本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州中恒电气股份有限公司（以下简称"公司"）第八届董事会第十五次会 议通知于2025年6月18日以电子邮件等方式发出。会议于2025年6月24日在杭州市 滨江区东信大道69号公司十九楼会议室以现场会议加通讯表决的方式召开。本次 会议应出席董事7人，实际出席董事7人，其中董事包晓茹、胥飞飞、仇向东、薛 静、叶肖剑以通讯表决方式出席会议。本次会议由公司董事长包晓茹主持，公司 监事、高级管理人员列席了会议。本次会议召集和召开程序符合法律法规和《公 司章程》的规定，会议审议了以下议案： 一、 以7票同意、0票反对、0票弃权，审议通过了《关于修订<公司章程>及 公司治理相关制度的议案》。 根据《公司法》《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》等法律法规及规范性文件的 相关规定，为进一步规范公司运作，提高公司治理水平，公司对部分制度进行调 整。具体修订的制度如下： 证券代码：002364 证券简称：中恒电气 公告编号：2025-25 杭州中恒电气股份有限公司 第八届 ...

Group 1 - The company has approved a share repurchase plan with a total fund of no less than RMB 25 million and no more than RMB 50 million, with a maximum repurchase price of RMB 23 per share, to be executed within three months [1][2] - The company will distribute cash dividends of RMB 1 per 10 shares (including tax) to shareholders based on the adjusted total share capital after excluding repurchased shares, resulting in a total cash dividend distribution of RMB 56,176,056 [2] - The maximum repurchase price will be adjusted to RMB 22.90 per share due to the cash dividend distribution, calculated by subtracting the cash dividend per share from the original maximum repurchase price [2]

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 1 RMB per 10 shares for all shareholders, based on a total share capital adjusted for repurchased shares [1][2]. Group 1: Profit Distribution Plan - The total share capital is 563,564,960 shares, from which 1,804,400 shares held in the repurchase account are deducted, resulting in a base of 561,760,560 shares for the cash dividend distribution [1][2]. - The total cash dividend to be distributed amounts to 56,176,056 RMB (including tax) [1][2]. - The cash dividend will be distributed on a per-share basis, with adjustments made if the total share capital changes due to repurchases [1][2]. Group 2: Taxation and Dividend Distribution - For shareholders holding shares through the Hong Kong market, the cash dividend will be 0.9 RMB per 10 shares after tax for certain categories of investors [2]. - Different tax rates apply for individual shareholders based on their holding period, with no tax due for shares held over one year [3]. - The company will not withhold personal income tax at the time of distribution; instead, it will be calculated based on the holding period when shares are sold [2][3]. Group 3: Key Dates and Procedures - The record date for the dividend distribution is set for June 26, 2025, and the ex-dividend date is June 27, 2025 [3]. - The cash dividends will be directly credited to the accounts of shareholders through their custodial securities companies [3]. - Shareholders must apply for the dividend distribution between June 17, 2025, and the record date [3].

杭州中恒电气股份有限公司 关于实施权益分派调整股份回购价格上限的公告 证券代码：002364 证券简称：中恒电气 公告编号：2025-24 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1.调整前回购价格上限：不超过人民币 23 元/股； 2.调整后回购价格上限：不超过人民币 22.90 元/股； 3.回购价格上限调整生效日期：2025 年 6 月 27 日（权益分派除权除息日）。 一、回购股份的基本情况 杭州中恒电气股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第 八届董事会第十二次会议，审议通过了《关于回购公司股份方案的议案》，同意公 司以自有资金通过集中竞价交易方式回购部分公司发行的人民币普通股（A 股）， 用于维护公司价值及股东权益。本次回购的资金总额不低于人民币 2,500 万元且不 超过人民币 5,000 万元，回购价格不超过人民币 23 元/股，实施期限为自公司董事 会审议通过回购方案之日起 3 个月之内。具体内容详见公司 2025 年 4 月 12 日披露 的《关于回购公司股份方案的公告暨回购报告书》（公告 ...

