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Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core Viewpoints - The company's cellulose ether exports in May 2025 were in good condition, and the current price is basically stable without significant fluctuations [26][27][28]. - The US plant construction is in progress, and the company will disclose the progress according to regulatory requirements [24][25]. - The US factory only plans to build a plant - based capsule production line, and cellulose ether will be sourced through a combination of domestic imports and US procurement [31]. - The company's repurchased shares are for converting convertible corporate bonds, and it will choose an appropriate time to implement the repurchase plan after completing the approval procedures [30]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Shandong Hedda, belonging to the chemical products industry. The reception time was May 15, 2025, and the company's reception staff included the chairman, board secretary, financial director, and securities affairs representative [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided on the research institution proportion in the given content. 3.4. Main Content Data - **US Plant Construction**: It is in progress, and the company will disclose the progress as required. The US factory only plans a plant - based capsule production line, and cellulose ether will be sourced from domestic imports and US procurement [24][25][31]. - **Cellulose Ether**: Exports in May 2025 were good, and the current price is stable [26][27][28]. - **2025 Performance**: Details of the 2025 business plan can be found in the 2024 annual report [29]. - **Inventory Accounting**: The inventory of plant - based capsules reserved in the US warehouse is recorded under accounts receivable in the company's statements, and relevant revenues and costs have been offset [29]. - **Share Repurchase**: The repurchased shares are for convertible corporate bonds. After completing the approval procedures on May 14, 2025, the company will choose an appropriate time to implement the plan [30].

1. Report Industry Investment Rating - No information available 2. Core View of the Report - The company is a leading enterprise in the domestic water - based acrylic emulsion industry, with a market share of about 15%. In 2025, it aims to "consolidate the domestic market foundation and explore the overseas market future", continue to improve the production capacity layout, and increase R & D efforts [21]. - Benefiting from various factors, the water - based acrylic emulsion industry chain will be more complete, the application scope will expand, and market demand will grow. The company will improve relevant layouts and expand new application channels [22]. - The domestic acrylic emulsion industry is highly market - oriented. Leading enterprises with core technologies can maintain their advantages, and market concentration will increase, which is beneficial for the company to improve its market share [23]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: Baolijia; Industry: Chemical products; Reception time: May 15, 2025; Reception personnel: Chairman and General Manager Yang Wenyu, Independent Director Liu Shuguo, Board Secretary Li Yanhao, and Financial Controller Li Wenqing [16]. 3.2 Detailed Research Institutions - The reception object is investors who participated in the 2025 annual report collective performance briefing of listed companies in Shanghai through the Shanghai Stock Exchange Roadshow Center (https://roadshow.sseinfo.com/), and the type is "other" [17]. 3.3 Research Institution Proportion - No information available 3.4 Main Content Data - **Question about market share and performance**: The company is a leading enterprise in the domestic water - based acrylic emulsion industry, with a market share of about 15%. In 2024, the company's operating income was 2.151 billion yuan, and the emulsion accounted for 93.16%. In 2025, it will focus on consolidating the domestic market and exploring overseas markets, and continue to improve production capacity and R & D [21]. - **Question about business strategy**: In 2024, the construction materials industry was in the repair period. The company's products include various functional acrylic emulsions and additives. The water - based acrylic emulsion industry chain will improve, and the company will improve relevant layouts and expand new application channels. For example, the demand for water - based coatings in the container field has increased greatly [22][23]. - **Question about company's competitiveness**: The company adheres to the "Technology Baolijia" strategy, has a "One Academy and Five Centers" R & D layout, and has core competitiveness in technology, R & D, production capacity, etc. [24]. - **Question about company's status and advantages**: The company is a leading enterprise in the acrylic emulsion industry and a core supplier to many well - known coating companies. It operates in accordance with regulations, has a complete business system, and will improve internal governance in the future [24].

