Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report is mainly about the institutional research on Haowu Co., Ltd. covering basic research information, detailed research institutions, research institution proportions and main content materials. It records the responses of the company's management to various questions from investors [16][19][23]. 3. Summary by Related Catalogs 3.1 Research Basic Situation - The research object is Haowu Co., Ltd. in the automotive service industry. The reception time was on September 12, 2025. The company's reception staff included the director and general manager Zang Jing, independent director Niu Ming, chief financial officer and deputy general manager Wen Shuangmei, and board secretary and deputy general manager Zhao Jijie [16]. 3.2 Detailed Research Institutions - The reception object was investors participating in the 2025 online collective reception day for investors in Sichuan Province and the semi - annual report performance briefing. The reception object type was "other", and the relevant institutional personnel were these investors [19]. 3.3 Research Institution Proportion - No relevant content provided. 3.4 Main Content Materials - Regarding mergers and acquisitions, the company did not disclose specific targets and asked investors to follow company announcements [23]. - The company is actively observing the development status and trends of robot - related businesses but has not yet launched relevant operations [23][24]. - The company adheres to the "One Body, Two Wings, Three New" strategic layout, exploring new paths for industrial chain extension in areas such as new energy and intelligent vehicles on the basis of consolidating its existing main business [24]. - The company has no intention to cooperate with Shanghai Dongfang Jiule and no plan to acquire Tianjin Rongcheng Wuchan Group Co., Ltd. [24]. - The company's employee Ma Liang is not the same person as Ma Liang, the technical director of Huichen Co., Ltd., and the latter has no association with the company [25].

Group 1: Report Overview - Report on DASHANG Co., Ltd., in the commercial department store industry, with a research date of September 12, 2025 [17] Group 2: Core Viewpoints - The company uses idle funds to buy low - risk financial products to improve capital efficiency and increase overall returns [24] - Different stores adopt a differentiated development strategy to meet diverse consumer needs and avoid homogeneous competition [25][26] - The company will actively dispose of assets, revitalize funds, and optimize the asset structure [26] - The company attaches great importance to shareholder returns and will plan dividends reasonably according to actual operations [24][27] - The company will take multiple measures to boost the stock price, including business improvement, investor communication, and corporate governance optimization [27][28] - The company has regional and profit - quality advantages but lags behind in e - commerce and new formats, and is accelerating digital transformation [28] - The company maintains a high gross profit margin through commodity structure optimization and will continue to optimize in the future [29] - Strategic cooperation with leading brands is expected to boost sales and profits [29] - The company is implementing a regional market strategy and exploring new business models [30] - The company has specific plans for format upgrading in different business sectors [30] - The company is controlling costs through various means and has further optimization space [32] Group 3: Detailed Information by Category 1. Research Basic Situation - Research object: DASHANG Co., Ltd. - Industry: Commercial department store - Reception time: September 12, 2025 - Reception personnel: Chairman and CEO Chen Deli, Vice - Chairman and Financial Officer Yan Li, Board Secretary Yao Lei, Independent Director Li Yanxi [17] 2. Detailed Research Institutions - Reception objects: Investors and others [20] 3. Main Content Data Investor Questions and Company Responses - **Question 1**: Regarding the large amount of monetary funds (4.519 billion in the mid - year report), the company uses idle funds to buy low - risk financial products and will plan dividends reasonably [24] - **Question 2**: Why not operate the same food business in Xinmart and Maison Mode? Different stores have different positioning and format planning to avoid homogeneous competition [25][26] - **Question 3**: The status of Yantai Urban Park: The north area has been completed and sold, and the south area's foundation pit construction is finished. The company will dispose of assets and revitalize funds [26] - **Question 4**: Dividend plan: The company completed the 2024 dividend in June, with a cash dividend of 3.16 billion yuan and a cash - dividend ratio of 53.93%. It will plan dividends reasonably in the future [26][27] - **Question 5**: Stock - price boosting plan: The company will improve business operations, strengthen investor communication, and optimize corporate governance [27][28] - **Question 6**: Advantages and gaps compared with peers: Advantages in regional layout and profit quality; gaps in e - commerce and new formats, and is accelerating transformation [28] - **Question 7**: Maintaining high gross profit margin: Through optimizing the commodity structure, and will continue to optimize in the future [29] - **Question 8**: Strategic cooperation with leading brands: Will be implemented through new stores, store upgrades, and joint marketing, and is expected to boost performance [29] - **Question 9**: New market and business layout: Implement a regional strategy and explore new business models [30] - **Question 10**: Format - upgrading plan: Specific plans for department stores, supermarkets, and electrical appliance chains [30] - **Question 11**: The status of Dalian Donggang Urban Park: It is in the government's regulatory adjustment stage [31] - **Question 12**: Cost - control measures: Control costs through fine management, marketing planning, and digital systems, and has further optimization space [32]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Core view 1: Based on its self - owned IP, the company has a rich portfolio of software - hardware chip customization platform solutions for AI applications, covering