根据灼识谘询报告，于2024年，拓璞数控在中国航空航天五轴数控机床市场排名首位，市场份额达 11.6%，而在中国五轴数控机床市场的所有供应商中排名第五且在国内供应商中排名第三，市场份额达 4.3%。根据同一资料来源，五轴数控机床为基础工业制造设备，由于其超高精密度、效率及智能加工 能力，跨行业的应用日益广泛。五轴数控机床的市场规模预计将从2024年的108亿元人民币增长至2029 年的270亿元人民币，复合年增长率为20.1%。于往绩记录期间，公司已将市场版图拓展至通用行业领 域，涵盖汽车、能源、医疗设备、造船、机床设备以及模具制造等行业。 于往绩记录期间，拓璞数控透过销售(i)航空航天智能制造装备；(ii)紧凑型通用市场五轴机床；(iii)大尺 寸碳纤维复合材料五轴机床；及(iv)提供维修及维护服务产生收入。公司的产品主要为客制化并依订单 生产的产品。于2025年前六个月，公司开始通过向市场推出大尺寸碳纤维复合材料五轴机床，以提升公 司的产品组合。 财务方面，于2022财年、2023财年、2024财年及2025年前六个月，拓璞数控实现收入分别约为1.36亿 元、3.35亿元、5.32亿元、4.45亿元人民币 ...

11月26日，上海拓璞数控科技股份有限公司（简称"拓璞数控"）再次向港交所提交上市申请书，联席保荐人为国泰海通、建银国际。 今年上半年，公司营业收入4.45亿元，同比增长41.2%；净利润增至0.94亿元，同比激增269.9%。 但招股书提示，受收入确认季节性影响，预计下半年收入将低于上半年，全年增长持续性存疑；下半年净利润可能显著下降，全年盈利水平或不及上半 年。 读创财经注意到，在2019年6月和2020年6月，上交所曾两度受理拓璞数控科创板发行申请，但均在问询后终止。今年5月26日，公司向港交所提交过招股 书。 招股书显示，拓璞数控成立于2007年，是中国高端智能制造装备供应商，专注于五轴数控机床研发生产，产品主要应用于航空航天领域关键零部件加工。 根据灼识咨询报告，公司2024年在中国航空航天五轴数控机床市场以11.6%的份额排名第一，整体五轴市场排名第五。 补贴扭亏 客户集中度较高 值得注意的是，根据上海拓璞科创板招股书，其2020年为亏损状态。经过3年的发展，根据港股招股书，其2022年至2023年仍为亏损状态，直至2024年才 实现盈利。 2022年至2024年（下称"报告期"），拓璞数控分别实 ...

率先实现布局"AI与工业母机的深度融合"并取得了实质性突破。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上海拓璞数控科技股份有限公司（以下简称"拓璞数控"）于11月26日更新招股 书，继续推进港交所主板上市进程。 成立于2007年的拓璞数控作为一家专注于高端智能制造装备的研发、设计、生产与销售企业，专注 于研发五轴数控机床，产品可广泛应用于航空航天、汽车、能源、医疗设备、造船、模具等多个领 域，包括专为航空航天领域设计的专用CNC制程装备及五轴数控机床；专为通用行业中小型零件设 计、跨度在三米以下的多功能五轴数控机床；采用龙门结构，跨距3米至15米，专为大型单体零件加 工设计的大尺寸碳纤维复合材料五轴机床等。 根据灼识咨询的报告，2024年拓璞数控在中国航空航天五轴数控机床市场排名首位，市场份额为 11.6%；亦在中国五轴数控机床市场的所有供应商中排名第五且在国内供应商中排名第三，市场份 额为4.3%。 在工艺能力方面，拓璞数控构建了业内最为完备的工艺组合，不仅涵盖传统铣削、车削、镗铣、钻孔 等基本工艺，还具备搅拌摩擦焊接、铆接等高端制造技术 ...

