Stock Code:200771 Stock ID: Hangqilun B Announcement No. 2025-83 Hangzhou Turbine Power Group Co., Ltd. Resolutions of the 14th Meeting of the 9th Supervisory Board The members of the Supervisory Board acknowledge being responsible for the truthfulness, accuracy, and completeness of the announcement. There are no false records, misleading statements, or significant omissions in this announcement. The notice for calling of the 14th meeting of the 9th supervisory Board of Hangzhou Turbine Power Group Co., Ltd ...

证券代码：200771 证券简称：杭汽轮 B 公告编号：2025-83 杭州汽轮动力集团股份有限公司 九届十四次监事会决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 杭州汽轮动力集团股份有限公司(以下简称"公司")九届十四 次监事会于 2025 年 8 月 15 日发出通知，于 2025 年 8 月 25 日在本 公司汽轮动力大厦 305 会议室举行，会议以现场方式召开。公司现 有监事 3 人，实际参加会议表决的监事 3 人。出席会议的监事对各 项议案进行了表决，公司董事会秘书王钢列席了会议。会议的举行 符合《公司法》及《公司章程》之有关规定，合法有效。 会议由监事会主席张维婕女士主持。 该 议 案 内 容 详 见 公 司 于 2025 年 8 月 26 日 在 巨 潮 资 讯 网 （http//www.cninfo.com.cn)刊载的公告（公告编号：2025-84、 2025-85）。 备查文件： 1、公司九届十四次监事会决议。 特此公告。 杭州汽轮动力集团股份有限公司监事会 二〇二五年八月二十六日 1 与会者经审议各项议案后，采用记名表决方式通过 ...

杭州汽轮动力集团股份有限公司（以下简称"公司"）九届十九 次董事会于 2025 年 8 月 15 日发出会议通知，于 2025 年 8 月 25 日在 本公司汽轮动力大厦 304 会议室举行。公司现有董事 9 人，实际参加 会议表决的董事 9 人（其中独立董事章和杰、许永斌，董事潘晓晖、 王少龙以通讯方式进行表决）。公司监事及高级管理人员列席了会议。 会议的举行符合《公司法》及《公司章程》之有关规定，合法有效。 会议由董事长叶钟先生主持。 与会者经审议各项议案后，采用记名表决方式通过了下列议案： 一、《2025 年半年度报告全文》及摘要 会议经表决，9 票同意，0 票反对，0 票弃权，审议通过此议案。 公司董事会经审议后认为：该报告能够客观、全面地反映公司报 告期（2025 年 1 月 1 日—2025 年 6 月 30 日）的财务状况和生产经营 成果，并对其内容真实性、准确性和完整性承担个别及连带责任。 证券代码：200771 证券简称：杭汽轮B 公告编号：2025-82 杭州汽轮动力集团股份有限公司 九届十九次董事会决议公告 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 ...

The following proposals were examined at the meeting and passed by open ballot： I. The Semi-annual Report 2025 and the Summary Stock Code: 200771 Stock ID: Hangqilun B Announcement No.: 2025-82 Hangzhou Turbine Power Group Co., Ltd. Resolutions of the 19th Meeting of the 9th Term of Board The members of the Board and the Company acknowledge being responsible for the truthfulness, accuracy, and completeness of the announcement. There are no false records, misleading statements, or significant omissions in th ...

Core Viewpoint - The merger and acquisition of Hangzhou Qilun Power Group Co., Ltd. by Hangzhou Hailianxun Technology Co., Ltd. has been approved by shareholders, reflecting strong support for the restructuring initiative [1] Group 1: Merger Details - The merger plan received approval from 84.52% of minority shareholders, indicating a high level of acceptance among stakeholders [1] - A total of 15 proposals were reviewed and passed during the second extraordinary shareholders' meeting of 2025 [1] Group 2: Policy Context - Recent policies from the State Council and the China Securities Regulatory Commission have stimulated the merger and acquisition market, marking a new active phase for M&A in the A-share market [1] - The merger aligns with national policies aimed at promoting mergers and acquisitions among listed companies [1] Group 3: Strategic Implications - The major asset restructuring is expected to broaden the company's financing channels and enhance its financing capabilities [1] - The integration of industrial resources will optimize the company's industrial layout and strengthen its research and application of gas turbine technology [1] - The initiative aims to boost the independent innovation development of China's gas turbine industry and enhance the company's core competitiveness and sustainable profitability [1]

证券代码：200771 证券简称：杭汽轮B 公告编号：2025-81 杭州汽轮动力集团股份有限公司 关于吸收合并全资子公司事项通知债权人的公告 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。 一、本次吸收合并的具体情况 杭州汽轮动力集团股份有限公司（以下简称"公司"）拟吸收合 并全资子公司浙江汽轮成套技术开发有限公司（以下简称"成套公司"）。 具体要求如下： （一）债权申报时间 自本公告披露之日起四十五日内。 1 （二）债权申报所需材料 债权人可持证明债权债务关系合法存续的合同、协议及其他相关 凭证的原件及复印件（以下简称"债权资料"）到公司申报债权。其 中： 本次吸收合并完成后，成套公司的所有资产、人员、债权和债务、 权利和义务等全部转移至公司，由公司承继。本次吸收合并完成后， 被吸收合并方成套公司的存续业务全部由公司接管。公司存续经营， 成套公司注销。 公司于 2025 年 7 月 25 日召开了 2025 年第三次临时股东会，审议 通过了《关于吸收合并全资子公司的议案》，详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关 ...

