中钢国际分析师会议 调研日期：2025年08月26日 / 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 调研行业：工程咨询服务 参与调研的机构：华夏基金、合道资管、红骅投资、华夏理财、 中国人寿资管等 | 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 ...

Group 1: General Information - The research object is Biyi Co., Ltd., which belongs to the household appliance industry [17] - The reception time was on August 26, 2025, and the listed company's reception staff was the financial director Jin Xiaohong [17] Group 2: Research Institutions - The reception type was a public conference call, and the number of relevant institutional personnel and others was 2 [20] Group 3: Main Content Financial Performance - In the first half of 2025, the company achieved an operating income of 1.157 billion yuan, a year-on-year increase of 34.53%; the net profit attributable to shareholders of the listed company was 53.7122 million yuan, a year-on-year decrease of 21.04% [24] Market Competition - Affected by geopolitical, global economic situations, and national subsidy policies, the competition in the small household appliance market is intensifying [24] Capacity Building - The Thai factory overseas has successfully taken over some orders and completed effective deliveries since early April; the first-phase project of the Zhongyi factory in China has entered the project acceptance stage, and the second-phase project is being promoted simultaneously [24] R & D Progress - The self-developed steam-baking-frying all-in-one machine has initially tried brand direct sales; the R & D progress of each generation of the new product, the sweeping robot, is accelerating, and the first-generation product has been delivered [24] Sales Expansion - The company has vigorously expanded new customers and obtained an intention order from SharkNinja, which is expected to be produced simultaneously in domestic and foreign factories [24] Market Share by Region - Europe accounts for about 59%, Asia about 20%, North America about 11%, and the rest of the regions are relatively scattered [25] Coffee Machine Expansion - The coffee machines currently include Xiaomi capsule coffee machines, semi-automatic Italian coffee machines, and the coffee machines of the self-owned brand Lumo. It has also newly received orders from SharkNinja, and its performance next year can be anticipated [25] Merger and Acquisition Plan - The company currently focuses on the in-depth development of its main products such as air fryers, coffee machines, and environmental electrical products, and uses AI sweeping robots and AR glasses as side products to find breakthrough points [25]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The "Belt and Road" initiative provides clear policy support and long - term direction for the international engineering industry. In the context of "dual carbon", green and intelligent development will be new requirements for project management and engineering construction. Engineering companies with full - life - cycle comprehensive service capabilities will have more market opportunities [36]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Northern International, belonging to the engineering construction industry. The reception time was on August 26, 2025. The listed company's reception personnel included the company's chairman and Party secretary Ji Wei, director, general manager and deputy Party secretary Shan Jun, independent director Song Dongsheng, and board secretary and chief financial officer Ni Jing [17]. 3.2. Detailed Research Institutions - The reception objects included investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided in the given content. 3.4. Main Content Data - **Project Progress**: For questions about the progress of major projects such as the Egypt Alexandria Abu Qir subway vehicle project, Abu Dhabi KENT camp project, Bangladesh coal - fired power station EPC project, and Bosnia and Herzegovina Komarnje Mountain photovoltaic project, the company referred investors to the "Section III Management Discussion and Analysis - III. Main Business Analysis" of the 2025 semi - annual report [24]. - **Stock Offering**: On July 3, 2025, the company's application for issuing stocks to specific objects was accepted by the Shenzhen Stock Exchange. On August 7, 2025, the company replied to the review inquiry letter from the Shenzhen Stock Exchange. The matter still needs to pass the review of the Shenzhen Stock Exchange and be approved by the CSRC. The stock - offering plan has been reviewed and approved by the board of directors and the general meeting of shareholders and cannot be changed at will. The pricing benchmark date cannot be adjusted to the announcement date of the board of directors' resolution or the general meeting of shareholders' resolution [25][26]. - **Stock Price**: The company's stock price is affected by multiple factors such as the macro - environment, industry trends, and market sentiment. The company's operation is generally stable, and the board of directors and management will continue to operate in compliance and develop steadily to enhance the company's long - term value [26]. - **Post - war Reconstruction**: As an important practitioner of the "Belt and Road" initiative, the company has rich experience in international engineering contracting and clean energy, with full - chain capabilities in overseas project development, engineering construction, and local operation. It is actively evaluating potential cooperation opportunities [27]. - **Performance**: The