Dajin Heavy Industry Corp

On the morning of September 15, the A-share wind power equipment sector saw a wave of limit-up moves. Wind power leader Dajin Heavy Industry resealed its limit-up after the board was broken, with buy orders queued at the limit-up price reaching 159,000 lots. Xihua Technology, Titan Wind Energy, and Jixin Technology also hit limit-up simultaneously. On the news front, Germany's federal cabinet approved a draft amendment to the Offshore Wind Energy Act, introducing a contract-for-difference mechanism into Germany's offshore wind framework and planning to extend the standard operating period for projects from 25 years to 35 years. The bill will be submitted to the federal parliament for review and is planned to take effect on January 1, 2027. Domestically, from January to August 2026, a total of 383 central and state-owned enterprise wind power projects completed centralized procurement and bid awards for complete turbines, with cumulative capacity reaching 105,984.12 megawatts, or approximately 105.98 gigawatts. In August 2026, the average price for onshore wind power including towers was 2,120.32 yuan per kilowatt, down 61.2 yuan per kilowatt from July, while the average price excluding towers was 1,595.84 yuan per kilowatt, up 6.04 yuan per kilowatt from July. Industrial Securities said that Europe's new offshore wind installations are expected to jump from 2 gigawatts in 2025 to an average of about 7 gigawatts per year between 2026 and 2030, and Chinese companies are expected to gain entry by leveraging their technological and cost advantages. On the same day, the PCB sector continued its upward trend, with Aohong Electronics posting three consecutive limit-up boards, Huazheng New Materials and Dawei shares hitting limit-up, and Shuangxing New Materials in the copper foil segment also posting three consecutive limit-up boards.

Skyborn Renewables has secured more than €3bn in funding to advance the 976.5MW Gennaker offshore wind farm in the German Baltic Sea, allowing the project to progress to the construction phase. The financing includes €2.1bn in non-recourse funding arranged by a consortium of 16 commercial lenders together with the European Investment Bank. Stadtwerke München recently entered the project as a strategic equity partner, purchasing a 25% share and strengthening Gennaker's long-term ownership framework. The project, positioned approximately 15km north of the Fischland-Darß-Zingst peninsula, is set to become the largest offshore wind installation in the region, generating roughly 3.8TW-hours of electricity per year from 63 wind turbines, enough to supply around one million households, with commercial operations scheduled to begin by the end of 2028. Skyborn has led development from the outset and will oversee construction management and ongoing asset operations, and with financial close all key agreements related to debt, equity, power purchase agreements, strategic partnerships and supply, as well as installation, have been completed. In 2025 Skyborn finalised the key supply and installation packages for Gennaker, covering the foundations, the inter-array cable network and the wind turbine generators, with delivery and offshore works awarded to a consortium of Boskalis, Dajin Heavy Industry, EEW Special Pipe Constructions (Rostock), Fred. Olsen Windcarrier, Seaway 7, Siemens Gamesa Renewable Energy and TKF, and later obtained its construction and operating permit from Mecklenburg-Western Pomerania's State Office for Agriculture and Environment. In 2026 Skyborn also enhanced Gennaker's commercial outlook by securing long-term PPAs with major offtakers including Amazon for 600MW and Uniper for 100MW.

On the evening of August 4, multiple listed companies released positive announcements. Fengzhushou's wholly-owned subsidiary, Ya'an Yunsuan, signed a server procurement agreement for computing power worth a total of 3.062 billion yuan, and signed a computing power service contract with Company B worth a total of 4.608 billion yuan, with a five-year cooperation period and an estimated average annual net profit of 60 million to 72 million yuan. Zhongfu Industrial disclosed its semi-annual report, with first-half net profit of 1.881 billion yuan, up 165.84% year-on-year, mainly benefiting from rising aluminum prices and increased sales of aluminum processed products. A subsidiary of Dajin Heavy Industry signed a contract with a Norwegian shipowner to build two bulk carriers, with a total value of about 1 billion yuan, to be delivered in batches by 2029. Meili Technology plans a private placement to raise no more than 585 million yuan for projects including an annual output of 2 million intelligent suspension units and 10 million electric and hydraulic drive elastic components. Jiangnan New Materials plans a private placement to raise no more than 1.6 billion yuan for the construction of high-purity electronic-grade copper oxide powder and liquid cooling heat dissipation module projects. Nord New Materials stated that monthly production scheduling of lithium battery copper foil continues to rise, and a second round of price adjustments is expected to be implemented in the third quarter. Zhongke Sanhuan is planning to acquire a controlling stake in Zhongdian Magnetic Acoustics, a manufacturer of rare earth permanent magnet devices. Zhidongli plans to invest about 300 million yuan in the industrialization of electronic specialty materials for optical communications, computing power thermal control, and ITO applications.

