2025 年 9 月 4 日 杭州海联讯科技股份有限公司（以下简称"海联讯"）拟通过向杭 州汽轮动力集团股份有限公司（以下简称"杭汽轮"或"公司"）全体 换股股东发行 A 股股票的方式换股吸收合并杭汽轮（以下简称"本次交 易"）。 根据深圳证券交易所上市审核中心有关工作安排，拟于近期审核 公司本次交易事项，具体会议时间待确定后另行公告。 公司本次交易事项尚需深圳证券交易所审核通过，并获得中国证 券监督管理委员会同意注册的决定后方可实施。本次交易事项能否通 过审核、注册以及最终通过审核、注册的时间尚存在不确定性。公司 将严格按照相关法律法规的规定和要求履行信息披露义务，敬请广大 投资者关注公司后续公告并注意投资风险。 特此公告。 杭州汽轮动力集团股份有限公司 董事会 证券代码：200771 证券简称：杭汽轮 B 公告编号：2025-88 杭州汽轮动力集团股份有限公司 关于深圳证券交易所上市审核中心 审核杭州海联讯科技股份有限公司 换股吸收合并杭州汽轮动力集团股份有限公司 暨关联交易事项会议安排的公告 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。 1 ...

| 证券代码：300277 | 证券简称：海联讯 | | 上市地：深圳证券交易所 | | --- | --- | --- | --- | | 证券代码：200771 | 证券简称：杭汽轮 | B | 上市地：深圳证券交易所 | 杭州海联讯科技股份有限公司 换股吸收合并杭州汽轮动力集团股份有限公司 暨关联交易报告书（草案） （上会稿） 吸并方 被吸并方 大厦 206-6 室 杭州海联讯科技股份有限公司 杭州汽轮动力集团股份有限公司 浙江省杭州市拱墅区庆春路 60 号东清 浙江省杭州市临平区康信路 608 号 1 幢 吸并方独立财务顾问 被吸并方独立财务顾问 二〇二五年九月 杭州海联讯科技股份有限公司换股吸收合并杭州汽轮动力集团股份有限公司暨关联交易报告书（草案） 公司声明 一、吸收合并双方及其全体董事、监事、高级管理人员保证本报告书及其摘 要内容的真实、准确、完整，并对其虚假记载、误导性陈述或重大遗漏负相应的 法律责任。 二、吸收合并双方控股股东及全体董事、监事、高级管理人员承诺，如就本 次交易所提供或披露的信息因涉嫌虚假记载、误导性陈述或者重大遗漏，被司法 机关立案侦查或者被中国证监会立案调查的，在案件调查结 ...

Core Viewpoint - Hangzhou Hailianxun Technology Co., Ltd. plans to absorb and merge with Hangzhou Steam Turbine Power Group Co., Ltd. through a share exchange, with the transaction details being revised and supplemented following inquiries from the Shenzhen Stock Exchange [1][2]. Summary by Sections Major Event Notice - The company has completed responses to inquiries from the Shenzhen Stock Exchange regarding the transaction [1]. Chapter Four: Target Company Information - Updates include the main business situation of Hangzhou Steam Turbine, competitive landscape of the industry, and details on major products including capacity, output, sales volume, and pricing [1]. Chapter Eight: Compliance Analysis of the Transaction - No specific details provided in this section, but it indicates a thorough compliance review [1]. Chapter Nine: Management Discussion and Analysis - Updates include inventory analysis and the ongoing operational capability of the absorbed company [1]. Chapter Thirteen: Other Important Matters - Updates on significant contracts have been included in the revised report [1].

