调研行业：中药 参与调研的机构：六禾投资等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 健民集团分析师会议 调研日期：2025年07月01日 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | ...

Group 1: General Information - The research was conducted on July 30, 2025, with the target company being Weili Transmission [1][9] - Participating institutions include Minsheng Securities and Harvest Fund [2] - The company was founded in 2003 in Yinchuan, Ningxia, with over a thousand employees. Its main business is the R & D, production, and sales of wind - power special reducers and speed increasers [15] - In August 2023, the company was officially listed on the Growth Enterprise Market of the Shenzhen Stock Exchange [16] Group 2: Core Views - The global and Chinese wind - power installation scale is expanding, creating a strong demand for wind - power speed increasers. The company can meet market demand with its technical and process advantages [24][27] - The company can improve its gross profit margin through the construction of a speed - increaser smart factory and has the ability to cope with price competition in the reducer market [18][22] Group 3: Company Fundraising - The company's funds for the construction of the speed - increaser smart factory come from its own funds, financial institution loans, and secondary - market refinancing [16] - In 2024, the company planned to apply for a credit line of no more than 3 billion yuan from financial and non - financial institutions [18] - In 2025, the company planned to issue A - shares to specific objects, raising a total of no more than 600 million yuan for the first - phase of the wind - power speed - increaser smart factory and supplementary working capital [18] Group 4: Response to Reducer Price Competition - The company increased R & D investment. In 2024, R & D expenses were 51.3478 million yuan, a 20.65% increase from the previous year, and the cumulative R & D investment in the last three fiscal years was 126.1141 million yuan [18] - The company optimized the internal structure design of wind - power reducers in the R & D stage, and achieved cost reduction through process optimization and equipment upgrades in the production stage [18][19] - The company built an efficient supply - chain system, controlled procurement costs through bidding, and established a supplier evaluation and screening system [20] Group 5: Impact of Speed - Increaser Smart Factory - After the speed - increaser smart factory is put into production, the gross profit margin is expected to improve significantly due to the high added value of products and the cost - reduction effect of scale [22] Group 6: Industry Barriers of Wind - Power Speed Increaser - The wind - power speed - increaser industry has high barriers in technology, capital, customer and certification, and brand and talent [22] Group 7: Talent Reserve - The company is reserving talent for the speed - increaser smart factory in positions such as process technology, production management, and quality inspection [23] Group 8: Market Situation of Wind - Power Speed Increaser - From 2025 - 2030, the global new wind - power installation capacity is expected to be 981GW, with an average annual new installation capacity of 164GW [25] - In 2024, China's new wind - power hoisting capacity was 86GW, a 11% increase from the previous year. The market size of China's wind - power main gearbox is expected to reach 4.263 billion US dollars in 2030 [26] - Technological iteration in the industry promotes the upgrade of wind - power speed - increasers and concentrates market share on technologically - advantaged enterprises [27]

调研行业：塑料制品 参与调研的机构：华安基金等 / 机构调研pro小程序 天龙股份分析师会议 调研日期：2025年07月30日 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The heating industry is undergoing rapid transformation, with trends towards energy - saving, clean heating, digitalization, and technological innovation [23]. - The company has achieved a significant reduction in operating costs and financing costs in 2024 by strengthening financing control and optimizing the capital structure [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Information - The research object is Huatong Thermal Power, belonging to the public utilities industry. The reception time was July 30, 2025, and the company's reception staff included the deputy general manager and the secretary of the board, Xie Lingyu [16]. 3.2. Detailed Research Institutions - The research institutions include China Enterprise Planning Institute, Daqin Fund, Shenzhen Qianhai Guojin, Jiangsu Bank, Zhongtou Wanfang Beijing, Beijing Guotou Taikang Trust Investment, Beijing Xinrongheng, Beijing Tianxiang, Jintai Capital, Beijing Sanhe Hongxin, and Beijing Qingqingyuanzhongkui Consulting [17]. 3.3. Main Content Information - **Net profit increase in Q1 2025**: The company's main business is heating supply, with strong seasonal characteristics. Revenue is concentrated in the first and fourth quarters, while equipment procurement and maintenance expenses are evenly distributed throughout the year [23]. - **Challenges and responses in the energy industry**: The heating industry is experiencing rapid innovation, with trends including energy - saving and emission - reduction, clean heating, digitalization, and technological innovation. Companies are expected to explore zero - carbon heating technologies [23]. - **Cooling technology**: The company provides comprehensive energy services including cooling. The cooling source uses a combination of new energy sources, which has higher cooling efficiency and is more energy - saving and environmentally friendly than traditional central air - conditioning. The pricing of cooling projects is determined through negotiation between supply and demand [25]. - **Change in financing costs**: In 2024, the company's operating costs and financial expenses decreased significantly due to strengthened financing control and optimized capital structure [26].

