Yingliu Co., Ltd. (Anhui Yingliu Electromechanical Co., Ltd.) (603308)

Individual Stock Analysis Report　|　Industry: Components for High-End Specialized Equipment　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; September 12, 2026 was a Saturday and the A-share market was closed. The prices, trading data and technical indicators below are limited to the data provided in the research notes.

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

1. Executive Summary

Yingliu Co., Ltd. recorded revenue of RMB 1.830 billion in the first half of 2026, up 32.23% year on year, and net profit attributable to shareholders of RMB 221 million, up 17.52% year on year. Revenue from its “two-machine” business reached RMB 887 million, while outstanding orders at the end of the period totaled RMB 2.2 billion, with two-machine orders accounting for approximately 70%. This was the main driver of current revenue growth. However, net profit attributable to shareholders in the second quarter of 2026 rose only 5.05% year on year, while recurring net profit attributable to shareholders declined 0.45%. Gross margin fell 2.30 percentage points year on year to 34.03%, and net operating cash flow was negative RMB 145 million, indicating that rapid revenue growth has not yet translated fully into simultaneous improvement in earnings and cash flow.

The company’s principal businesses include superalloys and precision steel castings, nuclear-power and medium-to-large steel castings, and new materials and equipment. It operates in the key components segment of the high-end equipment supply chain serving aero engines, gas turbines and nuclear power. In 2025, superalloys and precision steel castings accounted for 61.83% of revenue, with a gross margin of 38.02%; nuclear power and other medium-to-large steel castings accounted for 23.41%, with a gross margin of 32.81%. In the first half of 2026, the revenue share of superalloys and precision steel castings increased to 64.77%, but gross margin declined to 36.97%, reflecting the coexistence of product-mix upgrading and raw-material price pressure.

In 2025, the company generated revenue of RMB 2.919 billion, up 16.13% year on year, and net profit attributable to shareholders of RMB 349 million, up 21.74% year on year. Gross margin recovered to 35.80%. The growth drivers were mainly increased volumes of hot-end components for the two-machine business, customer certification barriers, self-sufficiency in master alloys and a higher proportion of high-value-added products. However, the company’s downstream customers are mainly state-owned enterprises and global equipment leaders, resulting in long payment cycles. Accounts receivable reached RMB 1.525 billion at mid-2026, indicating significant working-capital tied up in operations.

As of September 11, 2026, the company’s share price closed at RMB 43.36, declining for two consecutive days from the limit-up close of RMB 46.30 on September 9. The closing price was below the MA5, MA10 and MA20, and MACD had turned negative. Short-term momentum had weakened, although RSI had not entered the traditional oversold zone. In valuation terms, based on a share price of approximately RMB 43–44, the estimated 2026 forward P/E was approximately 49–52x, indicating that the market already reflects relatively high expectations for two-machine volume ramp-up and earnings recovery. Market capitalization, valuation and institutional earnings forecasts vary because of differences in data definitions and update dates.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• Superalloy products and precision steel castings (silica-sol investment casting, lost-foam investment casting and composite-mold investment casting): single-crystal, directionally solidified and equiaxed-grain superalloy blades for aero engines and gas turbines; turbine disks; combustor components; large casings; nuclear Class 1 guide vanes/impellers; oil and gas drilling and production components; and water-treatment pumps. The company states that it is one of the very few private companies in China capable of mass-producing aero-engine blades and large casings.
• Nuclear-power and other medium-to-large steel castings (large customized sand castings): nuclear-island Class 1 main-pump casings for CAP1000, CAP1400 and Hualong One; large alloy-steel castings for offshore engineering; oil and gas pump and valve castings; and large structural components for mining machinery.
• New materials and equipment: nuclear-energy new materials, including aluminum-based boron-carbide neutron-shielding materials; nuclear-power plant equipment, including metal insulation layers and spent-fuel racks; hybrid power systems; small turboshaft engines; and ground power supplies.
• Supplementary revenue breakdown (Eastmoney principal-business breakdown, retrieved version; the original annual report should be consulted for verification): 2025 revenue was RMB 2.919 billion; by segment, superalloys and precision steel castings generated RMB 1.805 billion (61.83%, gross margin 38.02%), nuclear power and other medium-to-large steel castings generated RMB 683.2 million (23.41%, gross margin 32.81%), and new materials and equipment generated RMB 292.7 million (10.03%, gross margin 32.72%). By product, mechanical equipment components generated RMB 1.652 billion (56.61%), while pump and valve components generated RMB 1.182 billion (40.49%). By region, overseas revenue was RMB 1.493 billion (51.14%) and domestic revenue was RMB 1.341 billion (45.96%). In the first half of 2026, by segment, superalloys and precision steel castings generated RMB 1.185 billion (64.77%, gross margin 36.97%), nuclear power and other medium-to-large steel castings generated RMB 361.9 million (19.78%, gross margin 30.55%), and new materials and equipment generated RMB 196.5 million (10.74%, gross margin 28.58%); domestic revenue accounted for 50.91% and overseas revenue for 48.87%.
• Operating-performance anchors: 2025 revenue was RMB 2.919 billion (+16.13%), net profit attributable to shareholders was RMB 349 million (+21.74%), EPS was RMB 0.51, and the proposed cash dividend was RMB 0.16 per share, or RMB 109 million in total (sources: Securities Times/e Company, 2026-04-23; annual-report summary). First-half 2026 revenue was RMB 1.83 billion (+32.23%), net profit attributable to shareholders was RMB 221 million (+17.52%), and gross margin was 34.03% (source: Securities Star, 2026-08-30).

2.3 Position in the Upstream and Downstream Supply Chain and Cost/Profit Structure

Yingliu is a core-component supplier for high-end equipment. It does not manufacture complete machines or operate an end-user brand. Its products are exported to more than 40 countries and sold to more than 100 customers. Its cost structure is casting and precision casting that is intensive in metal materials and energy, while its customers are state-owned enterprises and global equipment leaders. Overall, the company exhibits high gross margins but substantial working-capital requirements. The following assessments of upstream suppliers, downstream customers, working-capital requirements and gross-margin trends are based on sources cited in the research notes. Some concentration data are not fully consistent across annual reports, offering documents and rating reports, and the relevant cut-off year should be stated when cited.

