Group 1: Report Basic Information - The research object is Lanshi Heavy Equipment, belonging to the special equipment industry. The reception time was July 9, 2025, and the listed company's reception staff included Chairman Guo Fuyong, Board Secretary Wu Ruirui, and Securities Affairs Representative Zhou Huailian [17] - The participating research institutions are Jiaoyin Fund and Zheshang Securities [18] Group 2: Company Business Overview - The company's business segments cover four major areas: energy equipment manufacturing, technical services, project general contracting, and new metal materials. In 2024, the company achieved an operating income of 5.791 billion yuan, a year-on-year increase of 12.18%; the net profit attributable to shareholders of the listed company was 156 million yuan, a year-on-year increase of 1.59%. In the first quarter of 2025, the company achieved an operating income of 1.412 billion yuan, a year-on-year increase of 52.30%, and the net profit attributable to shareholders of the listed company was 14.5456 million yuan, a year-on-year decrease of 56.08% [22] Group 3: International Market Expansion - The company is transforming from the domestic market to a domestic - international integrated market. In 2024, it achieved new international market orders of 411 million yuan, a year-on-year increase of 41.09%. This year, it signed a contract for a 10 Nm³/h PEM water electrolysis hydrogen production equipment project with a Saudi company, marking a breakthrough in the international market for hydrogen energy equipment [22][23] Group 4: Nuclear Energy Industry Layout - The company has formed an advantageous layout of "one center and three bases" for nuclear energy equipment, covering the entire nuclear energy equipment industry chain. In 2024, the company's nuclear energy market achieved positive results, with new orders of 677 million yuan, a year-on-year increase of 31.05% [24] Group 5: Hydrogen Energy Field Products - The company has products in the "production, storage, transportation, and utilization (refueling)" segments of the hydrogen energy industry, such as PEM water electrolysis hydrogen production devices, alkaline water electrolysis hydrogen production devices, etc. It is one of the few domestic enterprises to develop 98 Mpa high - pressure gaseous hydrogen storage containers [24] Group 6: Biomass Carbonization and Gasification Solution - The company can provide a "biomass (garbage) carbonization and gasification to produce green hydrogen and green alcohol overall solution," with technologies for low - temperature carbonization of biomass and carbon powder pressurized gasification, and the main device can handle 50 - 500 tons of biomass per day [25] Group 7: CCUS Field Projects - The company has undertaken key projects in the CCUS field, such as the tower and auxiliary equipment of the carbon capture project of Huaneng Clean Energy Research Institute and 8 key equipment manufacturing orders for the carbon capture project of Xinjiang Oilfield [26]

Group 1: General Information - The research object is Sitong Co., Ltd., belonging to the decoration and building materials industry, and the reception time was on July 7, 2025. The listed company's reception staff included the board secretary, CFO Zhang Ping, and the securities affairs representative Chen Chuan [17] - The research was participated by securities companies such as CITIC Securities, GF Securities, and China Merchants Securities [18] Group 2: Core Views - The company aims to achieve an operating income of 350 million - 420 million yuan in 2025. As of H1 2025, it expects to achieve an operating income of 165 million - 195 million yuan, nearly half of the target. It will strive to complete the annual operating target in H2 [21] - The zirconium - titanium ore refining business supports the company's performance steadily with the progress of process technology, increased production capacity, and accumulated customer resources [21] - In H2 2025, the company will expand the high - end market of household porcelain, optimize product structure and customer service, and promote the production capacity upgrade and technological innovation of zirconium - titanium ore products to create new growth points [21] - The company will strengthen financial management, implement cost - reduction and efficiency - improvement measures, and improve operating efficiency to eliminate the delisting risk warning [22] - In H1 2025, the company expanded the domestic market while consolidating overseas customers. Its business is expected to maintain good growth in H2 [23]

