Group 1: Report Basic Information - Research object: Haikan Co., Ltd. [17] - Industry: Not specified - Reception time: May 15, 2025 [17] - Company reception staff: Board Secretary Deng Qiang, Financial Controller Du Juan, Independent Directors Zhu Ling, Yang Chenglei, Ma Dehua, Securities Affairs Representative Wang Chuang, and Securities Affairs Manager Fu Yiming [17] Group 2: Core Views - In 2024, Haikan Co., Ltd. had an overall stable operation with an optimized structure. Although the overall performance slightly declined, the main business remained stable, and new micro - drama business was innovatively launched. In Q1 2025, the company achieved year - on - year growth in revenue and net profit [28]. - The company's IPTV business developed steadily in 2024, and it will continue to deepen cooperation with operators, expand business models, and strengthen technology and content construction [24][25]. - The company adheres to a capital operation strategy of "centering on the main business and cultivating the ecosystem" and is looking for high - quality investment targets [26]. - The company has made an AI technology strategic layout and is exploring the integration of AI with network audio - visual services [27]. Group 3: Investor Questions and Company Responses 1. Profit decline in 2024 - The relatively low profit contribution in Q4 2024, combined with year - end centralized expense payments and provision for expected liabilities, put pressure on the annual profit. However, the company's operations were stable, and there were no abnormal adverse factors [24]. 2. IPTV business in 2024 and future plans - In 2024, the IPTV basic business revenue was 795 million yuan, a year - on - year increase of 0.02%, with 16.8505 million effective users, and the value - added business revenue was 139 million yuan. The company completed the phased task of "dual governance" on TV large screens and launched innovative services. In the future, it will deepen cooperation with operators, expand business models, and strengthen technology and content construction [24][25]. 3. Company's advantages - The company has a high - quality user base and large market penetration space in Shandong. It promotes the transformation from "watching TV" to "using TV", develops AI - related products, and benefits from relevant policies [26]. 4. Equity investment direction - The company adheres to the "centering on the main business and cultivating the ecosystem" strategy, focuses on high - quality investment targets, and in 2021, it invested 15 million yuan to establish Shandong Cultural and Tourism Cloud Intelligent Technology Co., Ltd., holding 27.78% of the shares [26]. 5. Application of multi - modal AI in IPTV - Currently, the company has not fully applied multi - modal AI in IPTV intelligent interaction. However, it has made an AI strategic layout and is exploring the integration of AI with network audio - visual services [27]. 6. Company performance from 2024 to now - In 2024, the company's consolidated revenue was 979 million yuan, a year - on - year decrease of 1.37%, and the net profit attributable to the parent was 400 million yuan, a year - on - year decrease of 2.38%. In Q1 2025, the consolidated revenue was 235 million yuan, and the net profit attributable to the parent was 117 million yuan, a year - on - year increase of 7.45% [28]. 7. Dividend policy in 2024 - The company's dividend policy considers profitability, cash flow, and shareholder returns. It has implemented 4 cash dividends since listing, with a total of 620 million yuan (tax - included). The 2024 dividend plan is to distribute 0.50 yuan (tax - included) per 10 shares [29]. 8. Corporate income tax exemption - The company is currently not eligible for the corporate income tax exemption policy but is actively applying for the recognition of a restructured cultural enterprise [30].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In 2024, the company achieved stable revenue and profit growth, with a significant increase in the ceiling business [24]. - The company plans to expand new businesses and enhance its global competitiveness by leveraging its existing advantages and seizing the opportunity of the new - energy vehicle industry [24][25]. - The company adheres to a cash - dividend policy that does not affect its normal operations [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Daimai Co., Ltd., belonging to the automotive parts industry. The reception time was May 15, 2025. The company's reception staff included the vice - chairman and president, independent director, and director, financial controller, and board secretary [17]. 