宏华集团 20251216 摘要 宏华集团在东方电气集团支持下，通过低成本融资、集采降本及人才管 理体系优化，显著提升了毛利率、降低了财务费用，并改善了员工待遇， 为扭亏为盈奠定基础。 截至 2025 年 11 月末，宏华集团在手订单达 7,070 亿元，为 2026 年 业绩提供保障，陆地钻机海外营收占比高达 90%，主要来自中东地区， 同时在特种船舶和海洋工程领域取得突破。 宏华集团持续推进智能化、无人化和数字化转型，已推出智能钻机 1.0 版本并获得中东订单，同时自主研发 OprA 智能钻井控制系统，并计划 升级老旧设备。 海洋板块是宏华集团增长引擎，江苏南通启东基地具备生产能力，涉足 海上风电导管架、特种船舶及海洋油气模块等领域，并与东方电气协同 研发深远海漂浮式基础。 宏华集团在全球累计销售超 1,000 套高端陆地钻机，90%以上销往海外， 中东占比 85%。虽受制裁影响俄罗斯和委内瑞拉市场尚未恢复，但期待 政策松动后恢复年销售额 2 亿美元以上。 Q&A 宏华集团在 2025 年的经营业绩表现如何？ 2025 年中期，宏华集团实现了显著的利润增长，归母净利润同比增长 14.34 倍。尽管营收同比 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HONGHUA GROUP LIMITED 宏華集團有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00196 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 ...

公司名稱: HONGHUA GROUP LIMITED 宏華集團有限公司 (於開曼群島註冊成立之有限公司) 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00196 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 9,040,489,151 | | 0 | | 9,040,489,151 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 9,040,489,151 | | 0 | | 9,040,489,151 | 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分 ...

Core Insights - The marine segment of the company has seen a significant increase in orders, with a revenue of 617 million yuan in H1 2025, representing a 35% year-on-year growth and accounting for 23.7% of total revenue. New effective orders in this segment increased by 63% year-on-year [1] - The fracturing business has experienced a notable increase in gross profit, with revenue reaching 433 million yuan in H1 2025, a 41.1% year-on-year increase, driven by the rapid development of unconventional oil and gas resources [2] - The company has actively adjusted its business structure to focus on core segments, resulting in a decrease in overall revenue but an improvement in profitability metrics, including a reduction in financing costs and sales expenses [2] Marine Segment - The marine segment includes offshore wind power, marine oil and gas equipment, and marine engineering equipment, with a production base located in Jiangsu Province [1] - The revenue from marine oil and gas equipment and marine engineering equipment manufacturing reached 263 million yuan in H1 2025, a substantial increase of 1171.4% year-on-year [1] Fracturing Business - The fracturing segment's gross profit increased by 96.2% in H1 2025, with sales of fracturing equipment and services generating 328 million yuan, a significant rise of 64.7% year-on-year [2] - The company has expanded its customer base by signing a framework contract for coalbed methane fracturing services, further solidifying its market position in the Shanxi coalbed methane sector [2] Strategic Adjustments - The company has streamlined low-margin businesses, focusing on enhancing overall profitability, which has led to a reduction in financing costs by 0.89 percentage points to 2.5% and a 27.5% decrease in interest expenses [2] - The company forecasts net profits of 125 million yuan, 267 million yuan, and 393 million yuan for the years 2025 to 2027, respectively, and has set a target price of 0.29 HKD based on a 9x PE ratio for 2026 [2]

Investment Rating - The report assigns a "Buy" rating for Honghua Group, with a target price of HKD 0.29 based on a PE of 9x for FY26 [3][19]. Core Insights - The company has achieved positive results in improving quality and efficiency, with a focus on core business segments and a reduction in low-margin operations [2][18]. - The marine sector has seen significant growth, with a 35% year-on-year increase in revenue, driven by new orders and investments in offshore equipment [4][21]. - The hydraulic fracturing business has also shown strong performance, with a 41.1% increase in revenue and a 96.2% rise in gross profit year-on-year [4][21]. Financial Performance and Forecast - Revenue for 2025 is projected at 6.32 billion yuan, with net profit expected to reach 125 million yuan, reflecting a substantial increase compared to previous years [5][19]. - The company anticipates continued growth, with net profits forecasted to reach 267 million yuan in 2026 and 393 million yuan in 2027 [3][5]. - The financial metrics indicate a significant improvement in profitability, with a projected EPS of 0.01 in 2025 and 0.04 in 2027 [5][19]. Business Strategy - The company is actively restructuring its business to enhance profitability by focusing on high-margin segments and reducing costs, including a 27.5% decrease in interest expenses [2][18]. - The marine and hydraulic fracturing sectors are prioritized for growth, with substantial investments and new customer acquisitions planned [4][21].

