Haitian International Holdings Ltd. Overview
Haitian International is the world's largest plastic injection moulding machine (PIMM) manufacturer by unit output, a family-controlled Ningbo industrial champion that sold over 53,000 machines in FY2024 and generated RMB17.7bn of revenue in FY2025. It runs a two-brand architecture: Haitian for servo-hydraulic toggle (Mars) and two-platen (Jupiter) machines, and Zhafir for all-electric and hybrid-electric machines (Venus, Zeres, Jenius). Its moat is industrial scale and vertical integration. Combined with a cost position that Western and Japanese peers cannot match, this has delivered 31–33% gross margins through the cycle. A balance sheet holding roughly RMB12.4bn of net cash including wealth-management products (30 Jun 2026) funds 34–40% payouts. Strategy centres on the "Five-Five" internationalisation programme, which localises production in Serbia, India, Japan, Mexico and Southeast Asia to follow Chinese manufacturers going abroad and to insulate against tariffs. Overseas revenue reached 42.9% in FY2025 before slipping to 33.8% in 1H2026.
Company's own description
Per its 2025 Annual Report and interim filings, the Group is principally engaged in the manufacturing and distribution of plastic injection moulding machines. The listed company is an investment holding entity. The corporate governance report states the Company aims to be the leading pioneer of the PIMM industry, trusted by customers, and to lead the industry's development and set its benchmarks. Its corporate mission is summarised as "Communication, Innovation, Efficiency." Its product philosophy is "technology to the point": serve customised needs in each niche market while standardising component production.
Independent characterisation
Haitian is a high-volume, mid-market capital-equipment manufacturer. It wins on price-performance, delivery lead time and service density rather than on ultra-high-end precision. The business model has four features.
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Product-led capital goods sales. PIMMs were 95.3% of FY2025 revenue (RMB16,897.3m). The rest (4.7%, RMB835.9m) is parts and service.
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Deep vertical integration with group affiliates. Key components come from controlling-family affiliates rather than being consolidated: servo systems, linear guides, ball screws and hydraulics from Ningbo Haitian Driving System (HDS), automation cells from Haitian Smart Solutions, and machine tools from Haitian Precision. FY2025 purchases from HDS were RMB1,036.6m and from Haitian Smart Solutions RMB523.8m (AR2025). This creates cost control but also related-party exposure.
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Customer financing as a sales tool. Credit terms run from 30 days to 36 months (1H26-IA). Most receivables are backed by distributor guarantees, PRC credit insurance or letters of credit. The Group guaranteed RMB299.4m of customers' bank facilities at 30 Jun 2026.
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Treasury-heavy balance sheet. Wealth-management products (FVPL) of RMB10,186.3m at 30 Jun 2026 exceed operating cash and generate a material other-gains line.
Revenue model mix
| Revenue type | FY2025 (CNY Mn) | % of total | Nature |
|---|---|---|---|
| Machine (product) sales — PIMMs | 16,897.3 | 95.3% | One-off capital equipment |
| Parts & service ("Others" in 1H26) | 835.9 | 4.7% | Recurring aftermarket |
| Subscription / licensing | — | — | Software (Go Factory 2.0) is bundled; some software sales are noted in third-party descriptions, but no separate figure is disclosed |
Value-chain position
Haitian sits in the mid-stream of plastics processing. Upstream inputs are castings, steel plate, hydraulics, servo drives, controllers and screws/barrels; part of the control-system stack is made in-house via Zhejiang Keqiang Intelligent Control System. Downstream customers are moulders and OEMs. It sells directly and through distributors and agents, and the Group cites an extensive China network plus exports to more than 130 countries (AR2025). Its five largest customers and five largest suppliers each accounted for less than 30% of sales and purchases in FY2025.
End-markets and customer types
End-markets cited in filings are:
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Automotive, especially NEV components (driver of Jupiter two-platen demand)
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3C electronics (driver of Zhafir electric demand)
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Home appliances
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Daily consumer goods and packaging (Mars core market)
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Building materials
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Medical
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Logistics (pallets and crates)
Customer types range from SME moulders in China and emerging markets to Chinese multinationals building overseas plants. The 1H26 decline was attributed to a slowdown in these companies' overseas build-outs. Key-account OEMs and tier-suppliers make up the third group.
Strategy
Stated strategy (themes from AR2025 and 1H26-IA, paraphrased)
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Dual-engine growth. Consolidate domestic leadership while pursuing overseas expansion, so that domestic demand and foreign trade together form a "dynamically balanced" growth framework.
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"Five-Five" internationalisation strategy. Increase investment in overseas localised factories so that product design, production and service are adapted regionally. The strategy has been in place since at least FY2022, with greater emphasis on overseas capex, organisation and HR. Its three stated pillars for Europe are regional headquarters, localised manufacturing and multiple application centres.
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Compliance and security as strategic priorities. International trade compliance, adherence to local laws, protection of overseas assets and supply-chain stability.
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Technology innovation. More energy-efficient, intelligent and integrated models; next-generation platform models (G5, MA5/Ultra); continued optimisation for price-performance; niche specialised machines. R&D is run under an IPD (Integrated Product Development) management model (FY22-RA).
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Customisation and solutions. Bespoke solutions, differentiated value-added services, and collaborative ecosystems with key-account customers. The aim is to move from single-machine sales to whole-line solutions (FY24-RA).
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Operational excellence. More automated factories, scientific production scheduling, intelligent logistics and warehousing, scale procurement, and standardised components under "technology to the point."
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Talent renewal. Build a younger management team and encourage young staff to take overseas postings (FY24-RA).
