Financial Performance - The company's Q3 2025 report shows a main revenue of 1.685 billion yuan, a year-on-year decrease of 5.27%, but a net profit attributable to shareholders of 320 million yuan, an increase of 32.67%, indicating improved profitability [1] - The non-recurring net profit also grew by 34.91% year-on-year, reflecting a significant performance contrast [1] Capital Flow - On January 9, 2026, the company experienced a net inflow of 380 million yuan in main funds, with the stock price hitting the daily limit, increasing by 7.80%, and trading volume surging to 2.913 billion yuan, with a turnover rate of 31.55% [2] - On February 3, 2026, there was a continued net inflow of 10.12 million yuan, with the stock price rising by 2.08%, although the cumulative stock price has decreased by 2.77% year-to-date, and a decline of 14.67% over the past 60 days [2] - The complete release of pledged shares by the controlling shareholder on January 9, 2026, is viewed as enhancing shareholding stability [2] Industry Policy Landscape - The company operates in sectors including nuclear power equipment and photovoltaic power station operations, with the controlled nuclear fusion concept gaining market attention since December 2025, leading to favorable policies that have strengthened the nuclear power equipment sector [3] - As a supplier of related equipment, the company has attracted capital attention, and the rising expectations for clean energy policies have positively impacted the power equipment sector, with other power equipment sectors rising by 2.36% on January 9, 2026 [3] - Trends such as the anticipated increase in offshore wind power installations may also indirectly affect the company's business environment [3] Institutional Research - On December 9, 2025, the company hosted a research meeting with several institutions, including Industrial Securities, discussing advancements in nuclear power business and technology coverage [4]

Investment Rating - The industry rating is "stronger than the market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [13]. Core Insights - Major technology and new energy companies are entering the nuclear power sector, creating a diversified new landscape for nuclear energy in China. Companies like Alibaba and Geely are investing in coastal nuclear power projects, focusing on stable energy to support computing power demands [3][4]. - The policy environment is increasingly favorable for private investment in nuclear power, with the proportion of private capital expected to rise to 10% by 2024. This trend is supported by the integration of AI and nuclear energy, which is anticipated to deepen as the demand for computing power grows [4]. - Small Modular Reactors (SMR) are highlighted as a key solution to meet the energy demands of AI, with significant interest from technology giants. Companies are developing tailored energy solutions for data centers using SMR technology [5]. Company Summaries - **Jingye Intelligent**: Plans to establish a subsidiary focused on SMR technology for AI data center power supply [6]. - **Jia Electric**: Its main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor's primary circuit, leading in the nuclear power business segment [6]. - **Guoguang Electric**: Provides critical components for the ITER project, focusing on filter and cladding systems [6]. - **Lanshi Heavy Industry**: Covers the entire nuclear energy supply chain from upstream nuclear fuel systems to downstream spent fuel processing [6]. - **Kexin Electromechanical**: Produces high-temperature gas-cooled reactor products and has developed domestic alternatives for new fuel transport containers [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and fusion reactors [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [6].

Group 1 - The core viewpoint of the article highlights a decline in China's industrial boiler production, with a reported decrease of 12.8% year-on-year in December 2025, resulting in a total production of 18.8 million tons for the year, which is an 8.9% cumulative decline [1][2]. Group 2 - The listed companies in the industrial boiler sector include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1]. - The data source for the production statistics is the National Bureau of Statistics, and the analysis is provided by Zhiyan Consulting, a leading industry consulting firm in China [2].

Industry Overview - The boiler manufacturing industry in China has a limited number of publicly listed companies, with key players including Xizi Clean Energy, Huaguang Huaneng, Chuanrun Co., Hailu Heavy Industry, Huaxi Energy, and Dongfang Boiler [1][8] - The industry has a large upstream and downstream supply chain, with the midstream boiler manufacturing segment being the focus of the listed companies [1] Company Performance - The leading companies in the boiler manufacturing sector, such as Xizi Clean Energy, Huaguang Huaneng, and Hailu Heavy Industry, have reported boiler business revenues exceeding 1 billion yuan [8] - Hailu Heavy Industry achieved the highest gross margin of 26.03% for its waste heat boilers and related products in 2024 [8] Financing Activity - The financing activity in the boiler manufacturing industry has shown a declining trend, with a total of 61 financing events occurring from 2014 to 2025 [9] - The financing activity significantly decreased after 2018, with no financing events reported in 2021 [9] - In 2024, there were 5 financing events disclosed, amounting to approximately 1.15 billion yuan, while 3 financing events occurred in 2025, totaling around 250 million yuan [9] Investment Focus - The financing rounds in the boiler manufacturing sector are primarily concentrated on strategic investments and post-listing financing, particularly in the New Third Board [10]