various types of computing devices [22] - Core view 2: The company is advancing the R & D and industrialization of Chiplet technology and projects, guided by the concepts of "IP as a Chiplet", "Chiplet as a Platform", and "Platform as an Ecosystem" [23] - Core view 3: The company's new orders and backlog of orders are growing rapidly, with AI - related orders driving significant growth, and it expects to further increase royalty income and expand the scale effect of its IP licensing business [24][26] - Core view 4: The acquisition of Nuclei System Technology will strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and promote the coordinated development and industrialization of AI ASIC and RISC - V technologies [25][26] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Xin Yuan Co., Ltd. - U, belonging to the semiconductor industry. The reception time was September 12, 2025. The company's reception personnel included the chairman and president, WAYNE WEI - MING DAI (Dai Weimin), and the director, board secretary, and senior vice - president of human resources and administration, Shi Wenli [17] 3.2 Detailed Research Institutions - The relevant institution is Bosera Fund, a fund management company [20] 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - Company business: Xin Yuan is a company that provides platform - based, comprehensive, and one - stop chip customization services and semiconductor IP licensing services. It has six types of processor IPs and over 1,600 mixed - signal and RF IPs. Its business application areas are extensive, and its main customers include various types of companies [22][23] - Technical capabilities: The company has excellent design capabilities in mainstream semiconductor process nodes globally and has successful tape - out experience in advanced semiconductor process nodes [23] - Market position: In 2024, Xin Yuan was the top - ranked semiconductor IP licensing service provider in mainland China and ranked eighth globally in terms of semiconductor IP sales revenue. Its IP royalty income ranked sixth globally, and its IP variety ranked among the top two in the world's top ten IP companies [24] - Business performance: In Q2 2025, the company achieved an operating income of 584 million yuan, a quarter - on - quarter increase of 49.90%. As of the end of Q2 2025, the backlog of orders reached 3.025 billion yuan, a quarter - on - quarter increase of 23.17%. In Q2 2025, new orders were 1.182 billion yuan, a quarter - on - quarter increase of nearly 150%. From July 1 to September 11, 2025, new orders were 1.205 billion yuan, an 85.88% increase compared to the same period last year, with AI - related orders accounting for about 64% [24][25][26] - R & D and market expansion: The company has been investing in R & D in key application areas, such as starting to layout Chiplet technology and its applications in generative AI and intelligent driving five years ago. It is also expanding the incremental market and emerging markets and developing industry - leading customers [24][25] - Acquisition of Nuclei System Technology: The acquisition is expected to strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and bring more benefits and industrial value to the AI ASIC business [25][26] - RISC - V layout: The company has been actively involved in the RISC - V industry for over 7 years. It has played a leading role in promoting the RISC - V ecosystem, including leading the establishment of industry alliances, co - hosting industry forums, and collaborating with leading RISC - V companies. Its semiconductor IP has been adopted by multiple RISC - V chips, and it has launched multiple chip design platforms and hardware development boards based on RISC - V cores [28][29][30]

1. Reported Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The company's material handling equipment products have a wide range of applications, and the company is expanding its market share in non - cement building materials industries [23]. - The company's chain products have a long service life and high - quality advantages, and the company is promoting process improvement and intelligent manufacturing [25][26]. - The company's "Annual Production of 3 million large - pitch conveying equipment chain intelligent manufacturing project" is in progress, with the first - phase production line achieving small - batch production in 2024 and the second - phase under installation and commissioning [27][28]. 3. Summary According to the Table of Contents 3.1. Research Basic Situation - The research object is Hetai Electromechanical, and the reception time is September 12, 2025. The listed company's reception staff includes the board secretary Fang Qing and Xu Ruoran from the secretary's office [16]. 3.2. Detailed Research Institutions - The research institutions include Great Wall Securities Co., Ltd. (a securities company with relevant person Xu Chenglu), Vikin (Hangzhou) (an asset management company with relevant person Zhang Huan), Hangzhou Yuhang Private Equity (a fund management company with relevant person Wang Fujun), and Hangzhou Zhongcai Jinfeng Equity Investment (an investment company with relevant person Shen Bin) [17]. 3.3. Main Content Information - **Market Expansion Strategy**: The company is expanding the application fields of its products on the basis of the cement industry, targeting industries such as ports, steel, chemicals, and food. It has a mature product and technology base, can provide customized solutions, and has established a national sales service network. It also uses the "regional bidding for positions system" to motivate sales staff [23]. - **Chain Product Service Life and Advantages**: The chain product has a service life of about 3 years, can adapt to harsh environments, and reduces customer costs and downtime losses. The company promotes process improvement and intelligent manufacturing and has an all - around quality control system [25][26]. - **Implementation of the Fund - Raising Project**: The company is implementing the "Annual Production of 3 million large - pitch conveying equipment chain intelligent manufacturing project" to build a smart factory. The first - phase production line achieved small - batch production in 2024, and the second - phase is under installation and commissioning [27][28].