• Actual inputs, rather than generalized raw materials: cast superalloy master alloys by grade, nickel, stainless-steel scrap, steel scrap and ferromolybdenum; auxiliary materials include zircon sand, mullite sand and zircon powder; energy inputs are electricity and natural gas. The cost structure is therefore intensive in metal materials and energy.
• Cost structure: direct materials accounted for 53.07%/53.46%/53.27% of principal-business costs in 2023–2025, respectively. Manufacturing expenses are substantial because melting and casting consume significant water, electricity and gas and imported equipment has high depreciation. Direct labor costs increased as the compensation of skilled workers rose (source: periodic tracking rating report for the convertible bonds).
• Procurement concentration: procurement from the five largest suppliers accounted for approximately 40%–48%, depending on the year, with the 2025 figure around 40%. No single supplier accounted for more than 50% of total procurement. Major suppliers include Hushan Kaihua Ferroalloy (nickel, steel scrap, stainless-steel scrap and ferromolybdenum), Wuxi Kailai Special Metals, State Grid Anhui Electric Power and Huo Shan Wan Neng Natural Gas (source: convertible-bond prospectus). Specific annual percentages differ among documents and should be verified against the latest prospectus.
• Pricing power: the company is partly able to pass through prices but is largely a price taker. Its main raw materials are bulk metals such as steel scrap, stainless-steel scrap and nickel, over which it has no pricing power. However, contracts contain price-protection clauses: when market prices move by more than 10%, costs are recalculated based on the new material prices and selling prices are adjusted; changes within 10% are absorbed by the company.
• Key self-sufficiency progress (single source, requiring verification): the company’s self-built master-alloy plant has passed customer certification and covers equiaxed-grain, directionally solidified and single-crystal products. The self-sufficiency rate for high-end nickel-based alloys has reportedly reached approximately 65%; the remainder still needs to be imported because of customer-specific requirements or high-end product grades (source: periodic tracking rating report for the convertible bonds; company announcements and annual reports should be cross-checked).
• Cost sensitivity (historical IPO materials, 2014): a 1% increase in the prices of major raw materials would increase principal-business costs by approximately 0.35%. This figure is dated and is provided only as an order-of-magnitude reference.
• Customer base: overseas customers include General Electric (GE), Siemens Energy, Baker Hughes, Caterpillar, Schlumberger, Safran, Rolls-Royce, Emerson and Grundfos; domestic customers include AECC, China Aerospace Science and Industry Corporation, China Gas Turbine Corporation, Dongfang Electric, CNNC and Shenyang Blower Works. Many are state-owned enterprises or Fortune Global 500 companies, with long certification cycles spanning several years and strong customer stickiness.
• Customer concentration (multiple sources, annual figures; the cut-off year should be stated): the five largest customers accounted for 37.73% of revenue in 2022 (source: 2022 annual report), and generated RMB 643 million, or 22.68% of revenue, in 2025 (sources: Tonghuashun F10/Cha Gu Wang). Concentration remains relatively high but has declined in recent years. Statistical definitions may differ depending on the scope.
• Share of accounts receivable held by the five largest customers: 29.06% at the end of 2024 versus 29.51% at the end of 2023 (source: 2024 annual report); 26.24% at the end of 2025 (source: periodic tracking rating report for the convertible bonds).
• Bargaining dynamics: downstream equipment has stringent reliability requirements and low price sensitivity. The company stated in its convertible-bond prospectus that downstream customers focus more on quality and are less price-sensitive, supporting relatively high industry profitability. However, customers are state-owned enterprises or international leaders, with long payment terms and slow collections.
• Accounts receivable increased from RMB 975 million at end-2023 to RMB 1.083 billion at end-2024, RMB 980 million at end-2025 and RMB 1.242 billion at end-2026Q1, accounting for approximately 22%–29% of current assets (source: periodic tracking rating report for the convertible bonds). Accounts receivable reached RMB 1.525 billion in the 2026 interim report, equivalent to 437.34% of the latest annual net profit attributable to shareholders (source: Securities Star, 2026-08-30), confirming substantial funds tied up downstream. At end-2025, receivables aged within one year accounted for 81.52%; bad-debt provisions were RMB 85 million. Overseas customers generally pay according to agreed settlement terms, while domestic state-owned enterprises, central SOEs and special customers may pay more slowly because of approval delays. Working capital/revenue was 0.85/0.80/0.94 in 2023/2024/2025, respectively, meaning that approximately RMB 0.80–0.94 of working capital must be advanced for every RMB 1 of revenue, clearly reflecting a capital-intensive, pre-financing business model (source: Securities Star, 2026-08-30; data compiled from annual reports).
• Concentration data differ across sources. When cited, the cut-off year and source must be included: the five largest suppliers accounted for approximately 40%–48% of procurement, varying by year, with the 2025 figure around 40% and no single supplier above 50% (convertible-bond prospectus); the five largest customers accounted for 37.73% of revenue in 2022 (2022 annual report) and 22.68% in 2025 (Tonghuashun F10/Cha Gu Wang); the five largest accounts-receivable customers accounted for 29.06% at end-2024 and 26.24% at end-2025 (2024 annual report/convertible-bond rating report). These figures are not fully comparable across years or documents, including annual reports, prospectuses and rating reports, and should be regarded as source-definition differences rather than definitive conclusions without cross-verification.

Yingliu occupies the key upper-middle component position in the high-end equipment supply chain, slightly above the middle of the smile curve. It does not manufacture complete machines or operate an end-user brand; instead, it supplies core hot-end and pressure-bearing castings for aero engines, gas turbines and nuclear-power equipment. Its technical and certification barriers are high, and its gross margin of approximately 34%–38% is significantly above that of ordinary casting processors. However, it remains exposed to bulk-metal prices and energy/depreciation costs. The core drivers of further profit improvement are product-mix upgrading, including a higher proportion of two-machine hot-end components, lower costs from master-alloy self-sufficiency and improved yield, rather than simple scale expansion. Its downstream customers are powerful state-owned enterprises and global equipment leaders, with long payment terms and substantial receivables, forming a typical high-margin but working-capital-intensive model. Note: the approximately 65% master-alloy self-sufficiency rate, Siemens Energy’s sole-supplier status and sole-supplier status for Hualong One main-pump casings are based on company disclosures or a single rating report and should be verified against announcements.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest complete financial report is the 2026 interim report, announced on 2026-08-28 and covering the period through 2026-06-30. As of the retrieval date, around 2026-09-11, the 2026 third-quarter report had not yet been disclosed. In 2026H1, recurring net profit attributable to shareholders was RMB 215 million, up 14.85%; basic/diluted EPS was RMB 0.33; gross margin was 34.03%, down 2.30 percentage points year on year; ROE was 4.19%; the debt-to-asset ratio was 60.39%, up 1.92 percentage points year on year; and net operating cash flow was negative RMB 145 million. In 2026Q1, recurring net profit was RMB 118 million (+31.42%), while in 2026Q2 it was RMB 97 million (-0.45%). Basic EPS in 2025 was RMB 0.51, and the dividend was RMB 0.16 per 10 shares, approximately RMB 109 million in total. In 2024, recurring net profit was RMB 277 million (-1.09%), EPS was RMB 0.42, gross margin was approximately 34.24% and ROE was approximately 6.19%. Net profit attributable to shareholders in 2023 was RMB 303 million, while revenue and growth data were not disclosed. Net profit attributable to shareholders of approximately RMB 402 million in 2022 was a historical high; revenue data were unavailable. Sources: Eastmoney, Jiemian, Securities Times, and interim-report commentaries by Guosen Securities, Changjiang Securities and China Fortune Securities.

