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Shanghai Hanbell Precise Machinery Co., Ltd. (002158)

Individual Stock Analysis Report | Industry: Industrial Compressors and Vacuum Pumps | Report Date: September 13, 2026 | Price and capital flow data are based on the most recent completed trading day, 2026-09-11 (Friday), at close; additionally, weekly review data published on 2026-09-13 is available.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

The most decision-relevant fact about Hanbell Precise Machinery (002158.SZ) is that the company's 2025 revenue and net profit attributable to parent both declined, falling 20.35% and 45.66% year-on-year respectively, with the core drag coming from the vacuum products segment (especially photovoltaic vacuum pumps), whose revenue plunged 62.76% year-on-year; however, the 2026 H1 earnings flash report shows net profit attributable to parent of RMB 280 million, up 8.95% year-on-year, with non-GAAP net profit attributable to parent growing only 0.61% year-on-year, presenting a structural feature of moderate profit recovery while the revenue side (revenue up only +0.90% year-on-year) has not yet effectively caught up, with Q2 single-quarter revenue still at -7.81% year-on-year, and a trend reversal requiring confirmation from the formal semi-annual report.

From a business structure perspective, compressors (units) remain the absolute mainstay, with FY2025 revenue of RMB 2.149 billion, accounting for 73.42%, and a gross margin of 34.07%; vacuum products revenue was RMB 501 million, accounting for 17.12%, recovering to RMB 295 million in FY2026H1, up +6.77% year-on-year, with gross margin recovering to 35.93%, reversing the 2025 decline. The company's overall gross margin fell from a 2023 peak of 39.53% to 33.92% in 2026H1, reflecting the structural downshift after the contraction of the high-margin photovoltaic vacuum pump segment, with subsequent improvement depending on the volume ramp-up of high-margin new products such as magnetic levitation/air suspension centrifugal compressors and semiconductor vacuum pumps.

Regarding earnings forecasts, the institutional consensus expects 2026E revenue of RMB 3.29–3.32 billion and net profit attributable to parent of approximately RMB 597–607 million (up +27%~+31% year-on-year), but individual institutional net profit forecasts for 2026 are dispersed in the range of RMB 565–696 million, reflecting significant market divergence on the pace of semiconductor vacuum pump volume ramp-up. As of early September 2026, the company's stock price was approximately RMB 26–27, corresponding to a PE of approximately 23–24x based on 2026 consensus EPS, with multiple institutions giving accumulate/buy ratings.

On the technical front, as of the week ending 2026-09-11, the stock price fell 5.56%, with main force capital net outflow totaling RMB 42.9057 million for the week, and single-day main force net selling of RMB 7.3795 million on September 11, indicating a weak short-term capital position; historically, the stock has experienced volume surge pulses with single-day turnover surging to RMB 1.463 billion and appearing on the Dragon-Tiger List, but the volume surges were not sustained.

2. Company Overview

2.1 Basic Information

Item	Content
Stock Code	002158.SZ
Company Full Name	Shanghai Hanbell Precise Machinery Co., Ltd.
Listing Date	2007-08-17, issue price RMB 9.08
Establishment Date	1998-01-07 (predecessor Shanghai Hanbell Machinery Co., Ltd., converted to a joint-stock company on 2005-10-28)
Registered/Office Address	Fengjing Town, Jinshan District, Shanghai
Registered Capital	Approximately RMB 535 million
Number of Employees	Approximately 1,158 (Source: moomoo company page, data date not specified)
Company Origin	Originating from Taiwan, China; actual controller type is a natural person (Liao Chenan)
Core Management	Chairman/Legal Representative Yu Yu-hsuan, General Manager Liao Chih-sheng, Board Secretary and CFO Chiu Yu-ying
Major Shareholders	HERMES EQUITIES CORP. 32.70%, CAPITAL HARVEST TECHNOLOGY LIMITED 28.64%, Hong Kong Central Clearing 3.74%, Social Security Fund Portfolio 102 1.02% (Source: etnet company information, shareholding date 31/03/2026)
Latest Annual Results (FY2025)	Revenue approximately RMB 2.927 billion, net profit attributable to parent RMB 469 million, proposed dividend of RMB 4.5 per 10 shares
Latest Interim Results (FY2026H1)	Revenue RMB 1.502 billion, +0.90% year-on-year; net profit attributable to parent RMB 280 million, +8.95% year-on-year

2.2 Main Business and Product Layout

Compressors (Units) — Refrigeration Compressors: The world's leading screw compressor manufacturer, the first in China to break through and mass-produce magnetic levitation centrifugal compressors; products cover screw-type, centrifugal-type (RTM magnetic levitation, RTA air suspension), applied in commercial central air conditioning, refrigeration and cold storage, industrial refrigeration, heat pump heating, data centers (AIDC liquid cooling temperature control), semiconductor/photovoltaic plants, central heating, oilfield waste heat utilization, etc.
Compressors (Units) — Air Compressors: Full technology routes including screw, scroll, centrifugal, air suspension, and magnetic levitation, applied in construction machinery, coal mines, air separation, chemicals, fire protection, textiles, glass, cement, pharmaceuticals, electronics, laser cutting, etc.
Vacuum Products — Photovoltaic Vacuum Pumps: Domestic leader, with the industry's top market share in the crystal pulling segment and in the first tier in the cell manufacturing segment
Vacuum Products — Semiconductor Vacuum Pumps: PMF/PDM/iPH three major series of dry vacuum pumps have passed SEMI certification and are already in batch supply
Vacuum Products — Vacuum Pumps for Other Industries: Lithium batteries, pharmaceuticals, chemicals, displays, LED, optical communications, coating, specialty gases, heat treatment, etc.
Others: Parts and maintenance, casting products (processing and manufacturing)

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

Hanbell Precise Machinery's main business comprises two core segments: compressors (units) and vacuum products, and it is a domestic substitution leader in industrial compressors and vacuum pumps. FY2025 compressor (unit) revenue was RMB 2.149 billion (accounting for 73.42%, gross margin 34.07%), vacuum products RMB 501 million (accounting for 17.12%, gross margin 33.57%), parts and maintenance RMB 239 million (accounting for 8.17%), casting products RMB 37.4 million (accounting for 1.28%). FY2026H1 compressor (unit) RMB 1.070 billion (accounting for 71.24%, gross margin 33.12%), vacuum products RMB 295 million (accounting for 19.65%, gross margin 35.93%, reversing the 2025 decline), domestic RMB 1.131 billion/overseas RMB 371 million.

