IPO雷达｜冲A未果临工重机转战港股IPO，营收波动大，上半年高空作业设备业务下滑57%

Core Viewpoint - Lingong Heavy Machinery Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise capital for its growth and expansion in the mining and aerial work equipment sectors [1][3]. Company Overview - Lingong Heavy Machinery is a leading global enterprise in mining and aerial work equipment, focusing on providing intelligent, efficient, and green solutions through innovation and technology [3]. - The company has achieved over RMB 10 billion in annual revenue within ten years of establishment and is recognized for pioneering hybrid non-road dump trucks and electric mining excavators in China [3][4]. Market Position - According to Frost & Sullivan, Lingong Heavy Machinery ranks third among domestic companies in the global mining transportation equipment and excavator market based on 2024 revenue [5]. - The company holds the first position in the global non-road wide-body dump truck sector and ranks fifth in the global aerial work equipment market among domestic firms [5]. - In the field of new energy mining transportation equipment, it ranks first among domestic companies, and it is fourth in the global market for unmanned mining transportation equipment [6]. Financial Performance - The company reported revenues of RMB 10.53 billion, RMB 9.90 billion, RMB 12.03 billion, and RMB 5.53 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [7]. - Profit figures for the same periods were approximately RMB 0.95 billion, RMB 0.97 billion, RMB 1.00 billion, and RMB 0.63 billion, indicating a profit increase despite a revenue decline in the first half of 2025 [7][11]. Revenue Breakdown - The revenue from mining equipment increased from 54.4% in the first half of 2024 to 63.8% in the first half of 2025, although its growth rate was only 0.6% [9]. - The aerial work equipment segment saw a significant decline of 57%, contributing to the overall revenue drop in the first half of 2025 [9][12]. - Material handling machinery revenue grew by 208%, but its absolute contribution remained limited at RMB 1.58 billion [9]. Revenue Trends - The company experienced a revenue decline of 6% in 2023, followed by a rebound of 21.5% in 2024, but faced another decline of 14.2% in the first half of 2025 [11][12]. - The fluctuations in revenue indicate potential instability in the company's financial performance [12].