company's performance declined in the first half of the year mainly due to factors such as coking coal price fluctuations. The company's overall operation is stable, and the management will continue to promote the expansion of overseas key markets [29]. - **Project Performance**: The Croatia Seni wind power project generated 215 million kWh of electricity in the first half of the year, a 28% increase compared to the same period last year. The Bosnia and Herzegovina photovoltaic project has an after - tax internal rate of return on total investment of 9.68%, an internal rate of return on project capital of 17.74%, and an investment payback period of 8.85 years [32][33]. - **Key Markets**: The company focuses on market development in resource - rich countries in Asia - Pacific, Central and Eastern Europe, the Middle East, and Central Asia, such as Indonesia, Croatia, Bosnia and Herzegovina, Uzbekistan, the UAE, and Egypt [34][35].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The company's sales channel optimization and product price adjustment have achieved phased progress, with the sales channels gradually returning to health and the product price adjustment completed. The offline revenue in the first half of 2025 showed a good growth trend quarter-on-quarter, and the performance is gradually picking up [27]. - The company's revenue in the second quarter of 2025 increased by 86.68% quarter-on-quarter compared with the first quarter, and the performance is showing a warming trend, in line with the company's expectations [38]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Fuerjia, and the reception time is August 26, 2025. The listed company's reception personnel include Chairman Zhang Liguo, Director, Board Secretary, and Financial Controller Deng Baijiao, and Independent Director Wang Xiaoxian [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - As of June 30, 2025, the company has a total of 3 approved Class II medical device registration certificates, namely Medical Sodium Hyaluronate Repair Patch, Medical Sodium Hyaluronate Repair Liquid, and Medical Recombinant Type III Humanized Collagen Patch [24]. - The company's fundraising projects have all reached the预定可使用状态, and the special accounts for the raised funds have all been cancelled. For details, please refer to the "Announcement on the Completion of the Fundraising Project and Cancellation of the Special Account for the Raised Funds" disclosed by the company on the Juchao Information Network (www.cninfo.com.cn) [26]. - In the first half of 2025, the company achieved an operating income of 863,112,643.06 yuan, a net profit attributable to shareholders of the listed company of 229,656,927.58 yuan, and a net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses of 166,174,897.97 yuan. For details, please refer to the company's "2025 Semi-Annual Report" [29]. - The company's on-sale medical device products include Medical Sodium Hyaluronate Repair Patch (White Film), Medical Sodium Hyaluronate Repair Patch (Black Film), Medical Sodium Hyaluronate Repair Liquid (Single-Use), Medical Sodium Hyaluronate Repair Liquid (Spray), Medical Recombinant Type III Humanized Collagen Patch, Fuerjia Medical Repair Dressing (Liquid), Fuerjia Medical Repair Dressing (Lotion), and Fuerjia Medical Repair Dressing (Ointment). For details, please refer to the official flagship stores opened by the company on major e-commerce platforms [30]. - As of now, the company has no share repurchase plan [31]. - In the first half of 2025, the sales situation on the JD platform was good, with a significant year-on-year increase. The main reason is that the company deepened its cooperation with JD in the first half of the year, enriched the product variety on the JD platform, and added some new cooperation methods, such as full gift activities and new product launches [33]. - As of now, Halianlian has not reduced its shares in the company [34]. - Currently, the company's non-restricted shares are 77,529,400, accounting for 14.91% of the company's total share capital [35]. - The increase in the gross profit margin of medical device products is mainly due to the company's optimization of offline sales channels. The offline sales are mainly in the distribution mode, and the reduction of offline sales scale has led to an increase in the overall sales price of the company's medical device products [36]. - In the second quarter of 2025, the company's operating income increased by 86.68% quarter-on-quarter compared with the first quarter, and the performance is showing a warming trend, in line with the company's expectations [38]. - In the first half of the year, the company's cosmetics revenue was 624.8177 million yuan, accounting for 72.39% of the operating income; the medical device revenue was 238.2945 million yuan, accounting for 27.61% of the operating income. For details, please refer to the company's "2025 Semi-Annual Report" [39]. - The company currently has 2 wholly-owned subsidiaries, namely Harbin Futejia Economic and Trade Co., Ltd. and Shanghai Fuerjia Technology Development Co., Ltd. [40]. - As of now, the company's directors, supervisors, and senior management have not reduced their shares in the company [41]. - For the specific situation and progress of the company's in - research projects, please refer to the content of Section 3 of the company's "2025 Semi-Annual Report" [42]. - The company has sufficient self-owned funds and currently has no financing plan [44].