智通财经APP获悉，据港交所11月26日披露，上海拓璞数控科技股份有限公司(简称：拓璞数控)向港交所主 板递交上市申请，国泰君安国际、建银国际为联席保荐人。 招股书显示，拓璞数控是中国一家专注于高端智能制造装备(主要为五轴(计算机数字化控制"数控")机床)的 研发、设计、生产及销售的大型企业。公司专注于研发五轴数控机床，以满足中国航空航天领域对先进制造 的需求。 根据灼识谘询报告，于2024年，拓璞数控在中国航空航天五轴数控机床市场排名首位，市场份额达11.6%， 而在中国五轴数控机床市场的所有供应商中排名第五且在国内供应商中排名第三，市场份额达4.3%。根据 同一资料来源，五轴数控机床为基础工业制造设备，由于其超高精密度、效率及智能加工能力，跨行业的应 用日益广泛。五轴数控机床的市场规模预计将从2024年的108亿元人民币增长至2029年的270亿元人民币，复 合年增长率为20.1%。于往绩记录期间，公司已将市场版图拓展至通用行业领域，涵盖汽车、能源、医疗设 备、造船、机床设备以及模具制造等行业。 于往绩记录期间，拓璞数控透过销售(i)航空航天智能制造装备；(ii)紧凑型通用市场五轴机床；(iii)大尺寸碳 ...

来源：新浪港股-好仓工作室 聚焦五轴数控：航空航天市占率11.6%但业务结构单一 拓璞数控是中国高端智能製造装备供应商，专注于五轴数控机床研发生产，产品主要应用于航空航天领 域关键零部件加工。根据灼识咨询报告，公司2024年在中国航空航天五轴数控机床市场以11.6%的份额 排名第一，整体五轴市场排名第五（国内第三，份额4.3%）。 商业模式以"研发驱动+定制生产"为主，2025年上半年96.4%收入通过招标获取，客户集中于国有企事业 单位及大型制造企业。但业务结构高度依赖航空航天领域，2025年上半年该业务收入占比达94.0%，紧 凑型通用市场机床占比仅1.6%，新推出的大尺寸碳纤维复合材料机床贡献4.3%，业务多元化进展缓 慢。 营收三年复合增97.9% 2025上半年突破4.4亿 公司近年收入实现跨越式增长，从2022财年的1.36亿元增至2024财年的5.32亿元，复合年增长率 97.9%；2025年上半年收入4.45亿元，同比增长41.2%。但招股书提示，受收入确认季节性影响，预计下 半年收入将低于上半年，全年增长持续性存疑。 期间收入（人民币千元）同比增长2022财年135,7692023财年334 ...

Summary of Haomai Technology Conference Call Company Overview - Haomai Technology started with tire molds and has expanded into large mechanical components, castings, and CNC machine tools through platform and integration strategies, achieving diversified growth. The company holds a leading position in the global tire mold market, with clients including Michelin and others [2][5][11]. Financial Performance - From 2007 to 2024, Haomai's revenue and profit have maintained a compound annual growth rate (CAGR) of approximately 20%-21%. The financial performance has shown steady growth, with revenue expected to reach between 3.5 billion to 4 billion RMB in 2023 [2][8]. - The CNC machine tool business's revenue share has significantly increased in the first half of 2025, while overseas revenue share remains stable [2]. - The company has not seen a decline in net profit except in 2012 and 2017, attributed to economic pressures and raw material price fluctuations [8]. Market Position - Haomai ranks among the top ten companies in the mechanical industry, with a market capitalization of 50 billion RMB, significantly higher than the median of 4 billion RMB for over 600 listed companies in the sector [3]. - The tire mold market demand is stable, with Haomai holding over 30% market share, outperforming competitors with a revenue scale far exceeding that of rivals [2][18]. Business Segments - The large casting business benefits from the high demand in the gas turbine and wind power markets, with major clients including GE and Mitsubishi, leading to a gross margin recovery to around 25% [2][20]. - The five-axis machine tool business, which has evolved from the electric discharge machine tool, is expected to contribute significantly to revenue, with current income nearing 1 billion RMB [21]. Strategic Initiatives - Haomai's management has shown confidence in the company's future by not selling shares since its IPO in 2011 and even increasing their holdings in late 2023 and early 2025 [9]. - The company has expanded its global market presence, increasing the number of overseas subsidiaries to 12 [15]. Future Outlook - The company is projected to achieve net profits of 2.45 billion RMB, 2.8 billion RMB, and 3.1 billion RMB for 2025, 2026, and 2027, respectively, maintaining a strong buy rating [10][26]. - Haomai aims to become a trillion RMB market cap company, leveraging its platform and integrated management to expand growth boundaries [10]. Competitive Advantages - Haomai's core competencies lie in its platform and integration strategies, allowing it to expand into multiple related fields while ensuring cost control and production efficiency [6][24]. - The company emphasizes employee welfare and has implemented employee stock ownership plans, reflecting a strong corporate culture and commitment to shared growth [15]. Industry Dynamics - The tire mold market is closely tied to tire production, with replacement demand becoming a significant driver. The global tire mold market is estimated to be over 10 billion RMB, with domestic brands increasing overseas production capacity [16][17]. - The large casting business is expected to continue benefiting from high demand in the gas turbine and wind power sectors, with a positive outlook for growth in these areas [19][20]. Conclusion - Haomai Technology demonstrates strong financial health, a solid market position, and a clear growth strategy, making it a compelling investment opportunity in the mechanical industry [2][10][26].

