业绩简评 8 月 25 日，公司发布 2025 半年度报告，1H25 实现营收 205.1 亿元，同比+26.7%，归母净利润 29.7 亿元，同比+40.1%，扣非归 母净利润 26.7 亿元，同比+29.1%，毛利率 30.2%，同比-1.5pct， 经营性现金流 30.2 亿元，同比+65%； Q2 实现营收 115.3 亿元，同比+19.0%，归母净利润 16.5 亿元， 同比+25.9%，扣非归母净利润 14.4 亿元，同比+12.8%%，毛利率 29.6%，同比-0.2pct，Q2 业绩略超预期。 经营分析 通用自动化：行业需求好转，公司营销&解决方案竞争力持续提升。 设备更新&数字化转型政策带动自动化行业需求复苏，25H1 OEM 市场规模同比+2%。公司持续加强营销网络部署及本土化服务， 25H1 整体自动化业务实现营收 88 亿元，同比+17%，毛利率 44.5%， 同比+0.7pct，伺服/低压变频器/小型 PLC/工业机器人市场份额 32%/22%/7%/8%,看好公司定制化解决方案优势持续提升市占率。 新能源汽车：维持高速增长，规模优势持续扩大。25H1 国内新能 源汽车销量 694 ...

Group 1 - The National Market Supervision Administration has issued a notification to enhance the renovation of old residential elevators, emphasizing safety and convenience for residents [1] - The notification is part of a series of policies aimed at promoting the large-scale renovation of old equipment and consumer goods, indicating a strong governmental push in this area [1] - Local market supervision departments are required to ensure that elevator manufacturers fulfill their production responsibilities, providing high-quality, reasonably priced, and well-supported elevator products [1] Group 2 - The elevator renovation and maintenance market in China is vast, with over 11 million elevators, making it the largest elevator market globally [2] - By the end of 2024, approximately 900,000 old elevators over 15 years old are expected to be in use, highlighting significant market potential for renovations [2] - Starting in 2024, the renovation of old residential elevators will be included in the funding support from long-term special government bonds, facilitating the update of over 40,000 elevators [2] Group 3 - Hualing Precision (603356.SH) is a leading domestic company in the elevator components sector, focusing on the research, production, and sales of elevator parts [3] - The company has experienced a decline in performance due to the domestic real estate market but is expected to see marginal improvements and return to growth as the old elevator renovation market expands [3] - The continuous policy support for old elevator renovations is anticipated to stimulate growth in the company's performance in the coming years [3]

Core Viewpoint - Huahong Technology reported a significant decline in both revenue and net profit for 2024, indicating substantial operational challenges despite some positive developments in specific business segments [1]. Group 1: Financial Performance - The company achieved total revenue of 5.576 billion yuan in 2024, a year-on-year decrease of 18.96% [1]. - The net profit attributable to shareholders was -356 million yuan, representing a drastic decline of 123.89% year-on-year [1]. - The non-recurring net profit also showed poor performance, amounting to -451 million yuan, down 65.51% year-on-year [1]. Group 2: Business Segments - The recycling equipment and operation segment, a core business area, faced revenue and profit declines despite some growth driven by policy incentives and overseas orders [4]. - The high-end manufacturing of elevator components was negatively impacted by a goodwill impairment of 334 million yuan, which significantly affected net profit [4][5]. - The rare earth resource utilization and magnetic materials segment showed signs of recovery, with major rare earth product prices stabilizing and the segment turning profitable [6]. - The company made progress in the rare earth magnetic materials business, with significant increases in production and sales, as well as improved gross margins [6]. Group 3: Market Environment - The overall market environment remains weak, impacting the company's profitability across various segments [4]. - Increased competition and fluctuations in raw material prices pose uncertainties for future growth in the rare earth segment [6]. - The company needs to optimize its business structure and enhance core competitiveness to navigate market challenges effectively [6].