Group 1 - The company announced a restriction on single-day purchases exceeding 1000 yuan for its funds starting from September 29, 2025, with the right to refuse such applications [1] - Normal redemption and other business operations will continue during the restriction period, with normal purchase operations resuming on October 9, 2025 [1] - Investors can find more details on the company's website or by calling customer service [1] Group 2 - The company participated in the priority placement of convertible bonds issued by Anhui Yingliu Electromechanical Co., Ltd., which involves related party transactions due to the underwriting by its affiliate [3] - The announcement complies with relevant laws and regulations, as well as the fund's contract and prospectus [3] - The company disclosed information regarding its public funds' participation in the bond issuance in accordance with regulatory requirements [3]

Core Points - Anhui Yingliu Electromechanical Co., Ltd. is issuing convertible bonds to unspecified investors [1] - The issuance is being managed by Huatai United Securities Co., Ltd. as the lead underwriter [2] Summary by Sections - **Issuance Details** - The company conducted an online lottery for the convertible bonds on September 22, 2025, with a total of 324,306 winning numbers [1] - Each winning number allows the purchase of one hand (1,000 yuan) of the convertible bonds [1] - **Regulatory Compliance** - The lottery was conducted under the principles of openness, fairness, and justice, supervised by representatives from relevant units [1] - The results were notarized by the Shanghai Dongfang Notary Office [1]

安徽应流机电股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 保荐人（主承销商）：华泰联合证券有限责任公司 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。 根据《安徽应流机电股份有限公司向不特定对象发行可转换公司债券发行公 告》，本次发行的发行人安徽应流机电股份有限公司（以下简称"应流股份"）及 本次发行的保荐人（主承销商）华泰联合证券有限责任公司于 2025 年 9 月 22 日 （T+1 日）主持了应流股份可转换公司债券（以下简称"应流转债"）网上发行中 签摇号仪式。摇号仪式按照公开、公平、公正的原则在有关单位代表的监督下进行， 摇号结果经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 68977,18977,37882 | | 末"6"位数 | 774295,899295,649295,524295,399295,274295,149295,024295 | | 末"7"位数 | 3619375,6119375,8619375, ...

Core Viewpoint - The stock price of Yingliu Co., Ltd. has shown significant growth this year, with a year-to-date increase of 125.66% as of September 22, 2023, indicating strong market performance and investor interest [2]. Company Overview - Yingliu Co., Ltd. is located in Hefei Economic and Technological Development Zone, Anhui Province, and was established on April 25, 2006, with its listing date on January 22, 2014 [2]. - The company specializes in the research, production, and sales of high-end components for specialized equipment, with applications in oil and gas, clean and efficient power generation, engineering, mining machinery, and other high-end equipment sectors [2]. - The revenue composition of the company includes 53.59% from mechanical equipment components, 43.94% from pump and valve parts, and 2.48% from other sources [2]. Financial Performance - For the first half of 2025, Yingliu Co., Ltd. achieved a revenue of 1.384 billion yuan, representing a year-on-year growth of 9.11%, while the net profit attributable to shareholders was 188 million yuan, reflecting a year-on-year increase of 23.91% [2]. - The company has distributed a total of 558 million yuan in dividends since its A-share listing, with 250 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yingliu Co., Ltd. was 22,600, an increase of 5.56% from the previous period, with an average of 30,095 circulating shares per shareholder, a decrease of 5.27% [2]. - The top ten circulating shareholders include institutional investors, with the second-largest being Quan Guo Xu Yuan Mixed A, holding 32.79 million shares, unchanged from the previous period [3].