证券代码：002364 证券简称：中恒电气 公告编号：2025-23 杭州中恒电气股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1. 根据《公司法》等相关规定，公司回购专用证券账户中的股份 1,804,400 股 不享有利润分配权利。本次权益分派以公司总股本 563,564,960 股扣除回购专用证 券账户持有股份 1,804,400 股后的 561,760,560 股为基数，向全体股东每 10 股派 发现金红利 1 元人民币现金（含税），共计派发现金分红总额 56,176,056 元（含 税），不进行资本公积金转增股本和送红股。 2.按公司总股本（含回购股份）折算的每 10 股现金分红金额=现金分红总额÷ 公司总股本×10 股=56,176,056 元/563,564,960 股×10 股=0.996798（保留六位小 数，不四舍五入）。 公司本次权益分派实施后的除权除息参考价计算公式为：除权除息参考价＝权 益分派股权登记日收盘价-0.0996798 元/股（保留七位小数，不四舍五入）。 杭州中恒 ...

Core Viewpoint - Zhongheng Electric (002364) is positioned to benefit from the increasing computing power in AIDC, with a focus on high-frequency switching power systems and a strong market presence in the communication power sector [1][2]. Group 1: Company Overview - Zhongheng Electric has been dedicated to power supply for 29 years, focusing on the research, production, sales, and service of high-frequency switching power systems [2]. - The company operates in two main segments: power electronics manufacturing and power digitalization, with power system business being the primary revenue driver [2]. Group 2: Industry Trends - The global and Chinese computing power scale is experiencing rapid growth, with a CAGR of 46.5% from 2020 to 2023, reaching 1369 EFLOPS [3]. - China's intelligent computing power is expected to grow significantly, with projections indicating that by 2025, it will account for 35% of the total computing power [3]. - The electricity consumption of data centers is projected to grow at an average annual rate of 20% from 2024 to 2030, significantly outpacing the overall electricity consumption growth [3]. Group 3: Technological Advancements - HVDC technology is gaining traction in data centers due to its advantages in energy efficiency and power supply reliability compared to traditional UPS systems [3]. - Zhongheng Electric is a pioneer in providing HVDC green power solutions for data centers, leveraging its first-mover advantage [3]. Group 4: Communication Power Sector - The construction of 5G base stations in China is progressing steadily, with the total number expected to reach 4.251 million by the end of 2024, reflecting a CAGR of 53.24% since 2020 [3]. - The power consumption of 5G base stations is significantly higher than that of 4G, necessitating a comprehensive upgrade of power systems [4]. Group 5: Renewable Energy and Electric Vehicles - In 2024, China's new energy installation capacity is projected to reach a record high, with a total of 358 million kW of new wind and solar installations, accounting for 40% of the global total [5]. - The demand for charging stations is expected to rise due to a 51.49% year-on-year increase in newly registered electric vehicles in 2024, with a penetration rate exceeding 40% [5]. - Zhongheng Electric has established itself as one of the earliest companies in the development and production of electric vehicle charging stations, benefiting from its early market entry [5]. Group 6: Financial Projections - Revenue forecasts for Zhongheng Electric indicate total revenues of 2.847 billion, 3.891 billion, and 4.796 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 45.1%, 36.7%, and 23.3% [5]. - Projected net profits for the same years are 157 million, 213 million, and 276 million yuan, with year-on-year growth rates of 43.2%, 36.0%, and 29.5% [5].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [6]. Core Views - The company is a leader in the communication power supply industry, benefiting from the increase in computing power in AI data centers [1][15]. - The growth in data center power supply is driven by the rapid increase in computing power and the expansion of 5G networks, which significantly boosts energy demand [2][31]. - The company has a strong position in the HVDC market, which is expected to see accelerated penetration due to its advantages over traditional UPS systems [2][36]. - The renewable energy installation in China is projected to reach new heights, driving demand for new power systems [3][51]. - The company is well-positioned to benefit from the growth in electric vehicle charging infrastructure, with a significant increase in the number of new energy vehicles [3][56]. Summary by Sections Communication Power Supply Industry - The company has been focused on the power supply sector for 29 years and is recognized as a leader in the industry [15]. - The revenue from data center power supply is expected to grow significantly, with a projected increase of 111.05% year-on-year [17]. - The company maintains a stable shareholding structure, reflecting management's confidence in future growth [20]. Data Center Power Supply & Site Energy - The global computing power scale has grown rapidly, with a CAGR of 46.5% from 2020 to 2023, reaching 1369 EFLOPS [2][31]. - The number of 5G base stations in China is expected to reach 4.251 million by the end of 2024, with a CAGR of 53.24% [2][43]. - The power consumption of 5G base stations is significantly higher than that of 4G, necessitating upgrades to power systems [2][47]. Power Supply & Charging Piles - The new energy installation capacity in China is projected to reach 358 million kilowatts in 2024, accounting for 82.6% of new energy installations [3][51]. - The number of new energy vehicles registered in China is expected to grow by 51.49% in 2024, driving demand for charging infrastructure [3][56]. - The company is one of the earliest players in the new energy vehicle charging pile market, with a comprehensive product line [3][58]. Financial Forecast and Valuation - The company is expected to achieve total revenues of 28.47 billion, 38.91 billion, and 47.96 billion yuan from 2025 to 2027, with year-on-year growth rates of 45.1%, 36.7%, and 23.3% respectively [3][68]. - The net profit attributable to the parent company is projected to be 1.57 billion, 2.13 billion, and 2.76 billion yuan for the same period, with growth rates of 43.2%, 36.0%, and 29.5% respectively [3][68].

