一、金融服务协议条款的完备性 华泰联合证券有限责任公司 关于浙江盾安人工环境股份有限公司 2024 年度金融服务协议及相 关风险控制措施执行情况之专项核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作为浙江盾 安人工环境股份有限公司（以下简称"盾安环境"或"公司"或"上市公司"）非公开 发行股票持续督导阶段的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联 交易》等有关规定，对盾安环境与珠海格力集团财务有限责任公司（以下简称"格力财 务公司"）在 2024 年度内有效存续的《金融服务协议》及相关风险控制措施执行情况进 行了审慎核查，具体核查情况如下： （一）金融服务协议条款内容 2023年，盾安环境与格力财务公司签订了《金融服务协议》，甲方为格力财务公司， 乙方为盾安环境，协议主要内容如下： | 项目 | 条款主要内容 | | --- | --- | | 金融服务内容 | 1.存款业务 | | | 乙方在甲方开立存款账户，存款业务内容包括：活期存款、定期存款、单位协定 | | | 存款、单位通知存 ...

浙江盾安人工环境股份有限公司 2024 年度独立董事述职报告 尊敬的各位股东及股东代表： 本人作为浙江盾安人工环境股份有限公司（以下简称"公司"）的独立董事， 根据《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》《上市公司独立董事管理办法》等法律法规及《浙江盾安人工环境股份有限 公司章程》（以下简称"《公司章程》"）《独立董事工作制度》等有关规定和要求， 本着客观、公正、独立的原则，诚信、勤勉履行职务，积极出席相关会议，认真 审议董事会各项议案，充分发挥独立董事及各专门委员会的作用，维护公司及全 体股东的利益。现将本人 2024 年度履行独立董事职责的情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 刘金平先生， 1962 年 6 月出生，博士学历，现任华南理工大学电力学院动 力系教授、博士生导师。中国制冷学会理事会理事和学术委员会委员；中国制冷 空调工业协会理事和技术委员会委员；中国制冷空调工业协会数据中心冷却分会 副会长；广东省制冷学会理事长；全国冷冻空调设备标准化技术委员会委员；空 调设备及系统运行节能国家重点实验室学术委员会委员；广东省能源计量 ...

浙江盾安人工环境股份有限公司 2024 年度独立董事述职报告 尊敬的各位股东及股东代表： 本人作为浙江盾安人工环境股份有限公司（以下简称"公司"）的独立董事， 根据《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》《上市公司独立董事管理办法》等法律法规及《浙江盾安人工环境股份有限 公司章程》（以下简称"《公司章程》"）《独立董事工作制度》等有关规定和要求， 本着客观、公正、独立的原则，诚信、勤勉履行职务，积极出席相关会议，认真 审议董事会各项议案，充分发挥独立董事及各专门委员会的作用，维护公司及全 体股东的利益。现将本人 2024 年度履行独立董事职责的情况报告如下： 一、 独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 李静先生，1966 年 3 月出生，自 1998 年至今担任浙江六和律师事务所合伙 人。1988 年毕业于华东师范大学政教系，获得法学学士学位，1996 年取得中国 注册会计师资格。1988 年至 1998 年，任职于杭州大学（现浙江大学）法律系、 经济与管理学院；1998 年至今，任职于浙江六和律师事务所，为浙江六和律师事 务所创始合伙人。2007 年 ...

浙江盾安人工环境股份有限公司 2024 年度独立董事述职报告 尊敬的各位股东及股东代表： 本人作为浙江盾安人工环境股份有限公司（以下简称"公司"）的独立董事， 根据《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》《上市公司独立董事管理办法》等法律法规及《浙江盾安人工环境股份有限 公司章程》（以下简称"《公司章程》"）《独立董事工作制度》等有关规定和要求， 本着客观、公正、独立的原则，诚信、勤勉履行职务，积极出席相关会议，认真 审议董事会各项议案，充分发挥独立董事及各专门委员会的作用，维护公司及全 体股东的利益。现将本人 2024 年度履行独立董事职责的情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 宋顺林先生，1983 年 3 月出生，博士学历。现任中央财经大学会计学院教 授、博士生导师。曾任中央财经大学会计学院讲师、副教授、会计信息化系副主 任。2012 年毕业于中山大学获管理学（会计）博士学位。2010 年 1 月-2011 年 1 月，任香港中文大学商学院研究助理；2017 年 12 月-2018 年 12 月，美国南卡罗 莱州大学商学院金融系 ...

