Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30 HKD, representing a potential upside of 34.6% from the current price of 22.28 HKD [1][4]. Core Insights - The company achieved record-high performance in 2025, with revenue reaching 17.733 billion RMB, a year-on-year increase of 10.0%, and net profit attributable to shareholders at 3.301 billion RMB, up 7.2% [2][3]. - All product lines experienced positive growth, with significant contributions from the Mars, Jupiter, and Changfei series, which saw revenue increases of 8.1%, 16.4%, and 8.9% respectively [2]. - The overseas market is expected to be a major growth driver, with overseas sales growing by 26.4% year-on-year, contributing to 42.9% of total revenue [3]. Financial Performance Summary - For 2025, the company reported a gross margin of 32.7%, an increase of 0.5 percentage points, attributed to improved supply chain management and a higher proportion of overseas sales [2]. - The projected revenues for 2026-2028 are 19.469 billion RMB, 20.806 billion RMB, and 22.666 billion RMB respectively, with net profits expected to be 3.638 billion RMB, 3.965 billion RMB, and 4.314 billion RMB [5][6]. - The earnings per share (EPS) for 2025 is projected at 2.07 RMB, with a year-on-year growth of 7.2% [5]. Market Dynamics - The report highlights that despite challenges in the domestic market due to insufficient demand, the company is well-positioned to capitalize on overseas market opportunities, particularly in Southeast Asia and South America [3]. - The company’s strategic investments in overseas manufacturing bases are expected to enhance its competitive edge and market share globally [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 17.73 billion RMB in 2025, representing a year-on-year growth of 10.0%, and a net profit of 3.30 billion RMB, up 7.2% year-on-year [1] - The company's comprehensive gross margin for 2025 was 32.7%, an increase of 0.2 percentage points, while the net profit margin was 18.6%, a decrease of 0.5 percentage points [1] - The injection molding machine sales revenue reached 16.90 billion RMB, growing by 9.7%, with parts and services revenue at 840 million RMB, up 15.6% [2] - The overseas revenue for 2025 was 7.60 billion RMB, a significant increase of 26.4%, driven by global supply chain adjustments and the company's overseas investment strategies [3] Summary by Sections Financial Performance - Revenue for 2025 was 17,733 million RMB, with a growth rate of 10.0% [5] - Net profit for 2025 was 3,301 million RMB, with a growth rate of 7.2% [5] - Earnings per share (EPS) for 2025 was 2.07 RMB [5] Sales Breakdown - Injection molding machine sales contributed 16,900 million RMB, a 9.7% increase [2] - Parts and services sales reached 840 million RMB, growing by 15.6% [2] Market Performance - Domestic revenue was 10.13 billion RMB, a slight increase of 0.2% [3] - Overseas revenue was 7.60 billion RMB, reflecting a growth of 26.4% [3] Profitability Metrics - The gross margin for 2025 was 32.7%, an increase of 0.2 percentage points [1] - The net profit margin was 18.6%, a decrease of 0.5 percentage points [1] Future Projections - The company’s net profit forecasts for 2026 and 2027 are 3,641 million RMB and 4,005 million RMB, respectively [4] - The EPS projections for 2026 and 2027 are 2.28 RMB and 2.51 RMB, respectively [4]

Financial Performance - Haitai International's revenue for 2025 increased by 10% year-on-year to 17.7 billion CNY, with net profit attributable to shareholders rising by 7.2% to 3.3 billion CNY[3] - The gross margin remained stable at 32.8%, supported by product structure optimization despite a slight decline in net profit margin due to R&D investments[3] Overseas Expansion - Overseas sales grew by 26.4%, with strong performance in Southeast Asia, particularly Vietnam, Africa, and South America[4] - The company plans to increase the proportion of overseas factory output to 25% by 2030, with a new facility in Malaysia expected to be completed by the end of the year[4] Strategic Transformation - Haitai International is transitioning from a single equipment sales model to an "ecosystem co-construction" strategy, focusing on intelligent, green, and precision manufacturing, as well as customized automation solutions[6] - The management aims to maintain a revenue growth target of 10% year-on-year for the current year, supported by capital expenditure deployment and improved overseas penetration[5] Market Risks - Key risks include slower-than-expected recovery in China's automotive and real estate markets, significant global economic slowdown, fluctuations in raw material prices, execution risks in overseas expansion, and intensified competition from domestic second and third-tier manufacturers[8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 佈 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HAITIAN INTERNATIONAL HOLDINGS LIMITED 海天國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1882） (1)執行董事及 獨 立 非 執 行 董 事 退 任； (2)建議委任執行董事及 獨 立 非 執 行 董 事；及 (3)董事委員會組成的建議變更 董 事 會 宣 佈，陳 蔚 群 先 生（「陳先生」）、樓 百 均 先 生（「樓先生」）及郭永輝先生（「郭 先 生」）將根據本公司組織章程細則於二零二六年五月十五日舉行的應屆股東 週 年 大 會 上 退 任。