Company Overview - Haomai Technology Co., Ltd. is located in Gaomi City, Shandong Province, and was established on March 31, 1995. The company was listed on June 28, 2011. Its main business involves the production and sales of automotive radial tire molds and tire manufacturing equipment, along with related technology development [1]. - The revenue composition of Haomai Technology includes: molds 49.91%, large component machinery products 36.98%, CNC machine tools 9.62%, and others 3.49% [1]. Financial Performance - For the period from January to June 2025, Haomai Technology achieved operating revenue of 5.265 billion yuan, representing a year-on-year growth of 27.25%. The net profit attributable to the parent company was 1.197 billion yuan, with a year-on-year increase of 24.65% [2]. - Since its A-share listing, Haomai Technology has distributed a total of 3.976 billion yuan in dividends, with 1.417 billion yuan distributed over the past three years [3]. Stock Performance - As of September 15, Haomai Technology's stock price was 59.62 yuan per share, with a market capitalization of 47.696 billion yuan. The stock has increased by 19.74% year-to-date, with a 2.55% rise over the last five trading days [1]. - The stock experienced a net inflow of main funds amounting to 1.1906 million yuan, with large single purchases accounting for 11.39% of total transactions [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Haomai Technology was 16,500, an increase of 2.82% from the previous period. The average number of circulating shares per person was 48,181, a decrease of 2.71% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 26.3588 million shares, a decrease of 558,900 shares compared to the previous period [3].

Core Viewpoint - Haomai Technology's stock has shown a mixed performance with a year-to-date increase of 22.21%, while recent trading days have seen slight gains and a decline over the past 60 days [1] Financial Performance - For the first half of 2025, Haomai Technology reported revenue of 5.265 billion yuan, representing a year-on-year growth of 27.25% [2] - The net profit attributable to shareholders for the same period was 1.197 billion yuan, reflecting a year-on-year increase of 24.65% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Haomai Technology was 16,500, an increase of 2.82% from the previous period [2] - The average number of tradable shares per shareholder was 48,181, which decreased by 2.71% compared to the previous period [2] Dividend Distribution - Since its A-share listing, Haomai Technology has distributed a total of 3.976 billion yuan in dividends, with 1.417 billion yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 26.3588 million shares, a decrease of 558,900 shares from the previous period [3] - Dacheng Gaoxin Stock A was the sixth-largest circulating shareholder, holding 22.1351 million shares, down by 33,900 shares from the previous period [3]

Investment Rating - The industry is rated as "Positive" [2][32] - The specific companies recommended for "Increase" rating are Zoomlion (000157), Hengli Hydraulic (601100), Estun (002747), and Haomai Technology (002595) [2][32] Core Insights - In August, excavator sales reached 16,500 units, representing a year-on-year growth of 12.8% [10] - Loader sales in August totaled 9,440 units, with a year-on-year increase of 13.3% [10] - The average working hours for major construction machinery products in August was 78.4 hours, showing a year-on-year decrease of 9.45% [11] - The industry is experiencing a strong recovery, with both domestic and international market sales maintaining double-digit growth [32] - The demand for construction machinery is expected to continue growing due to favorable policies and reduced tariff disturbances globally [32] Industry News - In August, excavator sales included 7,685 units sold domestically (up 14.8%) and 8,838 units exported (up 11.1%) [10] - For the first eight months of 2025, a total of 154,181 excavators were sold, marking a 17.2% increase year-on-year [10] - The average operating rate for major construction machinery products in August was 55.1%, down 6.83 percentage points year-on-year [12] Company Announcements - Ruina Intelligent announced the signing of a contract for a project by its wholly-owned subsidiary [20] - Taifu Pump Industry is planning a significant asset restructuring to acquire at least 51% of Nanyang Huacheng Technology [21] Market Review - From September 3 to September 9, 2025, the CSI 300 index fell by 1.21%, while the Shenwan Machinery Equipment industry decreased by only 0.01%, outperforming the CSI 300 by 1.20 percentage points [22] - As of September 9, 2025, the price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment industry was 30.62, with a valuation premium of 133.32% compared to the CSI 300 [23]

