Quantitative Models and Construction Methods - **Model Name**: Comprehensive Volume-Price Factor **Model Construction Idea**: This factor integrates 11 sub-factors derived from high-frequency data to capture volume and price dynamics in the market. The aim is to smooth high-frequency data into monthly frequency to reduce turnover while maintaining strong stock selection capabilities[6][41] **Model Construction Process**: 1. The 11 sub-factors include "Moderate Adventure," "Complete Tide," "Climbing Peaks," "Team Coin," "Clouds Disperse," "Moth to Flame," "Grass in the Wind," "Sailing in Water," "Hidden in the Forest," "Wait and Rescue," and "Long-Short Game"[6][41] 2. Each sub-factor is calculated using high-frequency data (minute-level), except for "Team Coin," which uses daily data[41] 3. The high-frequency data is smoothed to monthly frequency to reduce turnover[41] 4. The 11 sub-factors are orthogonalized and equally weighted to form the comprehensive volume-price factor[45] **Model Evaluation**: The comprehensive factor significantly outperforms individual sub-factors, demonstrating enhanced performance metrics such as higher information ratios and lower maximum drawdowns[45] - **Model Name**: Expectation Inertia Factor **Model Construction Idea**: This factor analyzes the relationship between analyst expectations, momentum, and valuation, aiming to capture the persistence of expectations in the market[51] **Model Construction Process**: 1. The factor is derived from the analysis of analyst forecast revisions and their impact on stock prices[51] 2. It incorporates momentum and valuation metrics to identify stocks with consistent upward or downward revisions in expectations[51] **Model Evaluation**: The factor maintains stable upward trends in both long-short and long-only portfolios, with no significant drawdowns observed[51] Model Backtesting Results - **Comprehensive Volume-Price Factor**: - Rank IC: -12.64% - Rank ICIR: -5.48 - Annualized Return: 49.23% - Annualized Volatility: 10.66% - Information Ratio (IR): 4.62 - Monthly Win Rate: 91.94% - Maximum Drawdown: -4.84%[45] - **Expectation Inertia Factor**: - Long-Short Portfolio Net Value: Stable upward trend with no significant drawdowns[51][53] - Long-Only Portfolio Net Value: Stable upward trend with no significant drawdowns[51][55] Quantitative Factors and Construction Methods - **Factor Name**: Moderate Adventure **Factor Construction Idea**: Captures alpha information during moments of significant volume surges[41] **Factor Construction Process**: Derived from high-frequency volume data, smoothed to monthly frequency[41] **Factor Evaluation**: Demonstrates strong stock selection ability with a Rank ICIR of -4.87[43] - **Factor Name**: Complete Tide **Factor Construction Idea**: Analyzes tidal changes in individual stock trading volumes[41] **Factor Construction Process**: Derived from high-frequency volume data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of -4.15, indicating robust performance[43] - **Factor Name**: Climbing Peaks **Factor Construction Idea**: Focuses on changes in individual stock volatility[41] **Factor Construction Process**: Derived from high-frequency volatility data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of 4.89, showcasing strong predictive power[43] - **Factor Name**: Team Coin **Factor Construction Idea**: Identifies momentum effects in individual stocks[41] **Factor Construction Process**: Derived from daily momentum data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of -4.62, indicating effective stock selection[43] - **Factor Name**: Clouds Disperse **Factor Construction Idea**: Explores the volatility of volatility and investor ambiguity aversion[41] **Factor Construction Process**: Derived from high-frequency volatility data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of -4.72, demonstrating strong performance[43] - **Factor Name**: Moth to Flame **Factor Construction Idea**: Improves amplitude factors by analyzing stock price jumps[41] **Factor Construction Process**: Derived from high-frequency price jump data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of -4.69, indicating robust predictive ability[43] - **Factor Name**: Grass in the Wind **Factor Construction Idea**: Examines extreme return distortions and decision-making weights[41] **Factor Construction Process**: Derived from high-frequency return data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of -4.49, showcasing strong stock selection ability[43] - **Factor Name**: Sailing in Water **Factor Construction