弘亚数控成立于2006年11月17日，于2016年12月28日在深圳证券交易所上市，注册地址和办公地址均在广 东省广州市。它是国内领先的数控板式家具机械设备供应商，拥有强大的研发实力和完善的产业链布局。 弘亚数控主营业务为数控板式家具机械设备的研发、生产和销售，所属申万行业为机械设备 - 专用设备 - 其他专用设备，涉及新型工业化、小盘、定制家居核聚变、超导概念、核电等概念板块。 经营业绩：营收行业17/89，净利润行业10/89 A股股东户数较上期增加27.95% 截至2025年9月30日，弘亚数控A股股东户数为3万，较上期增加27.95%；户均持有流通A股数量为 9604.97，较上期减少21.85%。十大流通股东中，香港中央结算有限公司位居第四大流通股东，持股848.62 万股，相比上期增加2.28万股。天弘永利债券A（420002）位居第七大流通股东，持股371.22万股，相比上 期减少7.60万股。东方阿尔法产业先锋混合A（011704）退出十大流通股东之列。 国金证券指出，弘亚数控短期业绩承压但现金流健康。2025年1 - 3季度公司营收和净利润同比下滑，不过 毛利率保持相对高位。公司采用FOB销 ...

Core Viewpoint - 弘亚数控's stock has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 7.297 billion yuan, indicating a mixed performance in the market [1]. Financial Performance - For the first half of 2025, 弘亚数控 reported revenue of 1.235 billion yuan, a year-on-year decrease of 17.22%, and a net profit attributable to shareholders of 242 million yuan, down 19.58% compared to the previous year [2]. - Cumulatively, since its A-share listing, 弘亚数控 has distributed a total of 1.522 billion yuan in dividends, with 976 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, 弘亚数控 had 23,500 shareholders, an increase of 4.11% from the previous period, with an average of 12,290 circulating shares per shareholder, a decrease of 3.94% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 8.4634 million shares, a decrease of 1.8983 million shares from the previous period, and Tianhong Yongli Bond A, which increased its holdings by 789,200 shares to 3.7882 million shares [3].

Group 1: Company Performance and Strategy - The company has maintained stable performance despite challenges in the real estate and home decoration industries, primarily through technological advancements and market expansion [2][3]. - The company exports to over 70 countries, with a low revenue share from the U.S. market, indicating a strategic focus on international market development [3]. - The company plans to utilize new production capacity over the next 3-5 years, aiming for growth despite current market constraints [3][4]. Group 2: Financial Metrics and Shareholder Returns - The company has distributed over 1.353 billion CNY in cash dividends since its listing, emphasizing a commitment to shareholder returns [4]. - The company is actively managing its 600 million CNY convertible bonds, ensuring timely repayment and compliance with regulations [4]. - The company reported a 34% share of overseas business, with minimal impact from recent tariff policies [4]. Group 3: Product Development and Market Trends - The new composite drilling and milling center has shown good market acceptance, addressing complex production needs in the custom furniture sector [3][5]. - The company is focusing on smart manufacturing solutions to enhance production efficiency and meet the growing demand for customized products [5][6]. - The furniture equipment industry is undergoing a transformation towards intelligent manufacturing, with the company positioned as a leader in this transition [5][6]. Group 4: Market Outlook and Competitive Position - The overall industry is experiencing revenue contraction and profit pressure, yet the company has managed to increase its market share and maintain relatively good performance [6]. - Future growth will be driven by expanding into emerging markets and increasing the proportion of mid-to-high-end products [5][6]. - The company is committed to continuous innovation and product upgrades to support sustainable industry development [5][6].

Financial Performance - In Q1 2025, the company achieved revenue of CNY 654 million, with a net profit attributable to shareholders of CNY 132 million and a net cash flow from operating activities of CNY 140 million [1] - Gross margin was 30.93% and net margin was 20.3%, both remaining relatively stable [1] - Operating expense ratio increased to 11.66%, up by 3.74%, driven by a 68.38% increase in sales expenses and a 46.3% increase in R&D expenses [1] Market Conditions - Domestic market demand is expected to remain under pressure in the first half of 2025, with a potential improvement in the second half due to a lower comparative base [2] - Overseas revenue accounts for approximately one-third of total income, showing an upward trend, particularly in regions along the "Belt and Road" initiative and core developed countries [2] Business Strategy - The company plans to enhance production capacity with new facilities coming online in early 2024, increasing the self-manufacturing rate of key components to 70% [3] - Differentiated competition strategies include balancing price and order configurations, launching new products, and adjusting product structures to meet market demands [3] - The revenue share of mid-to-high-end products is gradually increasing, with specific growth in CNC drills (8.04%) and panel saws (16.55%) [3] Future Capital Expenditure - The company has planned capital expenditures exceeding CNY 100 million over the next two to three years for new construction projects in Foshan, with basic construction already underway [4] Investor Interaction Insights - In Q1 2025, domestic sales accounted for about two-thirds of total revenue, showing a slight decline year-on-year, while overseas sales experienced moderate growth [5] - The company maintains a cautiously optimistic outlook for the market in 2025, noting that competition and evolving demand present opportunities for growth [10]