Core Viewpoint - Daikin Heavy Industries has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the offshore wind power equipment market, particularly in Europe, where its market share is projected to grow significantly by 2025 [1][3]. Company Overview - Founded in 2000 and listed on the Shenzhen Stock Exchange in 2010, Daikin Heavy Industries has a total market capitalization of 30.153 billion RMB as of September 29, 2023, making it the first wind power tower company listed in China's A-shares [3]. - The company is recognized as a global leader in offshore wind power core equipment, providing a one-stop solution for construction, transportation, and delivery of wind power infrastructure [3]. Market Position and Strategy - According to Frost & Sullivan, Daikin Heavy Industries is the top supplier of offshore wind power foundation equipment in Europe, with its market share expected to rise from 18.5% in 2024 to 29.1% in the first half of 2025 [1]. - The company has transitioned from a product supplier to a system service provider, expanding its offerings to include specialized transportation, ship design and construction, and wind power port operations [3]. - Daikin Heavy Industries has upgraded its "Two Seas Strategy" to a "New Two Seas Strategy," resulting in a significant increase in overseas revenue from 16.4% in 2022 to 79.0% in the first half of 2025 [3]. Financial Performance - For the six months ending June 30, 2025, Daikin Heavy Industries reported a revenue of 2.841 billion RMB, a year-on-year increase of 109.5%, and a net profit of 546.5 million RMB, up 214.3% [6]. - The company achieved its best historical performance in the second quarter of 2025, benefiting from the growth of high-quality overseas project deliveries and maintaining a robust cash flow [6]. Market Dynamics - The European offshore wind power market is characterized by high barriers to entry and significant added value, which are key drivers for Daikin Heavy Industries' profitability [4]. - The company has established a global marketing network with permanent offices in Europe and Japan, positioning itself to expand into emerging markets such as Australia and Southeast Asia [4].

Core Viewpoint - Daikin Heavy Industries has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage its leading position in the offshore wind power equipment market, particularly in Europe, where its market share is projected to grow significantly by 2025 [1][3]. Company Overview - Founded in 2000 and listed on the Shenzhen Stock Exchange in 2010, Daikin Heavy Industries has a total market capitalization of RMB 30.153 billion as of September 29, making it the first wind power tower company listed in China's A-shares [3]. - The company is recognized as a global leader in offshore wind power core equipment, providing a comprehensive "construction + transportation + delivery" solution for major offshore wind developers [3]. - Daikin Heavy Industries has transitioned from a product supplier to a system service provider, expanding its offerings to include specialized transportation, ship design and construction, and wind power port operations [3]. Market Position and Strategy - According to Frost & Sullivan, Daikin Heavy Industries is the top supplier of offshore wind power foundation equipment in Europe, with its market share expected to rise from 18.5% in 2024 to 29.1% in the first half of 2025 [1][3]. - The company has upgraded its "Two Seas Strategy" to a "New Two Seas Strategy," resulting in a significant increase in overseas revenue from 16.4% of total revenue in 2022 to 79.0% in the first half of 2025 [3]. - Daikin Heavy Industries has established a global marketing network with permanent offices in Europe and Japan, aiming to expand into emerging markets such as Australia and Southeast Asia [4]. Financial Performance - For the six months ending June 30, 2025, Daikin Heavy Industries reported a revenue of RMB 2.841 billion, a year-on-year increase of 109.5%, and a net profit of RMB 546.515 million, up 214.3% [6]. - The company achieved its best historical performance in the second quarter of 2025, benefiting from the growth of high-quality overseas project deliveries and maintaining a robust cash flow [6].

Core Viewpoint - The company, a leading global supplier of offshore wind power equipment, has submitted a listing application to the Hong Kong Stock Exchange, aiming to enhance its market position and expand its operations in the renewable energy sector [1][4]. Group 1: Company Overview - The company has been deeply involved in the renewable energy industry for nearly two decades, providing one-stop solutions for offshore wind power developers, including construction, transportation, and delivery [4]. - It was the first wind power tower company to be listed on the Shenzhen Stock Exchange in 2010 and has played a significant role in the development of China's wind power industry [4]. - The company has strategically focused on high-tech standards and high-value offshore wind power markets, transitioning from a product supplier to a system service provider [4]. Group 2: Market Position and Financial Performance - According to Frost & Sullivan, the company is the number one supplier of offshore wind power equipment in the European market, with market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025 [7]. - The company has achieved significant growth in overseas revenue, with figures of RMB 837.9 million, RMB 1,714.7 million, RMB 1,733.0 million, and RMB 2,243.2 million for the years 2022, 2023, 2024, and the first half of 2025, respectively, representing a rising proportion of total revenue from 16.4% to 79.0% [7]. - The company's net profit has shown a consistent upward trend, with net profits of RMB 450.3 million, RMB 425.2 million, RMB 473.9 million, and RMB 546.5 million for the same periods, leading to a net profit margin increase from 8.8% to 19.2% [8]. - For the first half of 2025, the company reported a revenue of RMB 2,841.1 million, a year-on-year increase of 109.5%, and a net profit of RMB 546.5 million, a growth of 214.3% [8]. Group 3: Future Plans and Investments - The funds raised from the listing are intended for upgrading comprehensive solutions for deep-sea projects, constructing a European assembly base, investing in global research and development centers, expanding into new global markets, and general corporate purposes [8].

