Summary of the Conference Call on Hangzhou Turbine (杭汽轮) Industry Overview - The gas turbine industry is experiencing significant advancements, particularly with Hangzhou Turbine's development of a 55 MW F-class gas turbine, marking a rapid growth phase in its autonomous gas turbine business [1][2]. Key Points and Arguments Company Developments - Hangzhou Turbine has successfully developed a 55 MW F-class gas turbine, with the first commercial unit expected to be delivered in 2026, indicating a strong progression in its autonomous gas turbine capabilities [1][2]. - The company has entered a merger with Hailianxun using a 1:1 share exchange strategy, resulting in a total share capital of 1.52 billion shares and an initial market value of approximately 27 billion yuan based on Hailianxun's closing price of 18.08 yuan [3][4]. - Post-merger, the primary business focus will be on industrial steam turbines and gas turbines, which contribute over 70% of total revenue, approximately 6 billion yuan annually, with profits ranging from 300 to 500 million yuan [5][6]. Market Position and Competitiveness - Hangzhou Turbine holds a market share exceeding 50% in the industrial drive sector, particularly dominating large projects with a share of 70-80% [1][6][12]. - The company is one of the few in China with complete capabilities in manufacturing, research, and maintenance of heavy gas turbines, positioning it as a critical player in the domestic market [1][9]. Commercialization and Export Potential - The commercialization of autonomous gas turbines has progressed significantly, with Hangzhou Turbine being one of the few companies capable of the entire production chain for heavy gas turbines [9]. - The company is poised to capitalize on export opportunities due to increasing global electricity shortages, particularly in regions like the Middle East, Southeast Asia, and Central Asia [10][11]. After-Sales Service Development - Hangzhou Turbine is rapidly expanding its after-sales service capabilities, including both cooperative and independent maintenance services, with expectations of significant growth in independent maintenance starting in 2026 [11]. Future Growth and Strategic Vision - The future growth of industrial steam turbine manufacturing is expected to be driven by accelerated overseas market expansion, with projected order growth rates of 30% in 2024 and 50% in 2025 [13]. - The company aims to expand its energy transition strategy, focusing on high-end manufacturing and hydrogen energy equipment, with plans to return to A-share trading in 2027 [15]. Additional Important Insights - The merger with Hailianxun is expected to streamline operations and enhance profitability, with management integration planned for March 2024 [5]. - Hangzhou Turbine's competitive edge lies in its ability to independently develop and manufacture gas turbines, reducing reliance on foreign technology and enhancing its market position [7][8]. This summary encapsulates the critical developments and strategic directions of Hangzhou Turbine within the gas turbine industry, highlighting its growth potential and market positioning.

换股溢价34.46% 2月9日晚间，海联讯发布公告称，公司以发行A股股票的方式换股吸收合并杭汽轮已正式实施完成。 公告显示，本次换股吸收合并中，海联讯换股价格为9.35元/股，杭汽轮换股价格为9.35元/股，杭汽轮 和海联讯的换股比例相应为1:1，即每1股杭汽轮股票可以换得1股海联讯股票。 杭汽轮实现"B转A"，业绩不佳的海联讯（300277）（300277.SZ）将体量大增。 2月9日晚间，海联讯公告显示，公司以发行A股股票的方式换股吸并杭汽轮已正式实施完成。本次新增 股份共计11.75亿股，均为可流通股，并于2026年2月11日正式上市。按双方确定的换股价格9.35元/股计 算，本次资产认购对应的新增市值约为109.85亿元。 近日，海联讯发布2025年业绩预告，公司归母净利润为200万元至300万元，比上年同期下降68.28%至 78.85%；扣非净利润30万元至45万元，比上年同期下降48.58%至65.72%。 而2025年前三季度，杭汽轮实现营业收入38.26亿元，同比下降10.27%；归母净利润1.23亿元，同比下 降35.14%。 海联讯介绍，本次交易实施后，存续公司将形成工业透平机械业务为主 ...

2月9日，海联讯（300277）发布公告称，公司以发行A股股票的方式换股吸收合并杭州汽轮动力集团股 份有限公司（以下简称"杭汽轮"）已正式实施完成。本次新增股份共计1,174,904,765股，均为可流通 股，将于2026年2月11日正式上市。按双方确定的换股价格9.35元/股计算，本次资产认购对应的新增市 值约为109.85亿元。 此次交易是贯彻落实党中央、国务院关于深化国有企业改革决策部署的重要举措，旨在通过上市公司间 吸收合并，优化国有资本布局，提升资产质量与运营效率，实现国有资产保值增值。同时，这也是对国 务院及中国证监会鼓励并购重组政策的积极响应，有助于推动上市公司"内强质地、外塑形象"，增强持 续盈利能力和投资价值。 本次交易的核心目标之一，是彻底解决杭汽轮长期存在的B股历史遗留问题，打通其融资渠道，为其燃 气轮机等高端装备业务发展注入新动能。合并完成后，杭汽轮将注销法人资格，其全部资产、负债、业 务、人员、合同及其他一切权利与义务均由海联讯承继。海联讯亦将同步办理公司名称、注册资本等工 商变更登记，并建立适应新业务格局的法人治理结构、管理架构、发展战略和企业文化。 抢抓全球燃机景气周期，加速国产 ...

海联讯公告，公司为换股吸收合并杭汽轮动力集团股份有限公司向杭汽轮全体换股股东发行11.75亿股 股份。杭汽轮换股股东每1股杭汽轮股票可以换得1股海联讯股票。本次新增股份上市类型为吸收合并股 份，股票认购方式为网下，新增上市股数为11.75亿股，均为可流通股，股票上市流通日期为2026年2月 11日。以本次海联讯及杭汽轮的换股价格9.35元/股测算，资产认购新增市值为109.85亿元。本次交易完 成后，海联讯总股本为15.17亿股。 ...