Revenue in 2026H1 grew 32.23% year on year. Two-machine revenue reached RMB 887 million, nearly half of principal-business revenue, and outstanding orders at period-end totaled RMB 2.2 billion, with two-machine orders accounting for approximately 70%. This was the main driver of rapid revenue growth. However, earnings quality showed some near-term concerns: 2026Q2 net profit attributable to shareholders rose only 5.05% year on year, recurring net profit attributable to shareholders fell 0.45%, gross margin declined 2.30 percentage points year on year, although it recovered by approximately 0.6 percentage points quarter on quarter to 34.32%, and net operating cash flow was negative RMB 145 million. The debt-to-asset ratio rose to 60.39%, creating a temporary divergence from the narrative of rapid revenue growth and potentially explaining the downward revision to institutional consensus expectations after the second quarter. Historically, net profit attributable to shareholders peaked at approximately RMB 402 million in 2022, fell to RMB 286 million in 2024, and returned to growth at RMB 349 million in 2025.

3.2 Earnings Forecasts

Forecast data are based on the Eastmoney F10 earnings forecast summary as of 2026-09, covering 17 institutions. The corresponding ROEs are 10.23% for 2026E, 14.00% for 2027E and 18.11% for 2028E. Another version, based on 14 institutions, forecasts 2026E/2027E/2028E EPS of RMB 0.8960/1.3204/1.9788 and net profit attributable to shareholders of RMB 608/896/1.344 billion, respectively. 2026E EPS fluctuates modestly within RMB 0.84–0.90 because of normal differences in refresh dates and the number of institutions. Under Tonghuashun’s methodology, based on the past six months through 2026-09-04 and 12 institutions, the average 2026 net-profit forecast was RMB 579 million, up 66.21% from 2025, with a high of RMB 655 million and a low of RMB 501 million. The Tonghuashun figure as of 2026-04-26, based on nine institutions, was RMB 604 million (+73.20%), indicating that consensus expectations were lowered after the second quarter. Individual forecasts also differ: Guojin Securities (2026-08-29) forecasts 2026–2028 net profit attributable to shareholders of RMB 550/951/1.550 billion; China Merchants Securities (slightly revised on 2026-09-08) forecasts RMB 620/900/1.320 billion; Guotai Haitong (2026-05-07) forecasts EPS of RMB 0.92/1.39/2.00; one interim-report commentary, apparently from Soochow Securities but not fully verifiable as a single source, lowered its forecast from RMB 602/900/1.350 billion to RMB 505/830/1.280 billion; Goldman Sachs forecasts a 2025–2030 EPS CAGR of approximately 40%; and BofA forecasts a 2025–2028 CAGR of 58% for net profit attributable to shareholders and 37% for revenue. Foreign and domestic institutions use different year definitions.

3.3 Valuation and Institutional Ratings

Current valuation data should be treated cautiously. Real-time share price, market capitalization and P/E could not be directly obtained from the official market-data page because the quotation widget is largely JavaScript-rendered. The report-date/recent closing price was approximately RMB 43–44; Guojin Securities reported a closing price of RMB 43.99 on 2026-08-29, while the Baidu Stock page showed RMB 43.36. Investing.com’s average target price of RMB 74.53 and stated upside of 60.97% imply a current price of approximately RMB 46. Differences reflect different data dates. Based on an estimated price of RMB 43–44, static P/E based on 2025 EPS of RMB 0.4786–0.51 is approximately 86–93x; forward P/E based on 2026E EPS of RMB 0.84–0.90 is approximately 49–52x; based on 2027E EPS of RMB 1.26–1.32, approximately 33–35x; and based on 2028E EPS of RMB 1.89–1.98, approximately 22–23x. Total shares outstanding are approximately 728 million, inferred from Eastmoney’s “latest share capital” EPS of RMB 0.4786, implying an estimated market capitalization of approximately RMB 31.5–32.0 billion. Book value per share was RMB 7.30 in 2025 and is estimated at approximately RMB 8.13–8.33 in 2026E, implying an estimated P/B of approximately 5.3–6.0x. The above share price, market capitalization and P/E/P/B figures are estimates based on report-date closing prices and EPS, not real-time official quotations; actual trading-system data should be consulted. Valuation dispersion is significant: target prices range widely from RMB 52 to RMB 98.59, while average target prices range from RMB 74 to RMB 84, reflecting large differences in assumptions regarding the pace of two-machine volume ramp-up and gross-margin recovery. Average target prices should not be treated as certain values. Foreign institutions, including Goldman Sachs, BofA and J.P. Morgan, and domestic institutions use different forecast definitions and years. Some data are reproduced from single sources and institutional attribution is inferred rather than fully verified; they should be used cautiously.

4. Recent News and Announcements

4.1 Change in Registered Capital and Completion of Business Registration (Announcement dated 2026-09-10, No. 2026-058)

The fifth meeting of the sixth Board of Directors on 2026-08-28 approved proposals to change registered capital and amend the Articles of Association. Registered capital increased from RMB 679,036,441 to RMB 728,433,921, and the number of shares increased proportionally from 679,036,441 to 728,433,921. The company completed the business-registration amendment and obtained a renewed business license from the Anhui Provincial Administration for Market Regulation. The change resulted from the large-scale conversion of convertible bonds into shares. Sources: cnstock, 2026-09-11; 10jqka, 20260910; Eastmoney, 2026-09-10.

4.2 Passive Dilution of the Controlling Shareholder’s Stake Due to Convertible-Bond Conversion (Two 1% Thresholds Reached in August 2026)

According to the 2026-08-20 announcement (2026-044), as of 2026-08-18, “Yingliu Convertible Bonds” had been converted into 15,420,675 shares, increasing total shares outstanding to 694,457,116. The stake held by controlling shareholder Huo Shan Yingliu Investment Management Co., Ltd. and its persons acting in concert was passively diluted from 34.74% to 33.97%. According to the 2026-08-26 announcement (2026-051), total shares increased from 694,457,116 to 723,814,601, and the stake held by the controlling shareholder and persons acting in concert was passively diluted from 33.97% to 32.59%. Neither event involved a change in the number of shares held, triggered a mandatory tender offer or changed the controlling shareholder or actual controller. Sources: China Securities Journal, 2026-08-26; Shanghai Securities News, 2026-08-20; Securities Daily, 2026-08-20.

