Core Viewpoint - Haitong International (01882) reported a mid-term performance for the six months ending June 30, 2025, with revenue of 9.018 billion RMB, reflecting a year-on-year increase of 12.48% [1] - The net profit attributable to shareholders was 1.712 billion RMB, marking a year-on-year increase of 12.55% [1] - Basic earnings per share stood at 1.07 RMB, indicating positive financial growth [1] Revenue Growth - The revenue increase is attributed to the global industrial chain restructuring and the acceleration of certain downstream industries, particularly represented by the new energy vehicle sector [1]

Core Viewpoint - The company, Hai Tian International, reported a significant increase in sales and profit for the first half of 2025, driven by global supply chain restructuring and growth in certain downstream industries, particularly in the electric vehicle sector [1] Financial Performance - Sales for the six months ending June 30, 2025, reached RMB 9.018 billion, representing a 12.5% increase compared to the same period in 2024 [1] - Shareholders' net profit rose to RMB 1.71 billion, marking a 12.6% increase year-on-year [1] - Basic earnings per share for the reporting period were RMB 1.07, also up by 12.6% from the previous year [1] Market Dynamics - Despite a high base in the domestic market and structural slowdown in domestic demand, the company maintained stable domestic sales by expanding key customer relationships and deepening its presence in various industry segments [1] - In the overseas market, sales significantly increased by 34.7% year-on-year, reaching RMB 381.77 million, benefiting from structural adjustments in the global supply chain and the company's long-term investments in overseas markets, particularly in Southeast Asia [1]

Financial Performance - For the six months ended June 30, 2025, the company's revenue reached RMB 9,018.3 million, an increase of 12.5% compared to RMB 8,017.8 million in the same period of 2024[3] - The gross profit for the same period was RMB 2,960.2 million, with a gross margin of 32.8%, up from 32.3% in the first half of 2024[4] - The profit attributable to shareholders for the six months ended June 30, 2025, increased to RMB 1,711.5 million, a rise of 12.6% from RMB 1,520.6 million in the prior year[4] - Basic earnings per share for the reporting period were RMB 1.07, reflecting a 12.6% increase from RMB 0.95 in the same period last year[4] - The company reported a profit of CNY 1,711,509 thousand for the six months ended June 30, 2025, up from CNY 1,520,630 thousand in 2024, a growth of 12.5%[10] - Net profit attributable to shareholders for the first half of 2025 was RMB 1,711.5 million, up 12.6% from RMB 1,520.6 million in the same period of 2024[31] Cash and Assets - The company reported a net cash position, including financial products, of RMB 10,923 million as of June 30, 2025, compared to RMB 11,090 million as of December 31, 2024[4] - Cash and cash equivalents decreased to CNY 2,528,583 thousand at the end of June 2025 from CNY 2,745,387 thousand at the end of December 2024, a decline of 7.9%[12] - The company held financial assets measured at fair value amounting to approximately RMB 6,979.3 million as of June 30, 2025, slightly up from RMB 6,971.5 million at the end of 2024[27] - Total assets increased to CNY 33,668,216 thousand in 2025 from CNY 31,145,511 thousand in 2024, representing a growth of 8.1%[8] - Non-current assets rose to CNY 19,950,279 thousand in 2025, up from CNY 18,033,796 thousand in 2024, an increase of 10.6%[8] - Current assets reached CNY 13,717,297 thousand in 2025, compared to CNY 13,111,715 thousand in 2024, reflecting a growth of 4.6%[8] Liabilities and Equity - Total liabilities increased to CNY 12,018,685 thousand in 2025 from CNY 10,276,036 thousand in 2024, marking a rise of 17.0%[9] - The total equity attributable to shareholders increased to CNY 21,626,077 thousand in 2025 from CNY 20,845,030 thousand in 2024, reflecting a growth of 3.7%[10] - The company’s retained earnings reached CNY 17,653,970 thousand in 2025, up from CNY 17,017,154 thousand in 2024, an increase of 3.7%[10] Sales and Revenue Breakdown - Revenue from the sales of injection molding machines and related products reached RMB 9,018,279,000 for the six months ended June 30, 2025, compared to RMB 8,017,811,000 for the same period in 2024, representing an increase of approximately 12.5%[18] - Sales from mainland China amounted to RMB 5,200,565,000, while sales from Hong Kong and overseas countries reached RMB 3,817,714,000, indicating a growth of 34.7% in overseas sales compared to RMB 2,835,265,000 in 2024[19] - Domestic sales amounted to RMB 5,200.6 million, accounting for 57.7% of total sales, while overseas sales reached RMB 3,817.7 million, representing a 34.7% increase year-on-year[33] - Approximately 42.3% of the group's sales were generated from overseas markets during the reporting period, with sales denominated in USD or other foreign currencies[50] Operational Efficiency - The company emphasized its focus on operational flexibility and efficiency, which contributed to strong working capital management[4] - Sales and administrative expenses rose by 17.0% to RMB 1,336.1 million in the first half of 2025, primarily due to increased sales commissions, R&D expenses, and labor costs[41] - The company aims to create value for customers through improved product quality and service, while focusing on standardized production of components to become a leader in various fields[38] Dividends and Shareholder Returns - The board of directors decided not to declare an interim dividend for the reporting period, pending a review of the full-year performance[4] - The company decided not to declare an interim dividend for this period, with the board considering dividend distribution based on full-year performance[31] - The company paid dividends of CNY 1,074,693 thousand to shareholders for the second interim period of 2024, compared to CNY 957,735 thousand in 2023, an increase of 12.2%[12] Tax and Financing - The income tax expense for the six months ended June 30, 2025, was RMB 369,521,000, compared to RMB 333,343,000 in 2024, reflecting an increase of approximately 10.8%[22] - The effective tax rate for the first half of 2025 was 17.7%, slightly lower than 18.0% in the same period of 2024[44] - Net financing income for the period was RMB 80,089,000, a decrease from RMB 98,859,000 in the previous year, primarily due to lower interest income from restricted bank deposits and term deposits[22] Capital Expenditure and Investments - Capital expenditure for the first half of 2025 reached RMB 632.6 million, compared to RMB 583.8 million in the first half of 2024[48] - The company plans to enhance its global investment layout and strengthen local supply chains through increased investment in overseas factories, particularly in Japan, Serbia, and India, which are expected to be operational in the second half of 2025[38] Employee and Workforce - The group employed approximately 8,320 employees as of June 30, 2025, primarily located in mainland China[52]

