Core Viewpoint - Dongshan Precision plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and brand recognition [1][2]. Company Overview - Established in 1998, Dongshan Precision was listed on the Shenzhen Stock Exchange in 2010 and currently operates over 70 subsidiaries globally, maintaining strong relationships with top industry clients [2]. - The company focuses on electronic circuits, precision components, touch display modules, and LED display devices, aiming to provide comprehensive smart interconnection solutions [4]. Financial Performance - In the first half of 2025, Dongshan Precision achieved a revenue of 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit attributable to shareholders of 758 million yuan, up 35.21% [1][6]. - The company's overseas sales revenue reached 13.168 billion yuan, accounting for 77.66% of total revenue, with a gross margin of 16.46%, significantly higher than the domestic gross margin of 3.61% [3]. Strategic Initiatives - Dongshan Precision is actively expanding its new business areas, focusing on the AI high-speed interconnection and transmission sectors, including high-speed PCBs and optical communications [5]. - The company has successfully completed a strategic acquisition of Solstice Optoelectronics to enhance its capabilities in the optical interconnection field [5][6]. Research and Development - Dongshan Precision has invested approximately 3.01 billion yuan in R&D over the past two and a half years, with R&D expenses for 2023, 2024, and the first half of 2025 being 1.161 billion yuan, 1.267 billion yuan, and 581 million yuan, respectively [6]. - The company maintains a consistent R&D expense ratio of around 3.43% to 3.45% during this period, emphasizing innovation as a key driver for growth [6].

Core Viewpoint - He Sheng New Materials (002290.SZ) is expected to achieve a net profit of approximately 137 million to 154 million yuan for the first three quarters of 2025, representing a year-on-year growth of 60% to 80% due to improved supply chain management and increased product gross margins [1][2][3] Financial Performance - The company reported steady growth in its main business of household appliance composite materials, with revenue figures from 2020 to 2024 being 1.822 billion, 2.269 billion, 2.133 billion, 2.34 billion, and 2.526 billion yuan, respectively, and net profits of 55.08 million, 81.98 million, 65.93 million, 82.77 million, and 97.91 million yuan [4] - As of the first half of 2025, the company had a net operating cash flow of 68.05 million yuan and cash on hand of 494 million yuan, a year-on-year increase of 43.3% [4] Stock Performance - The stock price of He Sheng New Materials increased significantly from a low of 14.41 yuan per share in mid-January 2025 to a closing price of 39.13 yuan per share on October 16, 2025, marking a rise of 171% and a total market capitalization of 9.709 billion yuan [1][4] Strategic Initiatives - The company is actively expanding into the AI sector, having established Shanghai Haixi Technology Co., Ltd. in March 2024, focusing on AI-related hardware and software design, development, sales, and operations [5] - In August 2025, the company invested 250 million yuan in Yizhi Electronics, acquiring a 10% stake, which is seen as a strategic move to enhance its presence in the chip and computing power market [6] Research and Development - He Sheng New Materials has been increasing its R&D investment, with expenditures from 2020 to the first half of 2025 totaling 416 million yuan [6] - The company holds 87 patents, including 8 invention patents, and has made significant advancements in PCM/VCM manufacturing processes [6]

Core Viewpoint - Jianghe Group (601886.SH), a leading domestic curtain wall enterprise, has demonstrated stable operations with a notable increase in its construction decoration segment, achieving a cumulative bid amount of approximately 22.213 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 6.13% [1][2]. Group 1: Business Performance - The construction decoration business is the largest segment for Jianghe Group, contributing over 90% to the company's total revenue [1][2]. - In the first half of 2025, the construction decoration segment generated revenue of 8.761 billion yuan, accounting for 93.82% of the total revenue, with a gross profit margin of 14.88% [2]. - The company has a strong order backlog of approximately 35.7 billion yuan, with new orders leading the industry [3]. Group 2: Market Strategy - Jianghe Group has actively pursued both "going global" and "market penetration" strategies, resulting in significant overseas project wins, including the Jeddah Tower in Saudi Arabia, valued at approximately 2.012 billion yuan [3]. - The company reported a 61% year-on-year increase in overseas orders, which accounted for 38% of total orders in the first half of 2025 [3]. - Domestic revenue increased by 1.64% year-on-year to 7.239 billion yuan, with the revenue share rising from 71.79% in 2024 to 77.52% in 2025 [3]. Group 3: Cost Management and R&D - Jianghe Group has focused on cost reduction, achieving a decrease in operating costs to 7.868 billion yuan, down 6.08% year-on-year [5]. - The company has maintained a low expense ratio, which was 7.97% in the first half of 2025, slightly up from 7.32% in 2024 [5]. - R&D expenditures have consistently exceeded 500 million yuan annually since 2020, totaling 3.156 billion yuan over five and a half years, indicating a commitment to innovation [5]. Group 4: Shareholder Returns - Jianghe Group plans to distribute a cash dividend of 0.15 yuan per share, totaling 170 million yuan, which represents 51.83% of the net profit for the period [5]. - Since its listing, the company has distributed a total of 3.308 billion yuan in dividends, with a payout ratio of approximately 60% [5].

