Profit Distribution and Financial Performance - The profit distribution plan for 2024 proposes a cash dividend of RMB 7.00 per 10 shares (including tax) to all shareholders, with no bonus shares or capital reserve conversion into shares[7]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in Q3 2023, representing a 15% year-over-year growth[92]. - The total distributable profit of CNY 3,558,994,307.21 as of December 31, 2023, with a proposed cash dividend of CNY 11.00 per 10 shares[113]. - The cash dividend for 2023 represents 33.97% of the net profit attributable to ordinary shareholders, which is RMB 1,002,037,975.68[120]. - The net profit for 2024 was CNY 1,002,409,658.99, a rise of 2.5% from CNY 982,280,741.31 in 2023[196]. - The company's operating revenue for 2024 reached CNY 4,717,025,665.84, an increase of 12.3% compared to CNY 4,200,350,318.37 in 2023[195]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming Accounting Firm[6]. - The financial report is guaranteed to be true, accurate, and complete by the responsible persons of the company[6]. - The company has established a comprehensive internal control system, with no significant deficiencies reported during the reporting period[126]. - The internal control audit report issued by Ernst & Young Huaming confirmed the effectiveness of the company's internal controls with a standard unqualified opinion[128]. - The audit identified the high proportion of overseas sales revenue as a key audit matter due to the complexity of revenue recognition across different contracts[178]. Revenue and Growth - The company's operating revenue for 2023 reached ¥4,717,025,665, representing a year-on-year increase of 12.30% compared to ¥3,309,723,564.37 in 2022[23]. - The smart distribution and utilization business generated 4.535 billion RMB in revenue, a 13.35% increase year-on-year[33]. - Overseas revenue in the smart distribution business was 2.940 billion RMB, growing by 9.77%[33]. - Domestic revenue in the smart distribution business reached 1.595 billion RMB, a significant increase of 20.61%[33]. - The company's total revenue reached 4.717 billion RMB, a year-on-year increase of 12.30%[32]. Research and Development - The company's R&D expenses increased by 13.42% to approximately ¥310.88 million, up from ¥274.09 million in the previous year[50]. - Research and development investments have increased by 25%, focusing on innovative technologies in the energy sector[92]. - The number of R&D personnel is 829, making up 26% of the total workforce[61]. - Research and development expenses for 2024 were CNY 310,883,803.18, an increase from CNY 274,088,605.86 in 2023, reflecting a growth of 13.4%[195]. Governance and Board Activities - All board members attended the board meeting, ensuring full participation in decision-making[5]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with relevant regulations and effective governance[83]. - The company held six board meetings during the year, with one in-person meeting and five combining in-person and communication methods[103]. - The company held its annual general meeting on May 10, 2024, where all proposed resolutions were approved[88]. - The company has established specialized committees within the board, including an audit committee, nomination committee, compensation and assessment committee, and strategic committee[104]. Financial Position and Assets - The total assets as of the end of 2023 amounted to ¥9,478,317,442, showing a 4.40% increase from ¥8,045,699,626.82 in 2022[23]. - The company's total liabilities decreased to CNY 1,585,585,484.12 in 2024 from CNY 1,858,539,749.25 in 2023, a reduction of 14.7%[193]. - The company's equity attributable to shareholders increased to CNY 7,121,469,162.43 from CNY 6,632,579,097.99, marking an increase of approximately 7.4%[189]. - The company's inventory increased slightly from CNY 763,291,659.25 in 2023 to CNY 806,797,515.17 in 2024, reflecting a growth of approximately 5.7%[187]. Strategic Initiatives and Future Plans - The company aims to enhance its digital transformation and AI technology application across all business processes to improve efficiency[75]. - The company plans to expand its smart water business as a new growth point for performance[75]. - The company is exploring strategic acquisitions to enhance its product portfolio and market reach, with a budget of 200 million allocated for potential deals[92]. - The company plans to implement a training program focused on technological innovation, business expansion, smart manufacturing upgrades, and talent development for 2024[111]. Shareholder Relations and Transparency - The company has a dedicated investor relations team to ensure timely and accurate disclosure of significant information, enhancing transparency and communication with investors[85]. - The company held 1 shareholders' meeting during the reporting period, ensuring all shareholders, especially minority shareholders, could exercise their voting rights[82]. - The company maintains independence from its controlling shareholder in terms of operations, personnel, and finances, ensuring a complete and autonomous business system[84]. - The company has proposed to use part of its idle funds for cash management, reflecting a strategy to optimize asset utilization[90].