3.2. Detailed Research Institutions - The reception objects were mainly investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Business Performance in 2024**: The company's operating income was RMB 6.377 billion, a year - on - year increase of 8.80%. The net profit attributable to shareholders of the listed company was RMB 802 million, a year - on - year increase of 22.66%. The net profit after deducting non - recurring gains and losses was RMB 797 million, a year - on - year increase of 17.33%. The earnings per share was RMB 0.49, a year - on - year increase of 22.50% [24]. - **Business Expansion Plan**: The company will consider expanding new businesses on the basis of existing ones to find new growth points and increase market share [24]. - **2025 Strategic Plan**: The company aims to build a sustainable global competitive advantage for the "Daimai" brand. It will focus on customer needs, technological innovation, and talent cultivation, and strengthen its global supply capacity. It will also seize the opportunity of the new - energy vehicle industry to expand its product scope and markets [25]. - **Ceiling Business in 2024**: The company sold 366,600 sets of ceiling and ceiling system integration products, a year - on - year increase of 165.46%. The revenue from ceiling and ceiling system integration products was RMB 603 million, a year - on - year increase of 80.57% [26]. - **Dividend Policy**: The company's dividend policy is to ensure that it does not affect business operations. It has been paying cash dividends annually to return to investors [26]. - **Main Competitors**: The company's main competitors include domestic and foreign automotive interior parts suppliers. In the sun visor business, it has the world's highest market share. In the ceiling business, its scale is relatively small. In the headrest business, it has a high market share in North America [26][27]. - **Analysis of Cash Flow and Convertible Bonds**: The negative investment and financing cash flows in 2024 were due to capacity expansion investment and cash dividends to shareholders. The convertible bond project will be implemented according to the prospectus, and the company will disclose information in a timely manner if there are any changes [27][28]. - **Impact of Tariffs and Trade Wars**: Currently, the impact on the company is minimal. The company has transferred all products supplied to the US to Mexico for production, and its imports from the US are also not affected by current tariff policies. The company will continue to optimize its global production capacity layout [28].

松芝股份分析师会议 调研日期：2025年05月15日 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：汽车零部件 参与调研的机构：投资者网上提问等 / DJvanbao.com 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 ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Due to economic cycles, the park and office building industry is in a downturn, but the company has carried out stable counter - cyclical expansion and maintained a healthy cash flow [24]. - The company's revenue has continued to grow, but profit has not increased proportionally. It has taken measures such as terminating high - risk projects, reducing rent costs, expanding light - asset models, and deploying cultural, sports and tourism projects to deal with challenges [25]. - The company's 2024 revenue growth is mainly reflected in three business segments: scale expansion of core park operations, structural breakthroughs in value - added services, and innovative monetization of cultural, sports and tourism IPs [26]. - The increase in park quantity and the improvement of value - added service capabilities are equally important for driving the company's business growth and long - term healthy development [31]. 3. Summaries According to Related Catalogs 3.1. Research Basic Situation - Research object: Debi Group [17] - Industry: Cultural and Media [17] - Reception time: 2025 - 05 - 15 [17] - Listed company reception personnel: Chairman Jia Bo, Director and General Manager Chen Hong, Director and Financial Controller Wu Ping, Board Secretary Liu Simiao, Independent Director Jin Dehuan [17] 3.2. Detailed Research Institutions - Reception object: Investors' online questions, others [20] 3.3. Research Institution Proportion - No specific information provided in the given content. 