Group 1: Research Basic Information - The research object is Kangda New Materials, belonging to the chemical products industry, and the reception time was on July 30, 2025. The company's reception staff was Shen Yitao, the deputy general manager and board secretary [17] Group 2: Detailed Research Institutions - The research institution is Huafu Securities, a securities company, and the relevant personnel are Zhou Danlu and Shen Yingjie [20] Group 3: Main Content Company's Business Introduction - The board secretary Shen Yitao introduced the company's business and briefly described the strategic development directions of the three business segments: adhesives and special resin new materials, electronic information materials, and electronic technology [24] 2025 H1 Performance Explanation - In H1 2025, the sales volume of products in the adhesives and special resin new materials segment increased steadily, driving a synchronous increase in net profit. The strong demand for wind turbine blade products, benefiting from the boom in the wind power industry, was the main driving force for the segment's growth. The company also enhanced its profitability through measures such as optimizing resource allocation, improving asset operation efficiency, and reducing management costs [24] Subsidiary Saiying Technology - Saiying Technology specializes in the R & D, production, sales, and service of embedded software microwave hybrid integrated circuits, microwave hybrid integrated circuits, and radar - related complete machines and systems. It combines microwave and digital technologies, with main businesses including scientific research and production of complete - machine radars, microwave components, special instruments, and marine communication products. Its main customers are domestic supporting enterprises and research institutions, and its products are mainly used in special equipment fields, with partial transformation to the civilian field [25] Subsidiary Dalian Qihua - Dalian Qihua is a high - tech enterprise producing high - quality epoxy resins. Its products are divided into three series: bisphenol A epoxy resin, heat - resistant epoxy resin, and special epoxy resin, with multiple varieties. Its products can be applied in fields such as composites, coatings, adhesives, and electronics. The "Annual Production of 80,000 Tons of Electronic - Grade Epoxy Resin Expansion Project" obtained environmental assessment approval in 2024, and the company is promoting the project as planned [26] Electronic Information Materials and Semiconductor Strategy - The electronic information materials segment covers display materials and low - temperature co - fired ceramic (LTCC) materials, with two holding subsidiaries, Jingcai Technology and Weixin Technology, carrying out relevant business. The company focuses on inorganic semiconductor materials such as ITO targets, alumina targets, CMP (cerium oxide) polishing fluids, and LTCC in its second growth curve. It plans to expand in the semiconductor integrated circuit field by acquiring Zhongke Huawi, and will transform and upgrade to the semiconductor integrated circuit industry through diversified investment models [26][27] Electronic - Grade Special Resin - The newly established holding subsidiary Kangchengda Chuang (Shanghai) New Materials Co., Ltd. plans to produce electronic - grade bis(multi)maleimide resins for high - speed copper - clad laminates and BT carriers. Currently, it is conducting preliminary work such as technical testing and pilot production [27]

Report Summary 1. Reported Industry Investment Rating - No information provided on the industry investment rating [1][2] 2. Core Viewpoints - The company's net profit attributable to the parent in the first half of the year is expected to be a loss of 30 million - 58 million yuan due to the low - point market of the super - hard materials sector and the impact on the special equipment sector [22] - The price of industrial diamonds in 2025 is on a downward trend with stability in the second half, while the market demand for cultivated diamonds is on the rise [23] - The gross profit margin of industrial diamonds is expected to continue to decline, and that of cultivated diamonds will fluctuate slightly [23] 3. Summary by Directory 3.1 Research Basic Situation - Research object: Zhongbing Red Arrow, belonging to the special equipment industry [17] - Reception time: July 30, 2025 - Company reception personnel: Zhao Deliang (CFO and Secretary of the Board), Zhou Ying (Deputy Minister of the Securities Affairs Department), Zhang Yi (Securities Affairs Department) [17] 3.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - related Personnel | | --- | --- | --- | | Changjiang Securities | Securities company | Zhang Chenchen | | GF Securities | Securities company | Qiu Jingbo | | Xinyuan Fund | Fund management company | Fei Fan, Liu Yitao | [18] 3.3 Main Content Data - **Half - year report situation**: The company's net profit attributable to the parent in the first half of the year is expected to be a loss of 30 million - 58 million yuan, mainly due to the low - point market of the super - hard materials sector and the impact on the special equipment sector [22] - **Measures to achieve business goals**: The company and its subsidiaries will optimize the industrial layout, increase R & D investment, expand the market, and reduce costs and increase efficiency [22] - **Gross profit margin of special business**: The overall gross profit margin of special business has increased in recent years [22] - **Military trade business**: The company conducts military trade through third - parties and will improve the management system, actively cooperate with third - parties, and increase export efforts [23] - **Price and demand of industrial diamonds and cultivated diamonds in 2025**: The price of industrial diamonds is on a downward trend with stability in the second half, and the demand is weakening; the market demand for cultivated diamonds is on the rise [23] - **Future gross profit margin of industrial diamonds and cultivated diamonds**: The current gross profit margin is between 10% - 20%. The gross profit margin of industrial diamonds is expected to decline, and that of cultivated diamonds will fluctuate slightly [23]

