XEMC(SH:600416) Zheng Quan Ri Bao·2025-07-29 11:41Core Viewpoint - Xiangtan Electric Machine Co., Ltd. (hereinafter referred to as "Xiang Electric") reported positive performance in the first half of 2025, driven by the growth of the energy-efficient motor market as the national "dual carbon" goals advance [2][3] Financial Performance - In the first half of 2025, Xiang Electric achieved operating revenue of 2.544 billion yuan, a year-on-year increase of 4.6% [2] - The net profit attributable to shareholders reached 188 million yuan, reflecting a year-on-year growth of 12.98% [2] Market Dynamics - The new national standard sets the IE3 efficiency level as the minimum threshold, increasing the penetration rate of energy-efficient motors from 35% in 2024 to 45% in 2025 [2] - Various provinces, including Heilongjiang and Shandong, provide procurement subsidies for energy-efficient motors, with subsidy rates ranging from 15% to 20% of the equipment price, accelerating the replacement of traditional motors [2] Company Positioning - Xiang Electric is one of the largest motor manufacturers in China and has significant international recognition, exporting to over 80 countries and regions [2] - The company holds a leading market share in the domestic large and medium-sized AC motor sector [2] R&D and Innovation - The company's independent R&D capabilities are crucial for converting market demand into performance growth, focusing on high-end and differentiated R&D strategies [3] - In the first half of 2025, Xiang Electric accelerated the development and application of new technologies and products across 10 strategic product R&D directions and 20 product types [3] - Notable projects include a permanent magnet energy-saving system with over 20% energy savings and a successful pilot project for a flywheel energy storage system in Guangzhou [3] Strategic Acquisitions - Xiang Electric announced plans to acquire 12.5% of Tongda Electromagnetic Energy Co., Ltd. from its controlling shareholder, Xiang Electric Group, for 208 million yuan [3] - Tongda Electromagnetic Energy is recognized as a significant player in the electromagnetic energy and motor industry, with improving operational performance and good growth potential [3] Market Outlook - Analysts express confidence in Xiang Electric's future growth, particularly in light of the national "dual carbon" strategy and the successful approval of the company's private placement [3]