Summary of Conference Call Notes Company Overview - **Company**: Anhui Yingliu Electromechanical Co., Ltd. (应流股份) - **Industry**: Advanced Industrial Equipment, specifically focusing on gas turbines and components for aerospace, nuclear power, oil, and gas sectors - **Market Position**: Leading supplier of castings in China, with approximately 50% of revenue from overseas markets, primarily in developed countries [17][18] Key Points and Arguments Industry Demand and Growth - **AI Capital Expenditure**: Increased capital expenditure from major US cloud computing companies (Amazon, Microsoft, Alphabet, Meta, Oracle) is expected to drive gas turbine demand, with projections for 2025-2027 capital spending up by 8-24% compared to previous estimates [2][3] - **Gas Turbine Demand**: Anticipated annual increase of 1-2 GW in gas turbine demand due to AI-related capital expenditures, leading to a projected $500 million expansion in the blade market from 2025-2027 [2] - **Mitsubishi Heavy Industries**: Announced a 100% increase in gas turbine production capacity over the next two years, indicating strong global demand for gas turbines [2] Financial Projections - **Revenue Growth**: Updated revenue forecasts for 2026-2027 indicate a growth of 3-6% in revenue and 5-7% in profit, with earnings per share (EPS) estimates revised to be 12-18% higher than consensus [1][4] - **Target Price Adjustment**: Target price raised from Rmb 35.30 to Rmb 40.10, based on a 44x PE ratio for 2026E, aligning with global peers [1][4] Valuation Metrics - **Current Valuation**: The company's current stock price corresponds to a 34x PE ratio for 2026E and a 45% CAGR for 2025-2027 earnings, suggesting room for upward valuation adjustments [4][12] - **Comparative Analysis**: The company’s relative PE valuation is at 0.76x compared to global peers, indicating a narrowing discount but still presenting potential for further appreciation [9][12] Risks and Considerations - **Downside Risks**: Key risks include weaker-than-expected global gas turbine and aircraft demand, lower product yield during upgrades, slower-than-expected capacity expansion, and refinancing risks due to high net debt levels [18] Additional Important Information - **Stock Performance**: As of September 16, 2025, the stock price was Rmb 31.01, with a market capitalization of Rmb 21.1 billion (approximately $2.96 billion) [5] - **Earnings Forecasts**: EPS estimates for 2025E, 2026E, and 2027E are Rmb 0.59, Rmb 0.88, and Rmb 1.25 respectively, reflecting a growth trajectory [6][14] - **Financial Health**: The company maintains a net debt to EBITDA ratio of 5.9x for 2025E, indicating a manageable debt level relative to earnings [15] This summary encapsulates the critical insights from the conference call, highlighting the company's growth potential, market dynamics, and financial outlook while addressing associated risks.

Summary of Gas Turbine Industry Conference Call Industry Overview - The global gas turbine market is projected to reach approximately $21.5 billion in 2024 and is expected to grow to $34.4 billion by 2033, with a compound annual growth rate (CAGR) of about 5% [1][8] - The increasing demand for electricity in data centers, driven by the proliferation of AI applications, is expected to further boost market growth [1][3] Core Insights and Arguments - Data centers are significant energy consumers, with IT equipment accounting for about 50% of their energy usage, and servers making up approximately 80% of the IT equipment [1][5] - Gas power generation is cleaner compared to coal and offers cost advantages under carbon neutrality goals; it also provides stable peak-shaving capabilities, making it suitable for distributed energy systems [1][13] - The demand for clean, efficient, and responsive gas turbines is increasing due to strict requirements for backup power systems in high-grade data centers [1][7] - The gas turbine market is benefiting from significant order growth from leading overseas OEMs such as Mitsubishi Power, GE Energy, and Siemens, while domestic companies like Yingli Co., Hangya Technology, and Hangyu Technology are also gaining from overseas demand [1][15][22] Development Trends - Short-term growth in overseas market demand is expected to drive performance increases for related companies [3] - Long-term prospects for the domestic gas turbine market are improving as domestic companies achieve significant advancements, such as the launch of a 300 MW F-class gas turbine and breakthroughs in heavy gas turbine technology [3][18] - The introduction of AI applications is projected to significantly increase electricity consumption in data centers, further driving gas turbine demand [3][9] Market Dynamics - The gas turbine market is characterized by a stable compound growth rate of about 20% over the past decade, with emerging markets like Asia-Pacific and the Middle East showing particularly strong performance [9] - The introduction of AI-optimized servers is expected to add $10 to $20 billion annually to the market size from 2024 to 2027, potentially reaching a cumulative market size of $60 billion by 2027 [9] Key Players and Competitive Landscape - Major players in the gas turbine market include Siemens and Mitsubishi Power, which have significant technological and market advantages, covering a full spectrum of products from large to small gas turbines [16] - Domestic companies are making strides in technology and market penetration to compete with these global leaders [16][18] Cost Structure and Component Value - In terms of component value distribution, the turbine blades account for approximately 36% of the total, while the power turbine holds the highest share at 31% [20] - The cost structure of gas turbines is composed of about 50% raw materials, 25% labor, and 25% manufacturing costs, with high-temperature alloys making up 35% of raw material costs [21] Domestic Industry Progress - Domestic companies have made significant progress during the 14th Five-Year Plan period, with advancements in the development of heavy gas turbines and a focus on achieving domestic substitution [18][19] - Companies like China Heavy Gas Turbine and China Aviation Power are focusing on large and lightweight gas turbine designs, respectively, creating a differentiated competitive landscape [19] Conclusion - The gas turbine industry is poised for growth driven by technological advancements, increasing energy demands from data centers, and a shift towards cleaner energy sources. The competitive landscape is evolving with both international and domestic players making significant strides in technology and market presence.

