截至9月30日，海陆重工股东户数7.25万，较上期减少17.57%；人均流通股8801股，较上期增加 21.32%。2025年1月-9月，海陆重工实现营业收入16.85亿元，同比减少5.27%；归母净利润3.20亿元，同 比增长32.67%。 分红方面，海陆重工A股上市后累计派现1.97亿元。近三年，累计派现4033.54万元。 机构持仓方面，截止2025年9月30日，海陆重工十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1818.81万股，相比上期增加1208.84万股。 今年以来海陆重工已经14次登上龙虎榜，最近一次登上龙虎榜为11月19日，当日龙虎榜净买入2.52亿 元；买入总计3.73亿元 ，占总成交额比18.46%；卖出总计1.21亿元 ，占总成交额比6.01%。 资料显示，苏州海陆重工股份有限公司位于江苏省苏州市张家港市东南大道1号(张家港经济技术开发 区)，成立日期2000年1月18日，上市日期2008年6月25日，公司主营业务涉及从事工业余热锅炉、大型 及特种材质压力容器和核安全设备的制造销售业务,以及固废、废水等污染物处理和回收利用的环境综 合治理服务、光伏电站运营业务。主营 ...

Core Viewpoint - The stock of Hailu Heavy Industry has experienced significant fluctuations, with a year-to-date increase of 140.25% and a recent decline of 4.06% on November 12, 2023, indicating volatility in investor sentiment and market activity [1]. Company Overview - Hailu Heavy Industry, established on January 18, 2000, and listed on June 25, 2008, is located in Zhangjiagang, Jiangsu Province. The company specializes in manufacturing industrial waste heat boilers, large and special pressure vessels, and nuclear safety equipment, as well as providing environmental remediation services and photovoltaic power station operations [2]. - The revenue composition of Hailu Heavy Industry includes: boilers and related products (38.47%), pressure vessel products (31.00%), environmental engineering services (9.87%), nuclear power products (8.07%), new energy power sales (6.94%), wastewater treatment (2.69%), solid waste disposal (0.73%), and wastewater treatment projects (0.20%) [2]. Financial Performance - For the period from January to September 2025, Hailu Heavy Industry reported a revenue of 1.685 billion yuan, a year-on-year decrease of 5.27%, while the net profit attributable to shareholders increased by 32.67% to 320 million yuan [2]. - The company has distributed a total of 197 million yuan in dividends since its A-share listing, with 40.34 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hailu Heavy Industry was 72,500, a decrease of 17.57% from the previous period, with an average of 8,801 circulating shares per shareholder, an increase of 21.32% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 18.1881 million shares, which is an increase of 12.0884 million shares compared to the previous period [3]. Market Activity - On November 11, 2023, Hailu Heavy Industry appeared on the "Dragon and Tiger List" for the eighth time this year, with a net buy of -72.4455 million yuan, total purchases of 353 million yuan (9.74% of total trading volume), and total sales of 426 million yuan (11.74% of total trading volume) [1].

Core Viewpoint - Hailu Heavy Industry is a leading enterprise in the manufacturing of industrial waste heat boilers and environmental comprehensive governance services, with a full industry chain advantage Group 1: Business Overview - Hailu Heavy Industry was established on January 18, 2000, and listed on the Shenzhen Stock Exchange on June 25, 2008, with its registered and office address in Suzhou, Jiangsu Province [1] - The company's main business includes the manufacturing and sales of industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment, as well as environmental governance services for solid waste and wastewater treatment and recycling, and photovoltaic power station operation [1] Group 2: Financial Performance - In Q3 2025, Hailu Heavy Industry achieved a revenue of 1.685 billion yuan, ranking second in the industry, while the industry leader, Xizi Clean Energy, reported a revenue of 4.333 billion yuan [2] - The main business composition includes boiler and related products generating 397 million yuan, accounting for 38.47%, and pressure vessel products generating 320 million yuan, accounting for 31.00% [2] - The net profit for Q3 2025 was 320 million yuan, ranking first in the industry, with Xizi Clean Energy's net profit at 226 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Hailu Heavy Industry's debt-to-asset ratio was 34.25%, down from 42.40% in the previous year and significantly lower than the industry average of 63.62%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 30.53%, up from 25.56% in the previous year and higher than the industry average of 24.60%, reflecting strong profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 17.57% to 72,500, while the average number of circulating A-shares held per household increased by 21.32% to 8,801.2 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the second-largest shareholder, holding 18.1881 million shares, an increase of 12.0884 million shares from the previous period [5] Group 5: Executive Compensation - The chairman, Xu Yuansheng, received a salary of 980,000 yuan in 2024, a decrease of 32,500 yuan from 2023 [4] - The general manager, Xu Ran, received a salary of 1.38 million yuan in 2024, an increase of 400,000 yuan from 2023 [4]

