资金流向方面，主力资金净流入524.77万元，特大单买入1989.31万元，占比11.17%，卖出610.27万元， 占比3.43%；大单买入2374.48万元，占比13.33%，卖出3228.75万元，占比18.13%。 9月29日，久立特材盘中上涨2.37%，截至13:03，报23.74元/股，成交1.78亿元，换手率0.80%，总市值 231.98亿元。 截至6月30日，久立特材股东户数2.06万，较上期增加16.03%；人均流通股46427股，较上期减少 13.80%。2025年1月-6月，久立特材实现营业收入61.05亿元，同比增长26.39%；归母净利润8.28亿元， 同比增长28.48%。 分红方面，久立特材A股上市后累计派现34.68亿元。近三年，累计派现18.02亿元。 机构持仓方面，截止2025年6月30日，久立特材十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4463.71万股，相比上期增加183.34万股。富国兴远优选12个月持有期混合A（011164）位 居第八大流通股东，持股1524.53万股，持股数量较上期不变。广发稳健增长混合A（270002）位居第九 大流通股 ...

Company Overview - Jiu Li Special Materials Co., Ltd. is located in Huzhou, Zhejiang Province, established on January 8, 2004, and listed on December 11, 2009. The company specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials, including pipes, fittings, flanges, bars, and prefabricated components [1]. Financial Performance - As of June 30, 2025, Jiu Li Special Materials achieved operating revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39%. The net profit attributable to shareholders was 828 million yuan, with a year-on-year increase of 28.48% [2]. - The company has distributed a total of 3.468 billion yuan in dividends since its A-share listing, with 1.802 billion yuan distributed over the past three years [3]. Stock Performance - On September 24, Jiu Li Special Materials' stock price increased by 2.02%, reaching 22.68 yuan per share, with a trading volume of 64.94 million yuan and a turnover rate of 0.30%. The total market capitalization is 22.162 billion yuan [1]. - Year-to-date, the stock price has risen by 0.94%, with a 5-day increase of 2.21%, a 20-day increase of 1.39%, and a 60-day decline of 5.22% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.03% to 20,600, while the average number of tradable shares per person decreased by 13.80% to 46,427 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [3].

Company Overview - Jiu Li Special Materials Co., Ltd. is located in Huzhou, Zhejiang Province, established on January 8, 2004, and listed on December 11, 2009. The company specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials, including pipes, fittings, flanges, bars, and prefabricated components [1][2]. Financial Performance - As of June 30, 2025, Jiu Li Special Materials achieved operating revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39%. The net profit attributable to shareholders was 828 million yuan, with a year-on-year increase of 28.48% [2]. - The company has distributed a total of 3.468 billion yuan in dividends since its A-share listing, with 1.802 billion yuan distributed over the past three years [3]. Stock Performance - On September 23, Jiu Li Special Materials' stock price fell by 2.01%, trading at 21.90 yuan per share, with a total market capitalization of 21.4 billion yuan. The stock has decreased by 2.53% year-to-date and has seen declines of 1.22% over the past five trading days, 5.52% over the past 20 days, and 6.45% over the past 60 days [1]. - The stock's trading volume on September 23 was 126 million yuan, with a turnover rate of 0.60%. The net outflow of main funds was 9.8637 million yuan, with significant buying and selling activity recorded [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 16.03% to 20,600, while the average circulating shares per person decreased by 13.80% to 46,427 shares. The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [2][3].

