Southern Pump Industry was established on August 31, 1991 and listed on the Shenzhen Stock Exchange on December 9, 2010. Its registered address is Hangzhou City, Zhejiang Province, and its office address is Wuxi City, Jiangsu Province.
The company is a leading domestic stainless steel multi-stage centrifugal pump company. Its products cover water pumps, complete sets of variable frequency water supply equipment, etc. It has a “domestic leadership and overseas collaboration” business structure and has been selected as one of the top 500 Asian brands.
Southern Pump’s main business includes general equipment manufacturing, environmental protection engineering and equipment, environmental protection consulting and design. The Shenwan industry it belongs to is mechanical equipment – general equipment – other general equipment, involving concept sectors such as ByteDance Concept, Tencent Concept, and Venture Capital.
Operating performance: fourth in the industry in revenue and seventh in net profit
In 2025, Southern Pump Industry’s operating income was 5.275 billion yuan, ranking 4/51 in the industry, higher than the industry average of 1.832 billion yuan and the median of 970 million yuan. The industry’s first-ranked Superstar Technology was 14.666 billion yuan, and the second-placed Zongshen Power was 12.31 billion yuan.
Among the main business components, general equipment manufacturing – water pumps with 4.025 billion yuan accounted for 76.30%, general equipment manufacturing – complete sets of frequency conversion water supply equipment with 636 million yuan, accounting for 12.06%, etc.
The net profit was 284 million yuan, ranking 7/51 in the industry, which was higher than the industry average of 107 million yuan and the median of 69.571 million yuan. The industry’s first place, Superstar Technology, was 2.567 billion yuan, and the second place, Zongshen Power, was 675 million yuan.
The asset-liability ratio is higher than the industry average, and the gross profit margin is higher than the industry average
In terms of solvency, the asset-liability ratio of Southern Pump Industry in 2025 is 61.50%, which is down from 65.64% in the same period last year, but still higher than the industry average of 39.51%.
In terms of profitability, the gross profit margin in 2025 will be 32.98%, a slight decrease from 33.92% in the same period last year, but higher than the industry average of 25.77%.
Chairman Hang Jun is at the helm, and General Manager Shen Haijun’s salary has increased slightly
The company’s controlling shareholder is Wuxi Municipal Utilities Industry Group Co., Ltd., and the actual controller is the Wuxi Municipal People’s Government State-owned Assets Supervision and Administration Commission.
Chairman Hang Jun, born in 1969, will take office in February 2021.
General Manager Shen Haijun, born in 1980, will serve as general manager from July 2022. His salary in 2025 will be 912,200, an increase of 1,100 from 911,100 in 2024.
The number of A-share shareholders decreased by 5.02% from the previous period
As of December 31, 2025, the number of A-share shareholders of Southern Pump was 55,100, a decrease of 5.02% from the previous period; the average number of circulating A shares held by each household was 34,700, an increase of 5.22% from the previous period.
As of March 31, 2026, Hong Kong Securities Clearing Company Limited ranked as the fifth largest circulating shareholder of Southern Pump Industry, holding 18.5595 million shares, and was a new shareholder.
Huatai Securities pointed out that Southern Pump Industry will achieve revenue of 5.275 billion yuan and net profit attributable to the parent company of 236 million yuan in 2025. In the future, it will mainly focus on the growth of the main pump business and the optimization of the environmental protection sector, maintaining the “overweight” rating.
Business highlights are as follows:
- Selected into the Top 500 Asian Brands, water pumps and water supply equipment will account for 88% of revenue in 2025. It is expected that general equipment manufacturing revenue will reach a CAGR of about 13% from 2026 to 2028, and gross profit margin is expected to rise steadily.
- The revenue of each business in the environmental protection segment has increased and decreased, and the business layout will be optimized to improve efficiency in the future.
- Complete the merger and rename of the listed company, focus on the main business of pump manufacturing, consolidate the traditional advantageous market, and actively seize emerging application scenarios such as liquid cooling, data centers, and new energy.
- Remarkable results have been achieved in reducing financial costs. Southern Anmei has completed the capital increase and integrated internal and external resources to promote development.
- Increase investment in the research and development of high-end pumps and explore emerging scenarios such as liquid cooling, new energy, and seawater desalination. Overseas subsidiaries have achieved major breakthroughs in the performance of liquid cooling scenarios.
The net profit attributable to the parent is expected to be 294/391 million yuan in 2026-2027 and 504 million yuan in 2028, giving a PE of 36.5 times in 2026 and a target price of 5.59 yuan.