3.4. Main Content Data - **Industry and Company Performance**: Affected by economic cycles, the park and office building industry is in a trough, and Debi has also been affected. In 2024, the company achieved an operating income of 1.26 billion yuan, a year - on - year increase of 7.73%; the net operating cash flow increased by 4.02% year - on - year; the net profit attributable to the parent company was 34.1472 million yuan, a year - on - year increase of 2.73%. However, the net profit attributable to the parent company after deducting non - recurring gains and losses decreased. In Q1 2025, the revenue decreased by 4.68% year - on - year, and the net profit after deducting non - recurring gains and losses decreased by 19.12% [24][27][29]. - **Accounting Treatment**: The company will follow accounting standards to ensure the compliance and accuracy of accounting treatment for the amortization of long - term prepaid expenses of projects, and relevant information will be disclosed in regular reports [24]. - **Digital Transformation**: The company is promoting the digital and intelligent transformation of parks, introducing AI customer service, intelligent security and other applications. The customer service response efficiency of the Wehome park intelligent operation system has been significantly improved, and some projects have completed intelligent upgrades [25]. - **Lease Service Improvement**: In the face of challenges in the park lease service market, the company has taken measures such as terminating high - risk projects, reducing rent costs, expanding light - asset models, deploying cultural, sports and tourism projects, and improving service quality [25]. - **Profit Growth Points**: In 2024, the company's revenue growth mainly came from the scale expansion of core park operations (the number of managed parks increased by 12.16% year - on - year to 83), structural breakthroughs in value - added services (the proportion of membership and other service revenues increased to 21.08%, a year - on - year increase of 15.53%), and innovative monetization of cultural, sports and tourism IPs [26]. - **Overseas Projects**: The company started to explore overseas markets in 2012. In recent years, it has been actively investigating markets in Southeast Asia, Australia, the UK, Japan, Uzbekistan, South Africa, etc., and accelerating the layout of overseas business [27]. - **Light - Asset Model**: In 2024, more than 70% of the company's new projects adopted the light - asset model, which effectively reduced capital expenditure and cash - flow pressure and improved park operation efficiency and service quality [27]. - **Response to Q1 2025 Performance**: Affected by the macro - economic environment and the opening and ramp - up periods of some new parks, the company's Q1 2025 performance was under pressure. The company will speed up the digestion of existing projects and continuously improve operation efficiency [30]. - **Green Park Vision**: The company adheres to the green development concept, aligns with the national "dual - carbon" goal, and has continuously disclosed ESG reports for three years [32]. - **Profit Distribution**: As of the end of 2024, the company's undistributed profit in the consolidated statements was negative, so it did not meet the conditions for cash dividends in 2024 and did not touch the risk warning situation [32]. - **Market Value Management**: In addition to improving performance, the company promotes market value through share repurchase and cancellation, fulfilling social responsibilities, and seeking strategic cooperation opportunities [33]. - **Policy Docking**: The company is actively involved in urban renewal projects and has received government support. In terms of the transformation to new - quality productivity, it is increasing R & D and expansion of intelligent parks and operating high - tech parks [34]. - **Occupancy Rate and Investment Promotion**: In 2024, the occupancy rate of core cities' office buildings and business parks decreased. The company improved investment promotion efficiency through service upgrades and digital empowerment, and the customer satisfaction rate reached 94.1% [35]. - **Investor Communication**: The company communicates with investors through announcements, general meetings, analyst meetings, etc., and will continue to optimize the investor communication mechanism [36].

中通客车分析师会议 调研日期：2025年05月15日 调研行业：汽车整车 参与调研的机构：投资者网上提问等 / 扫码关注 调研纪要精选公众号 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 SHIL ...

