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.

Group 1 - The company, Hongsheng Huayuan, reported a revenue of 7,343,084,539.49 yuan for the first three quarters, representing a year-on-year decrease of 3.1% [1] - The net profit attributable to shareholders of the listed company was 282,999,103.34 yuan, showing a year-on-year increase of 58.54% [1] Group 2 - Among the top ten circulating shareholders, Zhang Junqing and Shi Zhibin are newly added circulating shareholders [2]

Core Viewpoint - Hongsheng Huayuan (SH 601096) announced a board meeting on October 27, 2025, to discuss amendments to its articles of association and the cancellation of the supervisory board [1] Group 1: Company Financials - For the year 2024, Hongsheng Huayuan's revenue composition is as follows: transmission line towers account for 97.62%, while other businesses make up 2.38% [1] - As of the report date, Hongsheng Huayuan has a market capitalization of 11.7 billion yuan [1]

证券代码：601096 证券简称：宏盛华源 公告编号：2025-069 宏盛华源铁塔集团股份有限公司（以下简称"公司"）全资子 公司中电装备青岛豪迈钢结构有限公司（以下简称"青岛豪迈"）申 请获批了 280.00 万元国有资本经营预算资金（以下简称"国拨资金"）。 在 2024 年已通过当时的控股股东山东电工电气集团有限公司（以下 简称"山东电工"）拨付，详细情况请参见《宏盛华源关于全资子公 司接收国拨资金并通过控股股东向公司发放委托贷款的方式实施暨 关联交易的公告》（公告编号：2024-077）。由于山东电工已将持有 公司全部股权划转给中国电气装备集团有限公司（以下简称"中国电 气装备"），中国电气装备成为公司控股股东，因此公司拟将国拨资 金偿还原控股股东山东电工，并接收中国电气装备委托贷款 280 万元 以实施国拨项目，委托贷款年利率 2.30%，期限保持不变。 公司全资子公司青岛豪迈申请获批了 792.00 万元 2025 年度国 1 拨资金。控股股东中国电气装备计划以委托贷款方式拨付国拨资金， 资金通过关联方中电装财务有限公司（曾用名：西电集团财务有限责 任公司，以下简称"中电装财司"）向公司发放，公 ...

证券代码：601096 证券简称：宏盛华源 公告编号：2025-071 宏盛华源铁塔集团股份有限公司 修订《公司章程》并取消监事会的公告 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 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。 宏盛华源铁塔集团股份有限公司（以下简称"公司"）于2025年10 月27日召开第二届董事会第十五次会议审议通过了《关于修订<宏盛华源 铁塔集团股份有限公司章程>及取消监事会的议案》。现将有关事项公告 如下： 一、取消监事会的情况 根据《公司法》《上市公司章程指引》及《上海证券交易所股票上 市规则》的相关规定，公司拟不再设置监事会，由董事会审计委员会行 使《公司法》规定的监事会的职权，《监事会议事规则》相应废止，同 时《公司章程》及相关议事规则的条款亦作出相应修订。 在公司股东大会审议通过取消监事会前，公司第二届监事会仍将严 格按照《公司法》等法律法规和规章制度的要求，勤勉尽责履行监督职 能，维护公司和全体股东利益。第二届监事会及全体监事在任职期间勤 勉尽责，为促进公司规范运作和健康发展发挥了积极作用。公司对全体 监事在任职期间为公司发展所做出的 ...

证券代码：601096 证券简称：宏盛华源 公告编号：2025-067 宏盛华源铁塔集团股份有限公司 关于使用部分闲置募集资金进行现金管理 的进展公告 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。 已履行的审议程序：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"）于 2025 年 4 月 9 日召开第二届董事会第九 次会议、第二届监事会第九次会议，审议通过了《关于使用部分闲置 募集资金进行现金管理的议案》，同意使用最高不超过人民币 31,000.00 万元的暂时闲置募集资金进行现金管理，购买安全性高、 流动性好的保本型产品。使用期限不超过 12 个月，自董事会审议通 过之日起 12 个月之内有效。保荐人中银国际证券股份有限公司对本 事项出具了明确的核查意见。具体内容详见《宏盛华源关于使用部分 闲置募集资金进行现金管理的公告》（公告编号：2025-017）。 特别风险提示：公司购买的单位大额存单属于低风险投资品种， 但金融市场受宏观经济的影响较大，不排除该项投资的预期收益受到 市场波动的影响。 一、投资情况概述 ...

会议召开时间：2025 年 12 月 1 日（星期一）13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 宏盛华源铁塔集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 证券代码：601096 证券简称：宏盛华源 公告编号：2025-076 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 24 日（星期一）至 11 月 28 日（星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 hsino_tower_group@163.com 进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 宏盛华源铁塔集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计 划于 20 ...