Linhai Co., Ltd. (600099)

Individual Stock Analysis Report | Industry: Motorcycles and General-Power Machinery | Report Date: September 13, 2026 | As of the close on 2026-09-11 (Friday); technical indicator timestamp is 2026-09-11 09:11 GMT (approx. 17:11 Beijing time), consistent with the closing data convention.

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

1. Core Summary

According to Linhai Co., Ltd.'s (600099.SH) 2026 semi-annual report, the company achieved operating revenue of RMB 728 million, up 25.88% year-on-year; net profit attributable to the parent company of RMB 13.6670 million, up 17.29% year-on-year; net profit attributable to the parent company after deducting non-recurring items of RMB 12.1270 million, up 25.11% year-on-year. The growth rate of net profit attributable to the parent company was lower than the revenue growth rate, mainly due to non-recurring gains and losses of approximately RMB 1.54 million; the growth rate of net profit after deducting non-recurring items was higher than that of net profit attributable to the parent company, indicating that the improvement in core business profitability was slightly better than the headline profit. By quarter, 2026Q2 revenue was RMB 402 million (+30.8%), net profit attributable to the parent company was RMB 9.5051 million (+16.5%), and net profit after deducting non-recurring items was RMB 9.1525 million (+22.07%); 2026Q1 revenue was RMB 326 million (+20.31%), net profit attributable to the parent company was RMB 4.1619 million (+19.13%), and net profit after deducting non-recurring items was RMB 2.9745 million (+35.5%), with Q1 operating cash flow of -RMB 3.9893 million (turning from positive to negative).

In terms of business structure, in 2026H1, revenue from forest fire-fighting machinery declined 41.63% year-on-year due to narrowing demand, while revenue from special vehicles and motorcycles in international markets increased 63.37% and 27.39%, respectively. Information from the interactive platform shows that the EU is one of the company's main export markets for all-terrain vehicles, with EU market revenue accounting for approximately 25% of the company's total revenue and approximately 50% of international market revenue in 2025. In terms of profit quality, 2026H1 gross margin was 11.72%, net margin was 1.88%, weighted ROE was 2.48% (+0.30pct year-on-year), and the debt-to-asset ratio was 59.81%; net cash flow from operating activities was RMB 48.3794 million, down 24.92% year-on-year; financial expenses turned from -RMB 3.846 million in the prior year to +RMB 5.300 million.

In terms of valuation and market performance, as of the close on 2026-09-11, the company's stock price was RMB 9.17 (-1.71%), total market capitalization was RMB 2.009 billion (fully circulating), PE (dynamic/static/TTM) was 73.51x/81.84x/75.62x respectively, and PB (dynamic) was 3.62x. The technical picture is generally weak: RSI(14) was 38.79, MACD formed a death cross above the zero line on September 7 and a "bear point" appeared, MA5 (9.35) and MA10 (9.41) were above the stock price, forming resistance, and the aggregated signal from Investing.com was a daily "Strong Sell"; the average chip cost was RMB 9.43, resistance at RMB 10.35, and support at RMB 8.45. The company's 2026H1 net profit attributable to the parent company was only RMB 13.6670 million, with a net margin of approximately 1.88%, which is the main reason for the PE being at a high level of 70-80x.

In terms of institutional coverage, Huatong Securities International (initiated coverage on 2026-03-14, "Recommend/Accumulate", 6-month target price of RMB 12.20) forecasts 2026E/2027E revenue of RMB 1.336 billion/1.531 billion, net profit attributable to the parent company of RMB 29 million/35 million, and EPS of RMB 0.13/0.16; Nanjing Securities (2025-12-23, "Neutral") expects 2025-2027 revenue of RMB 1.077 billion/1.213 billion/1.400 billion and net profit attributable to the parent company of RMB 24.72 million/28.72 million/32.97 million. The East Money consensus estimate summary includes only 1 institution, and there have been no new individual stock research reports since March 2026, so the forecast reliability is low; Huatong's 2025 revenue forecast (RMB 1.154 billion) was approximately 2% higher than the actual figure (RMB 1.131 billion).

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Motorcycle business
• General-power machinery business

2.3 Position in the Industry Chain Upstream and Downstream, and Cost-Profit Structure

Linhai Co., Ltd. is a manufacturer of motorcycles and general-power machinery, positioned in the midstream complete-machine manufacturing segment of the industry chain. The research notes do not disclose a complete breakdown of the cost structure or customer concentration details; the following analysis is based only on the limited information appearing in the notes, and some fields are marked as data missing as they are.

• The research notes do not clearly list the company's specific raw material composition (such as steel, engine parts, electronic components, etc.) with category breakdown and proportion data; this information is missing and should be based on the "Operating Cost Composition" section of the latest annual report.
• The research notes do not disclose supplier concentration data (such as the combined procurement proportion of the top five suppliers), so the company's bargaining position with upstream suppliers cannot be quantified.
• The notes contain no direct evidence of whether the company has pricing power over upstream suppliers; it can only be confirmed that the company is a complete-machine manufacturer, which typically needs to purchase inputs such as engines and parts externally.
• The research notes do not disclose the combined sales proportion of the company's top five customers or specific customer names; customer concentration data is missing and should be based on the "Major Customers" disclosure in the latest annual report.
• The company's products include motorcycles and general-purpose power machinery. The notes do not indicate whether the downstream consists of complete-vehicle dealers, overseas export customers, or OEM supporting customers; the sales structure information is incomplete.
• The notes do not mention whether there are "annual price reduction" clauses or dealer rebate pressure in the motorcycle or general machinery industry similar to those in auto parts. There is no basis in the notes for this bargaining dynamic, and no inference is made.
• A relevant source in the research notes mentions "need to pay attention to cash flow and accounts receivable" (title of the 2025 interim report analysis), but the main text of the notes does not provide specific values for accounts receivable turnover days, accounts receivable as a proportion of revenue or net profit; the working capital occupation situation lacks quantifiable data support from the notes.
• Customer and supplier concentration data do not appear in the research notes, so the top five customer/supplier proportions cannot be provided. This data is missing; it is recommended to rely on the company's latest annual report disclosure and note that data from different years should not be directly mixed.