Core Viewpoint - China Resources Power (00836.HK) is focusing on achieving its "dual carbon" goals, with significant growth in electricity sales from its photovoltaic power stations [1][3]. Sales Performance - In the first nine months of 2025, the total electricity sales from China Resources Power's subsidiary power plants reached 161 million megawatt-hours, an increase of 4.2% year-on-year [2][3]. - The electricity sales from subsidiary photovoltaic power stations amounted to 7.0886 million megawatt-hours, reflecting a year-on-year increase of 35.1% [2][3]. - In September 2025, the electricity sales from subsidiary photovoltaic power stations were 0.9224 million megawatt-hours, showing a substantial increase of 49.7% year-on-year [2]. Installed Capacity - As of June 30, 2025, the total installed capacity of wind, water, and photovoltaic power generation rights reached 38,955 megawatts, accounting for approximately 49.9% of the total installed capacity [1][3]. - The company operates 50 coal-fired power plants, 209 wind farms, 205 photovoltaic power stations, 20 hydropower stations, and 6 gas-fired power plants [3]. Future Plans - China Resources Power plans to add 10,000 megawatts of new wind and photovoltaic projects by the end of 2025, with steady progress expected in the second half of the year [1][5]. - The company anticipates that by the end of the 14th Five-Year Plan (end of 2025), the proportion of renewable energy in its installed capacity will exceed 50% [1][5]. Financial Investment - The company expects a cash capital expenditure of approximately HKD 56.8 billion for 2025, with around HKD 42 billion allocated for the construction of wind and photovoltaic power stations [4][5]. - Research and development investment for 2024 is projected to be HKD 1.398 billion, representing a year-on-year increase of 89% [4].

Core Viewpoint - NAR Co., Ltd. plans to enter the semiconductor sector by acquiring at least 51% of Shanghai Feilai Testing Technology Co., Ltd. for approximately 350 million to 400 million yuan, which has led to a significant increase in its stock price [2][4][14]. Group 1: Acquisition Details - The acquisition involves a high premium, with Feilai Testing's total asset valuation at 750 million yuan, representing an increase of approximately 255.45% [3][6]. - Feilai Testing, established in May 2018, specializes in semiconductor chip testing reliability solutions and has already achieved profitability, reporting a net profit of 22.93 million yuan in the first half of 2025 [3][7][11]. - The transaction is expected to provide NAR with control over Feilai Testing, allowing it to enter the semiconductor equipment and components market [6][8]. Group 2: Financial Performance - NAR's revenue has shown growth from 549 million yuan in 2016 to 1.9 billion yuan in 2024, but the growth rate has been slow, with net profits also increasing at a sluggish pace [9]. - In the first half of 2025, NAR reported revenues of 972 million yuan and a net profit of 115 million yuan, marking a year-on-year increase of 4.10% and 79.15%, respectively [9][11]. - The company has previously attempted to find new growth avenues, including investments in other companies, but faced challenges with profitability in those ventures [10][11]. Group 3: Strategic Intent - The acquisition is part of NAR's strategy to create a second growth curve and overcome the limitations of its existing business model [5][12]. - The company aims to leverage this acquisition to explore new profit growth opportunities in the semiconductor industry [8][12].

