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]

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 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 ...

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]

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 ...