Group 1 - The core viewpoint of the news is that Jiu Li Special Materials has shown significant financial performance with a notable increase in revenue and net profit for the first half of 2025, alongside active trading in its stock [2][3] - As of September 17, 2023, Jiu Li Special Materials' stock price increased by 0.09%, with a trading volume of 228 million yuan, indicating a stable market presence [1] - The company has a total financing and securities balance of 272 million yuan, with a high financing balance relative to its market capitalization, suggesting strong investor interest [1] Group 2 - For the first half of 2025, Jiu Li Special Materials achieved an operating income of 6.105 billion yuan, representing a year-on-year growth of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [2] - The company has distributed a total of 3.468 billion yuan in dividends since its A-share listing, with 1.802 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders increased by 16.03% to 20,600, while the average circulating shares per person decreased by 13.80% to 46,427 shares [2][3]

Company Overview - Jiu Li Special Materials Co., Ltd. is located in Huzhou, Zhejiang Province, established on January 8, 2004, and listed on December 11, 2009. The company specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials, including pipes, fittings, flanges, bars, and prefabricated components [2]. Financial Performance - For the first half of 2025, Jiu Li Special Materials achieved operating revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39%. The net profit attributable to shareholders was 828 million yuan, with a year-on-year increase of 28.48% [2]. - Since its A-share listing, the company has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed over the past three years [3]. Stock Performance - As of September 12, the stock price of Jiu Li Special Materials decreased by 2.02%, trading at 22.77 yuan per share, with a total market capitalization of 22.25 billion yuan. The stock has seen a year-to-date increase of 1.34%, a 5-day increase of 2.71%, a 20-day increase of 2.06%, and a 60-day decrease of 3.11% [1][2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.03% to 20,600, with an average of 46,427 circulating shares per person, a decrease of 13.80% from the previous period. The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [2][3]. Capital Flow - On September 12, the net outflow of main funds was 5.9887 million yuan, with large orders accounting for 16.16% of purchases and 21.32% of sales [1].

Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]

Company Overview - Jiu Li Special Materials Co., Ltd. is located in Huzhou, Zhejiang Province, established on January 8, 2004, and listed on December 11, 2009. The company specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials, including pipes, fittings, flanges, bars, and prefabricated components [1][2]. Financial Performance - For the first half of 2025, Jiu Li Special Materials achieved operating revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39%. The net profit attributable to shareholders was 828 million yuan, with a year-on-year increase of 28.48% [2]. - As of June 30, 2025, the company had a total of 20,600 shareholders, an increase of 16.03% compared to the previous period. The average number of circulating shares per person was 46,427, which decreased by 13.80% [2]. Stock Performance - On August 29, Jiu Li Special Materials' stock price increased by 2.07%, reaching 22.67 yuan per share, with a trading volume of 167 million yuan and a turnover rate of 0.78%. The total market capitalization stood at 22.152 billion yuan [1]. - Year-to-date, the stock price has risen by 0.90%, with a slight increase of 0.22% over the last five trading days, a 0.93% increase over the last 20 days, but a decline of 5.50% over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the second-largest shareholder, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period. The eighth-largest shareholder, Fu Guo Xing Yuan Preferred 12-Month Holding Period Mixed A, maintained its holding of 15.2453 million shares, while the ninth-largest shareholder, Guangfa Steady Growth Mixed A, reduced its holdings by 800,000 shares to 12.5 million shares [3]. Dividend Distribution - Since its A-share listing, Jiu Li Special Materials has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed over the past three years [3]. Industry Classification - Jiu Li Special Materials is classified under the steel industry, specifically in the special steel sector, and is involved in various concept sectors including special steel, oil and gas pipelines, ultra-supercritical power generation, natural gas, and nuclear power [1].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a strong performance in the first half of 2025, with revenue of 6.105 billion yuan, a year-on-year increase of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [6] - The company continues to optimize its product structure, with seamless pipe revenue showing steady growth and composite pipe revenue experiencing significant increases due to overseas orders [6] - The company is expanding its presence in high-end sectors, with high-value products contributing to 20% of total revenue, reflecting a 15.42% year-on-year growth [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.618 billion yuan, with a year-on-year growth rate of 6.4% [2] - Net profit attributable to shareholders is projected to be 1.682 billion yuan in 2025, representing a 12.9% increase year-on-year [2] - Earnings per share are expected to be 1.72 yuan in 2025, with a projected PE ratio of 13 [2] Market Data - As of August 27, 2025, the closing price of the stock is 22.37 yuan, with a market capitalization of 21.362 billion yuan [3] - The stock has a dividend yield of 4.34% based on the most recent dividend announcement [3] - The company has a price-to-book ratio of 2.8 [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [6]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 6.105 billion yuan, a year-on-year increase of 26.39%, and net profit of 828 million yuan, up 28.48% [1]. - The composite pipe business experienced rapid growth, with revenue from composite pipes increasing by 219.26% year-on-year, primarily driven by large orders from EBK composite pipes [2]. - The company's gross margin remained high at 27.20% for the first half of 2025, an increase of 2.29 percentage points year-on-year, with seamless pipes and composite pipes showing significant margin growth [2]. - The company is focusing on high-end capacity release and international business collaboration, with a production capacity of 200,000 tons of industrial pipes and ongoing projects expected to enhance production capabilities [3]. - Future profit forecasts for the company indicate a net profit of 1.722 billion yuan in 2025, with expected growth rates of 15.5% and a PE ratio of 13x [4][5]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 6.105 billion yuan, a 26.39% increase year-on-year, and a net profit of 828 million yuan, up 28.48% [1]. - Q2 2025 saw revenue of 3.223 billion yuan, a 31.97% increase year-on-year, and a net profit of 438 million yuan, reflecting a 38.74% year-on-year growth [1][2]. Business Segments - Revenue from seamless pipes, welded pipes, and composite pipes in H1 2025 was 2.318 billion yuan, 821 million yuan, and 2.050 billion yuan, respectively, with composite pipes showing the highest growth [2]. - The international revenue increased significantly, with overseas sales rising from 1.669 billion yuan to 3.219 billion yuan, contributing to 52.73% of total revenue [2]. Future Outlook - The company is expected to continue enhancing its profitability with the gradual release of high-end production capacity, projecting net profits of 1.722 billion yuan in 2025, 1.893 billion yuan in 2026, and 2.176 billion yuan in 2027 [4][5]. - The completion of various projects, including the EBK company upgrade, is anticipated to further support capacity expansion and performance improvement [3].