Fengzhushou's wholly-owned subsidiary, Ya'an Yunsuan, signed a computing power server procurement agreement with Company A, with a total contract value of 3.062 billion yuan including tax. It also signed a computing power service contract with Company B, with a total contract value of 4.608 billion yuan including tax, for a cooperation period from August 5, 2026, to August 4, 2031. If the computing power service project is successfully implemented, the estimated average annual net profit is 60 million to 72 million yuan. In addition, a subsidiary of Dajin Heavy Industry signed a shipbuilding contract worth about 1 billion yuan with a Norwegian shipowner. A subsidiary of Jinka Intelligence signed a smart gas meter contract worth about 890 million yuan. A subsidiary of Jinchengxin signed a mining contract worth about 115 million US dollars.

A subsidiary of Dajin Heavy Industry, Tangshan Dajin Offshore Engineering Co., Ltd., has signed 3+1 bulk carrier construction contracts with a Greek shipowner, with a total contract value of approximately 2.1 billion yuan. The total contract value for the three firm vessels is about 1.575 billion yuan, and the contract value for the one optional vessel is about 525 million yuan. The company will design, build, and deliver 211,000 deadweight ton bulk carriers, each with an overall length of approximately 299.95 meters, a beam of about 50 meters, and a depth of about 25 meters. The three firm vessels will be delivered in batches from 2029 to 2030.

DSBJ announced plans to repurchase shares for 200 million to 300 million yuan, with a buyback price not exceeding 367.04 yuan per share, for employee stock ownership plans or equity incentives. Sanhua Intelligent Controls' controlling shareholder proposed repurchasing A-shares for 200 million to 400 million yuan. Three-Circle Group plans to repurchase shares for 450 million to 900 million yuan. Huayou Cobalt plans to repurchase shares for 600 million to 1 billion yuan. Broad-Ocean Motor terminated its H-share issuance and plans to repurchase shares for 120 million to 160 million yuan. Zhifei Biological plans to repurchase shares for 150 million to 300 million yuan. Puya Semiconductor's controlling shareholder proposed repurchasing shares for 30 million to 50 million yuan. Chunzhong Technology's chairman proposed repurchasing shares for 50 million to 100 million yuan to reduce registered capital. Kedali's controlling shareholder proposed repurchasing shares for 150 million to 300 million yuan. Sany Heavy Industry's chairman proposed repurchasing shares for 400 million to 800 million yuan. On the share increase side, Chuantou Energy's controlling shareholder plans to increase holdings by 200 million to 300 million yuan. China State Construction's controlling shareholder plans to increase holdings by 500 million to 1 billion yuan. Gongda Electroacoustic's controlling shareholder's concert party plans to increase holdings by 150 million to 250 million yuan. In addition, SDIC Power plans to jointly build the Yagen II Hydropower Station with CATL, with a total investment of 33.394 billion yuan. Hangdian Cable plans a private placement to raise no more than 2.88 billion yuan for optical fiber preform and other projects. Dajin Heavy Industry's subsidiary signed a shipbuilding contract worth about 2.1 billion yuan. Xingyun Technology signed a 300 million yuan computing power service contract. Yangdian Technology's wholly-owned subsidiary signed an 860 million yuan computing power service contract. Yushun Electronics' subsidiary signed a 731 million yuan computing power server lease contract. On the performance front, Raycus Laser's first-half net profit rose 117 percent year-on-year. Han's Laser's semi-annual net profit rose 163.47 percent year-on-year. Raytron Technology's first-half net profit is expected to increase by 242 percent to 270 percent. Haozhi Electromechanical's semi-annual net profit rose 267 percent year-on-year.

Dajin Heavy Industry announced that its overseas-listed foreign shares will be added to the list of securities eligible for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect under the Southbound Trading Link starting July 3, 2026. Following this adjustment, eligible mainland Chinese investors will be able to directly invest in the company's H shares listed on the Hong Kong Stock Exchange through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. In the first quarter of 2026, Dajin Heavy Industry achieved revenue of 1.907 billion yuan and net profit attributable to the parent company of 435 million yuan.

Dajin Heavy Industry partially exercised its over-allotment option on 2 July 2026, involving a total of 2.33 million H shares, representing approximately 2.33% of the total offer shares available for subscription under the global offering. These over-allotment shares will be placed at HK$66.4 per share and are expected to list and commence trading on the Hong Kong Stock Exchange on 7 July 2026. Following the partial exercise of the over-allotment option, the total number of H shares of the company increased from 100 million to 102 million. The company expects to receive additional net proceeds of approximately HK$151 million from the issuance of the over-allotment shares, which will be used proportionally in accordance with the purposes set out in the prospectus. In addition, the stabilisation period ended on 2 July 2026, during which a total of 12.68 million H shares were purchased, representing approximately 12.67% of the total offer shares available for subscription under the global offering. In the first quarter of 2026, Dajin Heavy Industry achieved revenue of 1.907 billion yuan and net profit attributable to the parent company of 435 million yuan.