证券代码：603556 证券简称：海兴电力 公告编号：2026-008 杭州海兴电力科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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个别及连带责任。 重要内容提示： | 回购方案首次披露日 | 2025/5/27 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后12个月内 （即2025年5月26日至2026年5月25日） | | 预计回购金额 | 1亿元（含）~2亿元（含） | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股份数量 | 4,917,180股 | | 累计已回购股份数量占总股本比例 | 1.01% | | 累计已回购金额 | 133,650,988.40元 | | 实际回购价格区间 | 26.20元/股~28.76元/股 | 一、回购股份的基本情况 杭州海兴电力科技股份有限公司（以下简称"公司"）于2025年5月26日召开 了第五届董事会第四次会议，审议通过了《关于以集中竞价交易方式回购股份方 案的议案》，同意公司以 ...

Core Viewpoint - The electric grid equipment sector in the A-share market has seen significant growth, driven by strong capital inflows and favorable government policies, indicating a robust investment opportunity in this industry [2][4][22]. Group 1: Market Performance - As of March 6, 2026, the electric grid equipment sector has experienced a notable surge, with over 50 stocks doubling in value since the low in April 2025, and 15 stocks increasing by over 200% [2][4]. - On March 6, 2026, the sector attracted a net inflow of 7.632 billion yuan, marking it as the strongest capital-absorbing direction in the market [2][12]. - The electric grid equipment theme index's turnover rate reached 6.55% on March 6, 2026, a significant increase from 4.37% in late February [12]. Group 2: Policy and Investment Drivers - The 2026 Government Work Report emphasizes the construction of a new power system, accelerating smart grid development, and expanding green electricity applications, providing a clear direction for the electric grid equipment industry [4]. - The State Grid announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, with an average annual investment of 800 billion yuan [4][5]. - The total investment for the 14th Five-Year Plan is expected to approach 1 trillion yuan, with the combined investment from both major grids exceeding 5 trillion yuan, ensuring strong demand support for the industry [4][5]. Group 3: Global Market Trends - The global electric grid investment is projected to reach 390 billion USD in 2024 and exceed 400 billion USD in 2025, with an estimated total of 12 trillion USD from 2025 to 2030 [9][10]. - The U.S. is entering a new investment cycle in its power system, with significant demand for electricity driven by AI industries, making it challenging to complete grid construction in the short term [7][14]. - The overseas market is experiencing a shortage of high-voltage electrical equipment, with delivery times extending significantly, creating opportunities for Chinese manufacturers to capture market share [8][14]. Group 4: Company Performance and Opportunities - Companies with high overseas revenue and clear international orders, such as Siyi Electric and Sifang Co., have outperformed the sector average, with some stocks reaching historical highs [13][18]. - The export of transformers from China is expected to reach 9.036 billion USD in 2025, with a year-on-year growth of 34.83%, indicating a strong international demand [14][18]. - The domestic electric equipment industry is operating at full capacity, with major manufacturers in Guangdong and Jiangsu reporting high-value orders extending to 2027 [20]. Group 5: Future Outlook - The electric grid equipment sector's growth is supported by multiple factors, including policy, demand, and performance, with a high likelihood of sustained prosperity over the next 5-10 years [22]. - However, the sector's high valuation and significant recent gains raise concerns about potential corrections if unfavorable conditions arise, such as delays in overseas orders or rising raw material prices [22].

| 回购方案首次披露日 | 2025/5/27 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后12个月内 （即2025年5月26日至2026年5月25日） | | 预计回购金额 | 1亿元（含）~2亿元（含） | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股份数量 | 4,917,180股 | | 累计已回购股份数量占总股本比例 | 1.01% | | 累计已回购金额 | 133,650,988.40元 | | 实际回购价格区间 | 26.20元/股~28.76元/股 | 一、回购股份的基本情况 杭州海兴电力科技股份有限公司（以下简称"公司"）于2025年5月26日召开 了第五届董事会第四次会议，审议通过了《关于以集中竞价交易方式回购股份方 案的议案》，同意公司以集中竞价交易方式使用自有资金回购公司股份，用于后 续实施员工持股计划或股权激励。回购价格不超过人民币35元/股（含），拟回购 总金额不低于人民币1亿元（含）不高于人民币2亿元（含），实施期限为自董事 会审议通过回购股份方案之日起12个月内。具体内容详见公司于2025年5月27日 披露在《上海证券报》《 ...