陳 先 生 已 知 會 董 事 會，彼 已 決 定 不 會 於 股 東 週 年 大 會 上 膺 選 連 任，以 便 投 放 更 多 時 間 於 本 身 的 其 他 事 務。此 外，郭 先 生 及 樓 先 生 各 自 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue reached RMB 17,733.2 million, representing a 10.0% increase compared to RMB 16,128.3 million in 2024[2]. - The gross profit for the same period was RMB 5,799.1 million, with a gross margin of 32.7%, slightly up from 32.5% in 2024[3]. - The profit attributable to shareholders was RMB 3,301.1 million, an increase of 7.2% from RMB 3,080.3 million in 2024, resulting in a net profit margin of 18.6%[3]. - Basic earnings per share for 2025 were RMB 2.07, up 7.2% from RMB 1.93 in 2024[3]. - Operating profit for the year was RMB 3,848.8 million, reflecting an 8.9% increase from RMB 3,533.9 million in 2024[2]. - Total comprehensive income for the year was RMB 3,279.1 million, up from RMB 2,985.3 million in 2024[7]. - The company reported a net profit before tax of RMB 3,984.8 million, compared to RMB 3,745.5 million in the previous year[5]. - The net profit for the year was RMB 3,301,137 thousand in 2025, compared to RMB 3,080,332 thousand in 2024, showing a growth of about 7.2%[10]. - The total profit attributable to shareholders for 2025 is RMB 3,301,137,000, compared to RMB 3,080,332,000 in 2024, indicating an increase of 7.2%[29]. Dividends - The board declared a second interim dividend of HKD 0.80 per share, totaling HKD 0.80 for the year, compared to HKD 0.73 in 2024[3]. - The board declared a second interim dividend of HKD 0.80 per share for 2025, compared to HKD 0.73 per share in 2024, representing a 9.6% increase[30]. - The board declared an interim dividend of HKD 0.80 per share for the year ending December 31, 2025, compared to HKD 0.73 per share for the previous year, with an estimated total amount of approximately RMB 1,126.36 million[62]. Assets and Liabilities - Total assets increased to RMB 35,742,108 thousand in 2025, up from RMB 31,145,511 thousand in 2024, representing a growth of approximately 14.5%[8]. - The company's total liabilities rose to RMB 12,670,054 thousand in 2025, compared to RMB 10,276,036 thousand in 2024, indicating an increase of approximately 23.2%[9]. - The company's retained earnings increased to RMB 19,243,598 thousand in 2025 from RMB 17,017,154 thousand in 2024, reflecting a growth of about 13.1%[10]. - The total equity attributable to shareholders was RMB 23,072,054 thousand in 2025, up from RMB 20,869,475 thousand in 2024, representing an increase of approximately 10.5%[10]. Cash Flow - Net cash generated from operating activities reached RMB 3,479,819 thousand in 2025, a significant increase from RMB 2,101,403 thousand in 2024, reflecting a growth of about 65.4%[11]. - Cash and cash equivalents at the end of 2025 were RMB 3,739,397 thousand, up from RMB 2,745,387 thousand at the end of 2024, marking an increase of approximately 36.3%[11]. - The company's capital expenditure for 2025 is RMB 1,148,427,000, an increase of 9.7% from RMB 1,047,254,000 in 2024[31]. Sales Performance - The sales revenue of injection molding machines and related products reached RMB 17,733,166 thousand in 2025, an increase from RMB 16,128,328 thousand in 2024, representing a growth of approximately 9.94%[20]. - Domestic sales amounted to RMB 10,131.7 million, a slight increase of 0.2% from RMB 10,112.3 million in 2024, while overseas sales surged by 26.4% to RMB 7,601.5 million[38][39]. - The company’s injection molding machine sales increased by 9.7% to RMB 16,897.3 million, while parts and services sales rose by 15.6% to RMB 835.9 million[41]. Expenses - Selling and administrative expenses rose by 15.6% to approximately RMB 2,673.2 million in 2025, up from RMB 2,313.1 million in 2024, primarily due to increased sales commissions, labor costs, and R&D expenses[49]. - The depreciation and amortization expenses for 2025 were RMB 528,212 thousand, compared to RMB 478,958 thousand in 2024, reflecting an increase of about 10.34%[24]. Research and Development - Employee costs related to research and development activities were approximately RMB 343,913 thousand in 2025, up from RMB 266,722 thousand in 2024, representing a