证券代码：605056 证券简称：咸亨国际 公告编号：2025-076 咸亨国际科技股份有限公司 关于 2022 年限制性股票激励计划预留授予部分 第二个解除限售期解除限售暨上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 553,000股。 本次股票上市流通总数为553,000股。 2、2022 年 9 月 29 日至 2022 年 10 月 8 日，公司对本激励计划拟首次授予激 励对象的姓名和职务在公司内部进行了公示，在公示期内，公司监事会未接到任 何异议的反馈。2022 年 10 月 11 日，公司披露了《监事会关于公司 2022 年限制性 本次股票上市流通日期为2025 年 11 月 10 日。 股票激励计划激励对象名单的公示情况说明及核查意见》。 3、2022 年 10 月 17 日，公司召开 2022 年第二次临时股东大会审议通过《关 于公司<2022 年限制性股票激励计划（草案）及其摘要>的议案》《关于公司<2022 年 ...

Core Viewpoint - Xianheng International (605056) shows a positive stock performance with a closing price of 16.55 yuan, up 1.66% as of November 3, 2025, indicating a potential upward trend in investor sentiment [1] Financial Performance - For the first three quarters of 2025, Xianheng International reported a main revenue of 2.695 billion yuan, a year-on-year increase of 35.47% [3] - The net profit attributable to shareholders for the same period was 128 million yuan, up 32.45% year-on-year [3] - The third quarter alone saw a main revenue of 1.111 billion yuan, reflecting a 38.02% increase year-on-year, with a net profit of 66.56 million yuan, up 22.71% [3] - The company’s gross profit margin stands at 22.16%, while the net profit margin is 4.97% [3] Market Position - Xianheng International has a total market value of 6.79 billion yuan, which is higher than the industry average of 5.445 billion yuan, ranking 18th in the industry [3] - The company’s price-to-earnings ratio (P/E) is 39.72, compared to the industry average of -46.57, indicating a relatively high valuation [3] - The return on equity (ROE) is 7.55%, significantly above the industry average of 3.29%, suggesting effective management of equity [3] Capital Flow - On November 3, 2025, the net outflow of main funds was 1.1628 million yuan, accounting for 1.51% of the total transaction amount [2] - Retail investors showed a net inflow of 753.8 thousand yuan, representing 0.98% of the total transaction amount, indicating strong retail interest [1][2] - Over the past five days, the stock has experienced fluctuations in capital flow, with notable net outflows from main funds on several days [2]

Group 1 - The core viewpoint of the report is that Zhongyou Securities has given a "Buy" rating to Xianheng International (605056.SH) based on its strong Q3 revenue growth and impressive performance in oil and gas as well as e-commerce [1] - The company's Q3 revenue growth accelerated, indicating a positive trend in its financial performance [1] - Despite the revenue growth, the company's gross profit margin declined due to customer structure reasons, leading to a slight decrease in net profit margin in Q3 [1]

Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Insights - The company reported a revenue of 2.695 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 35.47%. The net profit attributable to the parent company was 128 million yuan, up 32.45% year-on-year [5]. - In Q3 2025, the company achieved a revenue of 1.111 billion yuan, a year-on-year increase of 38.02%, with a net profit of 67 million yuan, reflecting a growth of 22.71% year-on-year [5]. - The company's Q3 gross margin was 21.41%, down 5.90 percentage points year-on-year, primarily due to a shift in customer structure towards lower-margin strategic industry clients [6]. - The company is expected to continue its growth trajectory in the MRO industry, with projected revenues of 4.52 billion yuan and 6.03 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 25.3% and 33.4% [7]. Financial Performance - The company’s total market capitalization is 6.7 billion yuan, with a total share capital of 410 million shares [4]. - The company’s PE ratio is 29.60, with a projected PE of 25.4X and 21.4X for 2025 and 2026, respectively [4][7]. - The operating cash flow for Q3 was 117 million yuan, an increase of 59 million yuan year-on-year [6]. Revenue and Profit Forecast - The forecast for the company's revenue and net profit for the upcoming years is as follows: - 2025E Revenue: 4.52 billion yuan, Net Profit: 263.47 million yuan - 2026E Revenue: 6.03 billion yuan, Net Profit: 312.73 million yuan [9][12].

