董事会成员认真审阅《杭州中泰深冷技术股份有限公司2025年第三季度报 告》后认为：《杭州中泰深冷技术股份有限公司2025年第三季度报告》内容真实、 准确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。全体董事同意对 外披露《杭州中泰深冷技术股份有限公司2025年第三季度报告》。 证券代码：300435 证券简称：中泰股份 公告编号：2025-043 杭州中泰深冷技术股份有限公司 第五届董事会第十八次会议决议的公告 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、 董事会会议召开情况 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届董事会第十八 次会议于2025年10月27日在杭州市富阳区东洲街道高尔夫路228号公司研发楼会 议室以现场和通讯的方式召开，本次董事会会议经全体董事一致同意豁免会议通 知期限要求，与会的各位董事已知悉与所议事项相关的必要信息。本次会议应出 席会议董事9名，实际出席会议董事9名，公司部分监事、高级管理人员列席了本 次会议。本次会议由董事长章有春先生主持，会议的召开和表决程序符合《中华 人民共和国公司法》和《公司章程》的有关 ...

Financial Performance - The company's revenue for the third quarter reached ¥812,770,760.01, representing a 26.20% increase year-over-year[5] - Net profit attributable to shareholders was ¥200,816,221.94, a significant increase of 203.97% compared to the same period last year[5] - The basic earnings per share (EPS) was ¥0.52, reflecting a growth of 203.97% year-over-year[5] - Net profit for the current period was ¥336,021,102.26, representing a 80.49% increase from ¥186,128,553.09 in the previous period[21] - Earnings attributable to shareholders of the parent company were ¥335,515,968.33, up from ¥189,483,439.06, marking a significant increase[21] - The company reported a comprehensive income total of ¥339,753,899.82, compared to ¥186,125,815.74 in the previous period, showing a substantial increase[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,618,756,115.49, an increase of 1.68% from the end of the previous year[5] - Total liabilities decreased to ¥1,240,335,240.34 from ¥1,498,493,494.28, reflecting a reduction of approximately 17.3%[17] - Total equity increased to ¥3,378,420,875.15, up from ¥3,043,928,261.47, indicating a growth of about 11%[17] - The total number of ordinary shareholders at the end of the reporting period was 25,061[9] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥400,362,230.15, showing a 58.49% increase[5] - Net cash flow from operating activities was 400,362,230.15, up from 252,613,538.54 in the prior year[23] - Total cash inflow from operating activities decreased to 1,844,453,219.36 from 1,896,373,229.13[22] - Cash outflow from operating activities decreased to 1,444,090,989.21 from 1,643,759,690.59[23] - Net cash flow from investing activities was -697,691,698.33, worsening from -324,538,250.15 year-over-year[23] - Cash inflow from investing activities increased significantly to 1,341,562,136.14 from 302,866,106.93[23] - Cash outflow from financing activities decreased to 195,751,462.25 from 1,711,642,303.30[23] - The ending cash and cash equivalents balance was 407,041,624.70, down from 763,732,189.69[23] Operational Metrics - The weighted average return on equity (ROE) was 6.75%, up by 4.71% compared to the previous year[5] - The company reported a net profit excluding non-recurring items of ¥197,401,809.19, which is a 206.64% increase year-over-year[5] - Research and development expenses rose to ¥56,774,205.57, up from ¥48,112,269.82, indicating a focus on innovation[20] - The company’s financial expenses showed a significant improvement, with a net financial income of -¥10,454,721.25 compared to -¥16,547,849.93 in the previous period[20] Shareholder Information - The company reported a total of 16,899,270 shares under lock-up agreements, with 900 shares released during the period[13] Audit Status - The third quarter financial report was not audited[25]

