盈利质量突降！800亿巨头拟赴港“补血”

Core Viewpoint - Huagong Technology is planning to list on the Hong Kong Stock Exchange to enhance its global strategy, increase international visibility, diversify financing channels, and optimize its capital structure [2][5]. Financial Performance - In the first three quarters of 2025, Huagong Technology achieved a revenue of 11.038 billion yuan, representing a year-on-year growth of 22.62% [5]. - The net profit attributable to shareholders for the same period was 1.321 billion yuan, showing a year-on-year increase of 40.92% [5]. - The operating cash flow for the first three quarters of 2025 was -168 million yuan, which, despite a year-on-year growth of 28.18%, remains concerning as it is lower than the net profit growth rate [5]. Cash Flow Analysis - The operating cash flow/net profit ratio has been consistently below 1 since 2024, with the latest ratio for the first three quarters of 2025 being -0.13, indicating poor earnings quality despite ongoing profitability [6]. - The operating cash flow for the first three quarters of 2024 was -235 million yuan, marking the lowest level in 25 years of A-share listing, and the figure for 2025 remains the second lowest at -168 million yuan [5][6]. Market Position - As of October 23, Huagong Technology's stock closed at 82.6 yuan per share, with a market capitalization of 83.1 billion yuan [9].