WUYIGE Certified Public Accountants LLP 1 号 Room 2206 22/F, Xueyuan International Tower 传真 Fa 0 22 层 2206 No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 出 : Telenhone · +86 (10) 82330558 网 til- Internet. www.daxincna.com.cn 关于泰豪科技股份有限公司 上期审计意见非标事项在本期已消除的专项说明 大信备字[2025]第 6-00002 号 消除上期非标事项的具体措施等事项说明如下: 一、上期审计意见非标事项段的具体内容 我们对贵公司 2023 年度财务报表出具了保留意见审计报告,2023 年度审计报告第二条 "形成保留意见的基础"所述保留意见事项具体内容如下: 福州德塔动力设备有限公司原总经理因部分股东纠纷拒绝配合贵公司 2023年度报表审计。 截止审计报告日,我们无法对福州德塔动力设备有限公司实施审计,审计范围受限。贵公司于 2023年1月1日起将福州德塔动力设备有限公司不 ...

泰豪科技股份有限公司 非经营性资金占用及其他关 联资金往来情况汇总表的专 项审计报告 大信专审字[2025]第 6-00008 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 。您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查 一、管理层和治理层的责任 按照中国证券监督管理委员会等四部门联合发布的《上市公司监管指引第 8 号-- 上 市公司资金往来、对外担保的监管要求》的规定,编制非经营性资金占用及其他关联资金往 来情况汇总表,确保其真实、准确、完整是贵公司管理层的责任。 治理层负责监督贵公司非经营性资金占用及其他关联资金往来情况汇总表编制过程。 二、注册会计师的责任 Room 2206 22/F. Xuevuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 非经营性资金占用及其他关联资金往来情况汇总表的 专项审计报告 大信专审字[2025]第 6-00008 号 泰豪科 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥956,254,787.46, representing an increase of 8.29% compared to ¥883,032,681.62 in the same period last year[5] - Net profit attributable to shareholders reached ¥34,737,573.51, a significant increase of 751.84% from ¥4,077,937.59 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥47,354,799.01, up 15.03% from ¥41,167,857.66 in the previous year[5] - The basic earnings per share rose to ¥0.041, reflecting a 720.00% increase compared to ¥0.005 in the same period last year[5] - Operating profit for Q1 2025 was ¥79,465,224.40, significantly higher than ¥16,683,847.75 in Q1 2024, indicating a substantial improvement in operational efficiency[21] - Net profit for Q1 2025 was ¥61,975,022.83, compared to ¥15,721,825.93 in Q1 2024, reflecting a year-over-year increase of approximately 294.5%[21] - The total comprehensive income for Q1 2025 was ¥61,978,292.61, compared to ¥15,737,582.67 in Q1 2024, indicating a strong performance in overall profitability[22] Cash Flow - The net cash flow from operating activities was negative at -¥197,341,297.23, a decline of 718.48% compared to ¥31,907,303.05 in the previous year[5] - Cash flow from operating activities for Q1 2025 was negative at -197,341,297.23, compared to a positive cash flow of 31,907,303.05 in Q1 2024, representing a significant decline[24] - Total cash inflow from operating activities decreased to 1,156,384,736.37 in Q1 2025 from 1,415,899,302.37 in Q1 2024, a drop of approximately 18.3%[25] - Cash outflow from operating activities increased slightly to 1,353,726,033.60 in Q1 2025 from 1,383,991,999.32 in Q1 2024, indicating a marginal rise of about 