Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.765 billion in H1 2025, representing a year-on-year increase of 20.7%. The net profit attributable to shareholders was 108 million, up 40.2% year-on-year. The non-recurring profit was also 108 million, reflecting a growth of 41.9% [1][3]. - In Q2 2025, the company achieved a revenue of 923 million, which is a 15.3% increase year-on-year. The net profit attributable to shareholders for this quarter was 56 million, showing a significant growth of 51.0% year-on-year, with non-recurring profit increasing by 54.5% to 56 million [1][3]. Summary by Sections Financial Performance - In H1 2025, the company's revenue increased by 20.7% year-on-year to 1.765 billion. The net profit attributable to shareholders was 108 million, a 40.2% increase year-on-year. The non-recurring profit also reached 108 million, up 41.9% [1][3]. - For Q2 2025, the revenue was 923 million, reflecting a 15.3% year-on-year growth. The net profit attributable to shareholders was 56 million, with a year-on-year increase of 51.0%, and the non-recurring profit was also 56 million, up 54.5% [1][3]. Product Performance - The company experienced significant growth in its automotive and rail transit products, with automotive products growing by 30.58% and rail transit products by 25.48% in H1 2025. However, building products saw a decline of 1.37% [9]. - The gross margin for H1 2025 was 18.8%, a slight increase of 0.1 percentage points year-on-year. The company managed to reduce its expense ratio to 9.6%, down 0.9 percentage points year-on-year [9]. Future Outlook - The company expects net profits of 220 million and 290 million for 2025 and 2026, respectively, corresponding to PE ratios of 30 and 23 [5]. - The company is entering a growth phase with its complete vehicle sealing systems, having established partnerships with several major automotive manufacturers [9].

Financial Performance - Company reported total revenue of 1.765 billion yuan for the first half of 2025, a year-on-year increase of 20.66% [1] - Net profit attributable to shareholders reached 108 million yuan, up 40.16% year-on-year [1] - In Q2 2025, total revenue was 923 million yuan, reflecting a 15.25% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 55.704 million yuan, a 50.95% increase year-on-year [1] - Gross margin improved to 18.8%, up 0.51% year-on-year, while net margin increased to 6.27%, up 12.71% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses amounted to 109 million yuan, accounting for 6.16% of revenue, a decrease of 3.68% year-on-year [1] - Cash flow per share increased significantly by 229.35% to 0.37 yuan [1] Business Outlook - Company plans to focus on mid-to-high-end positioning in rubber products, particularly in sealing and vibration reduction [5] - The company aims to leverage its strengths in multiple fields to solidify its business base in automotive, rail transit, construction, and shipping sectors [5] - The container sealing business is expected to remain at historically high levels despite fluctuations in demand due to geopolitical factors [5] Contractual Developments - Company’s subsidiary, Haida New Energy, signed a procurement framework contract with Anhui Sailaf Energy, expected to supply 3.7 GW of products by June 30, 2026 [6] - The new product, a comprehensive screen frame, is designed to enhance safety and reliability, gaining customer recognition [6] Industry Position - Company’s return on invested capital (ROIC) was 6.73% last year, indicating average capital returns [3] - The company’s historical financial performance has been relatively average, with a median ROIC of 9.18% over the past decade [3]

Core Viewpoint - Haida Co., Ltd. demonstrated strong operational resilience and growth momentum in the first half of 2025, achieving significant year-on-year increases in both revenue and net profit, indicating robust business performance [1][2][3] Group 1: Financial Performance - The company reported a revenue of 1.765 billion yuan, representing a year-on-year growth of 20.66% [1] - Net profit attributable to shareholders reached 108 million yuan, marking a year-on-year increase of 40.16% [1] - Net cash flow from operating activities surged to 220 million yuan, reflecting a substantial year-on-year growth of 229.35% [2] Group 2: Business Segments - Haida's core business in modified rubber and plastic materials showed steady growth, particularly in the rail transportation and automotive sectors, with notable revenue increases in sealing and vibration-damping components [2] - The subsidiary Kono Precision Engineering achieved a 16.07% revenue growth in aluminum products, reinforcing the company's leading position in the automotive lightweight materials market [2] Group 3: Research and Development - The company maintained a strong commitment to R&D, with expenses reaching 61.126 million yuan, and both the company and its subsidiaries were recognized as high-tech enterprises [3] - Haida is actively engaging in the new energy sector, developing related sealing and vibration-damping products, and has signed framework agreements with companies like Longi Green Energy [3] Group 4: Shareholder Returns - The board approved a profit distribution plan, proposing a cash dividend of 0.20 yuan per 10 shares, totaling 12.0247 million yuan, reflecting the company's confidence in future growth and commitment to returning value to shareholders [3]

Group 1: Business Performance and Outlook - The company reported normal growth in orders and revenue across its four main business areas: rail transit, automotive, construction, and shipping [1] - Significant revenue growth is noted in automotive sealing and vibration damping products [1] - The company aims to leverage its market advantages to penetrate new markets and products, particularly in the fields of new energy vehicles, energy storage, wind power, photovoltaics, and hydrogen energy [1] Group 2: Container Sealing Business - The container sealing business reached a historical high last year due to international political and economic changes, but current demand is fluctuating due to ongoing uncertainties [2] - Despite a decrease in revenue compared to last year, the container sealing business is expected to perform better than in 2022 and 2023, remaining at a historically high level [2] - The market for container sealing strips in the energy storage sector is rapidly growing [2] Group 3: Contractual Agreements and Product Development - The company signed a procurement framework contract with Anhui Sailaf Energy Co., Ltd., with an expected total procurement of 3.7GW of products by June 30, 2026 [2] - The newly developed short frame product aims to enhance safety and reliability, with features that improve light exposure and increase power generation [3] - The company has also signed a long-term procurement agreement with Longi Green Energy, indicating further recognition of its products [3] Group 4: Diversification and Market Position - The company possesses a high market share in various rubber product applications, allowing it to meet high technical standards and develop new products as per customer requirements [4] - The company is exploring opportunities in robotics and military sectors, leveraging its expertise in sealing and vibration damping materials [4]