Strategic initiatives — last 24 months
| Initiative | Timing | Detail / target | Status |
|---|---|---|---|
| Serbia (Ruma) plant | 2023–2026 | Investment of about EUR100m (company newsroom, 2022); 250,000 m² site; 500–600 machines in 2026; Zeres local production from 2027 | Operating; Open House Sep 2026 |
| India second plant (Chennai) | 2024–2026 | 80,000 m² land | Ramp-up |
| Japan Niigata capacity | 2,025 | approx. 18,000 m² land; new HQ/factory opened 29 Aug 2025 | Opened |
| MA5 / "Ultra" PIMM launch | Early 2H2026 | Next-generation Mars platform | Launched (Citi) |
| K 2025 product launches | Oct 2025 | Zhafir Zeres F and Haitian MAV/F PRO for packaging | Launched |
| Turnkey lines | Sep 2025 | Pallet line delivered and in production for Hongsheng Beverage Group | Delivered |
| Portfolio simplification | Jan 2026 | Guohua Machinery disposal to connected party | Completed (proceeds RMB321.6m received in 1H2026) |
| Board renewal | May 2026 | Overseas sales head added as executive director; two new INEDs | Completed |
| ESG: Smart Energy & Environmental Management Platform; "Zero-Waste Plant"; rooftop solar | 2024–2025 | Solar generated 30,217 MWh in 2025 | Ongoing |
| Cost and efficiency | Ongoing | Scale procurement, production-line efficiency, intelligent warehousing; no quantified cost-programme target disclosed | Ongoing |
Management targets and guidance
The Company has no formal medium-term financial targets or predetermined dividend payout ratio. At the 1H2026 results call, management guided as follows (Citi; Futu summary):
Products & Services
Detailed clamping-force ranges and list prices are not disclosed in filings. Specifications below are limited to what the Company or reliable trade press state. Pricing is quoted per machine and per configuration; no public price list exists.
Haitian brand (servo-hydraulic)
| Product line | Description & capabilities | Target customer | Latest generation / year | Flagship / notes |
|---|---|---|---|---|
| Mars series (MA) | Servo-hydraulic toggle-clamp machines with energy-saving servo pump drive; the Group's volume workhorse (59.2% of revenue in FY2022, last disclosed) | Consumer goods, home appliances, building materials, packaging, general moulders, Chinese firms building overseas plants | G5 generation rolled out from 2023. MA5 / "Ultra" launched at the start of 2H2026 (Citi, Sep 2026) | Mars F PRO and MAV/F PRO packaging machines, presented live in Europe for the first time at K 2025 (Düsseldorf, Oct 2025) |
| Jupiter series (JU) | Two-platen clamping for large tonnage; long strokes and large platens for big parts | Automotive / NEV (bumpers, battery housings, interior panels), large appliances, logistics pallets | G5 generation in rollout | Fastest-growing line in FY2025 and 1H2026 on NEV capex; last disclosed revenue RMB2,438.8m (FY2022) |
| HA series | Listed among products tested for national energy-efficiency indicators in 2025 (AR2025) | — | — | — |
Zhafir brand (electric / hybrid)
| Product line | Description & capabilities | Target customer | Latest generation / year | Flagship / notes |
|---|---|---|---|---|
| Zhafir Venus series (VE) | All-electric toggle machines with high repeatability, clean-room suitability and low energy use | 3C electronics, medical, precision parts | G5 rollout; certain VE models hold Product Carbon Label certificates (AR2025) | Core of the "electric series" that grew significantly in 1H2026 |
| Zhafir Zeres series (ZE) | Electric machine with integrated hydraulics for core-pull and ejection (hybrid electric) | Packaging, technical parts, automotive small parts | Zeres F (packaging) presented at K 2025 | Local production in Serbia planned from 2027 |
| Zhafir Jenius series (JE) | Two-platen electric/hybrid for larger tonnage | Automotive, larger technical parts | — | Included in 2025 national energy-efficiency testing |
Digital, automation and aftermarket
| Offering | Description | Notes |
|---|---|---|
| Go Factory 2.0 | Digital management software with open integration functions, fitted to all G5 machines | Supports energy management and IoT connectivity (AR2025) |
| G5 platform intelligence | AI algorithms and sensors for energy management, mould-opening system, lubrication, diagnosis and assistance. G5 hydraulic machines are at least 20% more energy-efficient than the prior generation (FY22-RA); vs. G3, operating energy is reduced by more than 20% (AR2025) | Platform launched for mass production from 2023 |
| Specialised / niche machines | Industry-specific models (e.g. biodegradable and recyclable materials processing, packaging, PET) | Strategy is to keep adding niche specials (1H26-IA) |
| Turnkey systems | Complete production lines, e.g. a pallet line delivered and commissioned for Hongsheng Beverage Group (Sep 2025) | Delivered with Haitian Smart Solutions automation |
| Parts & service | Spare parts, retrofits, after-sales service; Serbia is the European spare-parts centre | RMB835.9m FY2025 (+15.6%); RMB445.2m 1H2026 (+16.7%) |
| Automation (affiliate) | Robots, peripherals and integrated cells from Haitian Smart Solutions (connected party, not consolidated) | Group purchases RMB523.8m FY2025 |
Unit volumes
| Period | Machines sold | Source |
|---|---|---|
| FY2021 | More than 56,000 | Company release |
| FY2022 | approx. 36,000 | Company website (India) |
| FY2023 | — | — |
| FY2024 | approx. 53,000 | Company IR release (Aug 2025) |
| 1H2025 | 29,438 (+8.8% YoY) | Company IR release |
| FY2025 / 1H2026 | — | — |
Financial Narrative
All figures are RMB m unless stated, for fiscal years ended 31 December. Sources: FY21-RA, FY22-RA, FY23-RA, FY24-RA, FY25-RA/AR2025. Ratios marked (etnet) come from etnet's ratio pages; ratios marked (derived) are analyst calculations from reported numbers.
Income statement
Notes:
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The G&A line in the "Selling & marketing" and "G&A" rows for FY2025 was not separately extracted. The combined figure is reported.
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FY2025 D&A is derived from etnet's reported EBITDA margin of 24.683%. etnet's methodology reconciles exactly to operating profit + D&A for FY2021 and FY2024.
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FY2025 PBT of 3,985.0 is derived (net profit for year approx. 3,303 + tax 681.8) and is consistent with aggregator data.
Margins and growth
Revenue CAGR (derived): FY2021–FY2025 is 2.6% p.a., because FY2021 was a cyclical peak. Measured from the FY2022 trough, FY2022–FY2025 is 12.9% p.a. Net profit CAGR FY2021–FY2025 is 2.0% p.a.; FY2022–FY2025 is 13.4% p.a.
Commentary — income statement. The five-year record is a full PIMM cycle.
FY2021 peak: Revenue grew 35.7% on post-COVID restocking and export demand.
FY2022 trough: Revenue fell 23.2% amid China lockdowns, a property slump and weak appliance and building-materials capex. Mars revenue fell 33.4% while NEV-driven Jupiter rose 20.9%.
FY2023–FY2025 recovery: Revenue rose to a new record of RMB17.7bn, led first by domestic consumer goods and NEV, then by overseas expansion.