Group 1: Research Basics - The research object is Mingyang Electric, and the reception time is May 15, 2025. The listed company's reception staff includes the chairman, president, independent director,保荐 representative, chief financial officer, and board secretary [16] Group 2: Detailed Research Institutions - The research institutions are investors who participated in the company's 2024 annual online performance briefing online [19] Group 3: Main Content Data - In 2024, the company achieved an operating income of 6.444 billion yuan, a year-on-year increase of 29.62%; the net profit attributable to shareholders of the listed company was 662 million yuan, a year-on-year increase of 33.80%; the net profit after deducting non - recurring gains and losses was 654 million yuan, a year-on-year increase of 33.57% [24] - The company is customer - oriented, explores new organizational structure models, expands business scale, optimizes product structure, and develops products that meet market demand. It is also using its technological advantages to expand its international business and strengthen its market position in the new energy and new infrastructure fields [25] - In 2024, the company's gross profit margin was 22.29%. Affected by the business combination under the same control and "Interpretation No. 17 of the Accounting Standards for Business Enterprises", the gross profit margin after retrospective adjustment in 2023 was 22.20%, a year-on-year increase of 0.09%. In 2025, the company will focus on economic situations and market supply - demand changes, improve cost - effectiveness, and develop new technologies and products [27] - The company adheres to a prudent operation concept, uses refined operation management, and establishes a supply chain management system. It will continue to implement cost - reduction and efficiency - improvement strategies [28] - In 2024, the company's total operating income increased by 29.62% year - on - year, and the main business income increased by 28.92% year - on - year. The company's main products do not involve photovoltaic modules, and it will take measures to reduce the risk of raw material price fluctuations [28] - The company regards technological innovation as the core engine, with a research and development investment ratio of over 3% of operating income for three consecutive years. As of the end of 2024, it has obtained more than 260 patents, with 243 valid patents in total, including 40 invention patents for the main business. It has also participated in drafting many national and group standards [29] - The company focuses on long - term cooperation with customers, strengthens the coordination between market development and financial management, and enhances customer credit tracking management [30] - The company has passed the ISO 14001:2015 environmental management system certification and its business does not involve waste component recycling [30][31] - The company plans to expand into the international market, especially in Europe, North America, and Southeast Asia. It will cooperate with local enterprises, set up branches, and participate in international standard - setting [32] - The market for the power transmission and distribution and control equipment manufacturing industry has broad prospects but also faces challenges. The company will follow industry trends, explore new technologies, and develop new products [33]

Group 1: Research Basic Information - Research object: Huibo New Materials [17] - Industry: Not specified - Reception time: May 15, 2025 [17] - Company reception staff: Director and General Manager Kang Yaolun, Director, Deputy General Manager and Board Secretary Shen Fei, Independent Director Shen Jinxia, Financial Controller Xu Hui, and Sponsor Representative Zhang Yu [17] Group 2: Detailed Research Institutions - Institutions: Investors participating in the company's 2024 online performance briefing [20] Group 3: Main Content Company's Financial Performance - In Q1 2025, the company achieved an operating income of 493 million yuan, a year - on - year increase of 148.09%, and a net profit attributable to the parent of 8.8192 million yuan, a year - on - year increase of 283.16% [24][34] - In 2024, the company's operating income was 1.4200436 billion yuan, a year - on - year increase of 3.04%. Among them, the operating income of epoxy resin for wind turbine blades was 1.0958113 billion yuan, a year - on - year decrease of 2.39%; the operating income of epoxy resin for new composite materials was 234.3679 million yuan, a year - on - year increase of 32.84%; the operating income of epoxy resin for electronic and electrical insulation encapsulation was 86.4191 million yuan, a year - on - year increase of 13.96%. The sales volume of all three major product categories increased [30] Company's Market Position - The company has a certain brand reputation in the special formula modified epoxy resin industry, especially in the wind turbine blade field, and has long provided products for many large wind power manufacturers [28] Product Application - The company's new composite material epoxy resin products can be applied to various sports equipment, robot arms, drones, automotive lightweight materials and other fields. The company is actively developing new products, new customers and new markets, and