Core Viewpoint - Chongqing Machinery and Electric Co., Ltd. (02722) has seen a stock price increase of over 6%, currently at HKD 1.98, with a trading volume of HKD 39.36 million, following its inclusion in the MSCI Global Small Cap Index, effective after the market close on November 24, 2025, which is expected to enhance liquidity and support a target price of HKD 2.91 per share based on a 2025 PE ratio of 11 times [1][1][1] Group 1 - The company is expected to benefit from its inclusion in the MSCI Global Small Cap Index, which will enhance liquidity [1][1] - A report from Guoyuan International maintains a "Buy" rating for the company, citing AI and Yaxia projects as potential growth drivers for its transformer, engine, hydropower, and power transmission equipment businesses [1][1] - The company has conducted a new round of investor roadshows from November 5 to 6, 2023, to discuss its operational strategies [1][1] Group 2 - The company has actively responded to market changes this year, optimizing internal operations and improving management efficiency [1][1] - According to the company's unaudited financial statements for the period from January to October 2025, it is projected to achieve good year-on-year growth in revenue and total profit by the end of the year, meeting its annual operational targets [1][1]

Core Viewpoint - Chongqing Machinery and Electric Co., Ltd. (02722) has seen a stock price increase of over 6%, attributed to its inclusion in the MSCI Global Small Cap Index, which is expected to enhance liquidity and support future growth [1][1]. Group 1: Stock Performance - As of the report, the stock price rose by 6.45% to HKD 1.98, with a trading volume of HKD 39.36 million [1][1]. Group 2: MSCI Inclusion - The company will officially be included in the MSCI Global Small Cap Index after the market closes on November 24, 2025, which is anticipated to improve liquidity [1][1]. - The target price set by Guoyuan International is HKD 2.91 per share, based on a projected 11 times PE ratio for 2025 [1][1]. Group 3: Business Growth and Strategy - The company has been actively responding to market changes and optimizing internal operations throughout the year, aiming to enhance management efficiency [1][1]. - According to unaudited financial statements, the company expects to achieve good year-on-year growth in revenue and total profit by the end of the year, aligning with its annual operational goals [1][1]. - The AI and Yaxia projects are expected to support growth in the transformer, engine, hydropower, and power transmission equipment sectors [1][1].

FF301 本月底法定/註冊股本總額： RMB 3,684,640,154 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: 重慶機電股份有限公司 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) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,584,452,684 | RMB | | 1 RMB | | 2,584,452,684 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 2,584,452,684 | RMB | | 1 RMB | | ...

Core Viewpoint - The company has signed an asset transfer agreement with a wholly-owned subsidiary of its controlling shareholder, agreeing to sell specific assets and corresponding liabilities related to the "Chongqing Mechanical and Electrical Procurement Trading Platform" for RMB 4.8854 million [1] Group 1: Asset Transfer Details - The asset group being sold includes specific assets and liabilities associated with the operations of the "Chongqing Mechanical and Electrical Procurement Trading Platform," which is a comprehensive service platform integrating procurement, payment, contracts, invoicing, and data [1] - The transaction is valued at RMB 4.8854 million [1] Group 2: Strategic Intent - The company aims to focus on its core business and enhance strategic and operational synergies by divesting non-core assets [1] - This move is part of the company's strategic development plan to consolidate resources and concentrate efforts on the high-end equipment business segment, thereby improving development quality and competitiveness [1] - The ultimate goal is to create long-term value for shareholders [1]

Core Viewpoint - Chongqing Mechanical and Electrical Co., Ltd. has signed an asset transfer agreement with Excellence Company to sell specific assets and corresponding liabilities related to the "Chongqing Mechanical and Electrical Procurement Trading Platform" for RMB 4.8854 million, aiming to focus on its core business and enhance strategic and operational synergy [1]. Group 1 - The asset transfer agreement involves the sale of the asset group operated by Shengpu Technology, specifically related to the procurement trading platform [1]. - The "Chongqing Mechanical and Electrical Procurement Trading Platform" is a comprehensive service platform that integrates procurement, payment, contracts, invoicing, and data [1]. - The company aims to further concentrate on its high-end equipment business segment, improve development quality, and enhance competitiveness to create long-term value for shareholders [1].

