Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company's key Chinese patent medicines have strong market potential and are in the growth stage. The company is actively promoting the renewal of Chinese patent medicine protection, academic system construction, and market access work, and the Chinese patent medicine sector remains the ballast for the company's performance [22]. - Through the integration with Aorui Pharmaceutical, the company has enhanced its R & D capabilities in small - molecule innovative drugs, with 7 self - initiated Class 1.1 innovative drug R & D projects in progress, covering tumor and autoimmune disease fields [24]. - In the context of centralized procurement, the company adheres to the strategy of diversified development in advantageous fields, expands product pipelines and market channels, and actively seeks new performance growth points [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Huasen Pharmaceutical, belonging to the Chinese medicine industry. The reception time was June 26, 2025, and the listed company's reception staff included the securities affairs representative Zhou Zhiru, and securities affairs specialists Xu Jun and Long Jie [17]. 3.2. Detailed Research Institutions - The reception object is Shanghai Qianpu, a type of investment company. The relevant institutional personnel include General Manager and Fund Manager Chen Shi, and Researcher Wu Shunyu [20]. 3.3. Research Institution Proportion No information provided in the given content. 3.4. Main Content Data - **Chinese Patent Medicine Business** - The company's five key Chinese patent medicines are in the growth stage. In 2024, two products were approved as the first national second - level protected Chinese patent medicine varieties, delaying the protection period by 7 years. In Q1 2025, the revenue of the five key Chinese patent medicines increased by 24.49% year - on - year, and from the beginning of the year to the reporting date, it increased by 31.44%. Among them, the revenue of Ganju Bingmei Tablets increased by 38.84% during the reporting period and 54.36% from the beginning of the year to the reporting date [22]. - The company's sales terminal is still mainly public hospitals, with about 70% in the in - hospital market. It drives the coordinated development of multiple channels and plans to increase the proportion of the out - of - hospital market [23]. - The company attaches great importance to building the academic system of key varieties, and the five key Chinese patent medicines have received 32 recommendations from authoritative materials, indicating high recognition [23]. - **Innovative Drug R & D** - In May 2025, Huasen Yinuo increased its stake in and controlled Aorui Pharmaceutical, and now has 7 self - initiated Class 1.1 innovative drug R & D projects, with the most advanced project, Injectable Hydrochloride ORIC - 1940, in the clinical Ia/Ib phase [24]. - The company plans to submit IND applications for two other projects before the end of this year and in the first quarter of next year [25]. - **Special Medical Food** - The company has 4 self - developed special medical food projects. The TY005 project has obtained relevant certificates, and the production line will gradually release production capacity. The company is exploring digital marketing and multi - channel promotion [25]. - **Overseas Market** - The company's fifth - phase production base passed the US FDA's cGMP on - site inspection in May 2023. Four key Chinese patent medicines obtained registration approvals in Singapore from 2024 to 2025, marking a key milestone for product exports [27]. - **Response to Centralized Procurement** - The company's strategy is to explore diversified development in advantageous fields. In the R & D end, it focuses on product listing and has built a "333" pipeline pattern. In market expansion, it develops multiple channels. In product layout, it actively arranges special medical food and other varieties [27]. - **ORIC - 1940 Research Progress** - It is expected that a certain amount of Ib - phase data will be generated next year, and the specific data reading date depends on the patient enrollment speed. ORIC - 1940 shows good safety in pre - clinical studies and is expected to be a new treatment option for HLH [28]. - **Advantages of ORIC - 1940 in HLH Treatment** - ORIC - 1940 can inhibit necroptosis and pan - apoptosis, reduce DAMPs levels, which is a differentiated molecular mechanism compared with other therapies and provides a new treatment option for HLH [29].