Group 1 - The core focus of the investor meeting was on the company's main business, nuclear power operations, production and operational status, and future strategic planning [1][2]. - The company has been involved in the manufacturing and sales of industrial waste heat boilers, large and special material pressure vessels, nuclear safety equipment, and environmental remediation services, with no changes reported in its main business [3]. - The nuclear power business has been developed since 1998, with the company completing several first-of-their-kind manufacturing tasks both internationally and domestically, and the fourth-generation nuclear power equipment project is progressing as planned [3]. Group 2 - The company plans to enhance its core business while increasing technological innovation and management efforts, focusing on management and cost control, and optimizing resource allocation to improve profitability and market competitiveness [3]. - The production and operational performance from 2025 to the present has met expectations, with all projects progressing normally [3].

Group 1: Company Overview - The company specializes in the manufacturing and sales of industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment [1] - It also provides environmental comprehensive governance services for solid waste and wastewater treatment and recycling [1] - The company operates photovoltaic power plants [1] Group 2: Nuclear Power Business - The company has been manufacturing nuclear power equipment since 1998, completing several domestic and international first-piece manufacturing tasks over 20 years [2] - Key nuclear safety equipment includes various cooling systems and storage tanks, contributing to domestic nuclear power construction [2] - The fourth-generation nuclear power equipment project disclosed at the beginning of the year is progressing smoothly, expected to alleviate current capacity bottlenecks and enhance production capabilities [2] Group 3: Production and Operational Status - The production and operational status from 2025 to date is in line with expectations, with all projects progressing normally [2] Group 4: Future Strategic Planning - The company plans to deepen its core business while increasing technological innovation and management efforts [2] - Focus will be on enhancing management and cost control, optimizing resource allocation to improve profitability and market competitiveness [2]

Financial Performance - In the first half of 2025, the company reported operating revenue of 1.032 billion yuan, a year-on-year decrease of 10.44% [1] - The net profit attributable to shareholders was 191 million yuan, an increase of 50.03% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 184 million yuan, reflecting a year-on-year growth of 56.29% [1] - Basic earnings per share were 0.23 yuan [1] Profitability Metrics - The gross profit margin for the first half of 2025 was 30.32%, up by 6.74 percentage points year-on-year [1] - The net profit margin was 18.55%, an increase of 7.73 percentage points compared to the same period last year [1] Expense Management - Total operating expenses for the first half of the year were 102 million yuan, a decrease of 21.23 million yuan compared to the previous year [1] - The expense ratio was 9.90%, down by 0.81 percentage points year-on-year [1] - Sales expenses decreased by 2.90%, management expenses decreased by 4.31%, R&D expenses decreased by 26.05%, and financial expenses decreased by 69.51% [1] Executive Compensation - The chairman, Xu Yuansheng, received a salary of 980,000 yuan in 2024, while the president, Xu Ran, earned 1.38 million yuan [3] - Xu Yuansheng has a background in various leadership roles within the company and related entities [3] Company Overview - The company achieved operating revenue of 2.789 billion yuan in 2024, a slight decrease of 0.23% year-on-year [5] - The net profit attributable to shareholders was 377 million yuan, reflecting a year-on-year increase of 10.86% [5] - The company specializes in manufacturing industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment, as well as environmental remediation services [5]

Group 1 - The company is advancing its fourth-generation nuclear power equipment project, which will alleviate current capacity bottlenecks and enhance production capabilities, aligning with national nuclear power development policies [1] - The company expects a net profit attributable to shareholders of 190 million to 205 million yuan for the first half of the year, primarily due to improved order quality and the absence of previous year's subsidy impacts on the renewable energy sector [1] - The company specializes in manufacturing industrial waste heat boilers, large and special material pressure vessels, nuclear safety equipment, and environmental remediation services [1] Group 2 - The company has been manufacturing nuclear power equipment since 1998 and has completed several significant domestic and international projects [2] - Nuclear power plays a crucial role in the emerging energy system due to its economic, low-carbon, and stable characteristics, with China approving 11 nuclear power units in 2024, maintaining a global leadership position [2] - The domestic nuclear equipment localization rate has significantly increased, with key components achieving 100% localization, showcasing China's advanced nuclear technology on the global stage [3] Group 3 - The demand for small modular reactors is growing due to increasing global clean energy needs and the depletion of traditional energy resources, with supportive policies outlined in the "2030 Carbon Peak Action Plan" [3] - International cooperation in the nuclear sector is expected to strengthen, providing broader opportunities for the development of small modular reactor technology [3]

