太原重工分析师会议 调研日期：2025年09月09日 调研行业：专用设备 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 : 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 | ...

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]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core View of the Report The report focuses on the in - depth research of Chuangyuan Technology in the environmental protection industry. It details the company's 2025 semi - annual performance, including revenue, profit, and cash flow. It also elaborates on the performance and development prospects of its subsidiaries such as Suzhou Electric Porcelain and Suzhou Bearing. The company aims to enhance its core competitiveness through technological innovation, market expansion, and strategic management, and to improve investment value and shareholder returns [23][24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Chuangyuan Technology, belonging to the environmental protection industry. The reception time was on September 4, 2025. The listed company's reception personnel included the chairman and general manager Zhou Chengming, independent director Ge Weidong, board secretary and deputy general manager Zhou Weiwei, and financial director Liu Wenhua [16]. 3.2 Detailed Research Institutions - The reception object was investors who participated in the online briefing on Chuangyuan Technology's 2025 semi - annual performance online. The reception object type was "other", and the institution - related personnel were these investors [19]. 3.3 Research Institution Proportion There is no information provided regarding the research institution proportion in the given content. 3.4 Main Content Data 3.4.1 Company's 2025 Semi - annual Performance - The company achieved an operating income of 2,079,033,800 yuan and a net profit attributable to shareholders of listed companies of 161,223,200 yuan, a year - on - year increase of 11.15%. The net cash flow from operating activities was 176,050,600 yuan, a year - on - year increase of 131.62%. The earnings per share was 0.4010 yuan per share, a year - on - year increase of 10.83%, and the asset - liability ratio was 37.74% [24]. 3.4.2 Answers to Investor Questions - **Reason for revenue decline but profit growth in H1 2025**: The profit growth was mainly due to the continuous deepening of intelligent manufacturing and digital transformation by the subsidiary Suzhou Electric Porcelain, and the steady progress of technological innovation by Suzhou Bearing, with increased sales of high - value - added products and obvious overseas market increments [25]. - **Market value management plan**: The company will continue to focus on its main business, increase R & D and product innovation, and strengthen communication with investors to improve investment value and shareholder returns [26]. - **Dividend policy**: The company's 2024 profit distribution plan was to distribute a cash dividend of 1.00 yuan per 10 shares and transfer 2 shares per 10 shares from the capital reserve. The company will improve the profit distribution policy according to relevant regulations [26]. - **Mergers and acquisitions plan**: The company is looking for investment targets in line with its development strategy and will disclose relevant information as required [27]. - **Cash flow situation in H1**: The company's cash flow was good, with the net cash flow from operating activities increasing by 131.62% year - on - year to 176 million yuan, mainly due to the reduction of operating payments [27]. - **Reasons for the excellent performance of Suzhou Electric Porcelain in H1**: It was due to sufficient orders from the State Grid and overseas DC projects, with significant revenue growth in the Asian market [27]. - **Future development of Jiangsu Sujing in the clean - environmental protection field**: The downstream customers are mainly in the new energy, electronic information, and large - health industries. With the expansion of these industries, the demand for clean rooms will grow steadily [29]. - **Profit situation of Suzhou Bearing in H1 2025**: It achieved a net profit of 82,560,300 yuan, an increase of 8,553,800 yuan or 11.56% compared with the same period last year, mainly due to the implementation of the "dual - wheel drive" strategy and technological innovation [29]. - **Future development of Suzhou Electric Porcelain**: The acceleration of investment and construction in the UHV power project field in China will have a positive impact on its short - and long - term development [30]. - **Business development direction**: The company will focus on clean - environmental protection equipment and projects and UHV insulators for power transmission, and will strengthen R & D and market expansion [31]. - **Response to international uncertainties**: The company will expand emerging markets, balance domestic and foreign sales, and increase R & D investment [32]. - **Application scenarios of Suzhou Bearing products**: They are widely used in the automotive industry, industrial automation, high - end equipment, and other fields [33]. - **Main products of Suzhou Electric Porcelain**: They include various types of porcelain insulators for power lines, power stations, and electrical equipment, with some products reaching international advanced levels [33]. - **Overseas supply of Suzhou Electric Porcelain products**: Its products are exported to more than 40 countries and regions in Europe, America, and Oceania [34]. - **Business development direction of Jiangsu Sujing in H2**: It will focus on expanding the new energy, large - health, and electronic information industries, and will integrate internal resources to meet market demand [35]. - **Non - disclosure of Suzhou Electric Porcelain's State Grid winning bid announcement**: The winning bid amount did not reach the disclosure standard [36]. - **New market expansion of Suzhou Bearing**: It will continue to increase R & D in emerging industries to maintain its technological leading position [36].

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]