Group 1: Research Basic Information - The research object is Huadian Co., Ltd., belonging to the electronic components industry, with a reception time of July 28, 2025, and the listed company's reception staff is Qian Yuanjun [16] Group 2: Detailed Research Institutions - The research institutions include 9 individual investors, Wanghua Excellence (Qingdao) (an investment company), Beijing Runze Brothers (an asset management company), Chengtong Securities (a securities company), and Guishan Private Equity (others) [17] Group 3: Main Content Company Overview - The company's PCB products are mainly used in communication equipment, data center infrastructure, and automotive electronics. It adheres to a differentiated product competition strategy [22] Business Strategy - The company differentiates its operations, dynamically matching technical, process, and production capacity structures to the medium - and long - term market demand. It focuses on long - term sustainable interests and conducts business with major leading customers in the overall market [22] Revenue Structure in 2024 - The enterprise communication market boards for AI - driven servers, data storage, and high - speed network infrastructure achieved about 1.0093 billion yuan in revenue, with AI servers and HPC - related PCB products accounting for about 29.48%, and high - speed network switches and related routing PCB products accounting for about 38.56% [23] - The automotive boards achieved about 240.8 million yuan in revenue, with emerging automotive board products such as millimeter - wave radars, HDI - based autonomous driving assistance, and intelligent cockpit domain controllers accounting for about 37.68% [23] Thailand Factory - The company's Thailand production base has started small - scale mass production. It is working hard to improve production efficiency and yield, accelerating customer certification and product introduction, and gradually releasing production capacity [23][24] Switch Market - The rapid development of AI has driven changes in the data center switch market. The demand for high - end switches is good [24] Capital Expenditure and Market - The growth in demand for AI - driven servers, data storage, and high - speed network infrastructure has brought development opportunities. The company has increased investment in key and bottleneck processes in the past two years, and production capacity is expected to improve in the second half of 2025 [24][25] - The company plans to invest about 4.3 billion yuan in a high - end printed circuit board expansion project for AI chips, which started construction in late June [25]

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The global market for precision rubber components has been growing steadily. The company's transmission business faces a polarized competition pattern, with international giants leading in the high - end and domestic enterprises competing in the mid - low end and gradually expanding to the high - end [18]. - The company's overseas business is accelerating its layout, relying on the "Michelin" brand authorization and expanding cooperation with international customers [19]. - The company is exploring product applications in the robot field, and its robot transmission and sealing system components have started sales [19]. 3. Summary by Related Catalogs 3.1. Basic Information of the Research - Research object: Fengmao Co., Ltd., belonging to the rubber products industry [8]. - Reception time: July 28, 2025. The listed company's reception staff is Wu Xunmiao, the board secretary [8]. - Participating research institutions include securities companies, asset management companies, investment companies, fund management companies, and other financial institutions [9][10][11]. 3.2. Company Business and Industry Overview - Transmission business competition pattern: International companies like Gates and ContiTech dominate the international market with technological and brand advantages. Domestic enterprises, with cost - effectiveness and market - proximity, hold shares in the mid - low end and are moving towards the high - end [18]. - Overseas business: Relying on the "Michelin" brand, the company has expanded cooperation with international customers and exported products to Europe, Southeast Asia, South America, etc. It will continue to expand overseas business in other regions [19]. - Robot business: The company is exploring the application of its core rubber products in robots. The robot transmission and sealing system components have been sold, and the company will strengthen cooperation with relevant customers in the robot industry [19]. 3.3. Company Project Progress - The production and construction projects of the company's fund - raising projects are progressing normally. The transmission belt intelligent factory construction project and the tensioner expansion project are still under construction, with some production lines already in operation, which is expected to optimize production capacity and boost performance [18].