The most striking feature is margin resilience. Gross margin stayed between 31.8% and 32.7% even with a 23% revenue drop, helped by lower raw-material prices in 2H22 and flexible labour costs. Operating margin has drifted down about 80bps from the FY2021 peak because the S&A ratio rose from 11.5% to 15.1%. The drivers were sales commissions on overseas business, rising R&D labour (RMB343.9m in FY2025 vs. RMB209.7m in FY2021) and overseas subsidiary build-out costs. Government subsidies (other income RMB434.5m, 11.3% of FY2025 operating profit) are a structural earnings support. Net finance income has declined from RMB234.1m (FY2023) to RMB108.1m (FY2025) as cash shifted into wealth-management products, whose returns sit in "other gains", and as borrowings rose. The effective tax rate has fallen steadily to 17.1% thanks to HNTE status at six subsidiaries.
1H2026 inflection. Revenue was flat (+0.9%), but gross margin fell 1.7pp to 31.1%. The causes were the shift in mix away from higher-margin overseas sales and RMB appreciation against the USD. Net profit fell 7.7% despite a one-off RMB97.1m gain on the Guohua disposal. Excluding that gain, the decline would have been roughly 13% (derived, pre-tax basis). Management guided to FY2026 revenue flat to low-single-digit growth, gross margin of about 31%, and 2H profit broadly flat vs. 1H (Citi; Futu summary of results call).
Balance sheet
Notes:
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Net cash incl. WMP = company net cash + FVPL. FY2025 matches the company-disclosed RMB12,574m (1H26-IA).
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Goodwill: none is separately disclosed on the balance sheet extracts reviewed.
Commentary — balance sheet. Haitian is effectively debt-free on a net basis. Gross bank borrowings (RMB3.2–3.5bn) are carried mainly for currency and treasury reasons, such as overseas USD funding and interest arbitrage. They are dwarfed by RMB12.4bn of cash, deposits and WMP. Three trends warrant monitoring:
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Liquidity has migrated into WMP. FVPL holdings more than doubled from RMB4.1bn (FY2023) to RMB10.2bn (1H2026). Disclosed return ranges run up to 7.3–8.3% and include trust and fund products. The investment committee sets per-category caps and uses more than 30 institutions, but this is a credit-risk exposure equal to about 44% of equity.
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Receivables are growing faster than revenue. Gross receivables rose from RMB3.71bn (FY2023) to RMB6.04bn (1H2026). Balances aged 1–2 years rose to RMB753.3m, reflecting longer credit terms used to support overseas and SME sales.
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Borrowings have shifted to short tenor. All RMB3.5bn is current at 30 Jun 2026, following the reclassification of the long-term facility.
The balance sheet carries no goodwill and negligible intangibles. All growth has been organic.
Cash flow
Notes:
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FY2021 dividends paid include the FY2020 second interim (RMB870.7m) and a special interim (RMB1,004.7m).
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FY2025 OCF of 3,479.8 is taken from the AR2025 five-year chart. The chart did not label each year individually; the other four years tie to their respective results announcements, which supports the mapping.
1H2026: OCF RMB908.3m (1H2025: RMB1,402.4m); capex RMB407.5m (1H2025: RMB632.6m); proceeds from the Guohua disposal RMB321.6m; dividends paid RMB1,126.4m.
Commentary — cash flow. Cash conversion was weak in FY2022–FY2024, with OCF/net profit of 0.68–0.81x. Working capital absorbed cash as inventory rose for overseas stocking and receivables lengthened. The overseas factory programme also lifted capex to 2–4x D&A. FY2025 marked a turn: OCF reached a record RMB3.48bn (1.05x net profit) and FCF was RMB2.33bn, comfortably covering the RMB1.07bn dividend. In 1H2026, OCF fell 35% because receivables rose RMB669m. Capex fell 36% as the Serbian, Indian and Japanese plants moved from construction to ramp-up, and capital commitments dropped to RMB102.4m from RMB471.7m at end-2025. That points to a lower capex run-rate and higher FCF ahead. There have been no buybacks in at least five years; capital return is entirely through dividends.
Ratios
Commentary — ratios. Return on equity of about 15% is structurally depressed by excess cash. Equity of RMB23bn includes roughly RMB12bn of net financial assets earning a low-to-mid single-digit return. On operating capital alone, returns are well above 20% (derived inference). ROIC compressed from 16% (FY2021) to about 12% because the capital base (new plants plus working capital) grew faster than NOPAT. The cash conversion cycle doubled from 42 to 84–93 days between FY2021 and FY2025. Inventory days peaked at 153 in FY2024 and DSO reached 106 in FY2025; this is the main operational KPI to track. Leverage ratios are immaterial: the Group is net cash on every measure, and interest coverage exceeds 35x.