Investment Rating - The report indicates a positive investment outlook for the data center power supply industry, particularly focusing on the transition from AC to DC architectures, highlighting the potential for domestic manufacturers to increase their market share [4][9]. Core Insights - The trend of increasing power density in data centers is driving the upgrade of power supply architectures from AC to DC, with significant penetration expected for DC systems due to their efficiency, lower failure rates, and space-saving advantages [4][8]. - Domestic manufacturers are expected to benefit from their leading R&D capabilities and delivery strengths, enhancing their investment value in related power supply sectors [4][9]. - The shift towards DC power supply is anticipated to stimulate demand growth in supporting sectors such as energy storage, relays, and low-voltage electrical equipment [4][9]. Summary by Sections Market Space - The demand for AI data centers is driving the power per cabinet to rise to between 20-100 kW, necessitating a more compact and higher voltage power supply system. The global data center development scale is projected to grow from 11 GW in 2024 to 35-40 GW by 2028, with a compound annual growth rate (CAGR) of nearly 35% [8][60]. - If the penetration rate of HVDC in China increases from 15% to 40% and from 0% to 45% overseas, the global HVDC market is expected to expand at a CAGR of 161.86% [66]. Industry Chain - The demand for HVDC and other DC power sources is highly elastic, with domestic manufacturers poised to increase their market share due to their advanced R&D and delivery capabilities. The report emphasizes the importance of capturing incremental opportunities in the industry [9][70]. - The traditional UPS market is relatively stable, with the top five domestic manufacturers holding over 65% market share, while the HVDC and SST markets are still in their infancy, presenting opportunities for early movers [71][73]. Data Center Power Supply - The report notes a high concentration of cloud service providers in the data center power supply market, with domestic manufacturers expected to gain market share. The traditional UPS market is dominated by a few key players, while the HVDC market is still developing [71][78]. - The report highlights that the efficiency of HVDC systems is superior to that of traditional UPS systems, with a single HVDC system achieving over 94% efficiency [22][47].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Views - The company is positioned as a leader in the HVDC (High Voltage Direct Current) supply technology, with an overall efficiency exceeding 97.5%. It has a complete supply chain system and the capability for large-scale production and delivery [3][62]. - The company has established a strong foothold in the data center power supply sector, widely used across various industries including internet, finance, and telecommunications. Its international market presence is expanding, with operations in regions such as Africa, West Asia, and Southeast Asia [3][62]. - The report anticipates explosive growth in AI computing demand, which will accelerate the iteration of intelligent computing infrastructure. The company is expected to benefit significantly from this trend, especially as it strengthens ties with major internet giants and national computing hubs [3][62]. Summary by Sections Financial Forecast and Valuation - The company is projected to achieve total revenue of 19.62 billion yuan in 2024, a year-on-year increase of 26.13%. The net profit attributable to shareholders is expected to reach 1.10 billion yuan, reflecting a growth of 178.52% [3][25]. - The earnings per share (EPS) are forecasted to be 0.19 yuan in 2024, with a price-to-earnings (P/E) ratio of 82.56 based on the latest diluted EPS [3][25]. Competitive Advantages - The company has a strong competitive edge due to its early entry into the HVDC market and its ability to meet the growing demand for efficient power solutions in data centers. Its products are already integral to the operations of major clients like Alibaba and Tencent [3][62]. - The company is actively pursuing international expansion, with plans to leverage its Singapore subsidiary to enhance its global footprint in technology and product offerings [3][62]. Market Outlook - The global HVDC market is expected to reach 17.7 billion dollars by 2027, with a compound annual growth rate (CAGR) of 121% from 2024 to 2027. The report highlights that the domestic market is currently concentrated, with the company holding a significant market share [3][56]. - The report emphasizes the increasing adoption of HVDC technology as a replacement for traditional UPS systems in AI data centers, driven by the rising power density of AI servers [3][56].