Market Overview - The gas sector experienced a slight increase of 0.01% on October 27, with Shengtong Energy leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in Gas Sector - Shengtong Energy (001331) closed at 14.39, with an increase of 8.77% and a trading volume of 250,900 shares, amounting to a transaction value of 361 million [1] - Caohua Gas (300483) closed at 14.77, up 5.35%, with a trading volume of 293,400 shares [1] - Zhongtai Co. (300435) closed at 21.60, increasing by 3.15% with a trading volume of 134,400 shares [1] Notable Decliners in Gas Sector - Baichuan Energy (600681) saw a decline of 3.93%, closing at 4.40 with a trading volume of 1,093,500 shares, resulting in a transaction value of 483 million [2] - Meino Energy (001299) decreased by 2.54%, closing at 12.26 with a trading volume of 54,300 shares [2] - Dazhong Public Utilities (600635) fell by 2.22%, closing at 7.04 with a trading volume of 2,937,700 shares [2] Capital Flow Analysis - The gas sector experienced a net outflow of 35.285 million from institutional investors and 85.5668 million from speculative funds, while retail investors saw a net inflow of 121 million [2] - Shengtong Energy had a net inflow of 93.1903 million from institutional investors, but a net outflow of 52.1795 million from speculative funds [3] - Caohua Gas had a net inflow of 38.6517 million from institutional investors, with a net outflow of 22.2288 million from speculative funds [3]

Market Overview - The gas sector experienced a decline of 0.26% on October 21, with Shouhua Gas leading the losses [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Baichuan Energy (600681) saw a significant increase of 10.07%, closing at 5.03 with a trading volume of 1.3646 million shares and a turnover of 643 million yuan [1] - Shouhua Gas (300483) led the declines with a drop of 5.11%, closing at 15.23 with a trading volume of 360,200 shares and a turnover of 551 million yuan [2] - Other notable gainers included Delong Huineng (000593) with a 6.00% increase and Guo Xin Energy (600617) with a 5.45% increase [1] Capital Flow Analysis - The gas sector experienced a net outflow of 833 million yuan from institutional investors, while retail investors saw a net inflow of 581 million yuan [2] - The table of capital flow indicates that Baichuan Energy had a net inflow of 16.6144 million yuan from institutional investors, while it faced outflows from both retail and speculative investors [3]

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Investment Rating - The report rates the public utility industry as "Overweight" indicating an expectation for the industry to outperform the overall market [2][14]. Core Insights - The report highlights improvements in hydropower water inflow and continued cost reductions in thermal power generation, suggesting a positive outlook for the industry [5]. - It notes that the average utilization hours for thermal power equipment in China decreased by 144 hours year-on-year, but the profitability per kilowatt-hour is expected to maintain positive growth [5]. - The report anticipates a recovery in hydropower generation due to improved autumn rainfall, which is expected to enhance the financial performance of hydropower companies [5]. - Nuclear power generation is projected to grow steadily with new units coming online, contributing to overall electricity generation growth [5]. - The natural gas sector is seeing a gradual recovery in consumption, with expectations for continued cost reductions due to falling LNG prices and improved supply conditions [5]. Summary by Sections Thermal Power - In Q3 2025, the average spot price of 5500 kcal thermal coal was 672 RMB/ton, down 176 RMB/ton year-on-year but up 41 RMB/ton quarter-on-quarter [5]. - The report predicts that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [5]. Hydropower - The report indicates a 9.8% and 10.1% year-on-year decline in hydropower generation in July and August 2025, respectively, due to poor rainfall during the main flood season [5]. - However, significant improvements in autumn rainfall are expected to enhance hydropower generation capacity in Q4 2025 [5]. Nuclear Power - Nuclear power generation in China increased by 11.33% year-on-year in the first three quarters of 2025 [5]. - The report mentions that new nuclear units are expected to come online in Q4 2025, further boosting generation capacity [5]. Natural Gas - The apparent consumption of natural gas in China for January to August 2025 was 284.56 billion cubic meters, a slight decrease of 0.1% year-on-year [5]. - The report notes that natural gas prices are expected to decline further due to increased supply from major exporting regions [5]. Company Performance Forecast - The report provides performance forecasts for key companies in the public utility sector, indicating varying growth rates across different segments [6]. - For instance, Datang Power is expected to see a profit growth rate of 20%-50%, while companies like China Nuclear Power and China General Nuclear Power are projected to have negative growth [6]. Investment Recommendations - The report recommends several companies for investment based on their expected performance, including Guodian Power, Huaneng International, and China Nuclear Power, among others [5][7].