2. 成員 Membership 2.1 委員會之成員由董事會從公司董事中挑選和委任，委員會由最少三名委員組成，成 員中至少一名須為不同性別，其中獨立非執行董事必須超過半數。 HONGHUA GROUP LIMITED 宏華集團有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 196) 提名委員會職權及責任範圍守則 Terms of Reference of the Nomination Committee （於 2025 年 10 月修訂） (revised in October 2025) 1. 總則 General Rules 1.1 本公司根據《香港聯合交易所有限公司證券上市規則》（"《上市規則》"）及《上 市規則》附錄C1《企業管治守則》規定，成立提名委員會（"委員會"），委員會之權 力、責任及具體職責概述如下。 The Nomination Committee (the "Committee") was established by the Company in accordance with ...

Group 1 - The company announced the sale of approximately 6.9152% equity in Chengdu Jinkong Financing Leasing for a total consideration of approximately RMB 85.764 million [1] - Following the completion of the sale, the company will no longer hold any equity in the target company [1] - The target company primarily engages in financing leasing and related leasing services [1] Group 2 - The sale aligns with the company's strategic development plan to optimize asset structure and focus on core business while divesting non-core and non-advantageous enterprises [2] - This transaction will help the company comply with the State-owned Assets Supervision and Administration Commission's requirements regarding central enterprises holding stakes in financial companies [2] - The sale is expected to enhance resource allocation efficiency, reduce financial risks associated with non-core financial businesses, and improve the company's capital structure [2]

Core Viewpoint - Honghua Group (00196) has announced the sale of approximately 6.9152% equity in Chengdu Jiaozi Financial Leasing Co., Ltd. for a total consideration of approximately RMB 85.764 million, aligning with its strategic development plan to optimize asset structure and focus on core business [1][1][1] Group 1: Transaction Details - Honghua Holdings and Sichuan Honghua have entered into agreements with Chengdu Jiaozi to sell a combined 6.9152% stake in Chengdu Jiaozi Financial Leasing Co., Ltd. [1] - The total consideration for the sale is approximately RMB 85.764 million [1] Group 2: Strategic Implications - The sale will result in the group no longer holding any equity in the target company, which is part of a strategy to divest non-core and non-advantageous enterprises [1][1] - This transaction is expected to help the company comply with the State-owned Assets Supervision and Administration Commission's management requirements regarding central enterprises holding stakes in financial companies [1] - The divestment aims to reduce risks associated with non-core financial operations and optimize the group's equity structure and capital allocation [1][1] - By transferring the equity through a public listing, the company aims to realize asset monetization, increase liquidity, improve the asset-liability structure, and lower financial costs, thereby supporting the focus on core business and promoting transformation and high-quality development [1][1]

Core Viewpoint - Honghua Group (00196) announced the sale of approximately 6.9152% equity in Chengdu Jiaozi by its subsidiaries for a total consideration of approximately RMB 85.764 million, aligning with its strategic development plan to optimize asset structure and focus on core business [1] Group 1: Transaction Details - The agreement involves Honghua Holdings and Sichuan Honghua selling a combined 6.9152% stake in Chengdu Jinkong Financing Leasing Co., Ltd. to Chengdu Jiaozi [1] - The total consideration for the sale is approximately RMB 85.764 million [1] - Post-transaction, the group will no longer hold any equity in the target company [1] Group 2: Strategic Implications - The sale is part of the company's strategy to optimize asset structure, focusing on core business and divesting non-core and non-advantageous enterprises [1] - This move is expected to help the company comply with the State-owned Assets Supervision and Administration Commission's management requirements regarding central enterprises holding stakes in financial companies [1] - The transaction aims to reduce risks associated with non-core financial businesses and improve the group's equity structure and capital allocation [1] Group 3: Financial Impact - The public transfer of the equity stake is anticipated to realize asset monetization, increase liquidity, and improve the asset-liability structure [1] - The sale is expected to lower financial costs, supporting the group's focus on core responsibilities, transformation, and high-quality development [1] - The board believes that the transaction aligns with the overall interests of the company and all shareholders [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 HONGHUA GROUP LIMITED 宏華集團有限公司 上市規則的涵義 由於出售事項相關的最高適用百分比率（定義見上市規則）超過5%但低於25%，根據上市規則第 十四章，出售事項構成本公司的須予披露交易。因此，出售事項須遵循上市規則第十四章的申報 及公告規定。 1 A. 出售事項 於2025年10月16日，本公司附屬公司宏華控股與成都交子訂立宏華控股協議，而本公司另一附 屬公司四川宏華亦於同日與成都交子訂立四川宏華協議。根據該等協議，宏華控股及四川宏華 分別同意向成都交子出售，而成都交子則同意收購目標公司合計約6.9152%的股權，總代價約人 民幣85,764,000元。出售事項的主要條款概述如下。 （於開曼群島註冊成立的有限公司） （股份代號：196) 須予披露的交易 出售目標公司權益 出售事項 於2025年10月16日，本公司附屬公司宏華控股與成都交子訂立宏華控股協議，而本公司另一附屬 公司四 ...