重生之后：极限制造龙头切换“成长兑现”模式

Core Viewpoint - The article discusses the transformation of Guojin Heavy Equipment (国机重装) from a company that faced bankruptcy to a key supplier in the national heavy machinery sector, highlighting its recovery and growth trajectory after restructuring [1]. Financial Performance - In the third quarter report, Guojin Heavy Equipment reported a revenue increase of 16% but a net profit decline of 3%, attributed to management expenses impacting performance [5]. - The preliminary performance report for 2025 indicated a revenue growth of 9.56% and a net profit increase of 10.89%, reflecting stable but not extraordinary performance [7][8]. Business Transformation - The company, originally known as Deyang Heavy Equipment, faced severe financial difficulties due to industry downturns and operational challenges, leading to its voluntary delisting in 2015 after accumulating over 20 billion in liabilities [9]. - Following its delisting, the parent company, Guojin Group, restructured the business, integrating quality assets from within the group, which allowed Guojin Heavy Equipment to transition from a single manufacturing focus to a comprehensive industry chain coverage and relist in 2020 [10]. - Currently, the company operates in three main business segments: research and manufacturing, engineering services, and investment operations, which collectively contributed 98% of its revenue in 2024 [11]. Business Segmentation - The roles of the three business segments are clearly defined: the research and manufacturing segment focuses on heavy castings and core components, the engineering services segment provides equipment integration and general contracting, and the investment operations segment extends the industrial chain [13].