Report Summary 1. Reported Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views of the Report - The report focuses on the business situation of Chaojie Co., Ltd., including its automotive, humanoid robot, and commercial space businesses, and analyzes the company's development potential and advantages in these fields [21]. 3. Summary by Relevant Catalog 3.1. Research Basic Situation - The research object is Chaojie Co., Ltd., belonging to the automotive parts industry. The reception time was July 7, 2025, and the company's board secretary and CFO, Li Hongtao, received the visitors [17]. 3.2. Detailed Research Institutions - The institutions participating in the research include fund management company Fuguo Fund (represented by Dong Zhiguo) and securities company Minsheng Securities (represented by Cui Ruoyu) [18]. 3.3. Research Institution Proportion - No information on the proportion of research institutions is provided in the report. 3.4. Main Content Data - **Automotive Business**: The company is long - term committed to the R & D, production, and sales of high - strength precision fasteners and special - shaped connectors. Products are mainly used in key automotive parts and also in new energy vehicle modules, as well as in industries such as electronics and communications. Future growth points include overseas market expansion and domestic new customer development, product category expansion, industry concentration increase, and domestic substitution [21]. - **Humanoid Robot Business**: It is an important business direction. The company can provide various products and has received small - batch formal orders from some customers and is also making samples for others. However, due to the non - large - scale industrialization stage, large - batch orders have not been obtained [21][22]. - **Commercial Space Business**: The company is engaged in the manufacturing of commercial rocket structural parts, including large - scale sections, fairings, fuel tanks, and engine valves. It completed production line construction in 2024, has major customers, and has been delivering products in batches. It will build a fuel tank production line in the second half of the year. The value of structural parts per rocket is estimated to be about 15 million yuan currently and 25 - 30 million yuan after the fuel tank production line is completed. The company has talent and capital advantages in this field and will also layout for the development of recyclable rockets [23].

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Report Overview - Report Date: July 4, 2025 - Industry: General Equipment - Company: Icewheel Environment - Participating Institutions: Rongtong Fund, GF Securities, etc. Core Viewpoints - The company focuses on providing advanced system solutions and full - lifecycle services in the energy and power fields, with a wide range of products and significant technological advantages [13]. - It has products applicable to multiple high - end fields such as controllable nuclear fusion, data centers, nuclear power, etc., and has achieved certain successes in these areas [14][15][17]. - The company's continuous technological innovation is its greatest competitive advantage, which consolidates its leading position in the industry [25]. Key Points by Discussion Topic Company Business and Product Portfolio - The company's main products include various types of compressors and heat exchange devices, covering a temperature range of - 271°C - 200°C, and serving multiple customer industries [13][14]. - It has built a full - series magnetic levitation compressor product matrix, which performed well in the Beijing Winter Olympic Village project [13]. Products for Controllable Nuclear Fusion - Helium compressors are key equipment for superconducting magnet cooling systems in magnetic - confinement controllable nuclear fusion devices [14]. - In 2016, the company successfully developed ultra - low - temperature helium compressors, filling a domestic gap, and has supplied them to many scientific research institutes for major national frontier science and technology research projects [15]. Products for Data Centers - The company's subsidiaries provide cooling equipment for data centers. Some products have been included in relevant national catalogs [15][17]. - It has served many domestic and overseas data center projects, and the overseas manufacturing base is expanding tactically [16]. New products were launched in 2024 to enhance competitiveness [17]. Products for the Nuclear Power Industry - With the acceleration of national nuclear power construction, the company has developed a series of innovative technologies for nuclear power, covering core scenarios such as nuclear island cooling and nuclear energy heating [17]. - It has served many domestic nuclear power plants and achieved certain results in nuclear energy heating projects [18]. Industrial Thermal Management Business - The company launched the "Industrial Global Thermal Control Comprehensive Solution", focusing on the industrial thermal control market and realizing efficient energy utilization [19]. - Beijing Huayuan Taimeng Energy - Saving Equipment Co., Ltd., a key subsidiary, has multiple core technologies and a large number of patents and has won many national honors [20]. Products for the Marine Economy - The company provides full - scenario intelligent solutions for the marine economy, including traditional ship refrigeration systems and new green energy system solutions [23]. - It has provided equipment for the "Dream" research vessel and won a provincial - level science and technology progress award [24][25]. Competitive Advantages - The company's greatest competitive advantage is continuous technological innovation. It has many national - level certifications and honors, and has established a central research institute this year to strengthen R & D [25][27].