Summary of Key Points Core Viewpoint - Haomai Technology has shown a significant increase in stock price and trading volume, indicating strong market interest and activity in the company's shares [1]. Group 1: Financial Performance - For the first half of 2025, Haomai Technology achieved operating revenue of 5.265 billion yuan, representing a year-on-year growth of 27.25% [2]. - The net profit attributable to the parent company for the same period was 1.197 billion yuan, reflecting a year-on-year increase of 24.65% [2]. Group 2: Stock and Financing Activity - On September 9, Haomai Technology's stock price rose by 5.30%, with a trading volume of 395 million yuan [1]. - The company had a net financing buy of -181,200 yuan on the same day, with a total financing balance of 4.09 billion yuan, which is 0.83% of its market capitalization [1]. - The margin trading data indicates that the financing balance is above the 80th percentile of the past year, suggesting a high level of investor engagement [1]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 2.82% to 16,500, while the average number of circulating shares per person decreased by 2.71% to 48,181 shares [2][3]. - The company has distributed a total of 3.976 billion yuan in dividends since its A-share listing, with 1.417 billion yuan distributed in the last three years [3]. Group 4: Company Overview - Haomai Technology, established on March 31, 1995, and listed on June 28, 2011, specializes in the production and sale of automotive radial tire molds and manufacturing equipment [1]. - The company's revenue composition includes molds (49.91%), large component machinery products (36.98%), CNC machine tools (9.62%), and others (3.49%) [1].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a record high Q2 performance with significant growth in CNC machine tools, exceeding market expectations [2][3] - The company achieved a revenue of 5.265 billion yuan in H1 2025, representing a year-on-year increase of 27%, with Q2 revenue reaching 2.986 billion yuan, up 26% year-on-year [3] - The growth in revenue is driven by strong demand in tire molds, large components, and CNC machine tools, with the latter showing a remarkable year-on-year increase of 145% [3] - The gross profit margin remains high, with a sales gross margin of 34.48% in H1 2025, slightly down from the previous year [4] - The company is expected to maintain robust growth in revenue and profit in the coming years, with adjusted revenue forecasts for 2025-2027 being 10.947 billion, 13.017 billion, and 15.043 billion yuan respectively [6][7] Summary by Sections Revenue and Growth - In H1 2025, the company generated revenue of 5.265 billion yuan, with Q2 alone contributing 2.986 billion yuan, marking a new quarterly revenue high [3] - Revenue from tire molds was 2.628 billion yuan, up 19% year-on-year, while large components revenue reached 1.947 billion yuan, up 33% year-on-year [3] Profitability - The net profit attributable to the parent company for H1 2025 was 1.197 billion yuan, a 25% increase year-on-year, with Q2 net profit reaching 677 million yuan, up 21% year-on-year [4] - The sales net profit margin for H1 2025 was 22.73%, indicating stable profitability despite slight fluctuations [4] Future Outlook - The company is expected to see continued growth in its core business segments, with tire molds and large components benefiting from increasing domestic and international demand [5] - The CNC machine tool segment is entering a phase of rapid growth, contributing significantly to overall revenue [5] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 3.12, 3.77, and 4.43 yuan respectively, reflecting a positive growth trajectory [7]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Haomai Technology, which saw a stock price increase of 5.02% to 61.06 CNY per share, with a total market capitalization of 48.848 billion CNY [1] - Haomai Technology specializes in the production and sales of automotive radial tire molds and manufacturing equipment, with its main business revenue composition being 49.91% from molds, 36.98% from large component machinery products, 9.62% from CNC machine tools, and 3.49% from other sources [1] Group 2 - Minsheng Jia Yin Fund has a significant holding in Haomai Technology, with its Minsheng Jia Yin CSI 500 Index Enhanced Fund holding 9,100 shares, representing 0.82% of the fund's net value, making it the third-largest holding [2] - The Minsheng Jia Yin CSI 500 Index Enhanced Fund has a total scale of 40.0391 million CNY and has achieved a year-to-date return of 24.84%, ranking 1733 out of 4222 in its category [2] - The fund has a one-year return of 54.63%, ranking 1604 out of 3798 in its category, while it has experienced an overall loss of 8.69% since its inception [2]

