南财智讯1月30日电，威马农机发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 3000万元—3700万元，同比预减53.48%—62.28%；预计2025年全年归属于上市公司股东的扣除非经常 性损益的净利润为2650万元—3350万元，同比预减56.26%—65.40%。报告期内，公司预计实现盈利， 但归属于上市公司股东的净利润较上年同期有所下降，主要原因为：1、报告期内，营业收入较上年同 期减少，主要是因为部分产品品类的销量较上年同期有所下降，特别是扫雪机品类整体市场需求下降， 公司扫雪机品类产品销量下滑，其他增长类产品暂不足以弥补该品类产品销售的下滑，影响整体经营营 业收入规模下降；2、报告期内，公司为加强海外市场开拓、建设自主品牌渠道，加大了营销端人员引 进以及泰国工厂的人才组建，销售费用、管理费用同比增长幅度大。以及公司为加速智慧农机市场战略 布局实施研发团队规模扩容，持续引入研发人才，以及公司重点推进个别战略性研发项目，主要在研项 目有所增加，不断加大核心技术攻关投入，导致研发费用规模增长。 ...

Core Insights - The cold air has led to a surge in the "ice and snow economy" in Zhejiang, transforming cold resources into hot industries, particularly in skiing and snow equipment production [1][3]. Group 1: Ice and Snow Economy Development - The Hangzhou Tonglu Shenshanli International Ski Resort has seen a significant increase in electricity consumption, with an average daily usage of 12,000 kWh, a 155% increase compared to the same period last year [1]. - Zhejiang has 26 operational ice and snow sports venues, ranking first among southern provinces, and is one of the fastest-growing regions for ski tourism in China [3]. - The provincial plan for 2025 includes promoting the ice and snow economy as part of a broader initiative to boost service consumption, encouraging the development of "ice and snow +" economic models [3]. Group 2: Power Supply and Infrastructure - Local power companies have implemented a "network perception + aerial inspection" service to ensure reliable electricity supply to ski resorts, featuring a four-level sensing network for real-time monitoring [3]. - The establishment of a 24-hour emergency response mechanism and the preparation of power repair materials tailored for ice and snow scenarios have been prioritized [3]. - The Zhejiang Electric Power Company has customized energy efficiency and power protection plans for businesses, ensuring reliable power for the production of snow removal and sweeping machines, which have seen increased overseas orders [4]. Group 3: Energy Efficiency and Competitiveness - The "Luban" energy efficiency management platform provides real-time electricity monitoring for export-oriented enterprises, helping them optimize energy use and reduce costs significantly [5]. - By implementing time-of-use electricity strategies, companies like Zhejiang Daban Electric Tools Co., Ltd. have saved hundreds of thousands in electricity costs, enhancing their international competitiveness [5]. - The province has developed a cluster of ice and snow equipment industries, with significant production capabilities in cities like Taizhou and Ningbo, benefiting from a strong manufacturing base and convenient shipping [5].

Core Insights - The ice and snow economy in Zhejiang is rapidly growing, becoming a new engine for winter consumption despite the lack of natural snow resources [4][12] - The number of ice and snow sports venues in Zhejiang has reached 26, with 18 ski resorts, including 8 indoor facilities, leading in southern provinces [5] - The government is actively promoting ice and snow tourism and related economic activities, aiming to transition from seasonal peaks to year-round engagement [6][12] Group 1: Ice and Snow Sports Venues - The indoor ski resort at Taihu Longzhimeng Park in Huzhou can accommodate over 10,000 visitors on peak days, with a staff of nearly 80 instructors during the winter season [4] - The Yunshang Grassland Ski Resort in Anji is set to open mid-December, with a capacity of 15,000 skiers and an average annual visitor count of 250,000, contributing 80% of its revenue during the snow season [5] - The Daming Mountain Wansongling Ski Resort in Hangzhou offers a unique "skiing + hot spring" experience, reflecting the diversification of winter tourism [5] Group 2: Ice and Snow Product Sales - The sales of ice and snow-related products have surged, with a notable increase in children's ski gear, achieving sales of over 700 million yuan, a 40% year-on-year growth [8][9] - The market for ice and snow products is expanding, with a variety of items available, including ski goggles, helmets, and snow boots, indicating a positive outlook for the industry [9][10] - The production of ski poles in Ninghai County has become a significant industry, with an annual output value nearing 1 billion yuan, driven by increasing domestic demand [10] Group 3: Regional Economic Impact - The snow boot industry in Taizhou has seen a significant increase in production, with annual output exceeding 1 billion yuan, accounting for one-third of the national market [11][12] - The ice and snow economy is fostering innovation, with companies diversifying their product lines to include heated snow boots and snow removal equipment [12] - Zhejiang province now boasts over 500 companies related to ice and snow equipment, creating a comprehensive industrial chain from ski apparel to snowmobiles [12]

