华丰动力股份有限公司 2025 年第一次临时股东大会 证券简称：华丰股份 证券代码：605100 为维护股东的合法权益，确保华丰股份2025年第一次临时股东大会的正常秩 序和议事效率，根据《公司法》《公司章程》和《股东大会议事规则》的有关规 定，现就会议须知通知如下，望参加本次大会的全体人员遵守。 一、本次大会期间，全体参会人员应维护股东的合法权益，确保大会的正常 秩序和议事效率，自觉履行法定义务。 二、为保证本次大会的严肃性和正常秩序，除出席会议的股东及股东代理人、 董事、监事、高级管理人员、公司聘任律师及公司董事会邀请的人员外，公司有 权依法拒绝其他人员入场，对于干扰大会秩序，寻衅滋事和侵犯其他股东合法权 益的行为，公司有权予以制止并及时报告有关部门查处。 会议资料 2025 年 9 月 16 日 1 华丰动力股份有限公司 2025年第一次临时股东大会会议须知 三、股东到达会场后，请在"股东签到表"上签到。股东签到时，请出示以 下证件和文件： 1、法人股东的法定代表人出席会议的，应出示本人身份证、能证明其具有 法定代表人资格的有效证明；委托代理人出席会议的，代理人应出示本人身份证、 法人股东单位的法定代表 ...

Core Viewpoint - Huafeng Co., Ltd. reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 373 million yuan, a decrease of 33.1% year-on-year [1]. - Net profit attributable to shareholders was 13.15 million yuan, down 71.94% from the previous year [1]. - In Q2 2025, total revenue was 152 million yuan, a decline of 39.7% year-on-year, with net profit of 1.51 million yuan, down 91.04% [1]. - Gross margin was 10.82%, a decrease of 29.25% year-on-year, while net margin was 3.52%, down 58.06% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 16.29 million yuan, representing 4.36% of revenue, an increase of 14.52% year-on-year [1]. - Earnings per share were 0.08 yuan, a decrease of 71.43% year-on-year, and operating cash flow per share was -0.08 yuan, down 108.01% [1]. Asset and Liability Overview - Accounts receivable reached 132 million yuan, accounting for 179.53% of the latest annual net profit [1][4]. - Cash and cash equivalents decreased to 236 million yuan, down 42% year-on-year [1]. - Interest-bearing liabilities increased to 67.49 million yuan, a rise of 41.32% [1]. Return on Investment Analysis - The company's return on invested capital (ROIC) was 2.9% last year, indicating weak capital returns [3]. - Historical median ROIC since listing is 6.91%, with the lowest recorded ROIC of 0.54% in 2022 [3].

Core Insights - Huafeng Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with revenue of 373 million yuan, down 33.10% year-on-year, and a net profit of 13.15 million yuan, down 71.94% year-on-year [1][2][4] - The traditional diesel engine sector is facing structural challenges due to the rapid growth of the new energy truck market, which has seen a year-on-year increase of approximately 186% [5][6] - The company is at a critical juncture, needing to pivot towards new energy solutions as its core business struggles [1][5] Financial Performance - Revenue for the first half of 2025 was 373 million yuan, compared to 558 million yuan in the same period last year, marking a 33.10% decrease [2] - The total profit for the period was 14.44 million yuan, down 73.84% from 55.20 million yuan year-on-year [2] - The net profit attributable to shareholders was 13.15 million yuan, a decline of 71.94% from 46.88 million yuan in the previous year [2][3] Market Dynamics - The commercial heavy truck market in China saw a total sales volume of 539,000 units in the first half of 2025, a year-on-year increase of 6.9%, but with a clear divide between traditional and new energy vehicles [5] - The company has not yet entered the new energy truck component market, which is a significant factor in its declining performance [5][6] - The company’s overseas operations, particularly in India, have also been negatively impacted by strategic adjustments from key clients and changes in visa policies [7][10] Strategic Initiatives - Huafeng is actively seeking to transform its business model by focusing on the data center backup power market, which is seen as a potential growth area [10][11] - A strategic cooperation agreement was signed with Shanghai Jipian AI Technology Co., Ltd. to supply power equipment for a new intelligent computing center, indicating a shift towards integrating energy and computing capabilities [10][11] - The company plans to invest 20 million yuan in Shanghai Jipian to further develop this integrated model [10]

