Core Viewpoint - Xianheng International's stock price has shown a significant increase of 40.50% year-to-date, indicating strong market performance despite a recent decline of 2.01% on November 6 [2][1]. Financial Performance - For the period from January to September 2025, Xianheng International achieved a revenue of 2.695 billion yuan, representing a year-on-year growth of 35.47% [2]. - The net profit attributable to shareholders for the same period was 128 million yuan, reflecting a year-on-year increase of 32.45% [2]. Stock Market Activity - As of November 6, the stock price was reported at 17.05 yuan per share, with a trading volume of 58.2166 million yuan and a turnover rate of 0.84% [1]. - The total market capitalization of Xianheng International is approximately 6.995 billion yuan [1]. - The stock has seen a net outflow of main funds amounting to 2.0914 million yuan, with large orders buying 3.8848 million yuan (6.67% of total) and selling 5.9761 million yuan (10.27% of total) [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 12,300, a reduction of 8.65% from the previous period [2]. - The average circulating shares per person increased by 9.47% to 32,987 shares [2]. Dividend Distribution - Xianheng International has distributed a total of 651 million yuan in dividends since its A-share listing, with 351 million yuan distributed over the past three years [3]. Company Overview - Xianheng International, established on April 11, 2008, and listed on July 20, 2021, is based in Hangzhou, Zhejiang Province [2]. - The company's main business involves the distribution of well-known domestic and international tools and instruments, with a revenue composition of 71.80% from tools, 22.21% from instruments, and 5.93% from technical services [2]. - The company operates within the machinery and equipment sector, specifically in general equipment and instruments [2].

Summary of Key Points Core Viewpoint - Xianheng International (605056) experienced a stock price increase of 2.29% to 17.4 yuan as of the market close on November 5, 2025, with a trading volume of 60,700 shares and a total transaction value of 104 million yuan [1]. Trading Information - On November 5, the net outflow of main funds was 285,900 yuan, accounting for 0.27% of the total transaction value; meanwhile, speculative funds saw a net inflow of 4,097,300 yuan, representing 3.92% of the total transaction value; retail investors had a net outflow of 381,140 yuan, which is 3.65% of the total transaction value [1][3]. - There were three block trades on November 5 at a discount of 10.34%, with a total transaction amount of 9,055,800 yuan [1][3]. Company Announcements - Xianheng International announced the lifting of restrictions on 553,000 shares from its 2022 restricted stock incentive plan, which will be tradable starting November 10, 2025. This involves 23 incentive recipients and represents 0.1348% of the company's total share capital [1]. - The company achieved a revenue target of 3,605,616,974.13 yuan for 2024, exceeding 100% completion, leading to a 100% lifting of restrictions at the company level. However, some incentive recipients had their lifting ratios adjusted due to underperformance at the subsidiary or individual level [1].

Core Points - The company has approved a stock incentive plan involving the issuance of 553,000 shares, which will be listed for trading on November 10, 2025 [2][3][11] Group 1: Stock Incentive Plan Approval and Implementation - The company held a board meeting on September 28, 2022, to approve the 2022 Restricted Stock Incentive Plan and its management measures, with independent directors expressing their agreement [4] - The plan was publicly announced internally from September 29 to October 8, 2022, with no objections received during the notice period [5] - The plan received final approval from the shareholders at a meeting on October 17, 2022, allowing the board to determine the grant date and manage related matters [5][6] Group 2: Granting and Vesting Conditions - The first grant of restricted stock was discussed in subsequent board meetings, with adjustments made to the plan and the granting price as necessary [6][7] - The second vesting period for the reserved stock grants is set to last 24 months from the completion of the registration, with 50% of the granted stock eligible for release upon meeting conditions [8][9] Group 3: Release of Restricted Stock - The company has confirmed that the conditions for the second vesting period have been met, allowing 23 eligible participants to have their restrictions lifted [9][10] - A total of 553,000 shares will be released, representing approximately 0.1348% of the company's total equity [10] Group 4: Legal Compliance and Future Actions - The legal opinion confirms that the release of restricted stock complies with relevant laws and regulations, and the company must fulfill further disclosure obligations [12]

Trading Information Summary - As of November 4, 2025, Xianheng International (605056) closed at 17.01 yuan, up 2.78%, with a turnover rate of 2.18%, trading volume of 87,200 shares, and a transaction value of 147 million yuan [1] - On November 4, the net inflow of main funds was 6.0951 million yuan, accounting for 4.13% of the total transaction value; the net inflow of speculative funds was 9.8777 million yuan, accounting for 6.7% of the total transaction value; retail investors had a net outflow of 15.9728 million yuan, accounting for 10.84% of the total transaction value [1][3] Company Announcement Summary - Xianheng International announced the lifting of restrictions on 553,000 shares from the 2022 restricted stock incentive plan, with the listing date set for November 10, 2025. This involves 23 incentive recipients and represents 0.1348% of the company's total share capital [1] - The company achieved a revenue of 3,605,616,974.13 yuan for 2024, exceeding 100% of the performance assessment target, resulting in a 100% lifting of restrictions at the company level. However, some incentive recipients had their lifting ratios adjusted due to not meeting subsidiary or personal assessments [1]

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]