Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company has significant growth in the high - speed communication line business in the first half of 2025, and is steadily expanding its production capacity to meet market demand [21]. - The company's high - speed communication line products have good application prospects in data centers and are conducting pre - research on higher - rate products [22]. - Each business segment of the company, including electronic materials, power products, and new energy vehicle products, has a stable development trend and good growth potential [24][25]. - The company has core competitive advantages in technology, manufacturing, marketing, brand, and business synergy, which support its long - term development [25][26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Woer Nuclear Material [16]. - Industry: Non - metallic materials [16]. - Reception time: September 10, 2025 [16]. - Reception personnel: Board secretary Qiu Wei and securities affairs representative Li Wenya [16]. 3.2. Detailed Research Institutions - Securities companies: CICC, Great Wall Securities [17]. - Asset management company: Guojun Asset Management [17]. - Others: Sega Holdings, Ningbo Baojun, Hanxin Investment, New World Financial Holdings, etc. [17]. 3.3. Proportion of Research Institutions - Securities companies: 25% [18]. - Others: 63% [18]. - Asset management companies: 13% [18]. 3.4. Main Content Data 3.4.1. High - speed Communication Line Business - In the first half of 2025, the company's communication cable business revenue was 1.246 billion yuan, a year - on - year increase of 62.46%, and the high - speed communication line revenue was 466 million yuan, a year - on - year increase of 397.80% [21]. - The company is expanding production capacity. By the end of this year, it will have more than 20 key imported foamed core wire extruders, and 10 more will arrive by the end of next April [21]. 3.4.2. Application and R & D of High - speed Communication Line Products - The 224G single - channel high - speed communication line is the most advanced product in the market, mainly for the foreign high - end market, with rapid growth in the first half of 2025 [22]. - The company is developing samples of the next - generation single - channel 448G high - speed communication line [22]. 3.4.3. Impact of Copper Price Fluctuations - Copper accounts for a small proportion of the raw materials of high - speed communication lines. The company takes cost - control measures, and copper price increases have little impact on profitability [23]. 3.4.4. Robot Cable Business - Industrial robot cables are applied to various types of robots through wiring harness customers; some products for embodied intelligent robots are in the trial and testing stage [23]. 3.4.5. Customers of High - speed Lines - Main customers include international customers such as Amphenol, HellermannTyton, Molex, and TE Connectivity, and domestic customers such as Luxshare, Qinghong, and Huafeng [23]. 3.4.6. Other Business Segments - The electronic materials and power product business segments have a stable development trend and the company will focus on R & D, production optimization, and market expansion [24]. - The new energy vehicle product business has a good growth rate, and the company's DC charging gun revenue ranked first in the domestic industry in 2024 [25]. 3.4.7. Core Competitive Advantages - Technical advantage: A national high - tech enterprise with a professional R & D team and independent intellectual property rights [25]. - Manufacturing advantage: A mature production process, advanced manufacturing equipment, and large - scale delivery capabilities [25]. - Marketing advantage: A wide - ranging marketing network and a professional marketing team [26]. - Brand advantage: Well - known brands in the industry with a good reputation [26]. - Business synergy advantage: Promote the coordinated development of multiple industries to form scale effects [26]. 3.4.8. H - share Listing - The company plans to issue H - shares for business development needs, which will help promote the international strategy and expand financing channels [26]. - The application materials have been submitted, and feedback has been received, with the work progressing in an orderly manner [27].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The photothermal power generation technology is becoming an important support for the low - carbon development of large wind and solar bases in China, entering the 3.0 era with the appearance of the "Qinghai Model" [22]. - The company will use its market and technology first - mover advantages to actively seek orders for 3 350MW projects to increase its market share in the photothermal field [23]. - The company has identified growth opportunities in four major business segments and will invest resources to improve its overall order - receiving ability [24]. 3. Summary by Directory 01. Research Basic Situation - The research object is Xizi Jie neng, belonging to the power equipment industry. The reception time was September 11, 2025. The reception staff included the assistant to the chairman, the board secretary, and the investor relations management specialist [16]. 02. Detailed Research Institutions - Participating institutions include Southern Fund, Guojin Securities, China Life Asset Management, China Life Pension, Biaopu Investment, Shanghai Trust, Jiangsu Jinyingu Investment, and General Technology, with relevant personnel specified for each [17]. 03. Research Institution Proportion No information provided. 04. Main Content Data - **Company's Basic Situation and Main Business** - The company was established in 1955, joined Xizi Elevator Group in 2002, went public on the Shenzhen Stock Exchange in 2011, and was renamed in 2022. It has four main business segments: waste heat boilers, clean and environmental - friendly energy equipment, solutions, and spare parts and services [21]. - Waste heat boilers are for high - energy - consuming industries; clean and environmental - friendly energy equipment is used in new energy fields; solutions involve comprehensive projects; spare parts are components, and services include technical and maintenance work [21]. - **Photothermal Industry Development and Company's Plan** - Photothermal power generation has entered the 3.0 era with the "Qinghai Model". The company aims to get orders for 3 350MW projects [22][23]. - **Photothermal Order Participation and Company's Advantages** - The company can participate in the heat absorption, heat exchange, and heat storage links of photothermal power stations, with strong market and technology first - mover advantages [23]. - **2025 Company's Main Order Situation** - In the first half of 2025, the company had new orders worth 2784 million yuan, and the on - hand orders as of June 30, 2025, were 6119 million yuan [24]. - **Company's Future Incremental Market Directions** - The company focuses on the new energy market (using molten salt energy storage technology), the nuclear power market (upgrading manufacturing capacity), and the overseas market (expanding product share) [25][26]. - **Company's Overseas Market Focus and Development** - The company's overseas market is concentrated in Southeast Asia, South America, and "Belt and Road" countries. Since 2024, the proportion of new overseas orders has been increasing [26]. - **Company's Product Delivery Cycle** - Boiler products are customized, with a domestic delivery cycle of 6 - 12 months and a longer cycle for overseas projects. Spare parts are maintained as needed [26]. - **Company's Nuclear Power Field Development** - The company has over 20 years of experience in the nuclear power field, obtained relevant licenses, and is actively involved in nuclear power equipment supply. It plans to upgrade the manufacturing workshop and focus on key nuclear island equipment research and development [27].

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