Core Viewpoint - The company, Hangzhou Zhongheng Electric Co., Ltd., has initiated a share repurchase plan to enhance company value and protect shareholder interests, with a total repurchase amount between RMB 25 million and RMB 50 million, and a maximum repurchase price of RMB 23 per share [1]. Group 1: Share Repurchase Progress - As of April 30, 2025, the company has repurchased a total of 1,076,700 shares, representing 0.19% of the total share capital, with a total transaction amount of RMB 14,912,669, excluding transaction fees [2]. - The highest transaction price during the repurchase was RMB 14.15 per share, while the lowest was RMB 13.34 per share [2]. Group 2: Compliance and Regulations - The company's share repurchase activities comply with relevant regulations, including the "Regulations on the Repurchase of Shares by Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies" [3]. - The company has not repurchased shares during periods that could significantly impact the trading price of its securities [4]. Group 3: Future Actions - The company will continue to implement the share repurchase plan in accordance with legal regulations and the approved repurchase scheme, while ensuring timely disclosure of progress to investors [5].

证券代码：002364 证券简称：中恒电气 公告编号：2025-20 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托时 间均符合《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号 ——回购股份》等有关规定。 1、公司未在下列期间回购股份： 杭州中恒电气股份有限公司 关于回购公司股份的进展公告 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。 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》（公告编号：2025-05）。 一、回购股份的进展情况 根据《上市公司股份回购规则》《深圳证券 ...

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电（301362）2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示，2023年，全球LED防爆照明市场销售额达到 了49亿元，并预测在2028年将达到79亿元，期间的复合年增长率（CAGR）约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用，这些领域对于安全照明有着 极高的要求。 来源：证券之星 更多：https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐：2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR（恒州博智）的统计及预测，2 ...

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 ...