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View Subscription PlansFinancial Detail
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
PIMMs revenue (CNY Mn) | 15,516.8 | 11,770.2 | 12,446.8 | 15,405.1 | 16,897.3 |
Parts & service revenue (CNY Mn) | 501.5 | 538.0 | 622.5 | 723.2 | 835.9 |
Total revenue (CNY Mn) | 16,018.3 | 12,308.2 | 13,069.3 | 16,128.3 | 17,733.2 |
PIMMs share of revenue (%) | 96.9 | 95.6 | 95.2 | 95.5 | 95.3 |
Parts & service share of revenue (%) | 3.1 | 4.4 | 4.8 | 4.5 | 4.7 |
Segment Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
PIMMs YoY growth (%) | -24.1 | 5.7 | 23.8 | 9.7 |
Parts & service YoY growth (%) | 7.3 | 15.7 | 16.2 | 15.6 |
Revenue by Segment
| Metric | FY2021 | FY2022 |
|---|---|---|
Mars series — servo-hydraulic energy-saving (CNY Mn) | 10,944.0 | 7,288.3 |
Jupiter series — two-platen (CNY Mn) | 2,017.3 | 2,438.8 |
Zhafir electric series (CNY Mn) | 2,077.5 | 1,961.4 |
Other PIMM series (CNY Mn) | 478.0 | 81.7 |
Parts & service (CNY Mn) | 501.5 | 538.0 |
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View Subscription PlansRevenue by Segment and Segment Margins & Growth (%)
| Metric | 1H2025 | 1H2026 |
|---|---|---|
PIMMs revenue (CNY Mn) | 8,636.9 | 8,656.8 |
Others / parts & service (CNY Mn) | 381.4 | 445.2 |
Total revenue (CNY Mn) | 9,018.3 | 9,102.0 |
Gross margin (%) | 32.8 | 31.1 |
Operating profit (CNY Mn) | 1,983.5 | 1,896.4 |
Net profit attributable (CNY Mn) | 1,711.5 | 1,580.5 |
Group Entities
| Entity | Role | Source |
|---|---|---|
Haitian Plastics Machinery Group Co., Ltd. (海天塑機集團) | Main PRC manufacturing company; HNTE (15% tax) | FY24-RA |
Ningbo Zhafir Plastics Machinery Manufacturing Co., Ltd. (寧波長飛亞) | Electric PIMM arm; HNTE | FY24-RA |
Wuxi Haitian Machinery Co., Ltd. | Manufacturing (Jiangsu); HNTE | FY24-RA |
Zhejiang Keqiang Intelligent Control System Co., Ltd. | Controllers / control systems; HNTE | FY24-RA |
Ningbo Haitian Intelligent Manufacture Technology Co., Ltd. | Software / digital; HNTE | FY24-RA |
Haitian Machinery Guangdong Co., Ltd. | South China (Shunde) base; HNTE from 2024 | FY24-RA |
Ningbo Haitian Huayuan | International sales | AR2025 bios |
Haitian International Germany GmbH (Ebermannsdorf) | International HQ / Europe | Company newsroom |
GH Enterprise Limited | Former holder of Guohua Machinery (disposed Jan 2026) | AR2025 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (CNY Mn) | 16,018.3 | 12,308.2 | 13,069.3 | 16,128.3 | 17,733.2 |
Revenue YoY growth (%) | 35.7 | -23.2 | 6.2 | 23.4 | 10.0 |
Cost of sales (CNY Mn) | 10,867.2 | 8,390.7 | 8,869.0 | 10,892.6 | 11,934.1 |
Gross profit (CNY Mn) | 5,151.1 | 3,917.5 | 4,200.3 | 5,235.8 | 5,799.1 |
Selling & marketing expenses (CNY Mn) | 1,035.9 | 1,001.9 | 1,127.0 | 1,275.6 | not separately extracted |
General & administrative expenses (CNY Mn) | 811.9 | 796.8 | 888.2 | 1,037.5 | not separately extracted |
Selling + administrative expenses (CNY Mn) | 1,847.8 | 1,798.8 | 2,015.3 | 2,313.1 | 2,673.2 |
Other income, mainly government subsidies (CNY Mn) | 158.9 | 328.6 | 402.5 | 391.1 | 434.5 |
Operating profit (CNY Mn) | 3,596.7 | 2,632.4 | 2,788.1 | 3,533.9 | 3,848.8 |
Depreciation & amortisation (CNY Mn) | 325.8 | 360.9 | 391.4 | 479.0 | 528.3 |
EBITDA = operating profit + D&A (CNY Mn) | 3,922.5 | 2,993.3 | 3,179.5 | 4,012.9 | 4,377.1 |
Net finance income (CNY Mn) | 139.0 | 130.7 | 234.1 | 173.4 | 108.1 |
Profit before tax (CNY Mn) | 3,769.0 | 2,779.5 | 3,036.7 | 3,745.5 | 3,985.0 |
Income tax (CNY Mn) | 718.9 | 514.5 | 542.0 | 664.2 | 681.8 |
Effective tax rate (%) | 19.1 | 18.5 | 17.8 | 17.7 | 17.1 |
Net profit attributable to shareholders (CNY Mn) | 3,052.0 | 2,264.7 | 2,491.5 | 3,080.3 | 3,301.1 |
Basic EPS (MYR Bn) | 1.91 | 1.42 | 1.56 | 1.93 | 2.07 |
Diluted EPS (MYR Bn) | 1.91 | 1.42 | 1.56 | 1.93 | 2.07 |
Dividend per share (HKD) | 0.95 | 0.55 | 0.66 | 0.73 | 0.80 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 32.2 | 31.8 | 32.1 | 32.5 | 32.7 |
Operating margin (%) | 22.5 | 21.4 | 21.3 | 21.9 | 21.7 |
EBITDA margin (%) | 24.5 | 24.3 | 24.3 | 24.9 | 24.7 |
Pre-tax margin (%) | 23.5 | 22.6 | 23.2 | 23.2 | 22.5 |
Net margin (%) | 19.1 | 18.4 | 19.1 | 19.1 | 18.6 |
S&A expense ratio (%) | 11.5 | 14.6 | 15.4 | 14.3 | 15.1 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (CNY Mn) | 26,153.3 | 25,791.2 | 29,093.9 | 31,145.5 | 35,742.1 |
Cash & cash equivalents (CNY Mn) | 3,592.6 | 3,590.8 | 5,445.6 | 2,745.4 | 3,739.4 |
Term deposits (CNY Mn) | 3,012.5 | 3,100.5 | 3,939.3 | 3,331.9 | 2,435.3 |
Restricted bank deposits (CNY Mn) | 87.9 | 35.2 | 68.6 | 52.8 | 47.9 |
Wealth-management products at FVPL (CNY Mn) | 6,153.4 | 4,655.4 | 4,129.2 | 6,971.5 | 9,523.9 |
Short-term bank borrowings (CNY Mn) | 1,861.0 | 1,322.9 | 244.9 | 0.0 | 3,004.7 |
Long-term bank borrowings (CNY Mn) | 300.0 | 112.4 | 2,502.5 | 2,011.3 | 168.1 |
Total bank borrowings (CNY Mn) | 2,161.0 | 1,435.3 | 2,747.4 | 2,011.3 | 3,172.8 |
Net cash excl. WMP, company definition (CNY Mn) | 4,532.0 | 5,291.2 | 6,706.0 | 4,118.8 | 3,049.8 |
Net cash incl. WMP (CNY Mn) | 10,685.4 | 9,946.6 | 10,835.2 | 11,090.3 | 12,573.7 |
