Financial Performance - The company achieved a revenue of 1.962 billion CNY in 2024, representing a year-on-year increase of 26.13% [2] - The net profit attributable to shareholders was 109.63 million CNY, showing a significant growth of 178.52% compared to the previous year [2] - The net profit after deducting non-recurring gains and losses reached 83.13 million CNY, with a remarkable year-on-year growth of 322.09% [2] Business Growth Drivers - The primary driver for revenue growth was the data center power business, which generated 668 million CNY in revenue, marking a year-on-year increase of 111.05% [3] - The company plans to enhance its research and development investments in data center power products to maintain its leading position in the DC power sector [3] Future Plans and Strategies - The company has disclosed a share repurchase plan and will continue to focus on cash dividends to reward shareholders [4] - There are ongoing efforts to expand overseas markets, particularly in communication power and data center power products [7] - The company is actively developing 800V DC power products to meet the increasing power demands of high-performance chips like GPUs and TPUs [6] Research and Development - The company emphasizes technology-driven development and has established several research platforms, including a national postdoctoral research station and a provincial energy internet research institute [3] - It has developed a range of innovative products, including the Panama power module and various charging solutions, while also participating in setting national and industry standards [3] Market Position and Competition - The Panama power module is positioned as a leading product for large data centers, with the company being one of the key players in this market segment [5] - The company has established a strong customer base, including major clients like State Grid and GAC Group, in the electric vehicle charging sector [5]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

Financial Performance - The company's operating revenue for Q1 2025 was ¥388,158,898.05, representing an increase of 11.07% compared to ¥349,486,588.09 in the same period last year[3] - Net profit attributable to shareholders increased by 84.32% to ¥20,291,202.81 from ¥11,008,655.96 year-on-year[3] - The net profit after deducting non-recurring gains and losses rose by 103.89% to ¥18,297,762.53 from ¥8,974,451.38 in the previous year[3] - Net profit for the current period was ¥19,740,723.06, representing a significant increase of 171.06% from ¥7,275,361.63 in the previous period[19] - The net profit attributable to the parent company's shareholders was ¥20,291,202.81, compared to ¥11,008,655.96, marking an increase of 84.67%[19] - Basic and diluted earnings per share both improved to ¥0.04 from ¥0.02, indicating a 100% increase[19] Cash Flow - The company's cash flow from operating activities decreased significantly by 81.61%, amounting to ¥10,230,495.93 compared to ¥55,615,911.64 in the same period last year[3] - Cash generated from operating activities was ¥582,771,197.87, compared to ¥408,483,250.86 in the previous period, showing a substantial increase[20] - Total cash inflow from operating activities amounted to $636,417,913.29, up from $441,211,549.19, reflecting a growth of 44.3%[21] - Cash outflow from operating activities increased to $626,187,417.36, compared to $385,595,637.55, representing a rise of 62.3%[21] - The net cash flow from operating activities was $10,230,495.93, a decrease of 81.6% compared to $55,615,911.64 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,748,521,738.00, a decrease of 0.98% from ¥3,785,446,761.95 at the end of the previous year[3] - Current assets totaled CNY 2,850,059,653.05, down from CNY 2,917,776,958.22 at the start of the period, indicating a decline of approximately 2.3%[14] - Total liabilities decreased to ¥1,270,879,523.83 from ¥1,327,522,242.07, a reduction of approximately 4.28%[16] - Total equity increased to ¥2,477,642,214.17 from ¥2,457,924,519.88, reflecting a growth of 0.80%[16] Expenses - Total operating costs amounted to ¥371,895,713.35, up from ¥353,026,609.08, reflecting a growth of 5.32%[18] - Research and development expenses rose to ¥32,042,284.57 from ¥30,017,190.61, an increase of 6.74%[18] - Financial expenses decreased by 60.66% to -¥2,106,412.78, primarily due to reduced interest expenses[8] - The company reported a credit impairment loss of ¥9,798,515.33, up from ¥7,676,912.28, indicating a rise of 27.59%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 78,631[11] Inventory and Receivables - Accounts receivable decreased to CNY 983,914,644.53 from CNY 1,035,341,653.72, reflecting a reduction of approximately 5%[14] - Inventory increased to CNY 736,012,299.61 from CNY 696,430,184.62, showing an increase of about 5.7%[14] - Accounts payable decreased to CNY 608,022,131.51 from CNY 687,066,859.46, a decline of approximately 11.5%[15] - Contract liabilities increased to CNY 200,845,369.01 from CNY 161,974,347.31, representing an increase of about 23.9%[15] Cash and Cash Equivalents - Cash and cash equivalents decreased to CNY 586,486,180.14 from CNY 701,588,479.42, representing a decline of about 16.4%[14] - The total cash and cash equivalents at the end of the period were $478,516,828.66, down from $594,733,068.21, a decrease of 19.6%[22]

