Company Insights - Dachen Fund conducted a recent survey on Haitong Development, revealing Q3 2025 revenue of 1.209 billion, a year-on-year increase of 34.27%, while net profit attributable to shareholders was 166 million, a decrease of 1.49% [1] - For the first three quarters, the company reported revenue of 3.009 billion, up 16.32% year-on-year, with net profit attributable to shareholders at 253 million, down 38.47% [1] - The company adheres to a five-year special inspection and a three-year interim check, allowing underwater inspections to replace factory inspections for ships within 15 years [1] Industry Trends - The current ship repair peak has extended dry dock days by approximately ten days, impacting supply by over 1 percentage point [1] - China's countermeasures have expanded to capital stakeholders holding 25% or more of ships, significantly increasing costs for shipowners with U.S. backgrounds [1] - The company is advancing its "Hundred Ships Plan," aiming to reach 100 vessels by 2028-2029, with annual capital expenditures between 1 to 1.5 billion [1] - The heavy-lift vessel business is responding to the "Belt and Road" initiative, supporting equipment manufacturing exports [1] - The West Mandoo is expected to launch its first shipment in November, with a production capacity of 120 million tons by 2028, alongside Brazil's incremental growth and potential interest rate cuts from the Federal Reserve, which may widen the supply-demand gap in the industry [1]