证券代码：300435 证券简称：中泰股份 公告编号：2025-005 杭州中泰深冷技术股份有限公司 第五届董事会第十二次会议决议的公告 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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届董事会第十二 次会议于2025年3月14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》的有关规定。经与会董事认真审议本次会议 议案并表决，形成本次董事会决议如下： 二、审议通过《关于公司<2025年员工持股计划管理办法>的议案》 为规范公司2025年员工持股计划的实施，确保公司2025年员工持股计划有 效落实，根据《公司法》《证券法》等相关法律、行政法规、规章、规范性文件 和《公司章程》的规定，公司拟 ...

杭州中泰深冷技术股份有限公司 监事会关于2025年员工持股计划相关事项的核查意见 杭州中泰深冷技术股份有限公司（以下简称"公司"）监事会根据《中华人 民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"） 《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"） 《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》（ 以下简称"《自律监管指引第2号》"）等法律法规、规范性文件及《公司章程》等 规定，对公司2025年员工持股计划（以下简称"本次持股计划"）相关事项进行了 核查，发表核查意见如下： 1、公司不存在《指导意见》等法律、法规及规范性文件规定的禁止实 施员工持股计划的情形。 2、公司董事会制定《公司2025年员工持股计划（草案）》等相关文件的程 序合法、有效。公司2025年员工持股计划内容符合《指导意见》《自律监管指 引第2号》等法律、法规及规范性文件的规定。 3、公司审议本次持股计划相关议案的决策程序合法、有效，不存在损害 公司及全体股东利益的情形，亦不存在摊派、 ...

证券代码：300435 证券简称：中泰股份 杭州中泰深冷技术股份有限公司 2025年员工持股计划（草案）摘要 二〇二五年三月 杭州中泰深冷技术股份有限公司 2025 年员工持股计划 2 杭州中泰深冷技术股份有限公司 2025 年员工持股计划 风险提示 一、本次员工持股计划须经公司股东大会批准后方可实施，本次员工持股计划能否获 得公司股东大会批准，存在不确定性。 二、有关本次员工持股计划具体的资金来源及规模、持有标的股票规模、参加对象等 均属初步方案，能否实施完成存在不确定性。 三、本员工持股计划相关协议尚未签订，能否签订存在不确定性。 四、本员工持股计划遵循依法合规、自愿参与、风险自担原则，若员工认购金额较低 时，本员工持股计划存在无法成立的风险；若员工认购资金不足，本员工持股计划存在低 于预计规模的风险。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注意投资风 险。 声 明 本公司及全体董事、监事保证本次员工持股计划及其摘要不存在虚假记载、误导性陈 述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 1 杭州中泰深冷技术股份有限公司 2025 年员工持股计划 特别提示 ...

证券代码：300435 证券简称：中泰股份 公告编号：2025-004 杭州中泰深冷技术股份有限公司 关于股份回购结果暨股份变动的公告 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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）于2024年2月2日召开 了第五届董事会第五次会议及2024年2月20日召开的2024年第一次临时股东大会逐 项审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。公司计划使用 自有资金以集中竞价交易方式回购公司部分股份，用于实施员工持股计划或股权 激励。本次回购总金额不低于人民币5,000万元（含）且不高于人民币10,000万元 （含），回购价格不超过人民币19.88元/股（含），预计回购股份数量为2,515,091 股至5,030,181股，占公司总股本的比例为0.66%至1.31%，具体内容详见公司2024 年2月5日在巨潮资讯网披露的《关于以集中竞价方式回购公司股份方案的公告》 （公告编号：2024-002）及2024年2月20日在巨潮资讯网披露的《关于以集中竞 价方式回购公司股份的回购报告书》（公告编号：2024- ...