Core Viewpoint - Haitian International (01882.HK) announced that its board meeting will be held on August 18, 2025, to approve the publication of the interim results for the six months ending June 30, 2025, and to consider the distribution of an interim dividend, if any [1] Group 1 - The board meeting is scheduled for August 18, 2025 [1] - The meeting will focus on approving the interim results for the period ending June 30, 2025 [1] - The board will also consider the potential distribution of an interim dividend [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佈之內容概不 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 就 因 本 公 佈 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HAITIAN INTERNATIONAL HOLDINGS LIMITED 海天國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） 於 本 公 佈 日 期，本 公 司 執 行 董 事 為 張 劍 鳴 先 生、張 斌 先 生、張 劍 峰 先 生、 陳 蔚 群 先 生 及 陳 露 女 士；非 執 行 董 事 為 郭 明 光 先 生 及 劉 劍 波 先 生；及 獨 立 非 執 行 董 事 為 樓 百 均 先 生、郭 永 輝 先 生、餘 俊 仙 女 士 及 盧 志 超 先 生。 承董事會命 海天國際控股有限公司 公司秘書 李嘉文 香 港，二 零 二 五 年 八 月 六 日 （股 份 代 號：1882） 董事會會議召開日期 海天國際控股有限公司（「本公司」）董事會（「董事會」）宣 佈，董 事 會 會 議 將 於 二 零二五年八月十 ...

FF301 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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海天國際控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6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) | 01882 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 5,000,000,000 | | HKD | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | 0.1 | HKD | | 500,000,000 | 本月底 ...

