Core Viewpoint - HanZhong Precision Machinery (002158) reported on November 10 that as of September 30, 2025, the total number of shareholders was 33,826 [1] Summary by Category - **Company Information** - As of September 30, 2025, the total number of shareholders for HanZhong Precision Machinery is 33,826 [1]

- The report discusses the market's continuation of a wide fluctuation pattern, with major broad-based indices showing mixed performance[1][12][13] - The report highlights that market sentiment has weakened, with trading volumes shrinking and both time series and cross-sectional volatilities declining[2][12] - The report notes that financing increases have narrowed compared to the previous week, and stock-based ETFs have turned to net outflows[3][12] - The report identifies the top five stocks that received the most institutional attention this week: Aibo Medical, Sanhua Intelligent Control, Luxshare Precision, Montage Technology, and Hanbell Precise Machinery[3][54][55] - The report provides detailed statistics on the performance of broad-based indices, including the Shanghai Composite Index, Shanghai 50, CSI 300, CSI 500, CSI 1000, and the ChiNext Index[13][14] - The report evaluates the valuation levels of broad-based indices and industry indices, noting that the CSI 500, CSI 1000, and ChiNext Index are at "moderate" valuation levels, while the Shanghai Composite Index, Shanghai 50, and CSI 300 are at "dangerous" levels[19][20] - The report tracks quantitative sentiment indicators, including volume timing signals, the proportion of rising stocks in the CSI 300, and moving average sentiment indicators[24][25][26][27][33][34][35][36][37] - The report observes market profitability effects, noting that cross-sectional volatility has declined week-on-week, indicating a deterioration in the short-term alpha environment[38][39] - The report also notes that time series volatility has declined week-on-week, indicating a deterioration in the alpha environment[39][42][44] - The report tracks the ETF market, noting that stock-based ETFs had a median return of 0.31% and a net outflow of 9.064 billion yuan, while Hong Kong stock ETFs had a median return of -1.02% and a net inflow of 18.122 billion yuan[75][76][77] - The report tracks the changes in financing scale, noting that as of November 6, 2025, the financing balance was 2.480549 trillion yuan, an increase of 11.629 billion yuan from October 31, 2025[74][78] - The report tracks the performance of stock index futures, noting that the main contracts of the Shanghai 50 and CSI 300 index futures had a lower discount rate compared to the previous trading week, while the main contracts of the CSI 500 and CSI 1000 index futures had a higher discount rate[57][58][59][60] - The report tracks the flow of southbound funds, noting that during the week of November 3-7, 2025, southbound funds had a net inflow of 38.679 billion Hong Kong dollars[71][72][73]

Group 1: Financial Performance - In the first three quarters of 2025, the company reported a revenue of 2.265 billion CNY, a year-on-year decrease of 20.70% [2] - The net profit for the same period was 392 million CNY, reflecting a year-on-year decline of 45.69% [2] - Basic earnings per share stood at 0.7327 CNY, also down by 45.69% compared to the previous year [2] - The weighted average return on net assets was 9.16%, a decrease of 9.20% year-on-year [2] Group 2: Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - These products are widely used in commercial buildings, food cold chain logistics, and heating applications, catering to various customer needs [2] - The company has seen growth in screw and magnetic levitation centrifugal compressors used in data centers during the first half of the year [2] Air Compression Products - The air compressors serve as core equipment in engineering machinery and are crucial in industries such as pharmaceuticals, chemicals, electronics, and road maintenance [3] - The company is expanding its market for oil-free air compressors, which are essential in industries requiring high air quality, such as food and biomedicine [3] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers and is testing new processes with clients [3] Group 3: Other Insights - The company experienced an increase in contract liabilities in the first three quarters, mainly due to a rise in advance payments for new orders [3] - During the investor relations activity, no undisclosed significant information was revealed [3]

