证券代码：603556 证券简称：海兴电力 公告编号：2025-067 杭州海兴电力科技股份有限公司 第五届董事会第七次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 根据《中华人民共和国公司法》及《公司章程》的相关规定，并结合公司实 际情况，董事会同意选举董事长周良璋先生为代表公司执行公司事务的董事，并 担任公司法定代表人，任期自本次董事会审议通过之日起至第五届董事会任期届 满之日止。 表决结果：9 票赞成，0 票反对，0 票弃权 2、审议通过了《关于选举公司第五届董事会审计委员会委员及召集人的议 案》 根据《公司法》《公司章程》的相关规定，公司不再设置监事会，监事会的 职权由董事会审计委员会行使，董事会成员包含一名职工代表董事。因公司治理 结构调整，公司董事王素霞女士于2025年11月13日申请辞去公司第五届董事会非 独立董事与审计委员会委员职务。经公司于同日召开的职工代表大会决定，选举 王素霞女士为公司第五届董事会职工代表董事，任期至公司第五届董事会任期届 满之日止。 公司董事 ...

Group 1 - The core point of the article is that Haixing Electric (SH 603556) held its seventh board meeting on November 13, 2025, to discuss the election of a director to represent the company in executing its affairs [1] - For the fiscal year 2024, Haixing Electric's revenue composition is as follows: 96.14% from power engineering services, 3.03% from renewable energy, and 0.83% from other businesses [1] - As of the report, Haixing Electric has a market capitalization of 17.8 billion yuan [1]

Group 1 - The core point of the article is that Haixing Electric (SH 603556) announced that all external guarantees are for its controlling subsidiaries, totaling 99.5852 million yuan, which is approximately 1.4% of the company's latest audited net assets [1] - For the year 2024, Haixing Electric's revenue composition is as follows: 96.14% from power engineering services, 3.03% from renewable energy, and 0.83% from other businesses [1] - As of the report date, Haixing Electric has a market capitalization of 17.8 billion yuan [1]

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于杭州海兴电力科技股份有限公司 2025 年第二次临时股东大会的法律意见书 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"）2025 年第二次临时股东 大会定于 2025 年 11 月 13 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 股东大会进行见证，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 定列席了本次股东大会，审查了公司提供的有关本次股东大会各项议程及相关文 件，对本次股东大会的召集、召开程序是否合法及是否 ...

Group 1 - The core viewpoint of the news is that Haixing Electric Power's stock has experienced fluctuations, with a recent decline of 2.02% and a total market value of 17.661 billion yuan [1] - As of November 13, the stock price is reported at 36.32 yuan per share, with a trading volume of 250 million yuan and a turnover rate of 1.40% [1] - Year-to-date, Haixing Electric Power's stock price has increased by 0.07%, with a 1.94% decline over the last five trading days, a 22.50% increase over the last 20 days, and a 30.65% increase over the last 60 days [1] Group 2 - For the period from January to September 2025, Haixing Electric Power achieved a revenue of 3.369 billion yuan, a year-on-year decrease of 1.19%, and a net profit attributable to shareholders of 732 million yuan, down 7.48% year-on-year [2] - The company has distributed a total of 2.303 billion yuan in dividends since its A-share listing, with 1.213 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders has decreased by 7.43% to 24,800, while the average circulating shares per person increased by 8.02% to 19,642 shares [2][3]

Group 1 - The power sector is experiencing a strong rebound, particularly in the areas of power IoT and virtual power plants [1] - Companies such as Juhua Technology and Samsung Medical have reached their daily limit increase, indicating strong market performance [1] - Other companies like Haixing Electric, Penghui Energy, Kelun Electronics, Weisheng Information, and Youxun Technology have also shown significant gains [1]