Report Summary 1. Reported Industry Investment Rating No information provided in the document. 2. Core Viewpoints The report mainly presents the results of a research on Xinhan New Materials, covering the company's basic information, research institutions, and answers to investors' questions about the company's operations, including project progress, cash management, product sales, investment purposes, R & D directions, and the impact of trade protection measures [16][23][28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Xinhan New Materials [16] - Industry: Chemical raw materials [16] - Reception time: September 12, 2025 [16] - Listed company reception personnel: Chairman and General Manager Yan Liuxin, Financial Controller Wang Zhongyan, Board Secretary Li Xiangfei, Independent Director Huang Hefa [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Main Content Data - **Project Progress**: The equipment of the third workshop of the 8000 - ton project is being installed and is expected to reach the intended use state and be put into production in December 2025 [23] - **Cash Management**: The company's cash management is mainly used to purchase cash management products with high safety, good liquidity, and a maximum term of no more than twelve months, such as RMB structured deposits and time deposits [24] - **Foreign Exchange Hedging**: The company did not actually carry out specific foreign exchange hedging business during the reporting period and plans to conduct it within the board - authorized limit according to exchange rate fluctuations [26] - **Product Sales**: The sales of the company's main products such as medical and agricultural intermediates, DFBP, and photoinitiators have all increased to varying degrees [27] - **Investment Purpose**: The company invests in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology to layout fields related to its main business, achieve industrial synergy and capital appreciation, and strengthen its influence in the special engineering plastics field [28] - **R & D Direction**: The company's main R & D direction is focused on the R & D and process improvement of aromatic ketone core products, including special engineering plastic core raw materials and cosmetic raw materials [28] - **Product Situation**: The penetration rate of the company's HAP product as a cosmetic raw material is gradually increasing, and the HDO production line is under construction. The HDO product can be directly used as a cosmetic raw material with moisturizing and bactericidal effects [30] - **Trade Protection Impact**: The company will closely monitor international market trends, actively explore new international markets, develop new products, and expand the domestic market to reduce the impact of export business risks [30] - **Medical and Agricultural Intermediate Business**: The company's medical and agricultural intermediate products have a large variety. After the new workshop of the 8000 - ton project is put into operation, new customers and markets are developed, resulting in rapid growth [30]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report focuses on the in - depth analysis of Keda Manufacturing through an institutional research. The company's performance in the first half of 2025 is remarkable, with significant growth in revenue and net profit, mainly driven by overseas building materials business. The company will continue to focus on its main business, and is expected to achieve further development through business expansion, cost optimization, and product - service synergy [23][24]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Keda Manufacturing, belonging to the special equipment industry. The reception time was September 12, 2025. The listed company's reception staff included the chairman, general manager, independent director, vice - president and financial controller, and board secretary [16]. 3.2 Detailed Research Institutions - The reception objects were all investors who participated in the company's 2025 semi - annual performance briefing online [19]. 3.3 Research Institution Proportion No information provided. 3.4 Main Content Data - **Asset Impairment Plan**: In the first half of this year, the company accrued 116 million yuan in asset impairment provisions, mainly from accounts receivable impairment in the building materials machinery segment, inventory impairment in the overseas building materials segment, and goodwill impairment of the previously acquired Italian F.D.S. Ettmar company. Future F.D.S. Ettmar goodwill will not have new impairments [23]. - **H2 Business Outlook**: Overseas building materials projects in Cote d'Ivoire and Kenya were put into production in mid - to - late June, which will contribute to the business scale in the second half. The ceramic machinery business received more orders in Q2, which is expected to support H2 performance. The lithium battery materials and new energy equipment businesses also showed good development trends in H1 [23]. - **Reasons for Net Profit Growth in H1 2025**: The company's revenue in H1 2025 was 8.188 billion yuan, and the net profit attributable to the parent was 745 million yuan, with year - on - year increases of 49.04% and 63.95% respectively. The main growth came from the overseas building materials business, which achieved 3.771 billion yuan in revenue, a year - on - year increase of about 90%, and its net profit accounted for about 42% of the company's current net profit attributable to the parent [23][24][25]. - **Accessories and Consumables Business**: In H1, the