New Stock News | DHI submits application to the Hong Kong Stock Exchange as the number one offshore wind power foundation equipment supplier in the European market

According to the Hong Kong Stock Exchange's disclosure on September 29, DHI (Dajin Heavy Industry Co., Ltd.) (002487.SZ) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Huatai International and China Merchants Securities International as its joint sponsors. According to Frost & Sullivan data, based on the sales amount of single piles in the first half of 2025, DHI is the number one supplier of offshore wind power foundation equipment in the European market, with a market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025. Founded in 2000, DHI was listed on the Shenzhen Stock Exchange main board in 2010. As of September 29, its total market value is 30.153 billion RMB, making it the first listed company in China's A-share market focused on wind power tower piles. The prospectus shows that DHI is a global leader in the supply of core equipment for offshore wind power, having been deeply involved in the new energy industry for nearly twenty years, providing one-stop solutions for "construction + transportation + delivery" of wind power foundation equipment to large offshore wind power developers worldwide. According to Frost & Sullivan data, as of June 30, 2025, DHI is the only supplier in the Asia-Pacific region that has achieved bulk delivery of single piles to Europe. To meet customers' one-stop and diversified needs, DHI's products and services have gradually extended from the research and manufacturing of offshore wind power foundation equipment to areas such as deep-sea special transportation, ship design and construction, and wind power port operations, while actively laying out new energy development and operation businesses, gradually transforming from a product supplier to a system service provider. DHI's clients mainly include leading global offshore wind power developers and wind turbine manufacturers. In 2023, the company upgraded its "Two Seas Strategy" to the "New Two Seas Strategy." From 2022 to the first half of 2025, the company's overseas business has made rapid progress, with the proportion of overseas revenue increasing significantly from 16.4% to 79.0%, representing the continuous implementation of the "New Two Seas Strategy" and high recognition from customers. The European offshore wind power market is characterized by strong barriers and high added value, and the growth of sales in the European market is the main factor driving DHI's profitability improvement. The company has gained a good international brand reputation in the European market and has built a global strategic marketing system based on the European market. DHI has established multiple permanent overseas offices in Europe, Japan, and South Korea, creating a marketing network covering major offshore wind development regions worldwide, and will continue to expand its offshore wind business in emerging markets such as Australia and Southeast Asia based on this foundation. In terms of finance, as of June 30, 2025, DHI achieved operating revenue of RMB 2.8411 billion, a year-on-year increase of 109.5%, and a net profit of RMB 546.5 million, a year-on-year increase of 214.3%. The operating revenue and net profit for the second quarter of 2025 both increased, marking the best performance in history, and the company's development is accelerating into the fast lane. In addition, benefiting from the continuous growth of high-quality overseas project deliveries, DHI has maintained a robust cash flow position. According to the prospectus, DHI still faces several major risks, including but not limited to: the impact of market fluctuations in the industry; the risk of revenue and gross margin fluctuations; the potential significant adverse effects on the company's business prospects, operating performance, and financial condition due to failure to fulfill customer orders because of insufficient production capacity or delays in production and delivery processes; and the adverse impact on the business due to significant increases in transportation costs or further shortages in transportation capacity