Core Viewpoint - Hai Guo Co., Ltd. is a significant player in the domestic large and medium-sized equipment specialized forgings sector, focusing on the research, production, and sales of customized forging products and components, with strong technical capabilities and product quality advantages [1] Group 1: Company Overview - Hai Guo Co., Ltd. was established on June 8, 2001, and listed on the Shenzhen Stock Exchange on September 24, 2021, with its registered and office address in Zhangjiagang, Jiangsu Province [1] - The company specializes in the research, production, and sales of large and medium-sized equipment specialized forgings, serving various industries including oil and gas extraction and wind power generation [1] Group 2: Financial Performance - In Q3 2025, Hai Guo Co., Ltd. achieved a revenue of 1.458 billion yuan, ranking 21st among 58 companies in the industry, while the industry leader, Zhongchuang Zhiling, reported a revenue of 30.745 billion yuan [2] - The net profit for the same period was 49.0934 million yuan, placing the company 38th in the industry, with the top performer, Zhongchuang Zhiling, reporting a net profit of 3.705 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 39.65%, an increase from 34.98% in the previous year, which is lower than the industry average of 46.18% [3] - The gross profit margin for the same period was 10.39%, up from 9.21% year-on-year, but still below the industry average of 26.77% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.88% to 9,816, while the average number of circulating A-shares held per account increased by 20.94% to 9,845.89 [5] Group 5: Business Highlights and Future Outlook - In the first half of 2025, the company reported significant growth, with revenue of 950 million yuan, a year-on-year increase of 49.8%, and a net profit of 33.865 million yuan, up 111% year-on-year [5] - The company is positioned in high-end equipment manufacturing, with a focus on oil and gas and wind power sectors, benefiting from the recovery in oil and gas exploration and development, as well as stable growth in the wind power gearbox market [5] - EPS forecasts for 2025 to 2027 are 0.78 yuan, 1.06 yuan, and 1.39 yuan, respectively, with a target price of 32.86 yuan based on a 31x PE for 2026 [5]

Core Viewpoint - The company focuses on manufacturing equipment and components for oil and gas extraction, contributing to deep-sea resource development and plans to increase R&D investment to enhance product performance and promote technological advancement in deep-sea equipment [1] Group 1: Company Operations - The company is currently operating normally and has a small proportion of revenue from nuclear power orders compared to overall sales [1] Group 2: Industry Focus - The company aims to support deep-sea resource development through its manufacturing capabilities, indicating a strategic focus on this sector [1]

Core Viewpoint - The company focuses on manufacturing equipment components for oil and gas extraction, contributing to deep-sea resource development and plans to increase R&D investment to enhance product performance and promote technological advancement in deep-sea equipment [1] Group 1: Company Operations - The company is currently operating normally in its production activities [1] - The revenue from the nuclear power sector constitutes a small proportion of the company's overall sales [1] Group 2: Industry Focus - The company aims to support deep-sea resource development through its manufacturing capabilities [1] - There is a commitment to continuous R&D investment to improve product performance in the industry [1]

