Haomai Technology: After a sharp stock price decline, I re-evaluated its reasonable entry price.

【Answer 1】 Why do historically successful expansion companies still require a margin of safety? Shui Zi Sha Lou The article argues that Haomai Technology remains worthy of long-term research; however, in the first half of 2026, its revenue rose while profits declined, and both gross margin and operating cash flow came under pressure—the returns from this round of expansion remain to be verified. The author sets a target of 10% annualized return over three years, designating the ¥30–¥34 range as the valuation verification zone, with ¥32 as the reference midpoint. He emphasizes avoiding mechanical buying solely due to price declines, and instead advocates tracking gross margin, cash flow, and return on new capital investment—letting evidence, not sentiment, determine confidence. Investing in an outstanding company is often hardest not in judging whether it is good—but in determining the right price at which to buy. Haomai Technology (Stock Code: 002595) is a highly representative case. Over recent years, the company has consistently expanded its business scale, with steady growth in both revenue and net profit, and its long-term return on capital has demonstrated strong resilience. Yet in 2026, its stock price experienced a notable correction: although revenue continued rising in the first half of the year, net profit declined, and both gross margin and operating cash flow faced mounting pressure. Faced with such a company, investors easily fall into two opposing judgments. One view holds that, given its repeated past successes in expansion, the current dip represents an opportunity. The other contends that, with falling profits and subpar cash flow, one should wait for an even lower price. I believe neither judgment is fully adequate. The real questions requiring answers are: Has Haomai’s long-term operational capability changed? Can this round of expansion continue generating high returns on capital? And does the current stock price adequately support a reasonable investment return over the next three years? This is precisely why I revisited Haomai Technology using my V5.4-R1.1.1 value-investment framework. I. First, examine the enterprise: Haomai’s past growth was not driven merely by favorable market conditions. Haomai Technology’s core businesses include tire molds, large-scale components, and CNC machine tools. These share common requirements: long-term accumulation of manufacturing expertise, production-organization capabilities, and customer certification experience. Its tire mold business reflects its core manufacturing strength; its large-scale components business offers further expansion potential; and its CNC machine tools may generate synergies between internal manufacturing capacity and external market development. In 2025, Haomai Technology reported approximately ¥11.078 billion in revenue and ¥2.393 billion in attributable net profit. Compared with 2021, both revenue and profit have increased significantly. From a long-term operational perspective, Haomai has proven its ability to sustainably expand operations and convert manufacturing capability into profit. Even more noteworthy is the company’s consistently solid return on capital over many years. This implies that its value lies not only in how much money its existing businesses earn today—but also in its ability to reinvest those earnings into attractive new projects going forward. This is precisely the kind of enterprise central to long-term value investing: Mature businesses generate cash flow, which is then continuously reinvested to drive enterprise-value growth. Yet past success does not guarantee future expansion will inevitably succeed. Historical performance may bolster our confidence in the enterprise—but it cannot substitute for rigorous validation of new initiatives. II. Why did revenue rise while profit fell in H1 2026? As of October 17, 2026, the latest complete periodic report available for analysis remains the company’s semi-annual report.

China Mold Industry: Comprehensive Survey and Outlook Report (2027–2033).

【Answer 2】 Table of Contents Chapter One: Overview of Molds 1.1 Introduction to Molds 1.1.1 Definition of Molds 1.1.2 Classification of Molds 1.1.3 Key Standards for Molds 1.2 Segmentation of Mold Types 1.2.1 Plastic Molds 1.2.2 Metal Molds 1.3 Mold Production Process and Design Principles 1.3.1 Mold Production Process 1.3.2 Fundamental Mold Design Principles Chapter Two: Global Mold Industry Development (2022–2026) 2.1 Global Mold Manufacturing Industry Development (2022–2026) 2.1.1 Overview of Global Mold Manufacturing Development 2.1.2 Analysis of International Mold Industry Development Models 2.1.3 Examination of International Mold Enterprise Development Characteristics 2.1.4 Accelerated International Mold Industry Expansion into China 2.1.5 Technical Trend Analysis of the Global Mold Manufacturing Industry 2.2 Japan 2.2.1 Historical Development of Japan’s Mold Industry 2.2.2 Current Status of Japan’s Mold Industry 2.2.3 Steady Growth of Japan’s Casting Mold Industry 2.2.4 Success Factors in Japan’s Die-Casting Mold Industry 2.3 Taiwan Region 2.3.1 Current Status of Taiwan’s Mold Industry 2.3.2 Overview of Taiwan’s Medical Device Mold Industry Development 2.3.3 Challenges Facing Taiwan’s Mold Industry 2.4 Other Countries 2.4.1 Development Status of Portugal’s Mold Industry 2.4.2 Brief Overview of Italy’s Mechanical Mold Exports 2.4.3 Prospects for Russia’s Mold Market 2.4.4 Development Status of India’s Mold Industry Chapter Three: Development of China’s Mold Manufacturing Industry (2022–2026) 3.1 Economic Environment for China’s Mold Industry Development 3.1.1 China’s Macroeconomic Performance 3.1.2 Role of the Mold Industry in China’s National Economy 3.1.3 Impact of the Macroeconomic Environment on the Mold Industry 3.2 Overview of China’s Mold Industry Development 3.2.1 Analysis of Evolution in China’s Mold Industry 3.2.2 Development of China’s Mold Industry During the 14th Five-Year Plan Period 3.2.3 Current Status and Challenges Facing China’s Mold Industry 3.2.4 Flourishing Development of China’s Mold Industry Bases 3.2.5 Initial Achievements in Structural Adjustment of China’s Mold Industry 3.2.6 Analysis of Factors Sustaining China’s Mold Industry Prosperity 3.3 Development of China’s Mold Industry (2022–2026) 3.3.1 Doubling of Mold Industry Investment in China in 2026 3.3.2 Formal Entry of China’s Mold Industry into E-Commerce in 2026 3.3.3 Analysis of China’s Mold Industry Development Trends in 2026 3.3.4 Economic Operation of China’s Mold Industry in 2026 3.3.5 Economic Operation of China’s Mold Industry in 2026 3.4 Analysis of Mold Output Across China and Major Provinces (2022–2026) 3.4.1 Analysis of Mold Output Across China and Major Provinces in 2026 3.4.2 Analysis of Mold Output Across China and Major Provinces in 2026

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