Group 1 - Controlled nuclear fusion is a focal point in the global energy sector due to its advantages of abundant fuel, environmental cleanliness, high energy density, and safety [1] - The Chinese Academy of Sciences has achieved a record magnetic field strength of 35.6 Tesla with a fully superconducting user magnet, marking a significant advancement in high-temperature superconducting applications [1] - The mainstream technical routes for nuclear fusion are magnetic confinement and inertial confinement, with magnetic confinement being the most mature and closest to commercialization [1] Group 2 - The capital market's interest in the controlled nuclear fusion sector has significantly increased, with projected global financing for the nuclear fusion industry reaching $9.766 billion by 2025, an increase of $2.643 billion from 2024 [2] - There are currently 58 fusion energy device companies globally, with 14 of them based in China [2] Group 3 - Listed companies in the industry are actively positioning themselves to seize opportunities in the controlled nuclear fusion field, with China Energy Construction Corporation conducting research on various aspects of fusion technology [3] - Suzhou Hailu Heavy Industry Co., Ltd. has been involved in nuclear power equipment manufacturing since 1998 and is currently participating in domestic and international controlled nuclear fusion projects [3] - Antai Technology Co., Ltd. is the first domestic company to achieve mass production of key components for nuclear fusion [3] - The period from 2026 to 2030 is seen as a critical window for transitioning controlled nuclear fusion from "scientific experimental devices" to "energy equipment," emphasizing the need for companies to focus on high-value segments and collaboration with national teams [3]

Group 1 - Suzhou Hailu Heavy Industry Co., Ltd. won a procurement project from China Chemical Engineering International Co., Ltd. with a bid amount of 23.18 million yuan [1][2] - In 2024, Hailu Heavy Industry reported an operating revenue of 2.789 billion yuan, with a revenue growth rate of -0.23% and a net profit attributable to the parent company of 377 million yuan, reflecting a net profit growth rate of 10.86% [3] - For the first half of 2025, the company recorded an operating revenue of 1.032 billion yuan, with a revenue growth rate of -10.44% and a net profit attributable to the parent company of 191 million yuan, showing a significant net profit growth rate of 50.03% [3] Group 2 - The company operates in the industrial sector, with major product types including semiconductor solar photovoltaic, generators and auxiliary equipment, boilers and auxiliary equipment, nuclear power, and pressure vessels [3] - The main composition of the company's 2024 report includes: waste heat boilers and related supporting products (52.92%), pressure vessels (28.2%), engineering services (6.84%), new energy power sales (3.63%), nuclear power products (3.24%), wastewater treatment (2.25%), and other categories [3]

