每经记者：彭斐 每经编辑：陈俊杰 全球橡胶机械行业领军企业软控股份（SZ002073，股价8.92元，市值90.94亿元）交出了2025年"半年 考"答卷。 8月19日晚间，软控股份发布的2025年半年报显示，公司上半年实现营业收入38.81亿元，同比增长 20.33%，延续了营收端的稳健增长态势。但与营收表现形成对比的是，公司归母净利润却同比下滑 23.84%，降至1.46亿元，呈现出营收与利润的反向走势。 《每日经济新闻》记者注意到，"增收不增利"的背后，是软控股份在全球化扩张中面临多重挑战。尽管 公司积极推进中高端和国际化战略，海外业务收入同比激增78.75%，占比提升至31.14%，成为营收增 长的重要引擎，但汇率波动带来的汇兑损失以及其他因素，侵蚀了公司的盈利空间。 汇率波动影响利润 作为全球橡胶机械行业的领导者，软控股份在2024年被《欧洲橡胶杂志》（ERJ）评为全球橡胶机械企 业排行榜第一，这无疑是其市场地位和技术实力的有力证明。公司是全球领先轮胎生产整体解决方案提 供商，是全球橡胶轮胎行业内唯一一家涵盖轮胎生产全生命周期关键装备的供应商，搭建了以中国、美 国、斯洛伐克、日本为中心的全球研发体系 ...

证券日报网讯 8月19日晚间，软控股份发布公告称，2025年半年度公司实现营业收入3，880，661， 277.40元，同比增长20.33%；归属于上市公司股东的净利润为146，208，636.93元，同比下降23.84%。 （文章来源：证券日报） ...

Core Viewpoint - The recent stock price volatility of Sinochem Equipment is primarily driven by its significant asset restructuring plan, which involves acquiring 100% equity of two companies, Yiyang Rubber Plastic Machinery Group and Blue Star Chemical Machinery, through share issuance and raising matching funds [1][2]. Group 1: Restructuring Plan - The restructuring involves two core target companies: Yiyang Rubber Machinery, a leading rubber machinery manufacturer with a global market share ranking in the top three for its mixing machines, and Beihua Machinery, a top manufacturer of ion membrane electrolyzers with the highest domestic market share for three consecutive years [2]. - The integration of these companies is expected to enhance Sinochem Equipment's capabilities in the rubber machinery and chemical equipment sectors, strengthening its brand management, marketing, professional service team, and strategic customer resources [2]. Group 2: Approval Process Uncertainty - Despite the announcement of the restructuring plan, there are uncertainties regarding the necessary approval processes, which require internal decision-making and authorization from regulatory bodies before implementation [2]. - As of now, the audit and evaluation of the transaction are incomplete, and the transaction price for the target assets has not been determined. The company has only conducted preliminary assessments to gauge the significance of the restructuring [3]. - Currently, only a "Share Acquisition Intent Agreement" has been signed, and no formal transaction agreement is in place, leaving the final execution of the transaction uncertain [3].

Group 1 - The A-share merger and acquisition market is experiencing increased activity, with 19 companies disclosing progress in their M&A activities this week [1][2] - Companies involved in M&A announcements include China Shenhua, Zai Sheng Technology, Huaguang Source Sea, Suzhou Solid, and others [1][3] Group 2 - China Shenhua plans to issue shares and pay cash to acquire assets while raising supporting funds [3] - Zai Sheng Technology intends to acquire 49% of Maikelong's equity for 231 million yuan [3] - Dongfang Yuhong is set to acquire 100% of Chile's Construmart S.A. for 123 million USD [3] Group 3 - Lideman announced plans to acquire up to 70% of a tuberculosis diagnostic company, which is expected to significantly enhance its IVD business segment [4] - Zhonghua Equipment aims to acquire 100% of two companies in the rubber machinery and chemical equipment sectors, enhancing its operational capabilities [6] - Zhonghua International plans to acquire 100% of Nantong Xingchen, a company specializing in fine chemical products [6] Group 4 - Companies such as China Shenhua, Jin Chengzi, Quzhou Development, and Guangku Technology have announced stock suspensions or resumption related to their M&A activities [7] - Jin Chengzi is planning to acquire 55% of Samit Optoelectronics, leading to a stock suspension [7] - Quzhou Development intends to purchase shares of Xian Dao Electronic Technology, resulting in a stock suspension [7]

