证券代码：603097 证券简称：江苏华辰 公告编号：2025-030 江苏华辰变压器股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩 暨现金分红说明会 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： 会议召开时间：2025 年 05 月 30 日（星期五）下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） 华泰证券行知（网址：https://research.htsc.com/s/yYnM7f） 投资者可于 2025 年 05 月 23 日（星期五）至 05 月 29 日（星期四）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 hc@hcbyq.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。 江苏华辰变压器股份有限公司（以下简称"公司"）已于 2025 年 04 月 29 日在上 海证券交易所网站（www.sse.com.cn）及指定媒体发布公司《2024 ...

目 录 一、前次募集资金使用情况鉴证报告………………………………第 1—2 页 二、前次募集资金使用情况报告………………………………… 第 3—12 页 前次募集资金使用情况鉴证报告 天健审〔2025〕11572 号 江苏华辰变压器股份有限公司全体股东： 我们鉴证了后附的江苏华辰变压器股份有限公司（以下简称江苏华辰公司） 管理层编制的截至 2024 年 12 月 31 日的《前次募集资金使用情况报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供江苏华辰公司向不特定对象发行可转换公司债券时使用，不 得用作任何其他目的。我们同意本鉴证报告作为江苏华辰公司向不特定对象发行 可转换公司债券的必备文件，随同其他申报材料一起上报。 二、管理层的责任 江苏华辰公司管理层的责任是提供真实、合法、完整的相关资料，按照中国 证券监督管理委员会《监管规则适用指引——发行类第 7 号》的规定编制《前次 募集资金使用情况报告》，并保证其内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 三、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对江苏华辰公司管理层编制的上述 报告独立地提出鉴证结论。 四、工作概述 我 ...

证券代码：603097 证券简称：江苏华辰 公告编号：2025-031 江苏华辰变压器股份有限公司 前次募集资金使用情况专项报告 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。 一、前次募集资金的募集及存放情况 （一）前次募集资金的数额、资金到账时间 根据中国证券监督管理委员会《关于核准江苏华辰变压器股份有限公司首次公开发 行股票的批复》（证监许可〔2022〕749 号），本公司由主承销商甬兴证券有限公司采 用网下向符合条件的投资者询价配售和网上向持有上海市场非限售 A 股股份和非限售 存托凭证一定市值的社会公众投资者定价发行相结合的方式，向社会公众公开发行人民 币普通股（A股）股票4,000.00万股，发行价为每股人民币8.53元，共计募集资金34,120.00 万元，扣除发行费用（不含增值税进项税）7,334.42万元后，本次募集资金净额为26,785.58 万元，已由主承销商甬兴证券有限公司于 2022 年 5 月 9 日汇入本公司募集资金监管账 户。上述募集资金到位情况业经天健会计师事务所（特殊普通合伙）验证，并由其出 ...

FANGDA PARTNERS http://www.fangdalaw.com 本所及指派律师依据《中华人民共和国证券法》《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律 意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉 尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真 实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈 述或者重大遗漏，并承担相应法律责任。 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于江苏华辰变压器股份有限公司 2024 年年度股东会的法律意见书 致：江苏华辰变压器股份有限公司 ...

证券代码：603097 证券简称：江苏华辰 公告编号：2025-029 江苏华辰变压器股份有限公司 2024年年度股东会决议公告 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 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 5 月 21 日 (二) 股东会召开的地点：江苏省徐州市铜山经济开发区第二工业园内钱江路北， 银山路东江苏华辰办公楼一楼会议室 (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。 本次股东会由公司董事会负责召集，以现场投票与网络投票相结合的方式表决，董 事长张孝金先生主持本次股东会。本次会议的召集、召开和表决方式符合《中华人民共 和国公司法》及《公司章程》的规定。 1 (五) 公司董事、监事和董事会秘书的出席情况 (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 | 187 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 12 ...

