Company Overview - Hengtai Electromechanical Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on June 23, 1995. The company went public on February 22, 2023. Its main business involves the research, design, manufacturing, and sales of material handling equipment [1]. Business Composition - The revenue composition of Hengtai Electromechanical is as follows: - Plate chain bucket elevators: 44.10% - Wear parts: 27.37% - Belt bucket elevators: 14.41% - Other parts: 11.67% - Other business income: 1.31% - Other conveyors: 1.14% [1]. Stock Performance - On September 25, Hengtai Electromechanical's stock fell by 5.02%, trading at 42.93 CNY per share, with a transaction volume of 48.86 million CNY and a turnover rate of 5.27%. The total market capitalization is 2.828 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders of Hengtai Electromechanical, one fund from Nuoan Fund holds a significant position. The Nuoan Multi-Strategy Mixed A Fund (320016) increased its holdings by 182,700 shares in the second quarter, bringing its total to 304,300 shares, which accounts for 1.45% of the circulating shares. The estimated floating loss today is approximately 690,800 CNY [2]. Fund Performance - The Nuoan Multi-Strategy Mixed A Fund, managed by Kong Xianzheng and Wang Haichang, has a total asset scale of 1.399 billion CNY. Year-to-date, it has achieved a return of 58.86%, ranking 694 out of 8,173 in its category. Over the past year, the return is 110.58%, ranking 367 out of 8,003. Since its inception, the fund has returned 206.6% [2]. Fund Managers - Kong Xianzheng has been managing the fund for 4 years and 304 days, with a total asset scale of 4.607 billion CNY. His best fund return during this period is 69.77%, while the worst is -16.74%. Wang Haichang has been managing the fund for 3 years and 66 days, with a total asset scale of 2.529 billion CNY. His best return is 57.83%, and the worst is -18.8% [3].

Group 1: Research Basic Information - The research object is Hetai Electromechanical, and the research date is August 27, 2025. The listed company's reception staff includes the board secretary Fang Qing and Xu Ruoran from the secretary's office [17] Group 2: Detailed Research Institutions - The reception object is China Merchants Securities, a securities company, and the relevant personnel are Zhu Yiqing and Fang Jiamin [20] Group 3: Main Content Company's Business Performance - In the first half of 2025, the company actively expanded the market, and the orders increased year - on - year. The sales orders in the first quarter increased by more than 30% year - on - year. The overall operating income in the first half of the year was 12,351.68 million yuan, a year - on - year increase of 0.44% [24] Reasons for Gross Margin Decline - Due to intensified market competition in the material handling equipment industry and increased depreciation of factories and equipment after the commissioning of Hetai Chain Transport Intelligent Factory, the company's gross margin in the first half of 2025 decreased year - on - year [24] Industry Development Prospects - Against the background of supply - side reform and green development, material handling equipment plays an important role in the industry transformation and upgrading. In overseas markets, the accelerating industrialization process in developing countries and emerging economies drives the market demand for material handling equipment [24] Product Application Fields - The company's environmentally friendly and efficient conveying equipment can be widely used in industries such as cement building materials, ports, steel, chemical, coal, and electricity [26] Overseas Business - The company's overseas business sales models include indirect export through domestic general contractors and direct self - operated export. With the increasing infrastructure demand in overseas developing countries and the accelerated overseas expansion of domestic cement leading enterprises, the company is actively exploring overseas sales [27] Future Development Strategy - The company implements a "real - estate + capital" dual - engine development strategy. In terms of real - estate development, it focuses on the main business of material handling equipment, promotes intelligent production transformation, and expands the global market. In terms of capital strategy, it will use capital market tools such as mergers and acquisitions and equity incentives as needed [27]

Group 1: Company Performance - In the first half of 2025, the company achieved a revenue of 123.52 million yuan, representing a year-on-year growth of 0.44% [2] - The sales orders in the first quarter increased by over 30% year-on-year [2] - The gross profit margin decreased due to intensified market competition and increased depreciation costs from the new intelligent factory [2] Group 2: Market Strategy - The company aims to enhance product technology through continuous R&D investment, product innovation, and process improvements [3] - It plans to reduce costs and improve efficiency through scientific production scheduling and order management [3] - The company will deepen its diversification strategy and expand into overseas markets while solidifying its position in the domestic market [4] Group 3: Product Applications - The company's products, including environmentally friendly and efficient bucket elevators, are applicable in various industries such as cement, ports, steel, chemicals, coal, and power [5] - The company intends to expand its market beyond the cement industry as production capacity increases [5] Group 4: International Business - The company utilizes two main sales models for overseas business: indirect exports through domestic contractors and direct exports [6] - It is actively seizing opportunities in overseas markets due to increasing infrastructure demands in developing countries [6] Group 5: Future Development Strategy - The company aims to become a world-class manufacturer of material handling equipment, implementing a dual-engine development strategy of "industry + capital" [7] - It will focus on intelligent production transformation and global market expansion while leveraging capital market tools for high-quality development [7]