Based on the research notes, it can be confirmed that the company is in the complete-machine manufacturing segment in the middle of the smile curve (motorcycles and general-power machinery), but the notes do not provide sufficient data on cost structure, customer concentration, and gross margin trends to quantitatively determine its bargaining power and profitability level in the value chain. Drivers of subsequent margin improvement (such as product structure upgrading and reserves of high-value-added products) are mentioned in the investment value analysis report cited in the notes, but lack supporting financial data verification and should be based on the company's periodic report disclosures.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

①2026H1 gross margin 11.72%, net margin 1.88%, weighted ROE 2.48% (+0.30pct year-on-year), debt-to-asset ratio 59.81%; basic EPS RMB 0.0624; total assets at period end RMB 1.382 billion (+19.7% from the beginning of the year), net assets attributable to the parent RMB 555 million (+1.6% from the beginning of the year); net profit attributable to the parent after deducting non-recurring items RMB 12.1270 million (+25.11% year-on-year); total profit RMB 17.4380 million (+16.19% year-on-year); net cash flow from operating activities RMB 48.3794 million (-24.92% year-on-year). ②2026Q2 single quarter: revenue RMB 402 million (+30.8%), net profit attributable to parent RMB 9.5051 million (+16.5%), net profit after deducting non-recurring items RMB 9.1525 million (+22.07%); 2026Q1 single quarter: revenue RMB 326 million (+20.31%), net profit attributable to parent RMB 4.1619 million (+19.13%), net profit after deducting non-recurring items RMB 2.9745 million (+35.5%), operating cash flow -RMB 3.9893 million (turning from positive to negative). ③FY2025: net profit attributable to parent after deducting non-recurring items RMB 21.6767 million; EPS RMB 0.11; gross margin 12.66%; ROE 4.58%; dividend RMB 0.45 per 10 shares. ④FY2024: EPS RMB 0.08; dividend RMB 0.30 per 10 shares. ⑤FY2023: EPS RMB 0.0608. ⑥2025 Q3 Report EPS RMB 0.07. ⑦2026H1 net profit attributable to parent growth (+17.29%) was lower than revenue growth (+25.88%), while growth after deducting non-recurring items (+25.11%) was higher than the growth of net profit attributable to parent, with the difference stemming from non-recurring gains and losses (2026H1 non-recurring gains and losses of approximately RMB 1.54 million); a similar structure also existed in the same period of 2025, which should be noted when comparing. ⑧Sources: Company 2026 Semi-Annual Report Summary (disclosed 2026-08-25/26, stockstar.com/SN2026082500045173), East Money/China Securities Network (finance.eastmoney.com/a/202608263854294373.html), Jiemian News, Securities Star 2026-09-11 flash report, SSE annual report summary (SN2026032700044068), Sina Finance performance summary, stockanalysis.com, SSE visualized financial report. ⑨Price-related data as of the close on 2026-09-11; if the website subsequently updates (e.g., the 2026 Q3 report is expected to be disclosed in late October), re-verification is required.

The latest financial report (2026 Semi-Annual Report, disclosed 2026-08-25/26) shows: operating revenue of RMB 728 million, up 25.88% year-on-year; net profit attributable to the parent of RMB 13.6670 million, up 17.29% year-on-year; net profit attributable to the parent after deducting non-recurring items of RMB 12.1270 million, up 25.11% year-on-year; total profit of RMB 17.4380 million, up 16.19% year-on-year; net cash flow from operating activities of RMB 48.3794 million, down 24.92% year-on-year. In terms of profit quality, gross margin was 11.72%, net margin was 1.88%, weighted ROE was 2.48% (+0.30pct compared with the same period last year), and the debt-to-asset ratio was 59.81%; basic EPS was RMB 0.0624; total assets at period end were RMB 1.382 billion (+19.7% from the beginning of the year), and net assets attributable to the parent were RMB 555 million (+1.6% from the beginning of the year). By quarter, 2026Q2 revenue was RMB 402 million (+30.8%), net profit attributable to the parent was RMB 9.5051 million (+16.5%), and net profit after deducting non-recurring items was RMB 9.1525 million (+22.07%); 2026Q1 revenue was RMB 326 million (+20.31%), net profit attributable to the parent was RMB 4.1619 million (+19.13%), and net profit after deducting non-recurring items was RMB 2.9745 million (+35.5%), with Q1 operating cash flow of -RMB 3.9893 million (turning from positive to negative). The company's 2026H1 net profit attributable to the parent growth (+17.29%) was lower than revenue growth (+25.88%), while growth after deducting non-recurring items (+25.11%) was higher than the growth of net profit attributable to the parent, with the difference stemming from non-recurring gains and losses (2026H1 non-recurring gains and losses of approximately RMB 1.54 million); a similar structure also existed in the same period of 2025, which should be noted when comparing. In terms of historical base, FY2025 revenue was RMB 1.131 billion (+7.66%), net profit attributable to the parent was RMB 24.5527 million (+33.24%), net profit attributable to the parent after deducting non-recurring items was RMB 21.6767 million, EPS was RMB 0.11, gross margin was 12.66%, ROE was 4.58%, and dividend was RMB 0.45 per 10 shares; FY2024 revenue was RMB 1.051 billion (+51.23%), net profit attributable to the parent was RMB 18.4279 million (+38.43%), EPS was RMB 0.08, and dividend was RMB 0.30 per 10 shares; FY2023 revenue was RMB 694.8 million, net profit attributable to the parent was RMB 13.31 million, and EPS was RMB 0.0608. Overall, the company's revenue has maintained relatively rapid growth, but the net margin of approximately 1.88%-2.2% is at a low level, and profit elasticity is limited; the year-on-year decline in operating cash flow in 2026H1 requires attention.

