Group 1 - The Chinese energy equipment industry is undergoing a new round of integration and upgrading driven by the "dual carbon" goals and accelerated manufacturing transformation [1] - Hangzhou Hailianxun Technology Co., Ltd. plans to absorb and merge Hangzhou Steam Turbine Power Group Co., Ltd. through a share swap, which has attracted significant market attention [1] - The merger is expected to leverage the complementary advantages of both companies, allowing them to seize opportunities in new market segments [1] Group 2 - Major technical equipment such as industrial steam turbines and gas turbines are core power sources for basic industries like petrochemicals, electricity, and chemicals, directly impacting national energy consumption and emission reduction [2] - The demand for efficient, clean, and intelligent power equipment is continuously growing as the "carbon peak and carbon neutrality" strategy is deeply implemented [2] - Hangzhou Steam Turbine Power Group is a leading player in the domestic industrial steam turbine sector, with a strong market share and extensive experience in turbine research and manufacturing [2] Group 3 - The merger between Hailianxun and Hangzhou Steam Turbine Power Group transcends traditional asset restructuring, representing a strategic collaboration focused on industrial upgrading and value reshaping [3] - This partnership aims to enhance the core competitiveness of both companies and provide a new practical path for the intelligent and green development of China's high-end equipment manufacturing industry [3] - A new type of industrial technology enterprise is emerging, characterized by greater innovation, closer alignment with customer needs, and alignment with future industry directions [3]

Core Insights - The event held in Hangzhou highlighted the importance of high-skilled talent in driving high-quality development and achieving high-level employment [1] - Hangzhou Steam Turbine Group (杭汽轮集团) is recognized as a leading enterprise in equipment manufacturing, showcasing its achievements in high-skilled talent cultivation [1] Group 1: Talent Development - Hangzhou Steam Turbine Group has established a comprehensive development system for high-skilled talent, focusing on "cultivation-selection-incentive-utilization" [2] - The company employs a three-dimensional model for talent cultivation, conducting over 30 training sessions annually for core positions, covering more than 1,200 participants [2] - The "master-apprentice" mechanism has resulted in the pairing of 65 master-apprentice groups over the past three years, producing 120 skilled workers at the intermediate level or above [2] Group 2: Selection and Incentives - A quantitative evaluation system based on "skill level, performance contribution, ability traits, and core values" has been established for talent selection and incentives [2] - The company has actively responded to vocational skill level recognition policies, becoming a pilot enterprise and certifying 403 individuals across 32 batches in the last three years [2] - In 2023, the company was approved as a pilot unit for the "New Eight-Level Worker" program in Zhejiang Province, with two individuals achieving the status of special technician [2] Group 3: Talent Utilization - The company emphasizes talent as a core resource, promoting specialized division of labor and cross-professional collaboration [3] - Measures such as breaking departmental boundaries and establishing a talent reserve pool are implemented to facilitate cross-position and cross-department exchanges [3] - The company aims to deepen industry-education integration and establish a "Zhejiang Province Excellent Engineer Practice Base" to enhance talent cultivation in new fields like intelligent equipment operation and industrial internet [3]

Group 1 - The project "50MW high-efficiency low-emission autonomous heavy-duty gas turbine development and optimization" was successfully launched on September 3, with Hangzhou Steam Turbine Co., Ltd. (杭汽轮B) as the leading unit, collaborating with several universities and companies [1] - The project aims to tackle significant technical challenges in gas turbine development, focusing on autonomous control, high-temperature component efficiency, emission optimization, advanced materials, and hydrogen combustion [1] - Hangzhou Steam Turbine's independently developed 50MW heavy-duty gas turbine successfully ignited on May 9, marking a key step in the field of autonomous gas turbine technology [1] Group 2 - The company has a comprehensive industrial steam turbine technology innovation system, with multiple technical centers and close cooperation with research institutions and universities [2] - The project aligns with national energy strategies and Zhejiang province's technological innovation strategies, which is expected to strengthen Hangzhou Steam Turbine's leading position in high-end equipment manufacturing [2] - The implementation of the project is anticipated to contribute positively to national energy security and the achievement of "dual carbon" goals [2]

Group 1 - The stock price of Hangzhou Steam Turbine Co., Ltd. (杭汽轮Ｂ) increased by 0.38%, reaching a new high of 13.33 CNY per share [2] - The company's total market capitalization surpassed 15.661 billion CNY [2] - The trading volume amounted to 17.143 million CNY [2]

