Hailianxun: Multiple institutions including Huabao Fund and Haifutong Fund conducted research on our company on February 11.

Securities Star News, February 13, 2026: Hailianxun (300277) announced that on February 11, 2026, Hua Bao Fund’s Zhang Yizhe, Haifu Tong Fund’s Chen Huaixin, Taikang Asset’s Zhang Houzhe, Guotai Haitong’s Zhao Yuewei, Changjiang Securities’ Qu Qi, and CITIC Securities’ Liu Yi conducted research at our company.

The specific details are as follows:

Q: How is the progress of the company’s share swap merger with Hangzhou Gas Turbine Power Group Co., Ltd. (hereinafter referred to as Hangzhou Gas Turbine)? What are the arrangements for the merged business and governance?

A: The share swap merger involving the company and Hangzhou Gas Turbine Power Group Co., Ltd. (hereinafter referred to as Hangzhou Gas Turbine) and related transactions have been completed, and the new shares have been listed and traded since February 11, 2026. To fully reflect the company’s strategic planning and operational status post-merger, the company plans to change its name, stock abbreviation, business scope, registered capital, and registered address. To ensure the normal operation of the board of directors, the company has initiated the re-election of the sixth board of directors. The relevant proposal has been approved at the company’s first extraordinary meeting of the sixth board of directors in 2026 and will be submitted for approval at the first extraordinary general meeting of shareholders in 2026. For detailed information, please refer to the company’s announcement.

Post-merger, the company’s main focus will be on research, development, manufacturing, and sales of industrial turbines, with power information technology as a supplementary business. Future business development and organizational structure arrangements will be guided primarily by Hangzhou Gas Turbine’s existing business system, maintaining continuity of the core team and business lines.

Q: Please introduce the basic situation of Hangzhou Gas Turbine.

A: Hangzhou Gas Turbine Power Group Co., Ltd. was established in 1958. It is China’s specialized R&D and manufacturing base for industrial turbines, a standard-setting organization for China’s industrial turbine products, capable of customizing industrial turbines according to international standards and specific customer requirements. Hangzhou Gas Turbine has focused on industrial turbines for over 60 years, with products widely used in fields such as oil, refining, coal chemical industry, textiles, metallurgy, papermaking, solar thermal power generation, biomass/garbage power generation, combined heat and power, and large power plant supporting systems. It has contributed significantly to China’s efforts to reduce reliance on imported core power equipment, safeguarding national economic and defense security, and plays a pillar role in China’s industrial-driven turbines, representing an excellent manufacturing industry for “national heavy equipment.”

Hangzhou Gas Turbine’s subsidiaries mainly focus on the turbine and gas turbine industry chain, covering casting and forging processing, power plant auxiliary equipment manufacturing, small-scale waste heat utilization turbines, full lifecycle equipment services, import-export trade, generators, water turbines, compressors, new energy project contracting, and independent maintenance of gas turbines.

Q: How has Hangzhou Gas Turbine’s industrial turbine business developed? What are its product features, application fields, and competitive landscape?

A: Industrial turbines are Hangzhou Gas Turbine’s traditional core business. Its development can be divided into four stages: 1958-1975 as the product exploration period, expanding from power generation turbines to industrial drive; 1975-1990 with the introduction and digestion of Siemens technology; 1990-2000 with the formation of independent design, manufacturing, and service capabilities; and from 2000 onward, entering an independent innovation phase, successfully serving landmark projects such as Zhenhai Refining & Chemical, Zhejiang Petrochemical, and Dalian Hengli.

Products mainly follow a “single design, single manufacturing” personalized customization model, capable of non-standard design based on customer process requirements, characterized by high reliability, high efficiency, and high adaptability.

Application fields are divided into two categories: one is industrial power generation, including distributed energy stations, self-owned power plants, combined heat and power, waste heat power generation, and large power plant water pump drives; the other is industrial drive applications, mainly for driving compressors, blowers, pumps, and presses, widely used in refining, chemical, fertilizer, building materials, metallurgy, and environmental protection industries. There are also small applications in shipping and nuclear auxiliary emergency pumps.

In terms of competition, high-end industrial drive turbines mainly compete with international brands like Siemens and Mitsubishi; power generation turbines are mainly competed among domestic players, with many market participants and fierce competition.

The company’s products have reached international standards in performance and energy consumption, capable of competing with foreign brands on equal technical platforms and prices, with advantages in delivery cycle, service response, and operation and maintenance costs.

Q: How has Hangzhou Gas Turbine’s gas turbine business developed? What are its cooperation models and progress toward independence?