Financial Performance - The company's operating revenue for the first half of 2025 was approximately 6.11 billion yuan, an increase from 4.83 billion yuan in the same period last year, representing a growth of about 26.4% [1] - The net profit attributable to shareholders for the first half of 2025 was approximately 827.53 million yuan, up from 644.11 million yuan year-on-year, indicating a growth of about 28.5% [1] - The net profit after deducting non-recurring gains and losses was approximately 787.37 million yuan, compared to 652.78 million yuan in the previous year, reflecting a growth of about 20.5% [1] - The basic and diluted earnings per share for the first half of 2025 were both 0.87 yuan, an increase from 0.67 yuan in the same period last year [1] - The weighted average return on equity for the first half of 2025 was 10.48%, up from 8.82% year-on-year [22] Cash Flow and Assets - The net cash flow from operating activities for the first half of 2025 was approximately 245.87 million yuan, a year-on-year increase of 7.74% [23] - Total assets at the end of the first half of 2025 were approximately 14.86 billion yuan, compared to 14.17 billion yuan at the end of the previous year [1] - The company's cash and cash equivalents decreased by 19.32% compared to the end of the previous year, while accounts receivable increased by 39.59% [35] Liabilities and Ratios - The company's current ratio was 1.39, and the quick ratio was 0.78 as of the end of the first half of 2025 [42] - Accounts payable increased by 29.25% compared to the end of the previous year, indicating a rise in short-term liabilities [38] - The company's debt-to-asset ratio was reported at 42.75% for the first half of 2025, reflecting a stable leverage position compared to industry averages [40] Shareholder Structure - As of the end of the first half of 2025, the largest shareholder remained Jiuli Group Co., Ltd., holding approximately 34.33% of the total shares [46] - A new shareholder, Zhejiang Jiuli Special Materials Co., Ltd. repurchase special securities account, entered the top ten shareholders list, replacing a previous shareholder [46]