Report Summary Report Industry Investment Rating - Not provided in the content Core Viewpoints - The company's revenue increased in H1 2025, but profit declined due to increased depreciation from new projects. However, quarterly performance improved sequentially as new project capacities were released and product structure was optimized. The company will continue strategies like R&D and product structure adjustment to improve operations [22]. - The revenue proportion change of other functional films is due to overall revenue growth and active business strategy optimization. The company shifted from solar backsheet films to window films, and the window film business will create a new growth curve [23][24]. - The carbon fiber project is progressing smoothly. High - performance carbon fiber applications are expanding, opening up an incremental market for the domestic carbon fiber industry [24]. - The company's competitiveness lies in technology R & D, equipment optimization, quality control, and a "differentiated, functional" business model [25]. Summary by Relevant Catalogs 01. Research Basic Situation - Research object: Heshun Technology; Industry: Plastics; Reception time: August 26, 2025; Company receptionists: Board secretary, CFO Wu Xueyou, Carbon fiber director Xiu Lei, Securities affairs representative Yu Xiaolu [16] 02. Detailed Research Institutions - Fund management companies: Boshi Fund, Baoying Fund, Western Lide Fund - Others: Gaoteng International, CSC Self - operation, Kuanxing Private Equity, GF Self - operation - Securities companies: Shanxi Securities, CITIC Securities [17] 03. Research Institution Proportion - Not provided in the content 04. Main Content Data - **2025 H1 Performance**: Revenue was 296 million yuan, a year - on - year increase of 27.93%. Net profit attributable to the parent was - 14.3134 million yuan, a year - on - year decrease of 153.36%. Net profit after deducting non - recurring items was - 16.1263 million yuan, a year - on - year decrease of 67.79%. Quarterly performance improved sequentially [22]. - **Product Revenue Proportion**: Colored photoelectric base film accounted for 45.46%, transparent film for 42.62%, and other functional films for 10.84% [22]. - **Carbon Fiber Project Progress**: Since starting construction in Q3 2024, it is now in the key stages of engineering construction and equipment installation, progressing as planned [24]. - **Carbon Fiber Process**: Raw materials are made into spinning dope, then polyacrylonitrile precursor, followed by pre - oxidation, carbonization, post - treatment, and finally processed into various products [24]. - **High - performance Carbon Fiber Applications**: Penetrated into civil aviation, 3C digital products, low - altitude aircraft, racing cars and other fields, expanding the market for the domestic carbon fiber industry [24]. - **Company Competitiveness**: Driven by R & D, with core technologies, equipment optimization ability, a quality control system, and a "differentiated, functional" business model [25].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The company's performance in the first half of 2025 showed a significant increase compared to the same period last year. The modified materials business had full orders and new production capacity was gradually released, while the non - automotive business had market breakthroughs. The new energy business also improved significantly, with the new energy sector's operating income increasing by 21.32% year - on - year. The company achieved growth in various financial indicators such as total revenue, operating profit, and net profit [24]. - The company's new energy business is expected to have positive development in the future, with the acceleration of overseas layout, the rapid development of sodium - ion batteries, the continuous delivery of semi - solid batteries, and the high demand for new square production line capacity [24]. - The company, as a leading enterprise in the modified materials industry, is actively exploring the application of modified materials in the robot field and will focus on promoting the lightweight application of modified materials in humanoid robots [25]. - The company has made progress in the LCP film and fiber business, with full - coverage of LCP resin types, completion of customer verification in various fields for LCP film, and sample delivery to high - speed copper - clad laminate customers for LCP fiber [26]. 3. Summary According to Related Catalogs 3.1 Research Basic Information - Research object: PULITE [16] - Industry: Plastics products [16] - Reception time: August 26, 2025 [16] - Reception personnel: Board Secretary Cai Qing, Deputy General Manager Li Hong, Secretary of the Board of Haisida Power Zhou Li, Chief Financial Officer Shen Yihao, and Securities Affairs Representative Yang Fan [16] 3.2 Detailed Research Institutions - Securities companies: Cinda Securities, Shenwan Hongyuan, Guotou Securities, CICC, Western Securities, Tianfeng Securities, Open Source Securities, etc. [17][18][19] - Fund management companies: Southern Fund, Bank of Communications Schroder Fund, Harvest Fund, Golden Eagle Fund, etc. [17][18] - Asset management companies: CITIC Asset Management, China Merchants Securities Asset Management, Qingdao Pengyuan Asset, etc. [17][18] - Investment companies: Freshwater Spring Investment, Jinge Investment, Siye Investment, etc. [18] - Insurance companies: Chang Sheng Life [18] - Trust companies: Chang'an International Trust [18] - Others: Shenzhen Chuangfu Zhaoye, Duration Investment [18] 3.3 Main Content Data - **Company situation introduction**: The company's board secretary introduced the company's recent basic situation and future strategic development plan [24]. - **Interaction summary**: - **2025 H1 business performance**: The company's total operating revenue was 4,089,778,600 yuan, a 9.06% increase year - on - year; operating profit was 225,267,200 yuan, a 52.46% increase; total profit was 225,406,000 yuan, a 55.93% increase; and net profit attributable to shareholders of listed companies was 207,291,400 yuan, a 43.94% increase [24]. - **New energy business outlook**: The new energy business is expected to benefit from overseas layout, the development of sodium - ion batteries, semi - solid battery delivery, and high demand for new square production line capacity [24]. - **Robot field progress**: The company is a leading enterprise in modified materials, and some materials have been supplied in batches to the industrial robot field, with a focus on humanoid robot applications in the future [25]. - **LCP film barriers**: It requires specific resin, equipment and process transformation, and a long customer verification process. The company has completed customer verification in various fields [26]. - **LCP fiber business in PCB hard board**: The company has sent samples to high - speed copper - clad laminate customers and will cooperate with customers to improve product performance [26]. - **LCP film business progress**: The product has broad application prospects in multiple fields and has achieved batch delivery in some fields, with expected batch delivery in the communication field this year [26][27].

Group 1: Report Overview - Reported company: Chahua Co., Ltd. [16] - Industry: Plastics [2] - Research date: August 26, 2025 [1] - Company representatives: Chen Youmei, Weng Linyan, Xiao Yang, Lin Jie [16] Group 2: Research Institutions - Participating institutions: Investors who participated in the company's 2025 semi - annual performance briefing through the Shanghai Stock Exchange Roadshow Center [2] - Type of reception object: Other [19] Group 3: Core Views - The company attaches importance to market value management, aiming to enhance the company's fundamental aspects and internal value [23] - In the first half of 2025, the company strengthened its product "going global" strategy, focusing on expanding the Southeast Asian regional market and achieving rapid growth in export sales [23] - The company will optimize internal training and talent recruitment systems to meet the needs of talent cultivation and human resource development [23] - The company's home plastic business adheres to channel expansion, and the electronic component distribution business has a good start [23][24] - The company has formulated a "Three - year (2025 - 2027) Shareholder Dividend Return Plan" and will implement the profit - distribution policy as required [24]

Group 1: Research Basic Information - The research object is Opto, belonging to the instrument and meter industry, and the reception time was on August 26, 2025. The listed company's reception staff included the chairman Lu Shenglin, deputy general manager Lu Zhilin, board secretary Xu Xueliang, financial director Ye Jianping, and independent director Chen Guilin [17] Group 2: Detailed Research Institutions - The institutional related personnel and reception objects were from the 2025 semi - annual performance briefing (all investors), and the reception object type was other [20] Group 3: Main Content International Business and New Layout - The company actively expands overseas market projects, forms a professional global service team, establishes strategic partnerships with local influential enterprises, holds a series of ecological activities such as the Global Ecological Partner Conference in international markets like Japan, Germany, Malaysia, South Korea, and the United States, promotes the overseas standard product substitution process, and builds a localized sales and service system [24] Profit and Performance Expectations - Based on the 2024 operating income, the company's 2025 operating income growth rate should be no less than 20%. The company will increase R & D investment, strengthen management and cost control at the operation level, and ensure that the net profit growth rate is not lower than the operating income growth rate. As of now, the company's operation is good, and the management is confident in achieving the annual goals and is well - prepared for future performance targets [24][25] Newly Acquired Company and R & D Investment - The consolidated subsidiary Dongguan Tailai is deeply integrated with the company's existing business. By combining the company's vision technology with Dongguan Tailai's precision transmission technology, it broadens the application needs of downstream customers and promotes the coordinated sales of "vision + motion". Dongguan Tailai's robot joint module products are in the sampling process, and the company will continue to invest in markets related to humanoid robots such as hollow - cup motors and frameless torque motors. The company will continuously increase R & D investment to improve the "AI + vision + sensing + motion" product line [26][29] Performance Growth Points and Market Strategy - The company's "AI + vision + sensing + motion" product line will be further developed in industries such as 3C, lithium - battery, automotive, and semiconductor. It will improve industrial AI technology, standardize products, and expand overseas markets. The company will increase R & D investment in industrial cameras, expand the team, and promote the sales of standard products through ecological