Core Viewpoint - Xianheng International (605056) has shown positive performance in stock price and financial results, indicating growth potential in the oil and gas sector and emerging e-commerce projects. Group 1: Stock Performance - As of October 31, 2025, Xianheng International closed at 16.28 yuan, up 1.37% from the previous week [1] - The stock reached a peak of 16.77 yuan on October 28 and a low of 15.86 yuan on October 30 [1] - The current market capitalization is 6.679 billion yuan, ranking 82nd in the general equipment sector and 2662nd in the A-share market [1] Group 2: Trading Information - On October 28, there were 12 block trades for Xianheng International, with institutional net purchases amounting to 14.9988 million yuan [2][7] Group 3: Shareholder Changes - As of September 30, 2025, the number of shareholders decreased to 12,300, a reduction of 8.65% from June 30 [3] - The average number of shares held per shareholder increased from 30,400 to 33,300, with an average holding value of 539,800 yuan [3] Group 4: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 2.695 billion yuan, a year-on-year increase of 35.47% [4] - The net profit attributable to shareholders was 128 million yuan, up 32.45% year-on-year, while the net profit excluding non-recurring items was 126 million yuan, up 36.94% [4] - In Q3 2025, the single-quarter main revenue was 1.111 billion yuan, a 38.02% increase year-on-year, with a net profit of 66.5561 million yuan, up 22.71% [4] Group 5: Company Announcements - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares, totaling 32,822,579.20 yuan, which accounts for 25.60% of the net profit for the first three quarters [5][7] - The board has approved the cancellation of the supervisory board, with the audit committee taking over its responsibilities, pending shareholder approval [5] - A temporary shareholder meeting is scheduled for November 17, 2025, to discuss the cancellation of the supervisory board and other related matters [5] Group 6: Incentive Plan - The independent financial advisor confirmed that the conditions for the second unlock period of the 2022 restricted stock incentive plan have been met, allowing 23 participants to unlock 553,000 shares, representing 0.1348% of the total share capital [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown strong revenue growth, with Q1-3 2025 revenue reaching 2.69 billion yuan, a year-on-year increase of 35.5% [1] - The company is expanding into new fields such as oil and gas and power generation, which is expected to drive future revenue growth [3] - The gross margin has declined to 22.2% in Q1-3 2025, down 5.8 percentage points year-on-year, attributed to lower-margin new business areas [2] Financial Performance Summary - For Q1-3 2025, the company achieved a net profit attributable to shareholders of 130 million yuan, up 32.5% year-on-year [1] - The operating cash flow for Q1-3 2025 was -20 million yuan, but improved by 140 million yuan year-on-year [1] - The company declared a cash dividend of 0.08 yuan per share, yielding 0.5% on the announcement date [1] Profitability and Cost Structure - The gross margin for Q3 2025 was 21.4%, a decrease of 5.9 percentage points year-on-year, primarily due to high growth in lower-margin sectors [2] - The operating expense ratio for Q1-3 2025 was 15.0%, down 6.1 percentage points year-on-year, indicating effective cost control [2] - The final net profit margin for Q3 2025 was 6.1%, a slight decrease of 0.8 percentage points year-on-year [2] Growth Potential and Forecast - The company is expected to continue its revenue growth trajectory, with projected revenues of 4.33 billion yuan in 2025, reflecting a growth rate of 19.99% [4] - The forecasted net profit for 2025 is 266 million yuan, with a growth rate of 19.32% [4] - The company is positioned as a leader in the MRO sector for power grids, with plans to expand into oil and petrochemical sectors [3]

