Core Viewpoint - Zhuoran Co., Ltd. is a leading domestic petrochemical equipment company, providing integrated solutions in design, manufacturing, installation, and services for clients in the petrochemical, refining, and natural gas chemical sectors [1] Financial Performance - For Q3 2025, Zhuoran's revenue was 1.565 billion yuan, ranking 19th among 58 companies in the industry, while the top company, Zhongchuang Zhiling, reported revenue of 30.745 billion yuan [2] - The net profit for the same period was 163 million yuan, placing it 16th in the industry, with the leading company reporting a net profit of 3.705 billion yuan [2] Financial Ratios - As of Q3 2025, Zhuoran's debt-to-asset ratio was 66.88%, a decrease from 67.94% year-on-year but still above the industry average of 46.18% [3] - The gross profit margin was 15.21%, down from 18.42% year-on-year and below the industry average of 26.77% [3] Executive Compensation - Chairman Zhang Jinhong's salary for 2024 is 780,000 yuan, an increase of 9,500 yuan from 2023 [4] - General Manager Zhang Jun's salary for 2024 is 758,000 yuan, up by 36,100 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.15% to 6,701, while the average number of shares held per shareholder increased by 44.81% to 30,200 shares [5] - Longjiang Securities noted a decline in performance for the first half of 2025, but anticipated an increase in the proportion of engineering general contracting services from 2025 to 2026 [5] Future Outlook - The company is actively positioning itself in the green and low-carbon sectors, promoting technological innovation and industrial upgrades [5] - Projected net profits for 2025, 2026, and 2027 are estimated at 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding P/E ratios of 27.4X, 24.0X, and 17.5X based on the closing price on August 29, 2025 [5]

Core Viewpoint - 兰石重装 is a leading enterprise in the domestic energy equipment industry, focusing on the research, manufacturing, and engineering of energy equipment, with a comprehensive advantage across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, 兰石重装 reported revenue of 4.746 billion yuan, ranking 12th among 58 companies in the industry, with the top company achieving 30.745 billion yuan [2] - The net profit for the same period was 1.1654 million yuan, placing it 52nd in the industry, while the leading company reported a net profit of 3.705 billion yuan [2] - The company experienced a year-on-year revenue growth of 26.93% but a significant decline in net profit by 88.4% [6] Group 2: Financial Ratios - As of Q3 2025, 兰石重装's asset-liability ratio was 71.92%, down from 73.46% year-on-year, but still above the industry average of 46.18% [3] - The gross profit margin for the same period was 10.60%, a decrease from 13.84% year-on-year, and below the industry average of 26.77% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.59% to 87,900, while the average number of shares held per shareholder increased by 14.40% to 14,900 shares [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 2.1535 million shares [5] Group 4: Management Compensation - The chairman, 郭富永, received a salary of 586,600 yuan in 2024, an increase of 76,500 yuan from 2023 [4] - The general manager, 车生文, received a salary of 470,400 yuan in 2024, up by 81,600 yuan from the previous year [4] Group 5: Market Outlook - The company signed a contract worth 581 million yuan with 中核工程, which is expected to help improve performance [6] - The company has promising prospects in the controlled nuclear fusion sector and has seen steady growth in order size, with new orders totaling 4.438 billion yuan in the first half of 2025 [6]

Core Viewpoint - Hetai Machinery is a leading enterprise in the domestic material handling equipment sector, established in 1995 and listed on the Shenzhen Stock Exchange in 2023, with a focus on R&D, design, manufacturing, and sales of material handling equipment [1] Group 1: Business Performance - In Q3 2025, Hetai Machinery reported revenue of 181 million yuan, ranking 57th among 58 companies in the industry, while the top company, Zhongchuang Zhiling, achieved revenue of 30.745 billion yuan [2] - The net profit for the same period was 31.49 million yuan, placing the company 45th in the industry, with the leading company, Zhongchuang Zhiling, reporting a net profit of 3.705 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hetai Machinery's debt-to-asset ratio was 10.65%, an increase from 7.76% in the previous year, significantly lower than the industry average of 46.18% [3] - The gross profit margin for the same period was 35.04%, down from 37.62% year-on-year, but still above the industry average of 26.77% [3] Group 3: Executive Compensation - The chairman, Tong Jianen, received a salary of 1.1113 million yuan in 2024, an increase of 243,300 yuan from 2023 [4] - The general manager, Liu Xuefeng, earned 1.5409 million yuan in 2024, up by 172,700 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 18.82% to 6,967, while the average number of circulating A-shares held per account increased by 23.18% to 3,019.78 [5]

