格隆汇9月9日丨海南华铁(603300.SH)公布，公司第一期员工持股计划所持有的公司股票已全部出售完 毕。截至本公告披露日，公司本次员工持股计划所持有的公司股票已全部出售完毕，公司实施本次员工 持股计划期间，严格遵守市场交易规则及中国证监会、上海证券交易所关于信息敏感期不得买卖股票的 规定，不存在利用内幕信息进行交易的情形。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved a revenue of 2.805 billion yuan in the first half of 2025, representing a year-on-year growth of 18.89%. The net profit attributable to shareholders was 341 million yuan, with a year-on-year increase of 1.85%. However, the net profit after deducting non-recurring items decreased by 10.76% to 298 million yuan [2][7]. Financial Performance - The company’s revenue growth is primarily driven by an increase in equipment volume, with a significant contribution from the computing power business. The revenue for the second quarter alone was 1.517 billion yuan, reflecting a year-on-year growth of 20.93%. The company has delivered computing power assets exceeding 1.4 billion yuan [12][12]. - The overall gross margin for the first half of 2025 was 40.05%, a decrease of 2.96 percentage points year-on-year. The gross margin for the second quarter was 37.75%, down 5.25 percentage points year-on-year, mainly due to fluctuations in rental prices in the high-altitude vehicle industry [12][12]. - The company reported a net cash inflow from operating activities of 1.372 billion yuan, an increase of 224 million yuan year-on-year, with a cash collection ratio of 98.73%, up 10.68 percentage points year-on-year [12][12]. - The company received government subsidies amounting to 30.62 million yuan, an increase of 28.71 million yuan year-on-year, which significantly contributed to the net profit [12][12]. Strategic Developments - The company is expanding its main business and gradually advancing its computing power initiatives with support from state-owned enterprises in Hainan. It plans to list in Singapore and actively engage in the Web3 sector [12][12]. - The company has established a smart technology division and is forming service teams to enhance collaboration across the AI industry chain, focusing on the integration of data, models, and computing power [12][12]. - The company has issued or plans to issue bonds and related products totaling 5 billion yuan to enhance liquidity and risk resistance [12][12].

Group 1 - The core point of the article is that Hainan Huatie announced the approval of multiple proposals, including the issuance of S shares and listing on the Singapore Stock Exchange [2] Group 2 - The fifth board of directors of Hainan Huatie held its 17th meeting to review and approve the proposal [2] - The announcement was made on the evening of September 4 [2]

（文章来源：证券日报） 证券日报网讯 9月4日晚间，海南华铁发布公告称，公司第五届监事会第十四次会议审议通过了《关于 公司发行S股股票并在新加坡交易所上市的议案》等多项议案。 ...

证券日报网讯9月4日晚间，海南华铁（603300）发布公告称，公司将于2025年9月22日召开2025年第四 次临时股东大会。本次股东大会将审议《关于公司发行S股股票并在新加坡交易所上市的议案》等。 ...

Group 1 - The company plans to issue S shares and list them on the Singapore Exchange to enhance its capital strength and international brand image [2][48] - The board meeting was held on September 4, 2025, with all nine directors present, and the resolutions were passed unanimously [4][50] - The issuance of S shares is subject to approval from relevant regulatory bodies, including the China Securities Regulatory Commission and the Monetary Authority of Singapore [3][49] Group 2 - The proposed issuance will involve a total fundraising target of 200 million Singapore dollars, with the final number of shares to be determined based on the issuance price [8][57] - The shares will be offered globally, targeting both international and qualified domestic investors [9][58] - The pricing of the shares will be determined through a book-building process, considering the interests of existing shareholders and market conditions [10][59] Group 3 - The proceeds from the issuance will be used for the construction and operation of overseas intelligent computing centers, expansion of equipment leasing business, and to supplement working capital [15][63] - The company will adjust the use of raised funds based on regulatory feedback and operational needs [15][64] - The company will also address the distribution of retained earnings prior to the issuance, ensuring fair treatment for both existing and new shareholders [18][67] Group 4 - The company will transition to a foreign fundraising company after the issuance and listing of S shares [21][70] - The validity period for the resolutions related to the issuance is set for 24 months from the date of approval by the shareholders' meeting [24][73] - The board will be authorized to handle all matters related to the issuance and listing of S shares [27][40]