Idea**: Analyzes market-following behavior in individual stock turnover[41] **Factor Construction Process**: Derived from high-frequency turnover data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of -5.00, indicating strong performance[43] - **Factor Name**: Hidden in the Forest **Factor Construction Idea**: Decomposes factors driving individual stock price changes[41] **Factor Construction Process**: Derived from high-frequency price data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of -5.67, demonstrating robust predictive power[43] - **Factor Name**: Wait and Rescue **Factor Construction Idea**: Analyzes follow-up effects after large trades[41] **Factor Construction Process**: Derived from high-frequency trade data, smoothed to monthly frequency[41] **Factor Evaluation**: Rank ICIR of -4.23, showcasing effective stock selection[43] Factor Backtesting Results - **Moderate Adventure Factor**: - Rank IC: -9.42% - Rank ICIR: -4.87 - Annualized Return: 39.04% - Annualized Volatility: 9.21% - IR: 4.24 - Monthly Win Rate: 90.32% - Maximum Drawdown: -5.58%[43] - **Complete Tide Factor**: - Rank IC: -7.70% - Rank ICIR: -4.15 - Annualized Return: 25.63% - Annualized Volatility: 8.74% - IR: 2.93 - Monthly Win Rate: 81.45% - Maximum Drawdown: -8.19%[43] - **Climbing Peaks Factor**: - Rank IC: 6.07% - Rank ICIR: 4.89 - Annualized Return: 21.03% - Annualized Volatility: 5.75% - IR: 3.65 - Monthly Win Rate: 87.90% - Maximum Drawdown: -2.55%[43] - **Team Coin Factor**: - Rank IC: -9.73% - Rank ICIR: -4.62 - Annualized Return: 39.63% - Annualized Volatility: 10.93% - IR: 3.63 - Monthly Win Rate: 82.26% - Maximum Drawdown: -8.63%[43] - **Clouds Disperse Factor**: - Rank IC: -10.27% - Rank ICIR: -4.72 - Annualized Return: 30.76% - Annualized Volatility: 9.17% - IR: 3.35 - Monthly Win Rate: 83.87% - Maximum Drawdown: -6.86%[43] - **Moth to Flame Factor**: - Rank IC: -9.36% - Rank ICIR: -4.69 - Annualized Return: 38.15% - Annualized Volatility: 10.10% - IR: 3.78 - Monthly Win Rate: 90.32% - Maximum Drawdown: -6.19%[43] - **Grass in the Wind Factor**: - Rank IC: -8.92% - Rank ICIR: -4.49 - Annualized Return: 32.37% - Annualized Volatility: 8.21% - IR: 3.94 - Monthly Win Rate: 85.48% - Maximum Drawdown: -4.05%[43] - **Sailing in Water Factor**: - Rank IC: -9.13% - Rank ICIR: -5.00 - Annualized Return: 34.76% - Annualized Volatility

Investment Rating - The industry investment rating is "Recommended" [1] Core Views - The report expresses optimism towards sectors such as nuclear fusion, engineering machinery, export chains, and robotics [1][3] - The engineering machinery sector is expected to benefit from domestic demand and infrastructure projects, with a focus on new urbanization and major transportation infrastructure [4] - The export chain is showing signs of recovery, with a positive outlook for exports in 2026, particularly in the U.S. market [4] - The robotics sector is highlighted by Tesla's plans for mass production of the Optimus Gen3 humanoid robot, with significant investments in domestic robotics projects [5] Summary by Sections Industry Overview - Total number of listed companies in the machinery equipment industry is 632 [1] - Total share capital is 4,356.64 million shares [1] - Total sales revenue amounts to 28,958.20 billion [1] - Total profit is 2,150.95 billion [1] - The average Price-to-Earnings (PE) ratio is 106.85 [1] - The average stock price is 27.60 yuan [1] Performance of Relative Indices - The machinery equipment sector has shown varying performance against the CSI 300 index, with a notable increase of 34% at one point [2] Key Focus Areas - In the nuclear fusion sector, significant investments are being made, including an $863 million funding round for a startup involved in fusion technology [3] - The engineering machinery sector is currently in a low position, with key companies to watch including SANY Heavy Industry, XCMG, and Zoomlion [4] - The export chain is expected to improve, with companies like Ousheng Electric and Chuanfeng Power highlighted as key players [4] - In robotics, companies such as Dongfang Precision and Anhui Heli are recommended for their advancements in the field [5]