海兴电力（603556）公告，2024年营业收入47.17亿元，同比增长12.30%。归属于上市公司股东的净利 润10.02亿元，同比增长2.00%。公司2024年度利润分配预案为拟以实施权益分派股权登记日登记的总股 本为基数，向全体股东每10股派发现金股利人民币7元(含税)，本次公司不送红股也不实施资本公积转 增股本。 ...

Core Viewpoint - The electricity information collection system is a crucial component of smart grid construction, supporting the digitalization and automation of electricity usage, and plays a significant role in electricity monitoring, load management, line loss analysis, and automatic meter reading [1][16]. Industry Overview - The electricity information collection system is designed to collect, process, and analyze electricity usage data to improve the efficiency, reliability, and safety of power systems [2]. - The market for electricity information collection systems in China has been growing, driven by government policies and the expanding application range from industrial to residential users [1][16]. Market Demand and Growth - From 2021 to 2026, the construction of smart meters and electricity information collection systems is expected to generate over 200 billion yuan in market demand [1][16]. - The total electricity consumption in China is projected to grow from 68,449 billion kWh in 2018 to 98,521 billion kWh in 2024, indicating a stable demand for electricity information collection systems [9]. Industry Development Stages - The development of the electricity information collection system can be divided into four stages, starting from the late 1980s with load monitoring systems to the current comprehensive collection systems that cover all users [5][6][7]. Industry Chain - The upstream of the electricity information collection system industry includes suppliers of components and devices such as communication and electronic components, which are critical for the system's stability and accuracy [8]. - The downstream is closely related to the power industry, with major investments from State Grid Corporation and China Southern Power Grid driving future demand [8]. Competitive Landscape - Major companies in the electricity information collection system industry include Nanjing Xinjian Electronics, Jiangsu Linyang Energy, Hangzhou Haixing Electric, and Ningbo Jianan Intelligent Electric, among others [18][19]. - Nanjing Xinjian Electronics reported a revenue of 286 million yuan in the first half of 2024, a year-on-year increase of 29.37% [19]. - Jiangsu Linyang Energy achieved a revenue of 1.15 billion yuan in the first half of 2024, reflecting an 11.7% year-on-year growth [21]. Future Trends - The demand for electricity information collection systems is expected to grow due to increasing energy consumption and rising energy costs, alongside government support for energy management and environmental protection [23].

