HXG(SH:603112) Xin Lang Cai Jing·2025-08-25 06:39Core Viewpoint - The company has slightly exceeded expectations in Q2 2025 net profit, with a focus on enhancing the proportion of high-margin precision machining in the white goods sector and rapidly scaling up automotive parts production as a second growth driver. The company is also strategically entering the robotics sector through internal incubation and external acquisitions [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 1.976 billion yuan, a year-on-year increase of 2.38%, and a net profit attributable to shareholders of 290 million yuan, up 25.66%. The net profit excluding non-recurring items was 262 million yuan, reflecting a growth of 26.4% [2]. - For Q2 2025, the company reported revenue of 1.001 billion yuan, representing a year-on-year increase of 1.27% and a quarter-on-quarter increase of 2.59%. The net profit attributable to shareholders was 157 million yuan, up 25.54% year-on-year and 18.34% quarter-on-quarter [2]. - The gross profit margin for H1 2025 was 23.32%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 14.43%, up 2.96 percentage points year-on-year, driven by cost reduction and an increase in high-margin precision machining products [2]. Strategic Developments - The company is increasing the sales proportion of high-margin precision machining products in the white goods sector, with significant capacity release in H1 2025 [3]. - In January 2025, the company established a joint venture with Huayu to deepen cooperation in automotive parts, with new capacity ramping up quickly. The company aims to replicate its cost-reduction experience from the white goods sector in the automotive field through scaled production [3]. - The company is actively expanding its customer base in the construction machinery sector to mitigate cyclical fluctuations and is leveraging "short-process continuous casting" to reduce costs [3]. - The company is strategically positioning itself in the robotics sector by utilizing its advantages in customer relationships and precision metal processing, having completed process validation for several reducer metal components. It is also seeking investment targets in the industry chain and plans to establish an industrial fund to shorten entry timeframes [3].