3.2 Profit Forecast

The above forecasts are from Huatong Securities International (the only recent coverage, initiated on 2026-03-14, rating "Recommend/Accumulate", 6-month target price of RMB 12.20), sources: data.eastmoney.com/report/info/AP202603141820561467.html, Sina research report page rptid/826799460211, East Money profit forecast emweb.securities.eastmoney.com/ProfitForecast/index?code=SH600099. The East Money consensus estimate summary includes only this 1 institution, so the "consensus" is a single brokerage; the 2026E/2027E revenue, net profit, and EPS are actually single-brokerage forecasts and do not constitute a multi-brokerage consensus. Note: Huatong's 2025 revenue forecast (RMB 1.154 billion) was approximately 2% higher than the actual figure (RMB 1.131 billion). In addition, Nanjing Securities (initiated coverage on 2025-12-23, "Neutral") expects 2025-2027 revenue of RMB 1.077 billion/1.213 billion/1.400 billion and net profit attributable to the parent of RMB 24.72 million/28.72 million/32.97 million; Huajin Securities (2024-11-03, "Accumulate") forecasts 25/26/27 EPS of RMB 0.07/0.08/0.09 (more than one year old, low reference value). In the Securities Star "Institutions' First Coverage" table, the EPS column headers are labeled as 26/27/28 and the values are 0.10/0.13/0.16, which is misaligned year by year with the East Money basis (2025E≈0.10, 2026E 0.13, 2027E 0.16); this is judged to be a column header labeling error, and the East Money basis is adopted as authoritative. Institutional forecast coverage is extremely thin, with no new individual stock research reports since March 2026, and forecast reliability is low.

3.3 Valuation Level and Institutional Ratings

As of the close on 2026-09-11, the company's closing price was RMB 9.17 (-RMB 0.16, -1.71%), with an open of 9.22, high of 9.33, low of 8.99, and previous close of 9.33; turnover rate was 1.50%, and trading value was RMB 29.8717 million; total market capitalization = circulating market capitalization = RMB 2.009 billion. Valuation levels: PE (dynamic) 73.51x, PE (static) 81.84x, PE (TTM) 75.63x, PB 3.62x (net assets per share RMB 2.5339); AAStocks shows PE 81.88/TTM 75.66 and PB 3.68. Converted according to Huatong's forecasts, RMB 9.17 corresponds to 2026E PE of approximately 70.5x and 2027E PE of approximately 57.3x; the target price of RMB 12.20 implies approximately +33% versus the current price. The 52-week price range is RMB 7.44–11.90 (Investing.com, single source, exact cutoff date not marked, please treat with caution). The valuation level is "very high and volatile": the company's 2025 revenue was RMB 1.131 billion but net profit attributable to the parent was only RMB 24.55 million, with a net margin of approximately 2.2%, causing the PE to be at a high level of 70-80x; the PE value changes rapidly with the stock price and the latest TTM earnings, and differences across sources/snapshot times are obvious (the East Money profit forecast page showed PE of 72.02 and 84.96 for 2025 on the same page at different times, due to different pricing time points). Institutional forecast coverage is extremely thin, with no new individual stock research reports since March 2026, and 2026E/2027E earnings are actually forecasts from a single brokerage (Huatong Securities International), not a multi-brokerage consensus; Huatong's 2025 revenue forecast (RMB 1.154 billion) was approximately 2% higher than the actual figure (RMB 1.131 billion). The FY2025 segment revenue breakdown is only found in one place on datayes and could not be cross-verified item by item in the original annual report, so it is marked as single-source data; the 52-week high and low are from Investing.com as the sole source. The financial data in these notes are all quoted from company announcements/mainstream financial platform summaries, and price-related data are as of the close on 2026-09-11; if the website subsequently updates (e.g., the 2026 Q3 report is expected to be disclosed in late October), re-verification is required.

4. Recent News and Announcements

4.1 Disclosure of the 2026 Semi-Annual Report: Revenue of RMB 728 million, up 25.88% year-on-year; net profit attributable to parent of RMB 13.6670 million, up 17.29% year-on-year

The company disclosed its 2026 semi-annual report on 2026-08-25/26 (full announcement on 2026-08-26). During the reporting period, it achieved operating revenue of RMB 728 million (RMB 728,108,564.13), up 25.88% year-on-year; net profit attributable to the parent of RMB 13.6670 million (RMB 13,666,969), up 17.29% year-on-year; net profit attributable to the parent after deducting non-recurring items of RMB 12.1270 million, up 25.11% year-on-year; basic earnings per share of RMB 0.0624. In terms of structure: forest fire-fighting machinery sales revenue declined 41.63% year-on-year due to narrowing demand; in international markets, special vehicle and motorcycle sales revenue increased 63.37% and 27.39%, respectively. In terms of cash flow: net cash flow from operating activities was RMB 48.3794 million, down 24.92% year-on-year; financial expenses turned from -RMB 3.846 million in the prior year to +RMB 5.300 million (foreign exchange/interest rate impact, with the year-on-year item marked as "not applicable"). Sources: consistent across East Money, Securities Times/People's Finance, Gelonghui, Sina, Securities Star, and other outlets; the figures are reliable.

4.2 The Semi-Annual Assessment Report of the 2026 "Improving Quality, Increasing Efficiency, and Rewarding Returns" Action Plan Was Released with the Semi-Annual Report

On 2026-08-26, the "Semi-Annual Assessment Report of the 2026 'Improving Quality, Increasing Efficiency, and Rewarding Returns' Action Plan" was released with the semi-annual report. Source: announcement aggregation page (irlianmeng).