Company Overview - Haomai Technology Co., Ltd. is located in Gaomi City, Shandong Province, established on March 31, 1995, and listed on June 28, 2011. The company specializes in the production and sales of automotive radial tire molds and tire manufacturing equipment, along with related technology development [1][2]. - The main business revenue composition includes molds (49.91%), large component machinery products (36.98%), CNC machine tools (9.62%), and others (3.49%) [1]. Financial Performance - For the period from January to June 2025, Haomai Technology achieved operating revenue of 5.265 billion yuan, representing a year-on-year growth of 27.25%. The net profit attributable to the parent company was 1.197 billion yuan, with a year-on-year increase of 24.65% [2]. - Since its A-share listing, the company has distributed a total of 3.976 billion yuan in dividends, with 1.417 billion yuan distributed over the past three years [3]. Stock Performance - As of September 9, Haomai Technology's stock price increased by 2.03%, reaching 59.32 yuan per share, with a total market capitalization of 47.456 billion yuan. The stock has risen by 19.14% year-to-date, but has seen a decline of 0.75% over the last five trading days [1]. - The stock's trading volume included a net inflow of 2.4806 million yuan from main funds, with significant buying and selling activities recorded [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 16,500, up by 2.82%, while the average circulating shares per person decreased by 2.71% to 48,181 shares [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 26.3588 million shares, a decrease of 558,900 shares compared to the previous period [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.265 billion yuan for H1 2025, representing a year-on-year increase of 27.25%, and a net profit attributable to shareholders of 1.197 billion yuan, up 24.65% year-on-year, indicating stable growth [4][5] - In Q2 2025, the company achieved a record revenue of 2.986 billion yuan, with a year-on-year growth of 25.9%, and a net profit of 677 million yuan, reflecting a year-on-year increase of 20.87% [5] - The company's gross margin for H1 2025 was 34.48%, a slight decline of 0.74 percentage points compared to H1 2024, primarily due to a decrease in the gross margin of its main product, tire molds [5] - The company has diversified its business across multiple sectors, with the CNC machine tool segment showing significant growth, achieving a revenue increase of 145.08% year-on-year in H1 2025 [5][6] Summary by Sections Financial Performance - The company achieved a revenue of 5.265 billion yuan in H1 2025, with a net profit of 1.197 billion yuan, marking a year-on-year increase of 27.25% and 24.65% respectively [4][5] - The revenue for Q2 2025 reached 2.986 billion yuan, with a net profit of 677 million yuan, reflecting a year-on-year growth of 25.9% and 20.87% respectively [5] Business Segments - Tire molds accounted for 49.91% of total revenue in H1 2025, generating 2.628 billion yuan, with a year-on-year growth of 18.56% [5] - Large component machinery products contributed 36.98% of revenue, achieving 1.947 billion yuan, up 32.94% year-on-year, benefiting from strong demand in the gas turbine and wind power markets [6] - The CNC machine tool segment, a key focus for the company, generated 506 million yuan in revenue, marking a significant year-on-year increase of 145.08% [6] Profitability and Valuation - The company adjusted its revenue forecasts for 2025-2027 to 10.78 billion, 12.44 billion, and 14.20 billion yuan respectively, with net profits projected at 2.44 billion, 2.81 billion, and 3.24 billion yuan [8] - The current stock price corresponds to a PE ratio of 19.2, 16.6, and 14.4 for the years 2025-2027, indicating a favorable valuation given the company's market position and growth prospects [8]