Core Insights - The company HanZhong Precision Machinery has been researched by QuanGuo Fund, which has a management asset scale of 23.787 billion yuan and has shown strong performance in its funds [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 2.265 billion yuan, a year-on-year decrease of 20.70% [2]. - The net profit for the same period was 392 million yuan, reflecting a year-on-year decline of 45.69% [2]. - The basic earnings per share were 0.7327 yuan, also down by 45.69% year-on-year, with a weighted average return on equity of 9.16%, decreasing by 9.20% year-on-year [2]. Group 2: Product Overview - The company's main business focuses on two core segments: compressors and vacuum pumps, with the compressor segment further divided into refrigeration and air compression products [3]. Group 3: Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, frozen refrigeration compressors, and heat pump compressors, catering to various market needs [4]. - The company has seen growth in its screw and magnetic levitation centrifugal compressors used for data center cooling in the first half of the year [4]. - Taiwan Dongyuan is a significant partner and customer for the company's refrigeration compressors, indicating stable business relations [4]. Group 4: Air Compression Products - The company's air compressors serve as essential power sources in various industries, including engineering machinery, pharmaceuticals, chemicals, electronics, and more [5]. - The company is expanding its market for oil-free air compressors, which have high gas purity and are suitable for industries with stringent air quality requirements [5]. Group 5: Vacuum Products - The company's vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, chemicals, and other sectors [6]. - The company has begun small-scale supply to domestic chip manufacturers, indicating recognition and demand for its vacuum products [6]. Group 6: Other Developments - The company has seen an increase in contract liabilities, primarily due to a rise in advance payments for new orders [7].

Financial Performance - In the first three quarters of 2025, the company reported a revenue of 2.265 billion yuan, a year-on-year decrease of 20.70% [2] - The net profit for the same period was 392 million yuan, reflecting a year-on-year decline of 45.69% [2] - Basic earnings per share stood at 0.7327 yuan, also down by 45.69% compared to the previous year [2] - The weighted average return on net assets was 9.16%, a decrease of 9.20% year-on-year [2] Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - These products are widely used in commercial buildings, food cold chain logistics, and heating applications, catering to various customer needs [2] - There has been growth in the use of screw and magnetic levitation centrifugal compressors for data center cooling in the first half of the year [2] - Taiwan's Dongyuan is a key partner and customer, with stable business relations in the refrigeration compressor sector [2] Air Compression Products - The company's air compressors serve as core power sources in engineering machinery and are crucial in industries such as pharmaceuticals, chemicals, electronics, and road maintenance [3] - The company is expanding its market for oil-free air compressors, which are essential in industries requiring high air quality, such as food and biopharmaceuticals [3] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium battery manufacturing and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers and is testing new processes with clients [3] Other Information - The company has seen an increase in contract liabilities in the first three quarters, mainly due to a rise in advance payments for new orders [3] - During the investor relations activity, no undisclosed significant information was revealed [3]

Core Viewpoint - Hanbell Precise Machinery's stock has experienced fluctuations, with a year-to-date increase of 33.61% but a recent decline of 7.81% over the past five trading days, indicating volatility in investor sentiment and market conditions [1]. Company Performance - As of September 30, 2025, Hanbell Precise Machinery reported a revenue of 2.265 billion yuan, a year-on-year decrease of 20.70%, and a net profit attributable to shareholders of 392 million yuan, down 45.69% compared to the previous year [2]. - The company has a cumulative cash distribution of 2.236 billion yuan since its A-share listing, with 856 million yuan distributed over the last three years [3]. Stock Market Activity - The stock price of Hanbell Precise Machinery was 23.97 yuan per share, with a trading volume of 1.26 billion yuan and a turnover rate of 0.98% [1]. - The company has seen significant net outflows of main funds amounting to 9.6685 million yuan, with large orders showing a buy-sell imbalance [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 9.50% to 33,800, while the average circulating shares per person increased by 10.50% to 15,774 shares [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 573.50 million shares, and new entrants like Morgan Stanley Digital Economy Mixed A [3].

Core Viewpoint - Hanbell Precise Machinery is a leading company in the domestic screw compressor sector, focusing on application technology and possessing a strong technical foundation and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Hanbell's revenue reached 2.265 billion yuan, ranking 5th among 17 companies in the industry, with the top competitor, Ice Wheel Environment, generating 4.835 billion yuan [2] - The main business revenue composition includes compressor revenue of 1.077 billion yuan (72.36%), vacuum products at 276 million yuan (18.57%), parts and maintenance at 117 million yuan (7.88%), and casting products at 17.66 million yuan (1.19%) [2] - The net profit for the same period was 393 million yuan, ranking 3rd in the industry, with the leading company achieving 488 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hanbell's debt-to-asset ratio was 29.97%, lower than the previous year's 31.96% and below the industry average of 36.25%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 34.90%, down from 40.74% year-on-year but still above the industry average of 24.91%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.50% to 33,800, while the average number of circulating A-shares held per shareholder increased by 10.50% to 15,800 [5] - Notable shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 5.735 million shares, and new entrants like Morgan Stanley Digital Economy Mixed A [5] Group 4: Market Outlook - The company is experiencing pressure on performance due to declining demand in the photovoltaic sector, but the compressor business is benefiting from increased AI cooling demand [5] - The semiconductor vacuum pump domestic substitution is accelerating, and the data center construction is expected to drive future growth [6] - Revenue projections for 2025-2027 are 2.989 billion, 3.123 billion, and 3.436 billion yuan, with net profits of 509 million, 612 million, and 679 million yuan respectively [6]