Group 1: Basic Information - The research object is Huasheng Lithium, belonging to the chemical products industry, and the reception time was on July 25, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Huang Zhendong, Deputy General Manager Zhang Xianlin, and Securities Affairs Representative Lu Haiyuan [17] - The detailed research institutions are Guohai Securities, Yongxing Securities, and CITIC Construction Investment Securities, all of which are securities companies [18] Group 2: Core Views - The company has complete supporting three - waste treatment devices and can recycle by - products to reduce costs. It strictly follows environmental protection policies, has independent waste treatment capabilities, and has developed industrial production technology for recycling triethylamine from triethylamine hydrochloride, reducing triethylamine consumption by over 85% and solvent consumption by over 75% [21] - The mass ratio of the company's additive products in the electrolyte is generally between 2% - 10%, and the demand from electrolyte manufacturers is determined by the formula of different types of electrolytes designed by battery manufacturers or themselves [21] - Since 2021, the additive products were in short supply with high prices, but with the release of new production capacity in the industry, the market became oversupplied, and the sales prices of VC and FEC dropped significantly. The company's product prices are affected by supply - demand relationships, raw material prices, and the macro - economy, and are adjusted dynamically according to market conditions [21] - The company has been focusing on the R & D of solid - state battery materials in recent years and has completed laboratory trials of multiple materials suitable for solid/semi - solid batteries, such as bis(trifluoromethanesulfonyl)imide lithium, high - purity lithium sulfide, new silicon - carbon anodes, and single - walled carbon nanotube conductive agents. The company will disclose R & D progress and mass - production plans in accordance with relevant regulations [23]

1. Report Core View - The company, Weili Transmission, has achieved accelerated development after its listing in 2023, making significant progress towards becoming a global leading transmission equipment manufacturer through strategic layouts and initiatives [24][25]. - The company has established a clear and systematic strategic plan for overseas market expansion, with service points in multiple key markets and has entered the qualified supplier lists of several international well - known wind power companies [28]. - The company's wholly - owned subsidiaries have received project approvals for the "Thousands of Townships and Villages Wind - Powered Action", which will promote the coordinated development of its new energy power generation and wind power transmission businesses [28]. 2. Summary by Directory 01. Research Basic Situation - The research object is Weili Transmission, and the reception time was on July 25, 2025. The company's vice - president and board secretary, Zhou Jianlin, received the investors [17]. 02. Detailed Research Institutions - The research institutions include Haitong Securities (a securities company), Qianhai Life Insurance (a life insurance company), and Boshi Fund (a fund management company) [18]. 04. Main Content Data Company Overview - Investors visited the company's exhibition hall, precision reducer factory, and speed - increaser intelligent factory. Zhou Jianlin introduced the company's growth history, main business, core products, and the latest progress of the speed - increaser intelligent factory [24]. Strategic Layout After Listing - In 2023, the company was listed on the ChiNext of the Shenzhen Stock Exchange. It increased investment in R & D and production capacity expansion. The first wind power speed - increaser was successfully assembled and tested in 2023, and the Z5503A wind power speed - increasing gearbox passed the certification. In 2024, the wind power speed - increaser business had small - batch shipments [24]. - In October 2024, the company signed cooperation agreements with Goldwind Technology to enhance R & D, production, and market capabilities [25]. Industry Barriers of Wind Power Speed - increasers - There are technical barriers (complex design, high precision requirements, and strict tests), capital barriers (large capital demand), customer and certification barriers (strict supplier access and long verification periods), and brand and talent barriers (difficult for new brands to gain trust and hard to form a team) [26]. R & D Investment - In 2023, the R & D expenses were 4,255.96 million yuan, and in 2024, they were 5,134.78 million yuan, a 20.65% increase from the previous year. The cumulative R & D investment in the past three fiscal years was 12,611.41 million yuan [26]. - As of March 31, 2025, the company had 203 authorized patents, including 31 invention patents [27]. Advantages of Speed - increaser Products - The company's wind power speed - increasers have advantages such as smooth meshing, low noise, good sealing, high efficiency, light weight, and low cost, due to advanced technology and processes [27]. Overseas Market Expansion - The company has set up global service points in key markets like Hamburg, Chennai, and Tokyo. It has entered the qualified supplier lists of international wind power companies such as Siemens - Gamesa, Enercon, and Adani [28]. Participation in "Thousands of Townships and Villages Wind - Powered Action" - The company's wholly - owned subsidiaries have received project approvals for a total installed capacity of 65MW of wind power generators, which will promote business synergy and market competitiveness [28].