Core Insights - The company reported a significant increase in revenue and net profit for the fiscal year 2024, with total revenue reaching 1.962 billion yuan, a year-on-year growth of 26.13%, and net profit attributable to shareholders amounting to 109.6 million yuan, a substantial increase of 178.52% [1] - The data center power business emerged as the primary growth driver, achieving revenue of 668 million yuan, a remarkable surge of 111.05% year-on-year, contributing significantly to overall performance [1][2] - The company is focused on sustainable development through technology-driven strategies, aiming for quality growth in its operations [1][5] Business Performance - The company achieved a net profit of 83.13 million yuan after excluding non-recurring gains, reflecting a staggering growth of 322.09% year-on-year [1] - The investment income from the transfer of equity stakes by its wholly-owned subsidiary amounted to 32.6831 million yuan, further supporting the performance growth [1] Technological Innovation - The company invested 159.8 million yuan in research and development in 2024, marking an increase of 8.55%, with R&D personnel rising to 602, accounting for 28.75% of the total workforce [3] - The focus on technological innovation is seen as a core driver for the company's development, enhancing product competitiveness and supporting growth across multiple business lines [3] Market Strategy - The company is optimizing its market structure and expanding its global presence, establishing a comprehensive service network that translates technical advantages into differentiated service capabilities [4] - Strategic partnerships have been formed with major domestic players such as Alibaba, Tencent, and leading energy companies, enhancing brand value and market credibility [4] - The establishment of a wholly-owned subsidiary in Singapore aims to expand into Asian and global markets, with overseas sales revenue reaching 31.5188 million yuan, a growth of 257.92% [4] Future Outlook - The company is committed to its mission of making energy smarter, focusing on ICT energy infrastructure, new power systems, and comprehensive energy services to drive technological innovation in digital energy [5] - Continuous efforts in technology innovation, product optimization, and market expansion are expected to enhance core competitiveness and market influence [5]

Group 1 - Zhongheng Electric (002364.SZ) released its 2024 annual report on April 22, 2025, indicating that as of April 21, 2025, 30 institutional investors disclosed holding A-shares, totaling 214 million shares, which accounts for 38.01% of Zhongheng Electric's total share capital [1] - The top ten institutional investors include Hangzhou Zhongheng Technology Investment Co., Ltd., China Construction Bank - Invesco Great Wall Research Selected Stock Fund, and others, with a combined holding ratio of 37.73%, showing a decrease of 0.63 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one public fund, Penghua Guozheng 2000 Index Enhanced A, reported a slight decrease in holdings compared to the previous quarter [2] - A total of 26 new public funds were disclosed this period, including Invesco Great Wall Research Selected Stock A and others [2] - One social security fund, Penghua Fund Management Co., Ltd. - Social Security Fund 1804 Combination, was not disclosed in this period compared to the previous quarter [2]

杭州中恒电气股份有限公司： 本人 （委托人）现持有杭州中恒电气股份有限公司（以下简称"中恒电气"）股份 股。兹全权委托 先生/ 女士代表我单位（个人），出席中恒电气2024年度股东大会，对提交本次会议审议的所有提案行使表决 权，并代为签署本次股东大会需要签署的相关文件。若委托人没有填写明确投票指示，受托人可以按自 己的意见投票。 委托人对受托人的表决指示如下： ■ 备注： 登录新浪财经APP 搜索【信披】查看更多考评等级 附件二（2） 授权委托书 第八届监事会第十一次会议决议公告 本公司及监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"）第八届监事会第十一次会议通知于2025年4月7日以电子 邮件等方式发出。会议于2025年4月18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的 方式召开。本次会议应出席监事3人，实际出席监事3人。本次会议由监事会主席周利婉女士主持。本次 会议的召开程序符合法律法规和《公司章程》的规定。与会监事审议了以下议案： 一、以3票同意、0票反对、0票弃权，审议通过了《2024年度监事会工作报 ...