4.3 Announcement on Sinomach Finance Co., Ltd. Receiving the "Administrative Penalty Decision" and the Risk Disposal Results

On 2026-08-18, the "Announcement on Sinomach Finance Co., Ltd. Receiving the 'Administrative Penalty Decision' and the Risk Disposal Results" was published; on the same day, there was also the "Announcement on the Continuous Risk Assessment Report of Sinomach Finance Co., Ltd." (disclosed with the 2026 semi-annual report). The related party is Sinomach Finance Co., Ltd. Uncertainty: the details of the "administrative penalty decision and risk disposal results" are only found on a single announcement aggregation page, and the specific penalty content/amount could not be cross-verified; it is recommended to download the original text from the Shanghai Stock Exchange for confirmation.

4.4 The First Extraordinary Shareholders' Meeting of 2026 Approved the Proposal to By-Elect an Independent Director

On 2026-08-03, the first extraordinary shareholders' meeting of 2026 was held, and the "Proposal on By-Electing an Independent Director of the Ninth Board of Directors of the Company" was approved. Source: East Money announcement page.

4.5 The Fourth Extraordinary Board Meeting of 2026 Reviewed Proposals on By-Electing an Independent Director, Revising the "Three Majors and One Large" System, and Others

On 2026-07-16, the fourth extraordinary board meeting of 2026 was held, and proposals were approved on by-electing an independent director, revising the "Implementation Measures for the Company's 'Three Majors and One Large' Decision-Making System" and the decision-making matters/authority table, adjusting the company's organizational structure, and convening an extraordinary shareholders' meeting. Sources: East Money announcement page; announcement aggregation page (irlianmeng).

4.6 2026-07-17 Announcement on By-Electing an Independent Director (Corresponding to the 2026-06-06 Resignation of an Independent Director)

On 2026-06-06, an announcement on the resignation of an independent director was published; on 2026-07-17, an announcement on by-electing an independent director was published. Source: announcement aggregation page (irlianmeng).

4.7 Implementation of the 2025 Annual Equity Distribution: Cash Dividend of RMB 0.045 per Share (Tax Included), Totaling RMB 9.8604 Million

Implementation announcement for the 2025 annual equity distribution (2026-06-23/24): based on total share capital of 219,120,000 shares, a cash dividend of RMB 0.045 per share (tax included), totaling RMB 9.8604 million. Record date 2026-06-29, ex-rights and ex-dividend date 2026-06-30. Sources: East Money announcement page; China Securities/Nanfang Finance same basis.

4.8 2026-06-09 2025 Annual Results Briefing Held, Disclosing Key New Product Development Areas

On 2026-06-09, the 2025 annual results briefing was held, attended by Chairman Chang Kangzhong, General Manager Lu Ying, independent director Zhang Zenghua, and CFO and Board Secretary Li Pengpeng, in the form of self-recorded plus online text interaction; the record table disclosed that since 2026 the company has focused on promoting the development of new products such as the new 300/400ATV, high-flow water pumps, 200-row-spacing high-speed seed breeding rice transplanters, and 8-kg-feed harvesters. Sources: company announcement (cnfin); East Money research flash report.

4.9 Interactive Platform: The EU Is One of the Main Export Markets for All-Terrain Vehicles; EU Market Revenue Accounted for Approximately 25% of the Company's Total Revenue in 2025

2026-06-08 interactive platform: The EU is one of the company's main export markets for all-terrain vehicles; in 2025, EU market revenue accounted for approximately 25% of the company's total revenue and approximately 50% of international market revenue, with sales to Europe mainly under a dealership model. Source: East Money announcement/news page (Securities Daily report).

4.10 The 2025 Annual Shareholders' Meeting Approved the Profit Distribution Plan and Proposals Including the Authorization for the 2026 Interim Dividend

The 2025 annual shareholders' meeting (2026-05-11) approved the "2025 Annual Profit Distribution Plan" and the "Proposal to Request the Shareholders' Meeting to Authorize the Board of Directors to Decide the 2026 Interim Profit Distribution," meaning the 2026 interim dividend authorization has been approved. The meeting also approved the board of directors' work report, financial report, annual report, independent director allowance, related-party transaction adjustment, signing of a financial services agreement with Sinomach Finance, reappointment of ShineWing Certified Public Accountants (2026 annual audit), and formulation of a senior management compensation management system, among others. At the meeting, proposals 8/9 were subject to recusal by the controlling shareholder China Foma, and proposal 7 was subject to recusal by shareholder Lu Ying. Sources: East Money shareholders' meeting page; Securities Star announcement.

4.11 The 2026 Daily Related-Party Transaction Adjustment and the Signing of a Financial Services Agreement with Sinomach Finance Were Approved by the Shareholders' Meeting

On 2026-05-11, the shareholders' meeting approved the "Proposal on New Related-Party Transactions and the 2026 Daily Related-Party Transaction Adjustment" and the "Proposal on Signing a Financial Services Agreement with Sinomach Finance Co., Ltd. and Related-Party Transactions." The related party is Sinomach Finance Co., Ltd., and the controlling shareholder China Foma recused itself from voting. Source: East Money shareholders' meeting page.

4.12 Disclosure of the 2025 Annual Report: Revenue of RMB 1.131 Billion, up 7.66% year-on-year; Net Profit Attributable to Parent of RMB 24.5527 Million, up 33.24% year-on-year; Proposed RMB 0.45 per 10 Shares

The company disclosed its 2025 annual report on 2026-03-27/28. During the reporting period, it achieved operating revenue of RMB 1.131 billion (RMB 1,131,246,944.93), up 7.66% year-on-year; net profit attributable to the parent of RMB 24.5527 million, up 33.24% year-on-year; net profit attributable to the parent after deducting non-recurring items of RMB 21.6767 million, up 47.00% year-on-year; total profit of RMB 27.5691 million, up 33.85% year-on-year; basic earnings per share of RMB 0.112. Distribution plan: cash dividend of RMB 0.45 per 10 shares (tax included). Sources: East Money; Jiufang Zhitou. Note: no special announcements of the "earnings forecast/pre-increase/pre-decrease" type were found for 2025 or the 2026 interim period; the relevant growth mainly came from the formal disclosure of periodic reports rather than earnings forecasts.

