Group 1 - The company, Suzhou Yinghuate Vortex Technology Co., Ltd., has approved the absorption merger of its wholly-owned subsidiary, Changshu Yinghuate Environmental Technology Co., Ltd. [1] - Following the merger, the company will continue its operations while the subsidiary will be legally dissolved, with all assets, liabilities, and rights transferred to the company [1] - Creditors have a 30-day period from receiving the notice, or 45 days from the announcement date, to declare their claims against both parties involved in the merger [1][2] Group 2 - Creditors can submit their claims either in person or through mail or email, with specific documentation required for both corporate and individual creditors [2] - The company has provided contact details for claim submissions, including a physical address, phone number, email, and fax number [2]

一、通知债权人的原由 苏州英华特涡旋技术股份有限公司（以下简称"英华特"或"公司"）于 2025 年 4 月 25 日召开第二届董事会第十六次会议和 2025 年 5 月 19 日召开 2024 年度股 东大会，分别审议通过了《关于吸收合并全资子公司的议案》，同意公司对全资子 公司常熟英华特环境科技有限公司（以下简称"英华特环境"）实施吸收合并。本 次吸收合并完成后，公司继续存续经营，英华特环境依法注销独立法人资格，英华 特环境的全部业务、资产、债权、债务、人员及其他一切权利和义务由公司依法承 继。公司将作为经营主体对吸收的资产和业务进行管理。 二、需债权人知晓的相关信息 证券代码：301272 证券简称：英华特 公告编号：2025-035 苏州英华特涡旋技术股份有限公司 关于吸收合并全资子公司通知债权人的公告 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。 根据《中华人民共和国公司法》等相关法律法规的规定，合并双方债权人自接 到通知书之日起 30 日内，未接到通知书的自公告披露之日起 45 日内，可以凭有效 债权证明文件及凭证向合并双方共同指定联系人申报债权 ...

证券代码：301272 证券简称：英华特 公告编号：2025-034 苏州英华特涡旋技术股份有限公司 2024 年度股东大会决议公告 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、误导性陈述或重大遗漏。 特别提示： （一）会议召开情况 1、召开时间： 现场会议召开时间：2025 年 5 月 19 日（星期一）14:30 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 19 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为：2025 年 5 月 19 日 9:15 至 15:00 期间的任意 时间。 2、召开地点：江苏省苏州市常熟市东南街道银通路 5 号苏州英华特涡旋技术股 份有限公司会议室。 3、召开方式：本次股东大会采用现场投票与网络投票相结合的方式召开。 4、会议召集人：公司董事会 5、会议主持人：公司董事长陈毅敏先生 1、本次股东大会未出现变更或否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、股东出席的 ...

上海市锦天城律师事务所 关于苏州英华特涡旋技术股份有限公司 2024 年度股东大会 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于苏州英华特涡旋技术股份有限公司 2024 年度股东大会的法律意见书 的 致：苏州英华特涡旋技术股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受苏州英华特涡旋技术股份 有限公司（以下简称"公司"）委托，就公司召开 2024 年度股东大会（以下简称 "本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公 司法》）、《上市公司股东会规则》等有关法律、法规、规章和其他规范性文件 以及《苏州英华特涡旋技术股份有限公司章程》（以下简称《公司章程》）的有 关规定，出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的相关事项进行了必 要的核查和验证，审查了本所律师认为出具该法律意见书所需审查的相关文件、 资料的电子版和副本，并得到公司如下保证：即其所提供的材料电子版 ...