Group 1: General Information - The research object is Yiyi Co., Ltd., which belongs to the beauty and care industry. The reception time was July 4, 2025, and the company's reception staff included the board secretary, CFO Zhou Lina, and securities affairs specialist Yang Yimu [16] - The institutions participating in the research are Shenwan Hongyuan Securities, Huaxia Fund, China Life Pension, Great Wall Fund, etc. [2] Group 2: Core Views - The company's current order situation is stable, and production is in an orderly manner. The US business that was postponed due to tariff policies has returned to normal, and the company is expanding non - US markets such as Europe and Southeast Asia [24] - The company's products are daily necessities for pet - keeping, and the downstream demand is relatively stable. The impact of tariff policies is mainly reflected in the customer's order - placing rhythm, sea - freight planning, and inventory management [24] - The Cambodian factory has an annual production capacity of approximately 300 million pet pads and will expand production capacity flexibly according to the situation [25] - The domestic market for pet disposable hygiene and care products has broad development potential, driven by factors such as the younger pet - owner population, pet aging, and the expansion of pet - friendly scenarios [25] - The company is increasing the promotion of its domestic self - owned brands "HUSHPET" and "One Acre Flower House" through an omni - channel layout [27] - The company will continue to implement the "overseas + domestic" dual - cycle and "ODM/OEM + self - owned brand" dual - engine drive strategy, and is also making strategic layouts in the pet track through industrial funds [27] Group 3: Summary by Directory 01. Research Basic Situation - The research object is Yiyi Co., Ltd. in the beauty and care industry, with a reception time of July 4, 2025, and specific reception staff [16] 02. Detailed Research Institutions - The participating institutions include Shenwan Hongyuan Securities (represented by Zhang Haitao), Huaxia Fund (represented by Lin Yao and Fan Linjun), China Life Pension (represented by Gao Yuanyuan), and Great Wall Fund (represented by Chai Chengsen) [17] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - **Order and Market Situation**: The company's orders are stable, and the US business has recovered. It is expanding non - US markets to reduce risks [24] - **Impact of Tariffs**: Tariffs mainly affect the customer's order - placing rhythm, sea - freight planning, and inventory management. The Cambodian factory has a certain production capacity and may expand it [24][25] - **Domestic Market Potential**: The domestic market for pet disposable hygiene and care products has great potential, driven by young pet - owners, pet aging, and pet - friendly scenarios [25] - **Brand Planning**: The company is promoting its self - owned brands "HUSHPET" and "One Acre Flower House" through an omni - channel layout [27] - **Development Strategy**: The company will continue the dual - cycle and dual - engine drive strategy and make strategic layouts in the pet track through industrial funds [27]

Group 1: Research Basic Information - The research object is Longyang Electronics, belonging to the electronic components industry, and the reception time is July 4, 2025. The listed company's reception personnel include Chairman Fu Qingxuan, Board Secretary Jin Weiqin, and Securities Affairs Representative Shi Yi [16] Group 2: Detailed Research Institutions - The research institutions include securities companies such as CICC Securities, and fund management companies such as Harvest Fund, Hua'an Fund, Great Wall Fund, and Noah Fund. There are also insurance asset management companies, investment companies, and other institutions [17][18] Group 3: Main Content - HVLP5 grade copper foil is in the product verification and testing stage with customers, and other participants are mainly Japanese companies [24] - The company's process route is mainly vacuum magnetron sputtering + fine electroplating + chemical and physical back - end processing [24] - Theoretically, based on the skin effect, the