Core Viewpoint - Longjiang Transportation (601188.SH), the only publicly listed highway company in Heilongjiang Province, is actively expanding into new industries through the acquisition of a 100% stake in Heilongjiang Water Transport Construction Development Co., Ltd. (Water Transport Company) from its controlling shareholder, Heilongjiang Provincial Highway Group Co., Ltd. This acquisition aligns with the company's "one body, two wings" strategy, focusing on the rapid development of its industrial wing and sustainable growth through clean energy assets [2][10]. Financial Performance - In the first half of 2025, Longjiang Transportation achieved operating revenue of 244 million yuan, a year-on-year increase of 8.74%. The net profit attributable to shareholders was approximately 94.75 million yuan, up 19.12%, while the net profit excluding non-recurring items reached about 98.83 million yuan, reflecting a growth of 17.37%. The company has seen continuous performance improvement for two and a half years since 2023 [3][10]. Acquisition Details - Longjiang Transportation plans to acquire the Water Transport Company for a price not exceeding 157 million yuan, based on an assessment value of 157 million yuan, which reflects a significant appreciation of 386.77% due to the company's strategic asset restructuring in 2019 [7][10]. - The Water Transport Company operates the Dadingzi Mountain Hydropower Station, which has a total installed capacity of 66,000 kilowatts and is currently in normal operation [5][6]. Strategic Development - The acquisition is part of Longjiang Transportation's broader strategy to enhance its new materials and renewable energy business. The company has previously invested in graphite-related industries and distributed photovoltaic projects, indicating a strong commitment to diversifying its portfolio [9][10]. - The company has successfully established 139 distributed photovoltaic project sites with a total installed capacity of 17.13 MW, demonstrating its proactive approach in the renewable energy sector [9][10]. Operational Insights - Longjiang Transportation maintains a solid performance in its traditional highway operations, holding the concession for a 132.8-kilometer section of the Harbin-Daqing Expressway and operating the largest taxi service in Heilongjiang Province [10]. - In the first half of 2025, the company reported toll revenue of 163 million yuan, reflecting a year-on-year growth of 4.85% [11].

Core Viewpoint - DeLi Co., Ltd. is undergoing a significant change in control, with a state-owned enterprise acquiring a majority stake to help improve its struggling operations in the photovoltaic glass sector [1][2][6]. Group 1: Control Change and Fundraising - DeLi Co., Ltd. plans to raise 720 million yuan through a private placement to Xinjiang Bingxin Jian High-tech Industry Investment and Operation Partnership, which will become the new controlling shareholder [1][3]. - The current controlling shareholder, Shi Weidong, will relinquish all voting rights associated with his shares, ensuring the new partner secures control for at least 36 months [3][4]. - After the private placement, Shi's shareholding will decrease from 31.68% to 24.37%, while Xinjiang Bingxin Jian will hold 23.08% of the shares and voting rights [4]. Group 2: Financial Performance and Challenges - In the first half of 2025, DeLi Co., Ltd. reported a net loss of 45.32 million yuan, with cumulative losses of 413 million yuan over three and a half years [1][6]. - The company's photovoltaic glass segment saw a dramatic revenue decline of 82.01%, contributing to an overall poor performance, while the daily glass segment showed slight growth [6][7]. - As of June 2025, DeLi's total assets were 3.317 billion yuan, with inventory levels at a historical high of 662 million yuan, indicating significant liquidity issues [7]. Group 3: Strategic Outlook - The entry of state capital is expected to enhance asset quality through resource injection and management optimization, potentially leading to improved financial health [2]. - The company aims to utilize the raised funds to strengthen its capital structure, reduce financial risks, and support daily operations and R&D efforts [7]. - Shi Weidong has committed to ensuring that the cash flow from existing operations remains positive over the next three years and that the daily glass segment achieves a cumulative net profit of at least 40 million yuan [7].

Core Viewpoint - Guanghua Technology (光华科技) has significantly improved its financial performance in 2025, with a notable increase in revenue and net profit after facing losses in the previous years [1][2][3]. Financial Performance - In the first three quarters of 2025, Guanghua Technology achieved operating revenue of 2.044 billion yuan, a year-on-year increase of 11.5% [1][3]. - The net profit attributable to shareholders reached 90.39 million yuan, marking a staggering year-on-year growth of 1233.7% [1][3]. - In Q3 2025, the company reported a net profit of 34.126 million yuan, a turnaround from losses with a growth rate of 962.19% compared to the same period last year [1][3]. Business Segments - Guanghua Technology primarily engages in the research, production, and sales of PCB chemicals, chemical reagents, lithium battery materials, and green materials [2]. - The PCB chemicals segment is the largest revenue contributor, generating 874 million yuan in the first half of 2025, a year-on-year increase of 18.81%, accounting for 68.18% of total revenue [5]. - The chemical reagents segment generated 215 million yuan in the same period, showing a slight decline of 2.16%, with its revenue share decreasing to 16.78% [5]. Market Trends and Challenges - The company faced significant challenges in 2023 and 2024 due to a decline in lithium carbonate prices and weak demand in the consumer electronics market, leading to losses [2]. - In 2023, Guanghua Technology reported an operating revenue of 2.699 billion yuan, a year-on-year decline of 18.26%, and a net loss of 431 million yuan [2]. R&D and Innovation - Guanghua Technology has increased its R&D investment, with expenses rising to 71.9831 million yuan in the first three quarters of 2025 [4]. - The company is also exploring solid-state battery materials, with high-purity lithium sulfide samples currently under customer testing [5]. Profitability Improvement - The overall gross margin for the first three quarters of 2025 was 13.98%, a significant increase of 4 percentage points compared to previous years [6]. - The gross margins for the first three quarters of 2023 and 2024 were 3.06% and 9.98%, respectively [6].

