风电主轴（风力发电机主轴）制造商振宏重工（江苏）股份有限公司（以下简称振宏股份）拟冲刺北交 所上市。 振宏股份是一家家族色彩浓厚的企业，实控人赵正洪的多位亲属在公司任职或者持有公司股权，其子赵 智杰刚于今年5月接任公司总经理一职。 振宏股份在江阴市的商业关系广泛，与当地上市公司采纳股份（301122.SZ）、江阴银行（002807.SZ） 均存在股权或者业务上的联系，而江阴上市公司三房巷（600370.SH）的控股股东的高管，也曾是振宏 股份的股东。 江阴市（县级市）是知名的中国百强县，2025年位居中国百强县榜单第二名。江阴市上市公司也极多， 且都颇有值得一提之处。比如，三房巷背后是江阴当地知名的富裕村——三房巷村，江阴银行则是源于 江阴的首家A股上市农商行。 多位家族成员持有公司股份或在公司任职 振宏股份是一家专注于锻造风电主轴和其他大型金属锻件的研发、生产和销售的高新技术企业，产品广 泛应用于风电、化工、机械、船舶、核电等多个领域。 报告期内，公司业绩势头不错。2022年至2024年，公司营收分别为8.27亿元、10.25亿元和 11.36亿元， 归母净利润分别为6284万元、8094万元和1.04亿元 ...

每经记者｜陈晴 每经编辑｜文多 风电主轴（风力发电机主轴）制造商振宏重工（江苏）股份有限公司（以下简称振宏股份）拟冲刺北交 所上市。 振宏股份是一家家族色彩浓厚的企业，实控人赵正洪的多位亲属在公司任职或者持有公司股权，其子赵 智杰刚于今年5月接任公司总经理一职。 振宏股份在江阴市的商业关系广泛，与当地上市公司采纳股份（301122.SZ）、江阴银行（002807.SZ） 均存在股权或者业务上的联系，而江阴上市公司三房巷（600370.SH）的控股股东的高管，也曾是振宏 股份的股东。 江阴市（县级市）是知名的中国百强县，2025年位居中国百强县榜单第二名。江阴市上市公司也极多， 且都颇有值得一提之处。比如，三房巷背后是江阴当地知名的富裕村——三房巷村，江阴银行则是源于 江阴的首家A股上市农商行。 振宏股份是一家专注于锻造风电主轴和其他大型金属锻件的研发、生产和销售的高新技术企业，产品广 泛应用于风电、化工、机械、船舶、核电等多个领域。 报告期内，公司业绩势头不错。2022年至2024年，公司营收分别为8.27亿元、10.25亿元和 11.36亿元， 归母净利润分别为6284万元、8094万元和1.04亿元。 赵 ...

Core Viewpoint - Tongyu Heavy Industry's stock price has shown fluctuations, with a year-to-date increase of 14.23% but a recent decline over the past five trading days [1] Company Overview - Tongyu Heavy Industry Co., Ltd. is located in Dezhou, Shandong Province, established on May 25, 2002, and listed on March 8, 2011 [1] - The company specializes in the research, production, and sales of large forged products, forming a complete industrial chain that includes large forging blank preparation, casting and forging, heat treatment, and design and manufacturing of large complete sets of equipment [1] Business Composition - The main business revenue composition includes: - Other forgings: 23.60% - Castings: 17.46% - Wind power equipment modular business: 17.16% - Wind power main shafts (including forged and cast main shafts): 13.43% - Energy revenue: 9.35% - Powder metallurgy products: 7.16% - Structural components and complete sets of equipment (including metallurgical equipment and nuclear power business): 5.83% - Forged materials: 5.43% - Others: 0.56% - Trade revenue: 0.01% [1] Financial Performance - For the first half of 2025, Tongyu Heavy Industry achieved operating revenue of 2.943 billion yuan, a year-on-year increase of 7.59%, and a net profit attributable to shareholders of 60.739 million yuan, a year-on-year increase of 49.70% [2] Shareholder Information - As of June 30, 2025, the number of shareholders is 124,200, a decrease of 5.01% from the previous period, with an average of 29,365 circulating shares per person, an increase of 5.27% [2] - The top ten circulating shareholders include significant increases in holdings by Hong Kong Central Clearing Limited and various ETFs [3]

