Core Viewpoint - Haomei New Materials has experienced a significant stock price increase of 85.73% year-to-date, but has recently faced a decline in the last five trading days by 5.88% [2] Group 1: Stock Performance - As of November 14, Haomei New Materials' stock price is 39.03 CNY per share, with a market capitalization of 9.748 billion CNY [1] - The stock has seen a trading volume of 48.87 million CNY, with a turnover rate of 0.50% [1] - Year-to-date, the stock has been on the leaderboard once, with a net buy of 25.46 million CNY on April 8 [2] Group 2: Financial Performance - For the period from January to September 2025, Haomei New Materials reported a revenue of 5.582 billion CNY, reflecting a year-on-year growth of 15.40% [3] - The net profit attributable to shareholders for the same period was 143 million CNY, showing a year-on-year decrease of 16.68% [3] Group 3: Shareholder and Dividend Information - The number of shareholders as of September 30, 2025, is 12,000, an increase of 25.72% from the previous period [3] - The company has distributed a total of 181 million CNY in dividends since its A-share listing, with 99.33 million CNY distributed in the last three years [4] - The top circulating shareholder, Huaxia Industry Prosperity Mixed A, holds 2.2905 million shares, having decreased its holdings by 866,200 shares [4]

Core Viewpoint - Haomei New Materials has experienced a significant stock price increase of 88.49% year-to-date, despite recent fluctuations in trading performance [2] Company Performance - As of September 30, Haomei New Materials reported a revenue of 5.582 billion yuan, representing a year-on-year growth of 15.40%, while the net profit attributable to shareholders decreased by 16.68% to 143 million yuan [3] - The company has a market capitalization of 9.893 billion yuan, with a stock price of 39.61 yuan per share as of November 12 [1] Stock Trading Activity - The stock has seen a recent decline of 2.00% in intraday trading on November 12, with a trading volume of 47.862 million yuan and a turnover rate of 0.48% [1] - Over the past five trading days, the stock has increased by 5.21%, but it has decreased by 5.33% over the last 20 days and 10.99% over the last 60 days [2] Shareholder Information - The number of shareholders increased by 25.72% to 12,000 as of September 30, with an average of 20,743 shares held per shareholder, a decrease of 22.05% [3] - The company has distributed a total of 181 million yuan in dividends since its A-share listing, with 99.333 million yuan distributed in the last three years [4] Institutional Holdings - As of September 30, the fifth-largest circulating shareholder is Huaxia Industry Prosperity Mixed Fund, holding 2.2905 million shares, a decrease of 866,200 shares from the previous period [4] - Hong Kong Central Clearing Limited is a new shareholder, holding 1.4877 million shares [4]

Core Insights - The company reported a revenue of 5.582 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.40% [1] - The net profit attributable to shareholders was 143 million yuan, with a non-recurring net profit of 140 million yuan [1] - Operating cash flow net amount increased by 244.47% to 74.05 million yuan, indicating significant improvement in cash flow management [1] Automotive Lightweight Business - The automotive lightweight business has established a full industry chain layout of "materials-components-systems," generating a revenue of 962 million yuan in the first half of the year with a gross margin of 14.16%, nearly 10 percentage points higher than traditional industrial profiles [1] - The company has formed a "domestic + overseas" dual-base pattern with its Wuhu base in Anhui and a joint venture factory in Morocco, supplying high-value-added products to leading automotive companies [1] - The company is positioned to benefit from the increasing penetration rate of new energy vehicles [1] System Windows Business - The recovery in consumer demand and policy incentives provide strong support for the system windows segment [1] - The Beikelo brand achieved a revenue of 303 million yuan in the first half of the year, reflecting a year-on-year growth of 27.95% through a dual-driven approach of "engineering + retail" [1] - The energy-saving performance indicators of system windows have reached industry-leading levels, aligning with the trend of increasing green building penetration under the "dual carbon" policy [1] R&D Investment - The company has continuously increased its R&D investment, with expenses exceeding 180 million yuan in the first three quarters of 2025, a year-on-year increase of 21.28% [2] - The company is accelerating the construction of the "automotive lightweight components production base in East China" through changes in fundraising projects, creating a positive cycle of capacity expansion and technological innovation [2] - This investment is expected to provide solid support for the company's long-term value development [2]