Cost element structure (the only cross-referenceable source is the company's earnings briefing, 2023 annual report, 2024-05-17 Panorama Network/Tonghuashun interactive platform): raw materials account for 83.68% of costs, labor 4.67%, depreciation 1.61%, outsourced processing fees 4.61%, power costs 0.99%, others 4.43%; historical comparison (2017 annual report): raw materials 82.06%, labor 4.39%, depreciation 3.69%, outsourced processing fees 2.38%. → Highly raw-material-intensive, with raw material share stable at 80%+ over the long term. (Note: 83.68% etc. originate from the 2023 annual report earnings briefing, not the latest annual data)
Specific procurement categories (company interactive platform): main raw materials are steel and pig iron; the company explicitly states "product raw materials are mainly iron and steel, copper accounts for a small proportion," and also mentions silicon steel sheets, aluminum, lubricating oil, cold-rolled steel plates, etc.; main suppliers come from the motor, bearing, casting, and steel industries.
Bargaining power assessment: The company states that raw material prices are affected by iron ore, international financial conditions, exchange rates, and fuel freight rates, with "large fluctuations and unpredictable price trends," and its countermeasures are "long-term strategic cooperation, price adjustments, structural optimization, and on-demand procurement" — i.e., it is essentially a price-taker on bulk costs such as steel/pig iron, relying on product price adjustments to partially pass through costs to downstream customers.
Customer concentration is relatively low and further declined in 2025. FY2025 top five customers combined sales were RMB 384 million, accounting for only 13.11% of operating revenue (first place 3.18%, second place 2.78%, Haier Smart Home 2.64%, fourth place 2.40%, Guangdong Hande Precision Machinery 2.11%); FY2024 top five customers combined RMB 745 million, accounting for 20.28% (first place 7.12%, second place 5.22%).
Downstream structure: Refrigeration→commercial central air conditioning/data centers/heat pumps; air compression→industrial gas sources; vacuum→photovoltaics (crystal pulling/cell manufacturing), semiconductors, electronics, etc. Core major customers include major photovoltaic manufacturers, equipment makers, wafer fabs, PCB equipment makers; TECO Electric & Machinery is a core customer (TECO and Hon Hai conducted a share swap in 2025-07, bringing imagination space for the company's AIDC business).
Structural bargaining power assessment: The global semiconductor vacuum pump market exceeds USD 5 billion, with foreign players accounting for approximately 80% (Source: Shanxi Securities/Soochow Securities 2026 research reports); the company is in the position of a domestic substitution chaser; although it is a domestic leader in photovoltaic vacuum pumps, it was dragged down by the downstream photovoltaic industry's "deep adjustment and low utilization rates," with this segment's revenue plunging 62.76% in 2025, indicating high sensitivity to downstream prosperity.
Note: Customer details are only found in a single source (the "Top 5 Customers" table from the annual report scraped by gubit.cn), and have not been cross-verified with the original annual report; it is recommended to refer to the latest annual report.
Accounts receivable: FY2025 end RMB 658 million, FY2024 end RMB 726 million, FY2023 end RMB 686 million (Source: GuruFocus gurufocus.cn); accounts receivable turnover days (annual): 2021: 48.59 days → 2022: 60.26 → 2023: 63.60 → 2024: 70.15 → 2025: 86.31 days (continuously lengthening), 2026-06 single quarter 72.35 days; 2026H1 accounts receivable RMB 659 million, Stockstar notes "accounts receivable/net profit attributable to parent reaching 140.49%, relatively large in scale"; top five customers' accounts receivable as a proportion of total receivables: 2022-12-31 was 37.85% (2021 end 22.46%), 2020-06-30 was 20.42%, 2019-06-30 was 9.82% — i.e., the customer concentration of accounts receivable is significantly higher than the customer concentration of revenue, with collection risk more concentrated among a few major customers. Assessment: Years of rising DSO + high receivables-to-profit ratio indicate that under downstream pressure (especially photovoltaic and major customers), the company has passively relaxed payment terms, and the bargaining relationship has tilted toward buyers in recent years.
Customer concentration: FY2025 top five customers combined accounted for only 13.11% of operating revenue, FY2024 was 20.28% (Note: This data comes from a single source (the top five customers table from the annual report scraped by gubit.cn), could not be cross-verified, and only covers two years; please refer to the latest annual report for specifics). Top five customers' accounts receivable as a proportion of total receivables reached 37.85% at end-2022, significantly higher than revenue concentration, with collection risk concentrated among a few major customers. Market share statements ("No. 1 market share in mainland China," "industry-leading market share in crystal pulling," "among the industry's top in magnetic levitation centrifugal market share") come from company profile/annual report sources, are company self-statements, and have not been independently verified by third-party data.

Year	Gross Margin	Net Margin	Brief Explanation
2022	35.78%	Data missing (research notes did not provide net margin data)	Vacuum product volume ramp-up drove structural upgrading
2023	39.53%	Data missing (research notes did not provide net margin data)	Driven by high-margin photovoltaic vacuum pumps (vacuum GM reached 45.83% that year), historical high
2024	38.31%	Data missing (research notes did not provide net margin data)	Photovoltaics already showing weakness but still maintaining high levels
2025	34.11%	Data missing (research notes did not provide net margin data)	Photovoltaic vacuum pump revenue -62.76%, low utilization rates, high-margin segment contraction dragging down overall
2026H1	33.92%	Data missing (research notes did not provide net margin data)	Photovoltaic replacement/semiconductor ramp-up brought vacuum GM back to 35.93%, but air conditioning overall weak, still at low levels