Core Viewpoint - Chongqing Machinery and Electric Co., Ltd. announced the signing of an asset transfer agreement with Excellence Company, agreeing to sell the Shengpu Technology asset group for RMB 4.8854 million, aiming to focus on its core business and enhance strategic and operational synergies [1] Group 1: Company Overview - Chongqing Machinery and Electric Co., Ltd. primarily engages in the production, sales, and service of clean energy equipment and high-end intelligent manufacturing equipment [1] - Excellence Company, established in September 2003, is a wholly-owned subsidiary of the controlling shareholder, with a registered capital of RMB 280 million, serving as a supply chain service platform for the group [1] Group 2: Strategic Intent - The asset sale is part of the company's strategy to further focus on its core business, enhance strategic and operational synergies, and implement the group's strategic development plan [1] - The company aims to streamline resources by divesting non-core assets, concentrating efforts on the high-end equipment business segment to continuously improve development quality and enhance competitiveness, ultimately creating long-term value for 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分內容 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。 Chongqing Machinery & Electric Co., Ltd. * 02722 關連交易 出售分公司標的資產組 業務協議 2025年11月27日，本公司與卓越公司（控股股東之全資附屬公司）簽訂了資產轉讓協議， 據此，本公司同意出售及卓越公司同意收購昇普科技標的資產組，代價為人民幣488.54 萬元。 上市規則之涵義 截至本公告日期，卓越公司為控股股東附屬公司，而昇普科技為本公司的不具獨立法人 資格的分公司，因此，卓越公司為本公司的關連人士，出售事項構成上市規則第14A章 下本公司的關連交易。 由於根據上市規則第14章計算的最高適用百分比率超過0.1%但低於5%，根據上市規則 第14A.76(2)條，資產轉讓協議項下的出售事項僅須遵守有關年度審閱、申報及公告的規 定，但獲豁免遵守通函（包括獨立財務意見）及獨立股東批准的規定。 資產轉讓協議 2025年11月27日，本公司與卓越公司（控股股 ...

Core Viewpoint - Chongqing Machinery and Electric Co., Ltd. (02722) has seen a significant stock price increase following its inclusion in the MSCI Global Small Cap Index, which took effect after the market close on November 24 [1] Group 1: Stock Performance - The stock price of Chongqing Machinery and Electric rose over 6% during trading, with a current increase of 4.95%, reaching HKD 1.91, and a trading volume of HKD 26.3072 million [1] Group 2: Financial Performance - Chongqing Cummins is expected to achieve substantial growth in revenue and total profit for the period from January to October 2025, surpassing historical highs [1] - Citic Securities reported that the demand for high-power engines from Chongqing Cummins remains strong due to AIDC, with Q60 engines showing an 8% increase in sales during the first half of the year [1] Group 3: Investment Returns - Cummins Inc. announced that it received USD 68 million in investment returns from Chongqing Cummins in the first nine months, marking a 33.3% year-on-year increase [1] - In the third quarter of 2025, Cummins Inc. reported USD 23 million in investment returns from Chongqing Cummins, reflecting a 53.3% year-on-year growth [1]