证券代码：603308 证券简称：应流股份 公告编号：2025-034 安徽应流机电股份有限公司 公开发行可转换公司债券 网上中签率及优先配售结果公告 保荐机构（主承销商）：华泰联合证券有限责任公司 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： | 类别 | 中签率/配 | 有效申购数量 | 实际配售数 | 实际获配金额 | | --- | --- | --- | --- | --- | | | 售比例（%） | （手） | 量（手） | （元） | | 原股东 | 100.00 | 1,175,694 | 1,175,694 | 1,175,694,000.00 | | 网上社会公众 投资者 | 0.00384399 | 8,436,705,116 | 324,306 | 324,306,000.00 | | 网下机构投资 | - | - | - | - | | 者 | | | | | | 合计 | | 8,437,880,810 | 1,500,000 | 1,500,000,000.00 | 特别提示 ...

Group 1 - The core transaction on September 18 involved a block trade of 731,200 shares of Yingliu Co., with a transaction value of 23.38 million yuan and a transaction price of 31.98 yuan per share [2][3] - The buyer of the block trade was CITIC Securities Co., Ltd., while the seller was Goldman Sachs (China) Securities Limited [2][3] - Over the past three months, Yingliu Co. has recorded a total of two block trades, amounting to a cumulative transaction value of 64.95 million yuan [2] Group 2 - As of September 18, Yingliu Co. closed at 31.98 yuan, experiencing a decline of 1.30%, with a daily turnover rate of 4.20% and a total trading volume of 920 million yuan [2] - The net outflow of main funds for the day was 58.58 million yuan, and over the past five days, the stock has seen a cumulative decline of 0.56% with a total net outflow of 86.34 million yuan [2] - The latest margin financing balance for Yingliu Co. is 388 million yuan, which has increased by 47.76 million yuan over the past five days, representing a growth of 14.04% [3]

Group 1 - Shudao Equipment's subsidiary signed a construction contract worth 24.68 million yuan for a hydrogen fuel cell manufacturing base project [1] - Zhongliang Technology received a land acquisition compensation of 30 million yuan from the government [2] - Palm Holdings won a bid for a high-standard farmland construction project in Lankao County, with a contract value of 433 million yuan, accounting for 14.12% of the company's audited revenue for 2024 [3] Group 2 - Changchun Yidong's subsidiary received a government subsidy of 2.85 million yuan, which is 122.78% of the company's audited net profit for the last fiscal year [4] - Wuzhou Transportation successfully issued 200 million yuan in medium-term notes with an interest rate of 2.10% [5][6] - Tiandi Source's subsidiary plans to apply for a trust loan of up to 500 million yuan from related parties [8] Group 3 - Tiandi Source's subsidiary acquired a residential land use right in Xi'an for 2.015 billion yuan [9] - Opcon Vision received a medical device registration certificate for its ultrasonic nebulizer [11] - Jingjiawei announced the resignation of its vice president due to personal reasons [13] Group 4 - Fulinh Precision's subsidiary received a prepayment of 1.5 billion yuan from CATL for securing lithium iron phosphate material supply [15] - Yunzhu Technology's subsidiary received a government subsidy of 20.12 million yuan [16] - Kehua Bio's ferritin test kit received a medical device registration certificate [17] Group 5 - Jinghua Pharmaceutical's medical sodium alginate wound dressing received a medical device registration certificate [18] - Lingwei Technology established a wholly-owned subsidiary with a registered capital of 1 million yuan [19] - Sanwei Co. won a bid for concrete sleeper procurement projects worth 158 million yuan [20] Group 6 - Shanghai Pharmaceuticals' Nicardipine tablets passed the consistency evaluation for generic drugs [21] - Lushan New Materials increased its idle fund management limit to 750 million yuan [24] - Huayi Technology announced the retirement of a core technical staff member [25] Group 7 - Yingli Environment plans to use up to 300 million yuan of idle raised funds for cash management [30] - Yong'an Forestry plans to develop a national reserve forest project in Putian, Fujian, with an estimated investment of 154 million yuan [32] - Xinyuan Technology's shareholders plan to reduce their holdings by up to 3.18% of the company's shares [60]

Group 1 - On September 18, Yingliu Co., Ltd. executed a block trade of 731,200 shares, with a transaction value of 23.38 million yuan, accounting for 2.48% of the total transaction volume for that day [1] - The transaction price was 31.98 yuan, which was in line with the market closing price of 31.98 yuan [1][2] - The trade was facilitated by CITIC Securities Co., Ltd. and Goldman Sachs (China) Securities Limited [2]