Group 1: Company Overview - The company specializes in the manufacturing and sales of industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment [1] - It provides environmental comprehensive treatment services for solid waste, wastewater, and other pollutants, as well as photovoltaic power station operations [1] Group 2: Nuclear Power Business - The company has been manufacturing nuclear power equipment since 1998 and has completed several international and domestic first-piece manufacturing tasks over 20 years [2] - Key nuclear safety equipment includes various tanks and cooling systems, actively participating in the construction of nuclear power plants [2] Group 3: Performance Forecast - The company expects a net profit attributable to shareholders of 190 million to 205 million yuan for the first half of 2025, driven by improved order quality [2] - The previous year's performance was negatively impacted by renewable energy subsidy adjustments, which are not a factor this year, leading to significant profitability in the renewable energy sector [2] Group 4: Future Strategic Planning - The company plans to deepen its core business while increasing technological innovation and management efforts to enhance profitability and market competitiveness [2]

Group 1: Company Overview - The company specializes in manufacturing industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment [1] - It provides environmental comprehensive governance services, including solid waste and wastewater treatment and recycling [1] - The company operates photovoltaic power plants [1] Group 2: Waste Heat Boiler Business - The industrial special waste heat boilers are energy-saving and environmentally friendly products, primarily used in industries such as steel, non-ferrous metals, coking, chemicals, power, and papermaking [1] - The company maintains a leading position in the domestic market for special waste heat boilers, with a significant market share [1] - It is one of the drafting and formulation units for national standards for dry quenching waste heat boilers and continues to lead in converter waste heat boilers and non-ferrous smelting waste heat boilers [1] Group 3: Pressure Vessel Business - The company holds A1 and A3 level pressure vessel design qualifications and manufacturing licenses [2] - Its pressure vessels are mainly used in coal chemical, petroleum chemical, and fine chemical industries, including products like heat exchangers, separators, reactors, tanks, towers, filters, and evaporators [2] Group 4: Nuclear Power Business - The company has been manufacturing nuclear power equipment since 1998 and has completed several international and domestic first-piece manufacturing tasks over 20 years [2] - Nuclear safety equipment includes various components such as injection boxes, core component lifting baskets, and emergency water supply tanks [2] - The fourth-generation nuclear power equipment project is progressing, which will alleviate current capacity bottlenecks and enhance production capabilities [2] Group 5: Future Strategic Planning - The company has strong R&D capabilities in manufacturing-related products and aims to ensure product quality while pursuing innovation [2] - Future strategies include deepening core business, increasing technological innovation, and enhancing management and cost control to improve profitability and market competitiveness [2]

1. Report Industry and Investment Rating - The report focuses on the power equipment industry, but no investment rating is provided [2] 2. Core Viewpoints - The company, Hailu Heavy Industry, has strong R & D capabilities in manufacturing - related products, accurate market positioning, and rich design and manufacturing experience. In the future, it will continue to deepen its main business, increase technological innovation and management efforts, strengthen management and cost control, and optimize resource allocation to improve profitability and market competitiveness [21] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Hailu Heavy Industry, belonging to the power equipment industry. The reception time was on May 15, 2025, and the listed company's reception staff was Zhang Guoyi, the board secretary [16] 3.2 Detailed Research Institutions - Participating institutions include Ping An Fund (a fund management company with relevant personnel Liu Wenping and Yang Beisi), Guohai Securities (a securities company with relevant personnel Zhong Qi), Guolian Minsheng Securities (a securities company with relevant personnel Zhang Tianhao), and CITIC Securities (a securities company with relevant personnel Hua Pengwei) [17] 3.3 Research Institution Proportion - Fund management companies account for 25%, and securities companies account for 75% [19] 3.4 Main Content Data - **Company's Main Business**: The company's current main businesses include the manufacturing and sales of industrial waste - heat boilers, large and special - material pressure vessels, and nuclear safety equipment; environmental comprehensive treatment services for the treatment and recycling of pollutants such as solid waste and wastewater; and photovoltaic power station operation [20] - **Nuclear Power Business**: The company started manufacturing nuclear power equipment in 1998. It has completed multiple international and domestic first - piece (set) manufacturing tasks. Its nuclear safety equipment includes various components. The fourth - generation nuclear power equipment project is advancing orderly, which will help expand production capacity, optimize technology, and enhance profitability [20][21] - **Company's Future Strategic Plan**: The company will continue to deepen its main business, increase technological innovation and management efforts, strengthen management and cost control, and optimize resource allocation to improve profitability and market competitiveness [21]