Group 1 - The core point of the article is that Hailianxun is undergoing a stock swap merger with Hangqilun B, aiming to create a business structure primarily focused on industrial turbine machinery, supplemented by power information technology [1] - As of July 29, 2025, Hailianxun's stock price is reported at 13.24 yuan, reflecting a decline of 1.19% from the previous trading day, with a trading volume of 68,400 hands and a transaction amount of 91 million yuan [1] - The stock swap price for Hailianxun is set at 9.56 yuan per share, with a premium of 34.46% for Hangqilun B, and the swap ratio is 1:1. Following the completion of the transaction, Hangqilun B will be delisted, and its assets, liabilities, and business will be inherited by Hailianxun [1] Group 2 - On July 29, Hailianxun experienced a net outflow of main funds amounting to 4.7752 million yuan, which accounts for 0.11% of its circulating market value [2]

Core Viewpoint - The announcement details the proposed share swap merger between Hailianxun and Hangqilun B, highlighting the pricing and benefits of the transaction for both companies [1][2]. Group 1: Merger Details - Hailianxun plans to absorb Hangqilun B through a share swap, with the swap price set at 9.56 CNY per share based on the average stock price over the previous 20 trading days [1]. - Hangqilun B's swap price is set at 7.77 HKD per share (approximately 7.11 CNY), with a premium of 34.46%, resulting in a swap ratio of 1:1 [1]. - After the merger, Hangqilun B will be delisted and Hailianxun will inherit all assets, liabilities, and rights of Hangqilun B [2]. Group 2: Benefits and Market Implications - The merger is expected to improve Hailianxun's financial status and market valuation by enhancing Hangqilun B's profitability [2]. - The integration is anticipated to optimize asset allocation and create synergies, leading to a combined value greater than the sum of individual parts [2]. - The transaction reflects a trend of B-share companies seeking to transition to A-shares due to limited financing options and liquidity issues in the B-share market [3][4]. Group 3: Industry Insights - Hailianxun specializes in power information technology, while Hangqilun B is a leading provider of industrial turbine machinery, indicating a diverse yet complementary business focus [3]. - The merger may facilitate resource sharing in technology development and market expansion, although challenges related to corporate culture and management integration may arise [3]. - The ongoing regulatory improvements and market conditions are expected to make the "B to A" transition a viable option for more B-share companies [4].

Core Viewpoint - The legal opinion letter discusses the share swap merger between Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Steam Turbine Power Group Co., Ltd., addressing regulatory compliance and the implications of the merger on both companies' operations and shareholder interests [1][2][3]. Group 1: Merger Details - The merger involves Hailianxun issuing A-shares to all shareholders of Hangzhou Steam Turbine in exchange for their shares, effectively absorbing Hangzhou Steam Turbine [1][2]. - The main business of Hailianxun includes system integration, software development, and consulting services, while Hangzhou Steam Turbine focuses on the research, production, and sales of industrial steam turbines and gas turbines [1][2]. - As of the reporting period, Hangzhou Steam Turbine holds investments in Hangzhou Bank valued at 3.972 billion yuan, representing a 4.31% stake [1][2]. Group 2: Regulatory Compliance - The transaction does not require approval from industry regulatory authorities and complies with national industrial policies [4][5]. - Both companies are expected to meet the qualifications for commercial bank shareholders as per relevant regulations, ensuring that the merger does not face legal obstacles [5][6][7]. Group 3: Financial Aspects - The share swap price for Hailianxun is set at 9.56 yuan per share, while Hangzhou Steam Turbine's price is adjusted to 9.35 yuan per share after accounting for profit distribution [11][12]. - The merger's pricing mechanism is designed to protect minority shareholders, with a significant majority of votes in favor of the transaction from both companies' shareholders [18][19][20]. Group 4: Shareholder Rights - The merger provides dissenting shareholders with the option to sell their shares at a predetermined price, ensuring their interests are protected [20][21]. - The price adjustment mechanism for the buyout rights is only downward, which is intended to mitigate risks associated with market fluctuations [22].

Core Viewpoint - The merger between Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Steam Turbine Power Group Co., Ltd. is under review, with a focus on the operational performance and sustainability of the latter, which has faced declining profitability in recent years due to increased market competition and policy impacts [1][2]. Group 1: Company Performance - Hangzhou Steam Turbine's main business includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [2]. - The company's gross profit and net profit have been declining over the reporting periods, with net profits recorded at 708 million yuan, 736 million yuan, and 638 million yuan for 2022, 2023, and 2024 respectively [2][3]. - The gross profit margin for the industrial steam turbine business has decreased, with figures of 29.30%, 26.78%, and 21.21% over the same periods [8][10]. Group 2: Market Conditions - The global steam turbine market is projected to grow from $28.375 billion in 2024 to $33.752 billion by 2032, with a compound annual growth rate (CAGR) of 2.19% [6]. - In China, the steam turbine manufacturing market is expected to experience fluctuations, maintaining a scale of approximately 35 to 40 billion yuan due to the dual carbon policy and adjustments in the traditional energy structure [6][7]. - The domestic market is highly concentrated, with major players like Dongfang Electric, Shanghai Electric, and Hangzhou Steam Turbine holding significant market shares [7]. Group 3: Competitive Landscape - The competitive landscape of the steam turbine market is characterized by a multi-polar and tiered structure, with international leaders like Siemens Energy and General Electric dominating the global market [7]. - Hangzhou Steam Turbine maintains a leading position in the industrial steam turbine sector, with over 50% market share in production and sales [7][9]. - The company has been actively expanding its marketing channels and optimizing its product structure to counteract the pressures from increased competition and market changes [10][12]. Group 4: Strategic Initiatives - The company is focusing on innovation and market expansion, including a "going out" strategy to develop overseas markets, particularly in the Middle East and Southeast Asia [13][14]. - A comprehensive service system based on the entire lifecycle of turbine units is being developed to enhance service quality and efficiency [14][15]. - The company is also investing in research and development to adapt to market demands and improve its competitive edge [15][16].