Group 1: Financial Performance - The company's revenue for 2024 is projected to be between 6% and 8% growth compared to the previous year [2] - Domestic revenue accounted for 69.41% of total revenue in 2024, with a year-on-year growth of 12.32% [6] - The company aims to optimize operational strategies and explore new market opportunities to drive future growth [10] Group 2: Research and Development - Significant increase in R&D expenses in Q1 2025, with ongoing projects aimed at enhancing product competitiveness [2][5] - Future R&D focus will include expanding product categories based on vortex technology and integrating various technological paths [5] - Key R&D projects and their progress will be detailed in the 2024 annual report [7] Group 3: Market Strategy - The company is expanding its overseas market presence, targeting regions such as Europe, South America, North America, and Southeast Asia [4] - The main competitive advantages in the domestic market include reliable product quality, quick response times, and superior service capabilities [6] - The company plans to build overseas production bases and sales teams to improve delivery and profitability in international markets [4] Group 4: Cash Flow Management - The company reported strong cash flow from operating activities in 2024, ensuring stability [8] - Future measures to maintain cash flow stability include enhancing management of receivables and payables, as well as improving inventory turnover [8] Group 5: Product Offerings - The company specializes in energy-efficient, reliable, and low-noise vortex compressors, with applications in heat pumps, commercial air conditioning, refrigeration, and electric vehicles [9] - Plans to develop a comprehensive range of compressor products based on vortex technology while exploring other technological paths [9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 597 million RMB for 2024, a year-on-year increase of 7.52%, but the net profit attributable to shareholders decreased by 15.14% to 74 million RMB [2][3]. - In Q1 2025, the company achieved a revenue of 96 million RMB, a slight increase of 0.67% year-on-year, but reported a net loss of 2 million RMB, a significant decline of 124.92% [2]. - Increased R&D investment is expected to create a competitive edge and sustainable revenue growth in the long term, despite short-term profit pressure [3]. Summary by Sections Performance Review - In 2024, the company achieved an operating income of 597 million RMB, with a growth rate of 7.52%. The net profit attributable to shareholders was 74 million RMB, down 15.14% year-on-year [2][10]. - For Q1 2025, the operating income was 96 million RMB, reflecting a growth of 0.67%, while the net profit was -2 million RMB, indicating a decline of 124.92% [2]. Operational Analysis - The company significantly increased its R&D expenses, with a rate of 8.15% in 2024, up 3.45 percentage points from 2023. This investment is aimed at enhancing product quality and technology, which is expected to lead to long-term profitability and market share growth [3]. Market Dynamics - The domestic market for scroll compressors is largely dominated by foreign brands, with a CR5 of 76.5% in 2024. The company, as a leading domestic brand, is positioned to benefit from increased tariffs on U.S. imports, enhancing its competitive pricing [4]. - The Chinese government has announced initiatives to promote heat pump technology, which is expected to drive demand for the company's scroll compressors in various sectors, further boosting sales [4]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 677 million RMB, 771 million RMB, and 894 million RMB, respectively. The net profit is expected to reach 86 million RMB, 100 million RMB, and 119 million RMB, with corresponding P/E ratios of 26, 22, and 19 [5][10].

Core Insights - Yinghuate (301272) reported a total revenue of 95.51 million yuan in Q1 2025, reflecting a slight year-on-year increase of 0.67%. However, the company recorded a net loss attributable to shareholders of -2.02 million yuan and a net profit excluding non-recurring items of -2.74 million yuan, representing a year-on-year decline of 124.92% and 136.63% respectively, indicating a loss in this quarter [1][2]. Financial Performance - Gross margin decreased to 21.2%, down 15.24 percentage points year-on-year, indicating a weakening in the profitability of the core business [3]. - Net margin was -2.11%, a decrease of 124.76 percentage points year-on-year, further reflecting challenges in cost control [3]. - Earnings per share were -0.03 yuan, a decline of 121.43% year-on-year, indicating damage to shareholder equity [3]. - The ratio of operating expenses to revenue was 8.92%, an increase of 19.03% year-on-year, suggesting higher spending on sales, management, and financial expenses [3]. - Operating cash flow per share was -0.22 yuan, a decrease of 145.23% year-on-year, indicating negative cash flow from operating activities and worsening conditions compared to the previous year [3]. - Accounts receivable amounted to 54.52 million yuan, a decrease of 10.10% year-on-year, but still represented 73.51% of the latest annual net profit, highlighting concerns over accounts receivable recovery risks [3]. - Cash and cash equivalents were 52.08 million yuan, a significant decrease of 80.73% year-on-year, reflecting a substantial decline in cash reserves [3]. - Return on invested capital (ROIC) was at a general level of 6.91% last year [3]. - The net margin last year was 12.43%, indicating a high added value of the company's products or services after accounting for all costs [3]. Financing and Dividend Policy - Since its listing, the company has raised a total of 752 million yuan and distributed dividends amounting to 29.84 million yuan, resulting in a dividend-to-financing ratio of only 0.04, indicating a preference for equity financing to support business development [3].