4.3 Early Redemption and Delisting of “Yingliu Convertible Bonds” (Dense Announcements in 2026-08)

Trigger condition: from 2026-07-16 to 2026-08-05, the stock’s closing price was no less than 130% of the then-current conversion price of RMB 30.31 per share for 15 consecutive trading days. The fourth meeting of the sixth Board of Directors on 2026-08-05 approved the proposal to redeem “Yingliu Convertible Bonds” early (Announcement 2026-038). Announcement 2026-040 on 2026-08-14 specified August 24 as the last trading day, August 27 as the last conversion day and redemption registration date, and August 28 as the redemption-fund distribution date. The redemption price was RMB 100.0940 per bond. Trading stopped from August 25, and the bonds were delisted from the Shanghai Stock Exchange from August 28. Basic terms: 15 million bonds were issued on 2025-09-19, with a par value of RMB 100 each and total proceeds of RMB 1.5 billion, a six-year term from 2025-09-19 to 2031-09-18, coupon rates of 0.10%/0.30%/0.60%/1.00%/1.50%/2.00% in years one through six, listing on 2025-10-22, a conversion period from 2026-03-25 to 2031-09-18, and an initial conversion price of RMB 30.47 per share. The issuer and bond had an AA+ credit rating from Shanghai Brilliance Credit Rating & Investors Service, with a stable outlook. Sources: Shanghai Securities News e-paper, China Securities Journal, China Financial Information Network and cnfin.

4.4 Disposal of Convertible Bonds by the Controlling Shareholder and Persons Acting in Concert (Announcement dated 2026-04-08, No. 2026-004)

On 2026-04-08, controlling shareholder Yingliu Investment and persons acting in concert—Hengbang Investment, Hengyu Investment, Hengyu Investment and Du Yingliu—disposed of 2,233,900 “Yingliu Convertible Bonds” through block trades and centralized bidding, equivalent to 14.89% of the issue. After the disposal, they held convertible bonds with a total par value of RMB 297,687,000, and their combined equity interest declined from 34.74% to 33.73%. Sources: Securities Daily, 2026-04-09; Eastmoney announcement AN202604081821063178; cninfo PDF.

4.5 Merger by Absorption of a Wholly Owned Subsidiary (Approved by the Board on 2026-08-05)

Wholly owned subsidiary Anhui Yingliu Intelligent Manufacturing Group Co., Ltd. (Yingliu Intelligent Manufacturing, formerly Huo Shan Foundry, registered capital RMB 2.5 billion) will absorb wholly owned subsidiary Anhui Yingliu Foundry Co., Ltd. (Yingliu Foundry, registered capital RMB 77.4025 million). Yingliu Intelligent Manufacturing will survive and Yingliu Foundry will be deregistered. As of 2026-03-31, unaudited assets and equity were RMB 6.973 billion and RMB 3.509 billion for Yingliu Intelligent Manufacturing, and RMB 347 million and RMB 219 million for Yingliu Foundry. The purpose is to optimize the management structure, reduce management costs and improve operating efficiency. Source: Shanghai Securities News/China Securities Network, 2026-08-06.

4.6 Acquisition of 38.81% of Zhejiang Huayi Aviation Technology (First Quarter of 2026)

In the first quarter of 2026, the company acquired a 38.81% stake in Zhejiang Huayi Aviation Technology Co., Ltd., creating a synergistic “power systems + complete aircraft” industrial-chain structure. Source: Securities Times website report on the 2025 annual report, 2026-04-23. Note: this transaction was found only in this annual-report summary and no independent special announcement was identified; the periodic report should be consulted.

4.7 Acquisition of a Minority Stake in Yingliu Aviation (Announcement dated 2025-06-21)

In June 2025, the company invested RMB 484 million to acquire a 28.46% minority stake in controlled subsidiary Anhui Yingliu Aviation Technology Co., Ltd., increasing its ownership to 90%. On 2025-07-05, the company disclosed its response to a regulatory work letter from the Shanghai Stock Exchange regarding the acquisition of a minority stake in a controlled subsidiary. Sources: Sohu Stock major-events memorandum; Shanghai Securities News, 2026-08-06 review.

4.8 Convertible-Bond Issuance and Listing (2025-09)

The company received approval from the China Securities Regulatory Commission on 2025-09-08 (CSRC Permit [2025] No. 1956), issued the bonds on 2025-09-19 and listed them on 2025-10-22. Proceeds were allocated to the “Blade and Casing Machining and Coating Project,” the “Intelligent Upgrade Project for Advanced Nuclear-Energy Materials and Key Components,” supplementary working capital and repayment of bank loans. Net proceeds were approximately RMB 1.481 billion. Sources: Zhitong Finance; China Financial Information Network listing prospectus, 2025-10-17.

4.9 Dividend Distribution (2025 Dividend Implemented in 2026-07)

Announcement 2026-033 dated 2026-07-06 stated that, based on total shares of 679,050,729, the company would pay a cash dividend of RMB 0.16 per share, including tax, for a total of RMB 108,648,116.64. The annual general meeting approved the distribution on 2026-05-15. Source: Sina Finance, 2026-07-06.

4.10 Changes in Governance Structure

An extraordinary general meeting on 2025-11-17 approved the abolition of the supervisory board and amendments to the Articles of Association and related governance policies. A resolution announcement was issued on 2025-11-18, and an employee-representative director was elected (Announcement 2025-046). The company currently has its sixth Board of Directors, effective from August 2026, with Du Yingliu serving as chairman and general manager. Sources: Shanghai Securities News, 2025-11-18; Eastmoney data.

4.11 Share-Pledge Announcements

On 2025-12-25, the company announced the release of pledges over part of a shareholder’s shares and an extension of the repurchase date for certain pledged shares. On 2025-08-22, it announced the release and re-pledging of part of the controlling shareholder’s shares. Source: Sohu Stock major-events memorandum. Note: specific pledged-share numbers and ratios were not identified and should be verified against the original announcements.

4.12 “Improving Quality, Efficiency and Returns” Action Plan

On 2026-08-29, the company disclosed the semiannual assessment report on its “Improving Quality, Efficiency and Returns” action plan, approved at the fifth meeting of the sixth Board of Directors. Source: Securities Daily, 2026-08-29.