Core Viewpoint - Haitan International, a leading company in the injection molding machine industry with over 50 years of experience, is advancing its international layout and focusing on technological innovation and globalization to enhance its market competitiveness [1][4]. Company Overview - Haitan International has established two main product systems: electric injection molding (Changfeiya series for optical and medical applications) and servo hydraulic (MA, JU series for automotive and home appliance markets) [1]. - The injection molding business accounts for over 95% of the company's revenue from 2018 to 2024, with the MA series contributing more than 59% of revenue during 2018-2022 [1]. - The company is projected to achieve a revenue of 16.128 billion yuan in 2024, representing a year-on-year growth of 23.41%, with a CAGR of 6.83% from 2018 to 2024 [1]. - The net profit attributable to the parent company is expected to reach 3.08 billion yuan in 2024, with a year-on-year increase of 23.63% and a CAGR of 8.23% from 2018 to 2024 [1]. - The company's overseas sales accounted for 37.3% in 2024, moving towards a "50-50 strategy" for domestic and international sales [1]. Industry Dynamics - The injection molding machine is a core equipment for plastic forming, widely used in various sectors such as new energy vehicles, medical, and 3C electronics, which supports stable demand growth [2]. - In 2023, the Chinese plastic machinery industry, consisting of 680 large-scale enterprises, reported a main revenue of approximately 94.1 billion yuan, with a year-on-year growth of 3.0% and a CAGR of about 6.5% from 2011 to 2023 [3]. - The demand for injection molding machines is significantly increasing due to the accelerated overseas factory establishment by downstream manufacturers and the release of potential demand in emerging markets [3]. - By 2025, China's injection molding machine exports to Southeast Asia are expected to grow significantly, with an export growth rate of 138.7%, accounting for 42.9% of total exports [3]. - China maintains its position as the world's largest exporter of injection molding machines, with a trade surplus expected to expand to 1.652 billion USD in 2024 [3]. Competitive Positioning - Haitan International demonstrates significant competitive advantages compared to peers like Zhenxiong Group and Tairui Machinery, leading in core financial metrics [4]. - The Changfeiya series electric injection molding machines have been deployed in over 30,000 units across approximately 60 countries, showcasing their capability to meet diverse market needs [4]. - The company is accelerating its globalization efforts, with foreign sales increasing from nearly 30% in 2020 to nearly 40% in 2024, and is establishing production capacities in India and Mexico, with new facilities in Serbia and Japan expected to commence operations in 2025 [4].

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company has been deeply engaged in the injection molding machine industry for over 50 years, leveraging a "technology + globalization" dual-driven strategy to maintain its leading position in the industry [2][6] - The company is experiencing significant growth in domestic and overseas markets, with a notable increase in export demand for injection molding machines due to the acceleration of overseas factory setups by downstream manufacturers [6][7] - The company plans to continue enhancing its technological research and global layout to strengthen its competitiveness in both domestic and international markets [6][8] Summary by Sections Company Overview - The company has established a comprehensive product solution system with electric injection (Changfei series) and servo hydraulic (MA, JU series) solutions, serving various sectors including automotive and medical [6][17] - Injection molding machines are the primary source of revenue, consistently accounting for over 95% of total revenue from 2018 to 2024, with the MA series contributing over 59% of revenue during this period [6][19] Financial Performance - In 2024, the company achieved a revenue of 16.128 billion yuan, a year-on-year increase of 23.41%, and a net profit of 3.08 billion yuan, up 23.63% year-on-year [6][19] - The compound annual growth rate (CAGR) for revenue from 2018 to 2024 is 6.83%, while the CAGR for net profit is 8.23% [22][20] - The company has maintained a stable gross margin between 31% and 35% from 2018 to 2024, with a slight increase in net margin from 17.66% to 19.10% [28][30] Market Dynamics - The global injection molding equipment market is expected to reach 16.69 billion USD in 2024, with a projected CAGR of 4.7% until 2030 [50] - China is currently the largest consumer market for injection molding equipment, accounting for 52% of the global market share in 2023 [52] International Expansion - The company is actively pursuing a "50-50 strategy" to balance domestic and international sales, with overseas sales accounting for 37.3% of total revenue in 2024 [6][31] - The company has established production capacities in India and Mexico, with new facilities expected to be operational in Serbia and Japan by 2025 [8][19] Competitive Position - The company has a stable shareholding structure, with significant family control, and a management team with deep industry experience [33][37] - The company is recognized for its strong financial metrics compared to peers, with a leading position in the high-performance injection molding machine sector [8][19]

