Zhi Tong Cai Jing·2025-09-08 22:52Core Viewpoint - The mechanical industry is expected to experience a recovery in 2025H1, with growth in profitability across semiconductor equipment, engineering machinery, lithium battery equipment, wind power components, and export consumer chains [1][2]. Summary by Category Overall Industry Performance - By the end of Q2 2025, there are 546 listed companies in the A-share mechanical industry, achieving a total revenue of 1.0 trillion yuan, a year-on-year increase of 6.7%. The net profit attributable to shareholders reached 756.4 billion yuan, up 167.7% year-on-year, with a gross margin of 22.6% and a net margin of 7.9% [2]. - In Q1 2025, revenue was 474.37 billion yuan, growing by 8.0% year-on-year, while Q2 revenue was 567.68 billion yuan, increasing by 5.7% year-on-year. The net profit for Q1 was 33.75 billion yuan (up 19.5% YoY) and for Q2 was 42.15 billion yuan (up 17.9% YoY) [2]. Sector-Specific Insights - Semiconductor Equipment: Significant growth observed in Q1 and Q2 2025, indicating a strong upward trend [2]. - Engineering Machinery: Domestic demand is recovering, with sales and profits returning to high levels despite some trade friction risks [3]. - Lithium Battery Equipment: The market is experiencing a notable recovery due to technological upgrades and expansion initiatives, with solid-state battery technology breakthroughs driving demand [4]. - Wind Power Components: The industry is recovering strongly, with price stabilization and improved profitability due to "anti-involution" measures [4]. - Humanoid Robots: The sector is poised for a breakthrough in mass production, driven by advancements in technology and increased participation from major domestic manufacturers [3]. Market Trends - The consensus in the new energy sector is shifting from price competition to value competition, particularly in photovoltaic and lithium battery equipment [1][3].