联动科技分析师会议 调研日期：2025年09月08日 调研行业：半导体 参与调研的机构：国海证券等 / 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 | | | START SHILL CARD | | | 颜的集团 | ...

Group 1 - Report research object: Feilihua [16] - Industry: Non-metallic materials [16] - Reception time: September 4, 2025 [16] - Company reception personnel: Board Secretary Zheng Wei, Securities Affairs Representative Peng Wei [16] Group 2 - Detailed research institutions: CITIC Securities, Industrial Securities, Orient Fortune Securities, Jianxin Fund, Changsheng Fund, China Merchants Fund, Xitai Investment, and Quanguo Fund [17] Group 3 - Proportion of research institutions: 38% securities companies, 50% fund management companies, 13% investment companies [18] Group 4 - In 2025 H1, quartz electronic cloth achieved sales revenue of 13.1248 million yuan and is in the client small - batch testing and end - customer certification stage [21] - The company has vertical integration R & D and production capabilities across the entire quartz electronic cloth industry chain and has 7 - year R & D experience. It is also the leading supplier of quartz fiber for the aerospace field [23] - The company is a domestic leader in large - scale synthetic quartz glass materials manufacturing. It can produce TFT - LCD photomask substrates from G4.5 to G10.5 generations. The Hefei project can supply in batches and has small - batch shipments, while the Jinan project has completed the mass - production line for basic products and is optimizing the process [24] - The high - purity synthetic quartz sand project has entered the pilot - test stage; some products have formed mass - production capabilities, and some products are at the domestic leading level and have passed customer verification [25] - The company is a leading global and domestic supplier of quartz glass fiber in the aerospace field. In 2025 H1, quartz fiber demand recovered, and multiple high - performance composite product projects were successfully developed, with 1 project in mass production [26]

Group 1: General Information - The research object is Zhongnan Co., Ltd., belonging to the steel industry, and the reception time was September 4, 2025. The listed company's reception staff included the vice - chairman, the president, the independent director, the board secretary, and the financial officer [16] - The detailed research institutions included investors who participated in the company's 2025 semi - annual performance briefing online [19] Group 2: Main Content - The decline in the company's revenue was mainly due to the slower - than - expected recovery of downstream industry demand. The steel industry still showed a situation of strong supply, weak demand, and low prices, and the domestic steel prices continued to decline year - on - year. Additionally, a blast furnace was shut down for joint maintenance in the first quarter, which affected the company's production [23] - The company formulated business improvement measures for the second half of the year, including cost - effective operation, reducing costs per ton of steel, cost - cutting, benchmarking, and optimizing product operation strategies [24] - The company's main business is steel, with main products including rebar, wire rods, and plates. In 2024, it mainly exported to Israel, and the sales revenue accounted for 0.60% of the company's 2024 operating income. In the future, it will focus on the steel business and improve cost - effectiveness through "eight major efficiencies" [25]

经纬股份分析师会议 调研日期：2025年09月04日 调研行业： 参与调研的机构：朝景投资、中邮证券、东方财富等 / 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 | | | ...

Report Industry Investment Rating - No information provided in the content Core Viewpoints of the Report - The company's domestic market position is stable and improving, with an increase in the proportion of flagship products in domestic sales, rising average unit prices, and significantly improved profitability [25][26] - The domestic ergonomic chair market for home use is a rapidly growing new category with low market penetration and large growth potential, while the offline 2B market is affected by the macro - economy but the company's 2B business is still growing rapidly due to product differentiation [26] - With the increasing expectation of US interest rate cuts and the gradual emergence of tax - cut effects, the terminal consumption of durable goods such as furniture is expected to be boosted, and the company is optimistic about the US market demand in the second half of the year [29] - The company adheres to the "number one or two" market strategy, actively expands new customers at home and abroad, and is expected to increase market share [29] - The US office chair market has two major trends: the industrial chain is shifting to Vietnam, and the industry concentration is increasing. The company with mature overseas production capacity and strong comprehensive operation ability is expected to increase market share [31][32][34] - The company promotes management system upgrades, optimizes the procurement system, and advances lean management systems at home and abroad to achieve cost reduction and efficiency improvement [34][36] Summary by Directory 01. Basic Research Situation - Research object: Yongyi Co., Ltd. [17] - Industry: Decoration and building materials [17] - Reception time: September 4, 2025 [17] - Company reception staff: Chairman and General Manager Zhang Jiayong, Deputy General Manager and Financial Controller Ding Guojun, Board Secretary Gu Qinhang, Independent Director Bao Lei [17] 02. Detailed Research Institutions - The reception object is other, and the relevant institutional personnel are investors who participated in the company's 2025 semi - annual performance briefing [20] 03. Proportion of Research Institutions - No information provided in the content 04. Main Content Data - The company disclosed the "2025 Semi - annual Report" on the Shanghai Stock Exchange website on August 26, 2025, and held a performance briefing on September 4, 2025 to interact with investors and answer questions [24] - Answers to investor questions: - Regarding the domestic office chair market, the company's domestic position is improving, with better profitability in domestic sales. The home - use ergonomic chair market has great potential, and the company will expand the domestic market and develop independent brands [25][26][27] - Regarding the overseas market, with the expectation of US interest rate cuts, the company is optimistic about the US market demand in the second half of the year. The company actively expands new customers at home and abroad, and has achieved certain results in overseas market expansion [29][28] - Regarding the US office chair market competition pattern, the industrial chain is shifting to Vietnam, and the industry concentration is increasing. The company with overseas production capacity and comprehensive operation advantages is expected to increase market share [31][32][34] - Regarding cost reduction and efficiency improvement, the company promotes procurement system reform, lean management system construction, and overseas base construction to achieve cost reduction and efficiency improvement [34][36]