Inventories (CNY Mn) | 3,009.6 | 3,150.6 | 3,539.0 | 4,576.3 | 4,369.7 |
Trade & bills receivables, net total (CNY Mn) | 3,640.6 | 3,287.3 | 3,602.9 | 4,105.4 | 5,162.2 |
Trade & bills payables (CNY Mn) | 4,222.3 | 3,573.6 | 4,023.1 | 4,576.5 | 5,085.6 |
Intangible assets (CNY Mn) | 52.5 | 51.2 | 49.9 | 48.5 | 47.2 |
Goodwill (CNY Mn) | 0 | 0 | 0 | 0 | 0 |
Total liabilities (CNY Mn) | 10,218.3 | 8,751.2 | 10,251.6 | 10,276.0 | 12,670.1 |
Equity attributable to shareholders (CNY Mn) | 15,934.4 | 17,011.1 | 18,816.1 | 20,845.0 | 23,047.6 |
Net current assets / working capital (CNY Mn) | 8,408.6 | 8,457.8 | 10,961.5 | 9,812.8 | 12,121.5 |
Financial Analysis
| Item | CNY Mn |
|---|---|
Total assets | 36,091.4 |
Equity attributable to shareholders | 23,229.7 |
Cash & equivalents | 3,285.0 |
Term deposits | 2,342.9 |
WMP (FVPL) | 10,186.3 |
Bank borrowings (all current) | 3,485.1 |
Net cash excl. WMP | 2,183.1 |
Net cash incl. WMP | 12,369 |
Inventories | 4,286.8 |
Trade receivables (current + non-current) | 5,814.2 |
Cash Flow and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (CNY Mn) | 3,124.1 | 1,780.6 | 2,012.6 | 2,101.4 | 3,479.8 |
Capital expenditure — PP&E, land, land-use rights additions (CNY Mn) | 848.0 | 1,455.8 | 1,175.9 | 1,056.6 | 1,148.4 |
Free cash flow = OCF − capex (CNY Mn) | 2,276.1 | 324.8 | 836.7 | 1,044.8 | 2,331.4 |
Dividends paid to shareholders (CNY Mn) | 1,875.4 | 1,233.3 | 768.3 | 955.4 | 1,074.7 |
Share buybacks (CNY Mn) | 0 | 0 | 0 | 0 | 0 |
OCF / net profit (x) | 1.02 | 0.79 | 0.81 | 0.68 | 1.05 |
Capex / D&A (x) | 2.60 | 4.03 | 3.00 | 2.21 | 2.17 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%, etnet) | 19.9 | 13.7 | 13.9 | 15.5 | 15.0 |
ROA (%, etnet) | 12.3 | 8.7 | 9.1 | 10.2 | 9.9 |
ROCE (%, etnet) | 18.2 | 12.9 | 11.5 | 13.3 | 14.0 |
ROIC (%, derived: NOPAT / year-end total equity + bank borrowings) | 16.1 | 11.6 | 10.6 | 12.7 | 12.2 |
Current ratio (x, etnet) | 1.90 | 2.03 | 2.46 | 2.24 | 2.00 |
Quick ratio (x, etnet) | 1.58 | 1.64 | 1.99 | 1.66 | 1.64 |
Total debt / equity (%, etnet) | 13.6 | 8.5 | 14.6 | 10.0 | 14.1 |
Net debt / EBITDA (x, derived; negative = net cash, excl. WMP) | -1.16 | -1.77 | -2.11 | -1.03 | -0.70 |
Interest coverage (x, derived: operating profit / bank interest expense) | 77.4 | 45.7 | 37.7 | 57.6 | 49.5 |
Asset turnover (x, derived: revenue / year-end total assets) | 0.61 | 0.48 | 0.45 | 0.52 | 0.50 |
Days sales outstanding (days, derived) | 83.0 | 97.5 | 100.6 | 92.9 | 106.3 |
Days inventory outstanding (days, derived) | 101.1 | 137.1 | 145.6 | 153.3 | 133.6 |
Days payables outstanding (days, derived) | 141.8 | 155.5 | 165.6 | 153.4 | 155.5 |
Cash conversion cycle (days, derived) | 42.3 | 79.1 | 80.6 | 92.8 | 84.4 |
Dividend payout ratio (%, derived: MYR Bn dividend declared / net profit) | 40.4 | 33.9 | 38.3 | 34.9 | 34.1 |
Revenue by Region and Revenue by Region (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Domestic (Chinese mainland) revenue (CNY Mn) | 11,088.2 | 7,916.2 | 7,916.8 | 10,112.3 | 10,131.7 |
Overseas (HK & overseas) revenue (CNY Mn) | 4,930.1 | 4,392.0 | 5,152.5 | 6,016.0 | 7,601.5 |
Domestic share (%) | 69.2 | 64.3 | 60.6 | 62.7 | 57.1 |
Overseas share (%) | 30.8 | 35.7 | 39.4 | 37.3 | 42.9 |
Region Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Domestic YoY growth (%) | -28.6 | 0.0 | 27.7 | 0.2 |
Overseas YoY growth (%) | -10.9 | 17.3 | 16.8 | 26.4 |
Revenue by Region and Revenue by Region (%) (1H2025–1H2026)
| Metric | 1H2025 | 1H2026 |
|---|---|---|
Domestic revenue (CNY Mn) | 5,200.6 | 6,021.3 |
Overseas revenue (CNY Mn) | 3,817.7 | 3,080.7 |
Domestic share (%) | 57.7 | 66.2 |
Overseas share (%) | 42.3 | 33.8 |
Region Assets & Liabilities
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Non-current operating assets — Chinese mainland (CNY Mn) | 4,978.5 | 5,426.4 | 5,558.9 | 5,724.8 | 5,937.7 |
Non-current operating assets — HK & overseas (CNY Mn) | 745.7 | 1,452.8 | 1,878.8 | 2,487.9 | 3,055.0 |
Fastest-growing Regions by Period
| Period | Fastest-growing regions | Declining regions | Stated reasons |
|---|---|---|---|
FY2022 | North America (grew) | Europe, Southeast Asia | Geopolitical conflict, high inflation (FY22-RA) |
FY2024 | Southeast Asia, North America, South America | — | Supply-chain restructuring; first-mover overseas investment (FY24-RA) |
FY2025 | Southeast Asia, South America ("significant growth") | Not specified | Chinese enterprises going global; overseas plants (AR2025) |
1H2026 | Domestic: NEV chain, high-end 3C; appliances stabilising | Southeast Asia (high base) | Energy-price shock delayed Chinese firms' overseas capex; prior-year tariff-driven pull-forward (1H26-IA; Citi) |
Share Price History
| Date | Price (HKD) | Source |
|---|---|---|
2 Oct 2024 | 26.88 (Chairman-related sale price) | Lixinger dealing record |
7 Apr 2025 | 17.11 (Chairman purchase price) | Lixinger dealing record |
31 Dec 2025 | 21.36 (implied from HKD34,090.6m market cap / 1,596m shares) | AR2025 (derived) |
23 Jan 2026 | 24.58 | Marketscreener |
10 Feb 2026 | 24.44 | Simply Wall St |
13 Jul 2026 | 18.52 | Lixinger |