Core Viewpoint - Jiangsu Huachen has received approval from the China Securities Regulatory Commission for a convertible bond issuance aimed at expanding its box-type substation production capacity, which is expected to double after the investment project is completed [1] Group 1: Company Overview - Jiangsu Huachen Transformer Co., Ltd. specializes in the research, production, and sales of power distribution and control equipment, with its main products being dry-type transformers, box-type substations, and oil-immersed transformers [1] - In 2024, the revenue contributions from these three products were 41.28%, 33.38%, and 20.82%, respectively, accounting for over 95% of total revenue [1] Group 2: Financial Situation - As of the end of 2024, Jiangsu Huachen had cash reserves of only 138 million yuan, while short-term borrowings amounted to 241 million yuan, indicating a significant cash shortfall [1] - From 2022 to 2024, the net cash flow from investment activities was negative, totaling over 500 million yuan, while the operating cash flow was also negative for two of those years, only turning positive in 2024 [7] Group 3: Production Capacity and Utilization - The company's box-type substation production capacity increased from 600 units in 2021 to 2,411 units in 2023, representing a fourfold increase, although the capacity utilization rate dropped from 99.17% to 60.64% during the same period [3][4] - The expected production capacity after the new investment project is completed will be 5,771 units, effectively doubling the current capacity [6] Group 4: Market Conditions and Risks - The box-type substation market has experienced a growth rate of 6%-10% from 2020 to 2023, but this is expected to slow down to 2.9%, 4.6%, and 5% from 2024 to 2026 due to the release of existing demand [7] - The photovoltaic industry, which significantly drives demand for box-type substations, is facing severe price competition, with many companies reporting declining profits and a substantial portion facing losses [8]

四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及时报告上海 证券交易所并按有关规定处理。 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东会的授权，在 规定期限内办理本次向不特定对象发行可转换公司债券的相关事项，并及时履行信息披 露义务，敬请广大投资者注意投资风险。 证券代码：603097 证券简称：江苏华辰 公告编号：2025-028 特此公告。 江苏华辰变压器股份有限公司 关于向不特定对象发行可转换公司债券申请获得 中国证券监督管理委员会同意注册批复的公告 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。 江苏华辰变压器股份有限公司（以下简称"公司"）于近日收到中国证券监督管理 委员会出具的《关于同意江苏华辰变压器股份有限公司向不特定对象发行可转换公司债 券注册的批复》（证监许可〔2025〕988 号），批复文件主要内容如下： 一、同意公司向不特定对象发行可转换公司债券的注册申请。 二、公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案实施。 三、本批复自同意注册之日起 12 个月内有效。 ...

Core Viewpoint - The electronic transformer industry in China is experiencing significant growth, transitioning from traditional bulky transformers to intelligent electronic transformers, driven by advancements in power electronics, computer technology, and automatic control technology. The market size is projected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.07% [1][15]. Industry Overview - Electronic transformers, also known as electronic power transformers, combine power electronics conversion technology with high-frequency energy conversion technology based on electromagnetic induction principles. They are primarily composed of high-frequency transformer cores and multiple coils, categorized by applications such as power transformers, audio transformers, pulse transformers, and special transformers [3]. Market Size and Growth - The electronic transformer market in China is expected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, reflecting a CAGR of 14.07%. This growth is supported by factors such as the acceleration of ultra-high voltage grid construction, the establishment of new power systems, rural revitalization strategies, and the implementation of carbon neutrality goals [1][15]. Policy Support - The Chinese government has implemented various policies to support the development and innovation of the electronic transformer industry. Key policies include energy efficiency standards for transformers and motors, and initiatives to increase the proportion of high-efficiency energy-saving products in various sectors by 2025 [5][7]. Industry Chain - The upstream of the electronic transformer industry includes raw materials such as copper, magnetic cores, and insulation materials. The midstream involves the manufacturing of electronic transformers, while the downstream encompasses applications in power, industry, transportation, and communication sectors. The growing demand for electricity and the penetration of new energy vehicles are driving the demand for electronic transformers [8][10]. Key Enterprises - Major companies in the electronic transformer industry include TBEA Co., Ltd., Baoding Tianwei Baobian Electric Co., Ltd., and China XD Electric Co., Ltd. These companies are involved in the research, design, production, and sales of transformers and related products, with significant revenue growth reported in recent years [20][22]. Development Trends - The electronic transformer industry is moving towards high-frequency, miniaturization, and efficiency. The demand for high-performance transformers is increasing due to the rapid development of 5G communication, renewable energy, and electric vehicles. Companies are investing in research and development to enhance product performance and reliability [25][26]. Conclusion - The electronic transformer industry in China is poised for robust growth, driven by technological advancements, supportive government policies, and increasing demand across various sectors. The market is expected to expand significantly, providing ample opportunities for key players and new entrants alike [1][15][18].