Group 1: Metal Industry Insights - The steel industry is expected to see a rebound in demand in September, traditionally a peak consumption month, with potential price stability due to supply constraints from production limits and maintenance in regions like Tangshan [2][4] - Copper prices are supported by tight supply and potential demand recovery, with a focus on the upcoming Federal Reserve meeting which may influence price movements [2][5] - Aluminum prices are anticipated to remain stable, with demand expected to improve in the peak season, while supply is expected to hold steady [2][5] - Gold prices may see a moderate increase if inflation data meets expectations and employment data is weak, particularly ahead of the Federal Reserve's September meeting [3][7] - The rare earth market is experiencing increased overseas demand due to export controls, with potential price growth in September if overall demand remains strong [4][7] Group 2: Investment Strategies - For the steel sector, the "anti-involution" policy is expected to gradually improve the oversupply situation, with a focus on green and low-carbon transformation as a key driver for future growth [4][5] - In the copper sector, the tight supply situation is expected to support prices, and the "anti-involution" policy may improve the processing sector, making it a favorable investment area [5] - The aluminum sector is projected to benefit from new project capacities and supportive policies, with a recommendation to focus on companies with strong resource guarantees and environmental standards [5] - The rare earth sector is viewed positively due to regulatory changes and the strategic value of resources, with a recommendation to focus on companies involved in resource extraction and processing [7] Group 3: Machinery and Equipment Sector - The machinery and equipment sector has shown strong performance, with the industry index rising 12.67% from August 3 to September 2, outperforming the broader market [8] - The demand for construction machinery is expected to continue growing due to ongoing infrastructure projects and improved market conditions, particularly in the domestic market [8][9] - The humanoid robotics sector is gaining traction with advancements in computing platforms, indicating a critical phase for industry development and investment opportunities [9]

Core Viewpoint - The article discusses the upcoming IPO of Jiangsu Xihua New Energy Technology Co., Ltd. (Xihua Technology) and highlights concerns regarding its financial practices, particularly a significant cash dividend that has raised questions about the company's governance and financial health [2][4][5]. Company Overview - Xihua Technology specializes in the research, manufacturing, and sales of wind turbine gearbox components and injection molding machine parts, primarily serving the wind power and injection molding industries [2]. - The company plans to raise 14.98 billion yuan through its IPO, with major intermediaries including Guotai Junan, Lixin, and Jintiancheng [4]. Financial Practices - Prior to its IPO application, Xihua Technology distributed a cash dividend of 350 million yuan, which is nearly equivalent to the net profit of 365 million yuan for 2021 and 2022 combined, raising concerns about potential "money grabbing" [4][5]. - The majority of the dividend (approximately 349.65 million yuan) went to the controlling shareholders, indicating a lack of benefit to other investors [5]. Revenue and Profitability - Over 80% of Xihua Technology's revenue comes from wind turbine gearbox components, with a significant reliance on a few major clients, particularly the top client, Nankai Gear Group, whose revenue contributions increased from 48.91% in 2022 to over 60% in 2024 [3][13]. - The company's profitability has declined, with gross margins dropping from 35.84% in 2021 to 25.91% in 2024, reflecting challenges in maintaining pricing power amid rising costs and competitive pressures [3][13]. Market Position and Competition - Xihua Technology's revenue for 2022, 2023, and 2024 was reported at 942 million yuan, 908 million yuan, and 955 million yuan respectively, with a notable decrease in net profit from 179 million yuan in 2022 to 140 million yuan in 2024 [9]. - The company faces competition from larger firms in the industry, such as Rihua and Haomai Technology, which have more diversified product lines and greater market presence [12]. Product Pricing and Cost Trends - The average selling price of wind turbine gearbox components has decreased from 13,640.46 yuan per ton in 2021 to 11,264.45 yuan per ton in 2024, while costs have fluctuated, leading to a significant impact on profitability [14][16]. - The decline in selling prices has outpaced the reduction in costs, contributing to a decrease in gross margins for both wind turbine gearbox components and injection molding machine parts [16].