Group 1 - The company, Zhonghua Equipment, announced plans to acquire 100% equity of Yiyang Rubber Plastic Machinery Group and Beijing Bluestar Energy Investment Management, which constitutes a major asset restructuring [1][3] - The stock of Zhonghua Equipment will resume trading on July 29, 2025, after being suspended since July 28, 2025 [1][3] - As of the end of 2024, Zhonghua Equipment reported a revenue of 9.612 billion yuan and a net loss of 2.202 billion yuan, indicating a need for improvement in profitability [3][5] Group 2 - Yiyang Rubber specializes in rubber machinery manufacturing, with key products including internal mixers, vulcanizers, and extruders, serving various industries such as tires and medical rubber [3][4] - Beijing Bluestar focuses on chemical equipment manufacturing, generating revenue primarily from chlor-alkali electrolysis systems, molten salt thermal energy storage systems, and special valves [4] - The transaction is expected to enhance the company's capabilities in the rubber machinery and chemical equipment sectors, improving market scale and operational efficiency [5][6] Group 3 - The controlling shareholders and actual controllers of Zhonghua Equipment will remain unchanged after the transaction, ensuring stability in governance [4] - The transaction aims to strengthen the company's competitive position in the chemical equipment sector and is expected to help the company achieve profitability [5][6] - Prior to suspension, Zhonghua Equipment's stock price was 8.36 yuan per share, with a total market value of 4.136 billion yuan [6]

Core Viewpoint - The company, Sinochem Equipment, is undergoing a significant asset restructuring by acquiring 100% equity of Yiyang Rubber Plastic Machinery Group and Beijing Bluestar Energy Investment Management, which is expected to enhance its operational capabilities and market position in the rubber machinery and chemical equipment sectors [1][4][5]. Group 1: Transaction Details - Sinochem Equipment announced plans to issue shares to acquire 100% equity of Yiyang Rubber Plastic Machinery Group and Beijing Bluestar Energy Investment Management, with the stock resuming trading on July 29, 2025 [1][3]. - The transaction is classified as a related party transaction and is anticipated to constitute a major asset restructuring [1][4]. Group 2: Financial Performance - As of the end of 2024, Sinochem Equipment reported a revenue of 9.612 billion yuan and a net loss of 2.202 billion yuan, indicating ongoing financial challenges [4]. - The company's net assets totaled 1.665 billion yuan as of March 31, 2025, highlighting the need for improved profitability [4]. Group 3: Business Operations - Yiyang Rubber specializes in manufacturing rubber machinery, including mixers, vulcanizers, and extruders, with applications across various industries such as tires, cables, and medical rubber [4]. - Beijing Bluestar focuses on chemical equipment manufacturing, generating revenue primarily from core products like chlor-alkali electrolysis systems and special valves [4]. Group 4: Strategic Implications - The acquisition is expected to strengthen Sinochem Equipment's expertise, brand management, and market presence in both the rubber machinery and chemical equipment sectors [5]. - The transaction aims to enhance the company's revenue and profit scale, facilitating a quicker turnaround to profitability and improving competitive positioning in the chemical equipment sector [5].

