9月30日晚间，海南华铁（603300.SH）公告称，子公司华铁大黄蜂与杭州X公司签署的36.9亿元《算力 服务协议》正式终止。这份曾推动公司股价飙升近3倍的巨额订单，在签署后的7个月内始终处于"零交 付、零成本、零履行"的诡异状态。 同日，上交所就此事向公司及"董监高"火速下发监管函，明确就重大合同终止事项提出监管要求。 更令人意外的是，短短数日后，原实控人胡丹锋宣布终止原定最高套现4.85亿元的减持计划，转而承诺 在未来1个月内以3000万至5000万元增持股份。这一从"大幅减持"到"紧急增持"的极端转变，引发了对 这份神秘订单背后真相的深层质疑。 一纸协议，股价飙涨，谁在获益？ 时间回溯到2025年3月，彼时，海南华铁高调宣布子公司与杭州X公司签署《算力服务协议》，合同金 额高达36.9亿元（含税），服务期为5年。这份协议在当时被视为海南华铁转型算力服务领域的重大突 破。 公司曾表示，该合同履行预计"有利于拓展公司算力服务业务的市场，提升公司的盈利能力及核心竞争 力"。按照当时预测，该合同执行后预计平均每年产生营业收入约7亿元。以海南华铁2024年全年营收 51.71亿元计算，该订单金额相当于公司全年营 ...

Company Overview - Hainan Huatie is primarily engaged in equipment leasing, with three main business segments: aerial work platform leasing, construction support equipment leasing, and underground maintenance services [2] - The company's revenue composition is as follows: operating leasing and services account for 98.93%, other (supplementary) 0.70%, and processing and sales 0.37% [2] - As of June 30, 2025, Hainan Huatie had 224,900 shareholders, an increase of 5.51% from the previous period, with an average of 8,849 circulating shares per shareholder, a decrease of 5.20% [2] Financial Performance - For the first half of 2025, Hainan Huatie achieved operating revenue of 2.805 billion yuan, representing a year-on-year growth of 18.89%, and a net profit attributable to the parent company of 341 million yuan, up 1.85% year-on-year [2] - The company has distributed a total of 230 million yuan in dividends since its A-share listing, with cumulative distributions of 93.1 million yuan over the past three years [3] Stock Market Activity - On September 23, Hainan Huatie's stock price fell by 2.02% to 9.72 yuan per share, with a trading volume of 169 million yuan and a turnover rate of 0.87%, resulting in a total market capitalization of 19.406 billion yuan [1] - Year-to-date, Hainan Huatie's stock price has increased by 68.90%, but it has seen a decline of 3.86% over the last five trading days, 16.28% over the last 20 days, and 8.95% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" 11 times this year, with the most recent appearance on June 26, where it recorded a net purchase of 119 million yuan [1] Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders include Southern CSI 1000 ETF, holding 14.6979 million shares (an increase of 2.9021 million shares), and Hong Kong Central Clearing Limited, holding 12.1043 million shares (a decrease of 1.27739 million shares) [3] - Huaxia CSI 1000 ETF is a new entrant among the top ten shareholders, holding 8.6705 million shares [3]

Core Viewpoint - Hainan Huatie's stock experienced a decline of 4.17% on August 28, with a trading volume of 3.454 billion yuan, indicating a significant market reaction to recent financial activities [1] Financing Summary - On August 28, Hainan Huatie had a financing buy-in of 427 million yuan and a financing repayment of 488 million yuan, resulting in a net financing outflow of 60.4 million yuan [1] - The total financing and securities balance for Hainan Huatie reached 1.650 billion yuan, with the financing balance accounting for 7.50% of the circulating market value, indicating a high level compared to the past year [1] - The company had no shares repaid in securities lending on August 28, with 32,500 shares sold, amounting to 358,500 yuan, and a securities lending balance of 3.502 million yuan, also reflecting a high level compared to the past year [1] Business Performance - As of June 30, Hainan Huatie reported a total of 224,900 shareholders, an increase of 5.51% from the previous period, with an average of 8,849 circulating shares per person, a decrease of 5.20% [2] - For the first half of 2025, Hainan Huatie achieved an operating income of 2.805 billion yuan, representing a year-on-year growth of 18.89%, and a net profit attributable to shareholders of 341 million yuan, up 1.85% year-on-year [2] Dividend and Shareholding Structure - Since its A-share listing, Hainan Huatie has distributed a total of 230 million yuan in dividends, with 93.1 million yuan distributed over the past three years [3] - As of June 30, 2025, among the top ten circulating shareholders, the Southern CSI 1000 ETF held 14.6979 million shares, an increase of 2.9021 million shares from the previous period, while Hong Kong Central Clearing Limited reduced its holdings by 12.7739 million shares to 12.1043 million shares [3]