证券代码：300435 证券简称：中泰股份 公告编号：2025-003 杭州中泰深冷技术股份有限公司 1、公司未在下列期间回购公司股份： 一、回购股份进展情况 截至2025年1月31日，公司通过股份回购专用证券账户以集中竞价交易方式 回购公司股份5,377,650股，占公司目前总股本的1.39%，最高成交价格13.56元/ 1 股，最低成交价格为9.39元/股，成交总金额为69,332,985.50元（不含交易费用） 。本次回购股份符合公司的回购方案以及相关法律法规的规定。 二、其他事项说明 关于回购公司股份进展的公告 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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）于2024年2月2日召开 了第五届董事会第五次会议及2024年2月20日召开的2024年第一次临时股东大会逐 项审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。公司计划使用 自有资金以集中竞价交易方式回购公司部分股份，用于实施员工持股计划或股权 激励。本次回购总金额不低于人民币5,000万元（含）且不高于人民币10,000万元 （含），回 ...

Investment Rating - The report assigns an "Outperform the Market" rating to the company [7][45]. Core Views - The company has shown effective overseas expansion, with significant recognition from major clients such as Saudi Aramco and Air Products [2][4]. - The Xinjiang coal chemical project is expected to open up a substantial incremental market, benefiting the company significantly [3][5]. - The company has a strong order backlog, with a notable increase in high-margin overseas orders, which is anticipated to drive faster growth in performance [4][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 2.01 billion yuan, a year-on-year decline of 10.67%, and a net profit of 189 million yuan, down 26.99% year-on-year [1]. - The company expects a net profit loss of 60-85 million yuan for 2024, primarily due to unfavorable pricing in the gas sector and reduced demand from downstream customers [1][14]. - The company’s revenue from 2018 to 2023 grew at a CAGR of 38.65%, while net profit grew at a CAGR of 38.93% [2][14]. Business Model and Market Position - The company operates in the chemical energy deep cold separation technology sector, focusing on a dual-engine model of "equipment manufacturing + gas operation" [2][11]. - The company has established a strong presence in the overseas market, with a significant increase in export orders from 107 million yuan in 2022 to 467 million yuan in 2023 [4][5]. - The company’s core products are recognized as world-class, particularly in the petrochemical, coal chemical, and hydrogen energy sectors [2][11]. Future Outlook - The company is expected to benefit from the ongoing development of coal chemical projects in Xinjiang, with potential equipment investments estimated between 250-400 billion yuan [3][5]. - The projected net profits for 2024-2026 are expected to be -67 million, 400 million, and 479 million yuan, respectively, with corresponding PE ratios of -68, 11, and 9 [5][33]. - The report estimates a reasonable valuation range of 12.5-15.5 yuan for the stock, based on future earnings projections [5][45].

Investment Rating - The report assigns an "Outperform the Market" rating to the company [7][45]. Core Views - The company has shown effective overseas expansion, with significant recognition from major clients such as Saudi Aramco and Air Products [2][4]. - The Xinjiang coal chemical project is expected to open up a substantial incremental market, benefiting the company significantly [3][5]. - The company has a strong order backlog, with a notable increase in high-margin overseas orders, which is projected to drive faster growth in performance [4][5]. Financial Performance - In Q3 2024, the company reported a revenue of 2.01 billion yuan, a year-on-year decline of 10.67%, and a net profit of 189 million yuan, down 26.99% year-on-year [1]. - The company anticipates a net loss of 60 to 85 million yuan for 2024, primarily due to unfavorable pricing in the gas segment and reduced demand from downstream customers [1][14]. - The company’s revenue from 2018 to 2023 grew at a CAGR of 38.65%, while net profit grew at a CAGR of 38.93% [2][14]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 2.784 billion yuan, 3.376 billion yuan, and 3.931 billion yuan, respectively, with expected growth rates of -8.64%, +21.27%, and +16.43% [31][33]. - The forecasted net profits for the same years are -67 million yuan, 400 million yuan, and 478 million yuan, indicating a return to profitability in 2025 [33][34]. Market Position and Strategy - The company is a leading player in the chemical energy deep cold separation technology sector, focusing on a dual-engine model of "equipment manufacturing + gas operation" [2][11]. - The company has successfully entered the international market, becoming a qualified supplier for renowned engineering firms, which enhances its market position [4][12]. - The company’s product offerings include a range of high-quality equipment used in petrochemical, coal chemical, and hydrogen energy industries, with some products reaching world-class standards [2][11]. Valuation - The report estimates a reasonable valuation range of 12.5 to 15.5 yuan per share, corresponding to a PE ratio of 12-15x for 2025 [5][45]. - The absolute valuation method suggests a fair value of 16.54 yuan per share based on the company's cash flow projections [36][43].