4.13 High-Tech Enterprise Recognition Announcement: The Company and Its Subsidiary Enjoy a 15% Corporate Income Tax Rate for 2025–2027

On 2026-01-15, the "Announcement on the Company and Its Subsidiary Passing High-Tech Enterprise Recognition" was published: Linhai Co., Ltd. and its subsidiary Jiangsu Foma High-Tech Power Machinery Co., Ltd. passed high-tech enterprise recognition and enjoy a 15% corporate income tax rate for 2025–2027; Linhai Co., Ltd. was recognized for the first time, while Foma High-Tech was re-recognized. Sources: China Finance Network announcement list; Readhub summary. Uncertainty: this item was initially marked as "22 minutes ago" on Readhub, inconsistent with the 2026-01-15 announcement date shown on China Finance Network, suspected to be an abnormal timestamp on the aggregation page; the announcement date of the recognition should be based on the original text on China Finance Network/Shanghai Stock Exchange.

4.14 The Second Extraordinary Shareholders' Meeting of 2025 Approved the Proposal to Reappoint ShineWing Certified Public Accountants

The second extraordinary shareholders' meeting of 2025 (2025-11-17) approved the proposal to "Reappoint ShineWing Certified Public Accountants as the Company's 2025 Financial Report Audit and Internal Control Audit Institution." Source: full text of the announcement on China Finance Network.

4.15 Deputy General Manager Gao Feng Resigned for Work Reasons, Announcement No. 2025-033

Deputy General Manager Gao Feng resigned for work reasons; the resignation report was delivered on 2025-11-03, and the announcement was made on 2025-11-05 (announcement no. 2025-033). Source: Shanghai Securities News.

4.16 The Fifth Extraordinary Board Meeting of 2025 Appointed a Deputy General Manager of the Company

On 2025-11-01, the fifth extraordinary board meeting of 2025 was held, and a deputy general manager of the company was appointed. Source: full text of the announcement on China Finance Network.

4.17 The First Extraordinary Shareholders' Meeting of 2025 Approved Proposals Including the Abolition of the Supervisory Board and Revision of the Articles of Association

The first extraordinary shareholders' meeting of 2025 (held on 2025-09-26) approved proposals including the abolition of the supervisory board and revision of the Articles of Association. Source: full text of the announcement on China Finance Network.

4.18 2025 Q3 Report: Revenue of RMB 801 Million, up 5.18% year-on-year; Net Profit Attributable to Parent of RMB 14.5245 Million, up 18.76% year-on-year

2025 Q3 report (2025-10-28): operating revenue of RMB 801 million, up 5.18% year-on-year; net profit attributable to the parent of RMB 14.5245 million, up 18.76% year-on-year. Source: Sina Finance performance announcement page.

4.19 2025-09-16 Departure of a Non-Independent Director; 2025-09-27 Election of Employee Director of the Ninth Board of Directors

On 2025-09-16, a non-independent director of the company departed; on 2025-09-27, the employee director of the ninth board of directors was elected. Source: China Securities Network announcement platform.

4.20 Investor Relations Activities: 2025-12-12 Q3 Results Briefing, 2025-12-30 and 2025-11-26 Institutional Research Receptions, etc.

On 2025-12-12, the Q3 results briefing was held; on 2025-12-30, specific-object research receptions were held for Hangzhou Gangtou Xingyue Investment Management Co., Ltd. and others; on 2025-11-26, Guolian Minsheng Securities research was received; on 2025-11-14, the "I Am a Shareholder" event for entering Shanghai-listed companies was held. Source: East Money company events page.

4.21 Changes in the Number of Shareholders: 12,455 as of 2026-06-30, a Decrease of 850 (-6.39%) from 2026-03-31

As of 2026-06-30, the company's number of A-share shareholders was 12,455, a decrease of 850 (-6.39%) from 2026-03-31. As of 2026-03-31, it was 13,305 (+3.78%); as of 2026-02-28, it was 12,821 (+3.97%); as of 2025-12-31, it was 12,332 (-2.81%). Source: East Money company events page.

4.22 Major Shareholder Structure (2025 Annual Report Basis)

Major shareholders (2025 annual report basis): China Foma Machinery Group Co., Ltd. 92,256,920 shares; Zhou Yuguang 7,740,518 shares; Zhang An 4,721,500 shares; Goldman Sachs & Co. LLC 2,745,117 shares; Fang Zhiyao 2,188,800 shares, etc. Source: full text of the announcement on Sina Finance.

4.23 Explanation of Buybacks and Increases/Decreases in Holdings: No Relevant Special Announcements Retrieved

Buybacks: no share repurchase plan was retrieved in public announcements; in the 2025 annual report's top ten shareholders explanation, "repurchase special account explanation: not applicable," meaning there have been no obvious buyback actions to date (if the report needs to emphasize this, please verify once more against special "share repurchase" announcements). Increases/decreases in holdings: no clear special announcements of increases/decreases in holdings by the controlling shareholder or major shareholders in 2025–2026 were retrieved; "not found" does not mean nonexistent, and it is recommended to re-verify using the keywords "shareholder reduction/increase" on the Shanghai Stock Exchange disclosure platform. Sources: full text of announcements on Sina Finance, etc.

