Core Viewpoint - Hongsheng Huayuan, the largest transmission line tower supplier in China, announced a pre-bid win of approximately 584 million yuan in the State Grid's procurement for 2025, which is expected to positively impact the company's performance [1][2]. Group 1: Company Performance - In the first three quarters of 2025, Hongsheng Huayuan achieved a net profit attributable to shareholders of 283 million yuan, representing a year-on-year increase of 58.54% [3][4]. - The company's gross profit margin for the first three quarters of 2025 was 12.13%, an increase of 3.02 percentage points compared to the same period last year [4]. - For the full year of 2024, the company reported a revenue of 10.139 billion yuan, a year-on-year growth of 9.07%, and a net profit of 230 million yuan, up 85.52% [3]. Group 2: Market Position and Orders - As of the end of September 2025, Hongsheng Huayuan had a contract liability balance of 490 million yuan, an increase of 32.4% from the end of 2024, indicating a strong order backlog [3]. - The company secured a total of 7.109 billion yuan in bids in the first half of 2025, a year-on-year increase of 47.25%, with domestic bids amounting to 5.884 billion yuan, up 68.19% [3]. Group 3: Technological Advancements - Hongsheng Huayuan has invested significantly in R&D, with expenditures increasing from 52.17 million yuan in 2021 to 121 million yuan in 2024, reflecting a commitment to innovation [7]. - The company has implemented advanced manufacturing technologies, including automated systems and intelligent production lines, enhancing production efficiency and safety [6][7]. Group 4: Industry Standing - Hongsheng Huayuan is recognized as a "national team" in the domestic transmission line tower manufacturing industry, with leading production capacity and technology levels [1][6]. - The company has participated in all major ultra-high voltage projects in China, establishing a strong technical foundation and industry recognition [6].

Market Overview - The professional engineering sector experienced a decline of 0.48% on November 4, with Shanghai Port leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the professional engineering sector included: - Yaxiang Integration (603929) with a closing price of 50.30, up 7.69% and a trading volume of 159,900 shares [1] - Yongfu Co., Ltd. (300712) closed at 29.12, up 5.78% with a trading volume of 231,300 shares [1] - Shikong Technology (605178) closed at 66.49, up 4.13% with a trading volume of 208,300 shares [1] - Other stocks with positive performance included: - Rishang Group (002593) up 2.27% [1] - Huadian Technology (601226) up 1.34% [1] Decliners - Major decliners included: - Fei Gui Yu Shan (605598) down 3.13% with a trading volume of 91,600 shares [2] - Honglu Steel Structure (002541) down 3.10% with a trading volume of 66,100 shares [2] - Shenghui Integration (603163) down 2.46% with a trading volume of 70,300 shares [2] Capital Flow - The professional engineering sector saw a net outflow of 395 million yuan from institutional investors, while retail investors contributed a net inflow of 310 million yuan [2][3] - Notable capital flows included: - Yongfu Co., Ltd. (300712) with a net inflow of 71.39 million yuan from institutional investors [3] - Rishang Group (002593) with a net inflow of 26.38 million yuan from institutional investors [3] - Shikong Technology (603098) with a net inflow of 15.01 million yuan from institutional investors [3]

证券代码：601096 证券简称：宏盛华源 宏盛华源铁塔集团股份有限公司 2025年第四次临时股东大会 会议资料 2025 年 11 月 | 1 | | | --- | --- | | 1 | A | | 的议案 69 | | --- | 2025 年第四次临时股东大会会议须知 为了维护全体股东的合法权益，确保公司股东大会的正常秩序和议 事效率，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股 东大会规则》以及《宏盛华源铁塔集团股份有限公司章程》（以下简称 "《公司章程》"）等相关规定，宏盛华源铁塔集团股份有限公司（以 下简称"公司"）特制订以下会议须知，请出席股东大会的全体人员遵 照执行。 一、会议期间，全体出席人员应以维护股东的合法权益、保证股东 大会的正常秩序和议事效率为原则，认真履行法定义务，自觉遵守股东 大会纪律，不得侵犯其他股东的权益，以确保股东大会的正常秩序。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东的合 法权益，请出席股东大会的股东或其代理人或其他出席者至少提前 30 分 钟到达会场签到确认参会资格。在会议主持 ...

Core Points - The company has been recommended as a candidate for multiple bidding packages in the State Grid Corporation of China's procurement for transmission and transformation projects, with a total pre-bid amount of approximately 584 million yuan, accounting for about 5.76% of the company's audited revenue for 2024 [1] Group 1: Project Overview - The project is currently in the bid result announcement stage, and the company has not yet received a formal bid notification [1] - The procurement involves multiple packages for angle steel towers and steel pipe towers, with the company being a candidate for 23 packages [1] Group 2: Impact on the Company - Winning the bid and signing the contract is expected to have a positive impact on the company's operating performance [1] - The project will not affect the company's business independence, and there will be no dependency on the contract counterpart due to contract performance [1]

Core Insights - The announcement from Hongsheng Huayuan indicates that it has been selected as a candidate for multiple procurement packages by State Grid Corporation of China, with a total pre-bid amount of approximately 584 million yuan, which represents about 5.76% of the company's audited revenue for 2024 [2] Group 1 - Hongsheng Huayuan's subsidiary has been shortlisted for 23 procurement packages related to transmission and transformation projects [2] - The pre-bid amount for the selected packages is approximately 584 million yuan [2] - This amount constitutes around 5.76% of Hongsheng Huayuan's audited revenue for the year 2024 [2]