Group 1: Financial Performance - The city gas segment is expected to report a net profit of approximately 50 million, a decline of over 60% compared to the previous year, due to upstream procurement policy adjustments and a decrease in gas sales volume exceeding 20% [2] - The company plans to recognize a goodwill impairment of 313 million, reducing the goodwill balance from 449 million to 136 million [2] Group 2: Manufacturing Sector Overview - New orders signed in 2024 exceeded 1.9 billion, achieving over 30% growth compared to 1.4 billion in 2023, with overseas orders accounting for over 30% [4] - Despite a slight decline in revenue and significant increases in labor and depreciation costs, the manufacturing sector maintained high-quality performance with only minor fluctuations in profit [4] Group 3: Future Projections - The city gas segment aims to prevent further significant declines in performance [5] - The manufacturing sector plans to continue growing new orders in 2025, with a target of over 20% growth in production volume compared to 2024 [5] - The company expects a significant improvement in the revenue structure of the equipment sector, with overseas revenue projected to exceed 30% in 2025, enhancing overall gross margin and profitability [5] Group 4: Market Dynamics and Strategy - The company has a strong market position in various segments, with a leading market share domestically, although competition from low-price strategies poses challenges [7] - The company is strategically focusing on high-quality projects and managing costs to mitigate profit pressure from competitive pricing [7]

Financial Performance - The company expects a net profit attributable to shareholders of between ¥22,800 million and ¥25,300 million, which represents a decrease of 27.73% to 34.87% compared to the previous year[3]. - After accounting for goodwill impairment, the company anticipates a net loss attributable to shareholders of between ¥8,500 million and ¥6,000 million, reflecting a decline of 124.28% to 117.14% year-on-year[3]. - The urban gas segment is expected to experience a significant decline in net profit, with a drop of over 60% compared to the previous year, primarily due to a 23% decrease in gas sales volume[7]. - The previous year's net profit for the urban gas segment was ¥14,700 million, indicating a significant decline in performance for the current year[7]. Goodwill Impairment - The company plans to recognize a goodwill impairment of approximately ¥31,300 million due to the significant decline in performance of Shandong Zhongyi Gas Co., Ltd.[8]. Revenue and Costs - The manufacturing segment did not see revenue growth due to extended delivery cycles from increased overseas projects, while labor costs rose due to an increase in staff[7]. - The company reported a bad debt provision of approximately ¥1,900 million for accounts receivable related to the "village-to-village" coal-to-gas conversion project[7]. Future Outlook - The company emphasizes the uncertainty in predicting future operating conditions due to potential fluctuations in gas procurement prices and residential gas price adjustments[9]. - The company will disclose detailed financial data in the 2024 annual report, scheduled for April 18, 2025[10]. - The company has communicated with the accounting firm regarding the performance forecast, and there are no significant disagreements[6].

证券代码：300435 证券简称：中泰股份 公告编号：2025-001 杭州中泰深冷技术股份有限公司 关于回购公司股份进展的公告 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相关 规定，回购期间公司应当在每个月的前三个交易日内披露截至上月末的回购进展 情况。现将公司截至2024年12月31日回购股份的进展情况公告如下： 一、回购股份进展情况 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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）于2024年2月2日召开 了第五届董事会第五次会议及2024年2月20日召开的2024年第一次临时股东大会逐 项审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。公司计划使用 自有资金以集中竞价交易方式回购公司部分股份，用于实施员工持股计划或股权 激励。本次回购总金额不低于人民币5,000万元（含）且不高于人民币10,000万元 （含），回购价格不超过人民币19.88元/股（含），预计回购股份数量为2,515,091 股至5,030,181股，占公司总股本的比例为0.66%至1.31%，具体内容详见公 ...