Kin Long Hardware (stock code: 14.090, -0.01, -0.07%) was established on June 26, 2003, and was successfully listed on the Shenzhen Stock Exchange on March 29, 2016. Its registration and office address are located in Dongguan City, Guangdong Province.
As a leader in the domestic building door, window and curtain wall hardware industry, the company focuses on the R&D, production and sales of mid-to-high-end building door, window and curtain wall hardware systems and metal components, and has the advantages of the entire industry chain.
The company’s main business focuses on mid-to-high-end building door, window, curtain wall hardware systems and metal structural accessories and other related products. The Shenwan industry it belongs to is building materials – decoration building materials – other building materials, involving small caps, pension concepts, Beijing-Tianjin-Hebei nuclear fusion, superconducting concepts, nuclear power and other concept sectors.
In terms of operating performance, in the third quarter of 2025, Kin Long Hardware achieved operating income of 4.297 billion yuan, ranking third among 17 companies in the industry.
Beixin Building Materials (stock code: 19.720, -0.86, -4.18%), which ranks first in the industry, has revenue of 19.905 billion yuan, and Bunny Baby (stock code: 12.070, -0.17, -1.39%), which ranks second, has revenue of 6.319 billion yuan. The industry average is 2.641 billion yuan and the median is 936 million yuan.
From the perspective of main business composition, door and window hardware systems achieved revenue of 1.143 billion yuan, accounting for 41.47%, and other building hardware products achieved revenue of 435 million yuan, accounting for 15.79%.
The net profit for the period was 7.9561 million yuan, ranking twelfth in the industry. The first place in the industry, Beijing New Construction Building Materials, had a net profit of 2.655 billion yuan, and the second place, Bunny Baby, had a net profit of 635 million yuan. The industry average was 210 million yuan and the median was 15.9116 million yuan.
In terms of solvency, the company’s asset-liability ratio in the third quarter of 2025 was 38.68%, down from 41.56% in the same period last year, but still higher than the industry average of 34.66%, which shows that the company’s solvency is facing certain pressure.
However, from the perspective of profitability, the gross profit margin in the third quarter of 2025 was 30.28%. Although it was slightly lower than the 31.30% in the same period last year, it was much higher than the industry average of 19.88%, showing the company’s strong profitability.
The company’s controlling shareholder and actual controller is Bai Baokun, who also serves as chairman and president.
Mr. Bai Baokun, Chinese nationality, born in 1970, holds a Doctor of Business Administration (DBA) degree.
Since he founded the company in early 2003, he has long been focused on the development of the construction hardware field. He has served as vice president of several associations and has received many honors.
Its salary will increase from 597,300 yuan in 2023 to 744,200 yuan in 2024, a year-on-year increase of 146,900 yuan.
As of September 30, 2025, the number of A-share shareholders of Kin Long Hardware was 31,500, a decrease of 4.44% from the previous period; the average number of circulating A shares held by each household was 6070.53, an increase of 4.65% from the previous period.
As of September 30, 2025, among the company’s top ten tradable shareholders, Hong Kong Securities Clearing Company Limited ranked as the fifth largest tradable shareholder, holding 3.7289 million shares, an increase of 1.2779 million shares compared with the previous period.
Soochow Securities (stock code: 7.580, -0.25, -3.19%) pointed out that the company’s performance in the first half of 2025 was under pressure, with domestic market revenue declining, but overseas markets maintaining growth. In the first half of the year, overseas revenue was 477 million yuan, a year-on-year increase of 30.75%.
The gross profit margin has declined slightly, expenses have been well controlled, and the asset-liability ratio has declined.
Taking into account factors such as the slow recovery of market demand, the company’s net profit attributable to shareholders from 2025 to 2027 is forecast to be 1.75/272/328 million yuan, with corresponding PEs of 45X/29X/24X respectively, maintaining a “buy” rating.
Changjiang Securities (stock code: 7.820, -0.23, -2.86%) also pointed out that the company’s performance in 2025H is under pressure, the revenue of door and window products is affected by the decline in completion, and the competitiveness of home furnishing and other building hardware products is insufficient.
Overseas market revenue was approximately 480 million yuan, a year-on-year increase of 31%, and the proportion of revenue increased.
The gross profit margin of door and window hardware is stable, while the gross profit margin of new products is declining.
It is estimated that the company’s attributable net profit from 2025 to 2026 will be approximately 170 or 330 million yuan, corresponding to a valuation of 47 or 24 times.
Overall, Kin Long Hardware has a solid position in the domestic construction hardware industry, and its expansion in overseas markets has also brought new opportunities for its future development.