Core Insights - The 2025 Chongqing Top 100 Private Enterprises and Top 100 Private Manufacturing Enterprises lists were unveiled, highlighting the performance of companies in the region [1] - Meixin Group has been recognized for nine consecutive years in both lists, showcasing its strength and vitality in the market [1] Group 1: Company Performance - Meixin Group has focused on manufacturing, product innovation, and leveraging core technology to drive diversification, expanding into three major product areas: system doors and windows, whole-house customization, and smart home ecosystems [3] - The new business segments contributed over 35% of Meixin Group's revenue last year, indicating strong growth and serving as a new engine for the company's success [3] Group 2: Market Strategy - Meixin Group operates under a dual circulation strategy, promoting "Meixin Manufacturing" globally, with products exported to over 40 countries and regions [3] - The company has engaged in significant domestic projects, including 72 airports and thousands of large hospitals and educational institutions, collaborating with over 85% of the top 100 real estate companies [3] Group 3: Smart Manufacturing - Meixin Group has implemented an end-to-end intelligent system in manufacturing, achieving a 95% automation rate in core production lines and being selected as a model project for industrial internet in Chongqing [3] - The use of digital technologies has improved production efficiency by nearly 20% and reduced overall costs by approximately 6% [3] Group 4: Green Manufacturing - Meixin Group actively practices green manufacturing, optimizing processes and energy systems to save 1.2 million kWh of electricity and reduce carbon emissions by over 940 tons annually [4]

Group 1 - The core point of the news is that Haomei New Materials experienced a decline of 5.01% in stock price, closing at 43.83 yuan per share, with a trading volume of 113 million yuan and a turnover rate of 0.99%, resulting in a total market capitalization of 11.173 billion yuan [1] - Haomei New Materials, established on August 20, 2004, and listed on May 18, 2020, is located in the High-tech Industrial Development Zone of Qingyuan City, Guangdong Province. The company specializes in the research, design, production, and sales of aluminum alloy profiles and system doors and windows [1] - The revenue composition of Haomei New Materials includes: 37.99% from industrial aluminum profiles, 26.84% from automotive lightweight aluminum profiles, 26.29% from construction aluminum profiles, 8.46% from system doors and windows sales, and 0.42% from other sources [1] Group 2 - Among the top ten circulating shareholders of Haomei New Materials, Huaxia Fund has a fund that reduced its holdings by 1.5773 million shares in the second quarter, now holding 3.1568 million shares, which accounts for 1.24% of the circulating shares. The estimated floating loss today is approximately 7.2921 million yuan [2] - The Huaxia Industry Prosperity Mixed Fund (003567), managed by fund manager Zhong Shuai, was established on February 4, 2017, with a latest scale of 7.261 billion yuan. Year-to-date returns are 50.49%, ranking 838 out of 8246 in its category; the one-year return is 102.65%, ranking 446 out of 8054; and since inception, the return is 361.87% [2]