1.2%[25] - Cash flow from investing activities showed a net inflow of 329,348,651.08 in Q1 2025, a recovery from a net outflow of -55,613,830.50 in Q1 2024[26] - Cash inflow from financing activities decreased to 771,563,153.87 in Q1 2025 from 842,120,236.98 in Q1 2024, reflecting a decline of approximately 8.3%[26] - The company reported a significant increase in cash outflow for financing activities, which rose to 1,271,423,847.74 in Q1 2025 from 1,103,406,720.57 in Q1 2024, an increase of about 15.3%[26] - The ending cash and cash equivalents balance for Q1 2025 was 639,530,692.81, down from 748,660,223.75 in Q1 2024, a decrease of approximately 14.6%[26] - The company experienced a negative net increase in cash and cash equivalents of -367,847,705.11 in Q1 2025, compared to -284,616,248.31 in Q1 2024, reflecting a worsening cash position[26] Assets and Liabilities - Total assets decreased by 7.09% to ¥11,303,219,174.60 from ¥12,165,782,398.94 at the end of the previous year[8] - Total liabilities decreased from ¥7,912,841,083.16 to ¥6,987,460,910.01, a decline of approximately 11.6%[17] - The company's equity increased from ¥4,252,941,315.78 to ¥4,315,758,264.59, showing a growth of about 1.5%[17] - Current assets as of March 31, 2025, amount to ¥8,004,137,640.57, a decrease from ¥8,647,339,297.30 as of December 31, 2024[15] - Cash and cash equivalents decreased to ¥979,914,489.85 from ¥1,260,535,793.95[15] - Accounts receivable slightly decreased to ¥3,682,526,529.91 from ¥3,708,596,179.32[15] - Inventory decreased to ¥2,285,725,779.03 from ¥2,463,459,169.31[15] - Long-term equity investments increased to ¥917,443,303.39 from ¥815,972,989.84[15] - Other non-current financial assets decreased to ¥800,775,319.97 from ¥1,110,682,129.54[15] Shareholder Information - Total shareholders at the end of the reporting period reached 88,252[12] - The largest shareholder, Tongfang Co., Ltd., holds 167,315,574 shares, representing 19.62% of total shares[12] - The second-largest shareholder, Taihao Group Co., Ltd., holds 128,569,272 shares, accounting for 15.07% of total shares, with 127,500,000 shares pledged[12] Expenses - The company reported a significant decrease in financial expenses by 30.51% due to a reduction in interest-bearing liabilities[9] - The income tax expense increased by 314.20% due to the growth in total profit for the period[9] - Research and development expenses for Q1 2025 were ¥16,000,071.10, slightly down from ¥16,274,520.46 in Q1 2024, indicating a focus on cost management[21] - The company reported a significant increase in credit impairment losses, which rose to ¥49,996,083.78 from ¥43,826,736.29 in the previous year[21]

