Core Viewpoint - Hailu Engineering's stock price increased to 8.62 yuan, reflecting a rise of 0.47% from the previous trading day, with a total market capitalization of 7.162 billion yuan [1] Company Overview - Hailu Engineering specializes in the research and manufacturing of industrial waste heat boilers and nuclear power equipment, operating within the power equipment industry [1] - The company's products are utilized across various sectors, including steel, chemical, and electric power, and it has been included in the list of specialized and innovative enterprises [1] Financial Performance - The company is expected to report a net profit of 190 million to 205 million yuan for the first half of 2025, indicating a year-on-year growth of 48.92% to 60.68% [1] Market Activity - On August 5, the net inflow of main funds was 365,000 yuan, accounting for 0.01% of the circulating market value [1] - However, over the past five trading days, there has been an overall net outflow of main funds totaling 48.428 million yuan, which represents 0.88% of the circulating market value [1]

Core Viewpoint - The stock price of Hailu Heavy Industry reached 8.58 yuan as of August 4, 2025, reflecting a slight increase of 0.04 yuan or 0.47% from the previous trading day [1] Company Overview - Hailu Heavy Industry specializes in the research and manufacturing of energy-saving and environmental protection equipment, with applications in the power, metallurgy, and chemical industries [1] - The company is headquartered in Jiangsu and operates within the power equipment industry [1] Business Strategy - On August 4, the company stated on its interactive platform that it will continue to focus on technological breakthroughs and product upgrades in the core field of energy-saving and environmental protection equipment [1] - The company aims to continuously develop new products and technologies that possess market competitiveness [1] Financial Performance - On August 4, the net inflow of main funds was 4.98 million yuan, but there was a cumulative net outflow of 92.71 million yuan over the past five trading days [1]

Core Viewpoint - The company emphasizes its commitment to research and development, focusing on technological breakthroughs and product upgrades in the energy-saving and environmental protection equipment sector [1] Company Focus - The company is dedicated to developing new products and technologies that are competitive in the market [1]

Core Viewpoint - The company emphasizes its commitment to research and development in the energy-saving and environmental protection equipment sector, indicating potential opportunities for its technologies in light of the construction of the Yarlung Tsangpo River hydropower station [1] Group 1 - The company is focused on technological breakthroughs and product upgrades in the core area of energy-saving and environmental protection equipment [1] - The company is continuously developing new products and technologies that are competitive in the market [1]

Core Viewpoint - The construction of the first commercial controlled nuclear fusion power plant in the U.S. by Helion Energy marks a significant step towards the commercialization of fusion energy, with plans to supply power to Microsoft by 2028 [3][5]. Group 1: Company Developments - Helion Energy has initiated site construction for its controlled nuclear fusion power plant named "Orion" in Chelan County, Washington, which is a crucial milestone for integrating fusion power into the grid [3]. - The company has signed a power purchase agreement with Microsoft to supply 50 MW annually starting in 2028 [5]. - Helion's technology utilizes a magnetic inertial confinement approach, specifically the Field-Reversed Configuration (FRC) method, which is simpler and more cost-effective compared to the Tokamak technology, with construction costs estimated to be only 1/5 to 1/10 of Tokamak systems [5]. Group 2: Industry Context - Other companies in China, such as Hanhai Fusion and Xingneng Xuanguang, are also pursuing similar FRC technology, indicating a growing interest in fusion energy [6]. - A recent industry seminar in Shanghai attracted over 20 companies and nearly 30 financial institutions to discuss the future of controlled nuclear fusion, highlighting its status as a hot topic in the capital market [7]. - Nearly 50 controlled nuclear fusion concept stocks have been actively researched by investors this year, with significant interest in companies like Ice Wheel Environment and Antai Technology, which have received multiple investor inquiries [7]. Group 3: Financial Performance - Several controlled nuclear fusion concept stocks have reported significant earnings growth for the first half of 2025, with Yongding Co. expecting a net profit increase of 731% to 922% year-on-year, primarily due to increased investment income [8]. - Baosheng Co. anticipates a net profit increase of 167.98% to 301.98% for the same period, driven by the market recognition of high-value products [8].