Core Viewpoint - The report discusses the merger of Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Turbine Power Group Co., Ltd., highlighting the operational performance and sustainability of the latter amid market challenges and competition [1][2]. Financial Performance - Hangzhou Turbine's gross profit and profit margins have been declining over the reporting periods, with gross profits of 1.294 billion, 1.178 billion, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% respectively [2][12]. - Net profits for the reporting periods were 708 million, 736 million, and 638 million yuan, with minority shareholder profits of 103 million, 149 million, and 40 million yuan [2][12]. Market Dynamics - The industrial turbine market is facing increased competition due to the "dual carbon policy" and the rise of new energy units, leading to a decline in production and sales of traditional turbines by over 20% in 2024 [2][12]. - The global turbine market is projected to grow from $28.375 billion in 2024 to $33.752 billion by 2032, with a compound annual growth rate of 2.19% [21]. Product Segmentation - Hangzhou Turbine's products include industrial drive turbines and industrial power generation turbines, with the former accounting for 44.05%, 36.30%, and 43.65% of revenue during the reporting periods [5][10]. - The company has a strong market position in the industrial drive turbine sector, with over 50% of the domestic market share from 2021 to 2023 [10][19]. Competitive Landscape - The turbine market is characterized by a "multi-polar and tiered" structure, with international leaders like Siemens Energy and General Electric dominating the global market, while domestic players like Dongfang Electric and Shanghai Electric lead in China [9][10]. - Hangzhou Turbine is one of the few domestic manufacturers capable of non-standard design and manufacturing of industrial turbines, maintaining a competitive edge against international firms [10][15]. Future Outlook - The company is focusing on enhancing its market share in the industrial drive turbine sector and improving cost control, with a projected increase in the proportion of industrial drive turbine revenue from 40% in 2024 to around 50% in early 2025 [17]. - The company has a robust order backlog exceeding 60 billion yuan as of June 30, 2025, indicating a solid foundation for future operations [19].

Core Viewpoint - The legal opinion letter discusses the share swap absorption merger between Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Turbine Power Group Co., Ltd., emphasizing compliance with relevant laws and regulations, and the necessity for further disclosures regarding the transaction [1][2][5]. Group 1: Transaction Overview - The merger involves Hailianxun issuing A-shares to all shareholders of Hangzhou Turbine in exchange for their shares, with the transaction requiring approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission [1][5]. - The main business of Hailianxun includes system integration, software development, and consulting services, while Hangzhou Turbine focuses on the research, production, and sales of industrial turbines [1][3]. Group 2: Financial and Technical Aspects - Hangzhou Turbine's R&D investments have decreased over the reporting period, with amounts of 294 million, 277 million, and 178 million yuan, attributed to a reduction in project numbers and increased sales of prototypes [1][2]. - The merger will result in the surviving company inheriting all assets, liabilities, and rights from Hangzhou Turbine, creating a business structure primarily focused on industrial turbine machinery and supplemented by power information technology services [3][4]. Group 3: Regulatory Compliance - The transaction does not require prior approval from industry regulatory authorities and aligns with national industrial policies [5][6]. - Both companies are expected to meet the qualifications for commercial bank shareholders as per the relevant regulations, ensuring that the merger does not pose any legal obstacles [6][7]. Group 4: Share Swap Pricing - The share swap price for Hailianxun is set at 9.56 yuan per share, while Hangzhou Turbine's price is adjusted to 9.35 yuan per share after accounting for profit distribution and capital increase [11][15]. - The pricing mechanism for the share swap is based on the average stock prices over the 20 trading days prior to the announcement, ensuring it reflects market conditions and protects minority shareholders' interests [15][17]. Group 5: Rights of Dissenting Shareholders - Dissenting shareholders are provided with a buyback option at a price of 9.56 yuan per share, which will be adjusted to 9.35 yuan following profit distribution [11][15]. - The cash option for dissenting shareholders is set at 7.77 Hong Kong dollars per share, equivalent to 7.11 yuan, with adjustments made post-profit distribution [11][15].