Hanbell Precise Machinery is positioned in the midstream key equipment/core components segment — it neither controls upstream steel/pig iron pricing power (raw materials account for 83%+ of costs, price-taker), nor directly faces terminal brand premiums (dispersed customers, passively lengthened payment terms), but凭借 its domestic substitution technological barriers in screw/magnetic levitation centrifugal compressors and photovoltaic vacuum pumps, it has achieved a gross margin of 34%~40%, relatively high for manufacturing; the real driver for further gross margin improvement comes from product structure upgrading (volume ramp-up of high-margin new products such as magnetic levitation/air suspension centrifugal compressors and semiconductor vacuum pumps) and downstream prosperity recovery (photovoltaic cycle reversal, AIDC liquid cooling and semiconductor domestic substitution ramp-up), rather than cost-side bargaining power.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Results

Reporting Period	Operating Revenue	YoY	Net Profit Attributable to Parent	YoY
2025 Annual Report	RMB 2.927 billion	-20.35%	RMB 469 million (RMB 468.74 million)	-45.66%
2026 Q1 Report	RMB 689 million	+13.56%	RMB 122 million (RMB 121,582,800)	+3.30%
2026 Interim Report	RMB 1.502 billion	+0.90%	RMB 280 million	+8.95%
2026 Q2 (Single Quarter)	RMB 814 million	-7.81% (QoQ +18.14%)	RMB 159 million	+13.72% (QoQ +30.62%)

The 2025 annual report was disclosed on 2026-04-25, following the earnings flash report issued on 2026-02-13; the flash report stated total operating revenue of RMB 2,927,671,500, -20.32% year-on-year, net profit attributable to parent of RMB 469,762,000, -45.54% year-on-year, non-GAAP net profit attributable to parent of RMB 433,135,100, -47.26% year-on-year; minor differences between the flash report and the formal annual report are normal audit adjustments. The 2026 Q1 report was disclosed on 2026-04-24/25. The 2026 interim report data was only obtained from brokerage research summaries and financial news flashes (consistently cited by Shanxi Securities, Huatai Securities, Soochow Securities, China Fortune Network and other sources), and has not been directly verified from the company's semi-annual report original text; please refer to the company's semi-annual report original text. The 2026 interim report non-GAAP net profit attributable to parent was RMB 249 million, +0.61% year-on-year, of which Q2 single-quarter non-GAAP was RMB 141 million, +2.60% year-on-year, +29.27% QoQ.

The 2025 revenue and net profit attributable to parent both declined, mainly due to the photovoltaic industry's deep adjustment and low utilization rates leading to reduced photovoltaic vacuum pump revenue (vacuum products revenue RMB 501 million, -62.76% year-on-year), compounded by revenue decline, gross margin decline, and exchange losses from TWD/USD exchange rate fluctuations. 2025 gross margin was 34.11%, weighted average ROE 10.98% (prior year 21.80%), asset-liability ratio 29.65%, net operating cash flow RMB 779 million, +595.28% year-on-year, proposed dividend of RMB 4.50 per 10 shares (tax included). 2026 Q1 revenue +13.56% year-on-year, net profit attributable to parent +3.30% year-on-year, non-GAAP net profit attributable to parent -1.84% year-on-year, gross margin 33.02%, asset-liability ratio 27.98%, ROE 2.73%, net operating cash flow RMB 59,511,100, -21.30% year-on-year. 2026 H1 revenue +0.90% year-on-year, net profit attributable to parent +8.95% year-on-year, of which vacuum products revenue RMB 295 million, +6.77% year-on-year, reversing the 2025 decline; however, Q2 single-quarter revenue was still -7.81% year-on-year, presenting a structural feature of profit improvement without revenue improvement. The difference in revenue decline between the 2025 annual report and 2026H1 is large (-20.35% vs +0.90%), and a trend reversal requires confirmation from formal periodic reports.

3.2 Earnings Forecasts

Earnings forecast source is the East Money HSF10 earnings forecast page consensus, where different page snapshots show different numbers of forecasting institutions (5 vs 6 vs 9); it is recommended to refer to the latest snapshot (9 institutions); net asset per share forecasts are 2026E RMB 8.91–8.98, 2027E RMB 9.80–9.90, 2028E RMB 10.90–10.96, with forecast ROE of 12.6%/14.0%–14.2%/14.9%–15.2%. Individual institutional forecasts (not consensus): Huatai Securities (2026-08-30, Buy) 2026-2028 net profit attributable to parent RMB 619/698/755 million, EPS RMB 1.16/1.31/1.41; Soochow Securities (2026-09-03, Accumulate) 2026/2027/2028 net profit attributable to parent RMB 570/700/800 million; Shanxi Securities (2026-09-10, first-time Accumulate) 2026-2028 revenue RMB 3.221/3.670/4.271 billion, net profit attributable to parent RMB 565/674/803 million, EPS RMB 1.06/1.26/1.50; Guosen Securities (2026-09-02, Outperform) 2026 net profit RMB 581 million; Huaxin Securities (2026-09-02, Buy) 2026 net profit RMB 611 million; Guotai Haitong (2026-05-08) 2026 net profit RMB 612 million; Nomura Orient International (2026-08-11) 2026 net profit RMB 590 million; China Merchants Securities (2026-04-26, Strong Recommend) 2026 net profit RMB 596 million; China Galaxy (updated 2026-08-31) 2026 net profit RMB 696 million. The 2026 consensus net profit is dispersed, ranging from RMB 565–696 million, with institutions showing significant divergence on the pace of semiconductor vacuum pump volume ramp-up. All forecasts are 2026-2028E institutional forecasts, not disclosed data.