浙江盾安人工环境股份有限公司 关于对独立董事 2024 年度独立性评估的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等要求， 浙江盾安人工环境股份有限公司（以下简称"公司"）董事会就公司在任独立董 事宋顺林先生、刘金平先生、李静先生的独立性情况进行评估并出具如下专项意 见： 经核查独立董事宋顺林先生、刘金平先生、李静先生的任职经历以及签署的 相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司 主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可 能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上 市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第1号——主 板上市公司规范运作》中对独立董事独立性的相关要求。 浙江盾安人工环境股份有限公司董事会 二〇二五年四月十八日 1 ...

Financial Performance - The company's operating revenue for 2024 reached ¥12,678,362,326.85, an increase of 11.39% compared to ¥11,382,447,888.57 in 2023[18] - Net profit attributable to shareholders for 2024 was ¥1,044,887,309.77, representing a significant growth of 41.58% from ¥738,038,646.84 in 2023[18] - The net profit after deducting non-recurring gains and losses was ¥928,823,989.76, up 13.16% from ¥820,828,604.82 in the previous year[18] - The basic earnings per share for 2024 increased to ¥0.99, a rise of 41.43% compared to ¥0.70 in 2023[18] - Total assets at the end of 2024 amounted to ¥12,153,293,741.25, reflecting a 12.71% increase from ¥10,782,979,700.54 at the end of 2023[18] - The company's net assets attributable to shareholders grew by 24.72% to ¥5,509,483,365.80 from ¥4,417,310,362.48 in 2023[18] - Cash flow from operating activities for 2024 was ¥1,160,586,046.42, marking a 42.96% increase from ¥811,800,624.99 in 2023[18] Business Operations - The company has not reported any changes in its main business since its listing[17] - The company reported a government subsidy of approximately $44.48 million in 2024, compared to $43.46 million in 2023, indicating a slight increase[24] - The impairment loss from the disposal of non-current assets was approximately $7.80 million in 2024, a significant improvement from $20.13 million in 2023[24] - The company achieved a net income of approximately $116.06 million in 2024, a recovery from a loss of $82.79 million in 2023[25] - The automotive thermal management business saw a remarkable growth of 71.66%, with revenue of 811.65 million yuan[39] - The revenue from the general equipment manufacturing sector was 11.92 billion yuan, accounting for 94.01% of total revenue, with a year-on-year increase of 12.71%[39] Market and Industry Trends - In 2024, the total production of household air conditioners in China reached 20.1579 million units, a year-on-year increase of 19.50%, while total sales were 20.0853 million units, up 17.80%[28] - The sales volume of new energy vehicles in China reached 1.7181 million units in 2024, reflecting a year-on-year growth of 22.22%[31] - The company plans to increase R&D investment to develop efficient, intelligent, and environmentally friendly products in response to the "old-for-new" policy, which is expected to boost the refrigeration parts industry[29] Research and Development - The company applied for a total of 4,143 domestic patents, including 1,231 invention patents, as of December 31, 2024[34] - Research and development expenses increased by 15.88% year-on-year, amounting to approximately 502.59 million yuan, primarily due to increased personnel and direct investment in R&D[57] - The number of R&D personnel rose by 20.61% to 1,498, with the proportion of personnel holding a master's degree or higher increasing by 26.32%[56] Corporate Governance - The company held four shareholder meetings during the reporting period, ensuring compliance with legal requirements and maintaining equal rights for all shareholders[87] - The board of directors consists of 9 members, including 3 independent directors, representing one-third of the total board[88] - The company maintains complete independence in business operations, personnel, assets, institutions, and finance from the controlling shareholder[91] - The company has established a complete governance structure, with the board of directors, supervisory board, and other internal institutions operating independently[92] Environmental Compliance - The company has implemented strict environmental protection measures in compliance with relevant laws and regulations, including the Environmental Protection Law and the Air Pollution Prevention Law[146] - The company has obtained pollution discharge permits for its subsidiaries, ensuring compliance with environmental standards[147] - The total wastewater discharge from Zhejiang Shield An Hedian Metal Co., Ltd. was 161,076.25 tons per year, which is below the permitted limit of 162,200 tons per year[149] - The company invested over 6 million RMB in wastewater treatment systems, improving wastewater treatment capacity and quality[152] Employee Relations - The total number of employees at the end of the reporting period is 13,921, with 188 in the parent company and 13,733 in major subsidiaries[128] - The company has a competitive salary policy, ensuring that employee compensation is at a leading level within the region and industry[130] - The training program includes a three-tier talent cultivation system aimed at developing potential employees from recent graduates to middle management[131] Strategic Initiatives - The company is actively expanding into emerging industries such as electronic purification and high-end precision manufacturing, aiming to provide customized solutions[30] - The company plans to enhance R&D investment and increase the proportion of R&D spending to drive significant growth in new product revenue[80] - The company is exploring partnerships with tech firms to integrate smart technology into its product lines, aiming for a launch in Q4[115]

盾安环境（002011）公告，2024年营业收入126.78亿元，同比增长11.39%。归属于上市公司股东的净利 润10.45亿元，同比增长41.58%。基本每股收益0.99元/股，同比增长41.43%。公司计划不派发现金红 利，不送红股，不以公积金转增股本。 ...