Group 1 - The core viewpoint of the news is that Suzhou Hailu Heavy Industry Co., Ltd. has shown a mixed performance in its recent financial results, with a slight increase in revenue but a significant rise in net profit [1] - As of July 29, 2025, the company's stock price closed at 8.6 yuan, down 1.26%, with a turnover rate of 4.92% and a trading volume of 314,100 hands, amounting to 269 million yuan [1] - The latest quarterly report indicates total operating revenue of 467 million yuan, a year-on-year increase of 0.33%, and a net profit attributable to shareholders of 73.75 million yuan, reflecting a year-on-year growth of 62.37% [1] Group 2 - The company has a current ratio of 1.968, a quick ratio of 1.303, and a debt-to-asset ratio of 40.13%, indicating a stable liquidity position [1] - Suzhou Hailu Heavy Industry has made investments in 25 companies and participated in 1,119 bidding projects, showcasing its active engagement in the market [2] - The company holds 14 trademark registrations and 295 patents, along with 32 administrative licenses, highlighting its focus on intellectual property and regulatory compliance [2]

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

Group 1 - The company is advancing its fourth-generation nuclear power equipment project, which will alleviate current capacity bottlenecks and enhance production capabilities, aligning with national nuclear power development policies [1] - The company expects a net profit attributable to shareholders of 190 million to 205 million yuan for the first half of the year, primarily due to improved order quality and the absence of previous year's subsidy impacts on the renewable energy sector [1] - The company specializes in manufacturing industrial waste heat boilers, large and special material pressure vessels, nuclear safety equipment, and environmental remediation services [1] Group 2 - The company has been manufacturing nuclear power equipment since 1998 and has completed several significant domestic and international projects [2] - Nuclear power plays a crucial role in the emerging energy system due to its economic, low-carbon, and stable characteristics, with China approving 11 nuclear power units in 2024, maintaining a global leadership position [2] - The domestic nuclear equipment localization rate has significantly increased, with key components achieving 100% localization, showcasing China's advanced nuclear technology on the global stage [3] Group 3 - The demand for small modular reactors is growing due to increasing global clean energy needs and the depletion of traditional energy resources, with supportive policies outlined in the "2030 Carbon Peak Action Plan" [3] - International cooperation in the nuclear sector is expected to strengthen, providing broader opportunities for the development of small modular reactor technology [3]

Group 1: Company Overview - The company specializes in the manufacturing and sales of industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment [1] - It provides environmental comprehensive treatment services for solid waste, wastewater, and other pollutants, as well as photovoltaic power station operations [1] Group 2: Nuclear Power Business - The company has been manufacturing nuclear power equipment since 1998 and has completed several international and domestic first-piece manufacturing tasks over 20 years [2] - Key nuclear safety equipment includes various tanks and cooling systems, actively participating in the construction of nuclear power plants [2] Group 3: Performance Forecast - The company expects a net profit attributable to shareholders of 190 million to 205 million yuan for the first half of 2025, driven by improved order quality [2] - The previous year's performance was negatively impacted by renewable energy subsidy adjustments, which are not a factor this year, leading to significant profitability in the renewable energy sector [2] Group 4: Future Strategic Planning - The company plans to deepen its core business while increasing technological innovation and management efforts to enhance profitability and market competitiveness [2]

[Key Performance Forecast Data](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant year-on-year increase in 2025 first-half net profit, with attributable net profit projected between CNY 190 million and CNY 205 million Key Financial Performance Indicators | Item | Current Period (2025 H1 Forecast) | Prior Period (2024 H1) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: CNY 190.00 – 205.00 million | Profit: CNY 127.5810 million | 48.92% - 60.68% | | **Net Profit Excluding Non-Recurring Gains/Losses** | Profit: CNY 183.00 – 198.00 million | Profit: CNY 118.0071 million | 55.08% - 67.79% | | **Basic Earnings Per Share** | Profit: CNY 0.2287 – 0.2467/share | Profit: CNY 0.1515/share | - | - The calculation basis for basic earnings per share has changed, with the current period calculated based on the latest total share capital of **830,881,055 shares**, while the prior period was based on **842,271,055 shares**[2](index=2&type=chunk) [Audit Status](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) This performance forecast is a preliminary estimation by the finance department and remains unaudited by an accounting firm - This performance forecast has not been audited by an accounting firm[3](index=3&type=chunk) [Reasons for Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change%20Reasons) The year-on-year increase in 2025 first-half net profit is primarily due to improved order quality and the new energy sector's turnaround to profitability - Improved order quality is one of the reasons for performance growth[4](index=4&type=chunk) - The new energy sector achieved a turnaround from loss to profit, primarily because the negative impact of a one-time offset of subsidy income in the prior period has been eliminated this period, leading to significant year-on-year improvement[4](index=4&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) Investors are cautioned that this preliminary and unaudited performance forecast's final financial data will be subject to the officially disclosed 2025 semi-annual report - This performance forecast is a preliminary estimate by the company's finance department and is unaudited; the final data will be based on the official semi-annual report[5](index=5&type=chunk)