Group 1 - The stock price of Haixing Electric Power increased by 5.11%, reaching 38.85 CNY per share, with a trading volume of 1.27 billion CNY and a turnover rate of 0.69%, resulting in a total market capitalization of 18.891 billion CNY [1] - Haixing Electric Power Technology Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on July 6, 2001, with its listing date on November 10, 2016. The company's main business includes smart electricity, smart distribution, system solutions, and operation and maintenance services [1] - The revenue composition of Haixing Electric Power is as follows: 94.42% from product sales, 3.02% from other sources, and 2.57% from service provision [1] Group 2 - Chang'an Fund has one fund heavily invested in Haixing Electric Power, specifically the Chang'an Advantage Industry Mixed A fund (015343), which held 40,000 shares, accounting for 3.48% of the fund's net value, making it the ninth largest holding [2] - The Chang'an Advantage Industry Mixed A fund was established on September 1, 2022, with a latest scale of 40.7377 million CNY. Year-to-date returns are 5.25%, ranking 3698 out of 8994 in its category, while the one-year return is 20.91%, ranking 4891 out of 8199 [2] - The fund manager, Xiao Jie, has a tenure of 4 years and 18 days, with a total asset scale of 469 million CNY. The best fund return during the tenure is 21.89%, while the worst return is -26.3% [2]

Core Viewpoint - The company HaiXing Electric (603556) is experiencing a recovery in performance, but its stock price is volatile due to multiple factors including structural differentiation in performance, short-term fluctuations in capital, technical pressure, valuation adjustments, and mixed industry policies alongside competitive pressures [1]. Financial Performance - In Q3 2025, the company reported a revenue of 1.445 billion yuan, a year-on-year increase of 25.12%, and a net profit attributable to shareholders of 336 million yuan, up 30.21%. This performance significantly outperformed the overall results for the first three quarters, which saw a revenue decline of 1.19% and a net profit drop of 7.48% [2]. Capital Situation - Since February 2026, there has been a net outflow of main funds, with notable outflows of 6.9885 million yuan on February 2 and 6.4358 million yuan on February 11. However, a net inflow of 15.16 million yuan was observed on February 12 amid a market rebound. The fluctuation in capital has contributed to stock price volatility, with a range of 10.86% from February 2 to 12 and a turnover rate fluctuating between 0.62% and 1.18% [3]. Valuation - As of February 12, the stock price was below the middle band of the Bollinger Bands at 38.97 yuan, with a negative MACD histogram value of -0.781 and a KDJ indicator in the oversold range (K value of 19.1), indicating short-term technical weakness. However, the current price-to-earnings ratio (TTM) is 19.58, which is lower than the industry average for power grid equipment, suggesting potential for valuation recovery [4]. Industry Policy and Environment - The State Grid's "14th Five-Year" investment plan amounts to 4 trillion yuan, a 40% increase from the previous plan, with clear demand in areas such as ultra-high voltage and smart grid. However, intense competition in domestic grid bidding has led to a decline in gross margin by 6.08 percentage points to 39.89% in the first three quarters of 2025, and the renewable energy business is still in the cultivation phase, accounting for about 3% of revenue, limiting short-term profit growth [5]. Business Progress - The company's overseas electricity business is gradually recovering, with positive developments such as the commissioning of a smart water meter factory in South Africa and orders for transformers in Central Asia. However, overseas revenue accounts for over 60%, and fluctuations in exchange rates (with a foreign exchange loss of 129 million yuan in 2024) and geopolitical risks continue to disrupt performance. The stock price volatility is attributed to the need to verify the sustainability of performance recovery, short-term capital divergence, technical pressure, and intensified industry competition. In the long term, the benefits of grid investment policies and the expansion of overseas business still provide supportive logic [6].

