--- title: "Driven by policies and endogenous growth, DORIGHT enters the \"fast lane\" of green overseas expansion" type: "News" locale: "en" url: "https://longbridge.com/en/news/288792485.md" description: "DORIGHT (300950) accelerates green overseas expansion under policy-driven and endogenous growth. In 2025, the company's revenue is expected to reach 547 million yuan, a year-on-year increase of 7.36%; core net profit is expected to grow by 3.89%. Overseas revenue will reach 256 million yuan, with a gross margin as high as 51.08%, significantly higher than domestic levels, confirming the improvement in overseas profit quality and strong international bargaining power, with globalization layout continuing to deepen" datetime: "2026-06-05T01:35:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288792485.md) - [en](https://longbridge.com/en/news/288792485.md) - [zh-HK](https://longbridge.com/zh-HK/news/288792485.md) --- # Driven by policies and endogenous growth, DORIGHT enters the "fast lane" of green overseas expansion Since 2025, China's foreign trade policy system has undergone a systematic upgrade. The newly revised "Foreign Trade Law of the People's Republic of China" (hereinafter referred to as the "New Foreign Trade Law") will officially take effect in March 2026, aiming to actively adapt to the trends and environmental changes in foreign trade development, coordinate development and security, and is of great significance for promoting high-level opening up, maintaining foreign trade order, and protecting the legitimate rights and interests of foreign trade operators. At the same time, the "Government Work Report" and the "14th Five-Year Plan Outline" also propose to further expand high-level opening up. Adhering to win-win cooperation, steadily expanding institutional opening, and expanding international circulation to promote reform and development through openness. Driven by policy, the profitability quality of Chinese enterprises going abroad has steadily improved. According to the research report by Caitong Securities titled "Manufacturing Industry China's Advantage Manufacturing Going Abroad Series 2: Steady Improvement in Going Abroad Profitability Quality, Machinery, Electronics, and Chemicals Leading Globalization," in 2025, the overseas revenue of A-share listed companies is expected to grow by +15% year-on-year, which is 15 percentage points higher than the domestic growth rate, and a marginal increase of 10 percentage points compared to 2024; the overseas gross profit margin in 2025 is expected to increase by +0.4 percentage points to 16.3%, while the domestic level remains at 15.0%. Against this backdrop, as a national-level specialized and innovative "little giant" enterprise and a leader in the global energy-saving and environmental protection equipment sub-sector, Qingdao DORIGHT Energy-Saving Equipment Co., Ltd. (stock code: 300950, hereinafter referred to as "DORIGHT" or "the Company") continues to deepen its internationalization strategy with its profound technical accumulation and forward-looking global layout, riding the waves in the global energy-saving and environmental protection equipment track. In 2025, DORIGHT achieved an annual operating income of 547 million yuan, a year-on-year increase of 7.36%; excluding the impact of share-based payment expenses, the core net profit increased by 3.89% year-on-year, with profitability steadily improving. The company's performance in overseas markets is remarkable: in 2025, overseas sales revenue reached 256 million yuan, with an overseas sales gross profit margin of 51.08%, significantly higher than the domestic business level. This data not only confirms the strong bargaining power of the company's products in the international market but also aligns with Caitong Securities' research conclusion of "steady improvement in going abroad profitability quality." DORIGHT's globalization layout is the result of its long-term deep cultivation. The company insists on promoting its globalization strategy, with products sold to more than 30 countries and regions including India, Thailand, Turkey, Japan, South Korea, Canada, Germany, and France. In its 2025 annual report, the company stated that new signed orders amounted to 551 million yuan, with overseas project orders accounting for as much as 51%, providing ample support for the company's future sustained growth. This strong overseas order-taking capability benefits from China's robust industrial chain advantages. China's complete industrial system, efficient production capacity, and policy dividends enable equipment manufacturing enterprises like DORIGHT to provide high-end equipment that meets various international standards (such as ASME, PED certification) at a more cost-effective price. In addition, DORIGHT's ability to maintain high gross margins in fierce international competition lies in its technical barriers of non-standard