31 Jul 2026 | 20.82 | Lixinger |
18 Aug 2026 | 20.44 | Investing.com |
Sep 2026 | approx. 17.59 (Chairman's average purchase price) | Citi |
Data by Period
| Period | Data | Source |
|---|---|---|
1-year price change to 4 Aug 2026 | −1.93% | Fintel |
1-year range (as of Jan 2026) | HK$16.18–24.66 | Marketscreener |
3-year range (as of Jan 2026) | HK$15.44–28.90 | Marketscreener |
5-year range (as of Jan 2026) | HK$13.90–32.55 | Marketscreener |
Annualised total return since listing (as of Jul 2026) | approx. 11.6–12.3% | Lixinger |
Valuation Multiples
| Multiple | Haitian (derived) | Yizumi (Southwest Securities, 31 Aug 2026) | Historical Haitian range (Lixinger) |
|---|---|---|---|
Market cap | approx. HK$28.1bn (RMB24.8bn) | RMB9.2bn | — |
P/E, trailing FY2025 EPS MYR Bn2.07 | 7.5x | 13x (2025A) | Min 7.99x / avg 11.02x / max 16.12x |
P/E, TTM EPS MYR Bn1.99 (2H25 + 1H26) | 7.8x | — | — |
P/B (BVPS MYR Bn14.55, 30 Jun 2026) | 1.07x | 2.48x (2026E) | Lixinger 1.15–1.30x (Jul 2026) |
EV/EBITDA FY2025, EV net of all cash incl. WMP | approx. 2.8x | — | — |
EV/EBITDA FY2025, EV net of cash excl. WMP | approx. 5.2x | — | — |
EV/Sales TTM, EV net of all cash incl. WMP | approx. 0.7x | — | Marketscreener consensus 1.45x (2026E, Jan 2026 price) |
Dividend yield (FY2025 DPS HKD0.80) | approx. 4.5% | — | Lixinger 3.8–4.3% (Jul 2026) |
Analyst Ratings & Targets
| Broker | Rating | Target price (HKD) | Date |
|---|---|---|---|
Citi | Buy | 27.0 | 21 Sep 2026 |
Goldman Sachs | Buy | 24.4 (from 25.1) | 27 Aug 2026 |
Morgan Stanley | Not stated in source | 22.0 (cut) | Aug 2026 |
Unnamed broker (Investing.com record) | Buy | 30.0 (maintained) | 18 Mar 2026 |
Consensus average | — | 26.21 (range approx. 22.1–30.2) | Investing.com, 18 Aug 2026 |
Consensus average | — | 26.67 (high 30.98) | Fintel, 4 Aug 2026 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (HKD) | 0.95 | 0.55 | 0.66 | 0.73 | 0.80 |
Total dividend declared (CNY Mn) | 1,233.3 | 768.3 | 955.4 | 1,074.7 | 1,126.4 |
Payout ratio (%) | 40.4 | 33.9 | 38.3 | 34.9 | 34.1 |
Capital Markets
| Item | Detail |
|---|---|
Buybacks | General repurchase mandate sought at the 2026 AGM (circular 24 Apr 2026). No shares were repurchased in FY2021–1H2026 |
Credit ratings | No Moody's, S&P or Fitch ratings publicly disclosed; the Company has no public bonds |
Debt maturity profile | Bank borrowings of RMB3,485.1m at 30 Jun 2026, all current (non-current nil, vs. RMB168.1m at 31 Dec 2025). Lease liabilities RMB103.8m. Some term deposits, bills receivable and PP&E are pledged against bills payable and borrowings |
Analyst Conclusions
Consensus expectations
Citi: 2H2026 revenue +2.3% to about RMB8,912m and net profit +5% to about RMB1,670m. Overseas sales are expected to fall double digits in 2H2026, offset by domestic double-digit growth.
Goldman Sachs: Cut 2026–2030 revenue forecasts by 1–2% and net profit forecasts by 3–5%. It characterises 2026 as domestic-led, with lower gross margins and gradual overseas normalisation, but says the medium-term internationalisation thesis is intact.
Morgan Stanley: Cut 2026/27/28 revenue forecasts by 3%/6%/8%.
Bull case
-
Valuation is near trough levels while the balance sheet is unusually strong. At about 7.5–7.8x P/E and roughly 1.07x book, with net cash including WMP of RMB12.4bn (about half the market cap), the core operating business trades at around 3x EV/EBITDA. Earnings fell only 7.7% in 1H2026. The Chairman's US$7.7m purchase at HK$17.59 signals insider conviction.
-
Localisation positions Haitian for the next leg of global supply-chain relocation. Overseas operating assets quadrupled to RMB3.06bn. Plants in Serbia, India, Mexico and Japan are past the capex peak, as shown by capital commitments falling to RMB102m. Once Chinese outbound capex resumes, Haitian should capture share, with improving FCF and tariff-resilient supply.
-
The mix is upgrading. Jupiter (NEV, large tonnage) and Zhafir (3C, AI electronics) both grew significantly in 1H2026, and aftermarket revenue grew 16.7%. Together with the MA5/Ultra launch, this supports margins as overseas volumes normalise from the tariff pull-forward base.
Bear case
-
Overseas reversal may last longer than one year. The swing from +26.4% to −19.3% shows the FY2025 overseas surge partly reflected tariff pull-forward. If energy prices and geopolitics keep Chinese outbound capex depressed into 2027, the highest-margin revenue stream keeps shrinking and gross margin stays at or below 31%.
-
Earnings quality is softening. The 1H2026 profit included a RMB97.1m connected-party disposal gain and RMB141.3m of WMP fair-value gains. Government subsidies of RMB250.3m (1H2026) are about 13% of operating profit. Receivables of RMB6.0bn and a cash conversion cycle of 84 days or more point to customer financing doing more of the selling.
-
Structural governance and competitive discount. Haitian depends on related-party suppliers (about 13% of COGS) and family control, has low disclosed R&D intensity (1.9%), and is growing more slowly than Yizumi (19.5% vs. 10.0% in FY2025). These factors may cap the multiple even in a cyclical recovery.