Core Viewpoint - 15 companies listed on the ChiNext board have announced their performance forecasts for the first three quarters, with all companies expecting profit increases [1] Group 1: Company Performance Forecasts - Company 川金 (Code: 300505) expects a net profit increase of 171.61% with a latest closing price of 21.50 and a year-to-date increase of 51.89% [1] - Company 金力 (Code: 300748) anticipates a net profit increase of 168.00%, with a closing price of 39.88 and a year-to-date increase of 124.29% [1] - Company 长川科技 (Code: 300604) forecasts a net profit increase of 138.39%, with a closing price of 94.75 and a year-to-date increase of 115.19% [1] - Company 震裕科技 (Code: 300953) predicts a net profit increase of 137.80%, with a closing price of 174.00 and a year-to-date increase of 248.20% [1] - Company 涛涛车业 (Code: 301345) expects a net profit increase of 99.10%, with a closing price of 230.18 and a year-to-date increase of 261.41% [1] - Company 全志科技 (Code: 300458) anticipates a net profit increase of 82.13%, with a closing price of 48.20 and a year-to-date increase of 62.47% [1] - Company 中泰股份 (Code: 300435) forecasts a net profit increase of 79.28%, with a closing price of 21.76 and a year-to-date increase of 82.77% [1] - Company 扬杰科技 (Code: 300373) predicts a net profit increase of 45.00%, with a closing price of 74.05 and a year-to-date increase of 72.66% [1] - Company 联合动力 (Code: 301656) expects a net profit increase of 44.16%, with a closing price of 29.91 and a year-to-date decrease of 3.20% [1] - Company C云汉 (Code: 301563) anticipates a net profit increase of 41.41%, with a closing price of 142.27 and a year-to-date increase of 21.81% [1] - Company 鼎龙股份 (Code: 300054) forecasts a net profit increase of 37.12%, with a closing price of 36.52 and a year-to-date increase of 40.85% [1] - Company 建发致新 (Code: 301584) predicts a net profit increase of 35.00%, with a closing price of 27.02 and a year-to-date decrease of 26.09% [1] - Company 华测导航 (Code: 300627) expects a net profit increase of 25.10%, with a closing price of 35.43 and a year-to-date increase of 19.98% [1] - Company 艾芬达 (Code: 301575) anticipates a net profit increase of 14.72%, with a closing price of 56.68 and a year-to-date decrease of 24.19% [1] - Company 昊创瑞通 (Code: 301668) forecasts a net profit increase of 2.48%, with a closing price of 57.80 and a year-to-date decrease of 5.34% [1]

Core Viewpoint - The company is actively expanding its overseas business and enhancing its technology capabilities, particularly in natural gas pricing and cooling technologies, while also responding to investor inquiries regarding its market strategies and product developments [2][3]. Company Developments - As of October 10, 2025, the company's stock price closed at 21.76 yuan, reflecting a 5.79% increase with a trading volume of 282,700 hands and a turnover of 612 million yuan [1]. - The company is making progress in natural gas pricing negotiations with local governments in Shandong and is expanding its overseas business product lines [2]. - The company has completed internal discussions and is advancing the research and development of its plate-fin heat exchangers for liquid cooling applications [2]. - The company has the capability to produce high-purity gases, including neon, which are essential for DUV lithography machines, and has already achieved production of qualified krypton and xenon gases [2]. Market Opportunities - The company is closely monitoring national policies related to natural gas helium extraction projects, which are expected to create additional order opportunities [3]. - On October 10, there was a net inflow of 37.195 million yuan from main funds, indicating increased interest from major investors in the company's stock [3].