山推股份上半年营收利润双增，80后董事长李士振带领冲刺港股IPO

Core Insights - Shantui's revenue and profit both increased in the first half of 2025, with revenue reaching 7.00 billion yuan, a year-on-year growth of 3.02%, and net profit attributable to shareholders at 568 million yuan, up 8.78% from the previous year [1] - The company reported a significant increase in net profit excluding non-recurring items, which rose by 36.48% to 559 million yuan [1] - The basic earnings per share for the period was 0.38 yuan, reflecting an increase of 8.82% compared to the previous year [1] Financial Performance - The gross margin for Shantui in the first half of 2025 was 20.16%, an increase of 3.32 percentage points year-on-year, while the net profit margin improved to 8.13%, up 1.67 percentage points [2] - Operating cash flow showed a decline of 16.70%, amounting to 230 million yuan [1] - Total assets at the end of the reporting period were 18.08 billion yuan, a decrease of 1.15% from the previous year, while net assets attributable to shareholders increased by 8.32% to 5.68 billion yuan [1] Expense Analysis - Total operating expenses for the first half of 2025 were 696 million yuan, an increase of 140 million yuan year-on-year, with an expense ratio of 9.93%, up 1.40 percentage points [2] - Sales expenses surged by 40.40%, management expenses rose by 19.29%, R&D expenses increased by 10.13%, and financial expenses saw a significant jump of 60.34% [2] IPO Announcement - On August 28, 2025, Shantui submitted an application for an initial public offering of H-shares on the Hong Kong Stock Exchange, proposing to issue up to 264.73 million shares, representing 15% of the total share capital post-issue [7] - The company reported a revenue of 14.22 billion yuan for 2024, marking a year-on-year growth of 34.89%, and a net profit of 1.10 billion yuan, up 44.01% [7] Company Overview - Shantui Engineering Machinery Co., Ltd. was established on December 14, 1993, and is primarily engaged in the research, development, manufacturing, sales, leasing, maintenance, and technical consulting of construction machinery, mining machinery, and agricultural machinery [8]