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].

| 单位：万元 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | 占用方与上市公司 | | 上市公司核算的 | 2025 年期初占 | | | | 1-6 月占 | | | 用 | 占用形成 | | | | | | | | | | 资金占用方名称 | | | | 用累计发生金 | | | | 还累计发生金 | 月 30 日 | | 占用资 | 占用性质 | | | | | | | | | | 用 | 的关联关系 | 会计科目 | 用资金余额 | | | | 资金的 | | | | 利 | | 原因 | | | | | | | | | | | | 额（不含利息） | | | | 额 | | 金余额 | | | | | | | | 息（如有） | | | | | 控股股东、实际控 | | | | | | | | | | | 制人及其附属企 | | | | | | | | | | | 业 | | | | | | | | | | | 小计 | | | | | | | | | | | ...

Core Points - The company held its ninth board meeting on August 25, 2025, where all nine directors participated, and the meeting was deemed legal and effective [1] - The board approved the 2025 semi-annual report, which reflects the company's financial status and operational results for the period from January 1, 2025, to June 30, 2025 [2] - The board also approved a proposal to lease company properties to its subsidiaries, with a lease term from July 1, 2025, to December 31, 2026 [2] Financial Report - The 2025 semi-annual report was unanimously approved by the board, indicating its objectivity and comprehensiveness in reflecting the company's financial condition and operational achievements [2] Property Leasing - The company agreed to lease properties, including office spaces and workshops, to its subsidiaries to enhance asset utilization and support their operations [2]

Company Profile & Financial Highlights - Hangzhou Turbine Power Group Co., Ltd. is a leading provider of turbo machinery equipment in China, specializing in the design and production of industrial steam turbines and gas turbines [10][11] - The company reported an operating revenue of approximately RMB 2.45 billion for the first half of 2025, a decrease of 6.30% compared to the same period last year [10][23] - The net profit attributable to shareholders decreased by 18.75% to RMB 0.13 per share [10][17] Management Discussion & Analysis - The company's main business model remains unchanged, focusing on customized solutions for clients in various industrial sectors [10][12] - The company has maintained a leading market share in the domestic industrial drive sector, with a strong reputation and brand influence [16][20] - The gas turbine business has expanded through collaboration with Siemens, enhancing the company's capabilities in distributed energy solutions [12][15] Financial Performance - The cash flow generated by business operations improved by 49.77%, indicating better recovery of goods payments [10][17] - The company experienced a significant increase in income tax expenses, rising by 403.94% due to deferred income tax expenses [10][17] - The total operating revenue composition shows that industrial steam turbines accounted for 80.99% of revenue, while gas turbines saw a significant decline of 65.94% [23] Key Events and Developments - The company has established strategic partnerships with major customers, enhancing its market position and customer value [20][22] - The company is actively involved in technological innovation and has established collaborations with universities and research institutions to advance its R&D capabilities [18][22] - The company has implemented cost control measures and optimized business processes to improve profitability amidst declining product margins [17][19]

Core Points - Hangzhou Turbine Power Group Co., Ltd. reported a decrease in operating revenue by 6.30% year-on-year, amounting to approximately 2.45 billion Yuan for the reporting period [1] - The net profit attributable to shareholders decreased by 16.78% year-on-year, totaling approximately 99.31 million Yuan [1] - The company experienced a significant improvement in cash flow generated by business operations, which improved by 49.77% compared to the previous year, resulting in a net cash flow of approximately -167.56 million Yuan [1] - Basic and diluted earnings per share decreased by 18.75% to 0.13 Yuan per share [1] - The net asset earning ratio declined by 0.67% to 1.65% [1] Company Information - The company is listed on the Shenzhen Stock Exchange under the stock code 200771 [1] - As of the end of the reporting period, the total gross assets were approximately 17.55 billion Yuan, reflecting a year-on-year increase of 1.70% [1] - The shareholders' equity attributable to shareholders of the listed company was not specified in the summary [1] - The total number of common shareholders at the end of the reporting period was 10,904 [1] Significant Events - The company plans to establish a joint venture, Lianyungang Zhonghang Gas Turbine Technology Co., Ltd., in collaboration with Jiangsu Yangjing Petrochemical Group Co., Ltd. to enhance its gas turbine technology capabilities [2] - A share transfer agreement was signed, where Hangzhou Qitong intends to transfer 35,286,479 non-tradable shares, accounting for 2.0022% of the company's total share capital, to Zhejiang Provincial Development Asset Management Co., Ltd. [4] - The company approved a proposal for the absorption and merger with Hangzhou Hirisun Technology Incorporated to improve resource allocation and operational efficiency [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025 compared to the same period in the previous year, indicating potential challenges in its financial performance [1]. Financial Performance - Operating revenue for the reporting period was approximately 2.45 billion yuan, a decrease of 6.30% from 2.61 billion yuan in the previous year [1]. - Net profit attributable to shareholders was approximately 153 million yuan, down 20.08% from 191 million yuan [1]. - The net cash flow from operating activities was negative at approximately -168 million yuan, an improvement of 49.77% compared to -334 million yuan [1]. - Basic earnings per share decreased by 18.75% to 0.13 yuan from 0.16 yuan [1]. - Diluted earnings per share also fell by 18.75% to 0.13 yuan [1]. - The weighted average return on equity decreased to 1.65% from 2.32%, a drop of 0.67% [1]. Asset and Equity Position - Total assets at the end of the reporting period were approximately 17.55 billion yuan, an increase of 1.70% from 17.25 billion yuan at the end of the previous year [1]. - Net assets attributable to shareholders increased by 4.80% to approximately 9.38 billion yuan from 8.95 billion yuan [1]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,904 [2]. - The largest shareholder, Hangzhou Turbine Holding Co., Ltd., holds 58.70% of the shares [3]. - Other significant shareholders include Zhejiang Provincial Investment Group Co., Ltd. with 3.00% and Zhejiang Development Asset Management Co., Ltd. with 2.00% [3]. Important Events - The company plans to establish a joint venture with Jiangsu Yangjing Petrochemical Group Co., Ltd. in Lianyungang [6]. - A share transfer agreement was completed, with 35,286,479 non-listed circulating shares transferred to Zhejiang Provincial Investment Group [6]. - The company is undergoing a major asset restructuring, including the absorption of its wholly-owned subsidiary, which aims to enhance operational efficiency [7].

The Semi-Annual Financial Report 2025 Stock Code: 200771 Stock ID: Hangqilun B Announcement No.:2025-86 Hangzhou Turbine Power Group Co., Ltd. I. Auditors' Report Whether the semi-annual financial report had been audited? □Yes No The Semi-annual Financial Report is not audited. The Semi-Annual Financial Report 2025 （Stock Code：200771） August 2025 1 The Semi-Annual Financial Report 2025 Financial Report II. The Financial Statements 1. Consolidated Balance Sheet The Semi-Annual Financial Report 2025 | Oil & g ...

2025 年 8 月 1 杭州汽轮动力集团股份有限公司 2025 年半年度财务报告 杭州汽轮动力集团股份有限公司 2025 年半年度财务报告 证券代码：200771 证券简称：杭汽轮B 公告编号：2025-86 杭州汽轮动力集团股份有限公司 2025 年半年度财务报告 （股票代码：200771） 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：杭州汽轮动力集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,886,247,400.98 | 2,249,624,409.13 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 533,952,254.92 | 669,850,839.08 | | 衍生金融资产 | | | | 应收票据 | 46,049,819.64 | 48,519,566.88 | | 应收账款 | 2,383, ...