Dajin Heavy Industry Co.,Ltd. (002487.SZ) has passed the listing hearing for the main board of the Hong Kong Stock Exchange, with Huatai International and China Merchants Securities International acting as joint sponsors. The company is a globally leading supplier of core equipment for offshore wind power, with nearly two decades of experience in the wind power generation sector. It offers large global offshore wind developers a one-stop solution encompassing the construction, transportation, and delivery of wind power foundation equipment. The company has strategically positioned itself in the global deep-sea offshore wind market, focusing consistently on mainstream global markets with high technical standards, quality requirements, and commercial potential. Its core business spans the research & development and manufacturing of offshore wind foundation equipment, ocean-going specialized transport, ship design and construction, wind and photovoltaic power generation, and wind power port operations, driving an effective transition from a product supplier to a system service provider. During the track record period, the company's revenue primarily came from wind power equipment manufacturing and sales, as well as wind and photovoltaic power generation, with limited revenue from wind power port operations. It did not generate revenue from ship design and construction. Revenue from product deliveries was classified as part of the revenue from manufacturing and selling wind power equipment, and the company did not generate revenue from its ocean-going specialized transport business. According to Frost & Sullivan data, based on sales value for monopiles in the first half of 2025, the company was the leading supplier of offshore wind foundation equipment in the European market, with its market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025. Furthermore, as of June 30, 2025, based on a review of publicly disclosed documents from several competitors with similar product delivery profiles, the company was the sole supplier in the Asia-Pacific region to have achieved batch deliveries of monopiles to Europe. According to the same data source, based on sales value, the company ranked fifth among Chinese wind tower suppliers with a 2.4% market share in the first half of 2025 and ranked third with a 4.4% market share in 2024. The company listed on the Shenzhen Stock Exchange in 2010, becoming the first wind power tower and pile listed company on China's A-share market and one of the pioneering builders that participated in and witnessed the significant development of China's wind power industry. Since its listing, the company was among the first in the industry to propose the "Two Seas" strategy (overseas wind power market and offshore wind power market). Over the past decade, it has consistently maintained rigorous strategic focus and execution, adhering to a core operational strategy of risk prevention, overcoming internal competition, and pursuing high-quality development. Its business scale for exporting offshore wind power equipment has grown rapidly, achieving a leading market share within the industry. Financially, for the years 2023, 2024, and 2025, the company's revenue was approximately RMB 4.325 billion, RMB 3.780 billion, and RMB 6.174 billion, respectively. For the same periods, its annual profit was approximately RMB 425 million, RMB 474 million, and RMB 1.103 billion, respectively.
Comments