杭州汽轮动力集团股份有限公司 投资者关系现场活动记录表 编号：2025-13 | 投资者关系 | √特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他 （ ） | | 参与单位名称及姓名 | 国泰海通证券分析师赵玥炜，以及杭银理财、招商基金、 | | | 睿郡资产等机构投资者 | | 时间 | 2025 年 9 月 3 日 | | 地点 | 公司汽轮动力大厦 3 楼会议室 | | 上市公司接待人员 | 公司董事会秘书及董事会办公室人员 | | | 接待方式及主要交流内容： | | | （一） 参观公司展厅 | | | （二） 主要交流内容： | | | 1、 公司 2025 年半年报情况 | | | 利润同比下降原因；毛利率提升的原因；研发费用变化。具体详 | | | 见公司披露的 2025 年半年度报告。 | | | 2、 公司燃机产品应用领域情况 | | | 公司与西门子合作的燃汽轮机主要应用于分布式能源项目，覆盖 | | | 电力、化工、市政、造纸等行业，已 ...

Core Viewpoint - Hangzhou Qilun Power Group Co., Ltd. is undergoing a share swap merger with Hangzhou Hailianxun Technology Co., Ltd., pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1][2]. Group 1 - Hangzhou Hailianxun Technology Co., Ltd. plans to absorb Hangzhou Qilun Power Group Co., Ltd. through a share swap by issuing A-shares to all shareholders of Hangzhou Qilun [1]. - The transaction is subject to review by the Shenzhen Stock Exchange, with the specific meeting time to be announced later [1]. - The approval and registration of the transaction by the relevant authorities remain uncertain, and the company will comply with legal disclosure obligations [1].

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 （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、 公正的原则对本次交易出具独立财务顾问报告。 （二）本独立财务顾问报告所依据的文件、材料由相关各方向本独立财务顾问提供。 相关各方对所提供的资料的真实性、准确性、完整性负责，相关各方保证不存在任何虚 假记载、误导性陈述或重大遗漏，并对所提供资料的合法性、真实性、完整性承担相应 的法律责任。本独立财务顾问出具的核查意见是在假设本次交易的各方当事人均按相关 协议的条款和承诺全面履行其所有义务的基础上提出的，若上述假设不成立，本独立财 务顾问不承担由此引起的任何风险责任。 （三）截至本独立财务顾问报告出具之日，本独立财务顾问就本次交易事宜进行了 尽职调查，本独立财务顾问报告仅对已核实的事项向杭汽轮全体股东提供独立核查意见。 （上会稿） 独立财务顾问 二零二五年九月 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 ...

The Company's transaction is subject to the review and approval of the Shenzhen Stock Exchange and the approval of the China Securities Regulatory Commission for registration before it can be implemented. There is still uncertainty about whether this transaction can pass the review and registration, and the time when it will finally pass the review and registration. The Company will strictly comply with the provisions and requirements of relevant laws and regulations to fulfill its information disclosure ob ...

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 ...

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"）。 公司近日完成了深圳证券交易所对本次交易审核问询的相关回复，针对问询 涉及需披露事项，公司对《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）》（以下简称"重 组报告书"）的部分内容进行了补充和修订。 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 重要事项 除上述修订和完善之外，公司对重组报告书全文进行了梳理，完善了少许表 述，对本次交易方案不构成影响。 相较公司于 2025 年 7 月 29 日披露的重组报告书，本次修订的主要情况如下： 章节 修订说明 重大事项提示 级管理人员、其他核心技 ...

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》 中信建投证券股份有限公司 之专项核查意见 独立财务顾问 二〇二五年九月 深圳证券交易所： 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 ...

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].