Group 1 - The company plans to issue S shares and list them on the Singapore Exchange to enhance its capital strength and international brand image [1][2] - The board meeting was held on September 4, 2025, with all nine directors present, and the proposal for the S share issuance was unanimously approved [1][2] - The issuance aims to raise a total of 200 million Singapore dollars, with the final number of shares to be determined based on the issuance price [4][5] Group 2 - The S shares will have a nominal value of 1.00 RMB and will be offered to both local and international investors [3][5] - The company will conduct a public offering in Singapore and an international placement, with the latter including qualified institutional investors [4][5] - The funds raised will be used for overseas intelligent computing center construction, equipment leasing business expansion, and working capital supplementation [6][7] Group 3 - The board has proposed a profit distribution plan for retained earnings prior to the issuance, ensuring that both existing and new shareholders benefit [7][8] - The company will transition to an overseas fundraising company upon successful issuance and listing of S shares [8][9] - The validity period for the resolutions related to the issuance is set for 24 months from the date of shareholder approval [9][10] Group 4 - The board seeks authorization to handle all matters related to the S share issuance, including communication with regulatory bodies and determining the issuance specifics [9][10] - The company will ensure compliance with the Singapore Exchange's listing rules and other regulatory requirements throughout the process [12][13] - A temporary shareholders' meeting will be convened to discuss the issuance and related matters [19][20]

Meeting Information - The fourth extraordinary general meeting of shareholders will be held on September 22, 2025, at 14:30 [1] - The meeting will take place in the company's conference room [1] - Shareholders can vote through the Shanghai Stock Exchange's online voting system from 9:15 to 15:00 on the day of the meeting [1][3] Voting Procedures - Shareholders can vote via the trading system or the internet voting platform, with specific time slots for each [3][4] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [4] - The first voting result will be considered valid if the same voting right is exercised multiple times [4] Agenda Items - The meeting will discuss the issuance of S shares and listing on the Singapore Exchange [3] - The proposals have been approved by the company's board and supervisory committee [3] - There are no related shareholders required to abstain from voting [3] Attendance Requirements - Shareholders registered by the close of trading on September 16, 2025, are eligible to attend [4] - Registration for attendance requires specific documentation depending on the type of shareholder [5] - The registration period is set for September 18, 2025, from 8:30 to 11:30 [5]

Meeting Overview - The fifth meeting of the Supervisory Board of Zhejiang Haikong Nanke Huatie Digital Technology Co., Ltd. was held on September 4, 2025, with all three supervisors present [1] - The meeting was convened in accordance with relevant laws and regulations, and all resolutions made were deemed legal and effective [1] Key Resolutions - The Supervisory Board approved the proposal for the company to issue S shares and list them on the Singapore Exchange to enhance capital strength and international brand image [2][3] - The issuance of S shares will be conducted in compliance with Chinese laws and regulations, as well as the rules of the Singapore Exchange [2] - The company plans to raise a total of 200 million Singapore dollars through this issuance, with the final number of shares to be determined based on the issuance price [4][5] Fund Utilization - The funds raised from the issuance will be used for the construction and operation of overseas intelligent computing centers, expansion of equipment leasing business, and to supplement working capital [6] - The company will have the authority to adjust the use of raised funds based on regulatory feedback and operational needs [6] Profit Distribution - The proposal includes a plan for the distribution of retained earnings prior to the issuance, ensuring that both existing and new shareholders benefit proportionally after the issuance [7][8] Transition to Overseas Company - The company will transition to an overseas fundraising company following the successful issuance and listing of S shares [8] Validity of Resolutions - The validity period for the resolutions related to the issuance is set for 24 months from the date of approval by the shareholders' meeting [9]

Summary of Key Points Core Viewpoint - The company has successfully completed a share buyback program, acquiring 20,945,992 shares, which represents 1.05% of its total share capital, with a total expenditure of 222.20 million yuan [1][3]. Group 1: Buyback Plan Details - The buyback plan was first disclosed on May 14, 2025, proposed by the company's director and general manager, Hu Danfeng [1]. - The implementation period for the buyback is from May 13, 2025, to May 12, 2026 [1]. - The expected buyback amount ranges from 200 million yuan to 300 million yuan, with a maximum buyback price set at 15.95 yuan per share [2][3]. Group 2: Execution of Buyback - The company executed its first share buyback on July 14, 2025, through a centralized bidding transaction [2]. - The actual buyback price ranged from 9.96 yuan to 11 yuan per share, with an average price of 10.61 yuan per share [3]. - The execution of the buyback plan aligns with the originally disclosed plan, and it will not significantly impact the company's operations, finances, or future development [3]. Group 3: Shareholder Impact - The buyback shares will be used for employee stock ownership plans or equity incentives, and any unutilized shares within the legal timeframe will be canceled [4]. - Before the buyback, the total number of shares was 1,990,650,596, which increased to 1,996,475,866 after the buyback [4]. - The company’s major stakeholders, including directors and controlling shareholders, did not trade the company's stock during the buyback announcement period [3].