4.24 Time Basis and Data Limitations Statement

1) Time basis: the latest public information retrieved is from late August 2026 (semi-annual report and supporting announcements), and the AASTOCKS quote page "last updated 2026/09/01." The "as of" date in this section is defined accordingly; whether there are new announcements in September–October 2026 could not be exhaustively determined. 2) No special announcements of the "earnings forecast/pre-increase/pre-decrease" type were seen in 2025–2026, and performance information all comes from the formal disclosure of periodic reports; if the report template requires filling in "forecast," it should be written as "none/not published." 3) The details of the related party Sinomach Finance's "administrative penalty decision and risk disposal results" are from a single source and have not been cross-verified; the original text on the Shanghai Stock Exchange should be treated as authoritative. 4) The high-tech enterprise announcement has a timestamp conflict on the aggregation page (Readhub shows "22 minutes ago," inconsistent with China Finance Network's 2026-01-15); the original text on China Finance Network/Shanghai Stock Exchange should be treated as authoritative. 5) No buyback plan was found in public searches, the "repurchase special account is not applicable," and the tendency is "no buyback," but special announcements were not exhaustively searched. 6) No relevant announcements on increases/decreases in holdings were retrieved, which is "not found" evidence rather than a definitive conclusion. 7) Some sources (such as East Money F9/announcement aggregation, irlianmeng, Readhub) are second-hand aggregations; key figures have been cross-checked with more than 2 independent sources where possible; single-source items have been marked in the text.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Linhai Co., Ltd. (600099) closed at RMB 9.17 as of 2026-09-11, down 1.71%, with a turnover rate of 1.50% and trading value of approximately RMB 29.87 million; a volume ratio of 1.00 indicates that trading strength was comparable to the recent average. The technical picture is generally weak: RSI(14) at 38.79 has fallen below the 50 midline but has not entered the oversold zone, MACD formed a death cross above the zero line on September 7 and a "bear point" appeared on September 11, RSI formed a death cross on September 10, and the moving average system MA5 (9.35) and MA10 (9.41) have moved above the stock price to form resistance, with only MA20 (9.28), the chip support level (8.45), and resistance (10.35) serving as lower/upper references. The aggregated signal from Investing.com is a daily "Strong Sell" (technical indicators Buy 0/Neutral 1/Sell 10; moving averages Buy 4/Sell more), and ATR(14) of RMB 0.1129 (about 1.2%) indicates relatively high volatility. In terms of valuation, PE (dynamic) 73.51 and PB (dynamic) 3.62; among peers in "Motorcycles and Others," revenue and net profit scale are relatively small (ranked 12/17), and the valuation percentile is high. Note that there are source discrepancies in the moving average values (the Investing.com English page MA5=9.11 is inconsistent with the closing price and recalculated result); this time the Jiufang Zhitou basis combined with self-recalculated results is adopted. Capital-side data such as shareholder structure and institutional holdings are missing from the research notes and are not included in the judgment this period.

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

⚠️ Risk Warning: The following content is only a subjective scenario deduction based on public market data, does not constitute any investment advice, and does not constitute buy, sell, hold, or position increase/decrease instructions.

① Key Technical Levels

② Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Sideways consolidation (relatively high weight, about 60% (subjective judgment, not statistical probability)): the stock price fluctuates repeatedly within the RMB 8.99~9.43 range, with volume maintaining the current level of around RMB 30 million. Trigger/maintenance conditions: no new news catalyst, volume ratio maintained near 1.00, the broader market and the "Motorcycles and Others" sector stable, and MA20 (approx. 9.28) and the chip cost of RMB 9.43 not effectively broken.
• Weaker downside (medium weight (subjective judgment, not statistical probability)): if the September 11 low of RMB 8.99 is broken and volume does not show increased absorption, combined with the continuation of the "Strong Sell" technical signal, the stock price may probe the strong support band of RMB 8.45~8.78. Trigger conditions: daily MACD bearish continuation, RSI continuing to decline toward oversold, and the sector weakening in sync; if RMB 8.45 is broken, it opens space toward RMB 8.40 and below to RMB 7.44 (52-week low).
• Rebound strengthening (relatively low weight (subjective judgment, not statistical probability)): if the stock price stabilizes above the RMB 9.28~9.43 moving average and chip concentration zone with increased volume, it may in the short term recover to the early-September trading zone near RMB 9.60. Trigger conditions: a clear increase in single-day trading value and a close above MA10 (RMB 9.41) and the average chip price of RMB 9.43, or the emergence of sector/individual stock catalysts; the upper chip resistance level of RMB 10.35 is the next hurdle.

③ Capital and Liquidity Background

The research notes did not retrieve the latest top ten shareholders/top ten circulating shareholders details of Linhai Co., Ltd. (600099), or mainstream institutional holdings data such as public funds/social security/QFII; shareholder structure information is missing, and no judgment can be made this period on institutional shareholding and concentration; relevant data typically have a disclosure lag of more than one quarter, and if supplemented later, the latest disclosure period should be used and it should be noted that the structure may already have changed. Known liquidity data are: as of the close on 2026-09-11, the day's turnover rate was 1.50%, trading value was RMB 29.8717 million, volume was 32,800 lots (sell-side 15,500 lots/buy-side 17,300 lots), volume ratio was 1.00, and total market capitalization and circulating market capitalization were both RMB 2.009 billion (fully circulating, total share capital = circulating share capital = 219 million shares). The research notes also contain fragments of capital flow on certain trading days (such as main funds net selling RMB 1.5806 million on September 3, retail net outflow RMB 1.8319 million on September 1, and main funds net buying RMB 7,213.00 on September 11), but no complete recent turnover rate and trading value range series has been formed; this paragraph does not cite unverified continuous values and only notes: measured by daily trading value of around RMB 30 million and a turnover rate of about 1.5%, the stock is a typical micro-cap low-liquidity name (sector labels include "micro-cap select, micro-cap stocks"), the order book depth on the bid and ask sides is limited, and the impact cost and slippage in actual trading may be higher than for large-cap stocks, with capital inflows and outflows having a relatively large marginal impact on the stock price.