Core Viewpoint - Hanbell Precise Machinery's stock has shown significant volatility, with a year-to-date increase of 41.03%, but recent declines in the short term raise concerns about future performance [1][2]. Financial Performance - For the period from January to September 2025, Hanbell Precise Machinery reported a revenue of 2.265 billion yuan, a year-on-year decrease of 20.70%, and a net profit attributable to shareholders of 392 million yuan, down 45.69% compared to the previous year [2]. - The company has distributed a total of 2.236 billion yuan in dividends since its A-share listing, with 856 million yuan distributed over the last three years [3]. Stock Market Activity - As of October 29, Hanbell's stock price was 25.30 yuan per share, with a market capitalization of 13.529 billion yuan. The stock experienced a trading volume of 115 million yuan and a turnover rate of 0.86% [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) three times this year, with the most recent appearance on September 4, where it recorded a net buy of -145 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 9.50% to 33,800, while the average number of circulating shares per person increased by 10.50% to 15,774 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, increasing its holdings by 5.735 million shares to 9.8265 million shares [3].

Group 1 - The core point of the article highlights the recent decline in the stock price of Han Zhong Precision Machinery, which fell by 5.15% to 24.66 CNY per share, with a trading volume of 474 million CNY and a turnover rate of 3.50%, resulting in a total market capitalization of 13.186 billion CNY [1] - Han Zhong Precision Machinery, established on January 7, 1998, and listed on August 17, 2007, specializes in the research, development, production, sales, and after-sales service of screw compressors. The main revenue composition includes compressors (72.36%), vacuum products (18.57%), parts and maintenance (7.88%), and casting products (1.19%) [1] Group 2 - Among the top ten circulating shareholders of Han Zhong Precision Machinery, Morgan Stanley Fund has a new entry with the "Morgan Stanley Digital Economy Mixed A" fund, holding 2.7384 million shares, which accounts for 0.51% of the circulating shares. The estimated floating loss today is approximately 3.6695 million CNY [2] - The "Morgan Stanley Digital Economy Mixed A" fund, managed by Lei Zhiyong, was established on March 2, 2023, with a latest scale of 3.351 billion CNY. Year-to-date returns are 78.09%, ranking 265 out of 8155 in its category, while the one-year return is 87.85%, ranking 164 out of 8029. Since its inception, the fund has achieved a return of 144.88% [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding growth driven by semiconductor vacuum pumps and data center demand [1][7] - The company has experienced a significant decline in revenue and net profit due to the downturn in the photovoltaic industry, but the AI refrigeration compressor business is seeing growth [7] - The semiconductor vacuum pump market is expected to grow as domestic manufacturers increase their market share, with the company already entering the mass delivery phase [7] - The data center construction sector is experiencing high demand, and the company has a comprehensive product line to meet the cooling needs of data centers [7] Financial Summary - For 2023, the total revenue is projected at 3,852 million yuan, with a year-on-year growth of 17.96%. However, a decline is expected in 2024 and 2025, with revenues of 3,674 million and 3,171 million yuan respectively [1][8] - The net profit attributable to the parent company is forecasted to be 865.03 million yuan in 2023, with a significant drop to 625.26 million yuan in 2025, reflecting a year-on-year decrease of 27.51% [1][8] - The company's gross margin for the first three quarters of 2025 is reported at 34.9%, down 5.8 percentage points year-on-year [7] - The company has maintained high R&D investment, with R&D expenses increasing by 11.3% year-on-year to 138 million yuan in the first three quarters of 2025 [7] Market Position and Outlook - The company is positioned as a leading domestic manufacturer in the semiconductor vacuum pump market, with completed product series and certifications that cater to critical manufacturing processes [7] - The company has received significant orders for screw compressors for data centers, indicating strong future revenue potential [7] - The report forecasts net profits for 2025-2027 to be 6.3 billion, 7.1 billion, and 8.4 billion yuan respectively, with corresponding P/E ratios of 22, 20, and 17 times [7][8]