上市！临工重机大动作来了！

Core Viewpoint - Lingong Heavy Machinery Co., Ltd. has officially initiated its IPO journey on the Hong Kong Stock Exchange, attracting significant market attention [1]. Financial Performance - The company's revenue is projected to grow from 10.529 billion yuan in 2022 to 12.028 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 6.9% [3]. - Net profit is expected to increase from 0.954 billion yuan in 2022 to 1 billion yuan in 2024, with a total profit of nearly 3 billion yuan over three years [3]. - In the first half of 2025, revenue reached 5.532 billion yuan, and net profit was 0.635 billion yuan [3]. Business Structure and Market Position - The revenue share from mining equipment increased to 63.8% in the first half of 2025, while the share from aerial work equipment decreased to 24.6% [3]. - Material handling machinery has emerged as a potential growth highlight, generating 0.158 billion yuan in revenue, representing 2.9% of total revenue [3]. - According to a report by Frost & Sullivan, Lingong Heavy Machinery ranks third among domestic companies in the global mining transportation equipment and excavator markets, fifth in the global aerial work equipment market, first in the global new energy mining transportation equipment sector, and fourth in the global autonomous mining transportation equipment market [3]. Previous Listing Attempts - This is not the first attempt by Lingong Heavy Machinery to enter the capital market; the company previously applied for an A-share listing on the Shanghai Stock Exchange in December 2022 but voluntarily withdrew the application in January 2024 due to market conditions and corporate strategy [5]. - In December 2024, the company signed a counseling agreement with China International Capital Corporation for A-share listing and completed the third phase of counseling by October 13, 2025 [5]. IPO Objectives - The IPO aims to expand global business, connect with international capital, and attract diversified overseas investments [5]. - The funds raised from the IPO are expected to be used for capacity enhancement, smart upgrades of existing plants, product and solution R&D, electrification and intelligence, and strengthening global market expansion and service networks [5]. Industry Outlook - The global construction machinery market is projected to reach 1.5372 trillion yuan in 2024 and grow to 2.1319 trillion yuan by 2030, with a CAGR of approximately 5.6% from 2024 to 2030 [7]. - The industry segments in which Lingong Heavy Machinery operates, including mining equipment, aerial work equipment, and material handling machinery, are experiencing rapid growth [7]. - The IPO is viewed as a crucial step for Lingong Heavy Machinery to address industry challenges and broaden financing channels, aligning with its globalization strategy [7].