Core Viewpoint - Company achieved steady growth in H1 2025, driven by global supply chain restructuring and accelerated development in certain downstream industries [1][2] Financial Performance - Revenue for H1 2025 reached 9.02 billion RMB, a year-on-year increase of 12.5% [1] - Net profit attributable to shareholders was 1.71 billion RMB, up 12.6% year-on-year [1] - Earnings per share stood at 1.07 RMB [1] - Gross margin for H1 2025 was 32.8%, an increase of 0.5 percentage points year-on-year [1] - Net profit margin remained stable at 19.0% [1] - Operating cash inflow was 1.4 billion RMB, reflecting a growth of 16.3% [1] Downstream Market Recovery - Injection molding machine sales generated 8.64 billion RMB in revenue, a 12.1% increase year-on-year [1] - Components and services revenue reached 0.38 billion RMB, growing by 21.0% [1] - Demand from the automotive and home appliance sectors is expected to benefit from the new policy promoting equipment upgrades [1] Overseas Market Performance - Domestic revenue was 5.20 billion RMB, a slight increase of 0.3% [2] - Overseas revenue surged to 3.82 billion RMB, marking a 34.7% year-on-year growth [2] - The company’s "Five-Five" overseas strategy is enhancing global delivery capabilities [2] - New factories in Japan, Serbia, and Chennai, India, are set to commence operations in H2 2025 [2] Future Outlook - The company maintains profit forecasts for 2025-2027 at 3.50 billion, 3.90 billion, and 4.26 billion RMB, reflecting year-on-year growth of 13.5%, 11.6%, and 9.3% respectively [2] - Corresponding EPS forecasts are 2.19, 2.45, and 2.67 RMB [2] - The company expects continued performance improvement driven by equipment upgrades and overseas exports [2]

Core Viewpoint - The company has achieved steady growth in its performance for the first half of 2025, benefiting from global supply chain restructuring and accelerated development in certain downstream industries [2] Group 1: Financial Performance - In H1 2025, the company reported revenue of 9.02 billion RMB, a year-on-year increase of 12.5% [2] - The net profit attributable to shareholders reached 1.71 billion RMB, reflecting a 12.6% year-on-year growth [2] - The company's earnings per share stood at 1.07 RMB [2] - The comprehensive gross margin for H1 2025 was 32.8%, up by 0.5 percentage points year-on-year [2] - The net profit margin was 19.0%, remaining stable compared to the previous year [2] - Operating cash inflow for H1 2025 was 1.4 billion RMB, an increase of 16.3% year-on-year [2] Group 2: Market Demand and Sales - The company’s injection molding machine sales revenue reached 8.64 billion RMB in H1 2025, a 12.1% increase year-on-year [3] - Revenue from components and services was 0.38 billion RMB, showing a growth of 21.0% year-on-year [3] - The demand growth in overseas consumer goods and domestic new energy vehicles and home appliances has driven rapid growth in the company's Mars and Jupiter series injection molding machines [3] - The implementation of policies promoting large-scale equipment updates and the replacement of consumer goods is expected to boost sales in the automotive and home appliance sectors, benefiting the company's product demand [3] Group 3: Global Market Performance - Domestic revenue for H1 2025 was 5.20 billion RMB, a slight increase of 0.3% year-on-year [4] - Despite a high domestic base and structural slowdown in domestic demand, the company maintained stable domestic revenue through continuous expansion of key customers and deepening in various industry segments [4] - Overseas revenue reached 3.82 billion RMB, a significant increase of 34.7% year-on-year [4] - The company’s global performance benefited from structural adjustments in the global supply chain and years of overseas investment, particularly in Southeast Asia [4] - The company is advancing its "Five-Five" overseas strategy by increasing investment in local factories to enhance global delivery capabilities [4] - Construction of factories in Japan, Serbia, and Chennai, India, is accelerating and expected to be operational in the second half of 2025 to address complex geopolitical situations [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady growth in H1 2025, with revenue reaching 9.02 billion RMB, a year-on-year increase of 12.5%, and a net profit of 1.71 billion RMB, up 12.6% [1] - The company is expected to benefit from the recovery in downstream demand and a wave of equipment upgrades, particularly in the automotive and home appliance sectors [2] - The overseas market showed significant performance, with overseas revenue increasing by 34.7% to 3.82 billion RMB, driven by structural adjustments in the global supply chain [3] Summary by Sections Financial Performance - In H1 2025, the company reported a comprehensive gross margin of 32.8%, up 0.5 percentage points year-on-year, and a net profit margin of 19.0%, which remained stable [1] - Operating cash flow for H1 2025 was 1.4 billion RMB, reflecting a year-on-year growth of 16.3% [1] Sales Performance - Injection molding machine sales generated 8.64 billion RMB in revenue, a 12.1% increase, while parts and services contributed 0.38 billion RMB, growing by 21.0% [2] - The demand for the company's Mars and Jupiter series injection molding machines surged due to growth in the overseas consumer goods market and domestic demand in the new energy vehicle and home appliance sectors [2] Market Expansion - Domestic revenue was stable at 5.20 billion RMB, with a slight increase of 0.3% year-on-year, while overseas revenue reached 3.82 billion RMB, marking a significant growth of 34.7% [3] - The company is advancing its "Five-Five" overseas strategy, enhancing global delivery capabilities through increased investment in local factories in regions like Southeast Asia, Japan, Serbia, and Chennai, India [3] Profit Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 3.50 billion RMB, 3.90 billion RMB, and 4.27 billion RMB respectively, with growth rates of 13.5%, 11.6%, and 9.3% [4] - Earnings per share (EPS) are projected to be 2.19 RMB, 2.45 RMB, and 2.67 RMB for the same years [4]