Core Viewpoint - The company, Zhongheng Electric, aims to become a leading digital energy company focused on zero-carbon intelligent social construction, emphasizing the development of cutting-edge digital energy technologies and internationally competitive products [4][5]. Company Overview - Zhongheng Electric is dedicated to mastering digital energy technologies and developing competitive products in key areas such as power electronics, digital power technologies, and energy cloud platform technologies [4]. - The company focuses on building a digital and energy twin system, providing comprehensive solutions for energy decarbonization [4]. Business Segments Power Electronics Manufacturing - The company provides intelligent power supply products for data centers, including HVDC power systems and prefabricated Panama power modules, which have been widely adopted in various sectors [5][6]. - The HVDC power system converts AC power to DC, ensuring uninterrupted power supply for data centers, achieving an overall efficiency of over 97.5% [6]. - The Panama power module integrates multiple components to optimize power supply efficiency and reduce energy consumption by 50% compared to previous solutions [6][7]. Site Energy - The company offers a full range of power supply products and solutions for communication operators, focusing on low-carbon energy network construction [8]. - It has maintained close cooperation with major operators, winning multiple procurement projects and developing innovative power supply solutions for 6G networks [8]. Power Supply - Zhongheng Electric specializes in low-voltage equipment and power supply solutions for traditional and renewable energy sectors, ensuring stable operation of power networks [9][10]. - The company has seen steady growth in its power supply product performance, securing key projects in the industry [10]. New Energy Vehicle Charging - The company is a leading manufacturer of electric vehicle charging stations, offering a range of products including fast charging and liquid-cooled charging systems [11][12]. - It has successfully partnered with major automotive companies to develop high-capacity charging systems [12]. Financial Performance - In 2024, the company achieved a revenue of approximately 1.96 billion yuan, a year-on-year increase of 26.13%, and a net profit of approximately 109.63 million yuan, up 178.52% [21]. - The proposed profit distribution plan includes a cash dividend of 1 yuan per 10 shares, with an expected total cash dividend of approximately 56.33 million yuan, accounting for 51.38% of the net profit [43][44]. Internal Control and Governance - The company has established a comprehensive internal control system, which has been effectively implemented [24]. - The board of directors has approved the renewal of the auditing firm for the 2025 fiscal year, ensuring continued compliance and oversight [48][56].

杭州中恒电气股份有限公司 审计委员会对会计师事务所 2024 年度履行监督职责情况的 报告 杭州中恒电气股份有限公司（以下简称"公司"）聘任中汇会计师事务所（特 殊普通合伙）（以下简称"中汇会计师事务所"或"中汇"）作为公司 2024 年度 年报审计机构。根据《国有企业、上市公司选聘会计师事务所管理办法》、《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》和《公司 章程》等要求，将公司董事会审计委员会对中汇会计师事务所 2024 年度履行监 督职责情况的报告如下： 一、2024 年年审会计师事务所基本情况 （一）年审会计师事务所基本情况 中汇会计师事务所（特殊普通合伙）于 2013 年 12 月转制为特殊普通合伙， 管理总部设立于杭州，系原具有证券、期货业务审计资格的会计师事务所之一， 长期从事证券服务业务。 截至 2024 年 12 月 31 日，中汇会计师事务所拥有合伙人数量 116 人，注册 会计师 694 人，签署过证券服务业务审计报告的注册会计师 289 人。 （二）聘任会计师事务所履行的程序 公司第八届董事会审计委员会第七次会议、第八届董事会第九次会议、第八 届监事会第八次 ...

证券代码：002364 证券简称：中恒电气 公告编号：2025-14 杭州中恒电气股份有限公司 关于计提资产减值准备及核销资产的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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"）根据《企业会计准则》、 《深圳证券交易所股票上市规则》等相关规定的要求，为真实、准确地反映公司 截至2024年12月31日的财务状况、资产价值及经营成果，基于谨慎性原则，对公 司的各类资产进行了全面清查和减值测试，并对截至2024年12月31日存在减值迹 象的资产计提了减值准备。现将具体情况公告如下： 一、本次计提减值准备的情况概述 公司2024年度计提的信用减值准备和资产减值准备合计50,880,440.85 元，具体数据如下： | 项目 | 2024 年度计提减值金额（元） | | --- | --- | | 一、信用减值准备 | -7,844,525.92 | | 其中：应收账款 | -6,600,935.39 | | 其他应收款 | -627,457.61 | | 应收票据 | -616,132.92 | | 二、资产减值准备 | ...