Company Overview - Hangzhou Hailianxun Technology Co., Ltd. (referred to as Hailianxun or the company) is undergoing a share swap merger with Hangzhou Turbine Power Group Co., Ltd. [1] - The main business of the merged entity includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [1][2]. Financial Performance of the Merged Entity - The financial performance of the merged entity shows a continuous decline in gross profit and profit margins over the reporting periods, with gross profits of 1.294 billion yuan, 1.178 billion yuan, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% respectively [1][2]. - The net profit for the reporting periods was 708 million yuan, 736 million yuan, and 638 million yuan, indicating a downward trend [2]. - The sales expense ratio of the merged entity is higher than comparable listed companies due to intensified market competition and active marketing channel expansion [2]. Market Conditions and Industry Trends - The global turbine manufacturing market is projected to grow from 28.375 billion USD in 2024 to 33.752 billion USD by 2032, with a compound annual growth rate (CAGR) of 2.19% [9][24]. - The Chinese turbine manufacturing market is expected to maintain a scale of 35-40 billion yuan in the coming years, influenced by the "dual carbon policy" and adjustments in the traditional energy structure [9][24]. - The industrial turbine market is under pressure due to the "carbon peak and carbon neutrality" strategy, leading to a shift in investment focus from new capacity construction to upgrading existing production equipment [15][16]. Competitive Landscape - The global turbine market is characterized by a multi-polar and tiered competition structure, with leading international companies like Siemens Energy and General Electric dominating the market [11][12]. - In China, the turbine market is highly concentrated, with four state-owned enterprises, including Hailianxun, holding a significant market share [12]. - Hailianxun maintains a leading position in the domestic industrial drive turbine market, with over 50% of the total production and sales volume among major manufacturers from 2021 to 2023 [12][23]. Product and Technology Development - Hailianxun has a robust technology and product development system, with various national and provincial innovation platforms supporting its R&D capabilities [26][27]. - The company has developed unique technologies in the turbine field, enhancing production efficiency and product performance, which contributes to its competitive advantage [27][29]. - The industrial turbine products are tailored to meet specific customer needs, allowing for high customization and adaptability to various operational conditions [28][29]. Future Outlook - The company has a strong order backlog exceeding 6 billion yuan for industrial turbines, indicating a solid foundation for future operations [22]. - Hailianxun is actively expanding into overseas markets, particularly in Southeast Asia and the Middle East, to capture new growth opportunities [25][26]. - The ongoing collaboration with Siemens Energy remains stable, with no reported infringement risks regarding Hailianxun's independent gas turbine development [22].

Core Viewpoint - The merger between Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Turbine Power Group Co., Ltd. is under review, with concerns raised about the operational performance and sustainability of the latter, particularly in light of declining profit margins and market pressures from policies and competition [1][2][3]. Financial Performance - Hangzhou Turbine Power Group's gross profit and profit margins have been declining over the reporting periods, with gross profits of 1.294 billion, 1.178 billion, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% respectively [2][12]. - The net profits for the same periods were 708 million, 736 million, and 638 million yuan, indicating a downward trend [2][12]. - The company has seen a significant drop in turbine production, with a 20% decrease expected in 2024 [2][11]. Market Dynamics - The global turbine market is projected to grow from $28.375 billion in 2024 to $33.752 billion by 2032, with a compound annual growth rate of 2.19% [6][23]. - The domestic turbine market is under pressure due to the "dual carbon" policy and a shift in energy structure, with a market size expected to stabilize between 35 billion and 40 billion yuan [6][23]. Competitive Landscape - The turbine market is characterized by intense competition, with major international players like Siemens Energy and General Electric dominating, while domestic companies like Dongfang Electric and Shanghai Electric also hold significant market shares [9][10]. - Hangzhou Turbine Power Group maintains a leading position in the industrial turbine sector, with over 50% market share in production and sales among domestic manufacturers [10][21]. Product and Technology - The company specializes in industrial turbines, which are critical in various sectors such as petrochemicals, metallurgy, and power generation, and has a strong focus on customized solutions [7][25]. - Hangzhou Turbine Power Group has developed a robust technological framework, including a national-level enterprise technology center and various innovation platforms, enhancing its competitive edge [24][26]. Future Outlook - The company has a backlog of orders exceeding 6 billion yuan, indicating a solid foundation for future operations [20]. - There are opportunities for growth in equipment upgrades and energy-saving renovations, driven by national policies and market demands [23][24].