Group 1: Report General Information - The research object is CEC Port, and the research date is June 26, 2025. The listed company's reception staff includes the representative of the securities affairs, Xie Rizeng, and the commissioner of the securities affairs, Deng Liting [17] - The participating research institution is Huafu Securities [2] Group 2: Core Views - The company serves as a key "link" in the electronic information industry, connecting upstream and downstream, and ensuring the stability of the electronic components supply chain [22] - In Q1 2025, the company achieved significant year - on - year growth in revenue and profit, mainly due to seizing demand opportunities in areas such as new energy vehicles, AI computing power, and robots [22] - The company's business is centered around authorized distribution of electronic components. Authorized distributors can obtain direct support from original manufacturers, while non - authorized distributors are more flexible but more vulnerable to market shocks [23] - The company has rich upstream product line resources and will continue to optimize its product lines, tilting resources towards higher - quality product line businesses [23][24] - Exchange rate fluctuations can affect the company's foreign exchange gains and losses, as well as revenue and costs [24] Group 3: Summary by Directory 01. Research Basic Situation - The research object is CEC Port, the reception time is June 26, 2025, and the reception staff are the securities affairs representative Xie Rizeng and the securities affairs commissioner Deng Liting [17] 02. Detailed Research Institutions - The research institution is Huafu Securities, a securities company, and the relevant personnel are Yang Zhong and Guo Qiwei [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - **Company's Value in the Industry Chain**: The company acts as a "link" between upstream semiconductor design manufacturers and downstream electronic product manufacturers, helping original manufacturers promote products and serving downstream customers with technical support and solutions [22] - **Q1 2025 Revenue and Profit Growth**: In Q1 2025, the company's revenue was 17.47 billion yuan, a year - on - year increase of 249.01%, and the net profit attributable to the parent was 84.5551 million yuan, a year - on - year increase of 64.99%, due to seizing opportunities in new energy vehicles, AI computing power, and robots [22] - **Business Model**: The company's business is centered around authorized distribution. Authorized distributors get direct support from original manufacturers, while non - authorized distributors are more flexible but more affected by the market [23] - **Product Line Planning**: The company has rich product line resources, representing 11 out of the top 20 domestic semiconductor brands and 9 out of the top 20 global semiconductor brands. It introduced product lines in areas such as intelligent driving, passive components, and memory in 2024 and will continue to optimize product lines [23][24] - **Impact of Exchange Rate Fluctuations**: Exchange rate fluctuations affect the company's foreign exchange gains and losses, as well as revenue and costs due to foreign currency settlement in procurement and sales [24]

Report Summary 1. Reported Industry and Company - The industry under research is software development, and the company is Keda Automation Control [2][8] 2. Participating Research Institutions - The participating institutions include securities companies such as Huayuan Securities, insurance asset management companies like Taikang Asset, and numerous fund management companies including Tianhong Fund, E Fund, and Boshi Fund [2][9] 3. Core Views - The company focuses on the intelligentization of the mining industry, with products and services in areas such as unmanned driving in mines and special robots for mines [16][22] - The company aims to strengthen its leading position in the main business, promote the development of the new energy charging and swapping business, and explore a third growth pole [25][26] 4. Key Content Summaries 4.1 Unmanned Driving in the Smart Mining Industry - **Open - pit Mines**: Unmanned driving is in the experimental stage and not in the procurement list. The company's auxiliary driving system is in the procurement list, with products iterated to the 4th generation and technology close to L2 - level [16] - **Underground Mines**: Due to complex conditions, the application progress is slower. The company provides an auxiliary transportation intelligent system and participates in a national R & D project that has entered the market promotion stage [17] 4.2 Main Customer Group for Mining Unmanned Driving - The core customers are mining enterprises. The company uses a "platform first, terminal adaptation" strategy to provide a high - adaptability overall solution [19] 4.3 Differences from Intelligent Driving Companies - The company provides a systematic solution covering multiple aspects, while intelligent driving companies focus on vehicle - body core technologies. Currently, there is no direct competition, and future cooperation is possible [20] 4.4 Special Robot Business - Since 2019, the company has increased R & D investment in robots. Multiple inspection and transportation robots have been applied in coal mines. The company is breaking through core component technologies and has set up a subsidiary in Hangzhou to promote the R & D and implementation of embodied intelligent robots [22][23] 4.5 Future Business Development Plan - Focus on the strategic positioning of "smart mines as the main, smart municipal as the auxiliary, and 'Internet of Things +' as the guide", promote the application of embodied intelligence in mines [25] - Accelerate the promotion of the new energy charging and swapping business across the country to increase its revenue share [26] - Explore and cultivate a third growth pole based on technological innovation [26]

