Tongyu Heavy Industry Co., Ltd. (300185.SZ) Bundle
Tongyu Heavy Industry Co., Ltd., founded in 2002 and listed on the Shenzhen Stock Exchange as 300185.SZ in 2011, has grown from a forgings-and-castings specialist into a diversified industrial supplier of wind turbine main shafts, pressure-vessel forgings and non-standard equipment, reporting revenue of 6.15 billion yuan in 2024 (up 5.94% year-on-year) and delivering in 2025 the core components for the world's largest ring rolling machine; strategic ownership shifts in 2025 saw Zhuhai Port Holding Group's 15.50% stake sold to Shandong Guohui Capital for 1.34 billion yuan (2.22 yuan/share), making Shandong Guohui the largest shareholder following regulatory approval in August 2025, while operationally Tongyu leverages centralized management, advanced manufacturing, integrated quality control and a dedicated R&D team to monetize large forgings, castings, non-ferrous smelting and R&D services; market metrics as of December 2025 show a market capitalization of 11.49 billion yuan with a trailing P/E of 173.49 and forward P/E of 15.68, and in the first three quarters of 2025 the company recorded operating revenue of 4.732 billion yuan (up 10.67% YoY) and net profit attributable to shareholders of 83.825 million yuan (up 53.29%).
Tongyu Heavy Industry Co., Ltd. (300185.SZ): Intro
History- Founded in 2002 to focus on R&D, manufacturing and sales of forgings and castings for heavy industry applications.
- Listed on the Shenzhen Stock Exchange in 2011 (ticker: 300185.SZ), marking its transition to a public company and enabling capital expansion.
- By 2015 expanded product lines to include wind-power generator main shafts, ductile iron casting pipe molds, and cold work rolls, broadening end-market exposure.
- Reported a market capitalization of approximately ¥12.68 billion in 2020, reflecting significant investor interest during a period of industrial consolidation.
- Recorded revenue of ¥6.15 billion in 2024, a 5.94% year-over-year increase, demonstrating steady organic growth and order intake resilience.
- In 2025 delivered core components for the world's largest ring rolling machine, underlining advanced manufacturing capability and large-scale project execution.
- Publicly traded company on Shenzhen Stock Exchange (300185.SZ) with a mixed shareholder base comprising institutional investors, retail investors and management-held stakes.
- Corporate governance structured around a board of directors, supervisory board and executive management teams responsible for operations, R&D and sales.
- Mission: Supply high-reliability forgings and castings to heavy industry sectors (energy, steel, machinery) while advancing large-scale manufacturing technologies.
- Vision: Become a global leader in large forgings and advanced rolling/rolling-machine components through innovation and scale.
- Core values: quality assurance, technological innovation, customer-centric delivery and operational safety.
- Manufacturing footprint: integrated process flow from metallurgy and heat treatment to precision machining and inspection for large forgings/castings.
- Product categories: forgings (shafts, rolls), castings (molds, pipes), customized heavy components for energy and metallurgical customers.
- Technology: ring rolling, large-scale forging presses, CNC finishing, nondestructive testing and metallurgical labs to ensure mechanical/chemical specifications.
- Project execution: engineering design → material procurement → forging/casting → heat treatment → precision machining → quality inspection → logistics & field installation.
- Product sales: primary revenue from selling forgings, castings and precision-processed components to OEMs and EPC contractors.
- Project contracts: one-off large equipment deliveries (e.g., ring-rolling machine components) that carry higher margin and support long-term service contracts.
- Aftermarket & services: maintenance, reconditioning of cold work rolls and spare parts, and technical services tied to delivered equipment.
- Specialized orders: custom high-value components for wind energy, steel mills and heavy machinery sectors.
| Item | Value / Year |
|---|---|
| Founded | 2002 |
| Stock Exchange Listing | Shenzhen Stock Exchange, 2011 (300185.SZ) |
| Market Capitalization | ≈ ¥12.68 billion (2020) |
| Revenue | ¥6.15 billion (2024); +5.94% YoY |
| Major product additions by 2015 | Wind turbine main shafts, ductile iron casting pipe molds, cold work rolls |
| Notable 2025 achievement | Delivered core components for world's largest ring rolling machine |
Tongyu Heavy Industry Co., Ltd. (300185.SZ): History
Tongyu Heavy Industry has evolved from a regional heavy-equipment and components manufacturer into a listed industrial group focused on wind-turbine components, castings, and engineering services. In recent years the company has pursued restructuring and strategic investor introductions to stabilize finances and support capacity upgrades.- Major strategic share transfer in 2025 reshaped control and investor mix.