"工业心脏"跃动 阳春，书写县域 经济"造血"传奇 _南方+_南方 plus 在广东推进"百 千万工程"的浪 潮中，一座粤西 县城正以"工业 母机"为支点， 撬动县域经济跨 越式发展。 阳江阳春市，这 个曾经以农业和 传统产业为主的 城市，正凭借以 工业母机为主的 装备制造产业集 群，成为华南地 区装备制造版图 上的一颗新星。 从2017年首个工 业母机项目落 户，到如今集聚 41个产业链项 目、预计全部达 产后年产值超66 亿元，从零起步 到集群成势，阳 春用八年时间， 书写了一段"无 中生有"的产业 传奇。 这样的发展态势 给了市场强信心 ——在2025年初 于深圳举办的产 业招商及文旅推 介会上，阳春一 举签约25个项 阳春产业园区。受访者供图 产业破局▶▷ 目，总投资额达 273.8亿元，涉 及新能源、装备 制造、智能家 电、文化旅游等 多个领域。 随着"5+2+N"工 业产业体系加快 构建，阳春制造 业正实现从"制 造"向"智造"的 跃升。2024年， 全市装备制造业 产值48.67亿 元，其中，阳春 新钢铁入围广东 制造业企业100 强，新兴铸管入 选"2024年广东 省智能制造生态 合作伙伴名 ...

Core Insights - The 2025 DMP Greater Bay Area Industrial Expo opened in Shenzhen, focusing on "full-chain collaboration and intelligent innovation for the future" [1] - The expo aims to inject new momentum into the manufacturing industry in the Greater Bay Area and nationwide, signaling a shift away from internal competition towards deeper development [1] Group 1: Key Exhibitions and Themes - The "Guochao Machine Tool Exhibition" was highlighted at the opening ceremony, featuring over 100 leading domestic machine tool companies, including Gree, showcasing breakthroughs in self-developed five-axis CNC machines and intelligent CNC systems [4] - The 7th China International CNC Tool Festival, held concurrently, focused on "AI empowering materials and innovative integration," gathering top experts to discuss cutting-edge trends in cutting technology [4] Group 2: Technological Advancements - Chinese enterprises are showcasing their hard-core technological capabilities, providing disruptive solutions for sectors like new energy vehicles and 3C electronics, addressing long-standing technical challenges [8] - The exhibition reflects a multi-point breakthrough in high-end manufacturing, indicating a positive ecosystem forming around "material innovation, process upgrades, equipment breakthroughs, and industrial implementation" [8] Group 3: Digital Transformation and Industry Collaboration - The Manufacturing Digitalization Expo (Shenzhen) emphasizes "precise linkage of supply and demand for digital transformation, intelligent upgrades, and green development in manufacturing," tailored for the Greater Bay Area [9] - The DMP Expo's core mission is to unite all possible resources through cross-industry integration to elevate industrial capabilities, providing a new model for breaking through internal competition in the industrial exhibition sector [13] - The event will continue until November 8, featuring multiple technical matchmaking sessions and signing activities, facilitating precise cooperation and resource sharing among global professional buyers and exhibitors [13]

