证券代码：002364 证券简称：中恒电气 公告编号：2025-51 杭州中恒电气股份有限公司 关于控股股东部分股份解除质押的公告 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"）于近日收到控股股东杭州 中恒科技投资有限公司（以下简称"中恒投资"）的通知，获悉其所持有的公司 部分股份已解除质押，具体事项如下： | 股东 名称 | 是否为控 股股东或 第一大股 | 本次解除质押 股份数量（股） | 占其所持 股份比例 | 占公司总股 本比例 | 质押起始日 | 质押解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 致行动人 | | | | | | | | 杭州中 恒科技 投资有 | 是 | 18,000,000 | 8.98% | 3.19% | 2023-10-19 | 2025-11-19 | 中信银 行股份 有限公 | | 限公司 | | | | | | | 司杭州 | | | | | | | | | 分行 | | | ...

Group 1 - Zhongheng Electric (中恒电气) experienced a stock price increase of 6.48%, closing at 24.16 yuan on November 25 [1] - A block trade occurred with a total transaction volume of 899,000 shares and a transaction amount of 20.5871 million yuan [1] - The first transaction price was 22.90 yuan, with a total of 899,000 shares traded, resulting in a premium rate of -5.22% [1] Group 2 - In the last three months, Zhongheng Electric has recorded two block trades with a total transaction amount of 45.9609 million yuan [1] - Over the past five trading days, the stock has increased by 5.50%, with a net inflow of main funds totaling 777.15 million yuan [1]

数据显示，金鹰基金旗下1只基金位居中恒电气十大流通股东。金鹰科技创新股票A（001167）三季度 新进十大流通股东，持有股数255.98万股，占流通股的比例为0.46%。根据测算，今日浮盈赚取约 319.98万元。 11月25日，中恒电气涨5.51%，截至发稿，报23.94元/股，成交3.75亿元，换手率2.87%，总市值134.92 亿元。 资料显示，杭州中恒电气股份有限公司位于浙江省杭州市高新区之江科技工业园东信大道69号，成立日 期2001年7月11日，上市日期2010年3月5日，公司主营业务涉及高频开关电源系统的研发、生产、销售 和服务,主要产品为通信电源系统、电力操作电源系统。主营业务收入构成为：数据中心电源45.66%， 电力操作电源系统19.60%，通信电源系统19.22%，软件开发、销售及服务11.47%，其他2.87%，电力管 理服务及工程收入(服务收入)1.17%。 从中恒电气十大流通股东角度 截至发稿，陈颖累计任职时间10年171天，现任基金资产总规模111.77亿元，任职期间最佳基金回报 225.85%， 任职期间最差基金回报-37.04%。 风险提示：市场有风险，投资需谨慎。本文为A ...

Core Viewpoint - The company has completed the sale of its second employee stock ownership plan, adhering to relevant regulations and ensuring transparency in the process [1][4]. Group 1: Employee Stock Ownership Plan Overview - The second employee stock ownership plan was approved by the company's board on November 16, 2021, and by the shareholders on December 2, 2021 [1]. - The stock for this plan was sourced from 13,111,100 shares held in the company's repurchase account, representing 2.33% of the total share capital [2]. - The plan has a duration of 48 months, with stock unlocking occurring in two phases after 12 and 24 months, each allowing for 50% of the shares to be unlocked [2]. Group 2: Sale and Distribution of Shares - The sale of shares from the employee stock ownership plan occurred from July 24, 2023, to November 24, 2025, through centralized bidding [4]. - The first lock-up period's performance targets were met, allowing for the distribution of cash assets based on individual performance [4]. - The second lock-up period's performance targets were not met, and the management committee will handle the liquidation and distribution of assets for this portion [5].

一、第二期员工持股计划基本情况 1、公司于2021年11月16日召开第七届董事会第十八次会议、2021年12月2 日召开2021年第三次临时股东大会，审议通过了《关于公司<第二期员工持股计 划（草案）>及其摘要的议案》等相关议案，同意公司实施第二期员工持股计划。 证券代码：002364 证券简称：中恒电气 公告编号：2025-50 杭州中恒电气股份有限公司 关于第二期员工持股计划出售情况的公告 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"）第二期员工持股计划（以 下简称"本次员工持股计划"）所持公司股票已完成出售。根据中国证监会《关 于上市公司实施员工持股计划试点的指导意见》、《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》等相关规定，现将相关情况公告 如下： 本次员工持股计划实施期间，公司严格遵守市场交易规则以及中国证监会关 于信息敏感期不得买卖股票的规定，不存在利用内幕信息进行交易的情形。 根据公司《第二期员工持股计划》的相关规定，本次员工持股计划第一个锁 定期的公司层面业绩考核指标已经达 ...

格隆汇11月24日丨中恒电气（维权）(002364.SZ)公布，公司第二期员工持股计划已于2023年7月24日至 2025年11月24日期间通过集中竞价交易的方式出售完毕，本次员工持股计划实施期间，公司严格遵守市 场交易规则以及中国证监会关于信息敏感期不得买卖股票的规定，不存在利用内幕信息进行交易的情 形。 ...

格隆汇11月24日丨中恒电气(002364.SZ)在互动平台表示，目前公司与阿里巴巴主要在数据中心领域开 展合作，公司是阿里数据中心能源产品主要供应商。 ...

格隆汇11月24日丨中恒电气(002364.SZ)在互动平台表示，在相关领域，公司目前主要为储能、备电等 场景提供配套电源设备，不涉及锂电池生产。 ...

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Investment Rating - The report maintains a "Buy-B" rating for the company [3][6]. Core Views - The company has launched two 800VDC solutions aimed at both new constructions and retrofitting existing data centers, which are expected to drive future growth [4][5]. - The 800VDC solutions can enhance system efficiency to a maximum of 98.5% and significantly reduce copper usage by over 45% [5]. - The company is positioned as a leader in the HVDC sector in China, with ongoing expansion into overseas markets through its Singapore subsidiary [5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.42 billion yuan, a year-on-year increase of 20.3%, while net profit was 70 million yuan, down 15.6% year-on-year [5]. - In Q3 2025 alone, the company reported revenue of 530 million yuan, a 32.0% increase year-on-year, and a net profit of 30 million yuan, up 39.7% year-on-year [5]. - The projected earnings per share (EPS) for 2025-2027 are 0.27, 0.62, and 0.92 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 85.9, 37.1, and 24.9 [6][8]. Revenue and Profit Forecast - The company’s revenue is expected to grow from 1.96 billion yuan in 2024 to 5.35 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 45.3% [8][13]. - Net profit is projected to increase from 110 million yuan in 2024 to 519 million yuan in 2027, indicating a strong growth trajectory [8][13]. Key Financial Ratios - The report highlights a projected return on equity (ROE) of 15.9% by 2027, up from 1.8% in 2023 [11][14]. - The gross margin is expected to stabilize around 29.9% by 2027, with net margins improving to 9.7% [11][14].