4.13 Other

Medium-term notes: the company disclosed an announcement on the issuance results of medium-term notes on 2025-08-28. Abnormal share-price movement: on 2026-01-06, it disclosed “(603308) Yingliu Co., Ltd.: security with a deviation of 7% in the decline,” based on trading public information. The 2026 interim report was disclosed on 2026-08-29. The 2026 interim performance briefing is scheduled for 10:00–11:00 on 2026-09-18 via online interaction at the Shanghai Roadshow Center. Sources: Securities Daily e-paper; Sohu Stock memorandum.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Yingliu closed at RMB 43.36 on September 11, 2026. After reaching the RMB 46.30 limit-up close on September 9, it declined on September 10 and 11, indicating relatively clear short-term selling pressure. The close was below the self-calculated MA5, MA10 and MA20. MACD moved from positive on September 9 to approximately -0.30 on September 11, while RSI(14) was approximately 47.915, reflecting weakening short-term momentum without entering the traditional oversold zone. The share price was below the Bollinger middle band of approximately RMB 44.67 and above the lower band of approximately RMB 40.03. The area around RMB 42 is an important level to monitor. After reaching an intraday low of RMB 41.50 on September 11, the stock recovered to RMB 43.36 and had not yet formed a clear closing-price breakdown. Fund flows showed concentrated inflows on September 9 followed by a price decline, indicating short-term divergence.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on closing data, historical prices and technical indicators as of September 11, 2026. It does not constitute investment advice or a definitive forecast of future prices.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher subjective weight, approximately 60%; this is a heuristic judgment based on the current technical structure and fund flows, not a statistical probability): price range approximately RMB 41.5–45.0. Triggers include holding the RMB 41.5–42.1 support, turnover returning to a normal recent range without sustained high-volume selling, and a rebound being rejected around RMB 44.5 without repeated closes below RMB 42. Profit-taking after the limit-up may be absorbed through sideways trading, with the stock fluctuating repeatedly around RMB 42–45.
• Weak decline (medium subjective weight; a heuristic judgment, not a statistical probability): price range approximately RMB 39.9–42.0. Triggers include a high-volume break below RMB 41.5–42.1, daily turnover clearly exceeding the recent average while the close approaches the daily low, or simultaneous weakness in machinery, defense and gas-turbine-related themes. If the Bollinger lower band around RMB 40 is also decisively broken, the short-term structure could shift from a post-limit-up pullback to a trend correction following a failed rebound.
• Strengthening rebound (lower subjective weight but not impossible; a heuristic judgment, not a statistical probability): price range approximately RMB 44.5–49.3. Triggers include daily turnover expanding again to above approximately RMB 1.5 billion, the stock reclaiming RMB 44.5 and confirming through consecutive closes, then breaking above the RMB 46.3 limit-up price on higher volume, while gas-turbine, aerospace or commercial-space themes show sustained sector linkage. If RMB 46.3 is reclaimed, the stock may rebound toward RMB 47.6–49.3; without volume and sector support, the reliability of a renewed strong trend would be relatively limited.

③ Funding and Liquidity Background

As of September 11, 2026, daily turnover value was approximately RMB 1.196 billion, seven-day turnover value was approximately RMB 749 million–1.699 billion, and the turnover rate was approximately 2.41%–5.21%, with the latest figure at 3.83%. Overall, liquidity was moderately high. Shareholder-structure data as of 2026-06-30 have a quarterly lag. The number of shareholders was 64,172, up 7,697 or 13.63% from 2026-03-31. The ten largest tradable shareholders collectively held approximately 338 million shares, representing 49.81% of the tradable share capital. A total of 538 institutions held approximately 382 million shares, representing 56.27% of the tradable share capital. Of these, 531 funds held approximately 87.5073 million shares, representing 12.49% of the tradable share capital, while four “other institutions” held approximately 295 million shares, representing 43.39%. Controlling shareholder Huo Shan Yingliu Investment Management Co., Ltd. held approximately 186 million shares, or 25.51% of total shares, and Du Yingliu was the actual controller. These data indicate that the ten largest tradable shareholders held nearly 50% of the tradable shares and ownership concentration was not low, but the increase in shareholder numbers suggests that holdings became more dispersed than at end-2025. Funds represented approximately 12.49% of institutional holdings, while the majority may still be held by the controlling shareholder, persons acting in concert and other institutions; this should not simply be equated with concentrated high-quality institutional ownership. Because of convertible-bond conversions and changes in share capital during the period, the actual ownership structure may have changed. LiXiangRen data show that, as of September 4, 2026, pledged shares represented approximately 24.53% of the shares held by the ten largest shareholders. As of September 11, 2026, the margin-financing and securities-lending balance represented approximately 1.97% of tradable market capitalization. In actual trading, daily turnover is substantial and extreme illiquidity is generally not a problem, but dispersed holdings and the entry and exit of theme-driven funds may amplify short-term volatility, with slippage potentially widening during rapid moves.

A measurable volume-confirmation signal would be sustained daily turnover above RMB 1.5 billion together with a move back above RMB 44.5 and a close that holds. This could indicate renewed short-term fund strength. If turnover expands while the price instead breaks below RMB 41.5, the move should more likely be interpreted as high-volume realization or intensified selling pressure rather than simple fund entry.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Monitor whether the RMB 41.5–42.1 area can stop the decline and whether stabilization occurs on lower volume; this is an observation framework, not a buy, sell or hold instruction.
• Monitor whether RMB 44.5 can be reclaimed and whether RMB 46.3 is broken on volume and confirmed; this is an observation framework, not a trading instruction.
• If the price breaks below the Bollinger lower-band area around RMB 40, monitor whether the short-term technical structure deteriorates further; this is an observation framework, not a trading instruction.
• Monitor whether turnover can remain above RMB 1.5 billion and whether this occurs together with a price breakout; this is an observation framework, not a trading instruction.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term prices may also be affected by news, fund flows, the broader market and other factors. Technical indicators have inherent lags and limitations. This analysis does not guarantee the actual future trend and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear their own investment risk.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

The industry is specialized-equipment component manufacturing. The company describes it as an upstream industry in equipment manufacturing and a foundation for aerospace, gas turbines and low-carbon energy. China has a complete range of categories and a large scale, but high-end critical components remain a weakness relative to developed countries, implying substantial high-end substitution potential. The competitive landscape consists of a small number of domestic players coexisting with core multinational suppliers. The company states that it was a domestic pioneer in developing and producing nuclear-island Class 1 cast components for nuclear power plants and the first company in China to successfully develop CAP1000, CAP1400 and Hualong One main-pump casings. It also states that it is the sole supplier in China of Hualong One nuclear-island main-pump casings, has maintained a leading market share in nuclear Class 1 castings for many years, and is Siemens Energy’s sole supplier in China of F/H-class heavy-duty gas-turbine blades (sources: Securities Times e Company, 2026-04-23; Soochow Securities research report, 2025-03-18; these statements reflect company-disclosure terminology).

6.2 Competitive Landscape

• Industry characteristics: specialized-equipment component manufacturing. The company describes itself as an upstream equipment-manufacturing industry serving aerospace, gas turbines, low-carbon energy and other downstream sectors.
• Competitive landscape: China has a complete industrial range and large scale, but high-end critical components remain a weakness relative to developed countries, creating substantial substitution potential. The landscape consists of a small number of domestic players and core multinational suppliers.
• Company-stated competitive advantages, based on company disclosures and requiring labeling as such: first in China to successfully develop CAP1000, CAP1400 and Hualong One main-pump casings; sole supplier in the Hualong One nuclear-island main-pump-casing segment; leading market share in nuclear Class 1 castings for many years; and Siemens Energy’s sole supplier in China of F/H-class heavy-duty gas-turbine blades.
• Uncertainty: the targeted search for 3–5 comparable competitors could not be completed because of the tool-call limit. The competitor table below is therefore a list of candidates based on business overlap that requires verification. It has not been cross-checked against sources and should not be treated as a definitive conclusion. Further searches on the competitive landscape for superalloy precision castings are recommended, followed by verification of revenue scale, gross margins and customer mix before preparing a formal comparison table.

