Investment Rating - The report maintains a "Buy" rating for Zhongtai Co., Ltd. (300435.SZ) [2] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 1.368 billion yuan, down 18.18% year-on-year, and net profit at 123 million yuan, down 33% [3] - The decrease in revenue is attributed to a high base in the previous year and a delay in the delivery of high-margin overseas orders, leading to short-term pressure on the equipment business [3] - Despite the short-term challenges, the company has a strong order backlog, with orders increasing by 33.5% year-on-year, and overseas markets are expected to drive revenue and margin recovery [3] Summary by Sections Market Performance - The stock has underperformed compared to the CSI 300 index, with a 26% decline [2] Financial Performance - For H1 2024, the company achieved operating income of 1.368 billion yuan, a decrease of 18.18%, and a net profit of 123 million yuan, a decline of 33% [3] - The equipment sales revenue was 498 million yuan, down 9.6%, with a gross margin of 30.5%, a decrease of 4.6 percentage points [3] - The cash flow from operating activities was 204 million yuan, an increase of 86.1% year-on-year [3] Order Backlog and Market Outlook - As of June 30, 2024, the company had an order backlog of 2.132 billion yuan, up 33.5% year-on-year, with over 30% of these orders from overseas markets [3] - The company has been expanding its presence in international markets, benefiting from the global olefin investment boom [3] Cost and Expense Analysis - The company’s period expense ratio was 6.93%, an increase of 1.84 percentage points year-on-year, primarily due to rising management expenses [4] Revenue and Profit Forecast - The report adjusts the revenue forecast for 2024-2026, expecting revenues of 2.881 billion yuan, 3.399 billion yuan, and 3.789 billion yuan, with growth rates of -5.5%, 18%, and 11.5% respectively [4] - Net profit forecasts for the same period are 296 million yuan, 405 million yuan, and 525 million yuan, with growth rates of -15.4%, 36.7%, and 29.8% respectively [4]

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"）第五届董事会第十次会议 于2024年8月26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： 证券代码：300435 证券简称：中泰股份 公告编号：2024-052 杭州中泰深冷技术股份有限公司 第五届董事会第十次会议决议的公告 具体内容详见巨潮资讯网（http://www.cninfo.com.cn/）。 表决结果：9 票赞成，0 票反对，0 票弃权。 特此公告。 杭州中泰深冷技术股份有限公司 董事会 2024 年 8 月 26 日 一、审议通过《关于公司 2024 年半年 ...

