华明装备 - 2025 年上半年 earnings 符合预期，海外销售强劲，外资持股比例高-Huaming Power Equipment - 1H25 Earnings Inline with Strong Oversea Sales; High Foreign Investor Shareholdings

Flash | 07 Aug 2025 10:19:35 ET │ 14 pages Huaming Power Equipment (002270.SZ) 1H25 Earnings Inline with Strong Oversea Sales; High Foreign Investor Shareholdings CITI'S TAKE Huaming's net profit rose 17.2% yoy to Rmb368m in 1H25, in line market expectations. Excluding non-recurring items, core profit rose 22.8% yoy to Rmb361m in 1H25. The profit surge was driven by strong overseas sales from tap changers (+45.3% yoy to Rmb311m in 1H25) and GP margin improvement (+7.7ppts yoy to 55.5% in 1H25) benefiting fr ...