Core Viewpoint - Tongyu Heavy Industry received a warning letter from the Shandong Securities Regulatory Bureau due to accounting errors related to inventory valuation, which affected the accuracy of its financial reports for 2022 and 2023 [2][3] Group 1: Accounting Issues - The warning letter highlighted significant problems in financial information disclosure, specifically due to mismanagement and incorrect inventory accounting methods, leading to discrepancies between reported and actual inventory [3] - The company had to correct its annual reports for 2022 and 2023, resulting in reductions in inventory and retained earnings [3] Group 2: Regulatory Actions - The Shandong Securities Regulatory Bureau identified seven responsible personnel, including the chairman and general manager, who will face administrative penalties recorded in the securities market integrity archives [2][3] Group 3: Company Operations - Despite the regulatory measures, the company stated that its normal production and operational activities would not be adversely affected [5] - The company emphasized its commitment to addressing the issues raised in the warning letter and improving its internal management and control systems [5] Group 4: Financial Impact - As of mid-2025, the company's inventory amounted to 3.096 billion yuan, representing 20.54% of its total assets, indicating the importance of accurate inventory accounting for revenue and profit reporting [4]

Core Viewpoint - Tongyu Heavy Industry received a warning letter from the Shandong Securities Regulatory Bureau due to accounting errors related to inventory valuation, which led to the correction of financial reports for 2022 and 2023 [1][2] Group 1: Financial Reporting Issues - The warning letter highlighted significant problems in financial information disclosure, specifically due to mismanagement and incorrect inventory accounting methods, resulting in discrepancies between reported and actual inventory [2] - The company had to revise its annual reports for 2022 and 2023, which included reductions in inventory and retained earnings [2] - The actions taken by the company violated the regulations of the "Management Measures for Information Disclosure of Listed Companies," affecting the authenticity and accuracy of financial reports [2] Group 2: Accountability and Regulatory Actions - Seven key personnel, including the chairman, general manager, and former financial officers, were held accountable for the violations, and their actions will be recorded in the securities market integrity archives [2] - The Shandong Securities Regulatory Bureau decided to issue a warning letter to both the company and the responsible executives as a regulatory measure [2] Group 3: Company Operations and Management - Despite the regulatory actions, the company stated that its normal production and operational activities would not be adversely affected [4] - The company acknowledged the need to improve internal management controls and governance structures as it expands, emphasizing the importance of effective management in mitigating operational risks [3] - The board plans to reorganize and adjust the company's structure to enhance management efficiency and drive internal growth [3]

Core Insights - The company reported a revenue of 2.943 billion yuan for the first half of 2025, representing a year-on-year growth of 7.59% [1] - The net profit attributable to shareholders reached 60.739 million yuan, marking a significant increase of 49.70% year-on-year [1] - The net cash flow from operating activities was 118 million yuan, up by 35.37% compared to the previous year [1] - The basic earnings per share were 0.02 yuan, reflecting a 100% year-on-year increase [1] - The company plans to distribute a cash dividend of 0.06 yuan per 10 shares to all shareholders [1] Business Performance - The wind power spindle segment (including forged and cast spindles) generated revenue of 395 million yuan, a year-on-year increase of 16.96% [2] - The casting segment achieved revenue of 514 million yuan, up by 45.94% year-on-year [2] - The structural components and complete equipment segment (including metallurgical and nuclear power equipment) reported revenue of 172 million yuan, a growth of 75.99% year-on-year [2] - The modular wind power equipment business generated revenue of 505 million yuan, while other forgings brought in 694 million yuan [2] - The forging materials segment achieved revenue of 160 million yuan, and powder metallurgy products generated 211 million yuan in revenue [2] Strategic Development - The company aims to become a world-class supplier of high-end equipment and new energy equipment, guided by its strategic positioning [2] - The focus is on high-end, large-scale, and international development, with an emphasis on innovation and lean management [2] - The company is actively developing new products, technologies, and processes to extend its industrial chain and enhance product competitiveness [2] - The company has commenced small-scale production of wind power rotor room products and completed the casting of a super-large nuclear power high-pressure outer cylinder weighing 120 tons [2] - The first set of semi-finished forged crankshafts for 6G80ME marine low-speed diesel engines has been delivered to customers, reinforcing the company's market position in marine shaft forging [2]

Company Overview - Hongde Co., Ltd. specializes in the research, production, and sales of wind power equipment components, including wind power main shafts and gearbox components [1] - The company's products are primarily used in both onshore and offshore wind power sectors [1] Stock Performance - As of August 15, 2025, Hongde's stock price was reported at 28.80 yuan, a decrease of 0.02 yuan from the previous trading day [1] - The opening price on the same day was 28.54 yuan, with a highest price of 29.15 yuan and a lowest price of 28.41 yuan [1] - The trading volume for the day was 44,832 hands, with a total transaction amount of 1.29 billion yuan [1] Financing and Capital Flow - As of August 14, 2025, the financing balance for Hongde reached 60.06 million yuan, an increase of 43.17% compared to the previous trading day [1] - On August 15, 2025, the net inflow of main funds was 10.90 million yuan, with a cumulative net inflow of 21.14 million yuan over the past five days [1]