Group 1 - The company is actively expanding its target market for snow removal equipment, particularly in high-latitude regions such as Europe and North America [2] - The company has received inquiries regarding its snow removal equipment sales in light of the upcoming snowfall in northern China, northern Europe, and Russia [2]

Core Viewpoint - Weima Agricultural Machinery (301533.SZ) focuses on snow removal equipment primarily targeting high-latitude markets in Europe and North America, and is actively expanding its target markets [1] Group 1 - The company's snow removal products are mainly distributed in high-latitude regions [1] - Weima Agricultural Machinery is currently working on expanding its market reach [1]

Core Viewpoint - The company, Weima Agricultural Machinery, has announced its production capacity for snow removal machines, indicating a strong position in the market for high-latitude regions such as Europe and North America [2] Group 1 - The company currently has an annual production capacity of 200,000 snow removal machines [2] - The primary market for the company's snow removal products includes high-latitude regions, particularly in Europe and North America [2]

Group 1 - The company has an annual production capacity of 200,000 snow removal machines [2] - The main market for the company's snow removal products includes high-latitude regions such as Europe and North America [2]

Core Viewpoint - The garden tools market is expected to experience steady growth driven by increased environmental awareness, the rise of home gardening culture, and the proliferation of smart battery-powered devices, with a projected market size of $34.9 billion by 2030 and a CAGR of 4.3% in the coming years [2][4]. Market Overview - Garden tools are specifically designed to assist in gardening, landscaping, and horticultural activities, helping users manage plants, lawns, and soil efficiently [1]. - The market is seeing a shift towards sustainable and durable tools due to global trends in sustainability and urban greening [2]. Market Trends - The global garden tools market is expanding due to the increasing popularity of home gardening, urban beautification, and sustainable lifestyles [14]. - There is a growing demand for smart, ergonomic, and battery-powered garden tools, with innovations such as lithium-ion battery technology and robotic lawn mowers gaining traction [14]. Market Drivers - Key drivers of the garden tools market include the growth of residential construction, urban greening projects, and the rise of leisure gardening and outdoor aesthetics [15]. - Increased disposable income and heightened environmental sustainability awareness are making gardening a lifestyle choice [15]. Market Size and Segmentation - The global garden tools market is projected to reach $34.9 billion by 2030, with a CAGR of 4.3% [4]. - As of 2024, the top five manufacturers hold approximately 39.0% of the market share, with major players including Husqvarna, Stihl, and Toro [9]. - In terms of product type, lawn mowers currently dominate the market with a share of about 39.8% [11]. - Offline sales represent the primary demand source, accounting for approximately 74.5% of the market [13]. Supply Chain Dynamics - The garden tools industry relies on raw materials such as carbon steel, stainless steel, aluminum, plastic, and rubber for manufacturing [17]. - Distribution occurs through retail chains, hardware stores, and e-commerce platforms, serving home gardeners, landscaping companies, and municipal departments [17].

