Core Viewpoint - The company, Haigou Co., Ltd. (301063.SZ), indicated that its product revenue directly exported to the United States is relatively small and has not significantly impacted its operations [1] Group 1 - The company will continue to monitor changes in the global trade environment to ensure stable business development [1]

Core Viewpoint - On September 15, Haigang Co., Ltd. experienced a decline of 3.38% in stock price, with a trading volume of 70.7251 million yuan, indicating a potential concern among investors regarding the company's performance and market sentiment [1]. Financing Summary - On September 15, Haigang Co., Ltd. had a financing buy-in amount of 6.9203 million yuan and a financing repayment of 10.8431 million yuan, resulting in a net financing buy of -3.9228 million yuan [1]. - As of September 15, the total financing and securities lending balance for Haigang Co., Ltd. was 147 million yuan, which accounts for 5.24% of its circulating market value, indicating a relatively high level compared to the past year [1]. - The company had no securities lending transactions on September 15, with a securities lending balance of 0.00 shares, also reflecting a high level compared to the past year [1]. Business Performance - As of June 30, Haigang Co., Ltd. had 10,000 shareholders, a decrease of 27.66% from the previous period, while the average circulating shares per person increased by 38.24% to 8,141 shares [2]. - For the first half of 2025, Haigang Co., Ltd. reported a revenue of 946 million yuan, representing a year-on-year growth of 49.78%, and a net profit attributable to shareholders of 33.8648 million yuan, which is a 110.98% increase year-on-year [2]. Dividend Information - Since its A-share listing, Haigang Co., Ltd. has distributed a total of 56.3385 million yuan in dividends, with 43.7025 million yuan distributed over the past three years [3].

张家港海锅新能源装备股份有限公司 证券代码：301063 证券简称：海锅股份 公告编号：2025-055 2、本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开的日期、时间 2025年第四次临时股东会决议公告 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。 特别提示： 1、本次股东会无否决议案的情形。 （1）现场会议时间：2025年9月12日（星期五）下午14:00 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年9月12日上 午9:15-9:25，9:30-11:30，下午13:00-15:00；通过深圳证券交易所互联网投票 系统投票的具体时间为：2025年9月12日上午9:15-下午15:00期间的任意时间。 2.会议地点：江苏省张家港市南丰镇金丰路11号公司会议室。 3.会议的召开方式：本次会议采取现场投票与网络投票相结合的方式召开。 4.股东会的召集人：公司董事会。 5.会议主持人：董事长盛天宇先生。 6.会议召开的合法、合规性：本次股东会的召集、召开符合有关法律、行政 法 ...

国浩律师（上海）事务所 关 于 张家港海锅新能源装备股份有限公司 2025 年第四次临时股东会 之 法律意见书 中国 上海 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼， 200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China, 200085 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 3320 网址/Website: http://www.grandall.com.cn 2025 年 9 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于张家港海锅新能源装备股份有限公司 2025 年第四次临时股东会之法律意见书 致：张家港海锅新能源装备股份有限公司 张家港海锅新能源装备股份有限公司（以下简称"公司"）2025 年第四次临 时股东会于 2025 年 9 月 12 日召开。国浩律师（上海）事务所（以下简称"本 所"）经公司聘请，委派律师对本次股东会进行见证，并根据《中华人民共和 国公司法》《中华人民共和国证券法》（以下简 ...

Group 1 - The company, Haigou Co., stated on September 5 that it strictly adheres to legal regulations regarding the disclosure of shareholder information in its periodic reports [2] - The company advised investors to pay attention to future periodic reports for updates on its operational status [2]

Core Viewpoint - The wind power industry experienced significant growth in installed capacity in the first half of 2025, driven by a surge in demand, although profitability varied across different segments of the industry [1][2]. Summary by Sections Industry Performance - In the first half of 2025, the national wind power newly installed capacity reached 51.39 GW, a year-on-year increase of 98.9%, with onshore wind accounting for 48.90 GW and offshore wind for 2.49 GW [1]. - Despite strong revenue growth for many wind power companies, there was a notable divergence in performance across different segments, with wind turbine manufacturers seeing revenue increases but not corresponding profit growth [1][5]. Financial Results of Wind Turbine Manufacturers - Six major wind turbine manufacturers reported total revenues of 716.04 billion yuan, a significant increase, but net profits were only 15.99 billion yuan, indicating a stark performance disparity among companies [2]. - Goldwind Technology, as a leading turbine manufacturer, reported revenues of 285.37 billion yuan, up 41.26%, and net profits of 14.88 billion yuan, up 7.26% [2]. Component Manufacturers' Performance - In contrast to turbine manufacturers, most wind power component companies reported strong performance, benefiting from high demand and price increases [5]. - New Strong Union, a bearing manufacturer, achieved a revenue of 22.10 billion yuan, a year-on-year increase of 108.98%, and a net profit of 4.00 billion yuan, up 496.60% [5]. - Other component manufacturers like Haigang Co., Tongyu Heavy Industry, and Jinlei Co. also saw significant profit increases [5]. Market Trends and Future Outlook - The average bidding price for onshore wind turbines hit a low in early 2024 but began to recover, with the average price for the first half of 2025 at 1,496 yuan/kW, an 8% increase year-on-year [8]. - Companies like Sany Heavy Energy expect a noticeable improvement in profit margins due to rising bidding prices and a strong order backlog [9]. - As of June 30, 2025, Goldwind reported an order backlog of 51.81 GW, a 45.58% increase year-on-year, indicating robust future demand [9][10].