Company Overview - HETAI Electromechanical Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on June 23, 1995. The company went public on February 22, 2023. Its main business involves the research, design, manufacturing, and sales of material handling equipment [1] - The revenue composition of HETAI includes: 44.10% from plate chain bucket elevators, 27.37% from wear parts, 14.41% from belt bucket elevators, 11.67% from other parts, 1.31% from other business income, and 1.14% from other conveyors [1] Stock Performance - On August 27, HETAI's stock fell by 5.01%, trading at 38.10 CNY per share, with a transaction volume of 70.83 million CNY and a turnover rate of 8.59%. The total market capitalization is 2.464 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of HETAI, one fund from Nuoan Fund holds shares. The Nuoan Multi-Strategy Mixed A Fund (320016) increased its holdings by 182,700 shares in the second quarter, totaling 304,300 shares, which represents 1.45% of the circulating shares. The estimated floating loss today is approximately 611,600 CNY [2] - The Nuoan Multi-Strategy Mixed A Fund was established on August 9, 2011, with a current size of 1.399 billion CNY. Year-to-date returns are 66.58%, ranking 172 out of 8,194 in its category; the one-year return is 133.99%, ranking 58 out of 7,963; and since inception, the return is 221.5% [2] Fund Manager Performance - The fund managers of Nuoan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang. As of the latest update, Kong has been in his position for 4 years and 275 days, managing assets totaling 4.607 billion CNY, with the best return during his tenure being 81.64% and the worst being -16.74% [3] - Wang has been in his position for 3 years and 37 days, managing assets totaling 2.529 billion CNY, with the best return during his tenure being 68.86% and the worst being -18.8% [3]

Financial Performance - The company achieved an operating income of 250.81 million yuan in 2024, a year-on-year decrease of 34.96% [2] - Net profit for the year was 57.54 million yuan, down 49.47% compared to the previous year, influenced by reduced government subsidies and increased costs [3] Strategic Development - The company aims to become a leading international manufacturer of material handling equipment, focusing on both industrial and capital strategies [3] - Key products include bucket elevators and belt conveyors, which are applicable in various industries such as cement, ports, steel, and power [3] Market Outlook - The company reported a 30% year-on-year increase in new orders despite weak demand in the downstream cement industry [5] - The current price-to-earnings ratio (TTM) is 45.84, significantly higher than the industry average, prompting management to enhance internal value and competitiveness [5] Industry Standards - The company has successfully established a group standard for "Bucket Elevators for the Cement Industry," effective from May 1, 2025, contributing to industry standardization [5] Future Plans - The company has postponed its fundraising project but will continue to implement plans cautiously, with updates to be announced [5] - The company anticipates that its environmentally friendly and efficient material handling products will benefit from the "Belt and Road" initiative, promoting long-term growth in domestic and international markets [5]

杭州和泰机电股份有限公司 HANGZHOU HOTA M&E HOLDINGS CO., LTD. （注册地址：萧山区宁围街道通惠北路 1201 号） 首次公开发行股票 招股说明书 保荐人（主承销商） 中国(上海)自由贸易试验区浦明路 8 号 杭州和泰机电股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | 发行股数 | 不超过 1,616.68 万股，本次发行不涉及老股转让 | | 每股面值 | 1.00 元 | | 每股发行价格 | 人民币 元 46.81 | | 预计发行日期 | 年 月 日 2023 2 8 | | 拟上市的证券交易所 | 深圳证券交易所 | | 发行后总股本 | 不超过 6,466.68 万股 | | | 发行人实际控制人徐青根据法律、法规及相关政策规定作出以下 | | | 关于股份锁定的承诺： | | | "自发行人股票在证券交易所上市交易之日起 36 个月内，不转让 | | | 或者委托他人管理本人已直接和间接持有的发行人股份，也不由 | | | 发行人回购该部分股份。 | | | 同时，在本人担任发行人董事长期 ...

杭州和泰机电股份有限公司 HANGZHOU HOTA M&E HOLDINGS CO., LTD. （注册地址：萧山区宁围街道通惠北路 1201 号） 首次公开发行股票 招股说明书摘要 保荐人（主承销商） 中国(上海)自由贸易试验区浦明路 8 号 杭州和泰机电股份有限公司 招股说明书摘要 声明及承诺 本招股说明书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股说明书全文的各部分内容。招股说明书全文同时刊载于深圳证券交易所网 站。投资者在做出认购决定之前，应仔细阅读招股说明书全文，并以其作为投资 决定的依据。 投资者若对本招股说明书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连 带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票制作、出具的文件有虚假记载、 误导性陈述或者重大遗漏，给投资者造成损失的，将先行赔偿投资者损失。 中国 ...