Core Viewpoint - Linzhou Heavy Machinery is a significant player in the domestic coal mining machinery sector, focusing on coal and oil gas-related businesses, with strong R&D capabilities [1] Group 1: Business Overview - Established on May 8, 2002, and listed on the Shenzhen Stock Exchange on January 11, 2011, Linzhou Heavy Machinery is based in Linzhou, Henan Province [1] - The company’s main business includes coal mining machinery, coal mine construction, oil and gas energy technology services, and high-end intelligent equipment [1] Group 2: Financial Performance - For Q3 2025, Linzhou Heavy Machinery reported revenue of 1.17 billion, ranking 25th among 58 companies in the industry, while the industry leader, Zhongchuang Zhiling, achieved revenue of 30.745 billion [2] - The net profit for the same period was 71.65 million, placing the company 31st in the industry, with the top performer, Zhongchuang Zhiling, reporting a net profit of 3.705 billion [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 82.59%, higher than the industry average of 46.18%, but down from 84.43% in the same period last year [3] - The gross profit margin for Q3 2025 was 21.14%, below the industry average of 26.77%, and decreased from 31.26% in the previous year [3] Group 4: Executive Compensation - The chairman, Han Luyun, received a salary of 360,000 for 2024, an increase of 20,000 from 2023 [4] - The general manager, Guo Chuan, also received a salary of 360,000 for 2024, which is an increase of 120,000 from the previous year [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 9.79% to 56,400, while the average number of circulating A-shares held per account decreased by 8.92% to 13,200 [5]

Core Viewpoint - Diweier is a leading company in the domestic oil and gas equipment sector, specializing in the research, production, and sales of related products, with strong technical capabilities and market competitiveness [1] Business Performance - In Q3 2025, Diweier achieved a revenue of 873 million yuan, ranking 30th among 58 companies in the industry, while the industry leader Zhongchuangzhiling reported a revenue of 30.745 billion yuan [2] - The net profit for the same period was approximately 89.71 million yuan, placing the company 23rd in the industry, with the top performer reporting a net profit of 3.705 billion yuan [2] Financial Ratios - As of Q3 2025, Diweier's debt-to-asset ratio was 34.26%, an increase from 31.63% year-on-year, but still below the industry average of 46.18%, indicating relatively low financial risk [3] - The gross profit margin for the period was 21.79%, up from 18.99% year-on-year, yet still below the industry average of 26.77% [3] Executive Compensation - The chairman and general manager, Zhang Li, received a salary of 1.392 million yuan in 2024, an increase of 216,000 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.53% to 4,884, while the average number of circulating A-shares held per shareholder decreased by 7.86% to 39,900 [5] - Notable shareholders include Noan Pioneer Mixed A and Fuguo Tianhui Growth Mixed A/B, with the latter increasing its holdings by 253,000 shares [5] Future Outlook - Analysts expect Diweier's performance to continue improving, driven by the growth of deep-sea orders and the completion of the "Precision Manufacturing Project for Key Components of Oil and Gas Equipment," which has received initial customer certification and small orders [5][6] - The company is projected to achieve net profits of 138 million yuan, 203 million yuan, and 261 million yuan for 2025, 2026, and 2027, respectively, with a target price of 38.50 yuan based on a 50x PE ratio for 2025 [6]

Core Viewpoint - Hongtian Co., Ltd. is a company engaged in the research, production, and sales of drilling equipment for oil, natural gas, and shale gas, with a certain level of technical strength in the industry [1] Group 1: Business Performance - In Q3 2025, Hongtian Co., Ltd. reported revenue of 881 million yuan, ranking 29th out of 58 in the industry, with the industry leader Zhongchuang Zhiling achieving 30.745 billion yuan [2] - The net profit for the same period was 75.724 million yuan, also ranking 29th in the industry, with the top performer Tian Di Technology earning 3.525 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 62.79%, down from 71.95% year-on-year, which is higher than the industry average of 46.18% [3] - The gross profit margin for Q3 2025 was 25.17%, an increase from 22.27% year-on-year, but slightly below the industry average of 26.77% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 53.23% to 20,300, while the average number of circulating A-shares held per shareholder decreased by 34.74% to 10,200 [5] - Among the top ten circulating shareholders, Yongying Semiconductor Industry Smart Selection Mixed Fund became a new shareholder with 5.6 million shares, while Guotai Junan Jin Ying Growth Flexible Allocation Mixed Fund increased its holdings by 252,400 shares [5] Group 4: Executive Compensation - The chairman Zhao Weibin's salary for 2024 remained at 100,000 yuan, unchanged from 2023, while the general manager Zhu Kaixing's salary increased by 221,100 yuan to 1.1478 million yuan [4]

Core Viewpoint - Lijuheng Energy, a well-known boiler manufacturer in China, focuses on the research, production, and sales of hot water and steam boilers, with strong technical research capabilities. The company is set to be listed on the Shanghai Stock Exchange on July 31, 2024 [1]. Group 1: Business Performance - In Q3 2025, Lijuheng Energy reported a revenue of 522 million yuan, ranking 38th out of 58 in the industry, with the top company, Zhongchuang Zhilingda, generating 30.745 billion yuan [2]. - The net profit for the same period was 56.296 million yuan, placing the company 35th in the industry, while the leading company, Zhongchuang Zhiling, achieved a net profit of 3.705 billion yuan [2]. Group 2: Financial Ratios - As of Q3 2025, Lijuheng Energy's debt-to-asset ratio was 36.41%, down from 38.55% the previous year, which is lower than the industry average of 46.18%, indicating strong debt repayment capability [3]. - The company's gross profit margin for the same period was 35.79%, down from 38.93% year-on-year, but still above the industry average of 26.77% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.81% to 6,565, while the average number of circulating A-shares held per household increased by 9.66% to 3,465.35 [5]. - Notably, two major circulating shareholders, Taikang Quality Life Mixed A and Taikang Strategy Preferred Mixed, have exited [5]. Group 4: Executive Compensation - The chairman, He Jun Nan, received a salary of 1.1283 million yuan in 2024, reflecting a year-on-year increase of 10,500 yuan [4]. - He Jun Nan has been with the company since its inception and has held various significant positions in the industry [4].