证券代码：300435 证券简称：中泰股份 公告编号：2024-053 杭州中泰深冷技术股份有限公司 第五届监事会第九次会议决议的公告 本公司及监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"）第五届监事会第九次会议 于 2024 年 8 月 26 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，本次监事会会议经全体监事一致同意豁免会议通知期限要 求。会议应到监事 3 名，实到监事 3 名，由监事会主席高云主持，本次会议的召集、 召开及表决程序符合《中华人民共和国公司法》等有关法律法规及《公司章程》的相 关规定，会议形成的决议合法、有效。现将有关会议决议情况公告如下： 监事会成员认真审阅《杭州中泰深冷技术股份有限公司2024年半年度报告》及其 摘要后认为：《杭州中泰深冷技术股份有限公司2024年半年度报告》及其摘要内容真 实、准确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见巨潮资讯网（http://www.cninfo.com.cn/）。 表决结果：3票赞成，0票 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,367,881,319.36, a decrease of 18.18% compared to the same period last year[13]. - The net profit attributable to shareholders was ¥123,418,609.74, down 33.00% year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥118,381,446.07, a decline of 33.42% compared to the previous year[13]. - The net cash flow from operating activities increased by 86.08% to ¥204,018,857.94[13]. - The total assets at the end of the reporting period were ¥4,709,468,967.82, a decrease of 13.05% from the end of the previous year[13]. - The company's operating revenue for the reporting period was ¥1,367,881,319.36, a decrease of 18.18% compared to ¥1,671,726,523.58 in the same period last year, primarily due to a decline in the gas segment's revenue and reduced project deliveries in the manufacturing segment[33]. - The company's net cash flow from operating activities increased by 86.08% to ¥204,018,857.94, mainly due to a reduction in procurement expenditures compared to the previous year[34]. - The company reported a significant decrease in cash and cash equivalents, with a net decrease of ¥662,315,387.40, primarily due to increased loan repayments[34]. - The company's cash and cash equivalents decreased by 9.10% to ¥1,026,319,958.21, representing 21.79% of total assets[36]. - The company's total assets decreased from ¥5,416,294,299.63 to ¥4,709,468,967.82, a decline of approximately 13.0%[95]. - The company's total equity increased from ¥3,188,925,101.91 to ¥3,218,278,629.98, an increase of about 0.9%[95]. Risk Management - The company faces risks including macroeconomic fluctuations, soaring commodity prices, and market competition, which are detailed in the risk management section[2]. - The company has a structured approach to managing risks associated with order execution and goodwill impairment[2]. - The company has identified a risk of rising costs due to rapid price increases in bulk materials like steel and aluminum, which could pressure profit margins if not managed effectively[51]. - The company aims to mitigate risks from international market fluctuations and currency exchange rates, with over 30% of its orders being international[52]. - The company is actively managing its goodwill risk associated with the acquisition of Shandong Zhongyi, ensuring that performance metrics are met to avoid impairment[55]. - The company faces risks from macroeconomic fluctuations that could impact industrial demand, particularly in sectors closely tied to natural gas and petrochemicals[50]. Corporate Governance - The company’s legal representative is Zhang Youhu, who also oversees accounting responsibilities[8]. - The company has not reported any changes in its registered address or contact information during the reporting period[10]. - The company has maintained its information disclosure practices without changes during the reporting period[11]. - The company’s financial report is signed by key executives, ensuring its accuracy and completeness[2]. - The company’s board of directors and supervisory board did not undergo any changes during the reporting period[59]. - The company did not experience any significant litigation or arbitration matters during the reporting period[65]. - The company has no significant asset or equity sales during the reporting period[47]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[68]. Research and Development - The company has achieved a 5.02% increase in R&D investment, totaling ¥32,308,327.97, reflecting its commitment to technological advancement[34]. - The company has developed core products in hydrogen production and purification, successfully applying its plate-fin heat exchanger technology in national large-scale low-temperature hydrogen production experimental devices[24]. - The company has established a strong position in the electronic gas sector, supplying plate-fin heat exchangers to major clients such as Intel, Samsung, and TSMC, with plans to enhance capacity for future orders[25]. - Investment in research and development has increased by 30%, focusing on innovative technologies and new product development[167]. Market Expansion - The company has established a dual-engine business model combining equipment manufacturing and gas operation, with significant investments in gas operation projects[20]. - The company has entered the bulk gas operation market with a new air separation unit in Shandong, which has begun stable gas supply[20]. - The company is actively expanding into the rare gas market with a new purification facility for krypton and xenon gases, currently in trial operation[20]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[160]. - A new product line is expected to launch in Q3 2024, projected to contribute an additional $50 million in revenue[160]. - The company has initiated discussions for potential acquisitions to enhance its technological capabilities and market reach[160]. Shareholder Information - The company reported a plan not to distribute cash dividends or issue bonus shares for the current period[2]. - The company approved the allocation of 735,000 restricted stocks for 19 eligible incentive recipients as part of its 2021 stock incentive plan[61]. - The stock grant price for the 2021 stock incentive plan was adjusted from 5.86 CNY/share to 5.71 CNY/share[61]. - The total number of shares increased to 383,925,600 after the completion of the second vesting period of the 2021 restricted stock incentive plan, with 735,000 shares becoming tradable[80]. - The company plans to repurchase shares with an amount between RMB 50 million and RMB 100 million, representing 0.66%-1.32% of the total share capital[81]. - As of June 30, 2024, the company has repurchased a total of 3,737,550 shares, representing 0.97% of total shares outstanding[86]. - Zhejiang Zhongtai Steel Group Co., Ltd. holds a 31.63% stake in the company, amounting to 121,418,709 shares[84]. - The top ten unrestricted shareholders include individuals and entities with significant holdings, such as 13,831,666 shares held by Bian Chuanrui[87]. Environmental and Regulatory Compliance - The company reported no significant environmental penalties or issues during the reporting period[63]. - The company has maintained compliance with environmental regulations and has not faced any administrative penalties[63]. - The company has not identified any significant doubts regarding its ability to continue as a going concern for the next 12 months[123]. - The company adheres to the enterprise accounting standards, ensuring that its financial statements accurately reflect its financial status and operational results[125]. Financial Instruments and Accounting Policies - The company applies the equity method for joint operations, recognizing its share of assets and liabilities accordingly[135]. - Financial instruments are classified into categories based on their measurement basis, including those measured at amortized cost and fair value[139]. - The company measures financial assets at amortized cost using the effective interest method, with gains or losses recognized in profit or loss upon derecognition, reclassification, amortization, or impairment[140]. - The company recognizes expected credit losses for financial assets measured at amortized cost and certain debt instruments, with expected credit losses defined as the weighted average of credit losses based on default risk[142]. - The company recognizes revenue from the sale of plate-fin heat exchangers and cold boxes at the point of delivery, confirming sales when the product is completed and inspected[180]. - The company confirms revenue from natural gas sales based on actual consumption measured at the end of each month, adhering to approved pricing standards[182]. - The company recognizes interest income on finance leases based on the internal rate of return over the lease term[190]. Future Outlook - The company projects a revenue growth of 20% for the second half of 2024, driven by new product launches and market expansion strategies[160]. - Future guidance includes maintaining a strong focus on sustainability and reducing carbon emissions by 20% by 2025[160].

