双环传动：8月27日接受机构调研，易方达基金、华夏基金等多家机构参与

Core Viewpoint - The company, Shuanghuan Transmission, is actively expanding its overseas production capacity and market presence, particularly in the electric vehicle sector, despite facing short-term challenges in European market demand [2][5]. Group 1: Overseas Production and Market Expansion - The company established a new factory in Hungary in May 2025 and has begun small-scale product deliveries while preparing for new project launches [2]. - The company aims to secure new overseas projects, including next-generation electric drive projects for luxury car manufacturers, despite a temporary decline in European market demand [2]. Group 2: Business Growth in Engineering Machinery Gears - Growth in the engineering machinery gear business is attributed to increased orders from existing global top-tier clients and expansion of orders from foreign Tier 1 clients in the domestic market [3]. - The company maintains a stable customer base and a healthy structure, resulting in steady overall revenue for the engineering machinery gear segment [3]. Group 3: New Energy Vehicle Gear Business - The company anticipates continued growth in its new energy vehicle gear capacity and demand, with ongoing investments in coaxial gearbox resources [4]. - Although the growth rate was affected by inventory adjustments from some clients in the first half of the year, the overall capacity construction and new project introduction have not slowed down [4]. Group 4: Future Business Growth Drivers - The company focuses on gear technology and is expanding into new gear product forms across various sectors, including new energy vehicles, commercial vehicles, and engineering machinery [5]. - The company expects significant growth in its new energy vehicle gear business over the next 2-3 years, supported by increased market penetration and overseas market expansion [5]. Group 5: Financial Performance - For the first half of 2025, the company reported a main revenue of 4.229 billion yuan, a year-on-year decrease of 2.16%, while net profit attributable to shareholders increased by 22.02% to 577 million yuan [9]. - The company’s gross margin stands at 27.06%, with a debt ratio of 44.72% [9].