Chigo Machinery was established on August 14, 2003 and listed on the Beijing Stock Exchange on August 14, 2025. Its registered address and office address are both located in Quzhou City, Zhejiang Province.
It is a “specialized and innovative” small giant in the field of domestic rock drilling equipment. It specializes in rock drilling equipment and air compressor business, and has the ability to produce core components of underground drilling rigs and screw machines.
Chigo Machinery’s main business is the research and development, production, sales and service of drilling rigs and screw machine products. The Shenwan industry it belongs to is mechanical equipment – engineering machinery – complete engineering machinery. It belongs to the concept sector of listed companies, small caps and sub-IPOs on the Beijing Stock Exchange.
In terms of operating performance, in 2025, Chigo Machinery achieved operating income of 906 million yuan, ranking 19th among 23 companies in the industry.
Compared with the industry’s first XCMG Machinery’s 100.823 billion yuan and the second-place Sany Heavy Industry’s 89.231 billion yuan, the gap is obvious. The industry average is 16.765 billion yuan and the median is 6.689 billion yuan.
Among the main business components, drilling rigs accounted for 468 million yuan, accounting for 51.65%, screw machines accounted for 351 million yuan, accounting for 38.73%, accessories and others accounted for 80.6266 million yuan, accounting for 8.90%, and other (supplementary) 6.4751 million yuan accounted for 0.71%.
In terms of net profit, it will be 112 million yuan in 2025, ranking 16/23 in the industry, which is far lower than the 8.488 billion yuan of the industry’s first Sany Heavy Industry and the 6.686 billion yuan of the second Xugong Machinery. The industry average is 1.362 billion yuan, and the median is 530 million yuan.
From the perspective of financial status and solvency, Chigo Machinery’s asset-liability ratio in 2025 is 23.14%, lower than 37.15% in the same period last year, and lower than the industry average of 45.29%, showing strong solvency.
In terms of profitability, the gross profit margin in 2025 will be 27.94%, which is higher than the 27.28% in the same period last year and higher than the industry average of 25.52%. The profitability is good.
The controlling shareholder of Chigo Machinery is Quzhou Chigao Tunneling Holdings Co., Ltd., and the actual controller is Xie Cun.
Chairman and General Manager Xie Cun, born in August 1971, holds MBA from Zhejiang University.
He has rich industry experience. From July 1998 to May 2003, he served as the deputy general manager of sales of Zhejiang Hongwuhuan Machinery. From August 2003 to September 2015, he served as the chairman and general manager of Chigo Co., Ltd. From September 2015 to the present, he serves as the chairman and general manager of Chigo Machinery.
He has served as a deputy to the People’s Congress of Qujiang District and has won many titles. His salary in 2025 will be 1.6833 million.
As of December 31, 2025, the number of A-share shareholders of Chigo Machinery was 9,139, a decrease of 17.81% from the previous period; the average number of circulating A shares held by each household was 2,808.9, an increase of 53.06% from the previous period.
Huachuang Securities pointed out that Chigo Machinery is a “specialized and innovative” small giant in the field of rock drilling equipment in my country, focusing on rock drilling rigs and screw machine products.
Business highlights include: rising metal prices driving capital expenditures, mining equipment facing the boom cycle, and the profits of related manufacturers are expected to rise; rock drilling rigs have broken through the high-end, realizing domestic substitution and expanding overseas; screw machine technology has been diversified, and independent breakthroughs have been made to optimize profits.
It is expected that the company’s revenue from 2025 to 2027 will be 907, 1123, and 1454 million yuan respectively, and the net profit attributable to the parent company will be 120, 161, and 219 million yuan respectively, and the corresponding EPS will be 1.35, 1.81, and 2.46 yuan respectively. It is covered for the first time and given a “recommended” rating.
Jianghai Securities pointed out that Chigo Machinery is a specialized and new “little giant” enterprise in the field of rock drilling equipment and one of the top 50 mining equipment manufacturers.
Business highlights include: overseas market development is smooth, overseas business revenue and proportion continue to increase, providing support for performance growth; product structure continues to be optimized, and profitability continues to improve.
Projected Company 2025 –
Operating income in 2027 will be 9.22/1.006/1.093 billion yuan respectively, with growth rates of 3.76%/9.13%/8.65% respectively; net profit attributable to the parent company will be 1.25/1 respectively.
51/173 million yuan, with growth rates of 18.84%/21.26%/14.43% respectively; EPS of 1.40/1.70/1.94 yuan respectively, giving a “hold” rating for the first time.
