Group 1: Research Basic Information - The research object is Tianhe Magnetic Materials, and the reception time is May 30, 2025. The listed company's reception staff includes the director and general manager Chen Ya, the director and deputy general manager Yuan Yi, the director, financial controller, and board secretary Zhang Haichao, and the independent director Zhu Zhenyu [16] Group 2: Detailed Research Institutions - The reception object is investors who participated in the company's 2024 annual and Q1 2025 performance briefing online, and the type is "other" [19] Group 3: Main Content Company's Business Strategy and Achievements - In 2024, facing a complex business environment with falling rare - earth raw material prices and intensified industry competition, the company adopted the "Three Persistences" strategy: persisting in technology R & D drive, high - end market positioning, and intelligent production management, achieving key breakthroughs in core business areas [23] - The company achieved three structural changes in operating indicators in 2024: capacity scale breakthrough with an annual production capacity of 9,300 tons of high - performance rare - earth permanent magnet materials and a record - high blank output of 10,355 tons, a year - on - year increase of 23.51%; product structure optimization with new energy vehicle and parts business revenue of 164,143.96 million yuan, accounting for 63.38% of operating income and a year - on - year increase of 6.09%, effectively offsetting the decline in traditional fields; enhanced technology reserves with 107 authorized patents by the end of 2024, including 48 in countries and regions such as Europe, Japan, and the US, and 59 in China [23] Company's Financial Performance - In 2024, the company's sales revenue was 2,589,705,100 yuan, a decrease of 61,636,600 yuan or 2.32% compared to the previous year. The net profit was 136,085,400 yuan, a decrease of 32,720,400 yuan or 19.38% compared to the previous year. The non - recurring profit - adjusted net profit was 132,087,100 yuan, a decrease of 29,380,500 yuan or 18.20% compared to the previous year [29] Product - related Information - In Q1 2025, the product shipment volume remained basically stable compared to the same period last year [26] - The company's Q1 2025 gross profit margin was higher than the 2024 annual gross profit margin due to the stable recovery of domestic rare - earth product market prices, improved operational efficiency, optimized business structure, and the nature of customized products [30] - The company's Q1 2025 operating income was 525,437,500 yuan, slightly lower than 557,500,600 yuan in Q1 2024, remaining basically stable [30] Future Development and Growth Points - The company will continue to adhere to the "Three Persistences" strategy, strengthen R & D, optimize costs, expand high - end markets, improve management and informatization levels, promote ESG work, and advance the production of fundraising projects to release capacity and drive performance growth [26][27] - Humanoid robots will be an important demand growth point for neodymium - iron - boron magnetic components in the future. The company will develop high - end customers in fields including humanoid robots in 2025 [26][28] Industry Chain and Prospect - The rare - earth permanent magnet material industry chain consists of the upstream rare - earth industry, the mid - stream rare - earth permanent magnet material industry, and downstream end - use fields such as new energy vehicles, wind power generation, energy - saving home appliances, 3C consumer electronics, robots, and rail transit. The expansion of downstream markets will drive the continuous increase in the demand for rare - earth permanent magnet materials [26] Other Information - Rare - earth permanent magnet materials are a type of permanent magnet materials based on intermetallic compounds formed by rare - earth metal elements RE (Sm, Nd, Pr, etc.) and transition - group metal elements TM (Fe, Co, etc.) [30]

长虹美菱分析师会议 调研日期：2025年05月30日 调研行业：家电行业 参与调研的机构：民生加银基金、国盛证券等 / 关注公众号即可体验 机构调研pro小程序~ 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | ...

调研日期：2025年05月01日 调研行业：半导体 参与调研的机构：兴业证券股份、兴银、野村东方国际证券、银 河、银华基金管理股份等 | 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 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 所属行业：半导体 接待时间：2025-05-01 上市公司接待人员：董事长、总经理 尹志尧,董事、副总经理 丛 ...

中盐化工分析师会议 调研日期：2025年05月30日 调研行业：化学原料 参与调研的机构：投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | ...

