Core Viewpoint - Huagong Technology is planning to list H-shares in Hong Kong to enhance its global strategy, despite facing significant challenges with its operating cash flow, which has reached record lows in recent quarters [1][2]. Financial Performance - In the first three quarters of 2025, Huagong Technology reported operating revenue of 11.038 billion yuan, a year-on-year increase of 22.62%, and a net profit attributable to shareholders of 1.321 billion yuan, up 40.92% [1]. - The operating cash flow for the same period was -168 million yuan, showing a year-on-year increase of 28.18%, but still indicating a concerning trend as it is lower than the growth rate of net profit [1][2]. Cash Flow Analysis - The operating cash flow for the first three quarters of 2024 was -235 million yuan, marking the lowest level in 25 years for A-share listings, and the figure for 2025 remains the second lowest at -168 million yuan [1][2]. - The ratio of operating cash flow to net profit has been consistently below 1 since 2024, with the latest ratio for the first three quarters of 2025 being -0.13, indicating poor cash generation capabilities despite reported profits [6]. Market Position - As of October 23, Huagong Technology's stock closed at 82.6 yuan per share, with a market capitalization of 831 billion yuan [8].

华工科技公告，公司于2025年10月23日召开董事会和监事会会议，审议通过了发行H股股票并在香港联 合交易所主板上市的议案。此举旨在深化全球化战略布局，提升国际知名度及综合竞争力，打造多元化 融资渠道，优化资本结构。具体细节尚未最终确定，且需获得多项监管机构的备案、批准或核准，存在 不确定性。公司将根据进展及时披露信息。 ...

Group 1 - The company reported a revenue of 7.629 billion yuan for the first half of 2025, representing a year-on-year increase of 44.66% [1] - The net profit for the same period was 911 million yuan, showing a year-on-year growth of 44.87% [1] - The company announced that it will not distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]