Dajin Heavy Industry (002487) Q3 2025 earnings summary

Executive summary

• Achieved record-high quarterly revenue and net profit, driven by strong overseas offshore wind project deliveries and robust export sales, with net profit for Q3 up 215.12% year-over-year and 7.98% sequentially.

• Net profit margin and gross margin continued to improve, reaching 19.42% and 35.91% respectively, maintaining industry leadership.

• Export revenue accounted for nearly 80% of total wind power equipment sales, highlighting the effectiveness of the export-driven business model.

• Expanded business scope with successful launch of self-built ultra-large deck transport vessels and secured first external shipbuilding contract with a Korean shipping company.

Financial highlights

• Q3 revenue: ¥1.75 billion, up 84.64% year-over-year; YTD revenue: ¥4.60 billion, up 99.25%.

• Q3 net profit attributable to shareholders: ¥340.75 million, up 215.12% year-over-year; YTD: ¥887.27 million, up 214.63%.

• Q3 operating cash flow: ¥1.51 billion, up 173.60% year-over-year.

• Basic and diluted EPS for Q3: ¥0.53, up 211.76% year-over-year; YTD: ¥1.39, up 215.91%.

• Net profit margin for Q3: 19.42%; gross margin: 35.91%.

Outlook and guidance

• Continued focus on high-standard, high-value offshore wind markets and global expansion.

• Ongoing investment in R&D, capacity expansion, and international market development, supported by planned H-share issuance in Hong Kong.