Year	Operating Revenue	Net Profit Attributable to Parent	Net Profit Growth Rate	Earnings Per Share (EPS)
2026E	RMB 3.29–3.32 billion (consensus)	Approximately RMB 597–607 million (6–9 institutions, +27%~+31%)	+27%~+31%	RMB 1.11–1.13
2027E	RMB 3.71–3.77 billion (consensus)	Approximately RMB 728–733 million	Data missing (notes did not provide corresponding YoY growth rate)	RMB 1.36–1.37
2028E	RMB 4.14–4.21 billion (consensus)	Approximately RMB 851–854 million	Data missing (notes did not provide corresponding YoY growth rate)	RMB 1.59 (9-institution basis RMB 1.5944)

3.3 Valuation Levels and Institutional Ratings

Institution	Rating	Date	Notes
Huatai Securities	Buy (maintained)	2026-08-30	Target price RMB 39.40 (previous RMB 31.86, 2026-04-26), corresponding to 34x PE for 2026 (previous 27x)
Soochow Securities	Accumulate (maintained)	2026-09-03	No target price given; 2026/2027/2028 net profit attributable to parent RMB 570/700/800 million, corresponding to dynamic PE 26/21/19x
Shanxi Securities	Accumulate (first-time)	2026-09-10	No target price given; closing price on report date RMB 26.90
Guosen Securities	Outperform	2026-09-02	2026 net profit forecast RMB 581 million
Huaxin Securities	Buy	2026-09-02	2026 net profit forecast RMB 611 million
Guotai Haitong	Data missing (notes did not specify rating name)	2026-05-08	2026 net profit RMB 612 million, target price RMB 36.80
Nomura Orient International	Data missing (notes did not specify rating name)	2026-08-11	2026 net profit RMB 590 million, target price RMB 43.35
China Merchants Securities	Strong Recommend	2026-04-26	2026 net profit RMB 596 million
China Galaxy	Recommend (first coverage 2025-12-26)	2026-08-31 (updated)	2026 net profit RMB 696 million; at first coverage, forecast 2025-2027 net profit attributable to parent RMB 600/694/783 million, PE 21x/18x/16x

Current valuation data comes from multiple snapshots at different points in time, with mixed bases, requiring careful citation and time-point labeling. The Lixinger company profile page (snapshot showing Stock Connect shareholding data as of 2026-06-30, margin balance as of 2026-07-21) shows stock price RMB 26.35, market cap RMB 14.090 billion, PE 29.81, PB 3.34, dividend yield 1.71% (static basis). Jingguan ZhiXun (2026-04-09) shows PE(TTM) 26.27, below the industry median, at the 80.23rd percentile of the stock over the past 5 years. China Fortune Network/institutional research (2026-09-03 basis) based on 2026-2028E EPS RMB 1.14/1.36/1.58, current PE approximately 23.5/19.7/16.9x; Soochow Securities basis based on 2026-2028E net profit attributable to parent RMB 570/700/800 million corresponds to dynamic PE 26/21/19x. Huatai Securities' 2026-09-09 target price of RMB 39.40 corresponds to a target upside of 46.47%, implying a stock price of approximately RMB 26.9 at that time; Shanxi Securities' 2026-09-10 report date closing price was RMB 26.90, and a subsequent version showed RMB 26.23, indicating that the stock price in early September 2026 was approximately RMB 26–27, corresponding to consensus EPS of approximately RMB 1.11–1.13 for the year, with PE of approximately 23–24x. Tonghuashun iFinD statistics (as of 2026-09-02): 7 institutions published reports over the past six months, with the highest 2026 target price at RMB 43.35, the lowest at RMB 36.80, and an average of RMB 39.85; the highest 2026 net profit forecast at RMB 696 million, the lowest at RMB 571 million, and an average of RMB 614 million (+30.89% year-on-year); rating distribution: 3 Accumulate, 2 Buy, 1 Recommend, 1 Strong Recommend. East Money F10 rating statistics show a composite rating of Buy within 3 months/6 months (coefficient 4.80, 5 institutions, 4 Buy + 1 Accumulate), and 12 institutions within 1 year (8 Buy + 4 Accumulate). Jingguan ZhiXun (2026-04-09) shows 14 institutions published earnings forecasts, with a composite institutional target price of RMB 32.25. The target prices of RMB 43.35 (Nomura Orient International) and RMB 36.80 (Guotai Haitong) are single-brokerage views; RMB 39.85 is the average of 7 institutions (Tonghuashun basis, not full-market consensus); Shanxi Securities, Guosen Securities, Huaxin Securities, Soochow Securities, China Merchants Securities, etc. did not give target prices. Different snapshots of the East Money F10 page show the average 2025A PE over the past six months as 42.08/31.94/31.21/28.30/23.5 respectively, mainly because each snapshot corresponds to different stock prices, implying stock prices ranging from approximately RMB 25 to approximately RMB 37; the time point must be clearly stated when citing. The notes did not independently obtain an authoritative snapshot of real-time stock price/PE(TTM)/PB as of today; all the above valuations are snapshots at different points in time; please refer to the latest market data page.

4. Recent News and Announcements

4.1 2026 Semi-Annual Earnings Flash Report: Net Profit Attributable to Parent RMB 280 Million, Up 8.95% Year-on-Year

Announcement disclosed on the evening of July 29, 2026, announcement number 2026-023, with the announcement date marked as 2026-07-30. Key data: Total operating revenue RMB 1,502,179,400 (RMB 1.502 billion), +0.90% year-on-year; operating profit RMB 322,546,900, +19.21% year-on-year; total profit RMB 323,277,600, +19.45% year-on-year; net profit attributable to parent RMB 280,397,900 (RMB 280 million), +8.95% year-on-year; non-GAAP net profit attributable to parent RMB 249,449,300, +0.61% year-on-year; basic EPS RMB 0.5244 (prior year period RMB 0.4813); weighted average ROE 6.30% (prior year period 5.99%); total assets at period end RMB 6,224,835,700, -0.43% from beginning of period; net assets attributable to parent RMB 4,361,054,700, -0.27%; net assets per share RMB 8.16. Company explanation: Revenue was essentially flat due to actively exploring new markets amid a highly competitive environment; net profit increased year-on-year mainly because exchange rate fluctuations became more stable compared to the prior year period, reducing exchange losses. The company explicitly stated that no semi-annual earnings forecast had been previously published (i.e., no earnings pre-announcement). Supplement (media estimates, not official): Q2 single-quarter net profit approximately RMB 159 million, Q1 approximately RMB 122 million, Q2 QoQ approximately +30% (cited by Cailianshe/Stockstar). The company cautioned that the earnings flash report contains preliminary accounting data, internally reviewed but unaudited, and the final figures are subject to the 2026 semi-annual report.