Core Viewpoint - Junpu Intelligent is planning to raise up to 1.16 billion yuan through a private placement to address financial pressures and fund various projects, including smart robot development and working capital replenishment [1][2][5]. Financial Situation - The company has burned through the 1.56 billion yuan raised during its IPO in March 2022, leading to a significant cash flow shortage, with monetary funds of 802 million yuan and interest-bearing liabilities of 1.251 billion yuan as of June 2025 [1][8]. - Junpu Intelligent has reported a cumulative net profit loss of 183 million yuan since its listing, with a net loss of 27.77 million yuan in the first half of 2025 [9][10]. Stock Market Performance - Despite poor operational performance, Junpu Intelligent's stock price has increased approximately 1.5 times since its IPO, with a notable rise from 2.97 yuan per share in February 2024 to 12.82 yuan per share in October 2025, representing a 3.32 times increase [3][4]. Investment Projects - The new fundraising will support four main projects: smart robot R&D and industrialization (6.23 billion yuan), medical health smart device applications (2.69 billion yuan), information technology construction (1.33 billion yuan), and working capital (3 billion yuan) [2][3]. - The largest investment will focus on building R&D infrastructure for smart robots, aiming to meet the growing market demand and enhance the company's growth trajectory [2][3]. R&D and Market Position - Junpu Intelligent has established a "Junpu Humanoid Robot Research Institute" and formed strategic partnerships with leading companies and research institutions to advance humanoid robot technology [3]. - The company has made significant progress in key areas such as joint technology and intelligent algorithms, launching humanoid robot products "Jarvis 1.0" and "Jarvis 2.0" [3][10].

Core Viewpoint - WuXi AppTec is continuously reducing its stake in WuXi AppTec Holdings, having sold 30.3 million shares recently for approximately HKD 23.46 billion, which represents 2.47% of the total share capital of WuXi AppTec Holdings [2][4] Share Reduction and Financial Impact - Over the past year, WuXi AppTec has cumulatively reduced its holdings in WuXi AppTec Holdings, realizing approximately HKD 69.5 billion, equivalent to RMB 63.72 billion [2][7] - The recent sale is part of a strategy to accelerate global capacity and capability building, aiming to attract and retain talent while enhancing its integrated CRDMO business model [4][17] - The net investment gain from the recent sale is expected to impact the company's net profit for 2025 by approximately RMB 16.79 billion, accounting for over 10% of the latest audited net profit attributable to shareholders [4][5] R&D Expenditure Trends - WuXi AppTec's R&D expenses have been declining for two and a half years, totaling RMB 31.94 billion, which is only 3.18% of the total revenue of RMB 1003.81 billion during the same period [10][12] - R&D expenses for 2023 and 2024 were RMB 14.41 billion and RMB 12.39 billion, respectively, showing a decline of over 10% each year [10][12] - The company reported a significant drop in R&D expenses in the first half of 2025, amounting to RMB 5.14 billion, which is a 19.15% decrease year-on-year [12] Employee Reduction - WuXi AppTec has reduced its workforce by 6,529 employees over two and a half years, representing a 14.72% decrease [13][14] - Employee numbers decreased from 44,361 at the end of 2022 to 37,832 by mid-2025 [13][14] Executive Compensation - Despite workforce reductions, executive compensation remains high, with the chairman and CEO receiving a total of RMB 126 million over three years [15][16] Business Performance and Global Strategy - WuXi AppTec's revenue for the first half of 2025 reached RMB 207.99 billion, a year-on-year increase of 20.64%, with net profit growing by 101.92% [11] - The company is focusing on global expansion, with a backlog of orders amounting to RMB 566.9 billion, a 37.2% increase year-on-year [17]