman Major Shareholders' Equity Interests (As of June 30, 2025) | Shareholder Name | Share Class | Number of Shares | Capacity | Percentage of Relevant Class of Share Capital | Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Harbin Electric Group Co., Ltd. | State-owned Legal Person Shares | 1,560,705,000 | Beneficial Owner | 100% | 69.79% | - As of June 30, 2025, none of the company's directors, supervisors, senior management, or their associates held any **equity interests or short positions** in the company or its associated corporations[102](index=102&type=chunk) - The company complies with the provisions of Appendix C3 'Model Code for Securities Transactions by Directors of Listed Issuers' and Appendix C1 'Corporate Governance Code' of the **Listing Rules**[103](index=103&type=chunk)[107](index=107&type=chunk) - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's **listed securities**[104](index=104&type=chunk) - The company provided guarantees totaling **RMB 0.303 billion** to its subsidiaries, with no external guarantees provided to third parties[105](index=105&type=chunk) - The company has **RMB 0.29 billion** in pledged assets for working capital loans, a significant increase from **RMB 84.88 million** as of June 30, 2024[106](index=106&type=chunk) - On **July 9, 2025**, Mr. Cao Zhian resigned as Executive Director and Chairman, and Mr. Huang Wei was elected Chairman, also resigning from his position as President[107](index=107&type=chunk) - The Audit Committee has reviewed and approved the company's **interim results report** for the six months ended June 30, 2025[108](index=108&type=chunk) - ShineWing Certified Public Accountants (Special General Partnership), the auditor, has reviewed the **interim results report**[109](index=109&type=chunk)

Core Viewpoint - UBS initiates coverage on Harbin Electric (01133) with a "Buy" rating and a target price of HKD 9.6, projecting a compound annual growth rate (CAGR) of 19% in earnings per share from 2024 to 2029 [1] Company Summary - UBS expects the gross profit growth rate for nuclear equipment in China to average 25% from 2025 to 2028 [1] - Each new small modular reactor (SMR) is estimated to provide Harbin Electric with an additional revenue potential of approximately RMB 620 million [1] - The market's increasing confidence in the prospects of nuclear power and Harbin Electric's order execution capability suggests potential for a re-rating of the company [1] Industry Summary - The Tibet Yaxia hydropower project is expected to create additional infrastructure demand, although the specific timing and allocation remain uncertain [1] - The upside potential from the project has not been fully recognized by the market [1]

Core Viewpoint - UBS initiates coverage on Harbin Electric (01133) with a "Buy" rating and a target price of HKD 9.6, projecting a compound annual growth rate (CAGR) of 19% in earnings per share from 2024 to 2029 [1] Company Summary - UBS expects the gross profit growth rate for nuclear equipment in China to average 25% from 2025 to 2028 [1] - Each new small modular reactor (SMR) is estimated to contribute approximately RMB 620 million in revenue upside for Harbin Electric [1] - The market shows increased confidence in the nuclear power outlook and Harbin Electric's order execution capabilities, indicating potential for a re-rating [1] Industry Summary - The Tibet Yaxia hydropower project is expected to create additional infrastructure demand, although the specific timing and allocation remain uncertain [1] - The upside potential from the project has not been fully recognized by the market [1]