换股吸收合并杭州汽轮动力集团股份有限公司 申请的审核问询函之回复报告 吸并方 被吸并方 大厦 206-6 室 关于杭州海联讯科技股份有限公司 杭州海联讯科技股份有限公司 杭州汽轮动力集团股份有限公司 浙江省杭州市拱墅区庆春路 60 号东清 浙江省杭州市临平区康信路 608 号 1 幢 吸并方独立财务顾问 被吸并方独立财务顾问 二〇二五年九月 深圳证券交易所： 按照贵所下发的《关于杭州海联讯科技股份有限公司换股吸收合并杭州汽轮 动力集团股份有限公司申请的审核问询函》（审核函〔2025〕030006 号）（以 下简称"审核问询函"）的要求，杭州海联讯科技股份有限公司（以下简称"吸 并方"）、杭州汽轮动力集团股份有限公司（以下简称"被吸并方"）及相关中 介机构就审核问询函所提问题进行了认真讨论分析，并按照要求在《杭州海联讯 科技股份有限公司换股吸收合并杭州汽轮动力集团股份有限公司暨关联交易报 告书（草案）》（以下简称"重组报告书"）中进行了补充披露，现将相关回复 说明如下。 本审核问询函回复（以下简称"本回复"）中的报告期指 2022 年、2023 年 及 2024 年；除此之外，如无特别说明，本回复所述的词语或简 ...

浙江天册律师事务所 关于 杭州海联讯科技股份有限公司换股吸收合并杭州汽轮动力集 团股份有限公司暨关联交易的 补充法律意见书（二） 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于杭州海联讯科技股份有限公司 换股吸收合并杭州汽轮动力集团股份有限公司 暨关联交易的 补充法律意见书（二） 编号：【TCYJS2025H1237】号 致：杭州汽轮动力集团股份有限公司 本所接受贵公司的委托，在杭州海联讯科技股份有限公司（以下简称"海联 讯"）向杭州汽轮动力集团股份有限公司（以下简称"杭汽轮"）全体换股股东 发行 A 股股票换股吸收合并杭汽轮的交易行为中，担任杭汽轮的专项法律顾问， 并已出具"TCYJS2025H0507 号"《浙江天册律师事务所关于杭州海联讯科技股 份有限公司换股吸收合并杭州汽轮动力集团股份有限公司暨关联交易的法律意 见书》（以下简称"《法律意见书》"）及"TCYJS2025H0923 号"《浙江天册 律师事务所关于杭州海联讯科技股份有限公司换股吸收合并杭州汽轮动力集团 股份有限 ...

之专项核查意见 独立财务顾问 中信建投证券股份有限公司 关于 《关于杭州海联讯科技股份有限公司换股 吸收合并杭州汽轮动力集团股份有限公司 申请的审核问询函之回复报告》 受杭州汽轮动力集团股份有限公司（以下简称"杭汽轮"、"被吸并方"） 委托，中信建投证券股份有限公司（以下简称"独立财务顾问"、"中信建投证 券"）担任杭州海联讯科技股份有限公司（以下简称"海联讯"）换股吸收合并 杭汽轮暨关联交易的杭汽轮独立财务顾问，按照贵所下发的《关于杭州海联讯科 技股份有限公司换股吸收合并杭州汽轮动力集团股份有限公司申请的审核问询 函》（审核函〔2025〕030006 号）（以下简称"审核问询函"）的要求，中信 建投证券就审核问询函所提问题进行了认真讨论分析和核查，并出具本核查意见， 现提交贵所，请予审核。 本核查意见中的报告期指 2022 年、2023 年及 2024 年；除此之外，如无特 别说明，本核查意见所述的词语或简称与重组报告书中"释义"所定义的词语或 简称具有相同的含义。在本核查意见中，若合计数与各分项数值相加之和在尾数 上存在差异，均为四舍五入所致。本核查意见所引用的财务数据和财务指标，如 无特殊说明，指合并报 ...