Performance - The company reported a revenue of 3.369 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.2% [1] - The net profit attributable to shareholders was 732 million yuan, down 7.5% year-on-year, while the net profit excluding non-recurring items was 701 million yuan, a decline of 10.2% [1] - In Q3 2025, the company achieved a revenue of 1.445 billion yuan, an increase of 25.1% year-on-year, and a net profit of 336 million yuan, up 30.2% year-on-year [1] - The gross profit margin for the first three quarters of 2025 was 39.89%, a decrease of 6.08 percentage points year-on-year, while Q3 2025 gross profit margin was 37.67%, down 11.76 percentage points year-on-year [1] Market Outlook - The company is beginning to see a turning point in performance, with significant improvements in revenue and profit in Q3 2025 [1] - Recent bidding results from the State Grid indicate that while prices for electric meters are still declining, new regulations requiring the provision of CPA certificates for 2025 version smart electric meters may lead to increased costs and improved gross margins for the company [1] - The company is focusing on a "global layout and localized operation" strategy to accelerate marketing channel deployment in key countries and new markets, which is expected to enhance operational performance [1] Investment Recommendations - Revenue projections for 2025 to 2027 are estimated at 4.960 billion, 5.454 billion, and 6.050 billion yuan respectively, with net profits of 945 million, 1.081 billion, and 1.245 billion yuan [2] - Corresponding price-to-earnings ratios are projected at 19.1, 16.7, and 14.5 times, maintaining a "buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is showing signs of an earnings inflection point, with significant improvements in revenue and profit in Q3 2025 compared to the previous year. The revenue for Q3 2025 reached 1.445 billion yuan, a year-on-year increase of 25.1%, while the net profit attributable to shareholders was 336 million yuan, up 30.2% year-on-year [4][5] - The report indicates that new domestic regulations regarding smart energy meters are expected to improve product gross margins, despite a decline in gross margin observed in the first three quarters of 2025 [5] - The company is pursuing a strategy of "global layout and localized operation," aiming to enhance marketing channels in key countries and new markets, which is anticipated to improve operational performance [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 3.369 billion yuan, a decrease of 1.2% year-on-year, and a net profit of 732 million yuan, down 7.5% year-on-year. The gross margin for the first three quarters was 39.89%, a decline of 6.08 percentage points year-on-year [4][5] - The projected revenues for 2025 to 2027 are 4.960 billion yuan, 5.454 billion yuan, and 6.050 billion yuan respectively, with corresponding net profits of 945 million yuan, 1.081 billion yuan, and 1.245 billion yuan [6][8] - The report anticipates a gradual recovery in gross margin, with estimates of 38.8%, 39.8%, and 40.8% for 2025, 2026, and 2027 respectively [8] Market Comparison - The company's stock performance has been compared to the CSI 300 index, showing a significant divergence in trends over the past year [2][3]

Group 1: Market Overview - The market experienced a rebound with all three major indices closing in the green, with the Shanghai Composite Index up 0.23%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.87 trillion yuan, a decrease of 45.3 billion yuan compared to the previous trading day [1] Group 2: Medical Device Sector - CITIC Securities believes that the medical device sector is at a turning point, with both valuation and performance undergoing recovery [2] - The upcoming flu season in Q4 presents opportunities in respiratory testing-related businesses, and online sales trends for home medical devices during "Double 11" should be monitored [2] - There are expected performance and valuation recovery opportunities for companies projected to improve by 2026, with several leading firms in the medical device sector anticipated to experience accelerated growth [2] - Long-term investment opportunities in the medical device industry stem from innovation, international expansion, and mergers and acquisitions, with a focus on innovative device sectors and technologies such as brain-computer interfaces and surgical robots [2] Group 3: Renewable Energy Sector - Guojin Securities confirms that the bottoming out of the renewable energy sector is evident, with a recovery in the photovoltaic and energy storage sectors, and a 9.7 GW increase in new installations in September [3] - The hydrogen energy sector is also showing signs of recovery, with Bloom achieving profitability in Q3 and significant cost reductions in SOFC [3] - The electricity grid sector is benefiting from government initiatives to enhance energy channels and accelerate smart grid construction, with a reported revenue of 93.6 billion yuan and a net profit of 8.2 billion yuan in Q3, reflecting year-on-year growth of 10% and 15% respectively [3] Group 4: Catering and Tourism Sector - CICC anticipates a stabilization in the social service industry in 2025 after experiencing price pressures and declines in same-store sales in 2024, with signs of bottoming out [4] - The focus for 2026 should be on the recovery of domestic demand and policy expansion, particularly for comprehensive leading companies with strong growth potential [4] - In the catering sector, attention should be paid to high-quality brands that are expected to achieve stable performance growth despite competitive pressures [4] - The hotel industry is expected to see a rebalancing of supply and demand, with a potential turning point for RevPAR contingent on the recovery of business demand [4]

Group 1 - The company, Haixing Electric Power, announced that as of October 31, 2025, it has repurchased a total of 4,917,180 shares through centralized bidding, which represents 1.01% of the company's total share capital [2]