Group 1: Industry Overview - The 11th Senegal International Building, Renovation and Infrastructure Exhibition and the 5th Senegal International Power and New Energy Exhibition were held from February 5 to 7 in Dakar, showcasing a variety of products and solutions tailored to local needs [1] - Chinese companies displayed a strong presence, with products ranging from engineering vehicles and building materials to power distribution equipment and smart metering [1] Group 2: Company Strategies - Hangzhou Haixing Electric Power Technology Co., Ltd. has established a significant market share in Senegal's residential electricity metering sector and has partnered with local distribution companies to localize production [1] - China Liansu Group has set up production bases in multiple countries, including Tanzania and Angola, to better respond to local demands [2] - Shandong Hongtai Metal Technology Co., Ltd. plans to establish a factory in Africa to shorten logistics distances and better serve local customers [2] Group 3: Market Reception - Senegalese companies have positively responded to Chinese suppliers, appreciating their ability to provide tailored solutions based on budget and quality [2] - The acceptance of Chinese heavy-duty vehicles in Senegal has increased, with Chinese brands capturing nearly 60% of the local market share for large vehicles [2] - The establishment of after-sales services, including maintenance workshops and training for local drivers, is seen as essential for long-term customer relationships [3]

Core Insights - The company is successfully replicating its "going abroad platform" strategy in the water services sector, using ultrasonic water meters as a key driver [2] - The company has achieved bulk delivery of ultrasonic water meters in Latin America and Africa, and is accelerating its expansion into the Asia and Europe markets [2] - This strategy is expected to drive sustained future growth for the company and validates its capabilities in cross-industry and cross-regional solutions, as well as its sales capabilities to different customers [2] - The company's overseas business is transitioning from a focus on electricity to rapidly expanding into distribution, new energy, and smart water services [2]

Group 1 - The company, Haixing Electric Power (603556), confirmed that it strictly adheres to relevant regulations regarding the disclosure of the number of shareholders at the end of the reporting period [1]

Meeting Overview - The first extraordinary general meeting of shareholders for 2026 was held on February 3, 2026, at the company's meeting room in Hangzhou [2] - The meeting was convened by the board of directors and conducted in accordance with the Company Law and the company's articles of association, utilizing both on-site and online voting [2][3] Attendance and Voting - All current directors and the board secretary attended the meeting, with a total of 9 directors present [2][3] - The voting results showed that all proposals received more than half of the valid voting rights held by attending shareholders [3] Resolutions Passed - The following resolutions were approved: 1. Proposal to expand the business scope and amend the articles of association [2][3] 2. Proposal for the estimated daily related party transactions for 2026 [2][3] - The first proposal was a special resolution that received over two-thirds of the votes from attending shareholders [3] Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm, who confirmed that the meeting's procedures complied with legal and regulatory requirements [4] - The lawyers concluded that the qualifications of attendees and the voting procedures were valid and effective [4]

致:杭州海兴电力科技股份有限公司 杭州海兴电力科技股份有限公司(以下简称"公司")2026年第一次临时股东 会定于 2026年2月3日召开,国浩律师(上海)事务所(以下简称"本所")接 受公司的委托,指派倪俊骥律师、陈晓纯律师(以下简称"本所律师")对本次股 东会进行见证,并依据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》(以下简称'《证券法》")、中国证券监督管理委员会发布 的《上市公司股东会规则》及其他现行有效的法律、法规及规范性文件规定及《杭 州海兴电力科技股份有限公司章程》(以下简称"《公司章程》")出具本法律意见 书。 本所律师按照中华人民共和国(以下简称"中国",仅为本法律意见书之目 的,不包括香港特别行政区、澳门特别行政区和台湾地区)现行法律、法规的规 定列席了本次股东会,审查了公司提供的有关本次股东会各项议程及相关文件, 对本次股东会的召集、召开程序是否合法及是否符合《公司章程》规定、出席会 议人员资格和股东会表决程序的合法有效性发表法律意见。 本法律意见书中不存在虚假、严重误导性陈述及重大遗漏,否则本所律师愿 意承担相应的法律责任。 本所律师仅依据本法律意见 ...