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1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The company has received multiple orders for marine engineering and chemical vessels since 2024 and is in active negotiation for several hot - project orders [28]. - The company is seizing the opportunity of AI development, integrating AI with existing industries, and has achieved some results in the intelligent and automated R & D and application of high - end equipment, with subsequent plans to increase R & D efforts [29]. - In 2024, the company's export sales accounted for 80.44%. It has established sales and after - sales service networks overseas and is actively expanding the high - end equipment business market [30]. - The company's daily business is affected by exchange rate fluctuations, but it has rich foreign exchange business experience and takes measures to reduce the impact, so the impact on performance is small [30]. - The company is building the "Tongzhou Bay Equipment Manufacturing Base Project" to expand high - end equipment production capacity, and it is expected to be gradually put into use in the second half of this year [30]. - Since the acquisition of Kalmar's port container crane business in 2022, the company's port machinery business has developed rapidly, with sufficient orders on hand and continuous improvement in production and sales scale [31]. - Considering factors such as 2024's profitability, future capital needs, industry conditions, and shareholder returns, the company increased its dividend in 2024 and plans to increase it further when conditions permit [31]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Runbang Co., Ltd., belonging to the special equipment industry. The reception time was May 29, 2025. The company's reception staff included the vice - president, the secretary of the board of directors, the representative of securities affairs, and the commissioner of securities affairs [17]. 3.2 Detailed Research Institutions - The research institutions included Bisheng Fund and Guoxin Asset Management. The relevant personnel were Liu Da from Bisheng Fund and Wu Wencheng from Guoxin Asset Management [21]. 3.3 Research Institution Proportion - The proportion of other types of institutions was 100% [27]. 3.4 Main Content Information - **Ship orders**: Since 2024, the company has received orders for various ships from countries and regions such as Germany, Singapore, and Latin America and is negotiating multiple hot - project orders [28]. - **High - end equipment technology development**: The company is integrating AI with existing industries, has achieved intelligent and automated R & D and application in some products, and has obtained relevant orders. It will further increase R & D efforts [29]. - **Overseas market layout**: In 2024, the export sales accounted for 80.44%. The company has established sales and after - sales service networks overseas and is expanding the high - end equipment business market [30]. - **Exchange rate impact**: The company's business is affected by exchange rate fluctuations, but it has measures to reduce the impact, so the impact on performance is small [30]. - **Tongzhou Bay base**: The company is building the "Tongzhou Bay Equipment Manufacturing Base Project" to expand high - end equipment production capacity, which is expected to be gradually put into use in the second half of this year [30]. - **Port machinery orders**: Since the acquisition of Kalmar's business in 2022, the port machinery business has developed rapidly, with sufficient orders on hand and continuous improvement in production and sales scale [31]. - **Dividend increase**: Considering multiple factors, the company increased its dividend in 2024 and plans to increase it further when conditions permit [31].

Group 1: General Information - The research was conducted on May 23, 2025, targeting Batian Co., Ltd. in the fertilizer industry [1][8] - Participating institutions include fund management companies, securities companies, investment companies, insurance asset management companies, and life insurance companies [2][9] Group 2: Xiaogaozhai Phosphate Mine Overview - Current production capacity is 11,000 tons per day, with a production license of 2 million tons per year and a potential increase of up to 20%. The company is implementing a 2.9 million tons/year safety facility design review and expects to complete phased results and start capacity expansion in Q3 this year [17] - The mine system features a belt transport system from underground to the surface, a filling mining method with 100% mechanization, and is undergoing intelligent construction upgrades [17] - The first - phase production areas are 1, 2, 3, and 4, and the second - phase are 5, 6, and 7. The main systems include a 693 - meter main inclined shaft, a 538 - meter auxiliary inclined shaft, and a ventilation shaft [17] Group 3: Mine Operational Details - There are currently 4 stope faces in production underground. The ventilation shaft has a capacity of 16,000 cubic meters per minute, with actual usage of 13,000 cubic meters [18] - The drainage system has 6 pumps, with 4 in use and 2 in reserve. Each pump can extract 720 cubic meters of water per hour [19] - Safety monitoring includes井下 cameras connected to the control center, a personnel positioning system with a maximum deviation of 30 cm, wireless phone communication with WIFI underground, a water supply system from a surface high - level pool, a 3 - large - 3 - small air compression system, and an emergency shelter system that can support miners for over 7 days in case of disasters [19] Group 4: Business Model and Contracts - Only mining is outsourced, while the beneficiation system is self - operated. The contractors are responsible for safety [19] - Contracts are mostly quantity - locked but not price - locked, with a small number of price - locked contracts [30] - The company has 30+ stable customers and 60+ old customers, some large customers need over 700,000 tons of ore per year [30] Group 5: Production and Sales - In April, production exceeded 300,000 tons. Current daily production is about 12,000 tons, with a maximum of 30,000 tons per day [22][28] - The company sells all the produced ore each month and still has about 300,000 tons of orders to deliver [21] - The sales price is relatively stable compared to January and February this year, and is expected to rise steadily in the second half of the year [22][24] Group 6: Ore Quality and Grade - The overall ore grade is 27 - 28%, relatively high in Weng'an County. The B - layer ore grade is about 27%, with a maximum of 32% [22][27] - The average mined ore grade is higher than the explored grade [26] Group 7: Recycling and Efficiency - The mine has a filling system, and the recovery rate is over 95%, which can be further increased by 1 - 2 percentage points through innovation [28] Group 8: Downstream and Industry Chain - The company's downstream products include nitric phosphate fertilizer, industrial ammonium phosphate, and iron phosphate. The phosphochemical industry chain is relatively complete, covering mining, beneficiation, and physical beneficiation with a capacity of 600,000 tons per year [28][29] - The Guizhou compound fertilizer production base directly uses about 100,000 - 200,000 tons of phosphate ore per year [29] Group 9: Cost and Beneficiation - The cost of raw ore in Q1 this year was about 130 yuan per ton, including filling costs [31] - Beneficiation can increase the grade from an average of 24% to 31 - 33%, with a cost of 80 - 100 yuan per ton [31]

