| 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） （修订稿） 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 ...

证券代码：200771 证券简称：杭汽轮 B 公告编号：2025-87 杭州汽轮动力集团股份有限公司 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报告书 （草案）（修订稿）修订说明的公告 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。 二〇二五年九月三日 2 | 章节 | | 修订说明 | | --- | --- | --- | | 目录 | | 根据重组报告书内容更新 | | 重大事项提示 | | 1、更新本次交易方案简要介绍；2、更新及补充杭汽轮董事、监事、高 | | | | 级管理人员、其他核心技术人员最近两年的变化情况 | | 第四章 | 被吸并 | 1、更新及补充杭汽轮主营业务基本情况；2、更新及补充被吸并方所处 | | 方业务与技术 | | 行业的竞争情况；3、补充主要产品的产能、产量、销量和价格情况 | | 第八章 | 本次交 | 1、更新及补充杭汽轮符合创业板定位情况 | | 易的合规性分析 | | | | 第九章 | 管理层 | 1、更新及补充被吸并方存货分析；2、更新及补充被吸并方的持续经营 | | 讨 ...

中信建投证券股份有限公司 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 之 独立财务顾问报告 （修订稿） 独立财务顾问 $$\Xi=\frac{\pi}{4}-\Xi\triangleleft\pi\triangleleft\pi$$ 声明和承诺 中信建投证券股份有限公司（以下简称"中信建投证券"或"本独立财务顾问"） 受杭州汽轮动力集团股份有限公司（以下简称"杭汽轮"）委托，担任本次杭州海联讯 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，并制作本独立财务顾问报告。 本独立财务顾问报告是依据《公司法》《证券法》《重组管理办法》《26 号准则》《财 务顾问业务管理办法》等法律、法规的有关规定，按照证券行业公认的业务标准、道德 规范，本着诚实信用、勤勉尽责的态度，遵循客观、公正原则，在认真审阅相关资料和 充分了解本次交易行为的基础上，发表独立财务顾问意见，旨在就本次交易行为做出独 立、客观和公正的评价，以供全体股东及有关各方参考。 一、独立财务顾问声明 （一）本独立财务顾问与本次交易各方无任何关联关系。本独立财务顾问本着客观、 ...

| | | | 关于被吸并方经营业绩及持续经营能力"""""""" 第 1—27 一、 | 页 | | --- | --- | | 二、关于被吸并方财务数据"""""""""""""""第 27—45 | 页 | | 三、关于关联交易"""""""""""""""""""第 45—61 | 页 | | 四、关于产业政策及创业板定位"""""""""""""第 61—64 | 页 | | 五、关于整合管控及债权债务转移""""""""""""第 64—68 | 页 | | 六、关于股份支付"""""""""""""""""""第 68—77 | 页 | 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 申请的审核问询函中有关财务事项的说明 天健函〔2025〕809 号 深圳证券交易所： 由杭州海联讯科技股份有限公司（以下简称海联讯公司或公司）转来的《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）奉悉。 我们已对审核问询函中需要我们说明的财务事项进行了审慎核查，现汇报说明如 下。（除另有 ...

Group 1 - The company, Hangzhou Steam Turbine Co., Ltd. (杭汽轮), reported a 20.08% decrease in net profit attributable to shareholders for the first half of 2025 compared to the same period last year [2] - The primary reason for the profit decline is a reduction of approximately 0.65 billion yuan in dividends received from Hangzhou Bank compared to the previous year [2]

Core Viewpoint - Hangzhou Steam Turbine Group Co., Ltd. (杭汽轮B) demonstrates robust operational performance in the first half of 2025, with significant revenue growth and improved profitability, while actively pursuing strategic mergers and acquisitions to enhance its market position and operational capabilities [1][5]. Financial Performance - The company reported a revenue of 2.447 billion yuan and a net profit attributable to shareholders of 153 million yuan for the first half of 2025, with operating cash flow increasing by 49.77% year-on-year [1]. - The gross profit margin improved by 6.86% year-on-year, reaching 26.27%, while the cost of boilers and prime movers was reduced by 17.12% [2]. - The revenue from industrial steam turbines and related parts accounted for 80.99% of total revenue, with a stable growth of 6.25% year-on-year, while the hydropower generator business saw a significant increase of 39.60% [2]. Business Development - The industrial steam turbine business remains a strong pillar, with the company maintaining a leading market share in the domestic industrial drive sector, supported by a comprehensive technology innovation system [3]. - The gas turbine business has expanded through deep collaboration with Siemens Energy, enhancing the company's capabilities in distributed energy projects and providing comprehensive solutions for customers [3]. - The company’s subsidiary in the new energy sector is focusing on the petrochemical field, transitioning towards engineering, systematization, and financialization [4]. Mergers and Acquisitions - The merger with Hailianxun has progressed significantly, with the Shenzhen Stock Exchange accepting the application for the share swap and merger, indicating strong shareholder support with 87.57% approval from Hangzhou Steam Turbine's shareholders [5]. - The successful completion of the merger is expected to enhance the company's business structure, focusing on industrial turbine machinery as the main business and power information system integration as a supplementary business [6]. - Post-merger, the company aims to improve stock liquidity and valuation levels, facilitating smoother financing channels and leveraging A-share market tools for funding [6].

