【海天国际（1882.HK）】业绩稳健增长，全球化布局带动海外收入显著提升——2025年度业绩点评（陈佳宁/夏天宇/汲萌）

Core Viewpoint - The company, Haitai International, is expected to achieve steady growth in its 2025 performance, driven by global supply chain restructuring and demand from certain downstream industries [4]. Group 1: Financial Performance - In 2025, the company reported revenue of 17.73 billion RMB, a year-on-year increase of 10.0% [4]. - The net profit attributable to shareholders reached 3.30 billion RMB, reflecting a year-on-year growth of 7.2% [4]. - Earnings per share stood at 2.07 RMB, with a comprehensive gross margin of 32.7%, up 0.2 percentage points year-on-year [4]. Group 2: Market Demand and Product Performance - The sales revenue from injection molding machines reached 16.90 billion RMB, a 9.7% increase year-on-year, while parts and services generated 840 million RMB, growing by 15.6% [5]. - The Jupiter series products benefited from sustained capacity investments in the new energy vehicle sector, while the Changfei Ya series saw growth due to the recovery in the 3C industry [5]. - The Mars series experienced growth driven by Chinese enterprises expanding overseas [5]. Group 3: International Market Expansion - Domestic revenue was 10.13 billion RMB, showing a slight increase of 0.2% year-on-year, while overseas revenue reached 7.60 billion RMB, marking a significant growth of 26.4% [6]. - The company has adapted its product offerings to meet diverse customer needs, thereby consolidating its market share domestically [6]. - The growth in overseas markets is attributed to the restructuring of global supply chains and the company's early investments in international markets, particularly in Southeast Asia and South America [6].