Group 1: Basic Information - The research object is Licheng Industry, belonging to the chemical products industry, and the reception time was May 15, 2025. The company's reception staff included the board secretary, CFO Zheng Gang, and the securities affairs representative Liu Zenghui [17] - The institution participating in the research is Caitong Securities [2] Group 2: Company Business and Performance - The company is based in the fine chemical field, with its main business being the R & D, production, and sales of surfactants and detergents. It has three production bases in Changsha, Shanghai, and Dongguan, with an annual surfactant production capacity of approximately 550,000 tons and an annual detergent production capacity of about 250,000 tons [22] - The anionic surfactant business is the company's main source of revenue and profit. In 2024, the company achieved an operating income of 3.377 billion yuan from surfactant products, a year - on - year increase of 12.68%, accounting for 92.23% of the company's operating income. The production and sales volume of the company's main surfactant products ranked among the top two in the country in 2024 [23] Group 3: Dividend Policy - In 2024, the company's profit distribution plan proposed to distribute cash dividends of 5.10 yuan per 10 shares (tax - included) based on the total share capital of 130,178,260 shares at the end of 2024, totaling 66,390,912.60 yuan. The remaining undistributed profits will be carried forward to the next year [25] - The company will formulate its profit distribution plan in accordance with the "Future Three - Year (2024 - 2026) Shareholder Return Plan" [26] Group 4: Incentive Expenses - According to the company's 2023 restricted stock incentive plan (draft revised version), the company's share - based payment expense amortization in 2024 was 33.17 million yuan, with management expenses accounting for 68.03% and sales expenses accounting for 25.09% [27] Group 5: Project Progress - The first phase of the 250,000 - ton new green surfactant production base and headquarters construction project of Shanghai Aowei entered the trial production stage in early May 2024. The second phase's 57,500 - ton new green surfactant production lines entered the trial production stage in late February and early April 2025 [28]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The company has traditional advantages in the nuclear power field and has launched import - substitution products in cooperation with relevant national nuclear technology authorities, which have entered into practical application. It is also carrying out R & D and promotion in the battery recycling and solar polysilicon fields [21]. - The company aims to gain more market share in the mid - high - end water treatment market, as there is a large space for import substitution in high - value - added products for condensate water treatment [21]. - The completion of the company's fundraising projects will enhance its core competitiveness, reduce labor costs, increase production efficiency, and meet market demand [22]. - The company's Jingmen production base focuses on new energy, environmental protection, and biomedicine fields, and is expected to start trial production by the end of 2025 and reach the intended use state by the end of April 2026 [22]. - According to the 2024 annual profit distribution plan, the company plans to distribute a cash dividend of 2.60 yuan per 10 shares (tax - included) to all shareholders, and future dividend plans will be determined based on specific circumstances [22][23]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhengguang Co., Ltd., belonging to the chemical products industry. The reception time was May 15, 2025. The listed company's reception personnel included the deputy general manager, board secretary, financial director Wu Yafei, and the securities affairs representative Che Cheng [16]. 3.2. Detailed Research Institutions - The research institutions include Huian Fund (represented by Wang Minglu), Huihong Asset (represented by Zhang Li), Nuoyan Fund (represented by Zhou Xiaoqi), CITIC Securities (represented by Sun Chenxing), PICC Asset (represented by Tian Lei), Guotai Haitong (represented by Wang Ruijian), and CICC (represented by Ye Endong) [17]. 3.3. Research Institutions Proportion There is no information about the research institutions proportion in the provided content. 3.4. Main Content Data - **Company Introduction**: The board secretary introduced the company's basic and operating conditions, as well as industry and product information [21]. - **New Energy Progress**: The company has advantages in the nuclear power field, and is also involved in battery recycling and solar polysilicon R & D [21]. - **Mid - High - End Water Treatment Market Goals**: The company aims to gain more share in this market, with large import substitution space for condensate water treatment resin [21]. - **Fundraising Project Completion**: As of the end of 2024, some projects have been completed, which will enhance the company's competitiveness [22]. - **Jingmen Production Base**: Focuses on new energy, environmental protection, and biomedicine, expected to start trial production by the end of 2025 and reach normal operation by April 2026 [22]. - **Dividend Situation**: Plans to distribute a cash dividend of 2.60 yuan per 10 shares in 2024, and future dividends will be determined according to circumstances [22][23].