Core Viewpoint - The report by Guojin Securities indicates that Yinghuate (301272) is facing short-term performance pressure but is expected to achieve long-term profit growth, maintaining a "buy" rating for the company [1]. Financial Performance - In 2024, Yinghuate reported operating revenue of 597 million yuan, a year-on-year increase of 7.52%, and a net profit attributable to shareholders of 74 million yuan, a year-on-year decrease of 15.14% [1]. - For Q1 2025, the company achieved operating revenue of 96 million yuan, a year-on-year increase of 0.67%, but reported a net loss of 2 million yuan, a year-on-year decline of 124.92% [1]. Operational Analysis - The decline in net profit is primarily attributed to increased R&D investments aimed at improving processes and quality, with a research expense ratio of 8.15% in 2024, up 3.45 percentage points from 2023 [2]. - The company is positioned as a leading domestic brand in the scroll compressor market, currently undergoing a phase of domestic substitution, especially following the U.S. government's increase in tariffs on Chinese imports to 125% [2]. - The domestic market for scroll compressors is largely dominated by foreign brands, with a CR5 of 76.5% for foreign brands in 2024 [2]. Industry Trends - The Chinese government has issued a plan to promote the high-quality development of the heat pump industry, which is expected to enhance the sales of Yinghuate's scroll compressors as older, inefficient heat pump equipment is replaced [3]. Profit Forecast and Valuation - Revenue projections for Yinghuate are estimated at 677 million yuan, 771 million yuan, and 894 million yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 86 million yuan, 100 million yuan, and 119 million yuan for the same years [4]. - The corresponding price-to-earnings ratios are projected to be 26, 22, and 19 times for 2025, 2026, and 2027 respectively [4].

国金证券股份有限公司 关于苏州英华特涡旋技术股份有限公司 | 5.是否不存在关联交易非关联化的情形 | √ | | --- | --- | | 6.对外担保审议程序是否合规且履行了相应的信息披露义务 √ | | | 7.被担保方是否不存在财务状况恶化、到期不清偿被担保债务等情 √ | | | 形 8.被担保债务到期后如继续提供担保，是否重新履行了相应的审批 | | | √ | | | 程序和披露义务 | | | （五）募集资金使用 | | | 现场检查手段：（一）查阅公司募集资金管理制度及其制定、审批相关三会文件；（二） 查阅募集资金三方监管协议；（三）查阅募集资金专项账户的银行日记账、银行对账单； | | | （四）查阅公司定期报告；（五）对公司有关人员进行访谈。 | | | 1.是否在募集资金到位后一个月内签订三方监管协议 | √ | | 2.募集资金三方监管协议是否有效执行 | √ | | 3.募集资金是否不存在第三方占用或违规进行委托理财等情形 | √ | | 4.是否不存在未履行审议程序擅自变更募集资金用途、暂时补充流 | √ | | 动资金、置换预先投入、改变实施地点等情形 | | | 5.使用闲 ...

国金证券股份有限公司 关于苏州英华特涡旋技术股份有限公司 2024 年度证券与衍生品投资情况的核查意见 国金证券股份有限公司（以下简称"国金证券""保荐人"）作为苏州英华特 涡旋技术股份有限公司（以下简称"英华特"或"公司"）首次公开发行并上市 的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 二、2024 年度证券与衍生品投资的总体情况 2024 年度，公司未实际开展外汇衍生品投资业务，也未进行其他证券与衍 生品投资，期初、期末无余额。 三、开展外汇套期保值业务的风险分析及风控措施 （一）交易风险分析 公司进行外汇衍生品交易业务遵循稳健原则，不进行以投机为目的的外汇交 易，所有外汇衍生品交易业务均以正常生产经营为基础，以具体经营业务为依托， 以规避和防范汇率风险为目的，但是进行外汇衍生品交易业务也会存在一定的风 险： 等相关规定，对英华特 2024 年度证券与衍生品投资情况进行了审慎核查，核查 情况及核查意见如下： 一、证券与衍生品投资 ...