Financial Performance - The company's operating revenue for 2024 was approximately ¥4.36 billion, representing a 1.71% increase compared to ¥4.28 billion in 2023[22]. - The net profit attributable to shareholders for 2024 was a loss of approximately ¥991 million, a significant decrease from a profit of ¥56 million in 2023, marking a decline of 1,862.01%[22]. - The net cash flow from operating activities for 2024 was approximately ¥31.50 million, a recovery from a negative cash flow of ¥193.20 million in 2023[22]. - The total assets at the end of 2024 were approximately ¥12.17 billion, down 10.52% from ¥13.60 billion at the end of 2023[22]. - The net assets attributable to shareholders decreased by 11.21% to approximately ¥3.09 billion at the end of 2024, compared to ¥3.48 billion at the end of 2023[22]. - The company reported a decrease in revenue from its main business activities, with a total of approximately ¥4.29 billion, up 1.99% from ¥4.20 billion in 2023[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of approximately ¥878 million, compared to a loss of ¥775 million in 2023, reflecting a 13.28% increase in losses[22]. - Basic earnings per share for 2024 were -1.16 RMB, a decrease of 1,757.14% compared to 0.07 RMB in 2023[24]. - The weighted average return on equity was -33.24%, down 34.82 percentage points from 1.58% in 2023[24]. - The net profit attributable to shareholders for the fourth quarter was -790.86 million RMB, with a significant decline from previous quarters[26]. Business Operations - The company is focusing on the military equipment industry and is actively restructuring its asset and industry structure to enhance core competitiveness[30]. - The company has implemented a sales model emphasizing distribution, aiming to establish a low-cost, high-efficiency supply chain platform[31]. - The company successfully won bids for new generation communication vehicles and related products, aiming for bulk orders[32]. - The emergency power supply market is steadily growing, benefiting from increased procurement demand in data centers and emergency equipment[32]. - The domestic emergency power market is approximately 30 billion RMB, with a stable market structure[36]. - The company has developed over 10 types of high-performance composite materials for aerospace applications, including lightweight and stealth materials[32]. - The government has allocated approximately 1 trillion RMB in special bonds for disaster recovery and emergency equipment development, significantly increasing procurement budgets[34]. - The company’s emergency special vehicles have seen significant revenue growth due to increased government procurement budgets[37]. - The military equipment market is expected to grow due to rising demands for new domain combat forces and military trade expansion[33]. - The company is a leading supplier of ground-based navigation equipment, serving over 100 military airfields[35]. Research and Development - The company invested CNY 378,541,118.37 in R&D, maintaining focus on high-power density and new energy power generation systems[45]. - Research and development expenses totaled ¥584,555,001.13, accounting for 13.42% of total revenue, with 35.24% of R&D costs capitalized[54]. - The number of R&D personnel is 594, representing 38.62% of the total workforce, with a significant portion holding advanced degrees[55]. - The company aims to enhance its product performance and reduce costs in satellite navigation core areas to capture more model tasks[35]. - The company is actively exploring opportunities in the energy storage market, with successful demonstrations of hybrid products combining diesel generators and energy storage[36]. Market Trends - The military equipment industry is experiencing a shift towards new fields such as space and cyber warfare, with increasing demand for advanced materials and technologies[76]. - The emergency equipment industry is rapidly developing, driven by government demand for safety and emergency response, with significant growth expected in the data center sector[76]. - The domestic data center construction scale is projected to maintain high growth rates, particularly in AI computing power investments, which will boost demand for emergency power diesel generator sets[76]. - The military navigation equipment market is stable, with a shift from fixed to mobile systems expected to drive market growth[77]. - The emergency power industry in China is maturing, with high-power emergency power solutions becoming essential for data center infrastructure stability[80]. Governance and Compliance - The company maintains a robust governance structure, ensuring compliance with relevant laws and regulations, thereby protecting shareholder rights[90]. - The board of directors operates independently, fulfilling their responsibilities diligently and effectively contributing to business decisions[91]. - The company emphasizes investor relations management, utilizing various channels to address investor inquiries and enhance understanding of the company[92]. - No significant differences exist between the company's governance practices and the regulations set forth by the China Securities Regulatory Commission[92]. - The company has not experienced any major changes in competition or business operations that would affect its independence from major shareholders[90]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 57,542, a decrease from 88,252 at the end of the previous month[186]. - The largest shareholder, Tongfang Co., Ltd., holds 167,315,574 shares, accounting for 19.62% of the total shares[189]. - The second largest shareholder, Taihao Group Co., Ltd., holds 128,569,272 shares, representing 15.07% of the total shares[189]. - The top ten shareholders include a mix of state-owned and private entities, with no shareholder holding more than 20% of the total shares[186]. - The company does not have any controlling shareholder or actual controller[190]. Environmental Responsibility - The company has established emergency response plans for environmental incidents, including measures for hazardous waste and gas leak prevention[138]. - The company implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 36 tons[142]. - The Nanchang Xiaolan factory energy recovery project and Shanghai Zhongtai Plaza commercial energy storage project were successfully tested and officially connected to the grid in early May 2024[142]. - The company has established a commitment to not seek improper benefits through its controlling shareholder status, ensuring the protection of shareholder interests[148]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[142].