lower the surface roughness of copper foil, the less the current loss. However, the copper foil substrate needs to be combined with other materials for comprehensive performance testing [24] - The company does not participate in the competition of copper foil below HVLP3 grade because its process route has no cost - advantage in making such copper foil. But it has an advantage in making ultra - thin and ultra - flat copper foil, so it starts from HVLP5 grade copper foil [25] - The company acquires 51% equity of Weisi Shuanglian. The two companies are in the same industry with significant synergy. It can optimize supply chain management, reduce production costs, achieve complementary technology, and share customer resources [25] - The company plans to acquire 70% equity of Deyou New Materials for future business development. It can increase the company's performance, integrate technical advantages, enrich product categories, and expand development layout [25]

Report Summary 1. Report Industry Investment Rating - No information regarding the industry investment rating is provided in the report. 2. Core View of the Report - The company's current business strategy is "real estate for stability, transformation for development." It aims to maintain stability in the real - estate sector while actively promoting industrial transformation to address sustainable development issues [25]. 3. Summary by Relevant Catalogs 3.1调研基本情况 - The research object is Hualian Holdings, belonging to the real - estate development industry. The reception time was July 4, 2025. The company's reception staff included Deputy General Manager and Board Secretary Kong Qingfu, Securities Business Department Manager and Securities Affairs Representative Lai Zena, and Securities Business Department Business Manager and Securities Affairs Representative Chen Zehua [17]. 3.2详细调研机构 - The research institution is Hunan Aiying Securities Investment Consultant, an investment consulting company. The relevant personnel are Yao Zexing, Zeng Fei, Li Bin, and Zeng Guoqing [20]. 3.3主要内容资料 - **Share Repurchase Plan**: From 2024 to 2025, the company implemented two phases of share repurchase plans. From January 2024 to January 2025, it repurchased 97.2153 million shares, accounting for 6.55% of the current total share capital, with a total transaction amount of RMB 299.969 million. It plans to cancel 80.1153 million shares, accounting for 5.40% of the current total share capital, and the remaining 17.1 million shares in the repurchase account are intended for equity incentives or employee stock ownership plans. From April to June 2025, it repurchased 6.508 million shares, accounting for 0.44% of the current total share capital, with a total transaction amount of RMB 22.9294 million, for the purpose of maintaining the company's value and shareholders' rights [24]. - **Projects Under Construction and Planned**: The project under construction is the "Yupin Luanshan" project, a pure residential urban renewal project on top of a subway station, with a floor - area ratio of 79,600 square meters and a total construction area of about 120,000 square meters. It started construction in October 2024 and is planned to start pre - sales by the end of 2025. The planned project is the "Hualian Nanshan A Area" project, with a "industrial - to - affordable - housing" renewal direction and a demolition area of 77,800 square meters. In April 2025, the draft of the renewal unit plan passed the special meeting of the Nanshan District Urban Renewal and Land Reclamation Work, and the relevant application and preliminary work are in progress [25]. - **Future Real - Estate Business and Transformation**: The company plans not to add new land reserves or real - estate development projects except for the "Yupin Luanshan" and "Hualian Nanshan A Area" projects. It is actively promoting the industrial transformation strategy. It participated in the establishment of the "Zhongbao Qingyuan Huihai Industrial Fund," investing 430 million yuan and holding 24% equity in Shenzhen Jueneng and 36% equity in Zhuhai Jueneng. It is also looking for investment opportunities in the new energy industry chain [25][26].