Company Performance - Haigoo Co., Ltd. reported a revenue of approximately 1.458 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44.57% [1] - The net profit attributable to shareholders was approximately 49.09 million yuan, showing a year-on-year increase of 113.2% [1] - Basic earnings per share reached 0.48 yuan, which is an increase of 118.18% year-on-year [1] Market Context - As of the report, Haigoo Co., Ltd. has a market capitalization of 2.7 billion yuan [2] - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥512,038,566.62, representing a 35.82% increase year-over-year[5] - Net profit attributable to shareholders was ¥15,228,642.17, up 118.33% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥13,384,626.83, reflecting a 78.44% increase year-over-year[5] - Total operating revenue for the current period reached ¥1,458,100,460.21, a significant increase from ¥1,008,611,150.01 in the previous period, representing a growth of approximately 44.4%[21] - Operating profit for the current period was ¥55,499,035.56, compared to ¥19,087,940.34 in the previous period, reflecting an increase of approximately 190.5%[22] - Net profit for the current period was ¥49,093,436.40, which is a substantial increase from ¥23,026,548.71, marking a growth of around 113.0%[22] - Basic earnings per share for the current period stood at ¥0.48, compared to ¥0.22 in the previous period, representing an increase of 118.2%[23] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥2,597,993,790.91, a 9.87% increase from the end of the previous year[5] - The company's total assets as of September 30, 2025, amount to ¥2,597,993,790.91, an increase from ¥2,364,619,201.86 at the beginning of the period[18] - Current assets total ¥1,790,634,628.71, up from ¥1,580,059,388.38 at the start of the period[19] - The company’s total liabilities increased by 33.63% to ¥372,050,881.14 due to the need for additional working capital[9] - Total liabilities increased to ¥1,030,062,034.83 from ¥829,811,772.65, reflecting a rise of about 24.1%[20] - Total equity attributable to shareholders reached ¥1,567,931,756.08, compared to ¥1,534,807,429.21, showing an increase of approximately 2.2%[20] Cash Flow - The cash flow from operating activities showed a negative net amount of -¥73,024,617.41, a decline of 289.54% compared to the previous year[12] - Cash generated from operating activities was ¥724,706,397.54, up from ¥579,572,582.57, indicating a growth of approximately 25.1%[24] - Operating cash inflow totaled $782,602,204.42, an increase from $642,459,867.88 year-over-year[25] - Operating cash outflow amounted to $855,626,821.83, compared to $603,933,422.56 in the previous period[25] - Net cash flow from operating activities was -$73,024,617.41, a decline from $38,526,445.32 year-over-year[25] - Cash flow from investing activities showed a net outflow of -$66,876,324.26, compared to -$74,472,132.04 in the previous period[25] - Cash inflow from financing activities was $396,866,814.42, up from $296,487,142.40 year-over-year[26] - Net cash flow from financing activities was $103,067,017.49, a significant improvement from -$16,836,749.23 in the previous period[26] - The ending cash and cash equivalents balance was $366,126,433.16, down from $414,391,556.36 year-over-year[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,816[13] - The largest shareholder, Sheng Xuehua, holds 14.56% of shares, totaling 15,200,000 shares[13] - The company has no preferred shareholders as of the reporting period[14] - The total number of restricted shares at the end of the period is 7,713,421, with specific conditions for release[16] Operational Insights - The company reported a significant increase in accounts receivable, which rose by 36.81% to ¥726,895,176.87 due to a substantial increase in operating revenue[9] - Accounts receivable rose to ¥726,895,176.87 from ¥531,325,657.44, indicating a significant increase in sales or credit terms[18] - Inventory increased to ¥539,927,021.54 from ¥506,137,440.47, reflecting potential growth in production or sales[19] - Research and development expenses for the current period were ¥37,881,654.12, up from ¥33,314,053.09, indicating an increase of about 13.5%[22] - The company expects continued growth in sales of its main products, including oil and gas forgings and wind power forgings, driven by market recovery[10] Audit Information - The company did not undergo an audit for the third quarter financial report[27]

Group 1 - High-speed Electric achieved a revenue of 810 million yuan, a year-on-year increase of 30.33%, and a net profit of 36.33 million yuan, up 54.32% year-on-year for the first three quarters [1] - Huaguang Bio reported a revenue of 868 million yuan, a year-on-year increase of 17.98%, and a net profit of 16.33 million yuan, up 146.55% year-on-year for the first three quarters [2] - North Navigation turned a profit with a net profit of 125 million yuan for the first three quarters, compared to a loss in the previous year, with a revenue of 2.468 billion yuan, up 210.01% year-on-year [3] Group 2 - Wukuang New Energy reported a revenue of 5.054 billion yuan, a year-on-year increase of 33.96%, but a net loss of 20.1 million yuan for the first three quarters [4] - Century Rui Er achieved a revenue of 5.110 billion yuan, a year-on-year increase of 5.21%, and a net profit of 41.64 million yuan, up 27.23% year-on-year for the first three quarters [5] - Jiejie Micro reported a revenue of 2.502 billion yuan, a year-on-year increase of 24.70%, and a net profit of 34.7 million yuan, up 4.30% year-on-year for the first three quarters [6] Group 3 - Zhejiang Huaye achieved a revenue of 739 million yuan, a year-on-year increase of 11.08%, and a net profit of 181 million yuan, up 143.68% year-on-year for the first three quarters [7] - Lege Co. reported a revenue of 4.846 billion yuan, a year-on-year increase of 21.92%, but a net profit of 16.9 million yuan, down 36.33% year-on-year for the first three quarters [8] - Huichuan Technology achieved a revenue of 31.663 billion yuan, a year-on-year increase of 24.67%, and a net profit of 4.254 billion yuan, up 26.84% year-on-year for the first three quarters [9] Group 4 - Jieya Co. reported a revenue of 565 million yuan, a year-on-year increase of 38.44%, and a net profit of 67.9 million yuan, up 95.78% year-on-year for the first three quarters [10] - Hengtian Hailong reported a revenue of 829 million yuan, a year-on-year increase of 0.89%, but a net profit of 274,780 yuan, down 93% year-on-year for the first three quarters [11] - Baolidi achieved a revenue of 1.058 billion yuan, a year-on-year increase of 4.57%, and a net profit of 106 million yuan, up 31.25% year-on-year for the first three quarters [12] Group 5 - Feitian Chengxin reported a revenue of 520 million yuan, a year-on-year increase of 3.10%, and a net profit of 10.38 million yuan, up 146.05% year-on-year for the first three quarters [13] - Xiangqiang Co. reported a revenue of 1.237 billion yuan, a year-on-year increase of 9.19%, but a net profit of 171 million yuan, down 5.90% year-on-year for the first three quarters [14] - Guangzheng Eye Care reported a revenue of 663 million yuan, a year-on-year decrease of 5.05%, but a net profit of 17,340 yuan, turning from loss to profit for the first three quarters [15] Group 6 - Sand Technology achieved a revenue of 430 million yuan, a year-on-year increase of 26.94%, and a net profit of 115 million yuan, up 47.52% year-on-year for the first three quarters [16] - Tianhao Energy reported a revenue of 1.941 billion yuan, a year-on-year decrease of 36.05%, and a net profit of 95.74 million yuan, down 27.25% year-on-year for the first three quarters [17] - Yiyuan Communication achieved a revenue of 17.877 billion yuan, a year-on-year increase of 34.96%, and a net profit of 733 million yuan, up 105.65% year-on-year for the first three quarters [18] Group 7 - Zhenhai Co. reported a revenue of 295 million yuan, a year-on-year decrease of 9.96%, and a net profit of 51.69 million yuan, down 8% year-on-year for the first three quarters [19] - Xinda Securities received approval to issue up to 10 billion yuan in corporate bonds for technology innovation [20] - Jingong Steel Structure signed a contract worth 1.23 billion yuan for an overseas project [21] Group 8 - Chuanfa Longmang plans to invest 366 million yuan in a lithium dihydrogen phosphate project [22] - Ningbo Energy plans to invest 58.5 million yuan to establish a joint venture [23] - China Unicom plans to spin off its subsidiary for listing on the Growth Enterprise Market [24] Group 9 - China Unicom reported a revenue of 292.985 billion yuan, a year-on-year increase of 1%, and a net profit of 8.772 billion yuan, up 5.2% year-on-year for the first three quarters [25] - Haigang Co. announced a plan to reduce its shareholding by 0.9965% [26] - Jintongling's subsidiary is facing bankruptcy liquidation [27] Group 10 - Lanshi Heavy Industry plans to transfer 51.02% of its environmental company shares for 14.39 million yuan [28] - Lanshi Heavy Industry's shareholder plans to reduce its stake by 1% [29] - Dongtian Micro reported a revenue of 637 million yuan, a year-on-year increase of 53.91%, and a net profit of 80.03 million yuan, up 99.20% year-on-year for the first three quarters [30] Group 11 - Siling Co. reported a revenue of 581 million yuan, a year-on-year increase of 4.38%, and a net profit of 14 million yuan, up 2.17% year-on-year for the first three quarters [31] - Hanrui Cobalt achieved a revenue of 4.871 billion yuan, a year-on-year increase of 16.49%, and a net profit of 238 million yuan, up 42.57% year-on-year for the first three quarters [32] - Ganfeng Lithium's vice president plans to reduce his stake by 40,000 shares [33] Group 12 - Kaile Co. plans to acquire at least 50% of Kesheng Machinery [34] - Huace Navigation achieved a revenue of 2.618 billion yuan, a year-on-year increase of 15.47%, and a net profit of 493 million yuan, up 26.41% year-on-year for the first three quarters [35] - Jingbeifang reported a revenue of 3.613 billion yuan, a year-on-year increase of 5.14%, and a net profit of 243 million yuan, up 7.94% year-on-year for the first three quarters [36] Group 13 - Weiergao achieved a revenue of 1.122 billion yuan, a year-on-year increase of 51.93%, and a net profit of 69.79 million yuan, up 48.11% year-on-year for the first three quarters [37] - Hanyi Co. reported a revenue of 139 million yuan, a year-on-year increase of 1.10%, and a net profit of 904,470 yuan, up 78.52% year-on-year for the first three quarters [38] - Boya Precision achieved a revenue of 387 million yuan, a year-on-year increase of 47.27%, and a net profit of 66.11 million yuan, up 82.87% year-on-year for the first three quarters [39] Group 14 - Qianfang Technology achieved a revenue of 5.256 billion yuan, a year-on-year decrease of 2.82%, and a net profit of 189 million yuan, up 1098.97% year-on-year for the first three quarters [40] - Binhua Co. submitted an application for H-share listing [41] - Chengde Lulu reported a revenue of 1.956 billion yuan, a year-on-year decrease of 9.42%, and a net profit of 384 million yuan, down 8.47% year-on-year for the first three quarters [42] Group 15 - Beifang Changlong reported a revenue of 122 million yuan, a year-on-year increase of 159.21%, but a net profit of 11.29 million yuan, turning from profit to loss for the first three quarters [43]