cooperation to increase market share [28] Robot Field Plan - The company will maintain high investment and high standards in the robot field. It will expand the team, introduce top - notch talents, increase R & D budgets, focus on the independent R & D and design of core sensing products, and deepen cooperation with ecological partners [29]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The company attaches great importance to shareholder returns and plans to conduct mid - term dividends under eligible conditions. It has made significant progress in brand strategy, product development, and market expansion, with strong potential for future development [24][25] Group 3: Summary by Related Catalogs 01. Research Basic Situation - The research object is Loncin General, belonging to the transportation equipment industry. The reception time was on August 26, 2025, and the listed company's reception staff included the chairman, general manager, independent directors, board secretary, and financial director [17] 02. Detailed Research Institutions - The reception objects include investors and others [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - **Dividend Policy**: In 2024, the company distributed cash dividends of 821 million yuan, accounting for 73.26% of the net profit attributable to shareholders of the listed company in 2024. The company's general meeting of shareholders has authorized the board of directors to formulate a mid - term dividend plan for 2025 [25] - **Sales and Service System**: The company is building the "Ji" service system and launched the Wujiji official APP in July. For the Southeast Asian market, it uses Malaysia as a strategic fulcrum to expand the market [26][27] - **Brand Strategy**: The company's independent brand strategy is progressing smoothly, with two independent brands, VOGE and LONCIN. The high - end independent brand revenue was 2.334 billion yuan, a year - on - year increase of 42.43%, accounting for about 24% of the company's operating income [27] - **Export Performance**: In the first half of this year, the export sales revenue of the Wujiji series products was 1.19 billion yuan, a year - on - year increase of 83.31%. The growth was mainly due to the increase in European market revenue, and the brand ranked among the top ten in the core markets of Spain and Italy [28] - **Engine R & D**: In the first half of the year, new products such as KEV250A and KEN460 were successfully mass - produced, and the engine matrix was further improved [29][30] - **Tricycle Business**: The sales revenue of tricycle products was 879 million yuan, a year - on - year increase of 38.68%. The export sales revenue was 489 million yuan, a year - on - year increase of 87.57%. The company is expanding domestic and overseas markets [31] - **Lawn Mower Robot**: The company's lawn mower robot uses a pure vision solution and a self - developed 3D vision algorithm. It is expected to complete mass - production preparations within the year [32] - **Response to Ranking Change**: The company congratulates Dachangjiang Group and is more determined to pursue the independent brand development path [34] - **Employee Incentive**: The new board of directors and management of the company will introduce an incentive plan in due course [35]

Group 1: Research Basic Information - The research object is Yidao Information, and the reception time is August 26, 2025. The listed company's reception staff includes the chairman Zhang Zhiyu, the director and general manager Liu Yuangui, the director and financial officer Chen Liang, the deputy general manager and board secretary Qiao Minyang, the independent director Lin Guohui, and the sponsor representative Zhang Yong [16] Group 2: Detailed Research Institutions - The reception objects are all investors participating in the online performance briefing of Yidao Information's 2025 semi - annual report through the East Money Roadshow Platform (http://roadshow.eastmoney.com) [17] Group 3: Main Content Growth of Reinforced Intelligent Industry Terminal Products - In the first half of 2025, the company's reinforced intelligent industry terminal business grew significantly, with an operating income of 173.46 million yuan, a year - on - year increase of 24.71%. The growth is due to four factors: continuous release of specific industry demands such as global industrial digitization, logistics automation, and intelligent manufacturing upgrades; enhanced competitiveness of the "ONERugged" series and the company's products; increased brand influence and effective expansion of sales channels; and successful introduction of important new customers in fields such as smart retail, vehicle - mounted, fleet management, and intelligent manufacturing [22] R & D Investment and Achievements - The company continued to strengthen its original engineering and platform - type R & D work, with an increase in the number of R & D projects and newly applied patents. It launched multiple breakthrough R & D achievements such as AI industry terminals, AI enterprise workbenches, AI glasses, AI edge computing large models, AI digital humans, and AI Servers. In 2024, it established the Yidao Research Institute, collaborating with various universities, research institutes, and international research institutions to promote R & D in cutting - edge technologies [23][24] Share Repurchase Plan - The company's share repurchase plan is progressing in an orderly manner. The company will actively promote the share repurchase based on market conditions and its development, and fulfill information disclosure obligations in a timely manner [24]