Core Viewpoint - The company has shown significant growth in revenue and net profit in the first half of 2025, driven by its strategic focus on both oil and gas equipment and wind power sectors [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 950 million yuan, a year-on-year increase of 49.8% [1]. - The net profit attributable to shareholders reached 33.865 million yuan, up 111% year-on-year, while the net profit after deducting non-recurring gains and losses was 29.444 million yuan, reflecting a 194.3% increase [1]. - The company's revenue grew from 650 million yuan in 2019 to 1.34 billion yuan in 2024, indicating a steady upward trend [1]. Business Segmentation - The company has diversified its revenue streams, with oil and gas equipment accounting for 34.4% and wind power equipment for 41.9% of total revenue in the first half of 2025 [1]. - In 2019, oil and gas equipment contributed 57.2% to total revenue, which decreased to 41.4% by 2024, while wind power equipment's share increased significantly [1]. Profitability Analysis - The gross margin for oil and gas equipment has remained relatively stable, fluctuating around 25%, but dropped to 21.1% in 2024 due to declining product order prices [2]. - The gross margin for wind power equipment fell from approximately 17% in 2019-2020 to -0.37% in 2024, leading to a significant decline in overall gross profit [2]. - In the first half of 2025, the gross margin for oil and gas equipment was 22.2%, while for wind power equipment it was 4.2% [2]. Market Outlook - The oil and gas industry is experiencing a recovery in exploration and development, which is expected to drive demand for high-value components [2]. - The wind power sector is benefiting from increasing market concentration and supportive domestic policies, contributing to stable growth in the gearbox market [2]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.78 yuan, 1.06 yuan, and 1.39 yuan for the years 2025, 2026, and 2027, respectively [3]. - The company is expected to benefit from increased capital expenditure in deep-sea oil projects and the growing demand for high-end equipment in unconventional oil and gas resources [3]. - A target price of 32.86 yuan has been set based on a 31 times price-to-earnings ratio for 2026, with a "buy" rating recommended [3].

Group 1 - The core point of the news is that Haigao Co., Ltd. experienced a stock price increase of 5.01%, reaching 28.07 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 4.62%, resulting in a total market capitalization of 29.29 billion CNY [1] - Haigao Co., Ltd. is located in Zhangjiagang, Jiangsu Province, and was established on June 8, 2001, with its listing date on September 24, 2021. The company specializes in the research, production, and sales of large and medium-sized equipment-specific forgings, which are widely used in oil and gas extraction, wind power generation, mechanical equipment, shipping, and nuclear power [1] - The main business revenue composition of Haigao Co., Ltd. includes wind power equipment forgings at 41.85%, oil and gas equipment forgings at 34.37%, other products at 18.51%, and mechanical equipment forgings at 5.27% [1] Group 2 - From the perspective of fund holdings, Taiping Fund has one fund heavily invested in Haigao Co., Ltd. The Taiping Kechuang Selected Mixed Fund A (019575) held 28,000 shares in the second quarter, accounting for 6.8% of the fund's net value, making it the second-largest holding [2] - The Taiping Kechuang Selected Mixed Fund A (019575) was established on January 30, 2024, with a latest scale of 11.36 million CNY. Year-to-date returns are 22.93%, ranking 3465 out of 8254 in its category, while the one-year return is 53.77%, ranking 2261 out of 8037 [2] - The fund manager of Taiping Kechuang Selected Mixed Fund A (019575) is Yang Xingyuan, who has been in the position for 2 years and 137 days, with a total asset scale of 12.27 million CNY. The best fund return during his tenure is 26.75%, while the worst return is -28.99% [2]

Core Viewpoint - The company, Haigou Co., Ltd. (301063), clarified that its nuclear power business does not currently involve controllable nuclear fusion and plans to gradually expand into other related product areas based on market demand [1] Company Summary - Haigou Co., Ltd. is currently focused on its nuclear power business without involvement in controllable nuclear fusion [1] - The company intends to explore and expand into additional product areas in response to market needs in the future [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 946 million yuan, up 49.78% year-on-year, and net profit of 33.86 million yuan, up 110.98% year-on-year [1] - The second quarter of 2025 also showed strong performance, with revenue of 506 million yuan, a 51.63% increase year-on-year, and net profit of 13.32 million yuan, a 47.83% increase year-on-year [1] Financial Performance - Total revenue for 2024 was 632 million yuan, while for 2025 it increased to 946 million yuan, reflecting a growth of 49.78% [1] - The net profit for 2024 was 16.05 million yuan, which rose to 33.86 million yuan in 2025, marking an increase of 110.98% [1] - The gross margin improved from 8.61% in 2024 to 10.56% in 2025, a rise of 22.6% [1] - The net margin also increased from 2.54% to 3.58%, showing a growth of 40.86% [1] - The company's operating cash flow per share decreased from 0.58 yuan to -0.33 yuan, a decline of 157.22% [1] Accounts Receivable and Liabilities - Accounts receivable rose significantly, from 492 million yuan in 2024 to 703 million yuan in 2025, an increase of 42.81% [1] - Interest-bearing liabilities increased from 288 million yuan to 349 million yuan, a growth of 21.04% [1] Investment Metrics - The company's return on invested capital (ROIC) was reported at 1.72%, indicating weak capital returns [3] - The historical median ROIC since the company went public is 10.72%, suggesting that the current performance is below average [3] Fund Holdings - The largest fund holding shares in the company is the Taiping Kechuang Selected Mixed Fund A, with a current scale of 11 million yuan and a recent net value increase of 4.64% [4] - Another fund, the Huabao Quantitative Stock Mixed Fund A, has also entered the top ten holdings with 15,800 shares [4]