Group 1: Research Basic Information - The research object is Icewheel Environment, belonging to the general equipment industry, with a reception time of May 28, 2025, and the listed company's reception staff is the board secretary, Sun Xiuxin [17] Group 2: Detailed Research Institutions - The research institutions include CICC (securities company, with relevant personnel Zhang Jiemin and Yan Jia), Orient Asset Management (financial asset management company, with relevant personnel Li Jiang), and Guoshou Anbao Fund (fund management company, with relevant personnel Jiang Shaozheng and Xiao Jiaqi) [18] Group 3: Main Research Content - Discussed part of the data in the company's 2024 annual report and Q1 2025 report [24] - Discussed the company's business and industrial sectors. The main products are compressors and heat exchange devices, with functions of "cooling", "heating", and "pressurizing". The company has a mature magnetic levitation compressor product supplied in batches for many years and was applied in the Beijing Winter Olympics venues. The customer industries cover various fields such as commercial refrigeration systems, industrial refrigeration systems, commercial comfort air - conditioning, industrial special air - conditioning, energy utilization, casting, and industrial intelligence [25] - Discussed the company's product applications in data centers. The company's Dunham - Bush and Heat Exchange Technology companies provide cooling equipment such as cold source equipment and heat exchange devices for data centers. Two products were included in the MIIT's catalog, and the company has served many domestic and overseas data center projects, with overseas manufacturing bases in tactical expansion [26][27] - Discussed the company's products for the nuclear power industry. With the recent signal of accelerated nuclear power construction, the company has developed a series of innovative technologies for core scenarios such as nuclear island cooling and nuclear energy heating, and its subsidiaries have rich experience and successful cases [28] - Discussed the company's products for controlled nuclear fusion. The company developed a cryogenic helium compressor in 2016 and has supplied it to many research institutions for major national frontier science and technology research projects [29]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - No relevant content provided Group 3: Summary by Directory 1. Enterprise Overview 1.1 Basic Information - The company is Changxin Technology Group Co., Ltd., a foreign - invested, unlisted joint - stock company with a registered capital of 5777094.224 million RMB. Its address is at No. 388, Xingye Avenue, Airport Industrial Park, Economic and Technological Development Zone, Hefei, Anhui. It was established on June 13, 2016, and its legal representative is Zhao Lun. The company's business scope includes integrated circuit design, manufacturing, processing, etc. [5] 1.2 Enterprise Website Information - The company has multiple websites, such as hfzjco.cn, hfzjco.com, innotron.org.cn, etc., and the official website is www.cxmt.com [6] 1.3 Main Personnel Information - The main personnel include directors like Cao Kanyu, Fang Wei, Wang Nan; the chairman is Zhu Yiming; the监事 is Li Jun; the financial officer is Huang Danyang; and the director - general manager is Zhao Lun [7][8] 1.4 Branch Information - No branches are reported [9] 1.5 Change Records - There have been multiple changes in the company, including changes in registered capital, market entity type, investors, and executives. For example, in 2023, the registered capital changed several times, and the market entity type changed from a limited - liability company to a foreign - invested, unlisted joint - stock company [10][11][15] 1.6 Shareholder Information - As of the latest data, there are many shareholders, including Beijing Zhaoyi Innovation Technology Co., Ltd., Agricultural Bank Financial Asset Investment Co., Ltd., etc., with different investment amounts and proportions [23][24][30] 1.7 Subscribed Capital Contribution Information - The subscribed capital contribution has changed over time, with the latest amount being 5777094.224 million RMB in 2024 [37] 1.8 Abnormal Business Information - No relevant content provided 1.9 Enterprise Contact Information - No relevant content provided 2. Enterprise Linkage Relationship - No relevant content provided 3. Information on Dishonest Persons - No relevant content provided

森霸传感分析师会议 调研日期：2025年05月22日 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~ 调研行业：光学光电子 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜 ...