Core Viewpoint - The report highlights the financial performance and operational developments of Liaoning Fu'an Heavy Industry Co., Ltd. for the first half of 2025, indicating a mixed performance with revenue growth but a decline in profits due to increased costs and competitive pressures in the industry [2][4]. Company Overview and Financial Indicators - Company Name: Liaoning Fu'an Heavy Industry Co., Ltd. [2] - Stock Code: 603315 [2] - Total Revenue for H1 2025: CNY 578.54 million, a 3.29% increase from CNY 560.10 million in H1 2024 [2] - Total Profit: CNY 52.56 million, down 18.74% from CNY 64.68 million in the previous year [2] - Net Profit Attributable to Shareholders: CNY 55.57 million, a decrease of 9.68% from CNY 61.53 million [2] - Total Assets: CNY 3.09 billion, an 8.00% increase from CNY 2.86 billion at the end of the previous year [2] - Net Assets: CNY 1.73 billion, up 3.85% from CNY 1.67 billion [2] Industry Situation - The equipment manufacturing industry in China is experiencing a high-quality development phase, with a 8.2% year-on-year increase in added value in H1 2025, contributing over 35% to industrial growth [5] - Strategic sectors such as hydrogen energy and quantum measurement instruments are growing at rates exceeding 30% [5] - The industry faces challenges including global supply chain restructuring, fluctuating raw material prices, and increasing international competition [5] Business Segments - The company operates in three main segments: Equipment Manufacturing, Environmental Protection, and Lithium Battery Anode Materials [7] - The Equipment Manufacturing segment focuses on producing large castings for thermal, hydro, and nuclear power equipment [7] - The Environmental Protection segment provides flue gas treatment and energy management services, primarily targeting the steel industry [8] - The Lithium Battery Anode Materials segment, through a subsidiary, is benefiting from the growing demand driven by the electric vehicle market [6][7] Operational Developments - The company has established a global R&D network and is enhancing its innovation capabilities to meet carbon neutrality goals [5] - The design research institute has introduced advanced technologies in smart manufacturing, improving operational efficiency and reducing costs [6] - The company is actively expanding its market presence through participation in industry exhibitions and enhancing its online brand visibility [9]

福鞍股份在业绩说明会上介绍，烟气治理方面，公司主要面向钢铁行业冶金系统球团、烧结、市政供暖 公司燃煤锅炉、垃圾焚烧炉、燃煤火力发电厂等提供配套的烟气治理工程设计服务、工程总承包服务、 运营服务，主要涉及脱硫、脱硝、除尘等领域。垃圾焚烧领域需适配高温、高腐蚀性烟气，公司已储备 自动清灰滤芯专利等。 水电产品中，公司首创上冠、下环一体化铸造工艺，实施了多件产品同箱一体化浇注的先进工艺；火电 产品中，汽缸整体铸造新工艺升级，通过采用整体铸造工艺来替代传统的分段铸造加上组焊的工艺方 案。通过整铸工艺的创新，节约了30%-40%型砂的消耗，提升了造型地坑的产能利用率，缩短制造周 期，同时将大幅降低生产成本。目前公司整铸工艺稳定，对于结构相似的产品，已经全面使用新的工艺 方法。2024年，公司水电铸件毛利率10.06%，同比提升1.42个百分点，主要受益于整铸工艺规模化应 用。 "公司通过百万千瓦级核电高压外缸资质认证，已形成'民品(燃机/火电/水电)-军品-核电'三位一体的技术 协同体系：核电外缸的冶炼、铸造工艺(如整铸技术、热处理)与火电CB2材质阀体、水电转轮体工艺形 成技术共享，降低研发成本；依托哈电、东电等传统 ...