Haixia Innovation (300300.SZ) Business Analysis and Investment Value Evaluation

Haixia Innovation Internet Co., Ltd. was founded in 2002 and listed on the Shenzhen Stock Exchange in March 2012. It is currently the only listed company controlled by Pingtan state-owned assets [1]. The company has completed its strategic transformation from a private enterprise to a state-owned holding enterprise, and its actual controller was changed to the Pingtan Comprehensive Experimental Zone Investment Promotion Bureau in November 2024.

The company’s business layout presents a “One Core, Two Wings” pattern:

• Relying on the accumulation of “11A” qualifications in the engineering field, it has participated in the construction of thousands of smart engineering projects
• Provides comprehensive services such as smart city planning, design, consulting, engineering construction, integration, and operation
• Core application scenarios include intelligent computing centers, new infrastructure, smart water utilities, smart transportation, smart security, etc. [1]
• Successfully signed key projects such as the first phase of the intelligent computing center project and the power engineering project of the Chengdu Pingxin Intelligent Manufacturing Base in 2024

• Builds a smart healthcare super entrance through the Han Ding Haoyiyou Medical Platform
• Leverages Pingtan’s “Three Products and One Device” policy advantages to deeply engage in the R&D and production of digital medical devices
• Expands the scale of medical device agency business

• Takes the “Haixia Innovation Digital Technology” charging operation brand as the core
• Establishes four major station service matrices in the Pingtan Comprehensive Experimental Zone
• Successfully filed the new urban-rural integration charging demonstration project
• Through the grid layout of “urban hub + township node”, realizes the extension of new energy service network to the township market [1]

• Q3 2025: Revenue 19.34 million USD, EPS -0.03 USD
• Q2 2025: Revenue 41.02 million USD, EPS 0.03 USD
• Q1 2025: Revenue 81.12 million USD, EPS 0.11 USD [2]

• Financial Attitude: Mixed (both aggressive and conservative)
• Debt Risk: High risk
• Free Cash Flow: Net outflow status (-73.4 million USD) [3]

1. Short-term Trend
   : Consolidation pattern, stock price consolidates between the 20-day and 50-day moving averages
2. Mid-term Trend
   : MACD indicator shows bearish signal, need to wait for breakthrough confirmation
3. Long-term Trend
   : Up 503.61% in the past year and 251.99% in three years, long-term trend is still in the upward channel [2]

• Policy Support: National “Double Carbon” strategy promotes the development of new energy vehicle industry
• Market Space: Demand for charging pile infrastructure continues to grow
• Differentiated Layout: Grid-based “urban hub + township node” model has competitive advantages
• Regional Advantage: Relying on the policy advantages of the Pingtan Comprehensive Experimental Zone [1]

• Small business scale, limited contribution to overall revenue
• Profitability of charging pile business needs to be verified
• Intensified industry competition, obvious advantages of leading enterprises

• Accounts receivable pressure may affect cash flow
• Long project cycle, slow payment collection speed
• Intensified industry competition, gross margin under pressure
• Slow economic growth may affect government IT expenditure [1]

• State-owned background brings financing advantages
• “11A” qualification forms a competitive barrier
• Digital economy and new infrastructure policies continue to be favorable
• Cross-Strait Integration Demonstration Zone construction brings incremental opportunities

The current P/E ratio of 247.60 times is significantly high, reflecting the market’s optimistic expectations for the company’s transformation prospects. However, high valuation needs to be supported by sustained performance growth.

1. Whether the charging pile business can achieve large-scale profitability
2. Order acquisition situation of smart city business
3. Expansion progress of medical device agency business
4. Improvement degree of cash flow status

• High valuation correction risk
• Business transformation not meeting expectations
• Continuous deterioration of cash flow
• Changes in smart city industry policies

Haixia Innovation’s new energy charging pile business is still in the cultivation period. Although it conforms to the national policy orientation and development trend, its revenue scale is small and it is difficult to fully offset the growth pressure faced by the smart city business in the short term. As the only listed company controlled by Pingtan state-owned assets, the company has unique advantages in the construction of the Cross-Strait Integration Demonstration Zone, but the current valuation level has fully reflected optimistic expectations. Investors need to pay close attention to the progress of business transformation and performance realization [1][2][3].

[1] Haixia Innovation Internet Co., Ltd. Official Website - Company Profile (https://www.hxcx.com.cn/CompanyProfile.html)

[2] Gilin API - Haixia Innovation Real-time Quotation and Company Overview Data [0]

[3] Gilin API - Haixia Innovation Financial Statement Analysis Data [0]