Core Viewpoint - The article discusses the merger of Hailianxun and Hangqilun B, marking a significant event in the B-share market, which has been seeking pathways to transition to A-shares. This merger is seen as a potential model for other B-share companies considering similar transitions. Group 1: Merger Details - Hailianxun plans to absorb Hangqilun B through a share swap, with a swap ratio of 1:1 and a share price of 9.35 yuan per share, reflecting a 34.46% premium [1] - Following the merger, Hangqilun B will be delisted, and Hailianxun will take over all assets, liabilities, and operations of Hangqilun B [1] - The merger will transform Hailianxun's primary business from power information technology to industrial turbine machinery [1] Group 2: Financial Implications - Post-merger, Hailianxun's net assets are projected to increase from 492 million yuan to over 9.447 billion yuan, a more than 18-fold increase [7] - Revenue is expected to surge from 228 million yuan to over 6.867 billion yuan, representing a more than 29-fold increase [7] - The net profit is anticipated to rise from 9.458 million yuan to over 549 million yuan, indicating a more than 57-fold increase [7] Group 3: Industry Context - The B-share market has faced challenges, including limited financing capabilities and low liquidity, leading many companies to explore transitions to A-shares [10] - As of July, only 8 B-share companies remain, with many being state-owned enterprises exploring "B to A" options [2][10] - The merger of Hailianxun and Hangqilun B is positioned as a reference for other B-share companies considering similar transitions [1][10] Group 4: Strategic Goals - The merger aims to resolve historical issues for Hangqilun, enhance financing capabilities, and improve overall operational efficiency [8] - Hailianxun plans to integrate its industrial turbine machinery and power information technology businesses post-merger, aiming for a comprehensive enhancement in production scale and technical strength [8] - The transaction is expected to create a more robust management structure and operational model to support the combined business [8] Group 5: Market Trends - The article highlights a trend of B-share companies seeking to transition to A-shares through various methods, including mergers and acquisitions [10][12] - Successful past examples of B to A transitions are noted, indicating a growing acceptance and strategic movement within the market [11][12] - The recent regulatory changes are seen as providing new opportunities for B-share companies to pursue mergers and transitions [12]

Group 1 - Hangzhou Hirisun Technology Incorporated plans to absorb and merge with Hangzhou Turbine Power Group Co., Ltd. through the issuance of A-shares to HTC's shareholders [2] - The transaction is scheduled for review by the Shenzhen Stock Exchange M&A and Restructuring Review Committee on September 11, 2025 [3] - The transaction requires approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission before implementation, indicating uncertainty regarding the review and registration process [4] Group 2 - The Board of Directors of Hangzhou Turbine Power Group Co., Ltd. acknowledges responsibility for the accuracy and completeness of the announcement [1] - The company will comply with relevant laws and regulations for information disclosure and urges investors to pay attention to follow-up announcements [4] - The announcement was made on September 5, 2025 [5]

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。 证券代码：200771 证券简称：杭汽轮 B 公告编号：2025-89 杭州汽轮动力集团股份有限公司 关于收到深圳证券交易所并购重组审核委员会 审核杭州海联讯科技股份有限公司 根据《深圳证券交易所并购重组审核委员会 2025 年第 9 次审议 会议公告》，深圳证券交易所并购重组审核委员会定于 2025 年 9 月 次交易事项。 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 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 ...

证券代码：200771 证券简称：杭汽轮 B 公告编号：2025-89 根据《深圳证券交易所并购重组审核委员会 2025 年第 9 次审议 会议公告》，深圳证券交易所并购重组审核委员会定于 2025 年 9 月 11 日召开 2025 年第 9 次并购重组审核委员会审议会议，审核公司本 次交易事项。 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 2025 年 9 月 5 日 1 杭州汽轮动力集团股份有限公司 关于收到深圳证券交易所并购重组审核委员会 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。 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 ...

Stock Code: 200771 Stock ID: Hangqilun B Announcement No.:2025-89 Hangzhou Turbine Power Group Co., Ltd. Announcement on the Meeting Arrangement for the Review of Hangzhou Hirisun Technology Incorporated's Share Exchange Absorption and Merger with Hangzhou Turbine Power Group Co., Ltd. Namely the Related Party Transaction by the Shenzhen Stock Exchange Listing Review Committee The members of the Board and the Company acknowledge being responsible for the truthfulness, accuracy, and completeness of the annou ...

Group 1: Financial Performance - The company's 2025 semi-annual report indicates a decline in profit compared to the previous year, with specific reasons for the decrease discussed [2] - The gross profit margin has improved, attributed to changes in research and development expenses [2] Group 2: Product Applications - The gas turbine products are primarily used in distributed energy projects, covering sectors such as power, chemicals, municipal services, and papermaking [2] - Successful projects include gas turbine units provided to Kunshan GCL, Zhejiang Petrochemical, and others [2] Group 3: Market Demand - The service segment for gas turbines has seen new maintenance service orders, indicating a potential growth trend in market demand [2] - The company is actively seeking growth opportunities in the overseas gas turbine market, expecting a significant increase in orders compared to the previous year [3] Group 4: R&D Progress - The company has successfully completed ignition and full-load testing of its independently developed gas turbine, meeting discharge standards [2] - Ongoing comprehensive inspections and specialized tests are planned for the turbine's major components and control systems [2] - The gas turbine will be tested at the Lianyungang demonstration power station, which the company is investing in [2]