11月19日，福斯达盘中下跌2.00%，截至09:54，报38.67元/股，成交2374.38万元，换手率1.23%，总市 值61.87亿元。 资金流向方面，主力资金净流出198.39万元，特大单买入0.00元，占比0.00%，卖出290.17万元，占比 12.22%；大单买入499.60万元，占比21.04%，卖出407.81万元，占比17.18%。 福斯达今年以来股价涨71.45%，近5个交易日跌2.37%，近20日跌17.32%，近60日跌18.52%。 今年以来福斯达已经1次登上龙虎榜，最近一次登上龙虎榜为4月22日。 资料显示，杭州福斯达深冷装备股份有限公司位于浙江省杭州市临平区杭州临平经济技术开发区兴起路 398号，成立日期2000年7月4日，上市日期2023年1月30日，公司主营业务涉及专业从事各类深冷技术工 艺的开发及深冷装备的设计、制造和销售,为客户提供深冷系统整体解决方案。主营业务收入构成为： 空分设备71.40%，天然气处理及液化装置23.13%，其他5.46%，租赁收入0.01%。 福斯达所属申万行业为：机械设备-专用设备-能源及重型设备。所属概念板块包括：价值成长、专精特 新、基金重 ...

Core Viewpoint - Foxda's stock price has shown significant volatility, with a year-to-date increase of 77.52%, but a recent decline of 20.46% over the past 20 trading days [1][2]. Company Overview - Foxda, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development, design, manufacturing, and sales of deep cooling technology and equipment [1]. - The company's main revenue sources are: air separation equipment (71.40%), natural gas processing and liquefaction devices (23.13%), and other sources (5.46%) [1]. Financial Performance - For the period from January to September 2025, Foxda reported a revenue of 2.141 billion yuan, representing a year-on-year growth of 29.45%, and a net profit attributable to shareholders of 345 million yuan, reflecting a growth of 66.11% [2]. - Since its A-share listing, Foxda has distributed a total of 161 million yuan in dividends [3]. Shareholder and Market Activity - As of September 30, 2025, Foxda had 12,800 shareholders, an increase of 34.71% from the previous period, with an average of 3,860 circulating shares per shareholder, down by 25.76% [2]. - The stock has seen significant trading activity, with a net inflow of 9.2587 million yuan from main funds and notable buying from large orders [1].

Core Viewpoint - The stock of Fostar has experienced a significant increase of 86.70% year-to-date, but has recently seen a decline of 8.50% over the past five trading days and 15.91% over the past twenty days [1][2]. Company Overview - Fostar, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development, design, manufacturing, and sales of deep cooling technology and equipment [1]. - The company was listed on January 30, 2023, and its main business revenue composition includes: air separation equipment (71.40%), natural gas processing and liquefaction devices (23.13%), and others (5.46%) [1]. Financial Performance - For the period from January to September 2025, Fostar achieved a revenue of 2.141 billion yuan, representing a year-on-year growth of 29.45%, and a net profit attributable to shareholders of 345 million yuan, reflecting a growth of 66.11% [2]. - Since its A-share listing, Fostar has distributed a total of 161 million yuan in dividends [3]. Shareholder Information - As of September 30, 2025, Fostar had 12,800 shareholders, an increase of 34.71% from the previous period, with an average of 3,860 circulating shares per shareholder, a decrease of 25.76% [2]. - The top ten circulating shareholders include various funds, with notable changes in holdings among them, such as a decrease in shares held by some funds and the entry of new shareholders [3].

Group 1 - The core point of the article highlights the recent decline in the stock price of Fosda, which dropped by 5.13% to 44.02 CNY per share, with a trading volume of 153 million CNY and a turnover rate of 6.80%, resulting in a total market capitalization of 7.043 billion CNY [1] - Fosda, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development of various cryogenic technologies and the design, manufacturing, and sales of cryogenic equipment, providing comprehensive solutions for cryogenic systems [1] - The company's main business revenue composition includes air separation equipment (71.40%), natural gas processing and liquefaction devices (23.13%), other sources (5.46%), and rental income (0.01%) [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under CICC holds a significant position in Fosda, specifically the CICC Growth Navigation Mixed Fund A (019628), which maintained its holding of 12,900 shares in the second quarter, accounting for 4.42% of the fund's net value, ranking as the tenth largest holding [2] - The CICC Growth Navigation Mixed Fund A was established on October 15, 2024, with a latest scale of 6.3106 million CNY, achieving a year-to-date return of 20.84% and a one-year return of 22.09%, ranking 4,940 out of 8,155 in its category [2] - The fund manager, Ding Yang, has been in position for 4 years and 323 days, overseeing a total asset scale of 2.355 billion CNY, with the best fund return during his tenure being 75.22% and the worst being 5.12% [3]