A: Gas turbines are a core focus of Hangzhou Gas Turbine’s “14th Five-Year” and “15th Five-Year” strategic transformation.

Development history shows that since 2005, Hangzhou Gas Turbine has cooperated with Mitsubishi to produce turbines for utilizing blast furnace gases in steel plants; from 2015, it established deep cooperation with Siemens, introducing SGT series models (represented by SGT-800), with over 50 sets delivered to the market so far. The cooperation has expanded from SGT-300 to SGT5-2000E series, with increasing depth.

Regarding independent gas turbines, Hangzhou Gas Turbine has assembled a dedicated R&D team since 2014 to develop 50MW-class turbines; the first prototype was completed in 2024; full-load testing was completed in the first half of 2025, successfully reaching full load in July, with performance indicators at domestic advanced levels and vibration performance better than international standards. Currently, the second round of experiments is exploring operational boundaries; the second independent gas turbine has entered production. The company is mainly focused on commercializing the 50MW model, with plans to extend the product line upward and downward.

Q: What is the current progress of the Lianyungang independent gas turbine demonstration project?

A: The Lianyungang demonstration project is a key milestone for the application of Hangzhou Gas Turbine’s first fully independent 50MW HGT51F heavy-duty gas turbine. In April 2025, the joint venture “Lianyungang Zhonghang Gas Turbine Technology Co., Ltd.” was successfully registered. To date, the project has completed milestones including project filing, land acquisition, and preliminary design as scheduled, and has basically completed pre-approval processes such as feasibility study, energy assessment, environmental assessment, and power connection. In January 2026, the commercial contract for the gas turbine in the Lianyungang independent gas turbine test and application demonstration base phase one was officially signed. This is the first commercial contract for Hangzhou Gas Turbine’s fully independent 50MW HGT51F heavy-duty gas turbine, marking a critical step toward industrial application. The next phase will continue to advance project construction according to schedule, ensuring timely delivery and installation and commissioning.

Q: What are Hangzhou Gas Turbine’s plans for independent operation and service of gas turbines?

A: Hangzhou Gas Turbine’s wholly owned subsidiary, Zhejiang Nengchuang Turbomachinery Co., Ltd. (“Nengchuang”), focuses on independent operation and maintenance and technical transformation of heavy and light gas turbines. It is one of the few domestic third-party maintenance companies capable of independently repairing core components of gas turbines, providing comprehensive factory repair and on-site inspection services for domestic and international turbine users. Its service capabilities cover various heavy, light, and military modification turbines, offering integrated full-machine maintenance services. In 2025, Nengchuang made substantial progress in its independent inspection and maintenance services, achieving breakthroughs in both breadth and depth.

Q: How is Hangzhou Gas Turbine expanding into overseas markets?

A: Overseas markets are a key focus for Hangzhou Gas Turbine’s recent expansion efforts. The company adopts a dual approach of working with agents and establishing overseas offices. Market regions mainly include countries along the Belt and Road. Business models primarily involve supporting domestic EPC contractors’ overseas projects, with some projects directly signed with overseas owners, though purely overseas owner projects still account for a small proportion.

The data in this record, including projections, business plans, or outlooks, are for informational purposes only and do not constitute a commitment by the company. Investors are advised to exercise rational judgment and be aware of risks.

Hailianxun (300277) main business: Hailianxun is a high-tech enterprise engaged in power information system integration, mainly serving power companies. It provides comprehensive solutions for power industry informatization construction, along with related technical and consulting services. Its power informatization solutions are widely applicable across the power industry chain, including generation, transmission, substation, distribution, consumption, and dispatch.

Hailianxun’s 2025 third-quarter report shows that in the first three quarters, the company’s main business revenue was 125 million yuan, a year-on-year decrease of 4.72%; net profit attributable to shareholders was 3.9285 million yuan, down 13.07%; net profit after non-recurring gains and losses was 1.0439 million yuan, up 141.12%. In Q3 2025 alone, the company’s quarterly main business revenue was 49.5575 million yuan, down 6.09% year-on-year; net profit attributable to shareholders was 2.3628 million yuan, up 43.83%; net profit after non-recurring gains and losses was 1.244 million yuan, up 717.95%. The company’s debt ratio is 27.33%, investment income is 5.6825 million yuan, financial expenses are -0.2082 million yuan, and gross profit margin is 25.49%.

The above content is compiled from publicly available information by Securities Star, generated by AI algorithms (Network Information Backup 310104345710301240019), and does not constitute investment advice.