Core Insights - The transmission line tower industry in China is experiencing significant growth, with the market size projected to reach approximately 71.1 billion yuan in 2024, driven by increasing electricity demand and urbanization [1][16] - The industry is characterized by a dual structure, with a large number of small enterprises competing in the low-end market and a few large companies dominating the high-end market [21][23] Industry Overview - Transmission line towers are essential infrastructure for supporting high and ultra-high voltage overhead power lines, primarily made of metal materials like iron and steel [3] - The industry has evolved from using low-voltage transmission lines to high-voltage lines, leading to increased demand for steel towers [5][19] Market Dynamics - The growth in electricity demand is reflected in the increase of total electricity consumption in China, which rose from 55,500 billion kWh in 2015 to 98,521 billion kWh in 2024, with a compound annual growth rate of 6.58% [11] - The length of 220 kV and above transmission lines has also increased significantly, from 609,100 km in 2015 to 952,800 km in 2024, indicating a compound annual growth rate of 5.1% [11] Investment Trends - Investment in power engineering construction is on the rise, with power source engineering investment expected to grow from 409.1 billion yuan in 2015 to 1,168.7 billion yuan in 2024, reflecting a compound annual growth rate of 12.37% [14] - The investment in grid engineering is also increasing, from 460.3 billion yuan in 2015 to 608.6 billion yuan in 2024, with a compound annual growth rate of 3.15% [14] Key Players - Major companies in the industry include China Tower Corporation, which is the leading player, and other significant firms such as Wind范股份, 东方铁塔, and 汇金通 [21][23] - China Tower Corporation reported a revenue of 75.7 billion yuan from tower-related businesses in 2024, showing a year-on-year growth of 0.89% [23] Industry Structure - The industry is divided into three tiers: a large number of small enterprises in the low-end market, a second tier of larger private companies, and a first tier of leading companies like China Tower [21] - The market for transmission line towers is highly competitive, with price wars prevalent among smaller firms producing low-end products [21] Future Trends - The industry is expected to undergo technological upgrades driven by the construction of ultra-high voltage transmission lines, leading to a shift towards new tower structures and materials [27] - The demand for intelligent operation and maintenance solutions is increasing, with the adoption of IoT and sensor technologies [28] - The push for green and low-carbon solutions is reshaping the industry, with a focus on environmentally friendly materials and recycling practices [30]

证券代码：601096 证券简称：宏盛华源 公告编号：2025-031 宏盛华源铁塔集团股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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法律责任。 为进一步加强与投资者的互动交流，宏盛华源铁塔集团股份有限公司 （以下简称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全 景网络有限公司联合举办的"2025 年山东辖区上市公司投资者网上集体接 待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四） 15:00-16:30。 届时，公司高管将在线就公司 2024 年度和 2025 年第一季度业绩、公司 治理、发展战略、经营状况和可持续发展等投资者关心的问题与投资者进行 沟通与交流。欢迎广大投资者踊跃参与！ 特此公告。 宏盛华源铁塔集团股份有限 ...

Core Viewpoint - The legal opinion provided by Beijing Deheng (Jinan) Law Firm confirms the legality of the upcoming 2024 annual general meeting of shareholders for Hongsheng Huayuan Tower Group Co., Ltd, ensuring compliance with relevant laws and regulations [1][2][3]. Group 1: Meeting Procedures - The notice for the 2024 annual general meeting was issued 20 days prior to the meeting date, with the equity registration date set for May 6, 2025, ensuring compliance with legal requirements [3][4]. - The meeting will be held on May 9, 2025, at 15:00 in Jinan, Shandong Province, utilizing both on-site and online voting methods [4][5]. Group 2: Attendance and Qualifications - A total of 1,001 shareholders and their proxies will attend the meeting, representing 2,006,166,166 shares, which accounts for 74.9925% of the total voting shares [6]. - The qualifications of the attendees and the convenor, the board of directors, have been verified and deemed valid according to legal standards [6][7]. Group 3: Voting Procedures and Results - The voting process included both on-site and online methods, with results being monitored and counted by designated personnel [7]. - The voting results showed overwhelming support for the proposed resolutions, with approval rates exceeding 99.8% for multiple resolutions [8][9][10]. Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including the convening, attendance, voting procedures, and results, comply with applicable laws and regulations, rendering the resolutions valid [11].

证券代码：601096 证券简称：宏盛华源 公告编号：2025-030 宏盛华源铁塔集团股份有限公司 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： ? 本次会议是否有否决议案：无 一、会议召开和出席情况 本次股东大会的表决方式是现场投票和网络投票相结合的方式， 由公司董事会召集，董事长赵启先生主持。会议的召开和表决方式符 合《公司法》《公司章程》及相关法律、法规的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： (一)股东大会召开的时间：2025 年 5 月 9 日 (二)股东大会召开的地点：山东省济南市高新区汉峪金谷五区五 栋公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： 份总数的比例（%） (四)表决方式是否符合《公司法》及《公司章程》的规定，大会 主持情况等。 案》的议案 (三)关于议案表决的有关情况说明 三、律师见证情况 所 律师：杨昕炜、肖彬 公司本次股东大会的召集和召开程序、出席会议人员和召集 ...

证券代码：601096 证券简称：宏盛华源 公告编号：2025-030 宏盛华源铁塔集团股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1.出席会议的股东和代理人人数 | 1,001 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 2,006,166,166 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股 | 74.9925 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会 主持情况等。 本次股东大会的表决方式是现场投票和网络投票相结合的方式， 由公司董事会召集，董事长赵启先生主持。会议的召开和表决方式符 合《公司法》《公司章程》及相关法律、法规的规定。 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 9 日 (二)股东大会召开的地点：山东省 ...