Core Viewpoint - Huafeng Co., Ltd. (605100.SH) reported significant declines in revenue and profit for the first half of 2025, reflecting challenges in the traditional diesel engine market amid the rise of new energy vehicles [1][4][5]. Financial Performance - The company's revenue for the first half of 2025 was 373 million yuan, a decrease of 33.10% year-on-year [2]. - The net profit attributable to shareholders was approximately 13.15 million yuan, down 71.94% compared to the previous year [2]. - The net profit after deducting non-recurring items was about 11.55 million yuan, representing a 74.66% decline [2]. - The operating cash flow was negative at -14.11 million yuan, a significant drop from 174.90 million yuan in the same period last year [2]. Market Context - The heavy truck market showed a mild recovery, with commercial heavy truck sales in China reaching 539,000 units in the first half of 2025, up 6.9% year-on-year [6]. - However, the market is experiencing a structural shift, with traditional fuel heavy trucks under pressure while new energy heavy trucks saw sales increase by approximately 186% [7]. Business Challenges - Huafeng's core component business faced dual pressures from changing demand structures and challenges in overseas operations [5][8]. - The company has not yet entered the new energy heavy truck component market, which is critical given the rapid growth in that segment [7]. - The production line for natural gas heavy truck components is still in the testing phase, leading to reduced revenue from this segment [7]. Strategic Initiatives - Huafeng is actively seeking transformation by focusing on the data center backup power market, which is seen as a potential growth area [11]. - A strategic cooperation agreement was signed with Shanghai Jipian AI Technology Co., Ltd. to supply diesel generator sets for a new data center project [11]. - The company plans to invest 20 million yuan in Shanghai Jipian to support the "energy + computing power" integrated model [11]. Stock Performance - Despite the operational challenges, Huafeng's stock price has performed well, closing at 27.24 yuan on August 27, 2025, reflecting an increase of over 84% year-to-date [12].

Core Viewpoint - Huafeng Co., Ltd. (605100.SH) reported significant declines in revenue and profit for the first half of 2025, reflecting challenges in the traditional diesel engine market amid the rise of new energy vehicles [1][4]. Financial Performance - The company's revenue for the first half of 2025 was CNY 373 million, a decrease of 33.10% year-on-year [2]. - The net profit attributable to shareholders was CNY 13.15 million, down 71.94% compared to the same period last year [2][4]. - The operating cash flow showed a net outflow of CNY 14.11 million, a decline of 108.07% year-on-year [2]. - Basic earnings per share dropped to CNY 0.08, a decrease of 71.43% from CNY 0.28 in the previous year [3]. Market Dynamics - The heavy truck market is experiencing a mild recovery, with commercial heavy truck sales in China reaching 539,000 units in the first half of 2025, up 6.9% year-on-year [4]. - However, the market is witnessing a structural shift, with traditional fuel heavy trucks under pressure while new energy heavy trucks are rapidly growing, with sales increasing approximately 186% year-on-year [4]. Business Challenges - Huafeng's core component business is facing challenges due to structural demand changes and setbacks in overseas operations [4][6]. - The company has not yet ventured into the new energy heavy truck component business, which is critical given the market's transition [4]. - The production line for natural gas heavy truck components is still in the testing phase, leading to reduced revenue from this segment [4]. Strategic Initiatives - Huafeng is actively seeking transformation by focusing on the data center backup power market, which is seen as a potential growth area [8][9]. - A strategic cooperation agreement was signed with Shanghai Jipian AI Technology Co., Ltd. to supply power equipment for a new computing center, marking a significant step in diversifying its business [8]. - The company plans to invest CNY 20 million in Shanghai Jipian to support the integrated "energy + computing" model [8]. Stock Performance - Despite the operational challenges, Huafeng's stock has performed well in the secondary market, with a year-to-date increase of over 84%, closing at CNY 27.24 on August 27, 2025 [10].