Group 1: General Information - The research object is Chuangyuan Technology, belonging to the environmental protection industry, and the reception time was on June 18, 2025 [8] - The listed company's reception staff included independent director Ge Weidong, board secretary and deputy general manager Zhou Weiwei, securities affairs representative and general manager of the secretary's office Lu Shuhao, director and general manager of Suzhou Electric Porcelain Lu Huimin, and board secretary and financial controller of Suzhou Electric Porcelain Ma Xiangfeng [8] - The research institutions included securities companies such as Guotou Securities and Yongxing Securities, investment companies like Shanghai Zhangying, and asset management companies such as Suzhou Junrong [9] Group 2: Company Business and Performance Suzhou Electric Porcelain - It is a key enterprise in China's electric porcelain industry, with high - level technical barriers in high - grade insulators, especially UHV porcelain insulators. It participates in setting national and industry standards, has strong R & D capabilities, and has completed large - scale supply tasks for UHV construction in China and the "Belt and Road" [15] - In 2024, its output value increased year - on - year, and with the completion, delivery, and settlement of domestic and foreign orders, its revenue increased significantly. As of now, its business situation in 2025 is good [16] - Its products are sold to more than 40 countries and regions in Europe, America, and Oceania, and it supplies products for many international well - known multinational companies. The "Lightning" products have a good reputation at home and abroad, and the "Belt and Road" strategy has opened up new export channels [16][17] Jiangsu Sujing - It focuses on expanding three emerging industries: new energy, big health, and electronic information. It has established a marketing corps to promote the transformation of products, projects, and services to high - end industries and high - end customers [18] - It will follow market changes, increase market development efforts, integrate internal resources, and meet different market demands to achieve high - quality development [18] Suzhou Bearing - It is one of the leading enterprises in the domestic needle roller bearing industry, with the most varieties and complete specifications. Its domestic competitors include Jiangsu Nanfang Precision Co., Ltd. and Changzhou Guangyang Bearing Co., Ltd., and its foreign competitor is Schaeffler Group, with differentiated competition [18] - Its products include radial needle roller bearings (solid ring needle roller bearings, stamped outer ring needle roller bearings, and radial needle roller and cage assemblies), which are applied in new energy electric drives, industrial automation, etc.; thrust needle roller bearings and cylindrical roller bearings are used in automobile transmissions, new energy electric drives, etc. [19]

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The company's business has achieved steady development due to the rapid growth of domestic self - owned brand cars in the new energy vehicle and vehicle export fields, as well as the regional advantages of Hefei in the new energy vehicle industry. The company expects stable growth in operating performance and aims to expand market share and enhance comprehensive competitiveness in the next two to three years [22][24]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Huitong Holdings, belonging to the automotive parts industry. The reception time was June 18, 2025. The listed company's reception staff included the chairman Chen Wangbao, the financial director Wang Qiaosheng, and the board secretary Zhou Wenzhu [17]. 3.2. Detailed Research Institutions - The reception object type is a securities company, and the relevant institution is Guotai Haitong. The specific reception person is Zhang Han [20]. 3.3. Research Institution Proportion - No information provided in the report. 3.4. Main Content Data - **Revenue Growth**: In 2024, the company's revenue increased by nearly 40% (39.84% to be exact, with the annual revenue reaching 106,917.99 million yuan). This was due to business growth, significant increase in automotive acoustic product revenue, and a large increase in orders driven by the strong growth of major customers' vehicle sales. The company expects stable revenue growth as it deepens cooperation with existing customers and expands new customers and businesses [22]. - **Gross Margin**: In the first quarter of 2025, the gross margin declined because the newly built production bases in Wuhu and Anqing were in the capacity - climbing stage, leading to increased fixed costs. As the capacity utilization of these bases improves, the gross margin is expected to gradually recover. The company will also improve the gross margin through technology improvement, management optimization, and business scale expansion [22][23]. - **Strategic Direction**: The company will rely on its advantages in automotive styling components and automotive acoustic products to develop high - value - added products, consolidate existing customers, and expand new ones. In the next two to three years, it aims to focus on the main business, expand new customers and product categories, increase production scale, and enhance comprehensive competitiveness [24]. - **New Product and New Customer Expansion**: In terms of new product expansion, the company has expanded the bumper business in recent years, with new large - scale coating production lines in Wuhu and Anqing starting mass production. In terms of new customer development, the company has passed the access review of Lan Tu Automobile and a well - known foreign new energy vehicle brand's OEM and obtained new project approvals from new customers such as Dongfeng Nissan [25]. - **Overseas Market Plan**: The company will continue to pay attention to overseas market business expansion opportunities, and the specific business plan will be based on the company's disclosed information [25].