北京德恒（济南）律师事务所 关于宏盛华源铁塔集团股份有限公司 2024 年年度股东大会的 法律意见 山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 电话：+86 531-8166 3606 传真：+86 531-8166 3607 邮编：250102 北京德恒（济南）律师事务所 关于宏盛华源铁塔集团股份有限公司 2024 年年度股东大会的法律意见 北京德恒（济南）律师事务所 关于宏盛华源铁塔集团股份有限公司 本法律意见根据《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》"）、《上市公司股东会规 则》（以下简称"《股东会规则》"）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》"）、《宏盛华源铁塔集团股份有限公司股东大 会议事规则》（以下简称"《股东大会议事规则》"）等有关法律、法规和规范 性文件而出具。 2024 年年度股东大会的 法律意见 德恒 11G20250018-01 号 致：宏盛华源铁塔集团股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）受宏盛华源铁塔集团股 份有限公司（以下简称"宏盛华源"或"公司"）委 ...

Core Viewpoint - Hongsheng Huayuan, the largest supplier of transmission line towers in China, has announced significant project wins, including a pre-bid of approximately 616 million yuan from the State Grid, which represents about 6.07% of the company's projected revenue for 2024 [1][2]. Group 1: Project Wins and Financial Impact - The company has secured a total of approximately 2.812 billion yuan in pre-bid amounts for three projects this year [4]. - The pre-bid of 616 million yuan is part of the State Grid's procurement activities for 2025, with the company being a candidate for 30 packages [2]. - The company reported a net profit of 88.73 million yuan for Q1 2025, a year-on-year increase of 113.13% [1][7]. Group 2: Market Position and Competitive Advantage - Hongsheng Huayuan holds a market share of 16.17% and 19.78% in the State Grid and Southern Grid's procurement for transmission line towers in 2024, respectively, with a leading position in the ultra-high voltage segment at 30.10% [6]. - The company has a strong competitive edge in the market, being the largest supplier of transmission line towers in China, with a comprehensive product range [5]. Group 3: Financial Performance and Growth - In 2024, the company achieved a revenue of 10.139 billion yuan, a year-on-year increase of 9.07%, and a net profit of 230 million yuan, up 85.52% [7]. - The company's gross margin improved to 11.19% in Q1 2025, an increase of 4.2 percentage points year-on-year, while the net margin rose to 3.87%, up 2.22 percentage points [7]. Group 4: R&D and Future Prospects - Hongsheng Huayuan has consistently increased its R&D expenditure over the past four years, reaching 121 million yuan in 2024, with a year-on-year growth of 28.52% [6]. - The company is actively expanding into new business areas, including broadcasting tower projects and high-rise building steel structures, while also pursuing international projects in countries like Pakistan, the Philippines, and Vietnam [6].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company reported a revenue of 2.29 billion yuan in Q1 2025, a year-on-year decrease of 9.3%. However, the net profit attributable to shareholders reached 90 million yuan, reflecting a significant year-on-year increase of 113.1%. The net profit excluding non-recurring items was 80 million yuan, up 133.7% year-on-year [3][9]. Financial Performance Summary - The gross margin for Q1 2025 was 11.19%, an increase of 4.20 percentage points year-on-year, attributed to optimized production processes and reduced raw material costs [9]. - The total inventory at the end of Q1 2025 was 1.996 billion yuan, down 18.6% year-on-year and 12.9% quarter-on-quarter. Contract assets were 327 million yuan, down 58.3% year-on-year but up 8.8% quarter-on-quarter. Contract liabilities were 393 million yuan, down 29.8% year-on-year and up 6.2% quarter-on-quarter. Accounts receivable stood at 2.998 billion yuan, up 2.1% year-on-year and 26.8% quarter-on-quarter [9]. - The company's asset-liability ratio at the end of Q1 2025 was 51.92%, a decrease of 1.65 percentage points year-on-year and 0.86 percentage points quarter-on-quarter [9]. - The net profit margin for Q1 reached 3.87%, marking a new quarterly high since the company went public. The estimated net profit for the full year 2025 is approximately 360 million yuan, corresponding to a PE ratio of about 30 times [9].

智通财经5月5日电，宏盛华源(601096.SH)公告称，公司下属子公司在国家电网有限公司2025年第十三 批和第十四批采购中成为多个包的中标候选人，预中标金额约6.16亿元，约占公司2024年营业收入的 6.07%。目前项目处于评标结果公示阶段，公司尚未收到中标通知书，存在一定不确定性。 宏盛华源：预中标约6.16亿元国家电网项目 ...

证券代码：601096 证券简称：宏盛华源 公告编号：2025-029 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 4 月 30 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 年第十三 批采购（输变电项目第二次线路装置性材料招标采购）推荐的中标候选人 公示》《国家电网有限公司 2025 年第十四批采购（输变电项目第一次 35- 330 千伏材料协议库存招标采购）推荐的中标候选人公示》。 国家电网有限公司 2025 年第十三批采购（输变电项目第二次线路装置 性材料招标采购）活动中，宏盛华源下属子公司为包 1、包 4、包 6、包 8、包 9、包 12、包 27、包 32、包 34、包 46、包 47、包 48、包 49、包 59、包 67、包 75、包 81、包 97、包 ...