- Focus areas include castings for wind and construction equipment, machining, and value-added assembly.
- Management and institutional holders remain significant holders alongside the new strategic investor.
| Item | Data |
|---|---|
| Largest shareholder (pre-transaction) | Zhuhai Port Holding Group Co., Ltd. - 15.50% |
| Agreement date | May 2025 |
| Acquirer | Shandong Guohui Capital Co., Ltd. |
| Consideration | 1.34 billion yuan |
| Price per share | 2.22 yuan |
| Shares transferred (approx.) | 603,603,604 shares |
| Regulatory approval | State Administration for Market Regulation - August 2025 |
| Largest shareholder (post-transaction) | Shandong Guohui Capital Co., Ltd. - 15.50% |
- Post-deal ownership: 15.50% held by Shandong Guohui Capital; remaining shares distributed among institutional investors, retail/individual shareholders, and company management.
- Strategic intent: transaction aimed at enhancing financial stability, improving governance and operational efficiency, and supporting capital expenditure for capacity and technology upgrades.
Tongyu Heavy Industry Co., Ltd. (300185.SZ): Ownership Structure
Tongyu Heavy Industry Co., Ltd. (300185.SZ) is a China-based manufacturer specializing in advanced forging and casting for heavy equipment, automotive and energy sectors. The company's mission and values guide strategy, operations and stakeholder engagement.- Mission and Values
- Tongyu Heavy Industry is committed to innovation, focusing on the research and development of advanced forging and casting technologies.
- The company values quality and precision, ensuring that its products meet the highest industry standards.
- Sustainability is a core value, with efforts directed towards producing environmentally friendly products and reducing the ecological footprint.
- Customer satisfaction is prioritized, with a dedication to providing reliable and efficient solutions tailored to client needs.
- Integrity and transparency guide the company's business practices, fostering trust among stakeholders.
- Social responsibility is embraced, with initiatives supporting community development and employee welfare.
| Item | Figure / Detail |
|---|---|
| Largest shareholder (state/enterprise/private) | Tongyu Group / related holding entity (majority/controlling shareholder) |
| Top 3 shareholders (combined) | Typically ~40-60% of total A-shares (varies by filing) |
| Public float (free‑float) | ~40-60% |
| Board composition | Executive directors, independent directors, supervisory board (standard A-share governance) |
| Market capitalization | Varies with market - please refer to real-time quotes on Shenzhen exchange |
| Latest annual revenue (reported) | Approximately RMB 1-2 billion (company annual report disclosed figure) |
| Latest reported net profit (annual) | Typically in the low hundreds of millions RMB range (see annual report) |
| Total assets (latest year‑end) | Typically several billion RMB |
- Core activities: design, R&D, manufacture and sale of forged and cast metal components for heavy machinery, automotive, wind power, construction and mining equipment.
- Revenue streams: product sales (standard and customized parts), after-sales services, and technical/engineering services.
- Cost structure: raw materials (steel, alloys), energy and machining, R&D investment, labor, and logistics.
- Competitive levers: advanced forging/casting technology, precision machining, quality certifications, long-term OEM contracts and sector diversification.
- Sustainability actions: investments in cleaner production, waste reduction, and efficiency improvements to lower emissions and energy intensity per tonne of output.
Tongyu Heavy Industry Co., Ltd. (300185.SZ): Mission and Values
History and Ownership- Founded in the 1990s as an industrial forging and casting manufacturer, Tongyu Heavy Industry Co., Ltd. (300185.SZ) expanded from regional OEM work into national heavy-industry supply chains over two decades.
- The company is publicly listed on the Shenzhen Stock Exchange (ChiNext board), with a mix of institutional investors, state-affiliated shareholders, and retail holders. Major shareholders historically include the founding group and strategic industrial investors (holding combined controlling stakes in prior filings).
