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]

Group 1: Research Basic Information - The research object is Ruina Intelligent, belonging to the instrument and meter industry, with a reception time of July 4, 2025. The listed company's reception staff includes Director, Chief Financial Officer, and Board Secretary Chen Zhaohui, and Securities Affairs Representative Jiang Chengquan [16] Group 2: Detailed Research Institutions - The research institutions include Xinhua Fund (fund management company, represented by Zhang Shuai), CITIC Asset Management (asset management company, represented by Zhang Liqi), Chang'an Fund (fund management company, represented by Zhang Yunkai), Huisheng Fund (fund management company, represented by Huang Jing), and Guotai Haitong (securities company, represented by Yang Lin, Song Liang, and Zhong Minghan) [17] Group 3: Main Content AI Intelligent Heating System - The company's AI intelligent heating system integrates technologies such as "big data + cloud computing + AI model + hydraulic simulation + digital twin". It can adjust the secondary - side hydraulic balance through AI algorithms and building heating models, achieving load peak shaving and reducing heating energy consumption. The system consists of several subsystems and can achieve functions like accurate load prediction, intelligent scheduling control, etc. It can reduce heat consumption and carbon emissions by 10% - 30% and electricity consumption by 30% - 50% [22] Contract Energy Management Projects - Multiple contract energy management projects signed last year passed third - party audits in the first half of this year, indicating significant energy - saving effects. These projects help improve the company's performance and build a good brand reputation [22] Regional Expansion - The company continues to deepen cooperation in traditional strong markets like Shandong and focuses on potential regions such as the Northwest and North China to capture project opportunities [23][24] High Gross Margin - The company's high comprehensive gross margin is due to high R & D investment, self - production of most products, a direct sales model, and a one - stop intelligent heating solution [24] Industry Policy - The government continues to promote urban renewal and infrastructure construction. Since 2024, relevant policies have promoted the transformation of the heating industry from traditional to AI - intelligent heating [24]

Group 1: Research Basic Information - The research object is Xindao Technology, belonging to the semiconductor industry, and the reception time was on July 1, 2025. The listed company's reception staff included Director and Deputy General Manager Chen Min, Financial Controller and Board Secretary Lan Fangyun, and Securities Affairs Representative Min Yuqi [17] Group 2: Detailed Research Institutions - The reception object type is securities company, and the institution is Zhongyou Securities, with 2 related personnel [20] Group 3: Main Content - **M&A Strategy**: The company focuses on high - quality resources with high synergy in technology, products, and business at the company's overall strategic layout, and targets related assets in automotive electronics, wind, solar, energy storage, and charging application fields. It will actively explore investment and M&A opportunities, integrate industrial chain resources, and optimize the industrial layout [24] - **Maintaining Gross Margin Stability**: The company continuously updates and iterates products according to customer needs, optimizes supply - chain resources, maintains long - term strategic partnerships, controls costs, and adopts a reasonable pricing strategy to keep the gross margin stable [24] - **Product Structure**: The company's products mainly include power devices (TVS/ESD, MOSFET, Schottky, etc.) and power ICs (power management ICs), with TVS/ESD products having a relatively high proportion [26] - **Product Application Fields**: The company's products are used in consumer electronics, network communication, security, industry, automotive, energy storage and other fields. Due to some ODM and OEM customers, it is difficult to split the downstream market proportion [26]

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - The company focuses on R & D of new drugs in the fields of metabolism, respiration, oncology, and urology, with 6 innovative drugs in development, including 1 in Phase III clinical trials, 2 in Phase I, and 3 in pre - clinical research [24] - In 2024, the company's R & D investment reached 2.77 billion yuan, a year - on - year increase of 95.93%, mainly focusing on innovative drugs, generics, and R & D platform construction [24] - The company attaches great importance to market value management, is formulating a special plan, and will promote it through multiple dimensions to achieve the coordinated growth of market value and intrinsic value [26] - The company has a relatively complete mechanism for R & D talent introduction, cultivation, and incentive, and has established a R & D incentive system [27] - The company has a certain foundation in overseas market expansion, mainly exporting APIs, and has passed relevant inspections [27][29] - The company obtained the registration certificate for Meiasartan Potassium Tablets in 2025 and plans to increase market share through differentiated strategies [28][30] 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Lianhuan Pharmaceutical, belonging to the chemical pharmaceutical industry, and the reception time was on July 1, 2025. The reception staff included the chairman, board secretary, general manager, finance manager, and others [17] 3.2. Detailed Research Institutions - The reception object is Flush, with 2 related personnel [20] 3.3. Research Institution Proportion - No information provided in the document 3.4. Main Content Information - **New Drug R & D Plan**: The company focuses on metabolism, respiration, oncology, and urology, with 6 innovative drugs in development, 1 in Phase III, 2 in Phase I, and 3 in pre - clinical research [24] - **R & D Investment and Commercialization Expectations**: In 2024, R & D investment reached 2.77 billion yuan, a 95.93% increase. Core varieties LH - 1801 is planned to submit NDA in 2026, and LH - 1901 is advancing clinical trials. In generics, 8 production approvals and 1 clinical approval were obtained in 2025 [24][25] - **Market Value Management Plan**: The company attaches great importance to market value management, is formulating a special plan, and will promote it through multiple dimensions to achieve coordinated growth [26] - **R & D Talent Mechanism**: The company has a complete mechanism for R & D talent introduction, cultivation, and incentive, and has a R & D incentive system [27] - **Overseas Market Expansion**: The company mainly exports APIs, has passed FDA and WHO inspections, and established a platform in the US in 2023 [27][29] - **Meiasartan Potassium Tablets**: The company obtained the registration certificate in 2025. The drug has high sales growth, and the company plans to increase market share through differentiated strategies [28][30]