Core Viewpoint - Taihao Technology reported a significant increase in net profit for the first quarter of 2025, driven by growth in military equipment and emergency equipment businesses, as well as a reduction in losses from the fair value change of its equity holdings in Guokai Military Industry [1] Financial Performance - The company achieved an operating revenue of 956 million yuan, representing a year-on-year growth of 8.29% [1] - The net profit attributable to shareholders reached 34.74 million yuan, marking a remarkable year-on-year increase of 751.84% [1] Business Segments - The growth in net profit is primarily attributed to the expansion of the military equipment business and improved profitability in the emergency equipment sector [1] - The reduction in losses related to the fair value changes of equity holdings in Guokai Military Industry also contributed to the positive financial results [1]

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, leading to a significant increase in computing power demand, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential for data centers, accounting for approximately 23% of supporting infrastructure costs and 6%-7% of total data center construction costs. The market for diesel generators in data centers is projected to grow from 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, with a compound annual growth rate (CAGR) of 24% [3][31]. - Domestic brands are expected to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Drives Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, significantly enhancing domestic AI application scenarios and driving up computing power demand [3][6]. - Major tech companies like Tencent and Alibaba are increasing capital expenditures for computing power infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [3][14]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets are critical backup power sources for data centers, complementing UPS systems to ensure continuous operation during power outages [22][24]. - The construction of data centers requires diesel generator sets, which are mandated for A and B level data centers as per national standards [24][26]. - The market for diesel generator sets in data centers is expected to reach 13.16 billion yuan by 2028, driven by the rapid growth of intelligent computing power [31][32]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The core components of diesel generator sets, particularly diesel engines, are dominated by foreign brands, which hold a 90% market share in 2024. However, domestic brands are gaining market share due to supply chain challenges faced by foreign manufacturers [3][47]. - Recent bidding results show that domestic manufacturers like Weichai Heavy Machinery have significantly increased their market share in high-pressure diesel generator sets [66][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as KOTAI Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, significantly increasing the demand for computing power, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential backup power sources for data centers, which are experiencing substantial capital expenditure growth due to rising computing power demands [3][5]. - Domestic brands are poised to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Boosts Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, enhancing the domestic AI application landscape and driving up computing power needs [6][14]. - Major tech companies like Tencent and Alibaba are significantly increasing their capital expenditures for computing infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [14][15]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets account for 23% of the supporting infrastructure costs in data centers, which are projected to grow from a market size of 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 24% [3][31]. - The demand for high-capacity diesel generators is expected to rise significantly due to the increasing construction of AI-related data centers, which require robust power backup systems [24][26]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The market for diesel engines in data centers is dominated by foreign brands, but domestic manufacturers are gaining market share due to supply chain challenges faced by foreign companies [3][47]. - Recent bidding results show that domestic brands like Weichai Heavy Machinery have significantly increased their market share, with Weichai's share rising to 40% in recent tenders [3][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as Keta Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

证券代码：688543 证券简称：国科军工 公告编号：2025-022 江西国科军工集团股份有限公司 关于持股5%以上股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 大股东持股的基本情况 本次减持计划实施前，江西国科军工集团股份有限公司（以下简称"公司"）股东泰豪科技股份有限公司 （以下简称"泰豪科技"）持有公司股份10,328,985股，占公司总股本的5.88%，其中7,728,985股来源为公 司IPO前取得的股份，2,600,000股为公司2023年年度权益分派实施资本公积转增股本取得的股份，且均 于2024年6月21日起上市流通。 ● 减持计划的实施结果情况 2024年12月19日，公司披露了《江西国科军工集团股份有限公司关于持股5%以上股东减持股份计划公 告》（公告编号：2024-086）。因股东自身资金需要，泰豪科技计划通过集中竞价交易方式减持公司股 份数量不超过1,757,015股，占公司总股本的比例不超过1%，计划通过大宗交易方式减持公司股份数量 不超过3 ...

国科军工公告，股东泰豪科技（600590）减持股份结果，持股比例由5.88%减少至5.00%。泰豪科技通 过集中竞价交易减持175.69万股，大宗交易减持336.5万股，合计减持512.19万股，占公司总股本比例 2.92%，减持总金额2.44亿元。减持计划时间届满，减持计划结束。 ...

证券代码：600590 证券简称：泰豪科技 公告编号：临 2025-024 泰豪科技股份有限公司 关于持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 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法律责任。 重要内容提示： 股东持股的基本情况：截至本公告披露日，泰豪科技股份有限公司（以 下简称"泰豪科技"或"公司"）股东山西银行股份有限公司（以下简称"山西 银行"）持有公司无限售流通股份 44,398,172 股，占公司总股本的 5.21%，属于 公司持股 5%以上的股东。 (一)相关股东是否有其他安排 □是 √否 (二)大股东及董监高此前对持股比例、持股数量、持股期限、减持方式、减持数 量、减持价格等是否作出承诺 □是 √否 减持计划的主要内容：公司近日收到山西银行出具的《关于减持泰豪科 技股份有限公司部分股份计划的告知函》，因股东自身资金需求，山西银行拟于 本减持计划披露之日起 15 个交易日后的 3 个月内，以集中竞价方式减持其持有 的公司股份不超过 8,528,697 股，即不超过公司总股本的 1.00%。 | 股东名称 | 山西 ...