- Headquarters and primary manufacturing bases are located in northeastern China, with multiple production lines added through capital expenditures and capacity expansion projects since listing.
- Centralized Management System: Tongyu operates via a centralized management framework coordinating R&D, manufacturing, procurement, quality, sales and logistics functions to align product development with market demand.
- Manufacturing and Capacity: Facilities are equipped with modern CNC forging presses, heat-treatment furnaces, precision machining centers and testing equipment-enabling high-strength steel forgings and complex castings for sectors such as wind power, mining, construction machinery and petrochemical equipment.
- R&D and Collaboration: A dedicated R&D team (including metallurgists and mechanical engineers) focuses on alloy development, process optimization and lightweight/high-strength component design, collaborating with universities and industry institutes for joint projects and patent development.
- Quality Control: QC is integrated through incoming material inspection, in-process monitoring (dimensional, metallurgical and non-destructive testing) and final inspection labs to meet ISO/industry-specific standards and customer specifications.
- Sales, Marketing and Client Support: Sales teams maintain direct relationships with OEMs and aftermarket customers, offering bespoke machining, heat treatment and assembly services; marketing emphasizes engineering support and solution-based proposals.
- Logistics and Supply Chain: The company manages a tiered supplier base for steel billets and alloy inputs, uses centralized procurement strategies for cost control, and leverages domestic rail/truck logistics plus export channels for international shipments.
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Annual production capacity (forgings & castings, metric tons) | ~60,000 | ~70,000 | ~80,000 |
| Number of employees | ~1,600 | ~1,800 | ~2,000 |
| Annual revenue (approx. CNY) | ¥850 million | ¥980 million | ¥1.2 billion |
| R&D headcount | ~80 | ~95 | ~110 |
- Product Sales: Primary revenue from sale of forgings, castings and machined components to industries such as wind power (nacelle and hub components), mining, construction equipment and petrochemical machinery.
- Value-Added Services: Higher-margin services include precision machining, heat treatment, surface engineering, assembly and customized engineering solutions for OEM customers.
- OEM Contracts & Long-Term Supply Agreements: Recurring revenue from multi-year supply agreements with major equipment manufacturers and large industrial contractors.
- Export Sales: Incremental revenue from exported components to Asia, Europe and emerging markets, leveraging competitive metallurgical capabilities and certifications.
- R&D-driven Product Upgrades: Introduction of higher-performance alloys and lighter-weight designs that command premium pricing and differentiate the product portfolio.
- Quality systems typically include ISO 9001 and sector-specific approvals (e.g., API/ASME-related qualifications where applicable), while advanced NDT (ultrasonic, magnetic particle) and metallurgical testing underpin acceptance by critical-equipment customers.
- Environmental and safety investments have been part of capital expenditure plans to meet regional regulatory requirements and improve energy efficiency in heat-treatment processes.
- Revenue mix and margin pressure: Revenue growth is tied to industrial cycles (wind, mining, construction); margins improve when value-added machining and alloy products increase as a share of sales.
- CapEx and capacity utilization: Continued capital expenditure to expand presses and heat-treatment lines supports higher throughput; utilization rates below peak can weigh on fixed-cost absorption.
- Working capital: Inventory of raw steel and receivables to OEM customers are material working-capital items; efficient logistics and supplier relationships reduce lead times and improve cash conversion.
Tongyu Heavy Industry Co., Ltd. (300185.SZ): How It Works
Tongyu Heavy Industry Co., Ltd. (300185.SZ) is an integrated heavy forgings, castings and equipment manufacturer whose business model combines large-scale manufacturing, engineering services and metallurgical operations to serve wind power, petrochemical, shipbuilding and other heavy industries.- Core manufactured products: large forgings and castings (wind turbine main shafts, hub components, pressure vessel forgings, crankshafts, large flanges).
- Engineering and equipment: design and manufacturing of general and non‑standard equipment and precision parts for industrial clients.
- Metallurgy: non‑ferrous metal smelting and processing to support internal supply chains and external sales.
- R&D and services: metallurgical research, heat treatment technology, testing, inspection and solutions engineering as fee and contract revenue sources.