Core Viewpoint - Jinlei Co., Ltd. reported a slight decline in stock price, indicating potential market volatility while continuing to advance its high-end transmission equipment project [1] Company Overview - Jinlei Co., Ltd. specializes in the research, development, production, and sales of wind power main shafts and other large castings and forgings, primarily serving the wind, hydro, and thermal power sectors [1] - The company holds a significant market position in the wind power equipment industry within Shandong province [1] Recent Developments - The first phase of the high-end transmission equipment science and technology industrial park project has entered the debugging stage as planned, with applications extending to hydro, thermal power, mining machinery, and cement equipment [1] Market Activity - On August 5, the stock closed at 22.42 yuan, down 0.05 yuan, with a trading volume of 69,568 hands and a total transaction amount of 156 million yuan [1] - The net outflow of main funds on August 5 was 4.9231 million yuan, with a cumulative net outflow of 5.1049 million yuan over the past five trading days [1]

Core Insights - Jinan is focusing on building a modern industrial system characterized by "four beams, three supports, and four pillars," which includes key industries such as automotive manufacturing, electronic information, high-end equipment, and biomedicine [1][13] - The city aims to cultivate ten iconic industrial clusters, forming a "10+N" industrial matrix, and is prioritizing emerging fields like artificial intelligence, quantum technology, and low-altitude economy [1][13] - Jinan's economic performance is projected to improve, with a GDP of 13,527.6 billion yuan in 2024, reflecting a 5.4% year-on-year growth [3] Industrial Structure and Economic Performance - Jinan's industrial structure is evolving, with the primary industry contributing 440.0 billion yuan (3.6% growth), the secondary industry at 4,519.2 billion yuan (5.8% growth), and the tertiary industry at 8,568.4 billion yuan (5.2% growth), leading to a service-oriented economy [3][5] - The city has implemented over 2,000 industrial investment projects, with a focus on automotive manufacturing and electronic information, resulting in a 6.5% increase in industrial output value for 2024 [5] Innovation and Technology Development - Jinan is enhancing its innovation capabilities, with 1,189 new innovative SMEs and 720 specialized and innovative enterprises established in 2024 [7][8] - The city has made significant progress in building high-energy innovation platforms, including the Chinese Academy of Sciences Jinan Innovation City and the Shandong Institute of Industrial Technology [7] New Quality Productive Forces - The concept of "New Quality Productive Forces" was introduced by President Xi Jinping, emphasizing innovation-driven development and advanced production characteristics [2][10] - Jinan's government has launched several policies to support the development of new quality productive forces, including action plans for aerospace information and innovative pharmaceuticals [10][11] Future Industry Layout - Jinan is actively positioning itself in future industries, particularly in aerospace information, low-altitude economy, and quantum technology, with plans for significant infrastructure development [28] - The city aims to create a national-level future industry innovation demonstration zone, focusing on high-tech sectors and sustainable development [28] Key Enterprises and Sectors - Major companies in Jinan include Inspur Group in information technology, Qilu Pharmaceutical in biomedicine, and China National Heavy Duty Truck Group in high-end equipment manufacturing [20][21] - The automotive sector is represented by companies like BYD and Geely, which are driving the growth of the new energy vehicle industry in the region [20][21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of approximately 1.967 billion yuan for 2024, representing a year-on-year growth of 1.1%, while the net profit attributable to shareholders was 173 million yuan, a decline of 58.0% year-on-year [2][4] - In Q4 2024, the company achieved a revenue of 654 million yuan, a year-on-year increase of 7.3%, but the net profit attributable to shareholders dropped by 72.05% to 24 million yuan [2][4] - The company expects to ship approximately 160,000 tons of wind power castings in 2024, a year-on-year increase of about 1.51%, while other castings are expected to reach 37,000 tons, a growth of 41.53% [10] - The company anticipates a significant increase in net profit for Q1 2025, projected between 50 to 56 million yuan, representing a year-on-year growth of 70.96% to 91.47% [10] - The company has announced an employee stock ownership plan, indicating confidence in future performance with targets for net profit growth of at least 32%, 40%, and 48% from 2025 to 2027 [10] Financial Summary - For 2024, the company achieved a gross margin of 21.3%, which is a decline compared to previous periods, primarily due to product price reductions [10] - The projected revenue for 2025 is approximately 3.09 billion yuan, with a net profit of around 450 million yuan, corresponding to a PE ratio of about 15 times [10] - The company’s total assets are expected to grow from 6.65 billion yuan in 2024 to 9.53 billion yuan by 2027 [15]