Group 1 - Zhejiang Shun'an Artificial Environment Co., Ltd. has obtained a patent for "coil components and electric valves," with the patent announcement number CN 222717583 U, applied on July 2024 [1] - The patent describes a coil component that includes a stator assembly with an inner hole for the valve body, a wire structure connected to multiple pins, and a fixed structure that encapsulates part of the wire structure, optimizing the installation process by reducing the bending angle of the wire [1] - The design aims to minimize the risk of wire damage due to large-angle bends by ensuring the angle θ between the inner hole's axis and the wire structure is between 0° and 270° [1] Group 2 - Zhejiang Shun'an Artificial Environment Co., Ltd. was established in 2001 and is located in Shaoxing City, primarily engaged in general equipment manufacturing [2] - The company has a registered capital of 1,065.44 million RMB and a paid-in capital of 917.21 million RMB [2] - The company has invested in 24 enterprises, participated in 439 bidding projects, and holds 966 patents along with 61 trademark registrations [2]

政策红利释放新能源车高景气，营收状况有望向好 根据中国汽车工业协会数据，2024 年1-11 月，新能源汽车产销分别完成1134.5 万辆和1126.2 万辆， 同 比增长34.6%、35.6%。行业高景气度驱动下，盾安环境新能源汽车热管理业务于2024 年9 月实现单月 发货金额首次突破亿元，并在第四季度达到全年营收峰值。新能源汽车热管理业务放量节奏与下游整车 产销周期形成强联动，印证公司产品在主流车企供应链中的渗透率提升，当前政策端延续购置税减免及 产业扶持导向，有望进一步强化公司热管理业务与新能源汽车产业增长的共振。 收缩与扩张并举，强化核心竞争力 盾安环境近年来持续收缩非核心业务，明确将资源集中于3+1 业务（制冷配件、制冷设备、换热器、新 能源汽车热管理）。节能业务虽曾贡献稳定现金流，但受地方财政压力及工业节能补贴退坡影响，应收 帐款数额持续增长，占用资金，增加财务费用。毛利率从2019 年的19.37%下滑至2020年的 -55.77%，与 制冷配件、制冷设备的毛利率（17.23%、23.97%）差距拉大，拖累总体毛利率水平。盾安环境出售节 能业务项下子公司股权，有助于提升公司的整体盈利水平并降低 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][8]. Core Insights - The company is experiencing significant growth in its new energy vehicle thermal management orders, driven by favorable policies and strategic initiatives [3][5]. - The company has focused on consolidating its core business areas, particularly in refrigeration components, refrigeration equipment, heat exchangers, and new energy vehicle thermal management [4]. - The company has achieved a substantial order backlog of 13 billion yuan in its automotive thermal management business, with a market share approaching 50% in domestic new energy vehicles [5]. Summary by Sections Market Performance - The company’s stock price is currently at 12.37 yuan, with a total market capitalization of 13.2 billion yuan and a 52-week price range of 9.61 to 13.5 yuan [2]. Revenue and Profit Forecast - Revenue projections for the company are 12.712 billion yuan in 2024, 14.214 billion yuan in 2025, and 15.816 billion yuan in 2026, with corresponding EPS of 0.84, 1.00, and 1.15 yuan [8][10]. - The company is expected to see a revenue growth rate of 11.7% in 2024, 11.8% in 2025, and 11.3% in 2026 [10]. Business Strategy - The company has divested from non-core businesses to focus on its 3+1 business model, enhancing its core competitiveness [4]. - The acquisition of Shanghai Dacreat, which specializes in automotive OBD intelligent control products and new energy vehicle thermal management products, is expected to enrich the company's product matrix and enhance its R&D capabilities [4]. Order and Market Share - As of October 26, 2024, the company has secured 13 billion yuan in orders for its automotive thermal management business, with major clients including BYD, Geely, and Li Auto [5]. - The gross margin for this business segment has improved to 21.10% in the first half of 2024, indicating a positive trend in profitability [5].