Core Viewpoint - Hangzhou Steam Turbine Co., Ltd. (杭汽轮B) demonstrates strong operational performance in the first half of 2025, with significant revenue growth and improved profitability, while actively pursuing strategic mergers and acquisitions to enhance its market position and operational capabilities [1][5]. Financial Performance - The company reported a revenue of 2.447 billion yuan and a net profit attributable to shareholders of 153 million yuan for the first half of 2025, with operating cash flow increasing by 49.77% year-on-year [1]. - The gross profit margin improved by 6.86% year-on-year, reaching 26.27%, while the cost of boilers and prime movers was reduced by 17.12% [2]. Business Segments - Industrial steam turbine and related parts accounted for 80.99% of revenue, with a stable growth of 6.25% year-on-year, while the hydropower generator business saw a significant increase of 39.60% [2]. - The company's overseas business performed exceptionally well, with revenue growth of 66.39%, increasing its share from 6.04% to 10.72% [2]. Core Business Development - The industrial steam turbine business continues to strengthen, maintaining a leading market share in the domestic sector, while the gas turbine business has expanded through collaboration with Siemens Energy [3]. - The company is positioned as a comprehensive supplier for distributed energy projects, providing complete solutions and lifecycle support for gas turbine power stations [3]. Strategic Initiatives - The company is actively pursuing a merger with Hailianxun, which has received approval from both parties' shareholders, marking a significant step in addressing historical issues related to its B shares [5][6]. - Post-merger, the company aims to establish a "main and auxiliary" business structure, focusing on industrial turbine machinery while enhancing its capabilities in power information system integration [6].

Core Viewpoint - The supervisory board of Hangzhou Steam Turbine Power Group Co., Ltd. has approved the 2025 semi-annual report, confirming that the report accurately reflects the company's actual situation without any false records or misleading statements [1][2]. Group 1 - The 14th meeting of the 9th supervisory board was held on August 25, 2025, with all three supervisors present and voting [1]. - The meeting was chaired by Ms. Zhang Weijie, and the company secretary, Wang Gang, attended as a non-voting participant [1]. - The supervisory board unanimously approved the 2025 semi-annual report with three votes in favor and no votes against or abstentions [1]. Group 2 - The supervisory board concluded that the procedures for preparing and reviewing the semi-annual report complied with legal and regulatory requirements, ensuring the report's authenticity and completeness [1].

Core Viewpoint - Hangzhou Turbine Power Group Co., Ltd. reported its semi-annual financial results for 2025, showing a decline in key business income and net profit compared to the same period in 2024, indicating potential challenges in operational performance [1][5]. Financial Performance - Total assets increased to RMB 17,545.42 million as of June 30, 2025, compared to RMB 17,252.08 million at the beginning of the year, reflecting a growth of approximately 1.7% [1][3]. - Current assets totaled RMB 9,598.23 million, down from RMB 9,961.85 million at the start of the year, a decrease of about 3.6% [1][3]. - Net profit for the first half of 2025 was RMB 152.67 million, a decrease from RMB 180.94 million in the same period of 2024, representing a decline of approximately 15.6% [5][6]. Income and Costs - Key business income for the first half of 2025 was RMB 2,447.20 million, down from RMB 2,611.66 million in the first half of 2024, indicating a decrease of about 6.3% [4][5]. - Total business costs were RMB 2,342.93 million, compared to RMB 2,548.69 million in the previous year, showing a reduction of approximately 8.1% [4][5]. Cash Flow - Net cash generated from operating activities was negative at RMB -167.56 million for the first half of 2025, an improvement from RMB -333.59 million in the same period of 2024 [6][8]. - Cash flow from investing activities showed a net outflow of RMB -29.39 million, contrasting with a net inflow of RMB 143.40 million in the previous year [6][8]. Equity and Liabilities - Total liabilities decreased to RMB 7,616.18 million from RMB 7,735.09 million at the beginning of the year, a reduction of about 1.5% [3][4]. - Total owners' equity increased to RMB 9,929.24 million from RMB 9,516.99 million, reflecting a growth of approximately 4.3% [3][4].

Core Viewpoint - The documents provide detailed financial data regarding accounts receivable and other financial interactions between a listed company and its subsidiaries, highlighting significant amounts in operational transactions and the nature of these financial relationships. Group 1: Accounts Receivable - The total accounts receivable for the listed company and its subsidiaries amount to 32,925.79 million yuan, with a significant portion being operational transactions [3]. - Specific subsidiaries report substantial accounts receivable, such as Hangzhou Gas Turbine Machinery Co., Ltd. with 15,840.91 million yuan and Zhejiang Huayuan Gas Turbine Machinery Co., Ltd. with 1,966.92 million yuan [2][3]. - The operational transactions primarily involve sales of goods, indicating a strong revenue generation from these subsidiaries [2][3]. Group 2: Prepayments - The total prepayments recorded by the listed company and its subsidiaries stand at 2,300.54 million yuan, primarily for goods [3]. - Notable prepayments include Hangzhou Zhongneng Turbine Machinery Equipment Co., Ltd. with 139.50 million yuan and Zhejiang Turbine Import and Export Trade Co., Ltd. with 2,503.13 million yuan [3]. - These prepayments reflect ongoing business activities and commitments to suppliers, indicating a proactive approach in managing supply chain relationships [3]. Group 3: Other Receivables - Other receivables include amounts related to utility fees and other operational costs, with Hangzhou Gas Turbine Machinery Co., Ltd. reporting 5.84 million yuan for water and electricity fees [3]. - The total for other receivables across the subsidiaries is significant, reflecting various operational expenses that are yet to be settled [3]. - This category of receivables indicates the company's engagement in managing its operational costs effectively while maintaining relationships with service providers [3].