Core Insights - The specialized equipment sector experienced a slight increase of 0.02% on October 23, with Sai Xiang Technology leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Sector Performance - Notable gainers in the specialized equipment sector included: - Yunjia Technology (002337) with a closing price of 7.02, up 10.03% and a trading volume of 864,300 shares, totaling 596 million yuan [1] - Shihua Machinery (000852) at 9.34, up 10.01% with a trading volume of 2,720,200 shares, totaling 2.531 billion yuan [1] - Shandong Molong (002490) at 9.36, up 9.99% with a trading volume of 1,097,100 shares, totaling 1 billion yuan [1] Capital Flow - The specialized equipment sector saw a net outflow of 2.135 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.673 billion yuan [2] - The capital flow for specific stocks indicated: - He Dung Intelligent (603011) had a net inflow of 1.011 billion yuan from institutional investors, but a net outflow from retail investors [3] - Lingyun Optics (688400) experienced a net inflow of 82.8594 million yuan from institutional investors [3]

Group 1 - On October 22, no A-share listed companies disclosed any increase in shareholding [1] - A total of 10 A-share listed companies announced share reductions, including Tai Lingwei, Jindan Technology, Shenlian Biology, Qianyuan Pharmaceutical, Hengsheng Energy, Zhengfan Technology, Lanshi Heavy Industry, Haiguo Co., Ganfeng Lithium, and Hengsuo Co. [1] Group 2 - Tai Lingwei's second largest shareholder, the National Big Fund, plans to reduce its stake by no more than 2% [2] - Jindan Technology's shareholder, Guangzhou Chengxin, intends to reduce its stake by no more than 1.05% [2] - Shenlian Biology's shareholder, UB, plans to reduce its stake by no more than 3% [2] - Qianyuan Pharmaceutical's shareholder, Weng Zhangguo, intends to reduce its stake by no more than 3% [2] - Zhengfan Technology's directors and supervisors plan to collectively reduce their stake by no more than 1.88% [2] - Hengsheng Energy's actual controller has already reduced his stake by 501,600 shares [2] - Lanshi Heavy Industry's shareholder, Hualing Xianggang, plans to reduce its stake by no more than 1% [2] - Haiguo Co.'s shareholder, Yujian Chuangtou, intends to reduce its stake by no more than 0.9965% [2] - Ganfeng Lithium's vice president, Fu Lihua, plans to reduce his stake by no more than 40,000 shares [2] - Hengsuo Co.'s shareholders collectively plan to reduce their stake by no more than 3% [2]

Core Viewpoint - The company has been focusing on the manufacturing of oil and gas, as well as wind power equipment components for over 20 years, emphasizing market orientation and customer demand [1] Group 1 - The company is committed to continuous technological iteration and product upgrades to enhance its independent research and development capabilities [1] - The company aims to maintain its leading position in the industry through these efforts [1]

Group 1 - Major shareholder Zhangjiagang Yulong Technology Venture Capital Co., Ltd. plans to reduce its stake in Haigang Co., Ltd. by up to 1.04 million shares, representing 0.9965% of the company's total share capital [1] - The reduction will occur within three months starting from 15 trading days after the announcement date [1] - The reason for the reduction is stated as a need for personal funds [1]