Core Viewpoint - The company is undergoing a critical transformation from components to intelligent systems, with a focus on the integration of electrification and intelligence technologies, which will enhance product performance and establish a competitive advantage in hydraulic products [1][3]. Company Development - Founded in 2003 by borrowing 1.3 million yuan, the company introduced the concept of hydraulic power units, enabling a leap from mechanical components to parts, and successfully listed on the stock market [3][4]. - The company became one of the first to be listed on the Beijing Stock Exchange under the new registration system in 2021, marking a significant milestone in its growth trajectory [3][4]. Innovation and Market Position - The company emphasizes innovation as a key driver of development, with plans to issue convertible bonds in 2025 to support the electrification and intelligent upgrade of hydraulic power equipment [5][6]. - The company has achieved a leading market position in low-noise hydraulic power units, reducing noise levels by 10 decibels through innovative design [6][7]. Technological Advancements - The company has developed a bidirectional gear hydraulic pump that generates electricity, enhancing energy efficiency and increasing product gross margins by 10% [7]. - The company is actively working on intelligent systems that integrate electric control and hydraulic technologies, aiming to leverage AI for improved operational precision and cost reduction [7][8]. Financing and Future Outlook - The company plans to issue 84 million yuan in convertible bonds to fund high-end intelligent hydraulic systems and core component development, while also considering shareholder interests [8]. - The company anticipates that the next five years will be a golden era for the growth of Chinese technology enterprises, aiming to become a global leader in electric hydraulic systems through technological investment [8].

Core Viewpoint - The company is undergoing a critical transformation from components to intelligent systems, with a focus on the integration of electrification and intelligence technologies, which will enhance product performance and create a core competitive advantage in hydraulic products [2][6]. Company Development - Founded in 2003 by borrowing 1.3 million yuan, the company introduced the concept of hydraulic power units, enabling a leap from mechanical components to parts, and successfully listed on the Beijing Stock Exchange in 2021 [2][3]. - The company emphasizes innovation as a key driver for growth, and in 2025, it plans to issue convertible bonds to support the electrification and intelligent upgrade of hydraulic power equipment [4][8]. Market Position and Strategy - The company has consistently led industry development by identifying new market opportunities, such as the demand for standardized hydraulic power units, which has resulted in steady growth in operational scale [3][4]. - The company has achieved a leading market share in low-noise hydraulic power units, particularly in the logistics sector, and is expanding into high-value products like AGV unmanned transport vehicles and aerial work platforms [5][6]. Technological Advancements - The company has developed a bidirectional gear hydraulic pump that generates electricity, enhancing energy efficiency and increasing product gross margins by 10% [7]. - The company is advancing towards an AI-driven future by decentralizing hydraulic systems and integrating small electric hydraulic devices, which allows for more precise control and significant cost reductions [7][8]. Financing and Growth Strategy - The company is planning to issue 84 million yuan in convertible bonds to fund high-end intelligent hydraulic systems, core component development, and working capital [8]. - The company aims to balance shareholder rights with institutional investor interests in its financing strategy, promoting long-term cooperation and growth [8].

Company Overview - Jiangsu Vibo Hydraulics Joint Stock Co., Ltd. specializes in the research, production, and sales of hydraulic power units and core components [7][11] - The company is headquartered in Huai'an Economic and Technological Development Zone, Jiangsu Province, with a total share capital of 49,695,000 shares as of April 30, 2025 [7][8] - The controlling shareholder is Haoxin Hydraulics Co., Ltd., with actual controllers being Ma Jinxing and Dong Lanbo, who collectively control 61.63% of the company [8][9] Financial Information - The company plans to issue convertible bonds with a total investment amount of 10,300 million yuan, intending to raise 10,000 million yuan for specific projects [3] - If the actual net amount raised is less than the intended amount, the company will adjust the investment priorities based on the actual situation [3] Industry Characteristics - The hydraulic power unit industry is classified under the manufacturing sector, specifically in general equipment manufacturing, focusing on hydraulic machinery and components [11][12] - The industry is characterized by a high degree of technical integration and strict precision requirements, involving multiple disciplines such as materials science, thermodynamics, and automation control [20][21] Regulatory Environment - The hydraulic industry is regulated through a combination of administrative oversight and industry self-regulation, with key regulatory bodies including the National Development and Reform Commission and the Ministry of Industry and Information Technology [12][13] - Recent policies emphasize digitalization and green manufacturing as critical points for industry transformation, promoting high-end, intelligent, and environmentally friendly manufacturing practices [15][17] Competitive Landscape - The global hydraulic industry is dominated by multinational corporations such as Parker Hannifin, Eaton, Bosch Rexroth, and Kawasaki Heavy Industries, which have established strong competitive barriers through extensive technology and product portfolios [17][18] - Domestic hydraulic companies primarily consist of small and medium-sized enterprises, with a low market concentration and a focus on mid-to-low-end products, indicating a need for improvement in high-end component development [18][19]