4.2 Pre-disclosure of Share Reduction by Certain Directors and Senior Management: Proposed Total Reduction of No More Than 200,300 Shares

Announcement date: evening of June 25, 2026 (announcement number 2026-021, media publication 2026-06-26). Reduction parties: Vice Chairman Ke Yongchang, Director Chen Jiaxing, Director Wu Kuanyu, Deputy General Manager You Baile, Deputy General Manager and Board Secretary/CFO Chiu Yu-ying. The 5 individuals collectively hold 801,183 shares, accounting for 0.1498% of total share capital. Proposed total reduction of no more than 200,295 shares, accounting for 0.0375% of total share capital, due to personal financial needs, with shares sourced from secondary market purchases and restricted stock incentive plan grants. Reduction method: centralized bidding or block trades; reduction period from July 20, 2026 to October 19, 2026 (within 3 months starting from 15 trading days after the announcement). The company stated that the reducers are not controlling shareholders/actual controllers and the reduction will not result in a change of control. Individual proposed reduction details: Ke Yongchang 31,781 shares, Chen Jiaxing 57,500 shares, Wu Kuanyu 2,500 shares, You Baile 53,291 shares, Chiu Yu-ying 55,223 shares. Commentary: The reduction scale is very small (less than 0.04% of total share capital) and is due to personal financial needs of directors and senior management, constituting a routine reduction, but as a management cash-out signal, subsequent implementation progress is worth monitoring; the reduction plan is only a pre-disclosure, and there is uncertainty regarding whether it will be implemented and the timing/price/quantity of reduction; as of the search time point, no subsequent implementation progress announcement has been seen.

4.3 2025 Annual Report and Dividend: Net Profit RMB 469 Million, Proposed Dividend of RMB 4.5 per 10 Shares

Announcement date: 2025 annual report disclosed on April 25, 2026. 2025 total operating revenue RMB 2.927 billion, -20.35% year-on-year; net profit attributable to parent RMB 469 million, -45.66% year-on-year; non-GAAP net profit RMB 431 million, -47.47% year-on-year; basic EPS RMB 0.8766, weighted ROE 10.98%; net operating cash flow RMB 779 million, +595.28% year-on-year. Profit distribution plan: cash dividend of RMB 4.5 per 10 shares (tax included). By product: compressors (units) RMB 2.149 billion (+5.83%); vacuum products RMB 501 million (-62.76%, dragged down by the photovoltaic industry's deep adjustment); parts and maintenance RMB 239 million (-7.32%); castings RMB 37.42 million (-5.94%). Related: The 2025 annual shareholders' meeting was held on May 22, 2026, and approved the annual report, profit distribution, re-appointment of the 2026 audit institution, and other proposals (announcement number 2026-018, published 2026-05-23).

4.4 Awarded the 2025-2026 Shanghai Mayor's Quality Award

Announcement on the evening of July 23, 2026: The company's "One Bell, Four Refinements, Dual Drive" excellence quality management model won the "2025-2026 Shanghai Mayor's Quality Award" (Hu Fu Fa [2026] No. 4), with only 4 enterprises in the city winning the award this session. The company noted that this award does not directly constitute a contribution to operating performance.

4.5 Investor Relations Activity Record (July 1 - July 24, 2026) Disclosure

Investor relations activity record for July 1 - July 24, 2026, disclosed 2026-07-30. Previous records include December 2 - December 12, 2025 (2025-12-17), November 18 - November 20, 2025 (2025-11-25), November 3 - November 7, 2025 (2025-11-03), October 9 - October 15, 2025 (2025-10-17), etc. The record contents are mostly operational and product Q&A (semiconductor vacuum pump verification progress, data center refrigeration compressors, etc.); the full text has not been individually expanded and verified; please refer to CNINFO/company announcement original text.

4.6 Governance and Institutional Announcements (2025 H2)

2025-09-29/30: Held the 2025 First Extraordinary Shareholders' Meeting to amend the Articles of Association, etc., and batch-revised/issued multiple systems (shareholders' meeting rules of procedure, board of directors rules of procedure, independent director system, related-party transaction management system, securities investment management system, ESG management system, etc.), which were approved at the extraordinary shareholders' meeting held on 2025-10-23 (2025-031, 2025-10-24). 2025-10-24: Resolution of the 9th Meeting of the 7th Board of Directors (2025-033); resignation of non-independent director and election of employee representative director (2025-032). 2025-12-23: Announcement on the change of signing certified public accountant (change of the accounting firm's signing CPA).

4.7 Explanation of Uncertainties and Items That Could Not Be Cross-Verified

1. Stock price/technical aspects (not within the scope of this task, attached only for reference): The market data component embedded in a Sina Finance article dated 2026-07-29 shows a price of approximately RMB 23.91, with a daily change of -RMB 1.89/-7.33%, but this value varies with page loading time, and the closing price, total market cap, dynamic PE, etc. for that day could not be cross-verified from a second independent source; please do not rely on it and seek confirmation from another reliable market data source. 2. Within the scope of this search, no company-level share buyback announcements, controlling shareholder/actual controller increase announcements, or major M&A/restructuring announcements were found; this constitutes "not found" and does not mean they absolutely do not exist; it is recommended to review the full text of announcements on CNINFO/Shenzhen Stock Exchange. 3. Main force capital net inflow/outflow, Dragon-Tiger List and other capital flow data could not be obtained from cross-verifiable sources in this search, and no single-source figures were relied upon. 4. The semi-annual earnings flash report contains "preliminary accounting data, internally reviewed but unaudited," and the final figures are subject to the 2026 semi-annual report. 5. The reduction plan is only a pre-disclosure, and there is uncertainty regarding whether it will be implemented and the timing/price/quantity of reduction; as of the search time point, no subsequent implementation progress announcement has been seen. 6. Time basis: This summary is "as of July 30, 2026," and market data and latest announcements are based on that date.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

