Group 1 - The core viewpoint of the report is that Guojin Securities has given a "buy" rating to Haixing Electric (603556.SH) based on its strong performance in smart distribution and renewable energy sectors [2] Group 2 - In the smart distribution business, Haixing Electric is deepening its overseas strategic layout while maintaining a solid domestic foundation [2] - The renewable energy business is showing gradual results from incubation, with improvements in system integration and solution capabilities [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a total revenue of 1.92 billion RMB for the first half of 2025, a year-on-year decrease of 14.7%, and a net profit attributable to shareholders of 400 million RMB, down 25.7% year-on-year [2]. - The decline in revenue and profit is attributed to delays in domestic project execution, fluctuations in demand in certain overseas markets, and increased counter-cyclical investments leading to higher expenses [2]. - The company is a leader in the global smart meter market, with significant growth potential in smart distribution and renewable energy sectors, benefiting from the global upgrade of power grids [5]. Summary by Sections Performance Review - In Q2 2025, the company achieved total revenue of 1.14 billion RMB, a decrease of 15.8% year-on-year, with a net profit of 250 million RMB, down 20.2% [2]. Operational Analysis - The company is deepening its overseas strategic layout while maintaining a solid domestic base. In overseas markets, it has launched a smart ultrasonic water meter factory in South Africa and secured transformer orders in Central Asia and Africa [3]. - Domestically, the company has won over 400 million RMB in new orders, including significant contracts for power metering products and distribution equipment [3]. New Energy Business - The company is transitioning from product sales to system integration and scenario-based solutions in the renewable energy sector, having developed key equipment and EMS systems for microgrid projects in Africa and Latin America [3]. Investment in Sales and R&D - The company has increased its sales and R&D expenses by 11.6% and 6.1% year-on-year, respectively, highlighting its commitment to market expansion and technological innovation [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.04 billion RMB, 1.16 billion RMB, and 1.38 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 3%, 12%, and 19% [5]. - The current stock price corresponds to a PE valuation of 13, 11, and 10 times for the years 2025, 2026, and 2027 [5].

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable decrease in revenue and profit due to project delays and increased costs from proactive investments in response to market conditions [2][3][4]. Company Overview and Financial Indicators - Company Name: Hangzhou Hexing Electrical Technology Co., Ltd. [2] - Major Financial Data: - Revenue: CNY 1,923,978,480.77, down 14.67% from CNY 2,254,754,065.49 [2] - Total Profit: CNY 425,760,540.15, down 30.62% from CNY 613,707,161.74 [2] - Net Profit Attributable to Shareholders: CNY 395,934,644.46, down 25.74% from CNY 533,162,470.28 [2] - Net Cash Flow from Operating Activities: CNY -11,112,067.97, a decrease of 103.27% [2] - Total Assets: CNY 9,423,637,237.31, down 0.58% from CNY 9,478,317,442.50 [2] Business Operations and Market Conditions - The company operates in two main product categories: smart power distribution products and renewable energy products, including smart meters and energy management systems [3][4]. - The global energy investment is projected to reach USD 3.3 trillion in 2025, with a significant portion directed towards clean energy, indicating a growing market for the company's products [4][5]. - The demand for smart distribution equipment is expected to rise due to the integration of distributed energy resources and electric vehicle charging infrastructure [5]. Competitive Landscape and Strategic Initiatives - The company is facing intensified competition in both domestic and international markets, prompting it to increase investments in product development and market expansion [6][7]. - The company has successfully launched its "Orca" platform, enhancing its system capabilities and operational efficiency [6]. - The company has established a localized production facility in South Africa, marking a significant step in its international expansion strategy [6][7]. Financial Performance Analysis - The company's operating income has decreased due to project delays and increased costs, with a focus on optimizing product and talent structures to maintain competitive advantages [6][7]. - The company reported a significant drop in cash flow from operating activities, primarily due to increased inventory and receivables [7][8]. Investment and Asset Management - The company has engaged in significant investments in financial assets, with a total investment amounting to CNY 80 million in a new industry fund focused on renewable energy and smart manufacturing [9]. - The company has also seen a substantial increase in its inventory levels, reflecting its proactive approach to managing supply chain challenges [8][9].

| 杭州海兴电力科技股份有限公司2025 | 年半年度报告摘要 | | | | | --- | --- | --- | --- | --- | | 公司代码：603556 | 公司简称：海兴电力 | | | | | 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2025 | 年半年度报告摘要 | | | | | 第一节 | 重要提示 | | | | | 展规划，投资者应当到 | www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | 本报告期不进行利润分配及公积金转增股本。 | | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | | 变更前股票简称 | | A股 | 上海证券交易所 海兴电力 | 603556 | 不适用 | | | 联系人和联系方式 | 董事会秘书 | | 证券事务代表 | | | 姓名 | 金依 | 吴阳阳 | | | | ...