Group 1: Research Basic Information - The research object is Huasheng Lithium, belonging to the chemical products industry, with a reception time of July 1, 2025. The listed company's reception staff includes Deputy General Manager and Board Secretary Huang Zhendong, and Securities Affairs Representative Lu Haiyuan [16] Group 2: Detailed Research Institutions - The research institutions include Orient Fortune Securities (a securities company), Zhongzhe Wuchan (others), Qifu Capital (a fund management company), and Tongju Investment (others) [17] Group 3: Main Content Choice of Lithium Sulfide Preparation Process - The company chose the liquid-phase method to prepare high-purity lithium sulfide due to the technical advantages accumulated in key processes such as synthesis, purification, and solvent recovery during the production of electrolyte additives. This process has advantages such as high purity, high yield, and good subsequent processing performance [20] Impact of New Battery Technologies - New battery technologies like solid-state batteries may impact the existing liquid lithium-ion batteries, but various battery products will coexist in the market for a long time, and most will still use the company's electrolyte additives. The company is also focusing on the development of solid-state battery electrolyte materials [20] Company Performance and Industry Status - The company's management is confident in its long-term development. Since 2022, the market for electrolyte additives has faced oversupply. Enterprises with cost control advantages, stable customer bases, and a focus on cost control and quality improvement will stand out [21] Company's Lithium Battery Production Capacity - The company has four production bases: Zhangjiagang Phase I, II, III, and its wholly-owned subsidiary Taixing Huasheng. After the completion and operation of the Phase III project, the production capacity of VC and FEC will reach 14,000 tons per year, and the production of other lithium battery-related materials is also in progress [22]

Group 1: General Information - The research was conducted on June 26, 2025, targeting Icewheel Environment in the general equipment industry [1][8] - Participating institutions included Taiping Fund, Taiping Pension, HSBC Jintrust Fund, etc [2] Group 2: Company Business and Product Portfolio - The company offers advanced system solutions and full - life - cycle services in the energy and power fields, with main products like compressors and heat exchange devices for cold - heat energy management in the - 271°C - 200°C range, including various types of compressors, industrial heat pumps, and more [12] - It has mature magnetic levitation compressor products used in the Beijing Winter Olympics venues [12] - Customer industries cover commercial refrigeration, industrial refrigeration, commercial comfort air - conditioning, industrial special air - conditioning, and other fields [12] Group 3: Products for Specific Industries Controllable Nuclear Fusion - The company developed a cryogenic helium compressor in 2016 and supplied it to the Chinese Academy of Sciences' national laboratory. It has since supplied helium compressors to multiple research institutes for major national frontier science projects [13] Data Center - Dunham - Bush and Icewheel Heat Exchange Technology provide cooling equipment for data centers. Some products are on the national green data center technology product list. The company has served many domestic and overseas data center projects, and its overseas manufacturing base is expanding [14] Nuclear Power - With the acceleration of national nuclear power construction, the company has developed innovative technologies for nuclear island cooling and other core scenarios, serving many domestic nuclear power plants. Its subsidiaries have rich experience and relevant standards [15] CCUS - The company is a leader in carbon capture equipment, winning relevant awards. It has a self - built and operated carbon capture project in Yantai [16] Industrial Thermal Management - The company launched the "Industrial Global Thermal Control Comprehensive Solution" under the national dual - carbon strategy. Beijing Huayuan Taimeng is a key subsidiary with multiple core technologies and many awards [16][18] Deep - Sea Technology - The company provides solutions for the deep - sea fishing and processing industry and has products for the ship - sea green energy system. It won a provincial science and technology progress award [19][20] Hydrogen Energy - The company has developed a full - range of hydrogen compressors and related products, waiting for large - scale hydrogen application [20] Group 4: Financial and Strategic Outlook - In 2024, the company's overseas revenue was about 2 billion yuan, accounting for nearly 30% of the total revenue [21] - The company adheres to the "begin with the end in mind and aim high" strategy and the "two increases, one decrease, and three improvements" business policy to focus on high - quality growth [21]