growth of about 28.93%[24]. Market Strategy - The company plans to enhance its international market presence while ensuring compliance with local laws and regulations to secure overseas assets and supply chains[43]. - The company is focusing on diversifying its product offerings to meet varying customer demands, particularly in the high-tech manufacturing and green energy sectors[39]. - The company anticipates continued growth in overseas markets, particularly in Southeast Asia and South America, driven by structural adjustments in global supply chains[39]. - The company has ongoing commitments to invest in new technologies and products, particularly in the electric vehicle and 3C sectors, to enhance its market position[39]. Corporate Governance - The board is committed to maintaining high standards of corporate governance and has complied with all applicable corporate governance codes as of December 31, 2025[67]. - The audit committee, consisting of three independent non-executive directors, has reviewed the group's financial performance for the year ending December 31, 2025[68]. - Ernst & Young has verified the preliminary annual performance figures for the group ending December 31, 2025, ensuring consistency with the audited consolidated financial statements[70]. Compliance and Regulations - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors during the reporting period[69]. - The company has not adopted any new accounting standards that have been issued but are not yet effective, indicating a cautious approach to accounting policy changes[18].

EF001 免責聲明 第 2 頁 共 2 頁 v 1.1.1 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公佈日期，執行董事為張劍鳴先生、張斌先生、張劍峰先生、陳蔚群先生及陳露女士；非執行董事為郭明光先生及劉劍波先 生；而獨立非執行董事為樓百均先生、郭永輝先生、餘俊仙女士及盧志超先生。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 海天國際控股有限公司 | | 股份代號 | 01882 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年十二月三十一日止年度的全年業績公佈 | | | 公告日期 | 2026年3月16日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 ...

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, with a focus on specific companies such as SANY Heavy Industry and XCMG [1][28]. Core Views - The report highlights the acceleration of PCB equipment expansion driven by increased capital expenditure from PCB manufacturers, predicting significant sales growth for PCB equipment companies in 2026-2027 [1]. - The gas turbine industry is expected to benefit from the growing demand for natural gas power generation, particularly in North America, as companies commit to self-sufficient power solutions [2][46]. - The engineering machinery sector is entering an export cycle, with a notable increase in overseas demand, particularly from Europe and Africa, which is expected to drive performance and valuation improvements in 2026 [3][28]. Summary by Sections PCB Equipment - PCB manufacturers are increasing capital expenditures, with notable investments from companies like Huadian and Pengding Holdings, indicating a robust growth outlook for PCB equipment sales [1]. - The report recommends specific companies in the PCB equipment and consumables segment, including Dazhu CNC and Keg Precision [1]. Gas Turbines - The report emphasizes the investment opportunities in the domestic gas turbine supply chain, driven by the supply-demand imbalance and the challenges faced by major international manufacturers [2]. - Recommended companies in the gas turbine sector include Jereh and Dongfang Electric [2]. Engineering Machinery - The report notes a significant increase in excavator exports, with a 37.2% year-on-year growth in February 2026, indicating a strong recovery in the export market [3]. - Key recommendations for the engineering machinery sector include SANY Heavy Industry, XCMG, and LiuGong, as they are expected to benefit from the ongoing export cycle [3][28]. Semiconductor Equipment - The semiconductor equipment market is experiencing a surge in demand driven by AI and advanced logic production, with significant capital expenditures expected from leading companies [20][21]. - The report recommends companies like Northern Huachuang and Zhongwei Technology for their potential in the semiconductor equipment sector [20]. General Investment Opportunities - The report identifies three major opportunities for the mechanical equipment industry: the acceleration of Chinese investments abroad, the recovery of European and American markets, and the technological advancements in equipment manufacturing [40][41]. - Specific companies recommended for investment include SANY Heavy Industry, XCMG, and Jereh, which are well-positioned to capitalize on these trends [40].