Company Overview - Guangdong Haomei New Materials Co., Ltd. is located in Qingyuan City, Guangdong Province, and was established on August 20, 2004. The company went public on May 18, 2020. Its main business involves the research, design, production, and sales of aluminum alloy profiles and system doors and windows [2] - The revenue composition of Haomei New Materials includes: 37.99% from industrial aluminum profiles, 26.84% from automotive lightweight aluminum profiles, 26.29% from construction aluminum profiles, 8.46% from system door and window sales, and 0.42% from other sources [2] Financial Performance - For the first half of 2025, Haomei New Materials achieved operating revenue of 3.585 billion yuan, representing a year-on-year growth of 14.86%. However, the net profit attributable to the parent company was 91.745 million yuan, a decrease of 25.74% year-on-year [2] - Since its A-share listing, Haomei New Materials has distributed a total of 181 million yuan in dividends, with 99.333 million yuan distributed over the past three years [3] Stock Performance - As of September 12, Haomei New Materials' stock price was 46.01 yuan per share, with a market capitalization of 11.728 billion yuan. The stock has increased by 118.95% year-to-date, with a 7.00% increase over the last five trading days, an 8.20% decrease over the last 20 days, and a 26.37% increase over the last 60 days [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on April 8, where it recorded a net purchase of 25.463 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders of Haomei New Materials was 9,574, a decrease of 38.01% from the previous period. The average circulating shares per person increased by 65.81% to 26,611 shares [2] - Among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund (003567) ranked as the fourth largest shareholder, holding 3.1568 million shares, a decrease of 1.5773 million shares compared to the previous period [3]

Company Overview - Guangdong Haomei New Materials Co., Ltd. is located in Qingyuan City, Guangdong Province, and was established on August 20, 2004. The company went public on May 18, 2020. Its main business involves the research, design, production, and sales of aluminum alloy profiles and system doors and windows [1]. Business Segmentation - The revenue composition of Haomei New Materials is as follows: Industrial aluminum profiles account for 37.99%, automotive lightweight aluminum profiles 26.84%, building aluminum profiles 26.29%, system doors and windows sales 8.46%, and others 0.42% [1]. Stock Performance - On September 11, Haomei New Materials' stock rose by 5.06%, reaching a price of 47.13 CNY per share, with a trading volume of 336 million CNY and a turnover rate of 2.87%. The total market capitalization is 12.014 billion CNY [1]. Fund Holdings - One fund under Dongfang Fund holds Haomei New Materials as a significant position. The Dongfang Quantitative Growth Flexible Allocation Mixed A Fund (005616) held 7,100 shares in the second quarter, representing 0.33% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit for today is approximately 16,100 CNY [2]. Fund Performance - The Dongfang Quantitative Growth Flexible Allocation Mixed A Fund was established on March 21, 2018, with a current scale of 73.9046 million CNY. Year-to-date returns are 32.79%, ranking 1822 out of 8175 in its category. Over the past year, returns are 71.65%, ranking 1147 out of 7982, and since inception, the fund has achieved a return of 111.25% [2]. Fund Management - The fund manager of Dongfang Quantitative Growth Flexible Allocation Mixed A Fund is Wang Huaixun, who has been in the position for 3 years and 119 days. The total asset size of the fund is 111 million CNY, with the best return during his tenure being 51.55% and the worst return 6.06% [3].

Group 1 - The core point of the news is that Haomei New Materials has experienced a decline in stock price, dropping 5.16% to 41.50 CNY per share, with a total market capitalization of 10.579 billion CNY [1] - Haomei New Materials has seen a cumulative decline of 3.46% over the past three days, indicating a downward trend in its stock performance [1] - The company specializes in the research, design, production, and sales of aluminum alloy profiles and system windows, with its main business revenue composition being: industrial aluminum profiles 37.99%, automotive lightweight aluminum profiles 26.84%, construction aluminum profiles 26.29%, system window sales 8.46%, and others 0.42% [1] Group 2 - Among the top ten circulating shareholders of Haomei New Materials, Huaxia Fund's Huaxia Industry Prosperity Mixed Fund (003567) reduced its holdings by 1.5773 million shares in the second quarter, now holding 3.1568 million shares, which accounts for 1.24% of the circulating shares [2] - The fund has incurred a floating loss of approximately 7.1343 million CNY today, with a total floating loss of 4.9561 million CNY during the three-day decline [2] - Huaxia Industry Prosperity Mixed Fund has achieved a return of 40.01% this year, ranking 934 out of 8190 in its category, and a return of 86.03% over the past year, ranking 532 out of 7966 [2]