6.3 Major Competitors

Yingliu describes itself as a leader in high-end casting and states that the two-machine business is forming a new growth engine (source: Soochow Securities research report, 2025-03-18). It has certification and process barriers in nuclear Class 1 castings and two-machine hot-end components, with gross margins of approximately 34%–38%, significantly above ordinary casting processing. However, the targeted search and data verification for comparable competitors could not be completed. Tunan, Advanced Technology & Materials, Wanze, AECC Aviation Power and Haimai Technology are only candidate companies based on business overlap and have not been cross-checked against sources. They should not be treated as definitive conclusions. Revenue scale, gross margin and customer structure should be added before a formal comparison. It should also be noted that certain concentration and ratio figures are not fully consistent across annual reports, prospectuses and rating reports. The increase in net margin from 11.94% in 2025 to 17.68% in 2022 lacks a source-based explanation and may reflect non-recurring gains; the 2022 income statement should be checked. The approximately 65% master-alloy self-sufficiency rate, Siemens Energy sole-supplier status and Hualong One main-pump-casing sole-supplier status are company or single-rating-report statements based on company-disclosure terminology.

7. Risk Factors

• Risk that two-machine growth does not materialize: Two-machine revenue reached RMB 887 million in the first half of 2026, with outstanding orders of RMB 2.2 billion and two-machine orders accounting for approximately 70%. However, whether orders can be delivered, accepted and converted into revenue and profit as planned depends on customer procurement schedules, capacity ramp-up and product yields. If volume ramp-up falls short, institutional 2026 earnings forecasts could be lowered further.
• Risk of gross-margin decline: Consolidated gross margin was 34.03% in the first half of 2026, down 2.30 percentage points year on year, while first-quarter gross margin also fell to 33.72%. Rising prices for steel scrap, stainless-steel scrap, nickel and other metals, as well as electricity and natural gas, could further compress profitability. The company absorbs raw-material price changes within 10% for certain materials, so cost pass-through is not complete.
• Accounts-receivable and cash-flow risks: Mid-2026 accounts receivable reached RMB 1.525 billion, while net operating cash flow was negative RMB 145 million. Working capital as a percentage of revenue was 0.85, 0.80 and 0.94 in 2023–2025, respectively. Domestic state-owned enterprises, central SOEs and special customers may pay slowly because of approval procedures. Longer collection cycles would increase capital tied up in operations and bad-debt pressure.
• Customer concentration and bargaining risks: Downstream customers include AECC, China Gas Turbine Corporation, CNNC, GE, Siemens Energy and Baker Hughes, among other state-owned enterprises and international equipment leaders. The five largest customers accounted for approximately 22.68% of 2025 revenue. Customer certification cycles are long and retention is strong, but customers have relatively strong bargaining power. Changes in procurement plans, pricing reviews or the requirements of a single customer could affect revenue and profit.
• Raw-material supply and import-dependence risks: Direct materials accounted for approximately 53% of principal-business costs in 2023–2025. Although the company disclosed a self-sufficiency rate of approximately 65% for high-end nickel-based alloy master alloys, certain high-end grades still require imports. Changes in the supply, import procurement or delivery of key materials could affect production costs and delivery schedules.
• Share-capital expansion and EPS dilution risks: Extensive convertible-bond conversion increased total shares from approximately 679 million to approximately 728 million, while the stake held by the controlling shareholder and persons acting in concert was passively diluted to approximately 32.59%. If profit growth is slower than share-capital expansion, EPS and valuation absorption could come under pressure.
• Valuation and expectation-reset risks: The share price was RMB 43.36 as of September 11, 2026. Based on forecast data, 2026 forward P/E was approximately 49–52x, indicating that the market already reflects high expectations for two-machine volume ramp-up and future earnings growth. If gross-margin recovery, order conversion or profit growth falls short of expectations, valuation volatility could increase.
• Short-term trading-volatility risk: After hitting the daily limit on September 9, 2026, the share price declined for two consecutive days. The close was below the 5-day, 10-day and 20-day moving averages, and MACD turned negative. Recent turnover and turnover rates were relatively high. If the RMB 41.5–42.1 area is broken on volume, short-term volatility and downside pressure could intensify.

8. Conclusion and Outlook

Yingliu’s medium- and long-term growth foundation lies in the technical and certification barriers of its superalloy, aero-engine and gas-turbine hot-end component, and nuclear-power casting businesses. Two-machine revenue and outstanding orders in the first half of 2026 indicate strong business continuity. If two-machine orders are converted into revenue as planned, and master-alloy self-sufficiency, yield improvement and product-mix optimization improve costs, earnings growth could continue to outpace revenue growth.

Current operating performance remains in a phase characterized by “rapid revenue growth, slower profit growth and pressured cash flow.” Raw-material and energy costs, military pricing reviews and customer procurement schedules may affect gross margin, while high accounts receivable and working-capital requirements constrain the conversion of profit into cash. Key items to monitor include two-machine order conversion, recovery in quarterly recurring profit, gross-margin improvement and recovery in net operating cash flow.

The convertible bonds were delisted in August 2026 after the early-redemption conditions were triggered. Extensive conversion increased total shares to approximately 728 million, while the stake held by the controlling shareholder and persons acting in concert was passively diluted to approximately 32.59%. The change in share capital will affect EPS and the shareholder structure. Technically, RMB 41.5–42.1 is the recent support area to monitor, while RMB 44.5–46.3 is the short-term resistance area. These price levels reflect only the current technical structure and do not represent a definitive forecast of future performance.

