Dajin Heavy Industry Co.,Ltd. (Stock Code: 01081.HK), a globally leading supplier of offshore wind power foundation equipment, has officially commenced trading on the main board of the Hong Kong Stock Exchange, establishing a dual-platform "A+H" share structure.

The joint sponsors for the listing were Huatai International and China Merchants Securities International.

The final offer price was set at HK$66.40 per share, representing the upper limit of the price range.

The global offering comprised a total of 100 million shares, with the Hong Kong public offering accounting for 8.70% and the international offering taking up 91.30%.

With the offer price of HK$66.40 per share, the net proceeds from the global offering are approximately HK$6.465 billion.

During the subscription period, the Hong Kong public offering portion was oversubscribed by approximately 134.39 times, while the international offering portion was oversubscribed by about 10.68 times.

At the opening of trading, DAJIN shares were priced at HK$66.40 per share, giving the company a market capitalisation of around HK$48.121 billion.

Strong Backing from Cornerstone Investors

For this H-share issuance, Dajin Heavy Industry secured 12 cornerstone investors, forming a notably robust lineup.

According to the prospectus, these cornerstone investors include Singapore's sovereign wealth fund GIC, Hillhouse-affiliated capital (HHLRA and HIM), CDH Investments (CPE), UBS Asset Management (Singapore), Taikang Life Insurance, Eastspring Investments, Pinpoint Asset Management, ICBC Wealth Management, Marshall Wace, Millennium Management, China Post & Capital Wealth Management, and Fullgoal Fund.

Collectively, they subscribed to approximately US$358 million (around HK$2.8 billion) worth of shares in the offering.

It is noteworthy that GIC's investment, as a global sovereign wealth fund, is seen as a strategic endorsement of the industry leader within the clean energy sector.

Hillhouse-affiliated capital has consistently maintained significant positions in the new energy sector in recent years, from Contemporary Amperex Technology Co., Limited to Dajin Heavy Industry, continuing its established industrial capital allocation strategy.

CDH Investments also possesses extensive investment experience in the new energy infrastructure field.

The diverse cornerstone investor base, covering sovereign funds, international asset managers, top-tier hedge funds, domestic insurance capital, and bank wealth management subsidiaries, lays a solid institutional foundation for the company's recognition in the secondary market.

Market Leadership in Europe

The company's core competitive advantage lies not in battling for market share within the highly competitive domestic market, but rather in the market dominance it has established in Europe's offshore wind sector, which has the highest global entry barriers.

According to data from Frost & Sullivan, based on sales value for monopiles in the first half of 2025, Dajin Heavy Industry is the leading supplier of offshore wind foundation equipment in the European market.

Its market share increased from 18.5% in 2024 to 29.1% in the first half of 2025.

It is also the sole supplier in the Asia-Pacific region that has achieved batch deliveries of monopiles to Europe.

The company has cumulatively supplied over 200 sets of monopiles to the European offshore wind market, with its export volume of offshore engineering products doubling in recent years.

Evolving Business Model

In terms of business model, the company has transitioned from being a pure "wind power equipment manufacturer" to a full-chain service provider encompassing "construction, transportation, and delivery".

The export of offshore wind engineering equipment adopts the Delivered at Place (DAP) model, where the company is responsible for the entire delivery process from port loading to acceptance at the destination port.

This model significantly enhances customer stickiness and product value-added, gradually becoming the standard delivery method in overseas markets.

Diversification into Shipbuilding

Regarding its second growth curve, the company is accelerating its expansion into the commercial shipbuilding sector.

Recently, it signed shipbuilding contracts with three shipowners from Norway and Greece to design, construct, and deliver 10 bulk carriers.

The total contract value is approximately RMB 5.102 billion, marking the extension of the company's technological accumulation in special vessel construction into a broader market.

Financial Performance

Financially, for the full year 2025, the company reported revenue of RMB 6.174 billion, a year-on-year increase of 63.34%.

Net profit attributable to shareholders reached RMB 1.103 billion, surging 132.82% year-on-year.

Overseas revenue was approximately RMB 4.6 billion, up 165% year-on-year, accounting for about 74.5% of total revenue.

The gross profit margin for overseas business reached 33.95%, with its contribution to gross profit rising from 59% to 81%, making it the engine for profit growth.

Entering 2026, the growth momentum has continued.

In the first quarter, the company achieved revenue of RMB 1.907 billion, a year-on-year increase of 67.17%.

Net profit attributable to shareholders was RMB 435 million, a substantial increase of 88.19% year-on-year, both setting new historical highs for a single quarter.

The comprehensive gross profit margin reached 39.2%, also a record high for any single quarter.

Identifiable Structural Risks

Concurrently, structural risks are clearly visible.

In terms of customer concentration, revenue from the top five customers in 2025 accounted for 79.2% of the total, with the largest single customer contributing over 35%.

From the perspective of high regional customer concentration, the company's performance is deeply tied to the progress of offshore wind construction in Europe, exposing it to dual risks from geopolitics and a single market cycle.

Furthermore, pressures on cash flow, such as declining efficiency in accounts receivable and inventory turnover, coupled with the high capital expenditure required for expanding ship manufacturing capacity, place higher demands on the quality of profitability.

From entering the European market via monopile exports, to establishing its leading position in Europe through the full-chain DAP service model, and now to opening a second growth curve with bulk orders in commercial shipbuilding, Dajin Heavy Industry has completed its transformation over nearly two decades from a domestic wind tower manufacturer to a global offshore wind infrastructure service provider.

The formal establishment of the "A+H" dual-platform structure will provide the company with more flexible capital operation space.

However, structural risks such as high customer concentration, reliance on the single European market, and the long capital pre-investment cycle for the new shipbuilding business will remain core variables for investors to meticulously assess when evaluating its long-term value post-listing.