Core Insights - The company reported strong revenue growth for Q1-Q3 2025, achieving revenue of 2.69 billion, net profit attributable to shareholders of 130 million, and net profit excluding non-recurring items of 130 million, representing year-on-year increases of 35.5%, 32.5%, and 36.9% respectively [1] - The company declared a cash dividend of 0.08 per share, yielding a dividend rate of 0.5% on the announcement date [1] Financial Performance - The gross margin for Q1-Q3 2025 was 22.2%, down 5.8 percentage points year-on-year, attributed to high growth in lower-margin new business areas [2] - The operating expense ratio was 15.0%, down 6.1 percentage points year-on-year, with sales, management, financial, and R&D expense ratios at 7.4%, 6.0%, -0.02%, and 1.6% respectively [2] - The net profit margin for Q1-Q3 was 5.0%, a slight decrease of 0.1 percentage points year-on-year, indicating stable profitability [2] Growth Momentum - The company is experiencing an upward business cycle that began in 2023, focusing on new areas such as oil and gas and power generation, while benefiting from centralized and digital procurement trends among state-owned enterprises [3] - The company is actively expanding its product lines and services, including the deployment of advanced technologies like drones for pipeline inspections and robotic projects [3] - Future profitability is expected to improve as the structure of new business areas optimizes, the proportion of proprietary products increases, and expenses are effectively controlled [3] Profit Forecast and Valuation - The company is positioned as a leader in the MRO sector for power grids, with a diverse product line and nationwide service network, and is expanding into four major areas including oil and petrochemicals [3] - Profit forecasts for 2025-2027 are maintained at 266 million, 316 million, and 359 million respectively, with a "buy" rating upheld [3]

Core Insights - Xianheng International (605056.SH) reported its Q3 2025 results, revealing that 13 institutional investors hold a total of 279 million shares, representing 68.00% of the company's total equity [1] - The top ten institutional investors collectively own 67.15% of the shares, a decrease of 2.95 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding shares in Xianheng International is 13, with a total holding of 279 million shares [1] - The top ten institutional investors include notable firms such as Hangzhou Xingrun Investment Co., Ltd. and Goldman Sachs Asia Strategic Pte. Ltd. [1] - The proportion of shares held by the top ten institutional investors has decreased by 2.95 percentage points from the last quarter [1] Public Fund Activity - One public fund, Everbright Sunshine Intelligent Manufacturing Mixed A, increased its holdings slightly compared to the previous period [2] - Three public funds, including Jiao Yin Trend Mixed A and Jiao Yin Qi Cheng Mixed A, reduced their holdings, with a total decrease of 2.06% [2] - One new public fund, Xiangcai Hongli Quantitative Stock Selection Mixed A, was disclosed this period, while 58 public funds were not disclosed again [2] Foreign Investment Trends - One foreign fund, Goldman Sachs Asia Strategic Pte. Ltd., reduced its holdings by 1.11% compared to the previous quarter [2]

Group 1 - The company, Xianheng International, held its 21st meeting of the 3rd Board of Directors on October 29, 2025, to discuss various proposals, including the repeal of the "Annual Work Regulations of the Audit Committee of the Board of Directors" [1] - For the first half of 2025, the revenue composition of Xianheng International was as follows: Other industries accounted for 66.4%, the power industry accounted for 33.42%, and other businesses accounted for 0.18% [1]

Core Viewpoint - Xianheng International is a leading MRO service provider in China, with a comprehensive product line and strong market competitiveness, focusing on various sectors including high voltage, energy storage, and nuclear power [1] Group 1: Business Performance - For Q3 2025, Xianheng International reported revenue of 2.695 billion yuan, ranking 2nd in the industry, surpassing the industry average of 655 million yuan and median of 380 million yuan [2] - The main business composition includes tools and equipment at 1.135 billion yuan (71.80%), instruments at 351 million yuan (22.21%), and technical services at 93.88 million yuan (5.93%) [2] - The net profit for the same period was 134 million yuan, ranking 10th in the industry, exceeding the industry average of 58.97 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 48.19%, higher than the previous year's 40.61% and the industry average of 27.43% [3] - The gross profit margin for Q3 2025 was 22.16%, down from 27.91% in the previous year and below the industry average of 43.50% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.65% to 12,300, while the average number of circulating A-shares held per shareholder increased by 9.47% to 33,000 [5] - The company announced a restricted stock incentive plan, proposing to grant 6 million shares to 174 individuals at a price of 7.29 yuan per share, contingent on achieving revenue or net profit targets from 2025 to 2027 [5] Group 4: Growth Prospects - In the first half of 2025, the company achieved revenue of 1.583 billion yuan, a year-on-year increase of 33.74%, with net profit of 62 million yuan, up 44.87% [6] - Strategic sectors such as oil and gas, power generation, and new e-commerce are experiencing high growth, with revenue projections for 2025 and 2026 at 4.46 billion and 5.40 billion yuan, respectively [6]