Group 1: Report Overview - The report is about a research on Feike Electric in the household appliance industry on June 18, 2025 [1][2][17] Group 2: Research Participants - The research was participated by investors and other institutions [2] Group 3: Company Representatives - The company's representatives include Chairman and President Li Gaiteng, Independent Director Lin Zhenxing, Financial Controller Hu Ying, and Board Secretary Guo Jiaguang [17] Group 4: Key Questions and Answers - **Dividend Policy**: The company has always implemented a stable and active cash - dividend policy to ensure the basic interests of all shareholders [24][25] - **Production Model**: In 2024, the proportion of outsourced production in the total production volume was 36.97% [25] - **Sales Structure**: In 2024, the sales proportion of mid - to high - end products reached 60.78%, a 9.83 - percentage - point increase from the previous year [26] - **Overseas Market**: In 2024, the company actively promoted overseas market layout, focusing on emerging markets such as Southeast Asia, Africa, and the Middle East, and continued to seek M&A and cooperation opportunities [26] - **Financial Performance**: In Q1 2025, the gross profit margin was 56.21% and the net profit margin was 15.64%, with a significant quarter - on - quarter increase [26] - **Competition**: The company improves competitiveness through R & D innovation, brand operation, and marketing management, and has developed many leading products [27] - **Performance Decline**: The performance in 2024 was under great pressure due to the dual - brand strategy adjustment and changes in the consumption environment, and the company will work to improve performance [28]

Group 1: Research Basic Information - The research object is Jereh Group, belonging to the special equipment industry, with a reception time of June 18, 2025. The listed company's reception staff includes the board secretary Qu Ning and the securities affairs specialist Wang Heyang [17] Group 2: Detailed Research Institutions - The reception objects include Tianhong Fund (a fund management company) with relevant personnel Li Jiaming, Xing Shaoxiong, Huang Zihan, Chi Dongyang, and Du Tianye, and Zhongtai Securities (a securities company) with relevant personnel Wang Fengdi, Fu Yuxuan, and Zhang Naihui [18] Group 3: Company's Overseas Business Strategy - The company firmly promotes the global development strategy to enhance industry competitiveness and achieve high - quality development. Its overseas business is spread across more than 70 countries and regions, and the overseas business revenue accounted for 45.20% in 2024. The Middle East is a key strategic market, with a relatively complete business chain covering high - end equipment manufacturing, recycling business, oil and gas engineering services, oil and gas technical services, and oil and gas field development. The company's market share in the high - end equipment field in the Middle East has been increasing year by year, and its engineering business has achieved continuous breakthroughs [21] Group 4: Engineering Business in the Middle East - The company drives the overall coordinated development of each business segment in the Middle East through advantageous products or services. In 2024, it won several state - owned oil company engineering projects, such as the $920 million UAE ADNOC well - site digital transformation project and the $316 million Bahrain National Oil and Gas Booster Station project. The company will comprehensively consider multiple aspects such as strategic significance, industrial synergy, project return, and project cash flow to select high - quality projects for sustainable development [22][23] Group 5: Advantages of Overseas Natural Gas Equipment - The company has achieved full - industry - chain development of natural gas, covering natural gas equipment manufacturing, gas - fired power generation equipment, natural gas processing engineering, and terminal utilization. It can provide an integrated natural gas industry solution. The company adheres to innovation - driven development, increases R & D investment, and has built the Jereh Natural Gas Industrial Park, which has tripled the production capacity of natural gas equipment [23]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core View of the Report The report focuses on the research of Mannster. The company has multiple business layouts, mainly based on advanced coating technology engineering application capabilities. It aims to promote the industrial application of new materials and build a multi - parallel industrial layout of "new energy + pan - semiconductor", covering sectors such as lithium batteries, pan - semiconductors, energy storage, and robots. Although the company's business in the solid - state battery field has made certain progress, the large - scale application of dry - film manufacturing technology still faces challenges, and the robot business is in the early 0 - 1 investment stage [22][24][25]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Mannster, and the reception time is June 17, 2025. The listed company's reception personnel include the board secretary Peng Yalin, the securities affairs representative Xu Bijiu, and the securities affairs specialist Zhou Yuan [16]. 