证券代码：601096 证券简称：宏盛华源 公告编号：2025-077 本次中标候选人公示平台是国家电网有限公司电子商务平台，招标 人为国家电网有限公司，详情请查阅国家电网有限公司电子商务平台相 关公告： 国家电网有限公司2025年第六十五批采购（输变电项目第五次线路 装置性材料招标采购）推荐的中标候选人公示》，网址如下： https://ecp.sgcc.com.cn/ecp2.0/portal/#/doc/doci-win/2510311374728491_2018 060501171107 宏盛华源铁塔集团股份有限公司 关于国家电网项目预中标的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 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责任。 重要内容提示: 该项目目前处于评标结果公示阶段，公司尚未收到中标通知书， 敬请广大投资者谨慎决策，注意投资风险。 2025 年 11 月 3 日 ， 国 家 电 网 有 限 公 司 在 其 电 子 商 务 平 台 （https://ecp.sgcc.com.cn/ecp2.0/）公布了《国家电网有限公司 2025 年第 ...

Core Insights - Hongsheng Huayuan (601096.SH) announced that its subsidiary has been selected as a candidate for multiple bidding packages in the State Grid Corporation of China's 2025 procurement activities, specifically for transmission and transformation projects [1] Summary by Categories Company Performance - The company is the candidate for 23 bidding packages, including angle steel towers and steel pipe towers, with a total pre-bid amount of approximately 584 million yuan [1] - This pre-bid amount represents about 5.76% of the company's audited revenue for 2024 [1]

Core Viewpoint - Hongsheng Huayuan announced that its subsidiaries have been selected as candidates for multiple bidding packages, with a total pre-bid amount of approximately 584 million yuan, representing about 5.76% of the company's audited revenue for 2024 [1] Group 1 - The company has been selected as a candidate for bidding packages including angle steel towers and steel pipe towers [1] - A total of 23 bidding packages have been pre-awarded, with a significant financial implication for the company [1] - The pre-bid amount of approximately 584 million yuan indicates a positive outlook for the company's revenue in the upcoming fiscal year [1]

Core Insights - Macro Shenghuayuan's stock increased by 1.15% on October 29, with a trading volume of 120 million yuan, indicating positive market sentiment [1] - The company reported a financing net purchase of 3.72 million yuan on the same day, suggesting investor interest despite a low financing balance relative to market capitalization [1] - For the first nine months of 2025, the company achieved a revenue of 7.34 billion yuan, a year-on-year decrease of 3.10%, while net profit increased by 58.54% to 283 million yuan [2] Financing and Margin Trading - On October 29, Macro Shenghuayuan had a financing buy-in of 13.93 million yuan, with a total financing balance of 146 million yuan, representing 2.02% of its market capitalization [1] - The financing balance is below the 10th percentile level over the past year, indicating a low level of leverage [1] - The company also experienced a margin trading activity with a short selling of 21,100 shares and a repayment of 6,800 shares, reflecting a higher short selling volume compared to the previous year [1] Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders decreased by 10.94% to 76,800, while the average circulating shares per person increased by 12.28% to 21,405 shares [2] - The company has distributed a total of 175 million yuan in dividends since its A-share listing [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited increased its holdings by 1.96 million shares, while several ETFs reduced their positions [3]

Summary of the Conference Call for Hongsheng Huayuan Company Overview - **Company**: Hongsheng Huayuan - **Industry**: Power Transmission and Equipment Manufacturing Key Financial Metrics - **Revenue**: 7.7 billion CNY for the first three quarters, a year-on-year increase of 89% [2] - **Gross Margin**: Improved to 12.13%, up from 9.11% year-on-year, reflecting a 3.02 percentage point increase [3] - **Net Profit**: 12.83 billion CNY, a 58% increase year-on-year; non-recurring net profit was 2.7 billion CNY, up 89% [3] Production and Delivery - **Total Shipment Volume**: Approximately 1.1 million tons, consistent with the previous year [2] - **Self-owned Capacity**: Increased by about 20% due to investments in smart manufacturing; external processing ratio decreased to about 10% [6] - **New Projects**: Planned capacity expansion through new projects in Zhejiang and Anhui, with an expected 40% increase in capacity from the new Zhejiang facility [4][19] Market Dynamics - **Domestic vs. International Orders**: Domestic orders accounted for 85% of total orders, while international orders made up 15%. The international market has a shorter delivery cycle and higher gross margins [8][14] - **Price Trends**: Overall bidding prices decreased by approximately 500 CNY per ton compared to the previous year, influenced by raw material price fluctuations [10] - **Impact of Anti-Competition Policies**: The anti-competition policy is expected to favor larger companies, potentially benefiting Hongsheng Huayuan as smaller competitors struggle [11] Project and Order Insights - **High Voltage Projects**: Participation in several high voltage projects, with a stable market share of around 20% in the South Grid high voltage project [25] - **New Orders**: New orders amounted to over 12 billion CNY in the first three quarters, showing significant volume growth despite a decrease in order prices [26] Challenges and Risks - **Asset Impairment**: Increased asset impairment due to long order execution cycles and raw material price fluctuations affecting profitability [23] - **Inventory Valuation**: The company adopts a cautious approach to inventory valuation, accounting for potential declines in raw material and inventory values [24] Future Outlook - **Expansion Plans**: The company is considering further capacity expansion in southern regions and other locations to meet growing demand [19] - **International Market Strategy**: Plans to strengthen international business development, particularly in Southeast Asia, the Middle East, Africa, and Central Asia [14][18] Conclusion Hongsheng Huayuan is experiencing significant growth in revenue and profit margins, driven by strategic investments in capacity and efficiency. The company is well-positioned to capitalize on both domestic and international market opportunities while navigating challenges related to pricing and competition.