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The company's performance has shown significant growth, with its 2024 annual revenue reaching 4.465 billion yuan, a year - on - year increase of 19.15%, and net profit attributable to shareholders of 394 million yuan, a year - on - year increase of 68.89%. In Q1 2025, revenue was 1.101 billion yuan, a year - on - year increase of 25.41%, and net profit attributable to shareholders was 91 million yuan, a year - on - year increase of 62.13% [25]. - The company's global strategic layout effectively reduces the impact of trade policy changes. The current tariff adjustment has a controllable impact on the company, and relevant orders will be transferred to the Cambodian factory [26][29]. - The company's overseas construction projects are advancing rapidly. The second production line of the Canadian factory is planned to be completed in the second half of 2025, and the second US factory will be completed in 2026 [30]. - The company's self - owned brand business has achieved remarkable growth, expanding its global market coverage to 73 countries in 2024. It will continue to expand potential markets such as Southeast Asia and the Middle East and Africa [31]. - The company will maintain investment in self - owned brand development, focusing on the accuracy and effectiveness of investment, and adjust resource allocation according to market changes [32]. - The company has established a sound exchange - rate risk management mechanism to deal with exchange - rate fluctuations [33]. - The company decides not to exercise the early redemption right of "Zhongchong Convertible Bond 2" and will not exercise it again within 12 months if the conditional redemption clause is triggered [33]. - In the domestic pet food market, although foreign brands have an advantage, domestic brands are rising, and the market concentration is gradually increasing [34][38]. - The company's global supply chain and business layout enhance its risk - resistance ability, and its dependence on a single customer or business is lower than the industry average [38][39]. - The company attaches great importance to investor returns, with an expected total cash dividend of 146.93835645 million yuan in 2024, accounting for 37.31% of the 2024 annual net profit attributable to the mother [40]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Zhongchong Co., Ltd., belonging to the agricultural, livestock, and fishery industry. The reception time was May 15, 2025 [16]. 3.2 Detailed Research Institutions - The reception object is all investors participating online in the 2025 Shandong - area listed companies' online collective investor reception day, with the type being "other" [19]. 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - **Performance Introduction**: In 2024, the company's annual revenue was 4.465 billion yuan, a year - on - year increase of 19.15%, and net profit attributable to shareholders was 394 million yuan, a year - on - year increase of 68.89%. In Q1 2025, revenue was 1.101 billion yuan, a year - on - year increase of 25.41%, and net profit attributable to shareholders was 91 million yuan, a year - on - year increase of 62.13% [25]. - **Tariff Impact**: The company's global strategic layout forms a sound tariff response system. The current tariff adjustment only affects the company's domestic exports to the US, which accounts for a low proportion of the overall revenue, and the impact is controllable [26][29]. - **Overseas Construction Projects**: The expansion of the Canadian factory's production capacity and the construction of the second US factory are accelerating. The second production line of the Canadian factory is planned to be completed in the second half of 2025, and the second US factory will be completed in 2026 [30]. - **Overseas Self - owned Brand Development Strategy**: In 2024, the company's self - owned brand business grew significantly, expanding its global market coverage to 73 countries. It will continue to expand potential markets such as Southeast Asia and the Middle East and Africa [31]. - **Sales Expense Investment**: The company will maintain investment in self - owned brand development, focusing on the accuracy and effectiveness of investment, and adjust resource allocation according to market changes [32]. - **Exchange - rate Impact**: The company's overseas business is mainly settled in US dollars and some other foreign currencies. Exchange - rate fluctuations will have a certain impact on the company, but it has established a sound exchange - rate risk management mechanism [33]. - **Convertible Bond Plan**: The company decides not to exercise the early redemption right of "Zhongchong Convertible Bond 2" and will not exercise it again within 12 months if the conditional redemption clause is triggered [33]. - **Domestic Pet Food Market Pattern**: In the domestic pet food market, foreign brands have an advantage, but domestic brands are rising, and the market concentration is gradually increasing [34][38]. - **Risk - resistance Ability**: The company's global supply chain and business layout enhance its risk - resistance ability, and its dependence on a single customer or business is lower than the industry average [38][39]. - **Investor Returns**: The company attaches great importance to investor returns, with an expected total cash dividend of 146.93835645 million yuan in 2024, accounting for 37.31% of the 2024 annual net profit attributable to the mother [40].

