HuiKang Technology (001237) New Stock Overview, Online Subscription Starts May 13

Securities Star News, the Shenzhen Main Board’s new stock Huikang Technology will begin online subscription on May 13, with the subscription code 001237. The winning number announcement date is May 15.

Ningbo Huikang Industrial Technology Co., Ltd. is deeply engaged in the refrigeration field, a national high-tech enterprise integrating the research and development, production, and sales of ice makers, cold cabinets, refrigerators, wine cabinets, and other refrigeration equipment. The company’s products are widely used in restaurants, hotels, supermarkets, cafes, milk tea shops, convenience stores, bars, schools, offices, and other commercial and household fields. The company has always been committed to becoming a leading global manufacturer of refrigeration equipment. With over twenty years of industry experience, well-known customer cooperation, and continuous technological innovation, the company’s core products—ice makers—are rich in variety, stable in performance, quick in delivery, and flexible in customization. They are now sold to over 80 countries and regions including China, the United States, Canada, Germany, Sweden, and Australia. Driven by innovation and R&D investment, the company has cultivated brand reputation and advantages, and has received multiple honors or certificates such as “National Manufacturing Single Champion,” “Leading Enterprise in Zhejiang Province’s Domestic and Foreign Trade Integration,” “Zhejiang Manufacturing Certification,” “Top 10 Ice Maker Brands” by CNPP Brand Web, and “High-tech Enterprise Certificate.” The company’s main business includes general items: technical services, technical development, technical consulting, technical exchange, technology transfer, technology promotion; engineering and technical research and experimental development; home appliance R&D; home appliance manufacturing; home appliance sales; plastic products manufacturing; mold manufacturing; mold sales; information consulting services (excluding licensed information consulting services); refrigeration and air conditioning equipment sales; refrigeration and air conditioning equipment manufacturing; sales of high-performance non-ferrous metals and alloy materials; metal materials sales; metal materials manufacturing; import and export of goods; import and export of technology (except projects requiring approval by law, operating independently with a business license). Its upstream industry chain includes steel, copper, and plastics, while downstream demand comes from catering, entertainment, supermarkets, food processing, hospitals, office spaces, and households.

Regarding customer concentration, during each reporting period, the company’s sales revenue from the top five customers accounted for 59.30%, 64.61%, and 62.69% of the total revenue, respectively.

Huikang Technology’s core business is the research, production, and sales of refrigeration equipment, belonging to the “Manufacture of Household Refrigeration Appliances” industry. According to Euromonitor data, the global refrigeration equipment market size is expected to reach $107.67 billion in 2024 and $137.31 billion by 2027, with a compound annual growth rate of 8.4%. According to the China Household Electrical Appliances Association, the global ice maker industry market size is projected to be 21.29 billion yuan in 2024 and will reach 27.20 billion yuan by 2028, with a CAGR of 6.3%.

Globally, developed countries such as Europe, America, Japan, and South Korea have advantages in channel operation and brand building in refrigeration equipment, mainly participating in market competition as brand companies. Emerging economies represented by China leverage labor cost advantages and a complete supply chain to quickly undertake the refrigeration equipment industry from developed countries, participating in the global market through OEM/ODM modes, undertaking key functions such as research, design, and manufacturing of refrigeration products. In the ice maker field, besides the issuer, leading global ice maker companies include Manitowoc, Xingzhi, Scottman, etc. Leading Chinese ice maker manufacturers include Xinbao Co., Ltd., Snowman Group, and others.

Based on the company’s situation, comparable reference companies include Joyoung Co., Ltd., Snowman Group, Aucma, Xueqi Electric, and Bear Electric.

Huikang Technology’s 2025 annual report shows that the company’s main revenue was 2.88B yuan, a year-on-year decrease of 10.19%; net profit attributable to the parent was 391 million yuan, down 13.28% year-on-year; non-recurring net profit was 376 million yuan, down 15.09% year-on-year. In Q4 2025, the company’s quarterly main business income was 578 million yuan, up 22.94% year-on-year; quarterly net profit attributable to the parent was 57.54 million yuan, down 35.4%; quarterly non-recurring net profit was 56.26 million yuan, down 33.27%. The debt ratio is 55.67%, investment income is 4.34 million yuan, financial expenses are -25.81 million yuan, and gross profit margin is 23.53%.

The above content is compiled from public information by Securities Star, generated by AI algorithm (Network Credit Calculation Record 310104345710301240019), and does not constitute investment advice.