Core Viewpoint - Daikin Heavy Industries has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on September 29, 2025 [1] Group 1 - The company announced the submission of its application on September 29, 2025 [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1]

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。 大金重工股份有限公司（以下简称"公司"）已于 2025 年 9 月 29 日向香 港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份 （H 股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请， 并于同日在香港联交所网站刊登了本次发行上市的申请资料。 该申请材料为公司按照香港证券及期货事务监察委员会（以下简称"香港 证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会 适时作出更新及修订。 鉴于本次发行上市的认购对象将仅限于符合相关条件的境外投资者及依据 中国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境 内证券交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料， 但为使境内投资者及时了解该等申请资料披露的本次发行上市以及公司的其他 相关信息，现提供该申请资料在香港联交所网站的查询链接供查阅： 证券代码：002487 证券简称：大金重工 公告编号：2025-062 大金重工股份有限公司 关于向香港联交所递交境外上市股份（H 股）发行上市申请 ...

Core Viewpoint - The company has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on September 29, 2025 [1] Group 1 - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1] - The subscription targets for this issuance will be limited to eligible overseas investors and qualified domestic investors who are authorized to conduct overseas securities investments according to relevant Chinese laws and regulations [1]

36氪获悉，据港交所，大金重工股份有限公司向港交所提交上市申请书，联席保荐人为华泰国际、招商 证券国际。 ...

大金重工股份有限公司向港交所提交上市申请书，联席保荐人为华泰国际、招商证券国际。 ...

Investment Rating - The report rates the wind power industry as "Overweight," indicating that it is expected to outperform the overall market [9]. Core Insights - The wind turbine bidding prices are on the rise, leading to a comprehensive recovery in the sector. The average bidding price for wind turbine units in June 2025 was 1,616 RMB/kW, reflecting a year-on-year increase of approximately 10.3%. This price increase is anticipated to significantly enhance profit margins in the main machine segment as high-priced orders enter the delivery phase [3]. - The upcoming "14th Five-Year Plan" for marine economic development is expected to boost domestic offshore wind expectations. Global interest rate cuts are accelerating offshore wind construction in Europe, with an expected installed capacity of 8.7 GW in 2026, representing a year-on-year growth of 107%. The market is likely to adjust its valuation as expectations for profit elasticity in the main machine segment are realized [3]. - Investment recommendations focus on companies benefiting from price increases and strong profit elasticity, including Goldwind Technology, Yunda Co., SANY Renewable Energy, and Dongfang Cable. Additionally, companies with scarce capacity and significant expectation gaps, such as Jinlei Co., and those with strong growth logic in pure offshore wind, like Haili Wind Power, are highlighted [3]. Summary by Sections Wind Power Equipment - The wind power industry is experiencing a recovery phase with increasing bidding prices for wind turbines, which is expected to lead to higher profitability for manufacturers [3]. - The report emphasizes the importance of the upcoming marine economic development plan and its potential impact on offshore wind capacity growth [3]. Key Companies and Valuations - The report includes a valuation table for key companies in the wind power sector, detailing their market capitalization, projected net profits, and price-to-earnings ratios for 2024 to 2026 [5]. - Notable companies mentioned include Dongfang Cable, Zhongtian Technology, Haili Wind Power, and Goldwind Technology, among others, with varying projected growth rates and valuations [5].

Investment Rating - The report rates the wind power industry as "Overweight" indicating a positive outlook for the sector [3][10]. Core Insights - Wind turbine bidding prices are on the rise, with the average bidding price for wind turbine units reaching 1,616 RMB/kW in June 2025, a year-on-year increase of approximately 10.3%, which is expected to significantly enhance profit margins for manufacturers [3]. - The anticipated growth in offshore wind capacity, projected to reach 8.7 GW in 2026 (a year-on-year increase of 107%), is expected to drive a valuation shift in the sector, particularly as market expectations for profit elasticity in turbine manufacturing strengthen [3]. - Key investment recommendations include focusing on companies benefiting from price increases and strong profit elasticity, such as Goldwind Technology, Yunda Co., Sany Heavy Energy, and Dongfang Cable, as well as companies with scarce capacity and significant growth potential like Jinlei Co. and Haili Wind Power [3]. Summary by Sections Wind Power Equipment - The wind power equipment sector is experiencing a recovery phase with increasing bidding prices and profit potential [3]. - The establishment of industry self-regulation mechanisms is contributing to the positive price trend [3]. Market Expectations - The report highlights the synchronization of domestic and global offshore wind expectations, which is likely to enhance market sentiment and valuation for the sector [3]. - The report anticipates that the upcoming quarterly disclosures will further bolster market expectations regarding profit elasticity [3]. Key Companies - The report identifies several key companies for investment consideration, including: - Goldwind Technology - Yunda Co. - Sany Heavy Energy - Dongfang Cable - Jinlei Co. - Haili Wind Power - Other notable mentions include Dajin Heavy Industry, Zhongtian Technology, and Guoda Special Materials [3].