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]

Group 1: Company Overview - The company specializes in manufacturing industrial waste heat boilers, large and special 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: Nuclear Power Business - The company has been manufacturing nuclear power equipment since 1998, with over 20 years of experience in the field [2] - It has completed several international and domestic first-piece manufacturing tasks in nuclear power projects [2] - The nuclear safety equipment includes various components such as emergency water tanks, boric acid storage tanks, and non-active residual heat discharge systems [1] Group 3: Future Strategic Planning - The fourth-generation nuclear power equipment project is progressing, which will alleviate current capacity bottlenecks and enhance production capabilities [2] - The company aims to strengthen its nuclear power business in line with national development policies, improving production capacity and profitability [2] - The company focuses on technological innovation, management enhancement, and resource optimization to boost profitability and market competitiveness [2]