Core Insights - The company is transitioning towards new productive forces by leveraging technologies such as big data and IoT to enhance efficiency in the equipment leasing industry [1] - The company has made significant investments in AI and computing power leasing, aiming to create new growth opportunities through supply chain finance [1][5] - The establishment of a dedicated smart computing division is expected to accelerate the company's growth in the AI sector [2] Business Development - The company has signed contracts for computing power services amounting to 2.475 billion yuan as of November 11, 2024, which increased to 6.67 billion yuan by March 18, 2025 [3] - The company has delivered over 1.1 billion yuan worth of smart computing equipment as of April 18, 2025, with nearly 500 million yuan delivered in March-April 2025 [3] - The average contract duration for computing power services is estimated at 4 years, aligning with the lifespan of the equipment [4] Financial Projections - The company anticipates achieving net profits of 960 million yuan, 1.219 billion yuan, and 1.35 billion yuan for the years 2025 to 2027, respectively [5] - The current price-to-earnings ratios are projected to be 22.10, 17.41, and 15.71 for the years 2025, 2026, and 2027 [5]

Investment Rating - The report assigns a "Buy" rating for Hainan Huatie (603300.SH) [1] Core Viewpoints - The company has completed its transformation into a state-owned enterprise, which is expected to lower financing costs and enhance its market position [12] - The AI computing power leasing business is experiencing significant growth due to increased demand from domestic internet giants following export restrictions on NVIDIA H20 chips [7][8] - The company reported a revenue increase of 16.58% year-on-year in Q1 2025, with net profit rising by 21.72% [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.171 billion yuan, a year-on-year increase of 16.38%, while net profit decreased by 24.49% to 605 million yuan [5] - For Q1 2025, revenue reached 1.288 billion yuan, up 16.58% year-on-year, and net profit was 191 million yuan, an increase of 21.72% [5][6] Business Development - The company is expanding its AI computing power leasing business, which generated over 50 million yuan in revenue in Q1 2025 and over 1 billion yuan in net profit [6] - The engineering equipment leasing business is solid, with a significant increase in forklift rental rates from 8% to 84% [10] Strategic Partnerships and Market Position - The company has signed strategic cooperation agreements with key players in the computing power industry, enhancing its service offerings and market reach [11] - Following its transformation into a state-owned enterprise, the company has gained access to better financing options, including a credit rating of AA+ and low-interest bonds [12] Future Earnings Forecast - Revenue projections for 2025-2027 are 6.774 billion, 8.333 billion, and 9.366 billion yuan, respectively, with corresponding EPS of 0.45, 0.60, and 0.68 yuan [13][16]

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)股东大会召开的时间：2025 年 4 月 30 日 (二)股东大会召开的地点：公司会议室 证券代码：603300 证券简称：海南华铁 公告编号：2025-036 浙江海控南科华铁数智科技股份有限公司 2025年第二次临时股东大会决议公告 (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 | 3,583 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 558,743,118 | | 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 | | | 份总数的比例（%） | 28.1858 | (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。 本次股东大会由董事会召集，董事长张祺奥先生主持，采取现场投票与网络 投票相结合的表决方式。会议的召集、召开程序、出席会议人员的资格、会议的 表决方式和程序 ...

2025 年第二次临时股东大会 之 国浩律师（杭州）事务所 关 于 浙江海控南科华铁数智科技股份有限公司 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会之 法律意见书 致：浙江海控南科华铁数智科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江海控南科华铁数智 技股份有限公司（以下简称"公司"）委托，指派本所律师出席公司 2025 年第二 次 ...

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： 被担保人名称：海南华铁大黄蜂建筑机械设备有限公司（以下简称"华 铁大黄蜂"）、浙江吉通地空建筑科技有限公司（以下简称"浙江吉通"）、 浙江海控南科华铁数智科技股份有限公司（以下简称"海南华铁"或"公司"） 担保人名称：海南华铁、浙江大黄蜂建筑机械设备有限公司（以下简称 "浙江大黄蜂"）、浙江华铁宇硕建筑支护设备有限公司（以下简称"华铁宇硕"） 一、担保情况概述 公司分别于 2024 年 4 月 15 日、2024 年 5 月 6 日召开第四届董事会第五十 五次会议和 2023 年年度股东大会，审议通过了《关于 2024 年度担保额度预计 的议案》，同意 2024 年度公司对子公司提供总计不超过人民币 198,000 万元的 担保额度，子公司对子公司提供总计不超过人民币 46,000 万元的担保额度。具 体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《浙江华铁 应急设备科技股份有限公司关于 2024 年度担保额度预计的公告》（公告编号： 临 ...

