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]