Core Insights - The Chinese agricultural machinery industry is experiencing rapid development, with significant investments and strategic moves by key players to enhance competitiveness and expand into new areas [1][3]. Industry Overview - Major listed companies in the agricultural machinery sector include Jifeng Technology, Xingguang Agricultural Machinery, Yituo Co., Linhai Co., Zoomlion, Yueda Investment, and Leo Group [1]. - The industry is primarily concentrated in Jiangsu, Zhejiang, and Chongqing, with Jiangsu having the highest number of listed companies [1]. Investment Trends - Zoomlion plans to accelerate R&D investments in high-end agricultural machinery, leveraging its engineering machinery technology to penetrate both domestic and overseas markets [3]. - Weima Agricultural Machinery successfully launched an IPO, raising 725 million yuan for projects focused on intelligent and flexible production bases, which will significantly increase production capacity [3]. - Jifeng Technology is expanding into the renewable energy sector through a joint venture, enhancing its business scale [3]. - Yueda Investment is investing 1.58 billion yuan in a photovoltaic project to boost its renewable energy business [3]. - Linhai Co. is increasing its investment in agricultural machinery through its subsidiary to enhance project development capabilities [3]. - Yituo Co. is injecting 558 million yuan into its financial subsidiary to address profit gaps and improve economic efficiency [3]. Market Participants - The agricultural machinery industry includes various participants: - Raw material suppliers such as China Baowu Steel Group and China Aluminum Corporation, which provide stable supplies through long-term partnerships [4][6]. - Component manufacturers like Quanchai Power and Zhenghe Industry, which produce competitive parts through innovation [4][6]. - Equipment manufacturers including Yituo Co., Weichai Lovol, and Zoomlion, which leverage technology and brand influence to maintain market positions [4][6]. - Distributors like Jifeng Technology, which has evolved from a regional dealer to a multi-province chain, providing professional services to end-users [4][6]. Industry Health - As of August 2025, there are approximately 18,000 active enterprises in the Chinese agricultural machinery sector, representing 68% of the total, indicating a healthy operational status [6].

Core Viewpoints - The company's own brand business remains strong, with revenue growth driven by customer stocking and pre-orders in Q1 2025, leading to an increase in operating net profit margin and a 54.61% year-on-year profit growth due to one-time gains from the divestiture of Quan Feng Automotive [1] - The company is actively expanding production capacity in Vietnam to mitigate tariff risks, and the anticipated improvement in terminal demand during the US interest rate cut cycle is expected to benefit the company's brands, particularly EGO [1][4] Revenue and Profit Performance - In H1 2025, the company achieved revenue of $912 million, a year-on-year increase of 11.85%, with profit reaching $95.271 million, up 54.61% [1][2] - The OBM business revenue grew by 16.2%, accounting for 77.5% of total revenue, with OPE revenue at $602 million, a 22.8% increase, primarily driven by EGO [2][3] - The company’s gross margin improved to 33.31%, up 0.37 percentage points year-on-year, attributed to the higher proportion of the high-margin EGO brand and a decrease in raw material costs [3] Regional Revenue Breakdown - North America showed strong demand with H1 2025 revenue of $651 million, a 17.9% increase, while Europe and China saw modest growth and decline, respectively [2] - Revenue from China decreased by 8.4% to $59 million, indicating market challenges [2] Cost and Profitability Analysis - The company’s total expense ratio was 24.02%, up 0.93 percentage points year-on-year, with specific increases in sales and management expenses [3] - Adjusted net profit for H1 2025 was $76.031 million, a 23.39% increase, with an adjusted net profit margin of 8.33% [3] Strategic Initiatives - The company is accelerating the transfer of production capacity from Nanjing to Vietnam to reduce the impact of US-China trade tariffs, with significant capacity increases expected in H2 2025 [4] - The relocation of the Steinheim factory from Germany to Nanjing is anticipated to be completed by the end of 2025, enhancing long-term competitiveness [4] Future Outlook - Revenue projections for 2025-2027 are $2.020 billion, $2.266 billion, and $2.526 billion, with year-on-year growth rates of 13.91%, 12.17%, and 11.43% respectively [4] - Expected net profits for the same period are $126 million, $158 million, and $191 million, with corresponding growth rates of 11.95%, 25.68%, and 20.99% [4]