Group 1: Research Basic Information - The research object is FusiDa, and the reception time is September 4, 2025. The listed company's reception staff includes the chairman Ge Shuifu, the director and general manager Ge Haojun, the independent director Liu Haining, the financial controller Huang Zhengjie, and the board secretary Zhang Yuanfei [16] Group 2: Detailed Research Institutions - The institution-related personnel are others, and the reception objects are the vast number of investors participating in the company's 2025 semi-annual performance briefing [19] Group 3: Main Content Overseas Market Expansion - In the reporting period, the company followed the national "Belt and Road" initiative, adopted the "pioneering - rooting - booming" strategy, successfully explored 2 new national markets, strengthened competitive advantages, developed high - quality customers, enhanced the stickiness of loyal customers, and built international brand advantages. It also actively promoted cooperation with international large - scale engineering companies, oil and gas companies, and gas companies [23] Second Growth Curve Layout - The company conducted in - depth market research according to business development needs, strengthened the layout in equipment for natural gas, hydrogen, and syngas, and the industrial gas field to expand business revenue and build a second growth curve [23][24] Future Strategic Planning - The company will focus on its main business, continue to delve into the cryogenic technology field, adhere to the brand positioning of "German - style quality, Zhejiang - enterprise style", increase R & D investment, improve product quality and core competitiveness, strengthen market promotion and brand building, expand domestic and international markets, and increase product market share. It will also strengthen the layout in the above - mentioned fields to build a second growth curve [24] Competitive Advantages Overseas - The company's large - and medium - sized air separation equipment, natural gas processing and liquefaction devices have reached the domestic advanced level in technology and quality, with a small technology gap compared with international peers and lower costs, giving it strong competitive advantages in the international market [24] Future Development Trend - The company achieved double - growth in revenue and net profit in the first half of the year. It will continue to focus on its main business, strengthen R & D investment, expand markets, and build a second growth curve to ensure high - quality sustainable development and create more value for shareholders [24][25] Response to Low Traditional Industry Utilization Rate - The company actively explored emerging fields and built a second growth curve. It relied on its cryogenic technology, expanded overseas markets following the "Belt and Road" initiative, and provided customized solutions to different customers, effectively hedging the risk of order acquisition caused by low traditional industry utilization rates. Its overseas business covers more than 70 countries and regions in Asia, Europe, America, and Africa [26] New Orders - For new - signed orders, please refer to the company's announcements. Currently, the company has sufficient on - hand orders and will actively strive for orders in the second half of the year [26] Impact of Reduced Sales Expenses - The reduction in sales expenses is due to organizational structure adjustment, with some functions and personnel transferred to other departments. Currently, it will not have an adverse impact on new - signed orders [26]

Group 1: Report Overview - The report is about a research on Baiyun Electric Appliance in the power grid equipment industry on September 4, 2025 [1][2][17] Group 2: Research Basic Information - The research object is Baiyun Electric Appliance, belonging to the power grid equipment industry, and the reception time is September 4, 2025. The listed company's reception personnel include the company's chairman, general manager, etc [17] Group 3: Detailed Research Institutions - The institutions participating in the research are mainly investors [20] Group 4: Main Content Business Performance and Expectations - In 2025, the company expects to achieve an operating income of 5.5 billion yuan, but it depends on multiple factors and is uncertain [24] Business Growth and Planning - In the first half of 2025, the company's power capacitor business had an operating income of 332 million yuan, with a gross profit margin of 42.75%, a year - on - year increase of 11 percentage points. In the second half, it will focus on key regions and emerging markets [24][25] Profitability Improvement - The company will conduct benchmarking analysis, focus on R & D of high - value - added products, and promote cost - reduction and efficiency - improvement measures [25][26] Accounts Receivable Management - The company's products have a long production and installation cycle, which leads to a large amount of accounts receivable at the end of the period [26] Industry Development Judgment - The power equipment industry is facing major development opportunities driven by global energy transformation and the "dual carbon" goal, with a new growth pattern of "inside the grid + outside the grid + going global" [26] Project Winning Bid - The China Energy Engineering Corporation's framework tender only determines the short - listed manufacturers, and the actual winning bid amount is uncertain [26][27] Stock Repurchase - The company's stock repurchase plan is being promoted in an orderly manner [27]

创元科技分析师会议 调研日期：2025年09月04日 调研行业：环保行业 参与调研的机构：线上参与创元科技2025年半年度业绩网上说明 会的投资者等 / 关注公众号即可体验 机构调研pro小程序~ 扫码关注 调研纪要精选公众号 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: ...