Group 1 - The company is currently in the implementation phase of a share swap to acquire Hangzhou Steam Turbine [1]

Group 1 - The capital market's M&A activities in the Shenzhen market are experiencing significant growth, driven by policy benefits, precise regulatory support, and proactive market participants, leading to a dual increase in both quality and quantity of transactions [1] - Since 2025, there have been 1,104 newly disclosed M&A transactions in the Shenzhen market, totaling 553.7 billion yuan, representing a year-on-year increase of 54% and 55% respectively; major asset restructurings have exceeded 100, with a year-on-year growth rate of 60% [1] - In addition to major asset restructurings, there have been 995 cash acquisitions that did not meet the major asset restructuring standards, accounting for 90% of the total restructuring activities during the same period, indicating a trend towards smaller, embedded acquisitions that enhance company quality [1] Group 2 - Among the 109 major asset restructurings, 80% were industry mergers and acquisitions, and 70% involved new quality productivity targets, with strategic emerging industries such as semiconductors, information technology, and equipment manufacturing being the core focus [2] - Notable transactions include Electric Power Investment Corporation's acquisition of nuclear power assets worth 55.4 billion yuan, establishing a specialized nuclear power operation platform, and Huatian Technology's acquisition of semiconductor company Huayi Microelectronics, optimizing the company's industrial layout [2] Group 3 - The emergence of benchmark cases and diverse restructuring models is evident, with cross-industry mergers facilitating transformation, such as Huylin Ecological's acquisition of Junheng Technology to enter the high-end optical module sector [3] - Innovative transaction models are addressing industry challenges, exemplified by Hailianxun's absorption and merger of Hangqilun B, becoming the first "A absorbs B" case post-implementation of the "six merger rules" [3] - Various payment tools are being utilized, such as Guangku Technology's combination of share issuance, targeted convertible bonds, and cash for restructuring payments, enhancing transaction flexibility and reinforcing incentive constraints [3] Group 4 - Since 2025, the Shenzhen Stock Exchange has received 41 major asset restructuring applications, a year-on-year increase of 273%, with 15 approvals, marking a 114% increase; the average time from application to approval has been reduced by 22% [4] - TCL Technology's acquisition of a minority stake in Huaxing Semiconductor for 11.6 billion yuan serves as a typical example of efficient review services for the real economy, with the transaction taking only 61 days from application to approval [4] - The Shenzhen Stock Exchange plans to continue implementing the "six merger rules," enhancing regulatory service efficiency and supporting the successful execution of more benchmark restructuring projects [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：200771 证券简称：杭汽轮B 公告编号：2025-132 杭州汽轮动力集团股份有限公司 关于公司股票终止上市并摘牌的公告 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。 特别提示： 公司股票已被深圳证券交易所决定终止上市，将在2025年12月22日被摘牌。 杭州海联讯科技股份有限公司（以下简称"海联讯"）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股股票换股吸收合并杭汽轮相关事项已经杭汽轮2025年第二次临 时股东会审议通过，并已获得中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意杭 州海联讯科技股份有限公司吸收合并杭州汽轮动力集团股份有限公司注册的批复》（证监许可〔2025〕 2141号）。 根据本次换股吸收合并的方案，公司于2025年11月26日向深圳证券交易所（以下简称"深交所"）提出了 关于公司股票终止上市的申请，并于2025年12月2日收到深交所出具的《关于同意受理杭州汽轮动力集 团股份有限公司股票终止上市申请的函》（公司部函〔202 ...

Stock Code: 200771 Stock ID: Hangqilun B Announcement No.:2025-132 Hangzhou Turbine Power Group Co., Ltd. Announcement on the Termination of the Company's Stock Listing and Delisting The members of the Board and the Company acknowledge being responsible for the truthfulness, accuracy, and completeness of the announcement. There are no false records, misleading statements, or significant omissions in this announcement. Special Reminder: The Company's stock has been decided by the Shenzhen Stock Exchange to b ...

证券代码：200771 证券简称：杭汽轮 B 公告编号：2025-132 杭州汽轮动力集团股份有限公司 关于公司股票终止上市并摘牌的公告 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。 特别提示： 公司股票已被深圳证券交易所决定终止上市，将在 2025 年 12 月 22 日被摘牌。 〔2025〕第 354 号）。2025 年 12 月 18 日，深交所出具了《关于杭州 汽轮动力集团股份有限公司股票终止上市的决定》（深证上〔2025〕 1431 号）。根据该决定，公司股票将于 2025 年 12 月 22 日起终止上 市并摘牌。 一、终止上市股票的证券种类、代码、简称、终止上市决定日期、 摘牌日期 1 证券种类：人民币特种股票（B 股） 证券代码：200771 证券简称：杭汽轮 B 终止上市决定日期：2025 年 12 月 18 日 摘牌日期：2025 年 12 月 22 日 公司股票将自 2025 年 12 月 22 日起终止上市。海联讯换股吸收 合并杭汽轮的股权登记日为 2025 年 12 月 19 日，股权登记日收市后 杭汽轮股东持有的公司股票将按照 1 ...

Core Viewpoint - Hangzhou Steam Turbine Co., Ltd. B shares will be delisted from the Shenzhen Stock Exchange on December 22, 2025, following a merger plan with Hangzhou Hailianxun Technology Co., Ltd. [1] Group 1 - The company's stock will be converted at a 1:1 ratio into A shares of Hangzhou Hailianxun Technology Co., Ltd. for existing B shareholders [1]