Volume confirmation signal: if single-day trading value continues to expand from the previous level of about RMB 30 million to more than RMB 50 million (volume ratio clearly greater than 1), accompanied by the stock price standing above the MA10 line of about RMB 9.41, this can be regarded as an observable signal of capital entry; if trading value continues to be below RMB 20 million during a decline, then the downside is more of a low-volume drift without absorption, with limited reference significance.

④ Points to Watch (Observation Ideas Only, Not Operating Instructions)

• Watch whether the RMB 9.28~9.43 pressure band formed by MA20 (approx. 9.28), MA5 (9.35), MA10 (9.41), and the average chip cost price (9.43) can be recovered with increased volume — this is the observation point for the short-term bull-bear divide.
• Watch the effectiveness of the September 11 low of RMB 8.99 and the first support zone of RMB 8.99~9.17, as well as the absorption strength of the strong support band of RMB 8.45~8.78 (chip support 8.45, MA200 approx. 8.78); after losing this, lower references are RMB 8.40 and the 52-week low of RMB 7.44.
• Watch whether single-day trading value can continue to expand to more than RMB 50 million to confirm capital entry; synchronous changes in volume ratio and turnover rate (currently 1.50%) are important auxiliary observation items.
• Pay attention to marginal changes in technical indicators: whether RSI(14), currently 38.79, continues to decline into a lower range, the direction of MACD after the death cross above the zero line, and whether the discrepancy in moving average value bases (Investing.com vs. Jiufang Zhitou) converges later.

The above scenario deduction is based on 2026-09-11 closing data and historical prices and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors such as news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee actual future trends, and do not constitute buy or sell advice. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The industry in which Linhai Co., Ltd. operates is motorcycle and general-power machinery manufacturing. The research notes mainly provide basic company identification information and some sources from periodic reports and investor relations activities, but do not systematically disclose data such as industry size, growth rate, or competitive landscape.

6.2 Competitive Landscape

• The research notes do not provide quantitative data such as market size, growth rate, or penetration rate for the motorcycle or general-power machinery industry.
• The notes mention qualitative statements such as "central state-owned enterprise controlling multi-segment businesses working together" and "rich reserves of high-value-added products promoting growth" (from a third-party investment value analysis report), but do not give a quantitative description of the competitive landscape.
• The notes do not disclose the company's market share ranking in the industry or the list of main competitors.

6.3 Main Competitors

The research notes do not contain comparative data between the company and peers in dimensions such as gross margin, net margin, market share, or customer structure, so horizontal comparison cannot be conducted. This section needs to be written separately after supplementing industry database and comparable company annual report data.

7. Risk Warnings

• Risk of excessively low net margin and limited profit elasticity: 2026H1 gross margin was 11.72% and net margin was only 1.88%; full-year 2025 net margin was approximately 2.2%. While revenue grew 25.88%, net profit attributable to the parent grew only 17.29%, with profit growth lower than revenue growth; if costs, expenses, or product mix do not improve, the efficiency of converting revenue growth into profit may continue to be constrained.
• Cash flow and accounts receivable risk: 2026H1 net cash flow from operating activities was RMB 48.3794 million, down 24.92% year-on-year; 2026Q1 operating cash flow was -RMB 3.9893 million, turning from positive to negative; the 2026 interim report brief analysis mentioned rising accounts receivable. Working capital occupation and collection pace may put pressure on subsequent cash flow, and the research notes warn that "cash flow and accounts receivable need attention."
• Structural decline risk in segment businesses: in 2026H1, forest fire-fighting machinery sales revenue declined 41.63% year-on-year due to narrowing demand, showing that some product lines face demand contraction; if the drag from this segment continues or expands, it may offset the growth contribution from special vehicles (+63.37%) and motorcycles (+27.39%).
• Export and foreign exchange risk: in 2025, EU market revenue accounted for approximately 25% of the company's total revenue and approximately 50% of international market revenue, with sales to Europe mainly under a dealership model; in 2026H1, financial expenses turned from -RMB 3.846 million in the prior year to +RMB 5.300 million, and the company explicitly mentioned foreign exchange/interest rate impacts. The high proportion of overseas revenue makes the company relatively sensitive to exchange rate fluctuations and changes in overseas demand.
• Risk of high valuation and insufficient institutional coverage: as of 2026-09-11, PE (dynamic/static/TTM) was 73.51x/81.84x/75.62x and PB was 3.62x; institutional earnings forecast coverage is extremely thin, with no new individual stock research reports since March 2026, and 2026E/2027E earnings are actually forecasts from a single brokerage (Huatong Securities International), not a multi-brokerage consensus; Huatong's 2025 revenue forecast was approximately 2% higher than actual.
• Micro-cap low-liquidity risk: as of 2026-09-11, the company's total market capitalization and circulating market capitalization were both RMB 2.009 billion (fully circulating), the day's turnover rate was 1.50%, trading value was only RMB 29.8717 million, and volume ratio was 1.00; sector labels include "micro-cap select, micro-cap stocks"; order book depth on the bid and ask sides is limited, and impact cost and slippage in actual trading may be higher than for large-cap stocks.
• Uncertainty regarding the risk disposal of related party Sinomach Finance: on 2026-08-18, the "Announcement on Sinomach Finance Co., Ltd. Receiving the 'Administrative Penalty Decision' and the Risk Disposal Results" was published, with the related party being Sinomach Finance Co., Ltd.; the details of the penalty content/amount are only found on a single announcement aggregation page and have not been cross-verified for specific content, so the original text on the Shanghai Stock Exchange should be treated as authoritative.
• Short-term technical weakening and volatility risk: as of 2026-09-11, RSI(14) was 38.79, MACD formed a death cross above the zero line on September 7 and a "bear point" appeared, the Investing.com aggregated daily signal was "Strong Sell" (technical indicators Buy 0/Neutral 1/Sell 10), and the stock price of RMB 9.17 was below MA5 (9.35) and MA10 (9.41); ATR(14) was RMB 0.1129 (about 1.2%), technical indicators have lag, and short-term trends are highly disturbed by news and capital flows.