Key catalysts and monitorables (next 12 months)
| Monitorable | Why it matters | Timing |
|---|---|---|
| Monthly / quarterly order commentary and China plastics machinery output data | Lead indicator for 2H2026–1H2027 | Ongoing |
| Overseas sales trajectory (Southeast Asia, Latin America) | Core of the equity story | FY2026 results, Mar 2027 |
| Gross margin vs. ~31% guidance; RMB/USD | Margin floor test | FY2026 results |
| FY2026 dividend (HKD0.80 base) and any buyback use | Capital return signal amid excess cash | Mar 2027 |
| Serbia ramp (500–600 units in 2026), Chennai and Niigata utilisation | Localisation payback | 2026–2027 |
| MA5/Ultra order uptake | Mars platform renewal | 2H2026–2027 |
| Receivables ageing and impairment provisions | Credit-quality check | Results dates |
| WMP composition and returns | Treasury risk | Results dates |
| Renewal of HDS and Smart Solutions framework agreements (expire 31 Dec 2026) | Related-party pricing and caps | Expected late 2026 |
| Further insider dealings by the Zhang family | Sentiment signal | Ongoing |
Analyst verdict
Haitian International is a high-quality cyclical franchise that the market is currently pricing as if its overseas growth engine were broken. The evidence does not support that conclusion, but it does support caution on timing.
On the positive side, the core economics are among the most durable in global capital equipment. Gross margins have stayed in a 32% band through a full downturn, and the balance sheet holds net cash including wealth-management products equal to roughly half the market value. The payout is rising, and the overseas build-out is largely complete. Overseas operating assets of RMB3.1bn now span Serbia, India, Mexico and Japan, and capital commitments have fallen sharply, so free cash flow should rise even in a flat revenue year. At roughly 7.5x trailing earnings, about 1.1x book and a dividend yield of around 4.5%, the stock already discounts a meaningful earnings decline.
On the negative side, 1H2026 exposed how much of FY2025's record depended on tariff-driven pull-forward and Chinese outbound capex. Management's own guidance implies FY2026 net profit down low-to-mid single digits. Working capital is lengthening, low-quality earnings items are rising, and the business remains under-invested in R&D relative to faster-growing Yizumi and premium Western peers. Governance remains family-centric and reliant on related-party suppliers.
Net assessment: The risk/reward is asymmetric in favour of patient investors. Downside is cushioned by cash, dividends and insider buying; upside depends on a resumption of overseas order growth in 2027 and on whether the new-generation MA5 platform and large-tonnage and electric lines can offset Mars weakness. Near-term catalysts are thin until the FY2026 results in March 2027. The key variables to track are overseas order momentum, gross margin relative to the 31% guide, receivables quality, and whether the Board finally deploys excess cash through buybacks. Investors should treat Haitian as a value-plus-yield position with cyclical optionality, not a growth compounder.
Prepared from publicly available filings and market sources as listed in the source register. Figures not verifiable from those sources are explicitly marked. This is not investment advice; the share price on 10 October 2026 should be confirmed with a live quote before any valuation use.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Age (AR2025) | Joined Group / Board | Background & education | Family relationship |
|---|---|---|---|---|---|
Zhang Jianming (張劍鳴) | Chairman, Executive Director | 64 | Joined Aug 1977; CEO Apr 2000–Aug 2023; Chairman since 21 Aug 2023 | 40+ years in plastics machinery; former chair of Ningbo Plastic Machine Industry Association; director of Haitian Precision since Mar 2012 | Father of Zhang Bin; elder brother of Zhang Jianfeng |
Zhang Bin (張斌) | CEO, Executive Director | 40 | Joined Jan 2014; GM Ningbo Zhafir 2017; EVP Mar 2022; CEO 21 Aug 2023 | BEng Mechanical Engineering, University of Nottingham (2009); MSc Engineering Management, King's College London (2011) | Son of the Chairman; husband of Chen Lu |
Zhang Jianfeng (張劍峰) | Executive Director; EVP and Director of Domestic Sales; Chief of ESG Committee | 57 | Joined Oct 1985 | SVP Sales & Marketing since 2002; Chair of Ningbo Plastic Machine Industry Association since 2012 | Younger brother of the Chairman |
Chen Lu (陳露) | Executive Director; Investment Director | 38 | Joined Mar 2018; Investment Director Jan 2022 | BA Economics, Yale (2013); previously Goldman Sachs Gao Hua (IBD intern) and BCG Shanghai | Wife of the CEO |
Xiang Linfa (項林法) | Executive Director (appointed 22 May 2026); VP and Director of Overseas Sales | 52 | Joined 1998 | BEng, Wuhan University of Technology; Brazil overseas GM 2003; GM of Ningbo Haitian Huayuan since 2021 | None disclosed |
Guo Mingguang (郭明光) | Non-Executive Director | 60 | Joined Jan 1983; NED since Jun 2012 | Former VP Production | Brother-in-law of the Chairman |
Liu Jianbo (劉劍波) | Non-Executive Director (re-elected May 2026) | 59 | Joined Nov 1986; NED since Jun 2012 | Former VP Quality Control and Customer Service | Brother-in-law of the Chairman |
Yu Junxian (餘俊仙) | INED; Audit Committee member | 61 | INED since Feb 2019 | Professor-level senior accountant, CPA, certified valuer; former partner of Zhejiang Tianping Accounting Firm | — |
Lo Chi Chiu (盧志超) | INED; Audit Committee member | 54 | INED since Feb 2019 | Former Haitian CFO (2006–2010, 2011–2016); ex-EY and PwC | — |
Bei Hongjun (貝洪俊) | INED (appointed 22 May 2026); Chair of Remuneration Committee; Audit and Nomination Committee member | — | 2026 | — | — |
Shi Jianhui (石建輝) | INED (on Board per 1H26-IA) | — | 2026 | Also an INED of Zhejiang Sanhua Intelligent Controls (term ending 2026, per Sanhua filing) | — |
“—” = not publicly disclosed.