3.2 Detailed Research Institutions - The research institutions include investment companies (such as Ruimin Investment, Shansi Investment), securities companies (such as CICC, GF Securities), fund management companies (such as Boshi Fund, Huaxi Securities), asset management companies (such as Hongsike Asset Management), and other types of institutions [17][18][19]. 3.3 Research Institution Proportion - Investment companies account for 16%, other types account for 33%, securities companies account for 30%, fund management companies account for 16%, and asset management companies account for 5% [20]. 3.4 Main Content Data 3.4.1 Solid - State Battery Field - The company has provided test experiments on dry - film manufacturing and wet - electrolyte thin - coating processes for many domestic and foreign enterprises. In May 2025, it launched a solid - state battery pole piece manufacturing solution at the CIBF exhibition, with a preliminary "wet + dry" product layout. Multiple core products have received orders and are being delivered, and some equipment has met customer requirements [22]. - The company's dry - process equipment has advantages. Based on more than ten years of industrial application experience in wet - coating core components, it has in - depth research on high - uniformity film layer preparation. It started researching dry - film manufacturing technology around 2020, and its self - developed dry - process equipment has years of test and verification data. It has proposed an upgrade plan for lithium - battery equipment using new ceramic materials, developed ceramic products, and has a complete solid - state battery pole piece manufacturing solution with multiple process routes. The electrolyte thin - coating technology can control the dry - film thickness between 1 - 15μm [23][24]. 3.4.2 Robot Business - The company's robot business includes products such as micro - linear electric cylinders, dexterous hands, and electric grippers. The micro - linear electric cylinder has received a small number of sample orders, but it is still in the 0 - 1 early investment stage, and there is great uncertainty in industry development and business expansion [24][25]. 3.4.3 Company Strategy - The company's business layout is based on advanced coating technology engineering application capabilities. It aims to promote the industrial application of new materials, build a multi - parallel industrial layout of "new energy + pan - semiconductor", and implement the strategic positioning of a coating technology platform - type enterprise [25].

上海未来聚变能源科技有限公司 www.djyanbao.com | 1.企业概览 5 | | --- | | 1.1基本信息 5 | | 1.2企业网站信息 6 | | 1.3主要人员信息 7 | | 1.4分支机构 7 | | 1.5变更记录 7 | | 1.6股东信息 8 | | 1.7认缴出资信息 9 | | 1.8经营异常信息 9 | | 1.9企业联系方式 9 | | 2.企业链路关系 10 | | 2.1企业相关信息 10 | | 2.2关联企业股东列表 10 | | 2.3企业主要人员信息 11 | | 2.4关联企业对外投资信息 12 | | 2.5关联企业裁判文书信息 12 | | 2.6关联企业法院公告信息 12 | | 2.7企业历史股东信息 12 | | 2.8疑似关联关系信息 13 | | 3.失信人信息 13 | | 3.1失信人立案信息 13 | | 3.2失信人裁判文书 14 | 更 新 时 间 ： 2 0 2 5 / 0 6 / 1 6 洞见趋势 研判未来 1.企业概览 | 1.1基本信息 | | | --- | --- | | 企业名称： | 上海未来聚变能源科技有限公司 ...

Group 1: Research Basic Information - The research object is Haibo Heavy Industry Co., Ltd., belonging to the engineering construction industry [16] - The reception time was on June 12, 2025, and the listed company's reception staff included General Manager Da Hao, Board Secretary Zhang Xue, and Financial Controller Xu Weimin [16] Group 2: Detailed Research Institutions - The reception object was investors participating in the 2025 Investor Collective Reception Day event for listed companies in Hubei Province, and the object type was "other" [19] Group 3: Core Views of the Company - The company is exploring new growth points and potential in the traditional bridge steel structure industry through technology - driven product upgrades, market expansion and diversified business layout, and digital transformation [23] - In terms of personnel appointment, the company adheres to a modern enterprise management system and selects professionals based on ability and experience, respecting the personal career choices of the actual controller's children [25] - The company aims to consolidate the domestic market, expand overseas markets, and explore diversified businesses around steel structures while the actual controller has no current plan to introduce external strategic investors [25]