Core Points - The sixth China Liaoning International Investment and Trade Fair (Liaoning Fair) opened in Shenyang, attracting over 1,000 executives from global companies, including Fortune 500 firms, and resulting in the signing of 21 key projects [5][6] - The fair has evolved into a significant platform for promoting cooperation and investment in Liaoning, showcasing the region's commitment to high-level openness and development [5][6] - Liaoning's investment environment has improved, with a reported 12.7% year-on-year increase in investment funds amounting to 764.3 billion yuan from January to August 2023 [7][9] Investment Opportunities - The fair featured various themed activities, including international economic and trade matching events, highlighting the growing international participation, with a 26% increase in international exhibitors compared to previous years [7][8] - Liaoning is focusing on becoming a hub for Northeast Asia's open cooperation, aiming to attract foreign investment and enhance trade relationships with key partners such as Japan and South Korea [8][9] - The region has seen significant foreign investment growth, with actual foreign capital utilization reaching 2.95 billion USD, a 118% increase year-on-year [9] Economic Development - The fair showcased Liaoning's diverse economic landscape, including projects in green petrochemicals and shipbuilding, indicating a strategic focus on high-value industries [4][6] - The local government has implemented various measures to support market expansion and order acquisition for enterprises, enhancing the overall business environment [9][10] - The retail market in Liaoning has shown resilience, with a 4.6% year-on-year increase in total retail sales of consumer goods, amounting to 687.48 billion yuan from January to August 2023 [11] Consumer Engagement - The Liaoning Fair integrated product exhibitions with cultural experiences, promoting local specialties and driving consumer engagement [10][11] - A series of promotional activities have been organized throughout the province, contributing to a 30% increase in consumer events compared to the previous year [11]

Investment Rating - The report does not explicitly state an investment rating for the CNC machine tools industry Core Insights - The CNC machine tools industry is a cornerstone of the current industrial system, integrating computer, mechanical processing, and automation technology, characterized by ease of operation, high precision, and efficiency [7] - The industry has experienced significant evolution, moving from reliance on Soviet aid to achieving breakthroughs in high-end domestic production [10][15] - The penetration rate of high-end machine tools in China is low, indicating substantial growth potential, particularly in five-axis CNC machines [16][80] Industry Definition - CNC machine tools are classified into high-end, mid-range, and low-end categories based on their control capabilities and features [9] - High-end CNC machines are capable of multi-axis synchronous control and advanced intelligent functions, while low-end machines have limited capabilities [7] Industry Development - The development of China's machine tool industry can be divided into five stages, from the foundational period (1949-1978) to the current phase of technological breakthroughs and international cooperation [15] - The industry has transitioned through various phases, including market transformation, rapid growth, structural adjustment, and now a recovery phase driven by technological innovation [12][15] Industry Outlook - The domestic market for CNC machine tools is expected to grow from 865 billion yuan in 2020 to 1,169 billion yuan by 2024, with a compound annual growth rate of 5.3% [21] - The five-axis machine tool market is projected to reach 270 billion yuan by 2029, with a compound annual growth rate of 20.1% [22] Industry Policies - Recent government policies have strongly supported the CNC machine tool industry, emphasizing the need for self-sufficiency and technological advancement in high-end manufacturing [27][80] - Policies have been introduced to promote the modernization of equipment and the development of key components for CNC machine tools [25][80] Industry Chain - The CNC machine tool industry chain consists of upstream components (such as structural parts and control systems), midstream manufacturing, and downstream applications across various sectors [29][32] - Upstream components are dominated by international firms, while midstream manufacturers require strong integration capabilities [35][39] Upstream Components - Key upstream components include structural parts (35% cost), CNC systems (30% cost), and transmission systems (20% cost) [35] - The core technology barriers in CNC machine tools are primarily held by foreign companies, leading to lower domestic production rates [35][72] Midstream Manufacturing - The midstream sector is characterized by numerous companies, but only a few focus on high-end machine tools [37][39] - The market is competitive, with many listed companies involved in the production of CNC machine tools [38] Downstream Applications - The automotive industry is the largest application area for CNC machine tools, accounting for over 33% of the market [45] - Other significant sectors include aerospace, machinery, and mold manufacturing, with expected growth in emerging fields such as 3C electronics and medical devices [45][49] Future Challenges - The CNC machine tool industry faces challenges such as intense competition, talent shortages, and reliance on imported core components [72][73][74] - High-end product promotion is hindered by traditional manufacturers' reliance on lower-end equipment [75] Future Opportunities - The market is expected to recover as the industry moves past a cyclical downturn, with a strong demand for modernized equipment [79] - The push for domestic substitution in high-end machine tools is gaining momentum due to international technology restrictions [81]