Key Points - The article discusses the recent developments in the renewable energy sector, particularly focusing on solar energy, wind energy, electric vehicles, and hydrogen fuel cells, highlighting the positive trends and potential investment opportunities in these industries [1][15][43]. New Energy - Shanghai Marine Bureau released the "Shanghai Marine Industry Development Plan (2025-2035)" focusing on offshore renewable energy [1] - The National Development and Reform Commission issued guidelines to promote high-quality development of the renewable energy green power certificate market [1] - Domestic solar power installations in January-February reached 39.47 GW, a year-on-year increase of 7% [4] - The export of solar battery components remained stable, with a total export of 47.7 GW in January-February, a decrease of 3% year-on-year [8] Wind Energy - The Shanghai Marine Bureau announced plans to promote deep-sea wind power projects, indicating a strong push for offshore wind energy development [15] - The global wind turbine market saw a total installation of 121.6 GW in 2024, with offshore wind accounting for 11.7 GW [18] - Domestic wind turbine manufacturers are expected to increase their market share overseas, driven by competitive pricing [19] Electric Vehicles & Lithium Batteries - NIO and CATL signed a strategic cooperation agreement to build a comprehensive battery swap network [38] - The sales of electric vehicles in China showed significant growth, with 42.7 million units sold in the first half of March, a year-on-year increase of 41% [28] - BYD launched its new models, Han L and Tang L, with competitive pricing and advanced technology [31] Hydrogen and Fuel Cells - Central state-owned enterprises are leading green hydrogen demonstration projects, with a significant increase in project bids [43] - The installation of fuel cell systems in January-February remained stable, with a total installed capacity of 40.84 MW [44]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 58.0 CNY per share based on a 21x PE valuation for 2025, projecting a market value of 28.3 billion CNY [4]. Core Insights - The company has over 30 years of experience in the overseas smart meter market and has expanded into distribution and renewable energy sectors since 2015. Currently, overseas revenue accounts for over 60% of total revenue, with a year-on-year growth of 18% in the first half of 2024 [1][24]. - The global smart meter market is expected to grow from 17.6 billion USD in 2024 to 37.2 billion USD by 2032, with a CAGR of 9.8%. The demand for smart meters is driven by the long-term trend of grid modernization and renewable energy construction [2][49]. - The company is well-positioned in the market with 14 factories globally and exports to over 100 countries, anticipating a CAGR of nearly 15% in overseas electricity business revenue from 2024 to 2026 [1][4]. Summary by Sections Company Fundamentals - The company is a leading exporter of smart meters in China, focusing on overseas markets and expanding into distribution and renewable energy sectors. Its main business segments include smart electricity products and systems (86%), smart distribution products and systems (10%), and renewable energy products (4%) [15][16][18]. Overseas Market - The global smart meter market is projected to grow significantly, with emerging markets in Latin America, Africa, and Asia showing substantial growth potential. The company has a strong competitive advantage in overseas markets due to its early market entry and extensive channel resources [1][2][43]. - The company has established a strategic partnership with KERUN Intelligent Control to enhance its distribution capabilities in the overseas market [1]. Domestic Market - The domestic smart meter market is expected to grow, driven by strong demand for replacement and upgrades. The company is positioned as a top supplier, with stable market share and expected revenue growth of nearly 20% from 2024 to 2026 [3][4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.14 billion CNY, 1.35 billion CNY, and 1.62 billion CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16%, 19%, and 20% [4][7].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 58.0 CNY per share based on a 21x PE valuation for 2025, leading to an estimated market value of 28.3 billion CNY [4]. Core Viewpoints - The company has over 30 years of experience in the overseas smart meter market and has expanded into distribution and renewable energy sectors since 2015. Currently, over 60% of its revenue comes from overseas, with a year-on-year growth of 18% in overseas revenue for the first half of 2024 [1][24]. - The global smart meter market is expected to grow from 17.6 billion USD in 2024 to 37.2 billion USD by 2032, with a CAGR of 9.8%. The company is well-positioned to benefit from this growth due to its strong market presence and technological capabilities [2][49]. - The company is expected to achieve a CAGR of nearly 15% in overseas electricity business revenue from 2024 to 2026, and over 80% and 50% in renewable energy and distribution business revenue, respectively, during the same period [1][2]. Summary by Sections Company Fundamentals - The company has been a leader in the smart meter export market and has actively expanded into distribution and renewable energy sectors. Its main business segments include smart electricity products and systems (86%), smart distribution products and systems (10%), and renewable energy products (4%) [15][16][17]. - The company has established a strong overseas presence, with 14 factories and operations in over 100 countries, maintaining an overseas revenue contribution of over 60% [24][28]. Overseas Market - The global demand for smart meters is expected to remain strong, driven by the long-term trends of grid modernization and renewable energy construction. The company is well-positioned in emerging markets where smart meter penetration is low [1][2]. - The report highlights that the company has a competitive advantage in overseas markets due to its early market entry and extensive channel resources [24][28]. Domestic Market - The domestic smart meter market is projected to grow, with significant demand for upgrading distribution networks. The company is expected to benefit from new standards and high investment levels from major state-owned enterprises [3][4]. - The company is positioned among the top suppliers for major domestic networks, with a stable market share expected to grow in the coming years [3][4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.14 billion CNY, 1.35 billion CNY, and 1.62 billion CNY for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 16%, 19%, and 20% [4][7]. - The report emphasizes the company's unique platform value and solution provider attributes, which are expected to lead to a revaluation of its stock [4].