Data Sources

• Securities Daily - Anhui Yingliu Electromechanical Co., Ltd. 2025 Annual Report Summary - Company Code: 603308 Company Name: Yingliu Co., Ltd.
• Securities Daily - Anhui Yingliu Electromechanical Co., Ltd. 2025 Annual Report Summary - Article Search
• China Securities Journal - Anhui Yingliu Electromechanical Co., Ltd. - | Page B129: Information Disclosure | Previous Next
• 603308 Yingliu Co., Ltd.
• Yingliu Co., Ltd. (603308)_Company Announcements_Yingliu Co., Ltd.: Prospectus for Public Issuance of Convertible Corporate Bonds to Unspecified Investors (Revised) - Sina Finance - 2. Downstream Industries of Main Products and Influences
• 603308 Yingliu Co., Ltd. - Principal Business
• Yingliu Co., Ltd. (603308): Leader in High-End Casting, with the Two-Machine Business Creating a New Growth Engine
• 【Yingliu Co., Ltd. * Zhou Ershuang】In Depth: Leader in High-End Casting, with the Two-Machine Business Creating a New Growth Engine
• Yingliu Co., Ltd. (603308)_Company Overview_Stock Price_Real-Time Quotes_Charts_News_Research_Financial Reports_FinScope-AI Makes Investing Simpler
• High-End Equipment Drives Growth as Yingliu Co., Ltd.’s 2025 Net Profit Rose More Than 20%
• Yingliu Co., Ltd. (603308)_Operating Summary_China Financial Information
• Bank of China (Hong Kong) Limited
• Chiyu Banking Corporation
• Yingliu Co., Ltd. (603308) 2025 Interim Management Discussion and Analysis - Yingliu Co., Ltd. (603308) 2025 Interim Management Discussion and Analysis
• Anhui Yingliu Electromechanical Co., Ltd. - Anhui Yingliu Electromechanical Co., Ltd.
• Yingliu Co., Ltd. 603308
• Yingliu Co., Ltd. (603308)_Company Announcements_Yingliu Co., Ltd.: Periodic Tracking Rating Report for Public Issuance of Convertible Corporate Bonds to Unspecified Investors - Sina Finance - 34.78%, 32.80%, 34.41% and 32.63%, mainly fluctuating because of raw-material prices and product-mix adjustments
• Costs and Raw Materials
• Yingliu Co., Ltd. (603308)_Company Announcements_Yingliu Co., Ltd.: Prospectus Summary for Public Issuance of Convertible Corporate Bonds to Unspecified Investors and Listing on the Main Board - (2) Analysis of Operating Costs
• Yingliu Co., Ltd.: Prospectus for Public Issuance of Convertible Corporate Bonds to Unspecified Investors - Securities Star - Medium-to-large steel castings 32,581.37 24.24% 64,177.25 26.42% 67,786.77 28.98% 54,324.35 25.74%
• Yingliu Co., Ltd. (603308)_Company Announcements_Yingliu Co., Ltd.: Response of the Issuer and Sponsor to the Review Inquiry Letter - Superalloy Products and Precision Steel Castings | Sales Volume (tons) | 13,364.21 | 13,687.82 | 15,281.35
• Note: 1. Yingliu Co., Ltd.’s 2024 annual report reclassified its aerospace new materials and components business; this business is currently included in superalloy products and precision steel castings
• Yingliu Co., Ltd.: Periodic Tracking Rating Report for Public Issuance of Convertible Corporate Bonds to Unspecified Investors - Supplier 4 Natural Gas 4,782.70 3.22%
• Zhongchao Holdings: Supplementary Legal Opinion of Jiangsu Yiyou Tianyuan Law Firm on Zhongchao Holdings’ Application for Issuance of Shares to Specified Investors (Exempted Version) - Note: 1. Yingliu Co., Ltd.’s 2024 annual report reclassified its aerospace new materials and components business
• Yingliu Co., Ltd.: Supplier of High-End Components to Fortune Global 500 Companies; Gross Margin Increasing Year by Year
• China Stock Operating Analysis Table - Anhui Yingliu Electromechanical Co., Ltd. - June 30, 2020 - Tonghuashun
• Beijing SL Pharmaceutical - In 2024, among the five largest accounts-receivable customers of the target company, Anhui Yingliu Electromechanical Co., Ltd. and Guangyun Electromechanical (Suzhou) Co., Ltd. were not among the target company’s five largest revenue customers
• Yingliu Co., Ltd. (603308)_2017 Annual Report - The company’s credit risk mainly arises from bank deposits and receivables
• Yingliu Co., Ltd. - The company’s credit risk mainly arises from cash and receivables
• Customer Structure
• Yingliu Co., Ltd.: 2019 Interim Report - The company’s accounts-receivable risks are distributed among multiple counterparties and customers
• Yingliu Co., Ltd. (603308)_Principal-Business Analysis|Cha Gu Wang
• Yingliu Co., Ltd.: Periodic Tracking Rating Report for Public Issuance of Convertible Corporate Bonds to Unspecified Investors - Current assets mainly comprise cash, accounts receivable and inventories
• Yingliu Co., Ltd. (603308) 2026 Interim Report Analysis: Revenue and Net Profit Both Increased Year on Year; Accounts Receivable Are Substantial - Securities Star
• Yingliu Co., Ltd.: 2026 Interim Report
• Yingliu Co., Ltd.: 2022 Annual Report - Specialized Equipment Components
• Yingliu Co., Ltd. - Company Assessment - Yingliu Co., Ltd. (603308)
• - Yingliu Co., Ltd. (603308) - Financial Assessment
• 603308 Sales Gross Margin - Stocks
• Yingliu Co., Ltd. (603308): Strong Growth in Two-Machine Orders; Progress in Comprehensive Low-Altitude-Economy Layout
• Bank of China (Hong Kong) Limited
• Chart 10: Yingliu Co., Ltd. Gross and Net Margins
• First-Quarter Report Commentary: Strong Growth in Two-Machine Orders; Progress in Comprehensive Low-Altitude-Economy Layout
• Yingliu Co., Ltd. (603308): Strong Growth in Two-Machine Orders; Progress in Comprehensive Low-Altitude-Economy Layout
• Yingliu Co., Ltd. (603308.SH) - Quick Quote
• Guosen Securities
• Securities Daily - Anhui Yingliu Electromechanical Co., Ltd. 2024 Annual Report Summary - Article Search
• High-End Equipment Drives Growth as Yingliu Co., Ltd.’s 2025 Net Profit Rose More Than 20%
• Yingliu Co., Ltd.: 2024 Net Profit of RMB 286 Million; Proposed Dividend of RMB 0.7 per 10 Shares
• Yingliu Co., Ltd. 2024 Annual Report: Weak Revenue Growth and Continued Net-Profit Decline
• Yingliu Co., Ltd. (603308) 2024 Annual Report Commentary: Rapid Growth in Two-Machine Orders; Nuclear Power and Low-Altitude-Economy Businesses May Enter a Long-Term Upcycle
• Yingliu Co., Ltd.: 2024 Net Profit of RMB 286 Million; Proposed Dividend of RMB 0.7 per 10 Shares
• Yingliu Co., Ltd.: 2024 Net Profit of RMB 286 Million; Proposed Dividend of RMB 0.7 per 10 Shares - App Download
• Bank of China (Hong Kong) Limited
• Yingliu Co., Ltd. Full-Year Revenue of RMB 2.513 Billion, Up 4.21% Year on Year
• Yingliu Co., Ltd.: 2024 Net Profit of RMB 286 Million; Proposed Dividend of RMB 0.7 per 10 Shares
• Yingliu Co., Ltd. (603308) Income Statement - Sina Finance
• Yingliu Co., Ltd. (603308.SH) 2024 Net Profit of RMB 286 Million, Down 5.57% Year on Year
• 2026 Interim Report Commentary: Two-Machine Business Drives Rapid Revenue Growth; New-Product Production Transfer Opens Growth Space - Securities Star