Indicator	Value
Stock Code	002158
Exchange	Shenzhen Stock Exchange
Company Full Name	Shanghai Hanbell Precise Machinery Co., Ltd. (English abbreviation HANBELL PRECISE)
Industry	Machinery Equipment → General Equipment → Refrigeration and Air Conditioning Equipment (East Money F10 classification)
Main Business	R&D/production/sales of screw compressors and vacuum pumps (refrigeration compressors, air compressors, vacuum products, etc.)
Actual Controller	Liao Chenan, control ratio 32.70% (data date is relatively early, subject to lag limitations)
Weekly Change (weekly review data)	Down 5.56% this week
Weekly Main Force Capital Total	Net outflow RMB 42.9057 million (2026-09-13 weekly review)
2026-09-11 Single-Day Main Force Capital	Net sell RMB 7.3795 million
Recent Abnormal Volume	There was an abnormal surge in turnover to RMB 1.463 billion with a single-day gain of 6.65%; another instance of turnover of RMB 563 million with large capital buying of RMB 51 million

5.2 Technical Indicators

Indicator	Value	Brief Interpretation
Weekly Change	Down 5.56% this week	Weekly-level pullback, short-term trend weak, consistent with the direction of main force capital net outflow.
Single-Day Main Force Capital (2026-09-11)	Net sell RMB 7.3795 million	Main force capital outflow on the most recent trading day, short-term capital sentiment bearish.
Weekly Main Force Capital Total	Net outflow RMB 42.9057 million	Continued net outflow on a weekly basis, reflecting limited willingness to absorb shares during the period.
Turnover Anomaly	Single-day turnover of RMB 1.463 billion with 6.65% gain; another single-day turnover of RMB 563 million with large capital buying of RMB 51 million	The stock has periodic volume surge pulse characteristics, but volume surges are not sustained and need to be confirmed by subsequent volume.
Dragon-Tiger List	Previously appeared on the Dragon-Tiger List, with listed seats buying RMB 691,329,300	Historically there have been anomalies of large seat buying, indicating active capital participation, but specific dates and buy/sell direction details are still lacking.
Historical Main Force Capital Sample (2026-06-08)	Close RMB 27.25, down 4.42%, main force net outflow RMB 2.8199 million	Can serve as a historical comparison, showing that the stock also experienced main force net outflow on declining days.
Shareholder Structure Related (QFII)	Investec UK Limited 2,113,200 shares, 0.40%, marked as QFII exit	There have been records of QFII institutional entry and exit, but the disclosure basis and cutoff date are unclear and should be interpreted with caution.
Stock Price Reference	Price records of RMB 24.83, RMB 25.84, etc. appear in research notes (specific dates not clearly marked)	Price points appearing in market data sources, without clear trading day labels, for reference only, not as the current benchmark price.

Hanbell Precise Machinery (002158)'s most recent completed trading day was 2026-09-11, with a decline of 5.56% for that week (weekly review basis), and weekly main force capital net outflow totaling RMB 42.9057 million, of which single-day main force capital net selling on September 11 was RMB 7.3795 million, indicating a weak short-term capital position and a weekly-level pullback trend. The stock has historically exhibited significant volume surge pulse characteristics, with a single-day turnover surge to RMB 1.463 billion and a 6.65% gain, and has appeared on the Dragon-Tiger List (listed seats buying RMB 691,329,300), indicating active capital participation, but volume surges are not sustained. On the fundamentals side, 2025 net profit was RMB 469 million, down 45.66% year-on-year, and 2026 interim net profit was RMB 280 million, with performance under pressure. This research summary did not provide complete and clearly dated specific values for key indicators such as the moving average system (MA5/10/20), Bollinger Bands, RSI, etc., nor complete turnover rate ranges, turnover ranges, and latest top ten shareholder concentration details; therefore, the relevant fields are treated as missing data, and short-term technical positioning can only be inferred on a range-based, scenario-based basis from the price and capital information available in the notes, not constituting a single-point forecast or buy/sell recommendation.

5.3 Short-Term Trend Outlook (Next Week, Scenario-Based Projection, for Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario projection based on the price and capital data available in the research notes, does not constitute any investment advice, and does not constitute buy/sell operational instructions.

① Key Technical Levels

Level	Range	Explanation
Short-Term Resistance	RMB 25.8~27.3	Price records near RMB 25.84 and the historical comparison point of 2026-06-08 close of RMB 27.25 appear in the notes, which can serve as upper resistance references; data dates are incompletely labeled, for range reference only, not a single-point forecast.
First Support	RMB 24.5~24.9	Price record of RMB 24.83 appears in the notes, which can serve as a preliminary support range reference; due to the lack of clear trading day labels, the range is a rough correspondence.
Strong Support	Data missing	The notes did not provide explicit values such as the 52-week low or Bollinger Band lower rail, making it impossible to construct a reliable strong support range; data is truthfully stated as missing, with no speculation.

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

Range-bound Consolidation (Subjective weight: Medium (an empirical judgment based on current technical and capital conditions, not statistical probability)): If the stock price moves within the RMB 24.5~25.8 range, and single-day turnover does not show sustained expansion, combined with the main force capital outflow trend not clearly reversing, then a range-bound consolidation pattern is more likely to be maintained. Trigger conditions: Volume maintains recent normal levels, no new news catalysts.
Weaker Downside (Subjective weight: Relatively high, approximately 60% (an empirical judgment based on current technical and capital conditions, not statistical probability)): If the stock price effectively breaks below the first support range near RMB 24.5, and main force capital continues this week's net outflow direction (e.g., single-day net outflow significantly expanding from the RMB 7.3795 million on September 11), then it may seek lower levels; since the notes did not provide the 52-week low and Bollinger Band lower rail values, the specific target level for downside space cannot be calculated, truthfully stated.
Rebound Strengthening (Subjective weight: Low (an empirical judgment based on current technical and capital conditions, not statistical probability)): If the stock price returns above the RMB 25.8~27.3 resistance range, accompanied by significantly expanded single-day turnover (referencing the historical abnormal volume ranges of RMB 563 million to RMB 1.463 billion in the notes), and main force capital turns to net inflow, then a phased rebound may unfold; this scenario requires simultaneous coordination of volume and capital, and current notes data does not yet support this condition being established.

