New Stock News | Dajin Heavy Industry (002487.SZ) has submitted a second application to the Hong Kong Stock Exchange, with overseas revenue expected to account for nearly 75% by 2025.

According to the disclosure by the Hong Kong Stock Exchange on April 8th, Dajin Heavy Industry Co., Ltd. (referred to as Dajin Heavy Industry) (002487.SZ) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with Huatai International and CMSC International as its joint sponsors. The company previously submitted its application to the Hong Kong Stock Exchange on September 29, 2025. Company Profile According to the prospectus, Dajin Heavy Industry is a core equipment supplier for offshore wind power, offering a one-stop solution of "construction + transportation + delivery" for major offshore wind developers worldwide. The company's core business includes research and manufacturing of offshore wind power equipment, deep-sea specialized transportation, ship design and construction, new energy development and operation, and offshore wind homeport operation. In the previous reporting period, the company's income mainly came from wind power equipment manufacturing and sales, as well as new energy development and operation, with limited income from offshore wind homeport operation and no income from ship design and construction. Revenue from product delivery was classified as part of the revenue from manufacturing and selling wind power equipment, with no revenue generated from deep-sea specialized transportation business. According to Frost & Sullivan data, based on the sales amount of monopiles in the first half of 2025, the company was the top offshore wind power equipment supplier in the European market, with market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025. Based on the same data source, in terms of sales amount, the company ranked fifth among wind tower suppliers in China in the first half of 2025 with a market share of 2.4%, and ranked third in 2024 with a market share of 4.4%. The company mainly produces offshore wind power monopile foundations, transition pieces, jacket foundations, floating foundations, and tower sections. From 2023 to 2025, the company's overseas business grew rapidly, with the proportion of overseas revenue to total revenue increasing significantly from 39.6% to 74.5%. In 2023, 2024, and 2025, the company's top five customers generated approximately 52.8%, 55.6%, and 79.2% of the total revenue in each respective year. Financial Information Revenue In 2023, 2024, and 2025, the company's operating income was approximately RMB 4.325 billion, RMB 3.78 billion, and RMB 6.174 billion, respectively. Profit In 2023, 2024, and 2025, the company's net profits were approximately RMB 425 million, RMB 474 million, and RMB 1.103 billion, respectively. Gross Profit Margin In 2023, 2024, and 2025, the company's gross profit margins were 23.1%, 29.8%, and 31.1%, respectively. Industry Overview Driven by global energy transformation and carbon neutrality goals, wind power has become one of the most strategic sectors in renewable energy development. In terms of newly installed capacity, global wind power has maintained steady growth in recent years. The newly installed capacity increased from 95.3 GW in 2020 to 117.0 GW in 2024, with a compound annual growth rate of 5.3%. With the optimization of power demand structure and large-scale project commissioning, it is expected that the newly installed capacity will further increase to 196.7 GW by 2030, and the compound annual growth rate from 2024 to 2030 will rise to 9.0%. China and Europe remain core markets, accounting for a combined 73.0% of the newly installed capacity from 2025 to 2030. Offshore wind power is an important strategic focus for wind energy development in Europe and has become a key component of the industry. According to Wind Europe data, by the end of 2024, the cumulative installed capacity of wind power in Europe reached 285GW, with onshore wind at 248GW and offshore wind at 37GW. In 2024, offshore wind accounted for approximately 16.4% of the new wind power installations. It is expected that by 2030, offshore wind will account for 30.7% of the new wind power installations in Europe. The strategic position of offshore wind power in the European energy structure continues to rise. In 2024, the auction volume of European offshore wind power reached a record high, with approved projects totaling 23.2 GW, with Germany, the UK, and the Netherlands leading the way. It is expected that the compound annual growth rate of newly installed offshore wind power capacity in Europe will reach 27.9% from 2024 to 2030, with the potential for annual new installations to reach 11.8 GW by 2030. The short-term decline in installations is more a reflection of market adjustments and technological transitions, while the medium to long-term growth potential remains strong. European Wind Power Auction Capacity The auction capacity is a key indicator for measuring the future potential of new renewable energy, setting energy plans, and predicting market developments. The auction capacity of European wind power increased from 8.2 GW in 2020 to 40.1 GW in 2024, with a compound annual growth rate of approximately 48.7%. The future auction capacity of European offshore wind power is expected to continue to rise, with total auctioned installation capacities of 34.7 GW, 23.2 GW, and 30.2 GW per year in 2025, 2026, and 2027, respectively, showing a step-up trend. The market for European offshore wind power infrastructure has shown significant growth in recent years, with offshore wind power becoming a key lever for energy transition as the EU's green initiatives continue to advance. In terms of sales value, the European offshore wind power infrastructure market grew from RMB 81 billion in 2020 to RMB 96 billion in 2024, with a compound annual growth rate of 4.3%. It is expected that by 2030, the European offshore wind power infrastructure market will reach RMB 417 billion, and the compound growth rate from 2024 to 2030 is estimated to be 27.7%. With strong support from the expansion of European offshore wind power capacity, the compound annual growth rate is expected to increase by 27.9% from 2024 to 2030. Competitive Landscape of European Offshore Wind Power Infrastructure Market according to the Board of Directors' data The board of directors consists of 9 directors, including 5 executive directors and 4 independent non-executive directors. The term is 3 years and can be re-elected at the end of the term, with independent non-executive directors not allowed to serve continuously for more than 6 years. Equity Structure As of March 31, 2026, the company's controlling shareholders (including Mr. Jin and Jin Energy) collectively hold approximately 40.15% of the total issued share capital with voting rights. Mr. Jin owns 100% equity in Jin Energy, which is considered to have equity in the shares held by Jin Energy. Intermediary Team Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited, CMSC (Hong Kong) Limited Legal Advisor for the Company: Hong Kong and US Law: Kirkland & Ellis LLP; Chinese Law: Beijing Hairuntianrui Law Firm Legal Advisor for Joint Sponsors: Hong Kong Law: King & Wood Mallesons; Chinese Law: King & Wood Mallesons Reporting Accountant and Independent Auditor: Deloitte Touche Tohmatsu Limited Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: Hao De Financing Co., Ltd.