NBHX(SZ:002048) Zheng Quan Shi Bao Wang·2025-06-22 13:30Core Viewpoint - Ningbo Huaxiang's performance forecast for the first half of 2025 indicates a significant improvement in core business profitability, with a non-GAAP net profit growth of 5.25% to 257.3 million yuan, marking the resolution of the burdens from European operations and allowing for a strategic focus shift [1][3]. Group 1: Business Performance - The company reported a net loss attributable to shareholders of 273 million to 369 million yuan for the first half of 2025, primarily due to one-time impacts from the divestiture of six European subsidiaries [3]. - Despite the loss, the core business showed resilience with a non-GAAP net profit of 495 million to 591 million yuan, reflecting steady growth [3]. - The strategic "overseas burden reduction" initiated in 2024 has led to a clearer and healthier profit structure after the transaction with Mutares [3]. Group 2: Strategic Transition - Ningbo Huaxiang is entering a new phase of development focused on "independent brands + new industries," transitioning from joint ventures to independent brands [2]. - Revenue from independent brand operations reached 6.1 billion yuan in 2024, with an expected increase to over 9 billion yuan in 2025, indicating a robust growth trajectory [4]. - The company has secured a significant share of the supply chain for major independent brands such as BYD, Geely, and Chery, with new orders from independent brands exceeding 60% in Q1 2025 [4]. Group 3: Future Growth Initiatives - To accelerate its transformation towards smart manufacturing, Ningbo Huaxiang announced three major initiatives, including a fundraising plan of up to 2.921 billion yuan for new projects [5]. - The establishment of a wholly-owned subsidiary, Qiyuan Technology, will focus on robotics and AI platform development, enhancing technological breakthroughs [5]. - A 1 billion yuan industrial merger fund has been set up to drive integration in new energy, smart technology, and robotics sectors, reinforcing the company's resource consolidation capabilities [5]. Group 4: Overall Evolution - The company is undergoing a systematic evolution, transitioning from stable development to high-quality growth, with the potential for a restructured long-term valuation system [6].