Group 1: Research Basic Information - The research object is Wodun Technology, belonging to the environmental protection industry, with a reception time of September 4, 2025. The listed company's reception staff includes Chairman Cai Zhiqi, General Manager Jin Yan, Deputy General Manager, Financial Controller, and General Counsel Zheng Wei, Independent Director Wang Liming, and Board Secretary Zhao Feng [16] Group 2: Detailed Research Institutions - The reception object is investors participating in Wodun Technology's 2025 semi - annual online performance briefing, and the reception object type is "others" [19] Group 3: Main Content Information - The company's R & D expenses in the first half of the year were 46.7002 million yuan. It has launched products such as high - salt wastewater membranes, enhanced anti - pollution membranes, and high - boron - rejection seawater desalination membranes, and the products have shown good performance [23] - The company's membrane technology is a mature application in the steel and coal chemical industries, and the overall application volume in the first half of the year was normal [23] - The company is leading the formulation of the "Reverse Osmosis Membrane for Semiconductor Ultrapure Water Preparation" group standard. Ultrapure water is a high - margin business with high entry barriers, and the company will strive to expand in this field [23][24] - The company's MASE special separation nanofiltration membrane product line and multi - membrane coupling separation and purification technology have been successfully applied in multiple salt lake lithium extraction projects, contributing to the company's performance [24] - The decrease in the company's current liabilities compared to the beginning of the period is mainly due to the reduction in the amount that needs to be restored for endorsed and undated bank acceptance bills according to accounting standards [24] - The company's production capacity utilization rate in the first half of the year was 104.02%, and the current production capacity can meet market demand [24] - As of now, the company has not received information from its second - largest shareholder, Guoneng Longyuan Environmental Protection Co., Ltd., regarding its intention to reduce its holdings [24] - The company will adopt a reasonable pricing strategy based on market supply - demand relationships and its own cost situation [25]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The company is a precision metal manufacturing platform with multi - process combination technology, which has expanded into the humanoid robot industry since early 2025. Products such as micro planetary roller screws are being sent to 5 leading T1 customers, and metal parts like robot reducers and joint module components have started shipping [24]. - In 2025 H1, the subsidiary Nantong Fulwang had not fully put into production, resulting in a loss of about 31.86 million yuan. The parent company's main business income increased by 10.16% year - on - year, but the cost increased by 24.09% due to recruitment and equipment purchase for a new earphone project. The company's profitability is expected to improve as new projects' demand is released [25]. - The MIM process has advantages in producing complex precision metal parts and has good prospects in the humanoid robot industry, with the company having mature production capacity and technology for MIM parts [26]. 3. Summary According to the Directory 3.1 Research Basic Information - Research object: Fulwang [16] - Industry: Consumer electronics [16] - Reception time: September 4, 2025 [16] - Reception personnel: Chairman and General Manager Xu Huijun, Board Secretary You Dongcha, Financial Controller Chen Jun, Independent Director Liu Qiong [16] 3.2 Detailed Research Institutions - The reception objects are all investors who participated in Fulwang's 2025 semi - annual performance briefing through online interaction [19] 3.3 Main Content Information - **Cooperation with Apple**: The company focuses on R & D, manufacturing, and sales of precision metal parts, and its products are widely used in various fields [23]. - **Robot Parts Supply**: Metal parts such as robot reducers, joint module components, and high - precision wave springs have started shipping, but specific customer information is not disclosed [23][24]. - **Sending Samples to Leading Customers**: The company has sent samples of micro planetary roller screws to 5 leading T1 customers, and specific customer information is not disclosed [23][24]. - **Progress in the Humanoid Robot Industry**: In 2025, the company expanded into the humanoid robot industry, increased R & D investment in micro screws, and developed micro planetary roller screws of different specifications [24]. - **Performance in H1 2025**: The subsidiary Nantong Fulwang suffered a loss, while the parent company's main business income increased, but the cost also rose significantly. The company's profitability is expected to improve in the peak seasons of Q3 and Q4 [25]. - **MIM Process in the Humanoid Robot Industry**: The MIM process has advantages in producing complex precision metal parts and has good prospects in the humanoid robot industry, and the company has mature production capacity and technology [26].