Group 1: General Information - The research object is Hongxing Development, belonging to the chemical raw materials industry, and the reception time was July 4, 2025. The listed company's reception staff included Board Secretary Chen Guoqiang and Securities Affairs Representative Wu Hesong [17] - The research institution is Huafu Securities Co., Ltd. Research Institute, and the relevant personnel is Non - ferrous researcher Cao Yuhan [20] Group 2: Main Content Research Process - The board secretary introduced the company's basic situation, and the researchers further understood the research content. Communication was carried out between the board secretary and the researchers [22] Research Questions and Responses - Strontium salts are mainly used in magnetic materials, liquid crystal glass substrates, metal smelting, fireworks, and other deep - processing of strontium salts industries [22] - Some downstream customers of strontium carbonate use it as an additive to improve the performance of battery cathode materials, but the usage is small [22] - The company's subsidiary Chongqing Dazu Hongdie Strontium Industry Co., Ltd. mainly purchases celestite from local mines and supplements with some high - grade ores imported from abroad, with a small amount of current foreign purchases. The Israel - Palestine conflict will not significantly affect the company's celestite procurement [22] - The company does not own a celestite mine but binds deeply with the mine enterprise by jointly establishing subsidiaries such as Chongqing Dazu Hongdie Strontium Industry Co., Ltd. and Chongqing Ruidisida Optoelectronic Technology Co., Ltd. to meet its procurement needs [23] - Since 2025, the price of strontium carbonate has risen first and then fallen, reaching a high in the early second quarter and then gradually declining. The price increase has a certain positive impact on the company's operating performance, and the company holds a 66% equity stake in Chongqing Dazu Hongdie Strontium Industry Co., Ltd. [23] - The company's subsidiary Chongqing Dazu Hongdie Strontium Industry Co., Ltd. is operating at full capacity, with an overall capacity utilization rate of 80% - 90% [23] - The construction of the new strontium carbonate production line of the company's subsidiary Chongqing Ruidisida is proceeding normally according to the construction schedule, and the equipment is expected to be ready for use in late August [23] - In 2024, the company's overseas sales reached 501,550,627.47 yuan, accounting for 23.13% of the company's 2024 operating income [23]

Group 1: Report General Information - The research object is Guizhou Bailing, belonging to the traditional Chinese medicine industry. The reception time was July 4, 2025, and the company's reception staff included the chairman, general manager, deputy general manager, financial director, and securities affairs representative [16] - The institutions participating in the research included Wang Lingyi, Pan Potao, Song Shijie, etc [2] Group 2: Company Business Analysis Marketing Reform - Since 2022, the company has launched a direct - sales system reform pilot in 9 provinces, and the reform has achieved remarkable results with steady growth in sales profits in reform areas. Currently, the direct - sales system reform has been completed in 15 provinces, which will positively impact the company's future sales efficiency and profitability [24] - The marketing model reform has changed the previous way of simply assessing growth rate, introducing assessment items such as per - capita efficiency and per - store efficiency, and reasonably formulating assessment indicators to mobilize the enthusiasm of sales staff. The company also plans to promote equity incentive plans in due course [24] - The company adheres to the profit - first orientation, optimizes the variety structure and price system, promotes the cultivation of large - scale varieties, and focuses on key national customers (NKA), regional large - scale chains (LKA), and the medical treatment sector to drive sales and profit growth [24] Sales Expense Optimization - The company's optimization of the sales expense ratio is a long - term task. It will continue to deepen the marketing system reform, gradually expand the coverage from the large - package model to the direct - sales model, and use the sales expense ratio in each region as a performance assessment indicator [24] - The company has established a market supervision department to vertically supervise the business activities and finances of branches and offices, and deeply participate in cost control and business negotiations [25] - Through optimizing and improving management, sales, and reward mechanisms, the company sets new assessment requirements for sales staff, strengthens budget assessment for direct - sales branches, and implements channel optimization policies for some varieties to reduce sales expenses. It also plans to promote equity incentive plans [25] Product R & D Progress - The Phase III clinical research of Tangning Tongluo is progressing normally according to the clinical protocol, and patients are being enrolled successively. The company will disclose information in a timely manner after achieving phased progress in R & D projects [26] Solvency - The company maintains long - term and stable cooperative relationships with multiple banks. After being removed from the risk warning list, the credit rating of the company by financial institutions will be upgraded. Considering factors such as the company's operating conditions, asset - liability structure, and asset utilization efficiency, the company does not have a solvency problem and will continue to optimize its asset - liability structure [26] Share Pledge - As of now, Chairman Jiang Wei holds 245,346,284 shares, accounting for 17.55% of the company's total shares, and 100% of his shares are pledged. The purpose of the share - pledged financing is for the investment and operation of non - listed company industries and the repayment of his stock - pledged repurchase transaction liabilities. The pledged shares do not bear performance compensation obligations [27] - Jiang Wei's total liabilities have been significantly reduced, and his credit status is good. The pledge risk is controllable, and there is currently no risk of forced liquidation. If such a risk occurs in the future, he will take measures such as early repurchase and additional pledges [27][28] R & D Expense Capitalization - The company manages R & D expenses in strict accordance with relevant accounting standards, and the annual report data has been audited by an accounting firm [29]