Core Viewpoint - Fostar (603173.SH) is making a significant investment of approximately 1 billion yuan in the marine engineering and equipment intelligent manufacturing project, aiming to extend its industrial chain and enhance its product structure towards high value-added offerings [1][2]. Investment Project Details - The project will be located in the Qidong Lusi Port Economic Development Zone, covering a total area of about 505 acres, including 240 acres of industrial land and 265 acres of industrial sea area [1]. - The project will produce large marine engineering equipment, oil and gas modules, and large chemical containers, supported by a heavy-duty terminal to facilitate the manufacturing and delivery of large equipment [1][2]. - A wholly-owned subsidiary will be established to manage the investment, construction, and operations of the project, with a registered capital of no less than 588 million yuan [1]. Strategic Goals - The investment aims to optimize the product structure towards high value-added products and accelerate the company's transformation towards large-scale, high-end, engineering, and service-oriented operations [2]. - The heavy-duty terminal is a key infrastructure that will enhance the company's delivery capabilities for large and oversized projects, improving customer loyalty and export advantages [2]. Financial Performance - Fostar has shown robust financial performance since its listing in January 2023, with revenues of 2.156 billion yuan, 2.419 billion yuan, and 1.476 billion yuan for 2023, 2024, and the first half of 2025, reflecting year-on-year growth of 14.3%, 12.2%, and 62.14% respectively [2][3]. - The net profit attributable to shareholders for the same periods was 191 million yuan, 261 million yuan, and 251 million yuan, with year-on-year growth rates of 34.67%, 36.63%, and 140.45% respectively [2][3]. Order and Market Performance - As of the first half of 2025, Fostar reported a contract liability of 1.975 billion yuan, an increase of 41.39% year-on-year, indicating a stable operational situation and strong investor interest [4]. - The stock price of Fostar reached 51.6 yuan per share as of October 14, 2025, reflecting a cumulative increase of 128.82% since the beginning of 2025 [4].

Group 1 - The core viewpoint of the news is that Fosda's stock price increased by 5.03% to 54.08 CNY per share, with a total market capitalization of 8.653 billion CNY as of the report date [1] - Fosda specializes in deep cooling technology, with its main business revenue composition being 71.40% from air separation equipment, 23.13% from natural gas processing and liquefaction devices, and 5.46% from other sources [1] - The company was established on July 4, 2000, and went public on January 30, 2023, located in Hangzhou, Zhejiang Province [1] Group 2 - The fund "Guotou Ruijin Specialized and New Quantitative Stock Mixed A" holds Fosda as its sixth-largest position, with a net value proportion of 1.38% after reducing its holdings by 13,700 shares [2] - The fund has achieved a year-to-date return of 57.47% and a one-year return of 64.65%, ranking 917 out of 8166 and 577 out of 8014 respectively in its category [2] - The fund manager, Zhao Jian, has a tenure of 12 years and 18 days, with the fund's total asset size being 3.848 billion CNY [3]

Core Viewpoint - Foxda's stock has shown significant growth this year, with a year-to-date increase of 133.21%, indicating strong market performance and investor interest [1][2]. Company Overview - Foxda, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development, design, manufacturing, and sales of deep cooling technology and equipment [1]. - The company's main business revenue composition includes: Air separation equipment (71.40%), Natural gas processing and liquefaction devices (23.13%), Others (5.46%), and Rental income (0.01%) [1]. Financial Performance - For the first half of 2025, Foxda achieved operating revenue of 1.476 billion yuan, representing a year-on-year growth of 62.14% [2]. - The net profit attributable to shareholders for the same period was 251 million yuan, reflecting a substantial year-on-year increase of 140.45% [2]. Stock Performance - As of October 10, Foxda's stock price was 52.60 yuan per share, with a market capitalization of 8.416 billion yuan [1]. - The stock has seen a recent trading volume of 45.9049 million yuan, with a turnover rate of 1.78% [1]. - The stock has experienced a net inflow of main funds amounting to 3.1811 million yuan, with significant buying and selling activities noted [1]. Shareholder Information - As of June 30, the number of Foxda's shareholders was 9,526, a decrease of 9.41% from the previous period [2]. - The average circulating shares per person increased by 10.39% to 5,200 shares [2]. Dividend Information - Since its A-share listing, Foxda has distributed a total of 161 million yuan in dividends [3]. Institutional Holdings - As of June 30, 2025, notable changes in institutional holdings include a decrease in shares held by the third-largest shareholder, while others have increased their holdings [3].

