SIEYUAN(SZ:002028) Chang Jiang Shang Bao·2025-12-17 00:31Core Viewpoint - Siyuan Electric (002028.SZ) plans to apply for an initial public offering of H-shares in Hong Kong to broaden its international financing channels and enhance global market competitiveness [1][2] Group 1: Company Overview - Siyuan Electric is a leading private enterprise in the power equipment sector, with export operations covering over 100 countries and regions [1][2] - The company specializes in the research, design, manufacturing, sales, and service of power distribution equipment and core components [2][5] - Siyuan Electric has established subsidiaries or joint ventures in over 20 countries, including Brazil, Mexico, Switzerland, and Kenya [2] Group 2: Financial Performance - In the first half of 2025, Siyuan Electric's revenue from overseas markets reached 2.862 billion yuan, a year-on-year increase of 88.95%, accounting for 33.68% of total revenue [3][4] - The company reported a high gross margin of 35.69% for its overseas business in the first half of 2025 [4] - For the first three quarters of 2025, Siyuan Electric achieved a revenue of 13.827 billion yuan, a 32.86% increase year-on-year, and a net profit of 2.191 billion yuan, up 46.94% [5] Group 3: Market Performance - As of December 16, 2025, Siyuan Electric's total market capitalization reached 116.5 billion yuan, with a stock price increase of 138.29% for the year [2][6][7] - The stock price rose from a low of 67.98 yuan per share on April 11, 2025, to a high of 161.99 yuan per share by December 12, 2025 [6][7] - The company has attracted significant interest from foreign investors, with Hong Kong Central Clearing Limited increasing its stake over four consecutive quarters [7]