③ Capital and Liquidity Background

On the liquidity front, the notes recorded that the stock experienced an abnormal surge in single-day turnover to RMB 1.463 billion, as well as an instance of single-day turnover of RMB 563 million, and previously appeared on the Dragon-Tiger List (listed seats buying RMB 691,329,300), indicating characteristics of active capital concentrated participation and phased trading volume expansion at specific stages; however, the notes did not provide complete turnover and turnover rate range data for the most recent trading day, making it impossible to confirm whether current liquidity levels are at normal levels; the above turnover ranges only represent historical anomaly records and cannot be directly extrapolated to next week. On the shareholder structure front, the notes mention the actual controller Liao Chenan's control ratio of 32.70% (data date is relatively early), and QFII institution Investec UK Limited previously held 2,113,200 shares, 0.40% (marked as exited), indicating that foreign institutional investors have appeared in the shareholder list, but the Chinese stock tradable shareholder list source simultaneously given in the notes is labeled as June 30, 2026 (Tonghuashun), which has disclosure lag, and the notes did not provide the latest top ten shareholder concentration or mainstream institutional holdings details such as public funds/social security; therefore, the current shareholder structure may differ from the listed data, and relevant concentration information should be based on the latest periodic report disclosure. In practical terms, in the absence of the latest concentration and turnover rate data, accurate judgment of order book depth and slippage cannot be made; the above information is for background reference only and does not constitute a definitive conclusion on liquidity.

If subsequent single-day turnover continues to expand and stabilizes above RMB 500 million (referencing the RMB 563 million abnormal volume level previously appearing in the notes), this can be regarded as a capital entry signal; if turnover continues below recent normal levels and main force capital continues net outflow, this should be regarded as an observation signal of insufficient willingness to absorb shares.

④ Points of Attention (Observation Ideas Only, Not Operational Instructions)

Pay attention to whether the first support range near RMB 24.5 holds or breaks, and whether main force capital outflow simultaneously expands after a breakdown (comparing to the magnitude of single-day net selling of RMB 7.3795 million on September 11).
Pay attention to whether the short-term resistance range of RMB 25.8~27.3 can be effectively broken through, and whether the breakout is accompanied by expanded turnover.
Pay attention to whether turnover shows a sustained volume signal expanding above RMB 500 million, and whether main force capital shifts from net outflow to net inflow (this week's total net outflow was RMB 42.9057 million).
Pay attention to whether data not covered in the notes, such as the moving average system, Bollinger Bands, latest turnover rate, and latest top ten shareholder concentration, are updated in subsequent disclosures (shareholder data has a lag of more than a quarter). All of the above are observation ideas, not operational instructions.

The above scenario projection is based on 2026-09-11 closing data and historical price and technical indicator calculations; short-term stock prices are also affected by multiple factors such as news, capital flows, and the broader market environment; technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future trends, and do not constitute buy/sell advice; please combine with the latest market information for independent judgment and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

Refrigeration Compressors/Commercial Central Air Conditioning: In 2025, China's commercial central air conditioning market continued to decline, with "double-digit declines in engineering projects," presenting a pattern of "overall contraction with localized bright spots"; the company in the commercial central air conditioning compressor market (according to etnet profile) "ranks first in market share in mainland China," and in the data center liquid cooling (magnetic levitation centrifugal/air suspension centrifugal) field "occupies a leading position in the domestic substitution process, with market share firmly among the industry's top." Vacuum Pumps: ① Photovoltaic vacuum pumps — domestic leader, No. 1 market share in the crystal pulling segment, first tier in the cell manufacturing segment; ② Semiconductor vacuum pumps — global market exceeds USD 5 billion, foreign players account for approximately 80%, the company has been recognized by multiple wafer fabs and is in batch supply, cooperating with leading equipment manufacturers such as AMEC and ACM Research, mainly targeting the replacement of older production lines below 8 inches and rigorous process verification such as CVD/furnace tubes (expected to have comprehensive replacement capability within 1-2 years).

6.2 Competitive Landscape

Refrigeration Compressors/Commercial Central Air Conditioning: In 2025, China's commercial central air conditioning market continued to decline, with "double-digit declines in engineering projects," presenting a pattern of "overall contraction with localized bright spots"; the company in the commercial central air conditioning compressor market "ranks first in market share in mainland China" (company profile basis), and in the data center liquid cooling (magnetic levitation centrifugal/air suspension centrifugal) field "occupies a leading position in the domestic substitution process, with market share firmly among the industry's top."
Semiconductor Vacuum Pumps: Global market exceeds USD 5 billion, foreign players account for approximately 80% (Source: Shanxi Securities/Soochow Securities 2026 research reports); the foreign-dominated landscape is clear, but the research reports did not name specific dominant manufacturers. The company is in the position of a domestic substitution chaser, has been recognized by multiple wafer fabs and is in batch supply, cooperating with leading equipment manufacturers such as AMEC and ACM Research, mainly targeting the replacement of older production lines below 8 inches and rigorous process verification such as CVD/furnace tubes (expected to have comprehensive replacement capability within 1-2 years).
Photovoltaic Vacuum Pumps: The company is a domestic leader, with the industry's top market share in the crystal pulling segment and first tier in the cell manufacturing segment; however, dragged down by the downstream photovoltaic industry's "deep adjustment and low utilization rates," this segment's revenue plunged 62.76% in 2025, highly sensitive to downstream prosperity.
Note: Market share statements come from company profile/annual report sources, are company self-statements, and have not been independently verified by third-party data.