Company Overview - Fostar, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development, design, manufacturing, and sales of deep cooling technology and equipment, providing overall solutions for deep cooling systems [1] - The company's main business revenue composition includes: Air separation equipment (71.40%), Natural gas processing and liquefaction devices (23.13%), Others (5.46%), and Rental income (0.01%) [1] Stock Performance - As of September 26, Fostar's stock price increased by 2.05% to 51.25 CNY per share, with a total market capitalization of 8.2 billion CNY [1] - Year-to-date, Fostar's stock price has risen by 127.22%, with a 3.74% increase over the last five trading days, a 4.19% decrease over the last 20 days, and a 46.39% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Fostar achieved operating revenue of 1.476 billion CNY, representing a year-on-year growth of 62.14%, and a net profit attributable to shareholders of 251 million CNY, reflecting a year-on-year increase of 140.45% [2] - Since its A-share listing, Fostar has distributed a total of 161 million CNY in dividends [3] Shareholder Information - As of June 30, 2025, Fostar had 9,526 shareholders, a decrease of 9.41% from the previous period, with an average of 5,200 circulating shares per shareholder, an increase of 10.39% [2] - Notable institutional shareholders include: - China Merchants Quantitative Selected Stock Fund (third largest, holding 1.2645 million shares, down 418,000 shares) - Hua'an Elegant Life Mixed Fund (fifth largest, holding 1.0266 million shares, up 485,100 shares) - Hua'an Huijia Selected Mixed Fund (seventh largest, holding 798,400 shares, up 315,400 shares) - Hua'an Jujia Selected Mixed Fund (eighth largest, holding 788,600 shares, up 363,800 shares) [3]

Group 1: Research Basic Information - The research object is FusiDa, and the reception time is September 4, 2025. The listed company's reception staff includes the chairman Ge Shuifu, the director and general manager Ge Haojun, the independent director Liu Haining, the financial controller Huang Zhengjie, and the board secretary Zhang Yuanfei [16] Group 2: Detailed Research Institutions - The institution-related personnel are others, and the reception objects are the vast number of investors participating in the company's 2025 semi-annual performance briefing [19] Group 3: Main Content Overseas Market Expansion - In the reporting period, the company followed the national "Belt and Road" initiative, adopted the "pioneering - rooting - booming" strategy, successfully explored 2 new national markets, strengthened competitive advantages, developed high - quality customers, enhanced the stickiness of loyal customers, and built international brand advantages. It also actively promoted cooperation with international large - scale engineering companies, oil and gas companies, and gas companies [23] Second Growth Curve Layout - The company conducted in - depth market research according to business development needs, strengthened the layout in equipment for natural gas, hydrogen, and syngas, and the industrial gas field to expand business revenue and build a second growth curve [23][24] Future Strategic Planning - The company will focus on its main business, continue to delve into the cryogenic technology field, adhere to the brand positioning of "German - style quality, Zhejiang - enterprise style", increase R & D investment, improve product quality and core competitiveness, strengthen market promotion and brand building, expand domestic and international markets, and increase product market share. It will also strengthen the layout in the above - mentioned fields to build a second growth curve [24] Competitive Advantages Overseas - The company's large - and medium - sized air separation equipment, natural gas processing and liquefaction devices have reached the domestic advanced level in technology and quality, with a small technology gap compared with international peers and lower costs, giving it strong competitive advantages in the international market [24] Future Development Trend - The company achieved double - growth in revenue and net profit in the first half of the year. It will continue to focus on its main business, strengthen R & D investment, expand markets, and build a second growth curve to ensure high - quality sustainable development and create more value for shareholders [24][25] Response to Low Traditional Industry Utilization Rate - The company actively explored emerging fields and built a second growth curve. It relied on its cryogenic technology, expanded overseas markets following the "Belt and Road" initiative, and provided customized solutions to different customers, effectively hedging the risk of order acquisition caused by low traditional industry utilization rates. Its overseas business covers more than 70 countries and regions in Asia, Europe, America, and Africa [26] New Orders - For new - signed orders, please refer to the company's announcements. Currently, the company has sufficient on - hand orders and will actively strive for orders in the second half of the year [26] Impact of Reduced Sales Expenses - The reduction in sales expenses is due to organizational structure adjustment, with some functions and personnel transferred to other departments. Currently, it will not have an adverse impact on new - signed orders [26]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [7][16]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.48 billion yuan, a year-on-year growth of 62.1%, and net profit attributable to shareholders at 250 million yuan, up 140.4% [1]. - The second quarter saw even higher growth, with revenue of 880 million yuan, a 57.8% increase year-on-year, and net profit of 140 million yuan, reflecting a 249.1% increase [1]. - The company is experiencing a peak in overseas order deliveries, with overseas revenue accounting for 64.2% of total revenue, significantly up from 39.1% in 2024 [7]. Financial Performance Summary - The company’s total revenue is projected to grow from 2.42 billion yuan in 2024 to 3.12 billion yuan in 2025, representing a year-on-year growth rate of 28.9% [3]. - Net profit is expected to increase from 261 million yuan in 2024 to 427 million yuan in 2025, with a growth rate of 63.6% [3]. - Earnings per share (EPS) are forecasted to rise from 1.63 yuan in 2024 to 2.67 yuan in 2025 [3]. Business Highlights - The natural gas processing and liquefaction segment showed remarkable performance, achieving revenue of 340 million yuan, a year-on-year increase of 376.4%, with a gross margin improvement of 19.6 percentage points to 33.8% [7]. - The company has successfully developed key technologies and projects in the natural gas sector, enhancing its competitive edge in both domestic and international markets [7]. - The overall gross margin and net margin for the first half of 2025 were 27.2% and 17.0%, respectively, both showing significant year-on-year improvements [7].