证券代码：603556 证券简称：海兴电力 公告编号：2025-014 杭州海兴电力科技股份有限公司 关于回购股份注销暨股份变动的公告 具体内容详见披露在《上海证券报》、《证券时报》以及上海证券交易所网站 （www.sse.com.cn）上的《关于变更回购股份用途并注销的公告》（公告编号： 2025-005）、《关于变更注册资本并修订<公司章程>的公告》（公告编号：2025-006）、 《2025 年第一次临时股东大会公告》（公告编号：2025-008）。 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： 杭州海兴电力科技股份有限公司（以下简称"公司"）拟注销回购专用证 券账户中已回购的 2,419,870 股股份，占公司总股本的 0.4952%。注销完成后， 公司总股本将由 488,684,040 股减少为 486,264,170 股。 回购股份注销日：2025 年 3 月 12 日 一、 回购股份情况概述 公司于 2022 年 3 月 28 日召开第四届董事会第四次会议，审议通过了《关于 以集中竞价交易 ...

Contract Awards - Gree Electric plans to increase its shareholding through Beijing Haihe Interconnection with an investment of between 1.05 billion to 2.1 billion yuan [1] - Topstrong plans to repurchase shares worth between 20 million to 35 million yuan [1] - Dongfang Zirconium's samples have received preliminary recognition from some solid-state battery material manufacturers for research and trial use [1] - Hongqi Chain is developing and innovating a robot unmanned vending system [1] - Jinyinhai recently entered into deep cooperation with Microvast in the solid-state battery field, with no significant impact on the company's performance in the short term [1] - Honghe Technology proposes a special cash dividend of 12.81 yuan per share [1] Shareholding Changes - Yueling Co.'s actual controller is set to change, and the stock will resume trading tomorrow [1] - Jiaozuo Wanfang's control is also set to change [1] - Yongji Co. plans to transfer part of its equity in Xiniu Wang Company [1] Operating Data - Aerospace Intelligent Manufacturing reported a net profit of 791 million yuan for 2024, an increase of 86.77% year-on-year [1] - Zhangyuan Tungsten reported a net profit of 177 million yuan for 2024, an increase of 23.25% year-on-year [1] - Guangdong Expressway A's net profit for 2024 decreased by 4.39% year-on-year, proposing a cash dividend of 5.23 yuan per share [1] - ST Hanma's heavy-duty truck sales in February reached 810 units, a year-on-year increase of 59.76% [1] - Jiangling Motors sold 21,600 vehicles in February, a year-on-year increase of 8.15% [1] - Dong'an Power's engine sales in February were 28,200 units, a year-on-year decrease of 5.16% [1] - Guangzhou Port's cargo throughput in February is expected to be 40.78 million tons, a year-on-year increase of 13.7% [1] - Far East Co.'s subsidiary won contracts worth over 19.09 billion yuan in February [1] - China Shipbuilding's subsidiary Jiangnan Shipyard signed a batch of dual-fuel container ship construction contracts worth approximately 18 billion to 19 billion yuan [1] - Tsinghua Unigroup signed a supply agreement for lithium battery cathode materials with SK On [1] - Fulongma is expected to win five sanitation service projects in February, with a total contract amount of 339 million yuan [1] - Terui De is expected to win a 194 million yuan new energy project [1] - Samsung Medical's wholly-owned subsidiary