• Yingliu Co., Ltd.: Net Profit Attributable to Shareholders in 2026H1 Rose 17.52% Year on Year
• Yingliu Co., Ltd.: First-Half 2026 Net Profit of RMB 221 Million, Up 17.52% Year on Year - Securities Star
• Yingliu Co., Ltd. (603308) 26H1 Commentary: Two-Machine Business Upcycle; Further Breakthrough in Overseas Customer Expansion
• Yingliu Co., Ltd. (603308) 2026 Interim Report Commentary: Net Profit Growth of 17.52%; Two-Machine Business in a Strong Upcycle
• Yingliu Co., Ltd. (603308.SH): 2026 Interim Net Profit of RMB 221 Million
• Yingliu Co., Ltd. (603308) 2026 Interim Financial Analysis: Revenue and Net Profit Both Increased Year on Year; Accounts Receivable Are Substantial - Securities Star
• Yingliu Co., Ltd. (603308) 2026 Interim Report Commentary: 2026H1 Net Profit Attributable to Shareholders +17.5%; Deeply Benefiting from the Global Two-Machine Upcycle; Integrated Delivery Capability Continues to Improve
• 2026 Interim Report Commentary: Net Profit Growth of 17.52%; Two-Machine Business in a Strong Upcycle
• Yingliu Co., Ltd. (603308.SH) Releases Interim Results; Net Profit Attributable to Shareholders of RMB 221 Million, Up 17.52%
• Institutional Ratings | CICC Gives Yingliu Co., Ltd. an “Outperform” Rating
• Yingliu Co., Ltd. (603308) Analyst Consensus Estimates_Market Sentiment_Investing.com
• Institutional Ratings | CICC Gives Yingliu Co., Ltd. an “Outperform” Rating
• Research-Report Indicator Express - Research Reports - Stock Channel - Securities Star
• Goldman Sachs Gives Anhui Yingliu Electrical Machinery a Buy Rating - Investing.com
• title: BofA Initiates Coverage on Yingliu Co., Ltd.: Hidden Champion in Superalloys; Net Profit More Than Doubles in Three Years
• Yingliu Co., Ltd. (603308): Explosive Growth in Two-Machine Business; Potential Beneficiary of the Global Gas-Turbine Cycle
• Yingliu Co., Ltd.: Two-Machine Blade Volume Ramp-Up Imminent; Gross-Margin Recovery Plus Capacity Ramp-Up
• Yingliu Co., Ltd.: Two-Machine Orders Account for 70%; Deeply Tied to Siemens and Baker Hughes
• Two Stocks Strongly Recommended by Institutions - Updating
• Yingliu Co., Ltd. (603308) - Stock Evaluation - Securities Star
• 2026 Interim Report Commentary: Strong Two-Machine Growth and Ample Orders; Integrated Finished-Product Delivery Opens Growth Space - Search
• 603308 Yingliu Co., Ltd.
• Yingliu Co., Ltd. (603308)_Securities Star
• Yingliu Co., Ltd. (603308.SH) Earnings Forecast - PC_HSF10 Data - Rating Statistics
• Yingliu Co., Ltd. (603308.SH) Application for Convertible-Bond Issuance Approved for Registration by the CSRC
• Anhui Yingliu Electromechanical Co., Ltd. 2025 Annual Dividend Distribution Implementation Announcement
• Yingliu Co., Ltd. (603308) - Major Events Memorandum - Stock Market Center
• Yingliu Co., Ltd. (603308) Shareholders’ Meeting - Data Center - Eastmoney
• Yingliu Co., Ltd. (603308) - Major Events Memorandum - Stock Market Center - Major Events Record
• Resolution Announcement of the First Extraordinary General Meeting of Shareholders of Anhui Yingliu Electromechanical Co., Ltd. in 2025
• Yingliu Co., Ltd. (603308)_Full Announcement Text_China Financial Information
• Yingliu Co., Ltd. (603308): Listing Announcement for Public Issuance of Convertible Corporate Bonds to Unspecified Investors
• Yingliu Co., Ltd. (603308): Announcement on Change in Registered Capital and Completion of Business Registration
• Anhui Yingliu Electromechanical Co., Ltd. Announcement on Change in Registered Capital and Completion of Business Registration
• Yingliu Co., Ltd.: Announcement on Change in Registered Capital and Completion of Business Registration
• Anhui Yingliu Electromechanical Co., Ltd.
• Yingliu Co., Ltd.: Summary of Announcement on Change in Registered Capital and Completion of Business Registration
• Yingliu Co., Ltd.: Announcement on Change in Registered Capital and Completion of Business Registration - Eastmoney
• Yingliu Co., Ltd.: Summary of Announcement on Change in Registered Capital and Completion of Business Registration - Securities Star
• Resolution Announcement of the Fifth Meeting of the Sixth Board of Directors of Anhui Yingliu Electromechanical Co., Ltd.
• China Securities Journal - Anhui Yingliu Electromechanical Co., Ltd. Announcement on Passive Dilution of the Controlling Shareholder’s and Persons Acting in Concert’s Stake Due to Convertible-Bond Conversion and the Equity Change Reaching the 1% Threshold
• Yingliu Co., Ltd.: Announcement on Passive Dilution of the Controlling Shareholder’s and Persons Acting in Concert’s Stake Due to Convertible-Bond Conversion and the Equity Change Reaching the 1% Threshold - Home
• Securities Code: 603308; Securities Name: Yingliu Co., Ltd.; Announcement No.: 2026-004; Bond Code: 113697; Bond Name: Yingliu Convertible Bonds
• Yingliu Co., Ltd.: Announcement on the Change in Convertible-Bond Holdings by Bondholders Reaching 10% and the Equity Change of a Shareholder Holding More Than 5% Reaching the 1% Threshold
• Anhui Yingliu Electromechanical Co., Ltd. Announcement on the Change in Convertible-Bond Holdings by Bondholders Reaching 10% and the Equity Change of a Shareholder Holding More Than 5% Reaching the 1% Threshold - Article Search
• China Securities Journal - Anhui Yingliu Electromechanical Co., Ltd. Announcement on Passive Dilution of the Controlling Shareholder’s and Persons Acting in Concert’s Stake Due to Convertible-Bond Conversion and the Equity Change Reaching the 1% Threshold
• Anhui Yingliu Electromechanical Co., Ltd. Announcement on Passive Dilution of the Controlling Shareholder’s and Persons Acting in Concert’s Stake Due to Convertible-Bond Conversion and the Equity Change Reaching the 1% Threshold - Article Search
• Anhui Yingliu Electromechanical Co., Ltd. - Toutiao
• Anhui Yingliu Electromechanical Co., Ltd. - Sina Finance Client
• 603308 20260430 Total Shares - Stocks
• Yingliu Co., Ltd. Releases Revised Articles of Association for August 2026, Clarifying Registered Capital of RMB 728.433921 Million and Improving Full-Process Governance Rules
• Yingliu Co., Ltd. Plans to Merge a Wholly Owned Subsidiary by Absorption and Redeem Yingliu Convertible Bonds - Shanghai Securities News/China Securities Network

This report was automatically retrieved, compiled and generated by AI based on publicly available information. The information is as of the September 11, 2026 close; September 12, 2026 was a Saturday and the A-share market was closed. The prices, trading data and technical indicators below are limited to the data provided in the research notes. Timing differences may exist. Specific data should be based on the company’s official announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.