22 Jan 2026 09:31:30 ET │ 12 pages Huaming Power Equipment (002270.SZ) Flash | 4Q25 Profit Growth Slightly Beats; Continued Strong Overseas Sales CITI'S TAKE Huaming issued 2025 preliminary results guiding net profit +15.3% yoy to Rmb708m in 2025, including +5.6% yoy to Rmb127m in 4Q25. Stripping out employee's incentive scheme, net profit was +21.5% yoy to Rmb746m in 2025, including +26.1% yoy to Rmb152m in 4Q25; recurrent net profit rose 22.7% yoy to 714m in 2025, including +23.4% yoy to Rmb135m in 4Q25. ...

We visited Sieyuan and Huaming in Shanghai as part of our GS China AI Robotics & Power field trip and held group investor meetings with Sieyuan's and Huaming's Board Secretaries on Jan 16, 2026. Key takeaways: (1) domestic revenue fundamentals remain resilient into the 15th Five-Year Plan, with grid-led demand providing a stable backbone (15th FYP cumulative investment to deliver 40% growth vs 14th FYP, implying per annum investment to grow at a 6% CAGR in 2025-30E, slightly better than Huaming's previous e ...