Investment Rating - Industry rating is "Recommended," indicating that the industry is expected to perform better than the benchmark index over the next 12 months [41]. Core Insights - Isostatic pressing technology is crucial for solid-state battery production, allowing precise control over key parameters such as electrode density and thickness, which enhances ionic conductivity and mechanical strength while reducing production costs [2][16]. - The report highlights the advantages of warm isostatic pressing (WIP) over cold and hot methods, particularly in terms of cost-effectiveness and higher achievable pressure, making it more suitable for solid-state battery applications [2][17]. - The report identifies key players in the isostatic pressing equipment market, with overseas companies like Quintus Technologies and Hana Technology leading, while domestic companies such as Xian Dao Intelligent and Rongqi Technology are accelerating their R&D efforts [2][36][37]. Summary by Sections 1. Isostatic Pressing Equipment - Isostatic pressing relies on Pascal's principle, ensuring uniform pressure distribution in high-pressure containers, which is essential for solid-state battery applications [2][8]. - The equipment is categorized into hot isostatic pressing (HIP), warm isostatic pressing (WIP), and cold isostatic pressing (CIP), with WIP being more suitable for solid-state batteries due to its ability to enhance ionic conductivity at lower costs [17][18]. 2. Application in Solid-State Batteries - Isostatic pressing significantly improves electrode density and reduces internal resistance, leading to enhanced battery performance [20][29]. - The technology is positioned in the middle of the solid-state battery production line, connecting the stacking machine and high-pressure formation equipment [30]. 3. Key Challenges - The report outlines challenges such as the non-continuous production cycle of isostatic pressing, which can take several minutes for pressure cycles, hindering automation in battery production lines [33]. - Cost control remains a critical issue, with the current investment per GWh for solid-state batteries being significantly higher than for liquid batteries, necessitating cost reduction strategies [33]. 4. Relevant Companies - Key international players include Quintus Technologies and Hana Technology, while domestic firms like Sichuan Lieneng and Zhonghang Jikong are making strides in the isostatic pressing equipment sector [36][37].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the bond market showed a "V" - shaped trend under the influence of policy expectations and sentiment. The central economic work conference boosted the market's loose expectations, but the long - end interest rate decline may be restricted by the economic recovery expectation. The bond market is expected to have a short - term repair, and the mid - term trend depends on policy implementation [1][5]. - In November, various economic data improved marginally compared with the previous month. Low inflation leaves room for monetary policy, and the bond market benefits from loose expectations [4]. 3. Summary by Related Catalogs 3.1 Weekly Discussion: Has the Ultra - Long Bond Repair Market Ended? 3.1.1 Weekly Review - This week, the bond market's trend was dominated by policy expectations, showing a rise - then - fall pattern. The 30 - year treasury bond yield declined initially but rebounded sharply on Friday. Institutional behaviors were diverse, and market sentiment fluctuated rapidly between optimism and caution [11]. - Yields of different - maturity bonds showed mixed changes. Compared with the previous week, the yield of the 1 - year treasury bond active bond decreased slightly, while the 10 - year treasury bond active bond yield increased slightly [12]. 3.1.2 Trading Disk: Buying Power Rebounded under Policy Signal Stimulation - Driven by the loose policy expectations, institutional behaviors changed significantly. Large - scale banks increased their net purchases of interest - rate bonds, while rural commercial banks turned to net selling. Funds shifted from net selling to net buying, and wealth management products maintained a defensive stance [2][15]. 3.1.3 Impact of the Central Economic Work Conference on the Bond Market - The conference strengthened the loose expectations. The monetary policy may implement reserve requirement ratio cuts and interest rate cuts at the end of this year or in the first quarter of next year. The fiscal policy is expected to be relatively stable, and the bond supply pressure may be less than this year, which supports the bond market [3][22]. - In the short term, the loose expectations boost the bond market sentiment, and the ultra - long bonds start a weak repair market. In the medium term, if policies are implemented, the market interest rate will be pushed down, but the long - end interest rate decline may be restricted [5][24]. 