Core Viewpoint - Hengshuai Co., Ltd. is a leading supplier of automotive motors and cleaning system products in China, with strong R&D capabilities and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Hengshuai achieved revenue of 680 million yuan, ranking 37th among 55 companies in the industry, with the industry leader, Zhongding Co., Ltd., generating 14.555 billion yuan [2] - The revenue composition includes cleaning products at 201 million yuan (46.88%), motor products at 192 million yuan (44.88%), and other products at 30.57 million yuan (7.14%) [2] - The net profit for the same period was 129 million yuan, ranking 19th in the industry, with the industry leader's net profit at 1.305 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hengshuai's debt-to-asset ratio was 30.12%, lower than the industry average of 40.56% [3] - The gross profit margin for Q3 2025 was 31.18%, higher than the industry average of 21.56% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.56% to 10,100, while the average number of circulating A-shares held per shareholder increased by 9.36% to 3,006.27 [5] - The largest circulating shareholder is Yongying Advanced Manufacturing Mixed Fund A, holding 2.2415 million shares [5] Group 4: Management Compensation - The chairman, Xu Ningning, received a salary of 888,200 yuan in 2024, unchanged from 2023 [4] - The general manager, Xu Hengshuai, received a salary of 646,200 yuan in 2024, also unchanged from 2023 [4] Group 5: Future Outlook - Guoyuan Securities maintains an "overweight" rating for Hengshuai, projecting net profits of 213 million, 272 million, and 336 million yuan for 2025-2027 [6] - The company is focusing on high-potential areas such as active sensing cleaning systems and thermal management systems, with a planned production capacity of 2.28 million motor actuators and 150,000 active sensing cleaning systems [6] - Guosheng Securities has adjusted its profit forecast to 210 million, 240 million, and 300 million yuan for the same period, citing increased competitive pressure [7]

Group 1 - The core viewpoint of the news is that Hengshuai Co., Ltd. has seen a significant increase in its stock price, with a rise of 5.11% to 120.88 CNY per share, and a total market capitalization of 13.539 billion CNY [1] - Hengshuai Co., Ltd. was established on February 21, 2001, and went public on April 12, 2021. The company specializes in the research, production, and sales of automotive motors and cleaning system products based on fluid technology [1] - The main revenue composition of Hengshuai includes cleaning products at 46.88%, motor products at 44.88%, other products at 7.14%, and additional revenue at 1.10% [1] Group 2 - From the perspective of fund holdings, one fund under Huatai-PineBridge has a significant position in Hengshuai, with 132,100 shares held, representing 0.45% of the fund's net value, making it the largest holding [2] - The fund, Zhongzheng 2000 (563300), was established on September 6, 2023, with a latest scale of 1.984 billion CNY and has achieved a year-to-date return of 28.67% [2] - The fund's performance over the past year has been 74.58%, ranking 1098 out of 3813 in its category, and since inception, it has returned 30.69% [2] Group 3 - The fund managers of Zhongzheng 2000 are Liu Jun and Li Mu Yang, with Liu Jun having a tenure of 16 years and 115 days, managing assets totaling 466.972 billion CNY, and achieving a best return of 133.06% during his tenure [3] - Li Mu Yang has a tenure of 4 years and 261 days, managing assets of 21.273 billion CNY, with a best return of 117.25% during his management period [3]