Group 1 - Su Dawei Ge's wholly-owned subsidiary plans to invest in a fund focusing on semiconductor, new energy, AI, and aerospace sectors, contributing 20 million yuan for a 10.2302% stake [2] - Shimao Energy terminates plans for a change in control after failing to reach consensus on key terms, with stock resuming trading on January 19 [3] - Huatian Hotel's controlling shareholder is planning a merger and restructuring, potentially changing the actual controller to the Hunan Provincial State-owned Cultural Assets Supervision and Administration Commission [4] Group 2 - Jinpu Titanium's subsidiary Xuzhou Titanium will cease production due to intensified market competition, which is expected to significantly impact revenue in 2026 [5] - Dingxin Communications' deputy general manager is under investigation by the CSRC for suspected short-term trading of company stock, but it will not affect the company's operations [6] - Xinhang New Materials plans to acquire 51% of Hairete for 12.8826 million yuan to explore new growth points [7] Group 3 - Hualan Co.'s controlling shareholder raises the upper limit of its share buyback plan from 58.08 yuan to 86.66 yuan per share [8] - Wanhua Chemical's MDI Phase II facility has resumed normal production after maintenance [9] - Junsheng Electronics introduces a strategic investor, with a 1 billion yuan investment aimed at reducing overall debt [10] Group 4 - Jiangbolong announces five shareholders plan to transfer 3% of the company's shares through a pricing inquiry [11] - Haitai Technology expects a net profit increase of 226.86% to 323.97% in 2025, driven by high industry demand and increased orders [13] - Northern Rare Earth anticipates a net profit increase of 116.67% to 134.6% in 2025 due to successful market expansion [14] Group 5 - Lanke Technology forecasts a net profit increase of 52.29% to 66.46% in 2025, benefiting from the AI industry trend [15] - Keda expects a net profit increase of 52.21% to 67.43% in 2025, driven by growth in data center and new energy sectors [16] - Cambridge Technology predicts a net profit increase of 51% to 67% in 2025, supported by strong demand in core business areas [17] Group 6 - China Electric Research anticipates a net profit of 533 million yuan in 2025, a 14.04% increase year-on-year [18] - China Automotive Research expects a net profit of 1.06 billion yuan in 2025, a 17.85% increase year-on-year [19] - Zhongcheng Co. forecasts a net profit of 276 million to 414 million yuan in 2025, recovering from a previous loss [20] Group 7 - Junda Co. expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, worsening from a previous loss of 591 million yuan [21] - Guangdian Network anticipates a net loss of 1.29 billion to 1.55 billion yuan in 2025, attributed to declining traditional business revenue [22] - Jiugang Hongxing predicts a net loss of approximately 1.879 billion yuan in 2025, an improvement from a previous loss of 2.617 billion yuan [23] Group 8 - Jinbo Co. expects a net loss of around 1.4 billion yuan in 2025, worsening from a previous loss of 815 million yuan [24] - Dongjiang Environmental anticipates a net loss of 1.05 billion to 1.35 billion yuan in 2025, due to ongoing industry adjustments [25] - Daqing Energy forecasts a net loss of 1 billion to 1.3 billion yuan in 2025, despite improvements in production costs [26] Group 9 - Dongzhu Ecology expects a net loss of 935 million to 1.135 billion yuan in 2025, impacted by macroeconomic factors [27] - Weiyuan Co. anticipates a net loss of 950 million to 1.05 billion yuan in 2025, turning from profit to loss [28] - Huanghe Xuanfeng predicts a net loss of 850 million yuan in 2025, an improvement from a previous loss of 983 million yuan [29] Group 10 - Fushun Special Steel expects a net loss of 770 million to 870 million yuan in 2025, turning from profit to loss [30] - China First Heavy Industries anticipates a net loss of 310 million to 460 million yuan in 2025, significantly reducing losses compared to the previous year [31] - Jishi Media forecasts a net loss of 364 million to 455 million yuan in 2025, with overall revenue expected to remain stable [33] Group 11 - Guangxi Energy expects a net loss of 170 million to 220 million yuan in 2025, turning from profit to loss [34] - Baike Bio anticipates a net loss of 220 million to 280 million yuan in 2025, turning from profit to loss due to declining vaccine sales [35] - Zhongtai Auto expects to remain in a loss position for 2025, with a projected positive net asset value by year-end [36] Group 12 - Nasda anticipates a loss for 2025 due to significant asset sales and industry policy adjustments [37] - Rongsheng Development expects to report a loss for 2025, with the amount not exceeding the previous year's audited net assets [38] Group 13 - China National Materials signs a contract worth 299 million Canadian dollars for engineering services in Canada [40] - Dayu Water-saving's subsidiary wins a project worth 133 million yuan for water source guarantee engineering [41] - Hailu Heavy Industry reports new orders totaling 1.941 billion yuan for 2025 [42]

Core Insights - The company, Hailu Engineering (002255.SZ), reported a new order amount of 1,940.784 million yuan for the year 2025, indicating a strong demand for its services [1] - As of December 31, 2025, the total backlog of orders reached 3,597.4763 million yuan, reflecting the company's robust order pipeline [1] Financial Summary - New signed orders for 2025 amounted to 1,940.784 million yuan, which is inclusive of tax and excludes amounts for contracts that have been bid but not yet signed [1] - Cumulative orders on hand as of the end of 2025 totaled 3,597.4763 million yuan, also inclusive of tax [1]

Core Viewpoint - The company, Hailu Heavy Industry (002255.SZ), reported a new order amount of 1,940.784 million yuan for the year 2025, with a total backlog of 3,597.4763 million yuan as of December 31, 2025, all figures are tax-inclusive and do not include amounts for contracts that have been bid but not yet signed [1] Summary by Category - **New Orders**: The company secured new orders amounting to 1,940.784 million yuan for the year 2025 [1] - **Backlog**: As of December 31, 2025, the total backlog of orders stands at 3,597.4763 million yuan [1] - **Contract Status**: The reported figures are tax-inclusive and exclude amounts for contracts that have been bid but are not yet signed [1]

一、2025 年度新签订单及在手订单情况 2025 年度，公司新签订单金额为 194,078.40 万元，截至 2025 年 12 月 31 日 累计在手订单为 359,747.63 万元。以上数据均为含税价且不含已中标但尚未签订 合同的金额。 证券代码：002255 证券简称：海陆重工 公告编号：2026-001 苏州海陆重工股份有限公司 关于 2025 年度订单情况的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州海陆重工股份有限公司（以下简称"公司"）立足"科技领航、业界先 锋"的企业理念，紧扣战略规划和年度任务，持续深耕现有市场、拓展新市场， 取得了积极成效。现将公司 2025 年度的新签订单及在手订单情况公告如下： 苏州海陆重工股份有限公司董事会 2026 年 1 月 17 日 1 单位：万元（含税） | 按行业分类 | 2025 | 年度新签订单 | 截至 | 2025 | 年 | 12 月 31 | 日在手订单 | | --- | --- | --- | --- | --- | --- | --- | --- | | 工业 ...