盈利质量突降！800亿巨头拟赴港“补血”

Core Viewpoint - Huagong Technology is planning to list its shares on the Hong Kong Stock Exchange to enhance its global strategy, increase international visibility, and optimize its capital structure amid declining operating cash flow [2]. Financial Performance - For the first three quarters of 2025, Huagong Technology reported a revenue of 11.038 billion yuan, a year-on-year increase of 22.62%, and a net profit attributable to shareholders of 1.321 billion yuan, up 40.92% [2]. - The operating cash flow for the first three quarters of 2025 was -168 million yuan, showing a year-on-year increase of 28.18%, but still lower than the growth rate of net profit [2]. Cash Flow Analysis - The operating cash flow for the first three quarters of 2024 was -235 million yuan, marking the lowest level in 25 years since the company went public, and the figure for 2025 remains the second lowest at -168 million yuan [3]. - The ratio of operating cash flow to net profit has been below 1 since 2024, indicating concerns about the quality of earnings, with the latest ratio for the first three quarters of 2025 being -0.13 [4]. Market Position - As of October 23, Huagong Technology's stock closed at 82.6 yuan per share, giving it a market capitalization of 83.1 billion yuan [7].