8. Conclusion and Outlook

In terms of growth logic, the company's 2026H1 revenue continued relatively rapid growth (+25.88%), with special vehicles (+63.37%) and motorcycles (+27.39%) in international markets as the main drivers; the EU market accounted for approximately 25% of 2025 total revenue and approximately 50% of international market revenue, and the export structure has a relatively large impact on the company's revenue elasticity. The 2025 annual report shows full-year revenue of RMB 1.131 billion (+7.66%), net profit attributable to the parent of RMB 24.5527 million (+33.24%), net profit attributable to the parent after deducting non-recurring items of RMB 21.6767 million (+47.00% year-on-year), gross margin of 12.66%, and ROE of 4.58%, and it implemented a dividend of RMB 0.45 per 10 shares; the company and its subsidiary Jiangsu Foma High-Tech passed high-tech enterprise recognition and enjoy a 15% corporate income tax rate for 2025–2027. The June 2026 results briefing disclosed that the company focuses on promoting the development of new products such as the new 300/400ATV, high-flow water pumps, 200-row-spacing high-speed seed breeding rice transplanters, and 8-kg-feed harvesters, providing some basis for subsequent product structure upgrading.

However, it should be noted that the company's net margin of approximately 1.88%-2.2% is at a low level, and profit elasticity is limited: 2026H1 net profit attributable to the parent growth (+17.29%) was lower than revenue growth (+25.88%), and the difference in which growth after deducting non-recurring items (+25.11%) was higher than the growth of net profit attributable to the parent came from non-recurring gains and losses; 2026H1 net cash flow from operating activities was -24.92% year-on-year, 2026Q1 operating cash flow was -RMB 3.9893 million, and financial expenses turned from -RMB 3.846 million in the prior year to +RMB 5.300 million. In 2026H1, forest fire-fighting machinery sales revenue declined 41.63% year-on-year, showing that demand for some product lines has contracted. In terms of valuation, PE (TTM) of 75.62x and PB of 3.62x are at relatively high levels; converted according to Huatong's forecasts, RMB 9.17 corresponds to 2026E PE of approximately 70.5x and 2027E PE of approximately 57.3x, and the target price of RMB 12.20 implies approximately +33% versus the current price, but institutional forecast coverage is extremely thin, with no new individual stock research reports since March 2026, so it does not constitute a multi-brokerage consensus. Technically, as of 2026-09-11, multiple indicators point to short-term weakness, MA5/MA10 are above the stock price forming resistance, and ATR(14) of approximately 1.2% indicates relatively high volatility.

Overall, the company's revenue side benefits from special vehicle and motorcycle exports and new product reserves, but constraints include a low net margin on the profit side, a year-on-year decline in cash flow, a high valuation, and insufficient institutional coverage. Subsequent verification points to watch include: whether new product development can drive product structure and gross margin improvement, the sustainability of sales in the EU and other international markets, changes in operating cash flow and accounts receivable, and whether the 2026 Q3 report (expected to be disclosed in late October) can continue revenue and profit growth. The above analysis is based only on company announcements and public data and does not constitute any buy or sell advice.

Data Sources

• Linhai Co., Ltd.: Linhai Co., Ltd. 2025 Annual Report Summary - Linhai Co., Ltd. 2025 Annual Report Summary
• Linhai Co., Ltd.: Linhai Co., Ltd. 2024 Annual Report Summary - Home >
• Linhai Co., Ltd. (600099.SH) In-Depth F9-PC_HSF9 Data
• Linhai Co., Ltd.: Linhai Co., Ltd. 2025 Annual Report Summary - Securities Star - Linhai Co., Ltd.: Linhai Co., Ltd. 2025 Annual Report Summary
• Linhai Co., Ltd. 600099 Stock Code, Price, Quotes, Analysis, Trend Chart
• Linhai Co., Ltd. (sh600099)
• 600099 Linhai Co., Ltd.
• Linhai Co., Ltd.: Linhai Co., Ltd. June 9, 2026 Investor Relations Activity Record (2025 Annual Results Briefing)
• Linhai Co., Ltd. H1 Revenue up 25.9% YoY, Net Profit Attributable to Parent up 17.3%
• Linhai Co., Ltd. (600099)_Stock Overview_Stock Price_Real-Time Quotes_Trend Chart_News_Stock Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Linhai Co., Ltd. (600099.SH) Core Themes-PC_HSF10 Data - Core Themes
• Linhai Co., Ltd. (600099) - Linhai Co., Ltd. (600099)
• 600099 Linhai Co., Ltd. - Core Themes
• Linhai Co., Ltd. (600099) - Compass Quotes Network - Index Display
• Linhai Co., Ltd. 600099 - Linhai Co., Ltd. 2024 Annual Results Briefing
• Linhai Co., Ltd. (600099) Investment Value Analysis Report: Central SOE Controlling Multi-Segment Businesses Working Together, Rich High-Value-Added Product Reserves Promoting Growth_Jiufang Zhitou
• Linhai Co., Ltd.: Linhai Co., Ltd. 2025 Annual Report - Bad Debt Provision by Individual Item 15,524,597.45 415,960.00 268,000.00 0.00 0.00 15,672,557.45
• Linhai Co., Ltd. (600099)_Company Announcements_Linhai Co., Ltd.: 2022 Audit Report Sina Finance_Sina - Portfolio 1-Related Parties Outside the Consolidation Scope | 1,753.03 | -1,753.03 | 0.00 | 0.00 | 0.00 | 0.00
• [Linhai Co., Ltd. - Portfolio 1-Related Parties Outside the Consolidation Scope | 1,753.03 | -1,753.03 | 0.00 | 0.00 | 0.00 | 0