Core Viewpoint - Jiangsu Huachen Transformer Co., Ltd. demonstrated resilience in a challenging global economy, achieving a 4.69% year-on-year revenue growth and increasing the revenue share of new energy products to 45.62% [1] Group 1: Technological Innovation - The company emphasizes technology and talent as key drivers of its success, implementing a restricted stock incentive plan to bind core talent to long-term development [2] - Jiangsu Huachen has made significant breakthroughs in energy storage and inverter technologies, resulting in 158 patents, including 16 invention patents [2] - The company has upgraded its management mechanism, creating a performance system and optimizing its organizational structure to enhance internal innovation [2] Group 2: Market Expansion - Jiangsu Huachen is expanding its global presence, with a 39.87% year-on-year growth in overseas revenue, driven by increasing global demand for transformers and the need for smart grid solutions [5] - The company has established strong partnerships with major domestic power generation groups and state-owned enterprises, positioning itself as a key player in the new power system construction [4] - The revenue share of new energy products has increased from 18.48% in 2022 to 45.62% in 2024, reflecting successful market penetration and customer recognition [4] Group 3: Smart Manufacturing - The company is accelerating its digital transformation by introducing industrial internet platforms and smart manufacturing systems, enhancing production capacity to meet new orders [6] - Jiangsu Huachen is constructing a smart manufacturing industrial base, with an investment of 829 million yuan, expected to increase production capacity significantly by 2025 [6][8] - The company has achieved a significant reduction in product defect rates through a fully controllable process from raw material procurement to product delivery [8] Group 4: Industry Implications - Jiangsu Huachen's growth trajectory serves as a microcosm of China's manufacturing transformation, providing a practical example for global energy transition [9] - The company's experience highlights the shift in competitive advantage from single product competition to a multi-faceted approach involving technology ecosystems, manufacturing capabilities, and scenario solutions [9]

Core Viewpoint - The global power system is facing new challenges, leading to an increased demand for grid expansion and upgrades, which is expected to directly benefit the power equipment industry [1] Group 1: Main Grid Developments - The demand for ultra-high voltage (UHV) construction is increasing due to the growth of inter-provincial electricity flow and the pressure of renewable energy consumption. As of December 2024, China has built and put into operation 41 UHV transmission lines, including 20 AC lines and 21 DC lines [2] - During the 14th Five-Year Plan period, China is expected to start construction on "three AC and nine DC" UHV lines, with over 20 lines anticipated to be operational in the 15th Five-Year Plan period, which will boost demand for related equipment [2] - Flexible DC technology is expected to become mainstream due to its advantages in large-scale renewable energy transmission, especially as the prices of core components like IGBT decrease. Investment in this area is projected to reach 380 billion yuan from 2021 to 2025 [2] Group 2: Distribution Network Developments - Both domestic and international plans for distribution network upgrades are expected to increase demand for transformers. China emphasizes high-quality development in distribution networks, while the EU plans to invest 584 billion euros for grid modernization [3] - China's transformer production accounts for 35% of the global market, and with overseas production facing constraints, there is an opportunity for Chinese companies to benefit from rising global demand [3] Group 3: Investment Recommendations - The emergence of new electricity consumption scenarios, represented by computing power, is driving greater electricity demand and necessitating grid upgrades. The main grid sector is expected to benefit from the acceleration of UHV construction and the growing number of flexible DC projects [4] - The distribution network sector is also poised for growth due to ongoing domestic upgrades and strong overseas demand for transformers. Companies such as Huaming Equipment, Haixing Electric Power, and others are recommended for investment [4]