Core Insights - The company's main business steadily increased in H1 2025, with the clean energy equipment segment's profit growing by 241.1% [1][3] Financial Performance - In H1 2025, the company's revenue reached approximately 4,658.1 million RMB, a year-on-year increase of 9.2% [3] - Gross profit for the same period was approximately 799.8 million RMB, up 10.4% year-on-year [3] - Shareholder profit attributable to the company was approximately 416.0 million RMB, reflecting a year-on-year increase of 53.8% [3] - The clean energy equipment segment generated revenue of approximately 3,738.2 million RMB, accounting for 80.3% of total revenue, with an 11.3% growth [3] - The operating profit for the clean energy equipment segment was approximately 152.8 million RMB, a significant increase of 241.1% year-on-year [3] Business Segments - The high-end intelligent manufacturing segment reported revenue of approximately 880.9 million RMB, a growth of 1.1%, but faced a loss of approximately 37.7 million RMB due to declines in PTG business and trade frictions [3][4] - The industrial services segment's revenue was approximately 31.9 million RMB, down 8.3%, with a loss of approximately 11.9 million RMB, a decrease of 52.0% [4] Strategic Developments - The company is focusing on enhancing its core competitiveness through major projects, including advancements in industrial pump technology and wind turbine blade production [4][5] - The AIDC is driving strong demand for high-power engines from Chongqing Cummins, with a sales increase of 8% in H1 2025 [5][6] Investment Opportunities - Chongqing Hitachi Energy, in which the company holds a 37.8% stake, generated investment income of approximately 47.2 million RMB, a year-on-year increase of 156.6% [2][6] - The company has been included in the MSCI Global Small Cap Index, which is expected to enhance liquidity and attract more institutional investment [7][8] Future Projections - Revenue forecasts for FY2025 to FY2027 have been adjusted upwards to 9,849.7 million RMB (+10.43%), 10,830.3 million RMB (+9.95%), and 11,912.6 million RMB (+9.99%) respectively [2][8] - Net profit forecasts for the same period are 892 million RMB (+106.8%), 991.5 million RMB (+11.16%), and 1,135.4 million RMB (+14.51%) [2][8] - The target price is set at 2.91 HKD per share, indicating a potential upside of 22.8% from the current price [2][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.91 per share, indicating a potential upside of 22.8% from the current price of HKD 2.37 [6][22]. Core Insights - The company's main business showed steady growth in H1 2025, with a revenue increase of 9.2% year-on-year, reaching approximately RMB 4,658.1 million. The gross profit rose by 10.4% to RMB 799.8 million, and the profit attributable to shareholders surged by 53.8% to RMB 416.0 million [3][9]. - The clean energy equipment segment experienced significant growth, with revenues of RMB 3,738.2 million, accounting for 80.3% of total revenue, and a remarkable profit increase of 241.1% [3][12]. - The company has been included in the MSCI Global Small Cap Index, which is expected to enhance liquidity and attract more institutional investment [5][19]. Summary by Sections Financial Performance - In H1 2025, the clean energy equipment segment's revenue was RMB 3,738.2 million, up 11.3% year-on-year, with a profit of RMB 152.8 million, reflecting a 241.1% increase [3][12]. - The high-end intelligent manufacturing segment reported revenues of RMB 880.9 million, a slight increase of 1.1%, but faced a loss of RMB 37.7 million due to challenges in the PTG business and trade frictions [12][13]. - The industrial services segment saw a revenue decline of 8.3%, with a profit drop of 52.0% [12]. Business Growth Drivers - The demand for large-capacity engines remains strong, supported by AIDC initiatives, with sales increasing by 8% in H1 2025 [4][14]. - The company’s investment in Chongqing Hitachi Energy, which is a major transformer manufacturing base, yielded a profit of RMB 47.2 million, up 156.6% year-on-year, driven by infrastructure investments in emerging markets and AI-related projects [17][18]. - The company is expected to benefit from the ongoing Yajiang Hydropower Station project, which will create demand for its hydropower, large-capacity engines, and transmission equipment [18][19]. Future Projections - Revenue forecasts for FY2025 to FY2027 have been adjusted upwards to RMB 9,849.7 million (+10.43%), RMB 10,830.3 million (+9.95%), and RMB 11,912.6 million (+9.99%) respectively. Net profit projections are RMB 892 million (+106.8%), RMB 991.5 million (+11.16%), and RMB 1,135.4 million (+14.51%) [6][22]. - The report suggests a reasonable valuation based on an 11x PE ratio for 2025, supporting the target price of HKD 2.91 per share [6][22].