customization and service advantages throughout the entire lifecycle In 2025, the company's revenue from customized equipment business surged by 91% year-on-year, reaching 73.53 million yuan. The company adopts a "sales-driven production" model, where each piece of equipment requires in-depth customized design based on the client's specific production processes, material characteristics, and operating parameters. This "one customer, one strategy" R&D and manufacturing model creates strong customer loyalty and high replacement costs, thereby building a solid competitive capability. The company has mastered core technologies such as gas-to-gas high-temperature heat exchange, gas-liquid waste heat recovery, and steam soot blowing, incubating over 20 core product series and holding 161 valid patents. DORIGHT is also a "system solution provider." The company is committed to providing clients with "butler-style" services that cover everything from solution design, product R&D, precision manufacturing to installation, commissioning, and full-cycle operation and maintenance. This deep binding model of "product + service" ensures that the company can continuously secure high-value-added orders and long-term service revenue. The company's clients include international giants such as Cabot Corporation, Boral Group, Oerlikon Group, General Electric, and Mitsubishi, which is the highest endorsement of its technical strength and service quality. Despite the broad prospects for going global, DORIGHT also faces common risks and challenges that all global enterprises encounter. An analysis of the company's and industry perspectives indicates that the core risks facing DORIGHT's overseas business mainly concentrate on three aspects: First, the cyclical fluctuation risk of downstream industries. The company's products are primarily applied in the chemical, energy, and metallurgy industries. If global economic growth slows or the prosperity of downstream industries declines, it may lead to a reduction in new orders or delays in the execution of existing orders. Second, the risk of exchange rate fluctuations. The company's overseas revenue accounts for a high proportion and is mainly settled in US dollars, so fluctuations in the RMB exchange rate will directly result in foreign exchange gains or losses and affect the competitiveness of overseas quotations. Third, operational risks in overseas markets, including geopolitical conflicts, trade protectionism, and credit risks of overseas clients, may disrupt the company's expansion and operations abroad. To address the above risks, the company has developed a systematic response strategy, including: optimizing the structure of overseas markets and reducing dependence on a single country or region; using financial instruments for hedging and conducting foreign exchange hedging business to cope with exchange rate fluctuation risks; and increasing R&D investment to enhance product added value through non-standard customization capabilities and full lifecycle services, thereby strengthening customer loyalty and bargaining power. Under uncertain challenges, DORIGHT consistently adheres to steady progress, navigating through difficulties with a firm strategy for international development. As global carbon neutrality goals continue to advance, and as China's foreign trade system and green industry support policies are continuously strengthened, the industrialization construction of emerging economies will long-term drive the demand for energy-saving and environmental protection equipment. After years of technological accumulation and industrial chain improvement, domestic high-end equipment manufacturing has steadily enhanced its product competitiveness and overseas capabilities. The green energy-saving equipment industry will continue to optimize its globalization layout based on policy dividends, and the growth space and development resilience of related enterprises are worth long-term expectations ### Related Stocks - [300950.CN](https://longbridge.com/en/quote/300950.CN.md) - [601108.CN](https://longbridge.com/en/quote/601108.CN.md) - [CBT.US](https://longbridge.com/en/quote/CBT.US.md) - [GE.US](https://longbridge.com/en/quote/GE.US.md) ## Related News & Research - [EXPLAINER-Treasury yields are rising - why does it matter?](https://longbridge.com/en/news/296262608.md) - [FOCUS-Green giant: How Taylor Farms became a top salad supplier before US diarrhea outbreak](https://longbridge.com/en/news/296469939.md) - [Here's Why We're Watching NOA Lithium Brines' (CVE:NOAL) Cash Burn Situation](https://longbridge.com/en/news/296350687.md) - [FONDIA: Profitability improved sharply in H1 2026, driven by growth in Finland and the Baltics](https://longbridge.com/en/news/296439068.md) - [Weichai Digital Industrial Park wins internal combustion engine industry’s first zero-carbon factory certification](https://longbridge.com/en/news/296162029.md)