Changyou Technology: The downstream wind power industry has entered a healthy development track; core technologies contribute over 98% of revenue.

According to its prospectus, Changyou Technology’s sales revenue from wind turbine nacelle cover products amounted to RMB 373 million, RMB 423 million, RMB 437 million, and RMB 229 million for 2021–2023 and H1 2024, respectively. During the same periods, sales volumes of nacelle covers were 3,124 units, 3,435 units, 3,631 units, and 1,863 units; sales volumes of hub fairings were 3,693 units, 3,225 units, 3,619 units, and 1,792 units. Regarding nacelle covers—the highest-revenue segment among wind turbine nacelle cover products—Changyou Technology’s market share, calculated based on total megawatt capacity sold from 2021 to 2023, stood at 17.63%, 33.67%, and 23.53%, respectively, showing an overall upward trend. From 2021 to 2023 and H1 2024, Changyou Technology’s sales revenue from lightweight sandwich materials for wind turbines totaled RMB 171 million, RMB 256 million, RMB 391 million, and RMB 200 million, respectively; corresponding sales volumes were 33,100 m³, 52,700 m³, 81,800 m³, and 49,500 m³. Evidently, Changyou Technology has continuously enriched its product portfolio, with wind turbine nacelle cover models covering all mainstream domestic turbine models. Meanwhile, the company demonstrates outstanding quality control capabilities, and its product performance standards exceed both national standards and those required by leading domestic enterprises. In recent years, both revenue and sales volume of Changyou Technology’s core products have increased steadily, and its market share ranks among the top tier domestically. IV. Sustained Innovation Builds a Unique Process & Technology System; Core Technologies Contribute Over 98% of Revenue Changyou Technology’s ability to consistently advance in product innovation stems from its robust R&D strength and exceptional technical expertise. As a National High-Tech Enterprise and a national-level specialized, refined, distinctive, and innovative “Little Giant” enterprise, Changyou Technology has achieved abundant R&D outcomes and accumulated extensive technological reserves and market experience through sustained high-intensity R&D investment and technological innovation. As of June 30, 2024, Changyou Technology held a total of 103 patents, including 24 invention patents. As of February 14, 2025, the company had mastered 12 core technologies, including fiber-foam composite forming technology, fiber-honeycomb composite forming technology, automated glass-fiber mold forming technology, solid glass-fiber composite technology, and lightweight structural design technology. In R&D and design, leveraging years of composites application experience, an excellent R&D and design team, and advanced industrial design software/hardware systems, Changyou Technology has creatively conducted multiple R&D initiatives aligned with cutting-edge market demands in emerging industries, yielding abundant results. For instance, responding to the lightweighting trend in wind turbine nacelle covers, Changyou Technology leveraged its dual expertise in composites and sandwich materials to break away from traditional design paradigms, successfully applying sandwich structures to wind turbine nacelle covers and interior components for rail transit vehicles—effectively meeting lightweighting requirements while enhancing product economics, sound insulation, and thermal insulation. Moreover, Changyou Technology has built databases covering product structural design and finite element analysis, PFMEA (Process Failure Mode and Effects Analysis) for composites, and APQP (Advanced Product Quality Planning), significantly improving customer response speed and R&D success rates.

Haomai Technology’s 2024 financial performance—both revenue and net profit—reached record highs. What factors caused this?

Step 2: Compound Annual Growth Rate (CAGR) Calculation • Revenue CAGR: 5-year period from 2019 to 2024. CAGR = (88.13 / 43.87)^{1/5} − 1 = (2.009345)^{0.2} − 1 ≈ 1.1498 − 1 = 0.1498 ≈ 14.98% • Profit CAGR: 5-year period from 2019 to 2024. CAGR = (20.11 / 8.62)^{1/5} − 1 = (2.332483527)^{0.2} − 1 ≈ 1.1847 − 1 = 0.1847 ≈ 18.47% Step 3: Evaluation of Average Profit Growth Rate Using Six Mathematical Methods 1. Linear regression growth rate method 2. Median growth rate method 3. Exponential smoothing method 4. Weighted moving average method 5. Theil-Sen robust regression method 6. Quantile regression method (40th percentile) • Growth rates derived from the six methods: [19.55%, 16.82%, 14.42%, 21.17%, 17.90%, 15.10%] • No value exceeds ±50%; thus, the maximum (21.17%) and minimum (14.42%) are excluded. • Remaining values: [19.55%, 16.82%, 17.90%, 15.10%] • Average = (19.55 + 16.82 + 17.90 + 15.10) / 4 = 69.37 / 4 = 17.3425% ≈ 17.34% Step 4: Weighted Composite Profit Growth Rate • Profit CAGR = 18.47% • Evaluated average profit growth rate = 17.34% • Arithmetic average = (18.47 + 17.34) / 2 = 35.81 / 2 = 17.905% ≈ 17.91% Haomai Technology Analysis and Evaluation Report (Research Report Interpretation & Valuation Analysis Phase) Data Sources: Zhishi Wealth, Lixingren, corporate annual reports, securities research reports, and publicly available industry information—compiled for summary purposes only; not constituting investment advice. I. Business and Product Clarity Haomai Technology is the global leader in tire molds and operates three core business segments: tire molds, large mechanical components, and CNC machine tools. In 2024, it achieved revenue of RMB 8.813 billion (up 22.99% year-on-year) and attributable net profit of RMB 2.011 billion (up 24.77% year-on-year). Its core tire mold business accounts for over 50% of total revenue, with an estimated ~34% global market share. Its tire mold products cover passenger car tires, truck/bus tires, and off-the-road (OTR) tires, serving top-tier global clients such as Michelin and Bridgestone. Its large mechanical components business focuses primarily on gas turbine components (30% of segment revenue) and wind turbine castings (60%), with customers including GE and Siemens. Its CNC machine tool business generated RMB 399 million in 2024 revenue (up 29.3% year-on-year), featuring high-end products such as five-axis machining centers. Industry demand exhibits long-term stability: • Tire molds: Benefiting from accelerated tire replacement cycles driven by new-energy vehicles and overseas production relocation, the industry’s compound annual growth rate (CAGR) is projected at ~2% (2023–2032). • Gas turbines: Haomai has become one of GE’s key global suppliers of gas turbine cylinder bodies, directly benefiting from overseas gas-fired power expansion and AI-driven data center construction. The global gas turbine market is projected to reach USD 26 billion by 2026 (CAGR 4.2%). • Wind turbine castings: Grid-parity pricing supports steady industry growth. Haomai is not a highly cyclical stock; its demand is driven by vehicle ownership (replacement tires account for ~70% of demand) and energy infrastructure investment—exhibiting dual characteristics of consumer and industrial demand.

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Core Molding Technologies disclosed FY2024 revenue details, showing product sales at 84.81% and tooling at 15.19%. The US market dominates with 51.55% of total revenue.

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