或"公司"）第五届董事会第五次会议在公司会议室以现场结合通讯表决的方式 召开。本次会议通知于 2025 年 8 月 5 日以电子邮件的形式向各位董事发出，会 议应参加董事 9 名，实际参加董事 9 名，占全体董事人数的 100%，会议由董事 长周良璋先生主持。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、董事会会议审议情况 证券代码：603556 证券简称：海兴电力 公告编号：2025-049 杭州海兴电力科技股份有限公司 第五届董事会第五次会议决议公告 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 审议通过了《关于2025年半年度报告及其摘要的议案》 具体内容详见同日披露在《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《杭州海兴电力科技股份有限公司2025年半年度 报告》及其摘要。 本议案已经公司第五届董事会审计委员会 2025 年第四次会议审议通过，并 同意提交董事会审议。 表决结果：9 票赞 ...

或"公司"）第五届监事会第四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 8 月 5 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%，会议由监事会主席丁 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、监事会会议审议情况 证券代码：603556 证券简称：海兴电力 公告编号：2025-050 杭州海兴电力科技股份有限公司 第五届监事会第四次会议决议公告 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 审议通过了《关于2025年半年度报告及其摘要的议案》 经审核，监事会认为：《公司 2025 年半年度报告》的编制和审议程序符合 法律、法规、《公司章程》和公司内部管理制度的各项规定；报告内容真实、准 确、完整地反映了公司的经营管理和财务状况，不存在任何虚假记载、误导性陈 述或者重大遗漏；未发现参与 2025 年半年度报告编制和审议的人员有违反保密 ...

Core Viewpoint - Haixing Electric Power (603556.SH) reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in project execution and market demand fluctuations [1] Financial Performance - The company's operating revenue for the first half of 2025 was 1.924 billion yuan, a year-on-year decrease of 14.67% [1] - Net profit attributable to shareholders was 396 million yuan, down 25.74% year-on-year [1] - The net profit excluding non-recurring gains and losses was 376 million yuan, reflecting a 28.09% year-on-year decline [1] - Basic earnings per share stood at 0.82 yuan [1] Operational Challenges - Delays in the execution of some domestic projects and fluctuations in demand from certain overseas markets contributed to the revenue decline [1] - The company increased counter-cyclical investments, which led to a rise in expenses [1]

证券代码：603556 证券简称：海兴电力 公告编号：2025-050 杭州海兴电力科技股份有限公司 第五届监事会第四次会议决议公告 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 8 月 15 日，杭州海兴电力科技股份有限公司（以下简称"海兴电力" 或"公司"）第五届监事会第四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 8 月 5 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%，会议由监事会主席丁 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、监事会会议审议情况 审议通过了《关于2025年半年度报告及其摘要的议案》 经审核，监事会认为：《公司 2025 年半年度报告》的编制和审议程序符合 法律、法规、《公司章程》和公司内部管理制度的各项规定；报告内容真实、准 确、完整地反映了公司的经营管理和财务状况，不存在任何虚假记载、误 ...

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。 证券代码：603556 证券简称：海兴电力 公告编号：2025-049 杭州海兴电力科技股份有限公司 第五届董事会第五次会议决议公告 一、董事会会议召开情况 2025 年 8 月 15 日，杭州海兴电力科技股份有限公司（以下简称"海兴电力" 或"公司"）第五届董事会第五次会议在公司会议室以现场结合通讯表决的方式 召开。本次会议通知于 2025 年 8 月 5 日以电子邮件的形式向各位董事发出，会 议应参加董事 9 名，实际参加董事 9 名，占全体董事人数的 100%，会议由董事 长周良璋先生主持。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、董事会会议审议情况 审议通过了《关于2025年半年度报告及其摘要的议案》 具体内容详见同日披露在《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《杭州海兴电力科技股份有限公司2025年半年度 报告》及其摘要。 本议案已经公司第五届董事会审计 ...

格隆汇8月18日丨海兴电力(603556.SH)公布2025年半年度报告，报告期实现营业收入19.24亿元，同比下 降14.67%；归属于上市公司股东的净利润3.96亿元，同比下降25.74%；归属于上市公司股东的扣除非经 常性损益的净利润3.76亿元，同比下降28.09%；基本每股收益0.82元。 报告期内，公司利润总额同比下降的主要原因系部分国内项目履约推迟、个别海外国家需求波动导致收 入下滑以及公司主动增加逆周期投入导致费用增长所致。 ...