Core Viewpoint - Zhonghua Equipment is facing operational difficulties and is seeking to acquire 100% stakes in Yiyang Rubber Plastic Machinery Group and Beijing Blue Star Energy Investment Management to inject quality assets and improve performance [1][4]. Group 1: Acquisition Details - The company announced plans to purchase 100% equity of Yiyang Rubber Plastic Machinery Group from China Chemical Equipment and 100% equity of Blue Star (Beijing) Chemical Machinery from Blue Star Energy [1]. - The stock of Zhonghua Equipment has been suspended since July 15 due to this announcement [1]. Group 2: Historical Context - In 2016, the actual controller of Zhonghua Equipment, China National Chemical Corporation, acquired the German KraussMaffei Group for €9.25 billion, which later led to significant financial challenges for Zhonghua Equipment [2]. - The acquisition of Luxembourg-based China National Chemical Equipment in 2018 for 6.062 billion yuan was a high-profile transaction, but it resulted in continuous losses for six years, totaling over 7 billion yuan [3]. Group 3: Financial Performance - Zhonghua Equipment has reported a projected net loss of between 22.06 million yuan and 14.71 million yuan for the first half of 2025, indicating ongoing financial struggles [4]. - The company’s core business segments, including chemical equipment and rubber machinery, have experienced revenue declines due to slowing investment growth in related industries [4]. Group 4: Strategic Importance of Acquisitions - Yiyang Rubber is a key player in the rubber machinery industry, with a diverse product matrix and international market reach [4]. - Beijing Blue Star is recognized for its unique capabilities in ion membrane electrolytic cells, holding nearly 50% of the domestic market share and over 20% internationally [5]. - The planned asset injection aligns with previous commitments made during the 2018 restructuring, aiming to create a closed-loop in the chemical equipment industry [5].

Core Viewpoint - China National Chemical Equipment (中化装备) plans to initiate an asset injection from its major shareholder, which is expected to constitute a significant asset restructuring after completing a major asset divestiture and entering a business adjustment period [1]. Group 1: Asset Injection Details - On July 14, China National Chemical Equipment announced plans to issue shares to acquire 100% equity of Yiyang Rubber Plastic Machinery Group Co., Ltd. and 100% equity of Blue Star (Beijing) Chemical Machinery Co., Ltd. from China Chemical Equipment Co., Ltd. and Blue Star Energy Investment Management Co., Ltd. respectively, while also raising matching funds from no more than 35 qualified investors [2]. - The company has signed a Letter of Intent for Equity Acquisition with relevant parties for both transactions, agreeing to further negotiate on the scope of the acquired assets, transaction methods, pricing, and asset valuation [4]. Group 2: Business Synergy - The injected assets are expected to have business synergy with China National Chemical Equipment. Yiyang Rubber Machinery is a key player in the domestic rubber machinery industry, with products sold to over 40 countries, including Japan, the USA, and Brazil [5]. - Blue Star Machinery, a high-tech enterprise, is one of the three major global suppliers of ion membrane electrolytic cells, with a domestic market share of nearly 50% and an international market share exceeding 20% by the end of 2024 [5]. Group 3: Financial Performance - China National Chemical Equipment has faced continuous losses in recent years, but the loss amount has significantly narrowed after asset divestiture. The company expects a net loss attributable to shareholders of approximately 14.71 million to 22.06 million yuan for the first half of 2025 [6]. - The company anticipates improved financial conditions after completing the major asset restructuring project by the end of December 2024, as overseas loss-making businesses will no longer be included in the consolidated financial statements [6].