3.1.4 November Import and Export Data Rebounded Significantly Year - on - Year due to the Base Effect - In November, foreign trade data showed that exports turned positive, and the trade surplus rebounded significantly. Exports to the EU and emerging markets increased, while the decline in exports to the US expanded. The recovery of foreign trade is affected by multiple factors, and the future may show a pattern of multi - market support and moderate recovery [25][28]. 3.1.5 November CPI Year - on - Year Recovery Accelerated - In November, inflation data showed that CPI increased year - on - year, food CPI turned positive, and PPI decreased slightly year - on - year but stabilized month - on - month. The low - inflation environment leaves room for monetary policy, and the bond market can benefit from loose expectations [29][34]. 3.1.6 Corporate Financing Demand Increased Marginally, while Household Financing Demand Remained Weak - In November, financial data showed that social financing increased significantly, and credit turned positive, but the structure was differentiated. Corporate medium - and long - term loans increased, while household loans remained weak. The future financial data may continue the trend of "total volume recovery and structural optimization" [35][37]. 3.1.7 Next Week and Future Outlook - Next week, there will be a large - scale OMO 7 - day reverse repurchase maturity, and the government bond net payment scale is not large. The inter - bank certificate of deposit maturity is over 1 trillion. The DR007 may rise slightly during the tax period, but overall, the funds are stable [38]. - In the short term, the loose expectations boost the bond market sentiment, and the ultra - long bonds start a repair market. In the medium term, if policies are implemented, the bond market will benefit, but the long - end interest rate decline may be restricted. The strategy suggests short - term bargain - hunting for ultra - long bonds and medium - and long - term "dumbbell - shaped allocation" [5][40]. 3.2 Weekly Tracking of Interest - Rate Bond Data 3.2.1 Weekly Liquidity Tracking - The data shows the central bank's open - market operations, including reverse repurchase, MLF, and other operations, as well as the trends of repurchase funds and inter - bank certificate of deposit issuance and maturity [42]. 3.2.2 Weekly Bond Valuation Tracking - The report provides the absolute interest rate levels, historical quantiles, interest rate changes, variety spreads, and term spreads of different - type bonds in the current week and the previous week [57][61][62]. 3.2.3 After - Tax Yield Atlas of Bonds Invested by Funds and Banks - Relevant charts show the after - tax yields of major bond types invested by funds and banks on December 6, 2025 [71][74]. 3.2.4 Weekly Tracking of Institutional Behaviors - The data shows the trading scale of different institutional investors in different types of bonds in different weeks, reflecting the changes in institutional behaviors [76].

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - As of December 12, 2025, the North Exchange 50 Index increased by 2.79%, outperforming the Sci-Tech Innovation 50 Index, the ChiNext Index, and the CSI 300 Index by 1.08, 0.06, and 2.87 percentage points respectively. Over the past year, the North Exchange 50 Index has risen by 17.46%, outperforming the CSI 300 Index by 3.74%, but underperforming the Sci-Tech Innovation 50 Index and the ChiNext Index by 15.98 and 21.90 percentage points respectively [4][22] - The average daily trading volume of North A-shares reached 19.5 billion yuan this week, a 41% increase from the previous week, accounting for 1.00% of the total A-share trading volume. The average turnover rate of the North Exchange 50 this week was 2.62% [4][22] - Among the 19 industries in the North Exchange, 14 saw an increase, while 5 experienced a decline. The top three performing industries were Beauty and Personal Care, Nonferrous Metals, and Communications, with increases of 11.52%, 9.48%, and 3.29% respectively [4][22][32] Summary by Sections Market Performance - The North Exchange 50 Index has shown strong performance, with significant increases in both weekly and yearly metrics [4][22] - The liquidity in the North Exchange has improved, with a notable increase in trading volume and turnover rates [4][22] Company Updates - Chuangyuan Xinke plans to acquire 100% of Weiyu Tiandao for 886 million yuan, focusing on satellite navigation testing technology [6][10] - The acquisition is structured as a combination of cash and stock issuance, with performance commitments for the acquired company set for the years 2025 to 2027 [11] - Key companies such as Kaiyuan Technology, Wantong Hydraulic, and Gebijia will be added to the North Exchange 50 Index effective December 15, 2025 [12] Individual Stock Performance - The top three stocks in the North Exchange this week were Tianli Composite, Dapeng Industrial, and Chicheng Co., with weekly increases of 117.21%, 51.12%, and 40.74% respectively [27][28] - The North Exchange 50 constituent stocks also saw significant movements, with Tianli Composite, Jinbo Biological, and Su Axis Co. leading the gains [29]