6.3 Main Competitors

Company	Positioning	Explanation
Kaishan Group (002637)	To be verified/data missing — this research did not obtain cross-verifiable sources confirming its comparability and specific positioning relative to Hanbell	Only a benchmarking assumption used during search, not confirmed by any reliable source, requiring subsequent cross-verification
Baosi Shares (300441)	To be verified/data missing — this research did not obtain cross-verifiable sources confirming its comparability and specific positioning relative to Hanbell	Only a benchmarking assumption used during search, not confirmed by any reliable source, requiring subsequent cross-verification
Binglun Environment (000811)	To be verified/data missing — a common benchmark on the refrigeration equipment/central air conditioning equipment side, not confirmed by sources in this research	Not confirmed by sources in this research, requiring subsequent cross-verification

Due to search step limits, this research was unable to obtain cross-verifiable horizontal comparison sources for "3-5 direct comparable companies + positioning/differentiation"; this subsection's data is incomplete, representing the largest gap in this section, and it is recommended to supplement it in follow-up research. Overseas leaders in the semiconductor vacuum pump field (foreign players accounting for approximately 80% globally): industry research reports only provide a qualitative "foreign-dominated" characterization without naming specific companies, requiring separate verification (traditionally Edwards/ULVAC/Ebara, etc., but no source supports this in this research; labeled as unverified industry common knowledge speculation). Recommended follow-up search paradigms: "Hanbell Kaishan Baosi comparison," "screw compressor listed companies market share comparison," "semiconductor vacuum pump domestic manufacturers competitive landscape."

7. Risk Warnings

Risk of continued downturn in downstream prosperity for photovoltaic vacuum pumps: The company's photovoltaic vacuum pumps are a domestic leader (industry-leading market share in the crystal pulling segment), but this segment's revenue plunged 62.76% year-on-year in 2025, directly causing full-year net profit attributable to parent to decline 45.66%; if the photovoltaic industry's utilization rates continue to be low and replacement demand falls short of expectations, the recovery of the vacuum products segment may be interrupted again.
Risk of continuously lengthening accounts receivable turnover days and concentrated collection: The company's accounts receivable turnover days rose from 48.59 days in 2021 to 86.31 days in 2025; 2026H1 accounts receivable RMB 659 million, with accounts receivable/net profit attributable to parent reaching 140.49%; and the top five customers' accounts receivable as a proportion of total receivables reached 37.85% at end-2022, significantly higher than revenue customer concentration (FY2025 top five customers accounted for only 13.11% of revenue), indicating collection risk concentrated among a few major customers; if downstream customer financial pressure increases, the risk of bad debts or further extended payment terms cannot be ignored.
Risk of raw material price fluctuations: Raw materials account for as much as 83.68% of the company's operating costs (2023 annual report briefing basis), mainly steel and pig iron; the company states that raw material prices are affected by iron ore, international financial conditions, exchange rates, and fuel freight rates, with "large fluctuations and unpredictable price trends," and it is essentially a price-taker; if steel prices rise and product price adjustment pass-through is inadequate, gross margin will be directly compressed.
Risk of semiconductor vacuum pump domestic substitution volume ramp-up pace falling short of expectations: Foreign players account for approximately 80% of the global semiconductor vacuum pump market; the company is still a chaser, mainly targeting the replacement of older production lines below 8 inches and rigorous process verification such as CVD/furnace tubes, with the company expecting comprehensive replacement capability within 1-2 years; however, the 2026 institutional net profit forecast range is dispersed at RMB 565–696 million, precisely reflecting the uncertainty of the volume ramp-up pace; if verification or batch supply progress falls below expectations, it will affect the realization of the new growth curve.
Risk of exchange rate fluctuations affecting profit: The company explicitly stated that one of the main reasons for the 2026 H1 net profit year-on-year increase was "exchange rate fluctuations becoming more stable compared to the prior year period, reducing exchange losses," while the 2025 net profit sharp decline was also partly due to exchange losses from TWD/USD exchange rate fluctuations, indicating that the company's profit is relatively sensitive to exchange rate changes; if adverse exchange rate fluctuations occur again, it may disrupt profits.
Risk of director/senior management share reduction and weak capital position: In June 2026, the company's Vice Chairman Ke Yongchang and 4 other directors and senior management pre-disclosed a total proposed reduction of no more than 200,300 shares (0.0375% of total share capital); although the scale is very small and due to personal financial needs, as a management cash-out signal, subsequent implementation progress still needs monitoring; meanwhile, as of the week ending 2026-09-11, the stock price fell 5.56% and main force capital net outflow was RMB 42.9057 million, indicating limited willingness to absorb shares during the period.

8. Conclusion and Outlook

In terms of growth logic, as a domestic substitution leader in screw compressors and photovoltaic vacuum pumps, the company's core focus has shifted from photovoltaic vacuum pumps to two new main lines: first, magnetic levitation/air suspension centrifugal compressors for data center liquid cooling (AIDC), where the company occupies a leading position in the domestic substitution process; second, semiconductor vacuum pumps, with a global market exceeding USD 5 billion and foreign players accounting for approximately 80%, where the company's PMF/PDM/iPH three major series of dry vacuum pumps have passed SEMI certification and are in batch supply, cooperating with leading equipment manufacturers such as AMEC and ACM Research, mainly targeting the replacement of older production lines below 8 inches and rigorous process verification such as CVD/furnace tubes. If these two businesses ramp up as expected, they will be the main drivers of gross margin and revenue structure improvement.

It must be acknowledged that the photovoltaic vacuum pump segment is highly sensitive to downstream prosperity, and the 62.76% revenue plunge in 2025 has fully exposed this risk exposure; its recovery pace depends on whether the photovoltaic industry's utilization rates can substantially recover; meanwhile, the company's overall gross margin remains at a low level since 2023, the commercial central air conditioning market continued to decline in 2025 with double-digit declines in engineering projects, and the growth elasticity of the compressor main business is relatively limited. The institutional forecast assumption of 27%~31% net profit growth in 2026 is largely based on accelerated volume ramp-up of semiconductor vacuum pumps and AIDC business.

Overall, the company possesses domestic substitution technological barriers and a multi-product line layout, but the short-term revenue side has not yet confirmed a reversal (2026H1 revenue up only +0.90% year-on-year, Q2 single-quarter revenue -7.81% year-on-year), compounded by continuously lengthening accounts receivable turnover days and phased main force capital net outflow; its growth realization still requires subsequent periodic reports and order verification, and linear extrapolation from single-quarter profit improvement is not appropriate.

Data Sources

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.