Summary of Soft Control Co., Ltd. Conference Call Company Overview - Soft Control Co., Ltd. specializes in lithium battery equipment, providing both wet and dry process equipment. The wet process is already in use with domestic customers, while the dry process is in discussions with universities and potential clients. The solid-state battery production lines are currently small-scale, mostly in laboratory or pilot testing stages, with some actual transaction contracts signed with domestic clients [2][6]. Key Points and Arguments Industry and Market Position - The company provides front-end equipment for lithium batteries, including material conveying, mixing, and coating, with an investment of approximately 20 million to 30 million yuan per GWh, accounting for about 20% of total investment [2][8]. - Soft Control's main clients include top domestic companies such as CATL, EVE Energy, Guoxuan High-Tech, and BYD [3]. - The company has a competitive edge in material conveying, while competitors like Hong Kong Technology excel in mixing [4][5]. Technical Challenges and Developments - The dry process for solid-state battery production faces significant technical challenges, including material uniformity, fiberization avoidance, hydrogen sulfide leakage, and precision temperature control during rolling [9]. - Currently, very few companies in China are capable of mass-producing solid-state batteries using the dry process, with most still in the research or small-scale testing phase [9][12]. Future Outlook and Orders - Orders for lithium battery equipment are primarily in pilot or mass production stages, with a production line capacity reaching 0.5 GWh, mainly targeting end users [2][11]. - The company anticipates an increase in orders for wet process solid-state batteries in the second half of this year and into next year, as discussions with clients progress [11]. Global Expansion and Strategy - Since 2024, Soft Control has actively expanded into overseas markets, leveraging the group's extensive global network to enhance local service capabilities [10][11]. - The company aims to meet international customer demands and further develop its global business [11]. Financial and Operational Insights - The delivery cycle for traditional lithium battery equipment typically spans 12 to 18 months, while rubber machinery has a shorter cycle of about 6 to 9 months [7][17]. - The company maintains a stable order situation in the rubber machinery sector, with expectations for steady performance through the first half of next year [13]. Research and Development - Soft Control invests approximately 4% to 5% of its total revenue in R&D annually, continuously introducing new products and processes to support future order growth [23]. Additional Important Information - Solid-state batteries are primarily used in sectors that prioritize safety and endurance over cost, such as drones, while their application in the electric vehicle market remains limited due to high costs [12]. - The company’s rubber machinery orders are expected to peak around 2025-2026 before gradually declining, influenced by the tire industry's investment trends [13].

Core Insights - The global rubber machinery industry continues to grow, with a notable increase in sales, although the growth rate has slowed compared to the previous year [1][3] - China's Soft Control Co. remains the top player in the global rubber machinery market, with six Chinese companies making it into the top ten [2][4] - The industry is experiencing increased concentration, with orders increasingly directed towards leading companies, indicating a "stronger getting stronger" phenomenon [1][4] Global Ranking Changes - The 2024 global rubber machinery rankings show significant changes, with Soft Control Co. achieving a 9.1% growth to reach $661 million, maintaining its top position for three consecutive years [2] - VMI from the Netherlands and HF from Germany follow in second and third places, with sales of $563 million and $484 million respectively, both showing growth [2] - Six Chinese companies are in the top ten, with notable entries from Cimcorp and others, while several companies exited the rankings due to lack of data [2] Industry Concentration - The total sales revenue of the top 30 rubber machinery companies reached $3.842 billion, reflecting a year-on-year growth of 15.4%, although this is a decrease from the previous year's 18.6% [3] - China is identified as the main driver of growth in the global tire and rubber machinery market, with a reported 19.8% year-on-year growth in survey data [3] - The top 10 companies account for 75.5% of the total sales of the top 30, indicating a significant increase in industry concentration [4] Future Outlook - Survey results indicate strong market sentiment among rubber machinery manufacturers, with a notable increase in investment willingness [5] - North America is highlighted as a high-growth region, with 80% of respondents identifying it as such, a significant increase from the previous year's 58% [5] - The tire manufacturing sector remains the strongest market, with 80% of respondents rating it highly, while sentiment in the automotive parts sector remains low due to uncertainties related to the transition to electric vehicles [6] Market Trends - The rubber machinery sector is expected to continue expanding, with manufacturers planning to enhance production capabilities despite geopolitical tensions and trade disputes [6] - There is a growing interest in non-tire markets such as aerospace, construction, logistics, pharmaceuticals, and wind energy, indicating diversification in growth areas [6]