Lanfan Medical receives visits from 148 institutions; expects to turn a profit by 2026

Securities Times reporter Nie Yinghao

This week (March 16–March 20), a total of 94 A-share listed companies were visited by institutional survey teams. Judging by the profitability effect, about one-fifth of the stocks that institutions researched generated positive returns during the week, with Shengyuan Environmental Protection rising 17.95% over the period.

In terms of hot research targets, this week Landu Medical and Hailixun received surveys from more than 100 institutions, while Guangli Technology, Dawei Shares, Shenkeda, COFCO Technology, Haineng Technology, Xinruwei, Adit (Aedite), and others received surveys from more than 40 institutions.

Landu Medical expects

to achieve additional performance

Landu Medical held an investor exchange meeting during the week, with 148 institutions participating in the survey. In this survey, Landu Medical revealed that its glove business has entered a dual cycle of industry recovery and cost optimization, and it is expected to turn loss-making in 2026; its cardiovascular and cerebrovascular business has already achieved substantive profitability, and it will continue to release growth momentum through the scale-up of innovative products and a globalized layout.

During the survey, Landu Medical stated: “At the beginning of 2026, before factoring in the effects of raw material and glove price increases, based on the company’s calculations using raw material and terminal prices, the company’s original earnings guidance for 2026 was that the glove business would turn profitable for the full year and would clearly contribute profits. This guidance has comprehensively considered cost optimization factors, including existing production capacity, the consolidation of Zibo Hongda Thermal Power at the end of 2025, and the expected commissioning of Weifang Lvyuan Thermal Power in the second quarter of 2026. With glove product prices in China and abroad being adjusted upward one after another recently, the incremental additional performance is expected to be reflected starting from the second-quarter statements.”

Landu Medical also disclosed during the survey that its overseas revenue accounts for more than 60%, and overseas revenue in 2025 exceeded $100 million. The reason its overseas business has performed outstandingly is that the company has local direct-sales teams with a scale of 100-plus people in both of its two major regions—Europe and emerging markets, as well as the Asia-Pacific market—and it also has a sales network covering more than 100 countries.

Landu Medical’s 2025 performance forecast indicates a loss of RMB 650 million to RMB 850 million. When institutions asked about the reasons for the loss, the company said that it is mainly due to operating losses in the health protection business, compounded by factors such as tax payments being made up and fixed-asset impairment. The cardiovascular business unit has good operating conditions and has achieved operating profit, but because of changes in the fair value of its investment in Tongxin Medical, the overall result remains at a marginal profit level.

Hailixun focuses on overseas markets

Hailixun received surveys from 130 institutions this week. The company has been deeply involved in industrial gas turbines for more than 60 years; its products are widely applied in fields such as oil, refining and chemical, coal chemical, textiles, metallurgy, papermaking, solar thermal power generation, biomass power generation, cogeneration of heat and power, and supporting large power stations. In 2005, the company officially entered the gas turbine business field.

Institutions focused on Hailixun’s overseas market expansion. Hailixun said that overseas markets are a key direction the company has focused on in recent years. The company expands its market using a model of collaborating with agents and opening overseas offices, with the markets mainly concentrated in “Belt and Road” co-build countries such as Central Asia, Southeast Asia, the Middle East, and Africa. The business model is mainly to provide supporting equipment by following domestic general contractors when they go overseas, and some projects are signed directly with overseas owners, but projects of this type still account for a relatively small share.

According to Hailixun, the overseas market is an important direction for the company’s independent expansion of its gas-engine business. Especially in regions where natural gas prices are low—such as the Middle East, North America, Southeast Asia, and Central Asia—the market prospects are broad. Hailixun believes that the success of product testing, the smooth progress of demonstration projects, and the quality assurance and technical support it provides will gradually strengthen customers’ confidence.

In addition, the gas turbine business is one of the core directions of Hailixun’s strategic transformation during the “14th Five-Year Plan for the 15th Five-Year Period.” Currently, the company mainly targets commercialization of 50MW units. In the future, it will continuously expand the product lineup of gas turbines and adapt to a wider range of application scenarios.

Guangli Technology

Semiconductor equipment business continues to break through

Guangli Technology received surveys from 68 institutions this week, including major domestic public funds such as Huaxia Fund, China Europe Fund, Industrial and Commercial Schroders Fund, and Xingzheng Global Fund. In the survey, institutions mainly focused on the company’s layout in semiconductors and the Internet of Things, as well as its capacity planning.

Guangli Technology said that benefiting from the opportunities of an upturn in the semiconductor industry and the broad application of the company’s domestically made scribing and cutting equipment in the advanced packaging field, since July 2025, Guangli Technology’s domestically manufactured semiconductor business has developed relatively quickly. For its Internet of Things business, it has maintained stable development over the years, using better-quality products and services to help customers build intelligent mines.

In the semiconductor equipment sector, institutions focus on R&D progress in laser scribing machines and the replacement logic. Guangli Technology pointed out that laser scribing machines and mechanical scribing machines are not a replacement relationship; instead, they form a complementary combination across different processes and application scenarios. Mechanical scribing and cutting is still the current mainstream process, while laser scribing machines are seeing rapid growth in certain scenarios due to technical characteristics. Currently, the laser grooving machines and laser hidden-cutting machines developed by the company have entered the client validation stage, and the company will accelerate the validation process to form sales orders as soon as possible.

Guangli Technology emphasized that the company’s domestic semiconductor mechanical scribing and cutting equipment can already match internationally leading manufacturers’ benchmark models in cutting quality and efficiency, receiving broad recognition from customers such as leading domestic IC packaging and testing companies and achieving large-scale repeat purchases. In terms of product structure, the company currently has more than 20 models of mechanical scribing and cutting equipment, and it can provide a variety of configurations according to customer needs. Among them, the 12-inch dual-axis fully automatic wafer scribing machine 8230 is the best-selling standard model; since 2025, the sales share of equipment with customized co-developed models has been gradually increasing.

Regarding capacity planning, Guangli Technology said that the first-phase project of the Aerotropolis plant area is expected to be completed and put into operation in the first quarter of 2026, and the second-phase project of the Aerotropolis plant area is expected to be completed and put into operation in the first quarter of 2027. To ensure customer delivery needs, the company will adopt a “build while commissioning” model and will dynamically adjust the pace of capacity increases according to changes in market demand.

(Editor: Wang Zhiqiang HF013)

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