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [6] Core Views - The company achieved a revenue of 3.585 billion, a year-on-year increase of 14.86%, but the net profit attributable to the parent company was 92 million, down 25.7% year-on-year [1] - The revenue growth is primarily driven by increased business volume in automotive lightweight aluminum profiles, system windows, and industrial aluminum profiles [1] - The company expects net profits for 2025-2027 to be 218 million, 245 million, and 281 million respectively, with corresponding P/E ratios of 53, 47, and 41 [1] Revenue and Profitability - In the first half of 2025, the company's aluminum profile sales reached 140,800 tons, a year-on-year increase of 12.37% [2] - Revenue from automotive lightweight aluminum profiles, building aluminum profiles, industrial aluminum profiles, and system windows was 960 million, 940 million, 1.36 billion, and 300 million respectively, with year-on-year growth rates of 24.3%, 1.3%, 18.0%, and 28% [2] - The overall gross margin for the first half of 2025 was 10.7%, a decrease of 1.44 percentage points year-on-year [3] Cost and Cash Flow - The company's expense ratio slightly increased to 7.96%, with a net profit margin of 2.56%, down 1.38 percentage points year-on-year [4] - The net cash flow from operating activities for the first half of 2025 was 6.7 million, an increase of 8.2 million year-on-year [4] Financial Forecast - The company forecasts revenue growth rates of 10.60%, 11.46%, 14.27%, 11.33%, and 10.61% for the years 2023 to 2027 [5] - The projected net profit for 2025 is 217.75 million, with an expected P/E ratio of 52.54 [5] Market Position and Strategy - The company is exploring overseas market opportunities, including establishing a production base for automotive parts in Morocco [2] - The company is also focusing on enhancing the penetration rate of system windows in response to policies promoting quality housing and green building [2]

Core Viewpoint - The energy-saving window industry is gaining traction as a key component of green buildings, driven by rising living standards, government policies, and increasing demand for energy-efficient solutions [1][4][12]. Industry Overview - Energy-saving windows are defined as those utilizing advanced technologies and materials to enhance insulation and airtightness, effectively reducing energy consumption and environmental impact [3]. - The market size of the energy-saving window industry reached 260 billion yuan in 2023, but is expected to decline in 2024 due to weak retail consumption influenced by the real estate market and budget cuts [1][12]. - By 2025, the market size is projected to rebound to 270 billion yuan, supported by ongoing green building initiatives and the demand for the renovation of old residential areas [1][12]. Policy Support - The Chinese government has recognized the importance of energy-saving windows, implementing various policies to promote their development, including the "Green Building Industry High-Quality Development Implementation Plan" and the "2024-2025 Energy Saving and Carbon Reduction Action Plan" [4][7]. - Specific targets include increasing the area of energy-saving renovations by over 200 million square meters by the end of 2025 and improving energy efficiency rates for residential and public buildings [4][7]. Industry Chain - The upstream of the energy-saving window industry includes key materials such as main profiles, glass, hardware accessories, and sealing strips, while the downstream encompasses applications in real estate, decoration, and home renovation [8]. Competitive Landscape - Major companies in the energy-saving window sector include Harbin Senying Window Industry Co., Ltd., Anhui Conch Environmental Protection New Materials Co., Ltd., and Guangdong Huangpai Custom Home Group Co., Ltd., among others [16][17]. Development Trends - There is a growing demand for customized energy-saving windows as consumers seek personalized decoration and functionality [21]. - The industry is also witnessing an acceleration in the adoption of smart technologies, with intelligent energy-saving windows becoming an integral part of smart home systems [22]. - The push for carbon neutrality and energy efficiency is expected to further drive the market for high-performance energy-saving windows, such as those made with thermal break aluminum and Low-E glass [23].