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The "14th Five-Year Plan" has introduced the goal of becoming an "Energy Power," marking a significant shift in China's energy strategy, emphasizing the need for technological self-reliance and competitiveness in the energy sector [5][6] - The nuclear fusion industry is entering a phase of accelerated project launches, with significant bidding activity observed, indicating a robust market potential estimated to reach trillions during the "14th Five-Year Plan" period [6][7] - Key companies in the nuclear fusion sector, such as 合锻智能, 王子新材, and 永鼎股份, are highlighted as important players to watch due to their involvement in upcoming projects and expected growth in 2026 [7][8] Summary by Sections Industry Overview - The total number of listed companies in the machinery equipment industry is 632, with a total share capital of 4,356.64 million shares and sales revenue of 28,958.20 billion yuan [2] - The total profit for the industry stands at 2,150.95 billion yuan, with an average price-to-earnings (PE) ratio of 106.85 and an average stock price of 27.60 yuan [2] Market Performance - The machinery equipment sector has shown varying performance against the CSI 300 index, with a notable increase of 34% over the observed period [3] Future Projections - The nuclear fusion sector is expected to see a significant increase in bidding amounts in 2026, with ongoing projects like the 合肥 BEST project and the 江西 mixed pile project anticipated to drive growth [6][7] - The report emphasizes the importance of focusing on companies with a history of supplying fusion devices, such as 旭光电子 and 四创电子, as they are likely to benefit from the industry's expansion [8]

Overall Research - The report indicates that the A-share market has shown strong performance, with the Shanghai Composite Index reaching a year-to-date high of 3456 points as of June 25, 2025, marking three consecutive days of gains [3][4]. Key Points - The low overall valuation of A-shares presents a good investment cost-performance ratio, with the Wande All A Index's price-to-earnings ratio at 19.8x and the CSI 300 Index at 13.2x as of June 25, 2025 [3][4]. - The equity risk premium for the Wande All A Index stands at 3.4%, which is at the 70.3 percentile since 2010, indicating a historically high risk premium due to the continuous decline in risk-free interest rates [3][4]. - External risks are gradually dissipating, with positive factors accumulating, such as the resolution of tariff impacts and the implementation of more proactive fiscal and moderately loose monetary policies, which are expected to enhance domestic economic resilience [3][4]. - The quality of listed companies in China is steadily improving, with significant increases in R&D spending from CNY 585.6 billion in 2018 to CNY 1.5593 trillion in 2023, reflecting a strong commitment to high-quality development [4]. - The total dividend payout by A-share listed companies has increased from less than CNY 300 billion in 2010 to over CNY 1 trillion in 2019, and is projected to exceed CNY 1.9 trillion in 2024, indicating a positive trend in investor returns [4]. - The report suggests that sectors such as brokerage firms, the Sci-Tech Innovation Board, and the Hang Seng Tech Index may have potential for phase-wise gains following the index's new high [5]. - Brokerage firms are highlighted as "bull market leaders," likely to yield excess returns as the market strengthens, supported by active trading volumes [5]. - The report emphasizes that the technology innovation theme remains crucial in the capital market, with the Sci-Tech 50 and ChiNext Index showing relatively lagging performance since the beginning of the year, indicating potential future opportunities [5]. - The current liquidity environment in Hong Kong is favorable, with an ongoing overseas interest rate cut cycle and continuous inflow of southbound funds, making the Hang Seng Tech Index representative of emerging industry trends [5].