won a procurement project from Longyuan Power worth 115 million yuan [1] - Zhongcheng Co. is engaged in procurement business related to inverters and other equipment with related parties [1] Major Investments - Guodian Power is investing in the construction of the Dadu River Eagle Rock Level 1 Hydropower Station project [2] - Batian Co.'s subsidiary plans to invest in the expansion and upgrading of three related projects at the Xiaogaozhai Phosphate Mine [2] Other - Wancheng Group's chairman Wang Jiankun has been detained and is under investigation [2] - Yingjixin plans to acquire control of Huimang Micro, with trading suspended from tomorrow [2] - Hangyang Co. plans to issue convertible bonds not exceeding 1.63 billion yuan [2] - Solar Energy's subsidiary plans to purchase real estate for 367 million yuan [2] - GoerTek's subsidiary's H-share filing materials have been accepted by the China Securities Regulatory Commission [2] - Amway's "water-based solvent-free polyurethane composite material key technology" has been selected as one of the first batch of advanced applicable technologies by the Ministry of Industry and Information Technology [2] - Defang Nano's controlling subsidiary is increasing capital and introducing strategic investors [2] - Yuzhong Three Gorges A has terminated the sale of 10% equity in a small loan company [2] - Tianyu Co. received a warning letter from the FDA in the United States [2] - Haixing Power signed a strategic cooperation agreement with Kerun Zhikong to promote transformer products in overseas markets [2] - Bangjie Co.'s subsidiary Yangzhou Bangjie is temporarily suspending production for no more than three months [2] - Zhi Te New Materials signed a strategic cooperation agreement with Quantum Innovation Center and Microscopic Era [2] - Zhongjin Lingnan plans to raise no more than 1.5 billion yuan through a private placement to its controlling shareholder [2]

证券代码：603556 证券简称：海兴电力 公告编号：2025-013 杭州海兴电力科技股份有限公司 关于签订战略合作协议的公告 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： 履约的重大风险及不确定性：本次签订的《战略合作协议》属于双方合 作意愿和基本原则的框架性、意向性的初步约定，具体合作项目的实施内容、进 度和效果存在不确定性。 对上市公司当年业绩的影响：协议暂不涉及具体的交易金额，预计不会 对公司本年度经营业绩产生重大影响；对公司未来经营业绩的影响需视具体项目 的推进和实施情况而定，存在不确定性，敬请广大投资者注意投资风险。 统一社会信用代码：913308007580952690 成立时间：2004 年 02 月 16 日 注册地址：浙江省衢州市江山市经济开发区山海协作区开源路 1 号 法定代表人：王荣 注册资本：18,658.6277 万元人民币 经营范围：输配电及控制设备制造；智能输配电及控制设备销售；机械电 气设备制造；配电开关控制设备制造；变压器、整流器和电感器制造；电力电子 元器件制造； ...

审议通过了《关于选举公司第五届监事会主席的议案》 证券代码：603556 证券简称：海兴电力 公告编号：2025-012 本公司监事会及全体监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、监事会会议召开情况 2025 年 2 月 13 日，杭州海兴电力科技股份有限公司（以下简称 "公司"） 第五届监事会第一次会议在公司会议室以现场表决的方式召开。本次会议通知于 2025 年 2 月 8 日以电子邮件的形式向各位监事发出，会议应参加监事 3 名，实 际参加监事 3 名，占全体监事人数的 100%，本次会议由全体监事共同推选丁建 华先生主持。本次会议的召集、召开以及表决程序符合《公司法》及《公司章程》 的有关规定，会议形成的决议合法有效。 二、监事会会议会议审议情况 杭州海兴电力科技股份有限公司 第五届监事会第一次会议决议公告 监事会同意选举丁建华先生为第五届监事会主席，任期自监事会审议通过之 日起至第五届监事会届满之日止。 特此公告。 杭州海兴电力科技股份有限公司监事会 2025年2月14日 ...