[Rapid Dehydration Summary] Ruihu Mould Analysis and Evaluation Report — A Good Company with Reasonable Valuation

4.2 Future Growth Sustainability Coefficient A relatively stringent judgment is applied to the future: industry growth (a) and market share gains (b) still have room but are decelerating at the margin (industry CAGR has declined to single digits; the company’s base is already large); cost-side advantages (c) remain sustainable (as募投 projects come online); pricing power (d) shows limited improvement. Future growth sustainability is expected to be approximately 70%–80% of past levels. The growth sustainability coefficient CZ is set at 0.75 (not exceeding 1). 4.3 Growth Potential of Construction-in-Progress Projects The company has entered a new round of capacity expansion. Three convertible bond-funded projects collectively involve an investment of RMB 636 million. Upon full completion, they will add: annual production capacity of 36,000 tons of iron-based and 3,000 tons of steel-based large-scale precision forming equipment blanks; 3,000 units of intelligent mobile robots and integrated smart manufacturing system solutions per year; and 180 sets per year (at full capacity) of mid-to-high-end passenger vehicle large-scale precision outer-panel dies. Additionally, Phase I of the integrated die-casting body components project has commenced operations, and Phase II is scheduled to go live in Q2 2026—significantly boosting lightweight component capacity. The expansion strategy closely aligns with the three major trends: new energy, lightweighting, and intelligence—clearly underpinning growth potential. 4.4 Backlog Orders and Contract Liabilities As of end-2025, backlog orders for automotive manufacturing equipment stood at RMB 4.772 billion, up 23.76% year-on-year; contract liabilities totaled RMB 1.864 billion, up 26.4% YoY. Backlog orders cover 1–2 years of future revenue, delivering strong revenue visibility and serving as the ‘ballast’ for growth sustainability. 4.5 Capacity Expansion Alignment with Industry Cycle The pace of capacity expansion broadly matches the industry cycle: new energy vehicle penetration continues rising; vehicle model iterations are accelerating; and lightweighting remains a long-term trend—making this an ideal timing for demand-driven expansion. However, two risks warrant attention: first, if overall vehicle demand falls short of expectations or price wars intensify in 2026–2027, newly added capacity may face short-term overcapacity; second, component gross margins are already low—expansion without concurrent gross margin recovery could result in 'revenue growth without profit growth.' Overall, alignment is good—but not perfect—and thus warrants a modest discount. 4.6 Industry Ceiling and Perpetual Profit China’s automotive die market was valued at ~RMB 127.2 billion in 2025 and is projected to reach >RMB 180 billion by 2030 (CAGR 8%–10%), with new-energy-related dies growing faster. Ruihu Mould currently holds ~8% market share within the die subsector and ranks among China’s top three die manufacturers; its medium- to long-term market share is expected to rise to 12%–15%. Assuming an industry size of RMB 180 billion in 2030, a 13% market share, and a net margin recovery to 12% (driven by high-margin equipment business plus scale effects in components), perpetual-period net profit would be approximately RMB 180 billion × 13% × 12% ≈ RMB 2.8 billion. This represents the ultimate reference profit level—i.e., the 'ceiling profit'—under a stable-state, perpetuity-annuity financial condition. 4.7 Comprehensive Growth Score Backlog orders are robust, expansion direction is sound, and industry headroom is ample—but gross margin recovery and capacity-demand alignment remain key watchpoints. Score: 8.0 / 10. V. Industry Competitive Intensity 5.1 Porter’s Five Forces Assessment a. Rivalry Among Existing Competitors: Moderate to Strong. The die industry features low concentration (approx. 300 automotive die enterprises and 25,000 die enterprises nationwide). The mid-to-low-end segment is saturated and fiercely price-competitive, whereas the high-end segment (large outer-panel dies, integrated die-casting) boasts high barriers to entry and few players—Ruihu occupies this premium tier.

Integrated Design & Management: Shenzhen Jiemaiseng Mould Co., Ltd. Partners with Yimo to Launch Smart Factory MES Project for Moulds

Shenzhen Jiemaiseng Mould Co., Ltd. (hereinafter 'Jiemaiseng') was founded in 2006 and is a national high-tech enterprise specializing in R&D, design, and manufacturing of high-end moulds. It focuses on producing large-scale moulds (e.g., automotive bumpers, instrument panels), medium- and small-sized moulds (including two-shot, stack, and aluminum moulds), and BMC/SMC moulds, as well as injection-moulded products. Its products serve industries including automotive, medical devices, home appliances, office equipment, and electronics. Equipped with advanced and comprehensive mould machining and inspection facilities, the company achieves an annual production capacity of 800 mould sets. Renowned for professionalism and high quality, Jiemaiseng targets mid-to-high-end customers worldwide, serving over 30 countries and regions. It maintains overseas marketing offices in the UK, Sweden, Slovakia, Poland, and Mexico, and supplies moulds to prestigious automotive brands including Bentley, Jaguar, Land Rover, BMW, Mercedes-Benz, Audi, Honda Europe, Toyota, and Volvo. Entering from Two Critical Links: Design and Management Ensuring Dual Gains in Efficiency and Quality Automotive moulds are essential tools for manufacturing automotive components. Any quality defect in a mould can lead to entire batches of defective parts. As one of Jiemaiseng’s key customer sectors, the automotive industry—especially under the NEV trend—increasingly demands 'high precision, superior quality, short lead times, and low cost.' Mould design ensures product manufacturability and establishes the foundation for quality, while management guarantees efficient production execution. These two elements are interdependent and jointly determine a company’s production efficiency and market competitiveness. Previously, Jiemaiseng’s digitalization and informatization levels were low in both design and management—the two critical links. Management relied heavily on manual processes, resulting in delayed information flow and uneven production resource loading; design lacked systematic knowledge accumulation, involved excessive manual handling, suffered from low efficiency, and was prone to errors. Jiemaiseng’s senior leadership decided to prioritize digital transformation in these two areas. Following implementation of Yimo’s system, the company aims to achieve the following objectives: ➤ Intelligent Mould Manufacturing: Achieving Digital and Transparent Management Through Yimo’s Mould MES, Jiemaiseng will digitize and transparently manage the entire mould manufacturing process—enabling effective production control, improved efficiency, and reduced costs. ➤ Intelligent Mould Design: Enhancing Design Quality and Efficiency Leveraging Yimo’s Intelligent Mould Design System, Jiemaiseng will establish a standardized data platform, categorically manage design standards, unify design specifications and naming conventions, and embed accumulated design knowledge and standards into the system—freeing up human resources and reducing design-related incidents.

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Jun 8, 2026

Core Molding Technologies secured a $150M Volvo roof supply contract and plans a $25M Mexico expansion with topcoat capabilities, targeting over $500M revenue by 2026.

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Core Molding Technologies outlines $150M Volvo deal and Mexico expansion

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Core Molding Technologies Secures $89 Million in Incremental Annual Revenue

Core Molding Technologies outlines $150M Volvo deal and Mexico expansion

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