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The North American electricity gap presents significant opportunities for the gas turbine supply chain to expand internationally, particularly in the context of domestic manufacturers venturing into markets like the Middle East [1] - The engineering machinery sector is entering an export cycle, with a notable increase in excavator exports, indicating a dual boost in performance and valuation for the sector [2] - The escalation of geopolitical tensions in the Middle East is expected to heighten the demand for oil service equipment, driven by rising energy prices and increased focus on energy security [3] Summary by Sections Gas Turbines - Major tech companies have committed to self-sufficient power solutions, enhancing the demand for natural gas power generation equipment and accelerating project implementation [1] - The supply-demand imbalance in the gas turbine market is evident, with a projected capacity of 90GW by 2030, which is still below total demand [1] - Domestic manufacturers are expanding into international markets, showcasing product reliability and significant growth potential [1] Engineering Machinery - In February 2026, excavator sales totaled 17,226 units, a year-on-year decrease of 10.6%, with domestic sales down 42% but exports up 37.2% [2] - The export market currently accounts for over 80% of the sector's profits, indicating a strong upward trend in performance and valuation for 2026 [2] - Key recommended companies include Sany Heavy Industry, XCMG, and others, which are expected to benefit from this export cycle [2] Oil Service Equipment - The conflict in the Middle East has led to a significant drop in shipping traffic through the Strait of Hormuz, impacting oil supply and driving prices up [3] - The demand for oil service equipment is expected to rise due to increased capital expenditure in the oil and gas industry, driven by energy price hikes and reconstruction efforts [3] - Recommended companies in this sector include Jereh Group and Neway Valve, which are positioned to benefit from these trends [3]

Investment Rating - The report maintains a rating of "Buy" for the mechanical equipment industry, highlighting strong growth potential in various segments [1]. Core Insights - The report emphasizes the significant investment opportunities arising from the power supply gap in North America, particularly in the gas turbine supply chain [1]. - It notes the robust performance of domestic sales in the engineering machinery sector, especially in large excavators, which exceeded expectations [2]. - The geopolitical tensions in the Middle East are expected to increase demand for oilfield equipment, driven by rising energy prices and a focus on energy security [3]. Summary by Sections Gas Turbines - The report highlights the U.S. commitment to self-sufficient power generation, which is expected to boost demand for natural gas power generation equipment [1]. - It points out the supply-demand imbalance in the gas turbine market, with a projected capacity of 90GW by 2030, which is still below total demand [1]. - Domestic manufacturers are expanding into international markets, particularly in the Middle East, showcasing their product reliability and growth potential [1]. Engineering Machinery - The report indicates that excavator sales in February 2026 totaled 17,226 units, a year-on-year decrease of 10.6%, with exports showing a significant increase of 37.2% [2]. - The export market is expected to contribute over 80% of the sector's profits, with a positive outlook for 2026 as the export cycle begins to rise [2]. - Key recommendations include major players like SANY Heavy Industry and XCMG Machinery, which are well-positioned to benefit from this upward trend [2]. Oilfield Equipment - The report discusses the escalation of conflicts in the Middle East, which has led to a surge in oil and gas prices, thereby increasing the demand for oilfield equipment [3]. - It notes that the blockade of the Strait of Hormuz has significantly reduced shipping traffic, impacting supply chains [3]. - The report recommends leading oilfield equipment companies such as Jereh Group and Neway Valve as key beneficiaries of this trend [3].

HAITIAN INTERNATIONAL HOLDINGS LIMITED 海天國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1882） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 海天國際控股有限公司 公司秘書 李嘉文 香 港，二 零 二 六 年 三 月 四 日 於本公告日期，本公司執行董事為張劍鳴先生、張斌先生、張劍峰先生、陳蔚群先生 及 陳 露 女 士；非 執 行 董 事 為 郭 明 光 先 生 及 劉 劍 波 先 生；及 獨 立 非 執 行 董 事 為 樓 百 均 先 生、郭 永 輝 先 生、餘 俊 仙 女 士 及 盧 志 超 先 生。 董事會會議召開日期 海天國際控股有限公司（「本公司」）董事會（「董事會」）宣 佈，董 事 會 會 議 將 於 二 零 二六年三月十六日（星 期 一）舉 行，藉 以（其 中 包 括）批准發 ...