accessories and consumables business grew compared with the same period last year, and its proportion in the ceramic machinery business revenue increased. The ink business grew well. With the commissioning of the Turkish KAMI ink factory this year and the company's global expansion and local layout of accessories and consumables services, this business is expected to continue growing [25]. - **Overseas Building Materials Business Capacity**: As of now, the overseas building materials business has 11 production bases in 7 African countries, operating 21 building ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines, with an annual production capacity of over 200 million square meters of building ceramics, 2.6 million pieces of sanitary ware, and 400,000 tons of building glass. In H1 2025, the joint - venture company produced about 98 million square meters of tiles, over 17 tons of glass, and over 1.4 million pieces of sanitary ware [25]. - **Brand Operation in Africa**: In the tile segment, the "Tefu" brand has wide recognition in parts of sub - Saharan Africa, and the high - end brand "Micasso" is being cultivated. In the sanitary ware segment, the "Frencia" brand is used to expand the East and West African markets. The glass business uses the "Tefu" brand for brand synergy [26]. - **Overseas Building Materials Debt Situation**: In H1, the joint - venture company repaid some euro loans and supplemented RMB loans, optimizing the financing structure. As of the end of June 2025, the joint - venture company's debt ratio decreased compared with the end of last year, and the overall financing interest rate also decreased. In the future, the joint - venture company will balance debt scale and business expansion, and control the debt ratio and foreign - currency debt scale [27]. - **Prospect of Ceramic Machinery Equipment Growth**: As the downstream customer investment demand in the overseas market is expected to recover, the company, as a leading ceramic machinery enterprise, will expand overseas business, promote the coordinated development of accessories and consumables services and ceramic machinery equipment, and carry out cross - industry applications to increase business volume [29]. - **Layout of Other Tracks**: The company will focus on its main business and will not consider entering new industries in the short - to - medium - term. But it will consider opportunities for industrial chain extension, product category expansion, and general application of ceramic machinery equipment within the main business [29]. - **Bluecore Lithium Industry Cost**: Although the domestic lithium carbonate market price was low in H1, Bluecore Lithium Industry's production cost was at a low level in the market and decreased quarter - on - quarter. In H1 2025, it had a net profit margin of 31% [29][30]. - **Price Outlook of Overseas Building Materials Products**: The average price of tiles in H1 increased compared with the same period last year and is expected to continue rising. The glass product price is at a good level. The company will optimize the sales structure and take cost - reduction measures to improve profitability [30][32].

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1. Reported Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report focuses on the in - depth research of Lanshi Heavy Equipment. The company is actively exploring and optimizing its layout in the new energy equipment manufacturing field of "nuclear, hydrogen, light, and storage". It will continue to strengthen traditional industries, strategic emerging industries, and productive service industries. In international business, it aims to become an international first - class high - end energy equipment overall solution service provider. The guarantee for the parent company is beneficial for the common development of both sides [23][24] 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: Lanshi Heavy Equipment - Industry: Special equipment - Reception time: 2025 - 09 - 12 - Listed company reception personnel: Chairman Guo Fuyong, Independent Director Ma Ning, Financial Controller Wei Tongyan, Board Secretary Wu Ruirui [16] 3.2 Detailed Research Institutions - Reception object: All investors participating in the company's 2025 semi - annual performance briefing online - Reception object type: Others [19] 3.3 Research Institution Proportion - Not provided in the given content 3.4 Main Content Data 3.4.1 Progress and Future Planning in the New Energy Equipment Field - In the nuclear energy field, the company joined the "Guohe No.1" industrial chain alliance of SPIC and invested in the China National Nuclear Corporation Science and Technology Innovation Fund. In the hydrogen energy field, it built the first green hydrogen "production, storage, transportation, addition, and use" integrated test and demonstration base in Lanshi Group and Gansu Province, and its high - pressure hydrogen storage containers were successfully installed in a commercial hydrogenation station. In the photothermal energy storage field, it established a joint - venture energy storage company and obtained manufacturing orders for high/low - temperature molten salt storage tanks for multiple projects. Future plans include optimizing traditional industries, strengthening strategic emerging industries, and developing productive service industries [23] 3.4.2 International Business Expansion Strategy and Goals - The core markets are countries along the "Belt and Road" and emerging economies. The strategy is to export high - end energy equipment products and provide integrated solutions. It relies on its own patented technology and EPC model. Future goals include increasing overseas revenue proportion, participating in international exhibitions and standard - setting, and becoming an international first - class high - end energy equipment overall solution service provider [24] 3.4.3 Guarantee for the Parent Company - Lanshi Heavy Equipment plans to provide a joint and several liability guarantee for Lanshi Group's application for a comprehensive credit line of 350 million yuan. The guarantee is counter - guaranteed by the real estate company, a wholly - owned subsidiary of Lanshi Group. This guarantee is beneficial for the common development of both sides and will not have an adverse impact on the company's normal operation [24][25]