Group 1: Report General Information - The research object is Langxin Technology, belonging to the Internet service industry, and the reception time was May 15, 2025. The listed company's reception staff included the host, Langxin Group's director and general manager Zheng Xinbiao, director and deputy general manager Peng Zhiping, secretary of the board and deputy general manager Wang Shenyong, chief financial officer Lu Qingfang, and independent director Lin Le [16] Group 2: Research Institution Details - Langxin Technology's 2024 annual performance briefing was conducted remotely online, targeting all investors [19] Group 3: Core Views and Industry Outlook - In 2024, due to the divestment and restructuring of non - core businesses, the company's revenue was 4.479 billion yuan, a year - on - year decrease of 5.24%, and the net profit attributable to shareholders of the listed company was - 250 million yuan. However, the energy - related core business maintained stable operations, with an operating net cash flow of about 554 million yuan [24] - Future profit growth will be driven by the new round of investment in power energy from the construction of new power systems and AI technology applications. The company's energy digitalization business is building a new growth curve [24] - In the energy Internet field, based on the "user - scenario - market" business dual - flywheel strategy, the company will expand the scale of power user connections in multiple scenarios, achieving continuous growth in value [25] - The power energy industry is experiencing profound changes. With the advancement of the "dual - carbon" strategy, the construction of new power systems and the integration of digital and intelligent technologies, especially the breakthroughs in AI, will bring significant opportunities for the industry [28] - Langxin Group, as a leading technology enterprise in the power energy field, focuses on the dual - wheel development strategy of energy digitalization and energy Internet, aiming to become an AI - driven leading technology energy enterprise [28]

Group 1: Report Basic Information - The research object is Shanghai Ganglian, and the industry is Internet services. The reception time is May 15, 2025. The listed company's reception staff includes the chairman, general manager, independent director, and secretary of the board and chief financial officer [17] Group 2: Core Views - The company promotes the digital transformation and upgrading of the bulk commodity industry through industrial data services and steel trading services, and the management is confident in the company's future development [24] - In 2025, the industrial data service business will deepen services, integrate multi - dimensional data, rely on AI and Ganglian EBC products, expand application scenarios, and accelerate international layout; the steel trading service will increase revenue by expanding the consignment business scale and extending the Gangyin ecological service [24] - The company will continue to increase R & D investment in artificial intelligence and big data technology to enhance data processing and analysis capabilities [24] - The company uses AI technology, process digital reconstruction, and product innovation for cost - reduction and efficiency - improvement, and the "Xiaogang" digital intelligent assistant has achieved results [25] - In 2025, the company will strengthen quality and standardization construction in industrial data services, innovate in steel trading services, and expand overseas markets with Singapore as the hub [26] - The company's revenue decline in 2024 was affected by the steel industry's operating situation, and the 2025 performance should be followed in the regular reports [26] Group 3: Summary by Directory 01. Research Basic Situation - The research object is Shanghai Ganglian in the Internet service industry, received on May 15, 2025, by the chairman, general manager, independent director, and secretary of the board and chief financial officer [17] 02. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Information - The company responded to investors' questions, covering aspects such as 2025 growth points, cost - reduction and efficiency - improvement,股权激励 plans, 2025 business highlights, reasons for 2024 revenue decline, and 2025 budgeted revenue growth [24][25][26]