Core Viewpoint - The company, Falan Tech, is a significant player in the domestic crane machinery industry, focusing on mid-to-high-end lifting equipment and possessing a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Falan Tech reported revenue of 1.86 billion yuan, ranking 17th out of 58 in the industry, below the industry average of 3.23 billion yuan and the top competitor's revenue of 30.75 billion yuan [2] - The net profit for the same period was 174 million yuan, ranking 15th in the industry, slightly below the industry average of 268 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 53.41%, a decrease from 57.53% year-on-year but still above the industry average of 46.18% [3] - The gross profit margin was 23.68%, down from 27.87% year-on-year and below the industry average of 26.77% [3] Group 3: Executive Compensation - The chairman and general manager, Tao Fenghua, received a salary of 1.228 million yuan in 2024, an increase of 768,000 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 15.99% to 32,400, while the average number of shares held per shareholder increased by 19.03% to 12,300 [5] Group 5: Market Outlook - Dongfang Securities is optimistic about the company's continued growth, citing strong revenue and performance growth in Q2 2025, benefits from the shipbuilding industry, and leadership in hydropower construction [6] - Zhongyou Securities also highlights rapid growth in the company's performance, with significant contributions from material handling equipment and services, and a strong global presence [6]

Core Viewpoint - Zhongzhong Technology, a leading enterprise in intelligent metallurgy equipment, has faced challenges in revenue and profit rankings within its industry, but it is expected to recover due to increasing overseas orders and a domestic renewal cycle approaching [2][6]. Group 1: Company Overview - Zhongzhong Technology was established on June 26, 2001, and went public on April 10, 2023, on the Shanghai Stock Exchange, with its headquarters in Tianjin [1]. - The company is recognized as a national high-tech enterprise, integrating R&D, design, manufacturing, technical services, and sales of intelligent equipment and production lines [1]. Group 2: Financial Performance - For Q3 2025, Zhongzhong Technology reported revenue of 301 million yuan, ranking 50th out of 58 in its industry, significantly lower than the industry leaders [2]. - The net profit for the same period was -3.15 million yuan, placing it 53rd in the industry, again far behind the top competitors [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 22.25%, which, although increased from 19.79% year-on-year, remains well below the industry average of 46.18% [3]. - The gross profit margin was 22.05%, an improvement from 16.72% year-on-year, but still lower than the industry average of 26.77% [3]. Group 4: Executive Compensation - The chairman, Ma Bingbing, received a salary of 360,700 yuan in 2024, a decrease of 299,300 yuan from 2023 [4]. - The general manager, Wang Hongxin, earned 902,600 yuan in 2024, down by 397,100 yuan from the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.23% to 31,100, with an average of 8,116.72 circulating A-shares per shareholder, a decrease of 1.21% [5]. Group 6: Market Outlook - According to Zheshang Securities, Zhongzhong Technology is expected to see performance recovery supported by a surge in overseas orders and an upcoming domestic renewal cycle [6]. - The company anticipates a stable revenue of 280 million yuan from spare parts in 2024, with a year-on-year growth of 26.1% [6]. - New orders for 2024 are projected to reach 650 million yuan, with over 60% coming from overseas, setting a foundation for performance recovery in 2025 [6].

Core Viewpoint - Zhejiang Mining Co., Ltd. is a leading supplier of crushing and screening equipment in China, with strong R&D and production capabilities, and was listed on the Shenzhen Stock Exchange in June 2020 [1] Financial Performance - For Q3 2025, Zhejiang Mining reported revenue of 469 million yuan, ranking 40th among 58 companies in the industry, while the industry leader, Zhongchuang Zhiling, had revenue of 30.745 billion yuan [2] - The company's net profit for the same period was 58.54 million yuan, ranking 34th in the industry, with the top performer, Zhongchuang Zhiling, reporting a net profit of 3.705 billion yuan [2] Financial Ratios - As of Q3 2025, Zhejiang Mining's debt-to-asset ratio was 35.53%, lower than the previous year's 36.64% and below the industry average of 46.18%, indicating good solvency [3] - The company's gross profit margin was 33.28%, slightly lower than the previous year's 33.28% but higher than the industry average of 26.77%, reflecting a competitive advantage in profitability [3] Executive Compensation - The chairman, Chen Lihua, received a salary of 468,000 yuan in 2024, unchanged from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.54% to 7,796, while the average number of shares held per shareholder decreased by 2.89% to 8,839.69 shares [5]