Group 1: Research Basic Information - The research object is Lijun Co., Ltd., belonging to the special equipment industry, and the reception time was September 12, 2025. The listed company's reception staff included the general manager, the chief financial officer Lin Lin, the board secretary Hu Yijun, the securities affairs representative Gao Feng, and the independent director Liu Lina [17] Group 2: Detailed Research Institutions - The reception objects include investors' online questions and others, with the types of reception objects and relevant institutional personnel involved [20] Group 3: Research Institution Proportion - Documentation about research institution proportion is not provided in the given content Group 4: Main Content Data - The company will increase R & D innovation investment in its focused fields to enhance product competitiveness and expand market share [24] - The company's management will focus on existing businesses, follow industry policies, seize market opportunities, and strengthen competitive product markets to improve performance [24] - The company has no share - repurchase plan currently and will disclose information if there is a plan in the future [24] - In 2025, the company's accounts receivable balance decreased slightly compared to the previous year, with about 63% within one - year. The recovery risk is considered low after deducting bad debts. Management measures include improving sales policies, establishing a customer credit evaluation system, and strengthening collection efforts [25] - For the core competitiveness in the aerospace parts manufacturing business, refer to the company's regular reports [25] - The company will seize aerospace market opportunities, enhance product competitiveness, and expand market development to achieve better performance [25] - The company is paying attention to the development of the low - altitude economy and will seize opportunities based on its technology, process, and production capacity [26] - The company will focus on the healthy development of its main business, increase R & D investment, and improve competitiveness to boost investors' confidence [26]

Report Summary Overall Information - The report is about a research on Tian'e Co., Ltd. in the special equipment industry on September 12, 2025 [1][2][17] Core Views - Tian'e Co., Ltd. adheres to innovation - driven development, focuses on the cotton machinery main business, and plans to expand the high - end intelligent agricultural machinery equipment industry [24][25] - The company has leading technology, a complete product series, and high market share in relevant fields, and will enhance competitiveness through innovation and market expansion [27] Grouped Key Points 1. Research Basic Situation - The research object is Tian'e Co., Ltd., belonging to the special equipment industry. The reception time is September 12, 2025, and the reception staff includes the chairman, general manager, independent director, board secretary, and financial director [17] 2. Detailed Research Institutions - The reception objects include investors and others [20] 3. Main Content - **R & D Input and Achievements**: In the first half of the year, the company's R & D investment was 1.76451 million yuan. It carried out performance iteration of old products and R & D of new products. It obtained 27 new authorized national patents (6 invention patents), 3 new software copyrights, and successfully issued 2 national standards and 3 industry standards [24] - **Development Strategy**: The company adheres to the cotton machinery main business, expands around the cotton industry chain, and aims to build the world's first brand of cotton machinery equipment. It also expands the high - end intelligent agricultural machinery equipment industry and creates a new development pattern of "one body, two engines, and three wings" [25] - **Industry Position and Competitiveness**: The company has leading technology, a complete product series covering the entire cotton processing process. Its cotton processing machinery products have a leading market share, and its cotton picker market share is among the top in the industry. It will focus on the main business, increase innovation investment, and expand domestic and international markets to enhance competitiveness [27] - **Dividend Policy**: The company adheres to a long - term and stable dividend policy. In June 2025, it implemented the 2024 annual equity distribution, distributing a total cash dividend of 2.08708 million yuan. There is no profit distribution plan in the first half of 2025 [27] - **Market Value Management**: The company attaches great importance to market value management, aiming to improve operating performance, perfect the shareholder return mechanism, and convey investment value [27]