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Huaming Power Equipment (002270) investor relations material

Huaming Power Equipment Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

Executive summary

  • Revenue for the first half of 2025 reached ¥1.12 billion, up 0.04% year-over-year, with net profit attributable to shareholders at ¥368 million, a 17.17% increase year-over-year, driven by growth in core power equipment and CNC equipment businesses.

  • Power equipment business contributed 85.5% of total revenue, with a 15.29% year-over-year increase; CNC equipment revenue rose 41.49% year-over-year, while power engineering revenue declined 87.1% year-over-year.

  • Domestic market revenue was ¥913 million (81.47% of total), down 6.33% year-over-year; international revenue was ¥208 million, up 42.7% year-over-year, with direct and indirect exports up 45.21%.

  • Gross margin for power equipment reached 60.48%, CNC equipment 22.33%, and overall gross margin for equipment manufacturing was 56.52%.

  • The company remains a domestic market leader in transformer tap changers, with growing international presence and ongoing investment in R&D and quality systems.

Financial highlights

  • Net profit attributable to shareholders: ¥368.5 million, up 17.17% year-over-year; adjusted net profit (excluding non-recurring items): ¥361.3 million, up 22.76%.

  • Operating cash flow: ¥317.8 million, down 35.28% year-over-year, mainly due to lower power engineering business and timing of receivables.

  • Basic and diluted EPS: ¥0.4118, up 17.36% year-over-year.

  • Total assets at period end: ¥4.55 billion, up 2.18% from year-end 2024; net assets attributable to shareholders: ¥3.16 billion.

  • R&D investment: ¥38.5 million, up 23.47% year-over-year.

Outlook and guidance

  • The company expects continued growth in power equipment and CNC exports, leveraging domestic and international market expansion, and ongoing R&D investment to maintain industry leadership.

  • Risks from international political tensions, exchange rate fluctuations, raw material price volatility, and labor costs are being actively managed through diversification, supply chain optimization, and automation.

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Frequently asked questions

Huaming Power Equipment Co Ltd is a manufacturing company engaged in the production and sale of electrical equipment used in power systems. The company specializes in tap changers for power transformers, as well as related control systems and components. Its products are utilized in applications such as power transmission, distribution, and industrial energy systems. Huaming Power Equipment Co Ltd provides technical support and maintenance services alongside its equipment offerings. The company is headquartered in Tianjin, China, and its shares are listed on the SSE.

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