委员签字： 黄平 根据《上市公司股权激励管理办法》及《创业板信息披露业务备忘录第8号： 股权激励计划》等的规定和要求，作为杭州中泰深冷技术股份有限公司 （以下简称" 公司"） 董事会薪酬及考核委员会委员，对公司2021年限制性股票激励计划首次授 予激励对象第三个归属期的资格进行了认真的调查和核查，我们认为： 公司本次股权激励计划设定的首次授予部分第三个归属期归属条件已经成 就，除2名激励对象因个人原因离职不符合归属条件应对其尚未归属股份进行作废 外，其余193名激励对象符合相关法规及《杭州中泰深冷技术股份有限公司2021 年限制性股票激励计划（草案）》的相关规定，其激励对象资格合法、有效，在考 核年度内，激励对象个人层面考核均在良好以上，且符合其他归属条件，第三个归属 期归属条件已成就。 同意公司为193名激励对象办理第三个归属期相关归属事宜。 本页无正文，为《中泰股份董事会薪酬及考核委员会关于对公司2021年限制 性股票激励计划首次授予激励对象第三期归属的核查意见》的签字页。 中泰股份董事会薪酬及考核委员会 关于对公司2021年限制性股票激励计划首次授予 激励对象第三个归属期的核查意见 袁少颖 章有春 20 ...

证券代码：300435 证券简称：中泰股份 公告编号：2024-046 一、限制性股票激励计划基本情况 杭州中泰深冷技术股份有限公司 关于2021年限制性股票首次授予部分第三个归属期归属条件成就的公告 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： 1、本次符合归属条件的激励对象共计193人。 杭州中泰深冷技术股份有限公司（以下简称"公司"）于2024年8月15日召开第五届 董事会第九次会议和第五届监事会第八次会议，审议通过了《关于2021年限制性股票激 励计划首次授予部分第三个归属期归属条件成就的议案》，董事会认为公司2021年限制 性股票激励计划首次授予部分第三个归属期归属条件已经成就，同意公司按规定为符合 条件的193名激励对象办理178.95万股第二类限制性股票归属相关事宜。现将有关事项 说明如下： 2021年7月16日，公司召开了2021年第一次临时股东大会，审议通过了《关于<公司 2021年限制性股票激励计划（草案）>及其摘要的议案》，主要内容如下： 2、标的股票来源：公司向激励对象定向发行的本公司人民币A股普通股股票。 3、激励计划拟 ...