Investment Rating - The report initiates coverage with a "Buy" rating for Zhongheng Electric [1][3]. Core Views - Zhongheng Electric is positioned as a leader in the HVDC (High Voltage Direct Current) supply technology in China, with an overall efficiency exceeding 97.5%. The company has a robust supply chain and scalable production capabilities, which are expected to drive performance beyond expectations as market penetration increases [3][62]. - The demand for AI computing power is expected to surge, accelerating the iteration of intelligent computing infrastructure. Zhongheng Electric is well-positioned to benefit from this trend due to its technological barriers in the HVDC field and comprehensive energy solutions [3][62]. - The company has established deep strategic partnerships with major internet giants and is expanding its international presence, particularly in regions such as Africa, West Asia, and Southeast Asia [3][62]. Summary by Sections Financial Forecast and Valuation - The projected total revenue for Zhongheng Electric is expected to grow from 1,555 million yuan in 2023 to 4,581 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 26.25% [1]. - The net profit attributable to shareholders is forecasted to increase significantly from 39.36 million yuan in 2023 to 306.05 million yuan in 2027, with a notable growth rate of 170.51% in 2024 [1]. - The earnings per share (EPS) is anticipated to rise from 0.07 yuan in 2023 to 0.54 yuan in 2027, indicating a strong upward trend in profitability [1]. Competitive Advantages - Zhongheng Electric has a solid foothold in the data center power supply sector, with a revenue increase of 111.05% in its data center power business in 2024, contributing to 34% of total revenue [3][25]. - The company has a high market share in the HVDC sector, with its products widely used across various applications, including internet data centers, third-party colocation, and supercomputing centers [3][65]. - The company is actively pursuing international expansion, with plans to establish a wholly-owned subsidiary in Singapore to enhance its global operations [3][68]. Market Outlook - The global market for HVDC is projected to reach 17.7 billion USD by 2027, with a CAGR of 121% from 2024 to 2027, driven by increasing demand for efficient power supply solutions in AI data centers [3][56]. - The report highlights that the domestic HVDC market is currently concentrated, with Zhongheng Electric holding a significant share alongside a few other key players [3][54]. - The transition from traditional UPS systems to HVDC solutions is expected to accelerate, particularly as AI computing power demands increase, positioning Zhongheng Electric favorably in the evolving market landscape [3][42].