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].

江苏北人分析师会议 调研日期：2025年09月12日 调研行业：专用设备 参与调研的机构：线上参与活动的投资者等 / 机构调研pro小程序 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 | | | ...

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]

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].

Group 1: Report Overview - Report research company: Wujin Stainless [17] - Industry: Steel industry [2] - Research date: September 10, 2025 [17] Group 2: Research Details 1. Detailed Research Institutions - Reception object: Shanghai Stock Exchange Service Pass registered investors [20] - Reception object type: Others [20] 2. Research Institution Proportion - No specific content provided 3. Main Content - The company held a performance briefing on September 10, 2025, to communicate on investors' concerns [24] - Product advantages: The company's products have rich specifications, including seamless pipes and welded pipes, covering various calibers and wall - thicknesses. It has over 300 sets of advanced production equipment and over 230 sets of testing instruments. It has a competitive edge in the mid - high - end market [24] - Business strategy: The company is consolidating existing business, expanding overseas markets, strengthening import substitution, exploring new product application scenarios, and enhancing internal management [25] - First - half profit: In the first half of 2025, the company's operating income was 1.121 billion yuan, a year - on - year decrease of 26.82%. Net profit attributable to shareholders was 75.4975 million yuan, a year - on - year decrease of 46.05%. Net profit after deducting non - recurring gains and losses was 68.4806 million yuan, a year - on - year decrease of 48.15% [26]

淮北矿业分析师会议 调研日期：2025年09月09日 调研行业：煤炭行业 参与调研的机构：投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : LIST 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 ...

维峰电子分析师会议 调研日期：2025年09月09日 调研行业：电子元件 参与调研的机构：上海菁上甲万、北京东方引擎、深圳前海汇信 得基金、中信证券等 / 机构调研pro小程序 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 | | | STA ...