2021 年限制性股票激励计划首次授予第二类限制性 股票第三个归属期归属条件成就及作废部分第二类 限制性股票 的 法律意见书 浙江省杭州市滨江区江虹路 1750 号信雅达国际创意中心 A 座 25 楼 电话:0571-85151338 传真:0571-85151513 法律意见书 浙江浙经律师事务所 关于 杭州中泰深冷技术股份有限公司 网址:http://www.zjlawfirm.com 法律意见书 浙江浙经律师事务所 关于 杭州中泰深冷技术股份有限公司 2021 年限制性股票激励计划首次授予第二类限制性股票第 三个归属期归属条件成就及作废部分第二类限制性股票 的 法律意见书 编号：（2024）浙经法意字第427号 致：杭州中泰深冷技术股份有限公司 浙江浙经律师事务所（以下简称"本所"）接受杭州中泰深冷技术股份有限 公司（以下简称"中泰股份"或"公司"）委托，为公司实施 2021 年限制性股 票激励计划（以下简称"本次激励计划"、"本激励计划"、"本计划"提供专 项法律服务，已于 2021 年 6 月 30 日出具（2021）浙经法意字第 183 号《浙江浙 经律师事务所关于杭州中泰深冷技术股份有限公司 2 ...

证券代码：300435 证券简称：中泰股份 公告编号：2024-048 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届董事会第九 次会议和第五届监事会第八次会议审议通过了《关于 2021 年限制性股票激励计 划首次授予部分第三个归属期归属条件成就的议案》、《关于作废部分已授予 尚未归属的限制性股票的议案》，根据《公司法》、《证券法》、《上市公司 股权激励管理办法》、《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》等有关法律、法规和规范性文件以及《公司章程》的 规定，对公司 2021 年限制性股票激励计划首次授予部分第三个归属期激励对象 名单进行审核，发表核查意见如下： 经审核，监事会认为：公司本次拟归属的首次授予限制性股票的 193 名激励 对象具备《公司法》《上市公司股权激励管理办法》等法律、法规和规范性文件 及《关于 2021 年限制性股票激励计划首次授予部分第三个归属期归属条件成就 的议案》规定的任职资格，不存在最近 12 个月内被证券交易所认定为不适当人 选的情形；不存在最近 12 个月内被中国证监会及其派出机构认定为不适当人选 的情形；不存在最近 12 个月内因重 ...

证券代码：300435 证券简称：中泰股份 公告编号：2024-045 表决结果：3票赞成，0票反对，0票弃权。 二、审议通过《关于作废部分已授予尚未归属的限制性股票的议案》 监事会认为：鉴于公司 2021 年限制性股票激励计划首次授予部分的 2 名激励对 象因个人原因离职已不符合激励资格，上述 2 名离职激励对象已获授但尚未归属的 杭州中泰深冷技术股份有限公司 第五届监事会第八次会议决议的公告 本公司及监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"）第五届监事会第八次会议 于 2024 年 8 月 15 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 通讯方式召开，本次监事会会议经全体监事一致同意豁免会议通知期限要求。会议应 到监事 3 名，实到监事 3 名，由监事会主席高云主持，本次会议的召集、召开及表决 程序符合《中华人民共和国公司法》等有关法律法规及《公司章程》的相关规定，会 议形成的决议合法、有效。现将有关会议决议情况公告如下： 一、审议通过《关于 2021 年限制性股票激励计划首次授予部分第三 ...

证券代码：300435 证券简称：中泰股份 公告编号：2024-047 杭州中泰深冷技术股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 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 8 月 15 日 召开第五届董事会第九次会议和第五届监事会第八次会议，审议通过了《关于作 废部分已授予尚未归属的限制性股票的议案》，由于公司 2 名激励对象因个人原 因离职已不再符合激励条件，依据 2021 年第一次临时股东大会的授权，公司董 事会将 2 名离职激励对象已获授尚未归属的 1.80 万股限制性股票予以作废。具 体情况如下： 一、公司已履行的决策程序和信息披露情况 1、2021 年 6 月 30 日，公司召开第四届董事会第五次会议审议通过了《关 于<公司 2021 年限制性股票激励计划（草案）>及其摘要的议案》、《关于<公司 2021 年限制性股票激励计划实施考核管理办法>的议案》、《关于提请股东大会 授权董事会办理 2021 年限制性股票激励计划相关事宜的议案》；公司独立董事 对本激励计划 ...