Investment Rating - The report gives a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [2][18]. Core Viewpoints - The company's core business remains strong, with operational revenue of 2.964 billion RMB, a year-on-year increase of 8.02%, despite a significant decline in construction revenue by 95.42% due to fewer construction projects [5]. - The company has successfully launched the Jingxi project, increasing its operational capacity to over 40,000 tons per day, and processed 14.38 million tons of municipal waste in 2024, a 6.96% increase year-on-year [5]. - The company is expanding its green energy trading and collaborative business efforts, achieving notable results in projects like mobile energy storage heating and biogas purification [6]. - A dividend plan has been announced, with a cash dividend of 0.1 RMB per share for the interim and a proposed annual dividend of 0.20 RMB per share, reflecting the company's confidence in its future [7]. Financial Performance - In 2024, the company reported total revenue of 3.399 billion RMB, a decrease of 14% year-on-year, and a net profit attributable to shareholders of 585 million RMB, down 7% year-on-year [4][10]. - The company expects revenue growth in the coming years, projecting revenues of 3.542 billion RMB, 3.704 billion RMB, and 3.880 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 668 million RMB, 714 million RMB, and 768 million RMB [8][10]. - The company's gross margin improved to 45.44%, an increase of 6.92 percentage points year-on-year, due to optimized revenue structure and cost control [5]. Comparative Analysis - The company's 2025 PE ratio is lower than the average of comparable companies in the waste treatment sector, indicating potential for valuation recovery [11].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1][8][27] Core Views - The report expresses optimism about the mid-term outlook for VLCC (Very Large Crude Carrier) due to strong supply constraints and a return of demand in the regular market [5][8] - The company has shown resilience with a significant increase in net profit in Q4, indicating strong operational performance [3][4][7] Financial Performance - For the year 2024, the company reported total revenue of 25.8 billion RMB, a slight decrease of 0.3% year-on-year, while Q4 revenue was 6.5 billion RMB, down 5.2% year-on-year [3] - The net profit for the year was 5.1 billion RMB, an increase of 5.6% year-on-year, with Q4 net profit reaching 1.74 billion RMB, up 61.1% year-on-year and 99.3% quarter-on-quarter [3][4] - The company plans to distribute a cash dividend of 2.08 billion RMB, representing a payout ratio of 40.7% [3] Segment Performance - In the oil transportation segment, Q4 revenue was 2.22 billion RMB, down 8.5% year-on-year, with net profit at 570 million RMB, down 22% year-on-year but up 49% quarter-on-quarter [4] - The dry bulk shipping segment saw Q4 revenue of 1.87 billion RMB, down 4.5% year-on-year, with net profit at 240 million RMB, down 27% year-on-year and 34% quarter-on-quarter [6] - The container shipping segment experienced a significant profit increase in Q4, with revenue of 1.38 billion RMB, down 7% year-on-year, but net profit surged to 840 million RMB, up 257% year-on-year and 263% quarter-on-quarter [7] Profit Forecast and Valuation - The forecast for net profit for 2025-2027 is set at 6.48 billion, 7.66 billion, and 8.18 billion RMB respectively, with corresponding PE ratios of 8, 7, and 6 [8][9] - The report highlights the company's valuation attractiveness, suggesting a dividend yield of approximately 5% based on a 40% payout ratio [8]

Investment Rating - The report gives a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [10]. Core Insights - The company achieved a revenue growth of 14% driven by dual engines, with a global expansion strategy boosting its automotive business [1]. - In 2024, the company reported total revenue of 27.947 billion RMB, a year-on-year increase of 13.80%, and a net profit attributable to shareholders of 3.099 billion RMB, up 6.10% year-on-year [3][4]. - The automotive parts segment generated revenue of 11.387 billion RMB, reflecting a 14.86% year-on-year growth, while the refrigeration and air conditioning parts segment contributed 16.561 billion RMB, growing by 13.09% [4]. Financial Performance Summary - The company’s gross profit for 2024 was 7.678 billion RMB, with an overall gross margin of 27.47%. The refrigeration segment accounted for 4.530 billion RMB of gross profit, while the automotive segment contributed 3.148 billion RMB [4]. - The company’s operating expenses included sales expenses of 726 million RMB (up 9.50% year-on-year) and management expenses of 1.767 billion RMB (up 19.72% year-on-year) [5]. - Research and development expenses increased by 23.25% year-on-year to 1.352 billion RMB, representing a research expense ratio of 4.84% [5]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 31.818 billion RMB, 37.179 billion RMB, and 47.107 billion RMB, respectively, with net profits expected to be 3.741 billion RMB, 4.363 billion RMB, and 5.163 billion RMB [6][7]. - The earnings per share (EPS) are forecasted to be 1.00 RMB, 1.17 RMB, and 1.38 RMB for the years 2025, 2026, and 2027, respectively [6].