Core Viewpoint - Huafeng Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, reflecting the challenges faced by the traditional diesel engine industry amid the rise of new energy vehicles [1][4]. Financial Performance - The company's revenue for the first half of 2025 was 373 million yuan, a decrease of 33.10% compared to the same period last year [2]. - The net profit attributable to shareholders was 13.15 million yuan, down 71.94% year-on-year [2][4]. - The net profit after deducting non-recurring items was 11.55 million yuan, a decline of 74.66% compared to the previous year [2]. - The operating cash flow was negative at -14.11 million yuan, a drop of 108.07% from the previous year [2]. - Basic earnings per share decreased by 71.43% to 0.08 yuan [3]. Industry Context - The diesel engine industry is facing structural challenges due to the rapid growth of the new energy vehicle market, with traditional fuel heavy-duty truck sales under pressure [5]. - In the first half of 2025, the sales of commercial heavy-duty trucks in China reached 539,000 units, a year-on-year increase of 6.9%, but the market is experiencing a divergence between traditional and new energy vehicles [5]. - The new energy heavy-duty truck sales surged approximately 186% year-on-year, reaching a historical high, while Huafeng has not yet ventured into the new energy components market [5]. Operational Challenges - Huafeng's core component business is impacted by structural demand changes and setbacks in overseas operations [4]. - The company is undergoing a production line technology upgrade, which has led to reduced revenue from natural gas heavy-duty truck components [6]. - The Indian subsidiary's operations were hindered by strategic adjustments from key clients and changes in visa policies, resulting in decreased revenue and profits [7]. Strategic Initiatives - Despite challenges in the Indian market, Huafeng has seen growth in overseas orders for generator sets used in communication base stations, with deliveries to countries like the Philippines and Nigeria [10]. - The company is actively seeking transformation by focusing on the data center backup power market, which is seen as a potential new growth area [11]. - A strategic cooperation agreement was signed with Shanghai Jipian AI Technology Co., Ltd. to supply power equipment for a new computing center, marking a significant step in Huafeng's efforts to integrate energy and computing capabilities [11].

（文章来源：证券日报） 证券日报网讯 8月27日晚间，华丰股份发布公告称，公司第四届监事会第十七次会议审议通过了《关于 2025年半年度报告及摘要的议案》等多项议案。 ...

证券日报网讯 8月27日晚间，华丰股份发布公告称，公司第四届董事会第十八次会议审议通过了《关于 2025年半年度报告及摘要的议案》等多项议案。 （文章来源：证券日报） ...

格隆汇8月27日丨华丰股份(605100.SH)发布2025年半年度报告，报告期实现营业收入3.73亿元，同比下 降33.10%；归属上市公司股东的净利润1315.23万元，同比下降71.94%；扣除非经常性损益后的归属于 上市公司股东的净利润1155.07万元，同比下降74.66%；基本每股收益0.08元。 ...

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm addresses the conditions under which Huafeng Power Co., Ltd. will repurchase and cancel part of its restricted stock due to unmet performance conditions in the 2024 incentive plan [3][11]. Group 1: Approval and Authorization - On June 24, 2024, the company's board of directors approved the relevant proposals regarding the 2024 restricted stock incentive plan [7]. - The supervisory board also approved the proposals on the same day, confirming the list of incentive objects [8]. - The company conducted a public announcement regarding the incentive objects from June 26 to July 5, 2024, with no objections received [9]. Group 2: Repurchase and Cancellation Details - The repurchase involves 402,000 shares of restricted stock from 31 incentive objects who did not meet the conditions for lifting restrictions [11][13]. - The repurchase price was adjusted to 5.71 yuan per share, including bank interest, based on the company's 2024 semi-annual and annual profit distribution [11][15]. - The initial grant price for the restricted stock was 6.11 yuan per share [13]. Group 3: Performance Conditions - The first performance condition for lifting restrictions required a revenue growth rate of no less than 30% and a net profit growth rate of no less than 16% for 2024, based on the average values from 2021 to 2023 [12]. - Due to the company's failure to meet these performance targets, the first lifting of restrictions did not occur [12]. Group 4: Legal Compliance - The law firm confirmed that the repurchase and cancellation of restricted stock complies with the relevant regulations and the company's incentive plan [15][16]. - The company is required to fulfill its information disclosure obligations and complete the necessary procedures for share repurchase and capital reduction [16].