【海天国际（1882.HK）】业绩稳健增长，海外市场表现亮眼——2025年中期业绩点评（黄帅斌/陈佳宁/夏天宇）

Core Viewpoint - The company has achieved steady growth in its performance for the first half of 2025, benefiting from global supply chain restructuring and accelerated development in certain downstream industries [2] Group 1: Financial Performance - In H1 2025, the company reported revenue of 9.02 billion RMB, a year-on-year increase of 12.5% [2] - The net profit attributable to shareholders reached 1.71 billion RMB, reflecting a 12.6% year-on-year growth [2] - The company's earnings per share stood at 1.07 RMB [2] - The comprehensive gross margin for H1 2025 was 32.8%, up by 0.5 percentage points year-on-year [2] - The net profit margin was 19.0%, remaining stable compared to the previous year [2] - Operating cash inflow for H1 2025 was 1.4 billion RMB, an increase of 16.3% year-on-year [2] Group 2: Market Demand and Sales - The company’s injection molding machine sales revenue reached 8.64 billion RMB in H1 2025, a 12.1% increase year-on-year [3] - Revenue from components and services was 0.38 billion RMB, showing a growth of 21.0% year-on-year [3] - The demand growth in overseas consumer goods and domestic new energy vehicles and home appliances has driven rapid growth in the company's Mars and Jupiter series injection molding machines [3] - The implementation of policies promoting large-scale equipment updates and the replacement of consumer goods is expected to boost sales in the automotive and home appliance sectors, benefiting the company's product demand [3] Group 3: Global Market Performance - Domestic revenue for H1 2025 was 5.20 billion RMB, a slight increase of 0.3% year-on-year [4] - Despite a high domestic base and structural slowdown in domestic demand, the company maintained stable domestic revenue through continuous expansion of key customers and deepening in various industry segments [4] - Overseas revenue reached 3.82 billion RMB, a significant increase of 34.7% year-on-year [4] - The company’s global performance benefited from structural adjustments in the global supply chain and years of overseas investment, particularly in Southeast Asia [4] - The company is advancing its "Five-Five" overseas strategy by increasing investment in local factories to enhance global delivery capabilities [4] - Construction of factories in Japan, Serbia, and Chennai, India, is accelerating and expected to be operational in the second half of 2025 to address complex geopolitical situations [4]