Summary of Key Points from the Conference Call Industry Overview - The mechanical industry has seen significant growth in the first half of 2025, with a nearly 14% increase, ranking sixth among all A-share sectors [2] - The industry is influenced by themes such as robotics, reducers, and hard technology, with a focus on undervalued assets [1][5] Core Insights and Arguments - **Investment Trends**: The mechanical sector's investment opportunities are concentrated in hard technology (e.g., giant wheel intelligence, controllable nuclear fusion) and undervalued assets [1][5] - **Domestic Demand**: The recovery in domestic demand for engineering machinery is moderate, primarily driven by equipment upgrades. Excavator sales slowed in Q2, but large excavators continue to perform well [1][6][7] - **External Demand**: The external demand for engineering machinery is strong, particularly in Asia, Africa, and Latin America, with potential growth in the European and American markets [1][9] - **Industrial Control Sector**: The industrial control sector reversed its downward trend in Q1 2025, showing a 2.35% year-on-year growth, with rapid growth in HVAC and industrial robots [1][10] Important but Overlooked Content - **Overseas Expansion**: China's manufacturing direct investment abroad has grown from $19.108 billion in 2018 to $27.342 billion in 2023, with a CAGR of 7.43%. ASEAN's share in this investment is increasing [4] - **Market Dynamics**: The mechanical industry is closely tied to the performance of the manufacturing, real estate, and infrastructure sectors, which are currently showing signs of weakness [3] - **Future Outlook**: The second half of 2025 is expected to see a focus on hard technology and high-dividend, low-valuation stocks, particularly in the Hong Kong market due to ample supply and global capital inflow [5][52] Recommendations - **Key Companies**: Recommended companies in the mechanical sector include Haitan International, Sany International, and Jerry Holdings, among others, with a focus on hard technology firms like Aobi Zhongguang and Sikang Technology [53] - **Investment Opportunities**: Investors are advised to pay attention to the controllable nuclear fusion sector, which is expected to see significant investment opportunities in the latter half of 2025 [50][51]

Core Viewpoint - The company has achieved steady growth in performance, driven by global expansion and recovery in downstream industry demand, particularly in the injection molding machine sector [1][2][3]. Financial Performance - In H1 2024, the company reported revenue of 8.02 billion RMB, a year-on-year increase of 25.7%, and a net profit attributable to shareholders of 1.52 billion RMB, up 23.5%. Earnings per share stood at 0.95 RMB [1]. - The overall gross margin for H1 2024 was 32.3%, reflecting a 0.3 percentage point increase year-on-year, while the net profit margin was 19.0%, down 0.3 percentage points [1]. Injection Molding Machine Sales - The sales revenue from injection molding machines increased by 26.2% year-on-year to 7.70 billion RMB, with parts and service sales rising by 14.9% to 320 million RMB [2]. - The recovery in demand from downstream industries such as daily consumer goods, home appliances, and 3C products has significantly boosted sales, particularly for the Mars and Changfei series [2]. - The Jupiter series also saw stable growth due to investments in the overseas production capacity of the global automotive supply chain, especially in the new energy vehicle sector [2]. Global Market Expansion - Domestic revenue reached 5.18 billion RMB in H1 2024, a 33.7% increase, driven by the recovery in the daily consumer goods sector and the introduction of more energy-efficient and intelligent fifth-generation machines [3]. - Overseas revenue amounted to 2.84 billion RMB, up 13.2%, benefiting from structural adjustments in the global supply chain and the company's long-term investments in overseas markets [3]. - The company is committed to its "Five-Five" strategy, enhancing its global market presence across Asia, Europe, North America, and South America, with new factories under construction, including a manufacturing base in Serbia [3]. Future Outlook - The company has raised its net profit forecasts for 2024-2026 by 4.2%, 1.4%, and 0.1% to 3.00 billion, 3.25 billion, and 3.53 billion RMB, respectively, with corresponding EPS estimates of 1.88, 2.03, and 2.21 RMB [3]. - The ongoing equipment upgrades and increased overseas exports are expected to further enhance the company's performance [3].