Hammertech announced recently that the company’s initial public offering raised a large- scale radial tire vulcanizing machine project to be suspended. According to previous plans, the company's vulcanizer project plans to invest a total of 112 million yuan, the construction period of 18 months. As of June 30, 2012, the project has invested a total of 36.972 million yuan to achieve sales revenue of 45,658,100 yuan. As for the reason why the project did not reach the schedule, Halmaic stressed that the giants of the international giant tire production are Michelin of France, Bridgestone of Japan, and Goodyear. They currently use traditional vulcanizing tanks for giants. The tire vulcanization molding has a long certification period for the Hammer Tech giant tire vulcanizing machine, and the process of replacing the traditional vulcanizing tank process is slow. In addition, under the influence of the giant tire manufacturing giants on the design and monopoly of giant tires, most tire manufacturers in China are currently exploring and improving the production of giant tires. The expansion of giant tire production capacity has encountered a technical bottleneck. Demand for vulcanizers slowed. Based on the above reasons, Haomai Technology intends to suspend the use of funds to continue investment in giant radial tire vulcanizer projects, and will determine when to restart the investment in related projects based on market conditions. Haomai Technology also disclosed its first-half report. During the reporting period, the company achieved a total operating revenue of 361 million yuan, an increase of 3.76% year-on-year; and a net profit of 107 million yuan, an increase of 0.7% over the same period of last year. Halma Technology stated that in the first half of 2012, China’s economic development continued to be weak and market demand had apparently recoiled. At the same time, as the European debt crisis affected the recovery rate of the world economy, the overall market performance was lower than expected. According to the report, Haomai Technology's customer base is mainly concentrated in the high-end market at home and abroad. Although domestic orders have shrunk slightly, with the gradual recognition and trust of international high-end customers on the company's products, the share of foreign markets is steadily expanding, and the proportion of orders has increased significantly. During the reporting period, the company’s export revenue increased by 37.44% year-on-year. Looking forward to the second half of the year, Halma Technology believes that the economic situation is still not optimistic, but the company's orders in the international market will continue to grow steadily. Taking into consideration, Halma Technology expects net profit to change from 0% to 20% in January-September 2012.
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