Core Viewpoint - Xianheng International (605056) is expected to achieve a revenue of 1.58 billion yuan in the first half of 2025, representing a year-on-year growth of 33%, with net profit attributable to shareholders projected between 54 million and 66 million yuan, an increase of 27% to 55% year-on-year [1] Group 1: Financial Performance - The company anticipates a revenue of 1.58 billion yuan for the first half of 2025, marking a 33% increase compared to the previous year [1] - Net profit for the same period is expected to be between 54 million and 66 million yuan, reflecting a year-on-year growth of 27% to 55% [1] Group 2: Industry Trends - The trend of centralized procurement in MRO (Maintenance, Repair, and Operations) is gaining momentum as large enterprises increasingly outsource procurement to specialized suppliers [1] - MRO products account for only 10% of total procurement volume but consume about 80% of the procurement department's time and effort, highlighting the necessity of centralized procurement [1] - The MRO centralized procurement industry in China is expected to maintain growth in the near future due to the continuous emergence of large enterprises and the improvement of the manufacturing system [1] Group 3: Strategic Expansion - Xianheng International is actively expanding into emerging strategic industries such as oil and gas and power generation, leveraging successful experiences from the electric grid sector [2] - The revenue growth rates for strategic industries are projected to be 61% and 71% for 2023 and 2024, respectively, indicating strong growth momentum [2] - The company is investing in R&D to enhance its technological advantages, focusing on digital developments in the electric grid, including drone inspection platforms and specialized AI models [2] Group 4: Shareholder Engagement - The company has initiated a free experience program for all shareholders, expanding the scope to include Wuhan, enhancing investor returns [3] - Since its listing in 2021, the company has consistently implemented a high cash dividend ratio, maintaining over 60% annually [3] - The year 2025 is crucial for the company's five-year plan, with ongoing expansion in emerging strategic industries and the development of proprietary products and services laying a solid foundation for achieving annual operational goals [3]

Core Viewpoint - Xianheng International reported significant growth in revenue and net profit for 2024, but faces challenges in supply chain management and new industry expansion [1] Sales Segment - In 2024, Xianheng International deepened its focus in the power grid sector, optimizing local sales networks and enhancing sales efficiency through regional resource integration and cost reduction [4] - The company actively expanded into five new strategic industries (power generation, oil and gas, nuclear industry, transportation, and government emergency), achieving sales of approximately 1.09 billion yuan, a year-on-year increase of 70.97% [4] - The oil and gas segment continued to develop projects with major state-owned enterprises, while the power generation segment became a new strategic focus, generating sales of 233 million yuan [4] - The emergency response segment, a key area for over a decade, continued to leverage the "Saifucheng" platform to provide comprehensive emergency solutions [4] Self-Industry and R&D - The self-industry segment is crucial for meeting customer needs and enhancing customer loyalty, with a focus on future development [5] - In 2024, the company invested 67.65 million yuan in R&D, a year-on-year increase of 21.49%, focusing on projects such as drone inspection platforms and intelligent power solutions [5] - The company acquired 14.74 acres of industrial land in Hangzhou to establish a "Smart Manufacturing Center," aimed at attracting high-end talent [5][6] Supply Chain Management - The company added over 500,000 SKUs and increased its supplier base to 22,700, implementing a comprehensive MRO supply strategy [7] - Despite the introduction of the "SCM Quotation Collaboration Platform" for online and automated coordination, challenges remain in delivery performance and financial settlement [7] - Future efforts will focus on optimizing supply chain management processes to enhance efficiency and support expansion into new industries [7]