Group 1 - The core viewpoint of the news is that Hangzhou Steam Turbine Co., Ltd. (杭汽轮B) has received approval from the China Securities Regulatory Commission for its share swap merger with Hailianxun, marking a significant step in its "B to A" transition plan and indicating the practical implementation of industrial integration in turbine equipment and power information technology [1][2][3] Group 2 - The merger will create a dual main business structure of "industrial turbine machinery + power information technology," aiming for deep integration in the intelligent transformation of the energy industry [2] - Hangzhou Steam Turbine reported a stable performance in the first half of 2025, with revenue of 2.447 billion yuan and a net profit attributable to shareholders of 153 million yuan, while the overall gross margin increased to 26.27% [2] - The company has seen significant growth in its core business, with over 80% of revenue coming from industrial turbines and a 39.6% year-on-year increase in hydropower generator sets, alongside a 66.39% surge in overseas business revenue [2] Group 3 - The restructuring addresses the challenges faced by B-share markets, where the average discount rate exceeds 60%, and the transition to A-shares is expected to enhance liquidity and valuation [3] - A-share market provides diverse financing tools that will support the company's independent turbine research and development and overseas market expansion, with a reported 17.12% reduction in boiler and prime mover costs [3] - The capital operation space will be significantly expanded, with the controlling shareholder committing to invest up to 1.5 billion yuan to stabilize the stock price [3]