Executive Leadership Team
| Name | Title | Age | Notes |
|---|---|---|---|
Xie Zhenfeng (解臻峰) | CFO since Feb 2021 | 40 | Fudan BSc; ex-Deloitte; PRC CPA |
Fu Nanhong (傅南紅) | Head of Technology since 2013 | 51 | Dalian University of Technology BEng/MEng; former GM of Ningbo Zhafir |
Yu Wenxian (虞文賢) | VP HR & Administration | 57 | Xi'an Jiaotong BEng; joined 1993 |
Bei Haibo (貝海波) | VP; Executive Vice Director of Domestic Sales | 60 | Joined 1983 |
Yu Xiaojing (俞曉婧) | Director of Investor Relations | 34 | Peking University; ex-J.P. Morgan, PAG |
Dai Feng (戴峰) | General Counsel | — | Named in AR2025 |
Lee Ka Man | Company Secretary (external, Fair Wind Secretarial) | — | Appointed 2019 |
“—” = not publicly disclosed.
Directors' Remuneration
| Item | FY2025 | Source |
|---|---|---|
Senior management (non-directors) total remuneration | RMB9.977m (salaries and bonus RMB9.867m; pension RMB0.110m) | AR2025 |
Senior management pay band | All 6 individuals in the Nil–RMB3.0m band | AR2025 |
Equity incentives | None. The Company has no share scheme | AR2025 |
Clawback | Compensation Recovery Policy adopted 22 Mar 2022 | AR2025 |
NED stock ownership policy | Adopted 22 Mar 2022 | AR2025 |
Loans to directors | The Group provided loans to some directors in FY2025 (exempt connected transactions) | AR2025 |
Directors' Remuneration by Feature
| Feature | Detail |
|---|---|
Board size | 11 (5 Executive, 2 Non-Executive, 4 INEDs) — 36% independent |
Chair/CEO separation | Yes, formally separated — but Chairman and CEO are father and son |
Family representation | 6 of 7 non-independent directors are members of, or married into, the Zhang family |
Gender | 2 female of 11 pre-AGM (AR2025). After the May 2026 changes: 3 female (Chen Lu, Yu Junxian, Bei Hongjun). Target: gender parity "within approximately 10 years" |
Audit Committee | Yu Junxian, Lo Chi Chiu, Bei Hongjun (all INEDs). Chair not explicitly stated in 1H26-IA |
Remuneration Committee | Chair: Bei Hongjun |
Nomination Committee | All INEDs. |
ESG Supervision & Executive Committee | Chief: Zhang Jianfeng |
Meetings FY2025 | 4 Board meetings (100% attendance); 2 Audit; 1 Remuneration; 1 Nomination |
CG Code compliance | Full compliance with HKEX CG Code reported for FY2025 and 1H2026 |
Major Shareholders
| Holder | Shares | % | Notes |
|---|---|---|---|
Zhang Jianming (deemed, via Premier Capital 60% and Cambridge Management 60%) | 527,940,219 | 33.08% | Rises to approx. 33.53% after Sep 2026 purchases of 3.431m shares (Citi) |
Zhang Jingzhang (deemed, via Premier Capital 40% and Cambridge Management 40%) | 527,940,219 | 33.08% | Same shares as above (joint); plus 493,000 via Fiery Force (0.03%) |
Premier Capital Management Pte. Ltd. | 292,818,000 | 18.35% | Beneficial owner |
Cambridge Management Consultants (PTC) Ltd. | 235,122,219 | 14.73% | Beneficial owner |
UBS Trustees (B.V.I.) Limited, as trustee | 487,298,344 | 30.53% | Via Sky Treasure (433.9m), Xino Investments (23.4m), Soldeoro (30.0m) |
Sky Treasure Capital Limited | 433,888,453 | 27.18% | Family trust vehicle |
Zhang Jianming — personal holding company | 3,723,000 | 0.23% | — |
Zhang Jianfeng | 1,500,000 | 0.09% | Bought Apr 2025 at HK$19.73 |
Liu Jianbo | 540,000 | 0.03% | — |
Guo Mingguang (incl. spouse) | 277,000 | 0.02% | — |
Southbound Stock Connect | approx. 6.5% of shares | — | Lixinger, Jul 2026 |
Competitive Landscape
Key Competitors
| Competitor | HQ / listing | Overlap | Positioning vs. Haitian | Revenue |
|---|---|---|---|---|
Yizumi (伊之密, 300415.SZ) | Shunde, China | Injection moulding machines (also die-casting and rubber machines) | Fastest-growing Chinese challenger; strong in large die-casting and mid-range IMM | FY2025 revenue RMB6,048.2m; net profit RMB708.7m (Southwest Securities, Aug 2026). 9M2025 IMM revenue RMB3,098m (+18.4%) |
Engel | Austria (private) | Full range: hydraulic, electric, two-platen; high-end automotive and medical | Global premium leader; technology and automation benchmark | — |
Arburg | Germany (private) | Precision small/mid-tonnage, electric and hybrid | Premium precision; strong in Europe | — |
KraussMaffei | Germany (owned by ChemChina/Sinochem, Shanghai-listed parent) | Injection, extrusion, reaction processing | Premium engineering brand; restructuring history | — |
Sumitomo (SHI) Demag | Japan/Germany (part of Sumitomo Heavy Industries) | All-electric, packaging, medical | Leader in all-electric | — |
Milacron | USA (part of Hillenbrand) | Injection moulding, hot runners (Mold-Masters) | Americas incumbent | — |
Fanuc (Roboshot) | Japan | All-electric IMM | High-precision electric; competes with Zhafir | — |
Nissei Plastic Industrial | Japan | Hydraulic and electric | Japanese mid-market | — |
Japan Steel Works (JSW) | Japan | Large electric IMM | Large-tonnage electric | — |
Shibaura Machine (ex-Toshiba Machine) | Japan | Electric IMM | Electric specialist | — |
Chen Hsong (0057.HK) | Hong Kong / China | Hydraulic and servo IMM | Smaller Hong Kong-listed Chinese competitor | — |
Tederic (泰瑞机器, 603289.SH) | Hangzhou, China | Servo-hydraulic and two-platen | Smaller domestic competitor | — |
LK Technology (0558.HK) | Hong Kong / China | Die-casting primarily; plastic injection secondary | Adjacent competitor | — |
Peer Comparison FY2025
| Metric | Haitian International | Yizumi |
|---|---|---|
Revenue (CNY Mn) | 17,733.2 | 6,048.2 |
Revenue growth FY2025 (%) | 10.0 | 19.5 |
Gross margin (%) | 32.7 | — |
Net margin (%) | 18.6 | 11.7 (derived) |
R&D intensity (%) | 1.9 (labour only) | approx. 4.6 (9M2025 R&D/revenue, derived) |
ROE (%) | 15.0 | 21.8 (Southwest Securities) |