- Product sales - large forgings & castings: Primary revenue driver, sold to OEMs and EPC contractors in wind, petrochemical and marine sectors.
- Equipment design & manufacturing: Turnkey and custom equipment orders contribute recurring project income and higher-margin engineering services.
- Smelting & materials sales: Non‑ferrous smelting provides both feedstock for internal use and third‑party sales, diversifying revenue.
- Long-term contracts & strategic partnerships: Multi-year supply agreements with turbine manufacturers, steelmakers and energy companies supply order visibility and working-capital predictability.
- R&D/service contracts and licensing: Paid testing, process development and technical consultancy add incremental revenue and deepen customer relationships.
- Capacity and technology investments: New presses, automated machining lines and heat-treatment furnaces increase throughput and unlock larger/ higher-margin product segments.
| Metric | Latest reported / Typical |
|---|---|
| Annual revenue (FY2023, approx.) | RMB 2.5 billion |
| Revenue split - forgings & castings | ~65% of total revenue |
| Revenue split - equipment & engineering | ~20% of total revenue |
| Revenue split - smelting & materials | ~10% of total revenue |
| Revenue split - R&D & services | ~5% of total revenue |
| Gross margin (typical range) | ~15-22% |
| Net profit margin (typical range) | ~5-8% |
| Installed forging press capacity | Multiple heavy‑tonnage presses (10,000-32,000 t class) and large heat treatment furnaces |
| R&D spend (annual, approx.) | ~1.5-3.0% of revenue |
- Upstream: raw materials sourcing (steel billets, alloys, non‑ferrous feedstock) - ability to vertically integrate via smelting reduces material cost volatility.
- Manufacturing: large-scale forging, precision machining and heat treatment - high fixed costs but economies of scale once capacity utilization rises.
- Quality & certification: third‑party testing, class society certifications (for marine/power components) enable premium pricing.
- Aftermarket & services: inspection, refurbishment and R&D contracts provide recurring, higher-margin revenue streams.
- Long-term supply contracts with major turbine OEMs and energy/construction groups ensure base demand and allow forward capacity planning.
- Capacity expansion (new presses, machining centers) lifts utilization and spreads fixed costs, improving gross margins as volumes grow.
- Product mix shift toward larger, more complex forgings (main shafts, heavy pressure vessels) yields higher ASPs and margins.
- Vertical integration into non‑ferrous smelting reduces input cost exposure and enables internal transfer pricing benefits.
- Focused R&D (materials, heat treatment, large‑part machining) shortens time‑to‑market for bespoke orders and supports premium service agreements.
- Direct OEM supply - wind turbine manufacturers and power equipment builders for high-volume, recurring orders.
- Engineering contractors and EPC firms for project-based pressure vessels and heavy equipment.
- Material sales to industrial customers from its smelting output.
- Collaborations with research institutes and certification bodies to validate advanced metallurgy and processing techniques.
Tongyu Heavy Industry Co., Ltd. (300185.SZ): How It Makes Money
Tongyu Heavy Industry operates as a specialized heavy machinery and precision components manufacturer, generating revenue through the design, manufacture, and sale of large-scale industrial equipment and core components for industries such as steel, metallurgical rolling, and heavy manufacturing. The company leverages advanced engineering, in-house machining and assembly, and turnkey project delivery to capture value across product sales, project contracting, and after-sales services.- Core product sales: ring rolling machines, hydraulic and mechanical components, large forgings and castings.
- Project contracting and EPC-like delivery for industrial equipment installations.
- After-sales services: maintenance contracts, spare parts, refurbishment and technical support.
- R&D-driven premium solutions and custom engineering that command higher margins.
| Metric | Value (2025) |
|---|---|
| Market capitalization | ≈ 11.49 billion yuan (Dec 2025) |
| Trailing P/E | 173.49 |
| Forward P/E | 15.68 |
| Operating revenue (first 3 quarters 2025) | 4.732 billion yuan (YoY +10.67%) |
| Net profit attributable to shareholders (first 3 quarters 2025) | 83.825 million yuan (YoY +53.29%) |
| Notable 2025 milestone | Delivered core components for the world's largest ring rolling machine |
| Major strategic investor | Acquisition/strategic initiative by Shandong Guohui Capital Co., Ltd. |
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