Hangzhou Advance Gearbox Group (601177.SH) has released its half-yearly report, which shows that the company achieved CNY 1 billion in revenue, a year-on-year increase of 0.61%, and a net income of CNY 0.115 billion attributable to the owners of the parent company, a year-on-year decrease of 2.76%.
For ship domestic sales, by seizing the market opportunities of government ships, the company focused on expanding new products with high added value, such as new energy and electric-hybrid propulsion systems, making up for the decline in traditional products such as fishing boats and sand ships, and stabilizing market share. As for ship exports, in the context of a decline in the target market's regional economy, the company actively visited key overseas markets and customers, grasping the growth points of some overseas markets, and strengthening the market promotion of new products such as light and high-speed vessels. The sales of ship propulsion systems continued to grow, and fully-reversible propellers and adjustable-pitch propellers were produced in large quantities and entered the international market. However, the overall sales volume of ship products declined. As for construction machinery products, affected by the overall economic environment, there was no sign of recovery in the market demand for engineering products, and the overall development was weak, with a year-on-year decline in sales. The company focused on the development and application of new engineering products, including the delivery of 500kW multi-gear engineering machinery power shift transmission and torque converter that can replace imports, and actively improved the small-scale production capacity of multiple new products, while actively cultivating new business growth points. As for wind power products, with the delay of project start-up by the turbine manufacturers, the production orders were delivered in an orderly manner, and sales increased to a certain extent. As for agricultural machinery products, affected by factors such as the prosperity of the relevant industry, sales volume declined, and the company focused on laying out new products and new markets such as high-power tractor axle-box integral transmission devices and agricultural machinery automatic decelerators, striving to achieve bulk sales in the future.