Group 1 - The establishment of Hainan Free Trade Port is a significant strategic decision by the Chinese government to respond to global trade changes and enhance domestic consumption, especially in light of the U.S. imposing "reciprocal tariffs" [2][35] - The year 2025 marks a critical milestone for Hainan Free Trade Port as it aims to achieve "closure," allowing for a unique operational model where goods can flow freely between Hainan and international markets while being regulated for entry into mainland China [2][14] - Hainan is expected to become a "tax haven" due to four key policies: 1) Exemption from tariffs for products with over 30% value-added processing; 2) Zero tariffs on non-negative list goods post-closure; 3) A reduced corporate income tax rate of 15% for qualifying businesses; 4) A progressive personal income tax structure capped at 15% [2][28][30] Group 2 - Hainan is positioned as a dual circulation hub, leveraging its geographical advantages to attract global capital, particularly from foreign enterprises seeking access to the Chinese market [12][31] - The tourism sector is being developed to attract international visitors and promote high-end consumption, with initiatives like duty-free shopping and international medical tourism [41][46] - The report highlights the rapid growth of new enterprises in Hainan, with over 150,000 new companies established annually from 2020 to 2024, indicating a robust investment environment [33]

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [4][6] Core Views - The company's performance for 2024 is generally in line with expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 5.17 billion, 600 million, and 560 million yuan respectively, reflecting year-on-year changes of +16.4%, -24.5%, and -14.7% [1] - The cash flow from operating activities for 2024 was 2.84 billion yuan, up 46.1% year-on-year, indicating strong operational cash generation [1] - The company's high machine leasing business continues to grow, achieving revenue of 3.94 billion yuan in 2024, a year-on-year increase of 26.9%, with a gross margin of 44.4% [2] - The computing power business is expected to contribute significantly to future growth, with orders reaching 6.67 billion yuan by the end of Q1 2025 [2][4] Summary by Sections Financial Performance - For 2024, the company reported a revenue of 5.17 billion yuan, a net profit of 600 million yuan, and a net profit excluding non-recurring items of 560 million yuan, with respective year-on-year changes of +16.4%, -24.5%, and -14.7% [1] - In Q1 2025, the company achieved revenue of 1.29 billion yuan, a net profit of 190 million yuan, and a net profit excluding non-recurring items of 170 million yuan, with year-on-year increases of +16.6%, +21.7%, and +7.1% [1] Business Segments - The high machine leasing segment generated 3.94 billion yuan in revenue for 2024, with a gross margin of 44.4%, while the computing power equipment service segment contributed 12 million yuan with a gross margin of 61.4% [2] - The construction support segment saw a revenue decline to 1.13 billion yuan, down 13.7% year-on-year, with a gross margin of 42.7% [2] Profitability and Valuation - The company's gross margin for 2024 was 43.2%, down 3.3 percentage points year-on-year, primarily due to declining rental prices [3] - The report projects a net profit of 848 million yuan for 2025, an increase of 40.3% year-on-year, and raises the 2026 net profit forecast to 1.202 billion yuan, reflecting a 22% increase from previous estimates [4]

浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会会议资料 浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会会议资料 二〇二五年四月 浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会会议资料 浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会会议议程 现场会议时间：2025 年 4 月 30 日下午 14:30； 网络投票时间：2025 年 4 月 30 日。 采用上海证券交易所网络投票系统，通过交易系统投票平台的 投票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30- 11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大 会召开当日的 9:15-15:00。 现场会议地点：公司会议室 会议议程： 1、宣布会议开始 4、推选计票人、监票人 5、宣读、审议议案 | 序号 | 议案名称 | | | --- | --- | --- | | 1 | 《关于公司 | 2025 年度向金融机构申请综合授信额度的议案》 | | 2 | 《关于 2025 | 年度担保额度预计的议案》 | 6、股东发言及公司董事 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved a total revenue of 5.171 billion yuan in 2024, representing a year-on-year growth of 16.38%. However, the net profit attributable to shareholders decreased by 24.49% to 605 million yuan. The adjusted net profit after excluding non-recurring items was 558 million yuan, down 14.68% year-on-year. In Q1 2025, the company reported a revenue of 1.288 billion yuan, up 16.58% year-on-year, with a net profit of 191 million yuan, an increase of 21.72% [2][8]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 5.171 billion yuan, with a net profit of 605 million yuan, down 24.49% year-on-year. The adjusted net profit was 558 million yuan, a decrease of 14.68%. For Q1 2025, revenue reached 1.288 billion yuan, up 16.58%, and net profit was 191 million yuan, an increase of 21.72% [2][8]. Business Development - The company’s equipment scale drove revenue growth in 2024, with a total of 370 outlets nationwide, a year-on-year increase of 35.04%. The management scale of various equipment reached 168,100 units, up 38.82%. The rental rate for aerial work platforms was 81.67% in 2024, with a price increase policy implemented since October 2024 [15]. Profitability and Margins - The overall gross margin for 2024 was 43.17%, a decline of 3.34 percentage points year-on-year. The company’s expense ratio increased to 27.79%, up 1.97 percentage points. In Q1 2025, the gross margin was 42.76%, with an expense ratio of 29.13%, reflecting a slight increase [15]. Strategic Initiatives - The company signed contracts for computing power services amounting to 6.67 billion yuan by the end of March 2025, with over 900 million yuan in asset delivery. Strategic partnerships were established with key players in the computing power industry, enhancing the company’s capabilities in this sector [15]. Future Outlook - The company is expected to achieve revenues of 800 million yuan, 1.05 billion yuan, and 1.31 billion yuan from 2025 to 2027, with corresponding valuations of 26.66, 20.49, and 16.35 times [15].

Core Viewpoint - Hainan Huatie's financial performance for 2024 and Q1 2025 meets expectations, with a revenue increase of 16.4% year-on-year, but a decline in net profit due to competitive pressures in the high-altitude work platform sector [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 5.17 billion yuan, a year-on-year increase of 16.4%, and a net profit attributable to shareholders of 600 million yuan, a year-on-year decrease of 24.5% [1] - For Q1 2025, the company reported a net profit of 190 million yuan, a year-on-year increase of 21.7% [1] - The revenue breakdown shows that high-altitude work platform business generated 3.94 billion yuan, a year-on-year increase of 26.9%, while construction support equipment revenue was 1.13 billion yuan, a year-on-year decrease of 13.7% [1] Group 2: Operational Metrics - The company’s equipment inventory reached 168,000 units by the end of 2024, with an addition of 47,000 units compared to 2023, achieving a market share of 27.9%, an increase of 4.8 percentage points year-on-year [2] - The rental rate for 2024 was 81.67%, a year-on-year decrease of 3.64 percentage points, indicating pressure on demand but still maintaining industry-leading asset management efficiency [2] Group 3: Business Development - The company expanded its offline channels to 370 locations by the end of 2024, with 96 new outlets, and established a presence in South Korea with nearly 600 units of equipment [3] - Online business channels generated 1.7 billion yuan in revenue, a year-on-year increase of 29%, with 30,300 effective orders [3] - The company is exploring a multi-category operational strategy, focusing on forklifts and heavy-duty drones, with forklift rental rates increasing from 8% to 84% [3] Group 4: Growth Opportunities - The company has accelerated its computing power leasing business, signing service contracts worth 6.67 billion yuan by March 2025, with asset delivery exceeding 900 million yuan [4] - The computing power service contracts are billed monthly, and significant revenue growth is expected in the second half of 2025 as order deliveries accelerate [4] - Projected net profits for 2025-2027 are 840 million yuan, 990 million yuan, and 1.12 billion yuan, representing year-on-year growth rates of 39%, 18%, and 13% respectively [4]