


Core Insights - The company, Giant Lifting Equipment Co., Ltd., hosted a research event attended by 70 institutions, including CITIC Securities, showcasing its operations and future plans [1] Accounts Receivable Situation - As of June 30, 2025, the company's accounts receivable stood at 1.493 billion yuan, with 74% (1.1 billion yuan) of the receivables aged within one year, indicating strong repayment capabilities due to partnerships with quality state-owned enterprises [2] Future Layout and Capacity Planning - The company is focusing on deep-sea technology, as highlighted in the 2025 government work report, and is developing long-term mooring systems to address key technical bottlenecks in marine engineering equipment [2] - A wholly-owned subsidiary has been established in Tianjin to enhance industrialization and scalability, with a feasibility study currently being prepared [2] Deep-Sea Mooring Products and Advantages - Since 2023, the company has obtained multiple DNV factory recognition certificates, making it the only enterprise with such certifications, marking a shift from providing single products to offering comprehensive solutions [2] - The company is uniquely positioned in the deep-sea mooring market, with capabilities in complete mooring rope design and manufacturing [2] Funding and Dividend Plans - The Tianjin subsidiary will utilize working capital and is eligible for policy support due to alignment with government initiatives [2] - The company has distributed over 300 million yuan in dividends since its listing and plans to increase returns to investors as the Tianjin subsidiary's projects contribute to performance [2]