Group 1: Report Overview - The research is about Shandong Mining Machinery in the special equipment industry, and the research date is May 15, 2025 [1][2][17] Group 2: Research Details 1. Basic Research Information - The research object is Shandong Mining Machinery, belonging to the special equipment industry. The reception time is May 15, 2025, and the reception staff are the secretary of the board Qin Decai and the securities representative Zhang Lili [17] 2. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 3. Investor Questions and Company Responses - **Globalization Strategy**: The company uses its advantages, forms professional teams, participates in foreign industry exhibitions, and invites customers to visit. It has entered foreign markets and promoted business development through project radiation and word - of - mouth. It will seek cooperation in the whole industry chain and broader fields [24] - **Industry Outlook**: With the deepening of coal reform, the coal - machine manufacturing industry will combine modern information technologies such as big data, artificial intelligence, and the Internet of Things with products, enhancing competitiveness [24] - **Intelligent Bulk Material Conveying Equipment Business**: The business has developed rapidly. In 2024, the operating income was 291 million yuan, a year - on - year increase of 32.49%. The products have high intelligence and automation, and have entered the international market [24][25] - **Company Business**: Shandong Mining Machinery is a diversified group company mainly engaged in coal - machine production and sales, along with businesses such as intelligent bulk material conveying equipment, building materials machinery, packaging and printing machinery, and precision machining [25] - **Progress in Intelligent Products in 2024**: The self - developed electro - hydraulic control system achieved multiple sales. Many new products were developed and upgraded. Wireless sensors and controllers were developed, and relevant licenses and certifications were obtained [25][26] - **New Profit Growth Points**: The company will implement the "Five - Transformation Strategy", deepen the "Accessories Strategy", increase R & D investment, carry out technological innovation, and seek the integration of capital and industry [26]

Group 1: General Information - The research was conducted on Yizumi, a company in the special equipment industry, on May 15, 2025 [1][8] - Participating research institutions include Debon Securities Asset Management, Huatai Securities Asset Management, Danshuiquan, Harvest Fund, Sigma AM, etc [2] - The company was received by Secretary of the Board Xiao Deyin and Assistant to the Securities Affairs He Wenjie [8] Group 2: Investment Highlights 2024 Injection Molding Machine Sales - In 2024, the injection molding machine industry developed steadily, with an expanding market scale and continuous technological innovation. The company's injection molding machine sales revenue reached 3.5552039 billion yuan, a year - on - year increase of 28.80%, accounting for 70.22% of the total sales [15] Overseas Market - The company adheres to a global strategy, with over 40 overseas distributors and business covering more than 90 countries and regions. In 2024, the export revenue was 1.394559 billion yuan, a year - on - year increase of 27.45% [15][16] - The company has established factories in India, a R & D center in Germany, service centers in Brazil and Vietnam, etc. It will further expand overseas market share [16][17][21] Production Capacity - Domestically, the company has multiple production bases in Guangdong and Jiangsu, and plans to build an East China production base in Nanxun, Zhejiang [17] - Overseas, there are production facilities in the US, India, and Mexico. A supply chain management center has been established to ensure supply chain stability [17][18] Product Competitiveness - The company emphasizes R & D, with R & D expenses in 2024 reaching 245.8621 million yuan, a year - on - year increase of 15.78%, accounting for 4.86% of total revenue [18] - It uses a direct sales model and a YFO service system, and is transforming from a host provider to a system solution provider [19] Automation and Intelligence - The company provides intelligent manufacturing solutions for customers, integrating industrial IoT, network security, big data, etc. It has invested in smart factories and is planning more advanced facilities [19][20] Downstream Industries - The largest downstream industry is the automotive industry. The 3C, home appliance, and daily necessities industries are also developing well, which makes the company confident about 2025 [20] Impact of US Tariff Policy - In 2024, the company's US market revenue accounted for less than 3% of total revenue, so the direct impact of US tariff policy is small [20]