万通液压：液压“老将”成功突围

Core Viewpoint - Wantong Hydraulic has successfully navigated the competitive landscape of the hydraulic industry by leveraging its military-grade standards and focusing on innovation and strategic partnerships to expand into new markets and product lines [1][2][3]. Group 1: Company Background and Development - Wantong Hydraulic was established in 2004, during a time when China's hydraulic industry was experiencing significant growth, with the total industrial output value surpassing 10 billion [2]. - The company initially focused on manufacturing hydraulic cylinders for dump trucks and later expanded into more demanding sectors such as coal mining hydraulic supports [2]. - In 2015, the company capitalized on the national strategy of military-civilian integration, obtaining military product certification to facilitate its entry into the military sector [2]. Group 2: Strategic Choices and Innovations - The company made a pivotal decision around 2017 to transition from traditional products to new technologies, specifically oil-gas spring technology, which offers enhanced cushioning and vibration reduction [3]. - Wantong Hydraulic's approach to oil-gas spring development involves initial small-batch customization for specific vehicle needs, followed by large-scale standardized production once the technology is validated [3]. - The company has seen significant revenue growth from oil-gas springs, with a 93.34% increase in revenue for this product in 2024, continuing to grow in the first half of 2025 [3]. Group 3: Capital and Market Position - In 2021, Wantong Hydraulic went public on the Beijing Stock Exchange, which the management likened to upgrading from a "train" to a "high-speed train," enabling faster growth through financing and stock incentives [3]. - Since its IPO, the company has achieved a compound annual growth rate of over 23% in revenue, with even higher growth in net profit, indicating a strong upward trajectory supported by capital market dynamics [3]. Group 4: Customer Engagement and Value Proposition - Wantong Hydraulic positions itself as an expert in the industry, a forward-thinking partner, and an agile responder to customer needs, which fosters long-term, high-commitment relationships [5]. - The company employs rigorous testing standards for its products, reflecting its military heritage and commitment to reliability, which enhances its reputation in the market [5][6]. Group 5: Expansion into New Markets - The company is actively expanding beyond traditional engineering machinery into the new energy vehicle sector, developing oil-gas suspension systems tailored for this market [7]. - Recent collaborations with industry leaders, such as Pangu Intelligent Manufacturing and SAIC Capital, aim to explore new hydraulic applications in wind power and intelligent suspension systems [7]. - Wantong Hydraulic's overseas revenue grew by 41.24% in the first half of 2025, indicating successful international market penetration with high-value products [7]. Group 6: Conclusion and Future Outlook - Wantong Hydraulic exemplifies the evolution of Chinese manufacturing, transitioning from military standards to civilian applications, and from traditional manufacturing to capital-driven innovation [8].