expanding new application scenarios and fields for new composite material products [29] Project and Capacity - The company's Zhuhai project was capped in September 2024. After completion, it is expected to form an annual production capacity of 82,000 tons of new electronic special materials, and the annual output after the first - phase production is 60,200 tons. The project also layouts new products such as high - end LED packaging materials, electronic - grade resin products, and functional high - purity solid epoxy resin [31] Technology and Patents - As of the end of 2024, the company had 90 patent certificates, including 26 invention patents and 64 utility model patents [39][40] Industry Outlook - Driven by the "carbon neutrality" goal and the global trend of far - reaching sea wind power development, the long - term development trend of the wind power industry is positive, and there is still broad market space in the future [26][37] Company's Response to Industry Changes - The company is actively developing new products, new customers and new markets, expanding new application scenarios and fields for new composite material products, continuously improving the performance of epoxy resin products for electronic and electrical insulation encapsulation, researching and developing other product series formulas, and actively deploying and developing overseas markets [37] Market Value Management - The company attaches great importance to market value management. In the future, it will continue to focus on its main business, improve its operating level and profitability, do a good job in investor relations management, enhance the quality and transparency of information disclosure, and continuously improve enterprise value and shareholder returns [38]

威力传动分析师会议 调研日期：2025年05月15日 调研行业： 参与调研的机构：线上参与公司2024年度网上业绩说明会的投资 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 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In 2024, the company's total sales revenue reached 269.055 million yuan, a year - on - year increase of 37% compared to 2023. The optical display, new energy, and PET film business segments achieved significant growth, with growth rates of 114%, 61%, and 158% respectively [21][22]. - The company launched a new equity incentive plan in December 2024. Under the condition of 100% unlocking of restricted stocks, the sales revenue targets for 2025, 2026, and 2027 are set based on the 2024 operating income, with growth rates of 40%, 57%, and 120% respectively [22]. - Main cost items such as depreciation and amortization, labor costs, R & D expenses, and financial expenses increased significantly in 2024 compared to 2023. However, as these are relatively fixed costs, scale benefits will gradually emerge with the increase in sales scale [22][24][25]. 3. Summary by Directory 01. Research Basic Situation - Research object: Sidike; Industry: Plastics; Reception time: May 15, 2025; Reception personnel: Director, CFO, Board Secretary Wu Jiang [16]. 02. Detailed Research Institutions - Participating institutions include Huaxia Fund, Zhongyou Fund, Fangzheng Fubang Fund, Minsheng Jiayin Fund, Hengtai Securities, CITIC Construction Investment, Northeast Securities, Beijing Xiyue Private Placement, Yuanfeng Fund, Heyong Investment, and Tianxingjian Capital [17]. 03. Research Institution Proportion No relevant content provided. 04. Main Content Data - **Sales Revenue in 2024 by Business Segment**: - Optical display: 55.159 million yuan in 2024, up 114% from 2023 [21][22]. - New energy: 47.108 million yuan in 2024, up 61% from 2023 [21][22]. - Microelectronics: 11.222 million yuan in 2024, up 24% from 2023 [21][22]. - Civilian tape: 47.03 million yuan in 2024, up 16% from 2023 [21][22]. - PET film: 14.08 million yuan in 2024, up 158% from 2023 [21][22]. - Other functional adhesive products: 94.457 million yuan in 2024, up 9% from 2023 [21][22]. - Total: 269.055 million yuan in 2024, up 37% from 2023 [21][22]. - **Cost Items in 2024**: - Depreciation and amortization: 37.218 million yuan in 2024, up 49% from 2023 [22]. - Labor costs: 37.516 million yuan in 2024, up 22% from 2023 [22]. - R & D expenses (excluding labor and depreciation): 12.61 million yuan in 2024, up 41% from 2023 [22]. - Financial expenses: 10.643 million yuan in 2024, up 47% from 2023 [22]. - Total: 97.988 million yuan in 2024, up 36% from 2023 [22]. - **Reasons for Cost Increases**: - Depreciation expenses increased significantly due to major construction projects being completed and transferred to fixed assets [24]. - Labor costs, R & D expenses, and labor costs increased due to large - scale investments in R & D, technology platforms, information transformation, and sales, as well as the commissioning of new projects and workshops [24]. - Financial expenses increased as some borrowing costs were expensed when projects shifted from the construction phase to the operation phase, and it is expected to rise further in 2025 with the increase in sales scale [24].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report is about the research of Shuyu Pingmin, a company in the pharmaceutical commerce industry. It includes basic research information, details of research institutions, and responses to investors' questions [16][19][23] 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Shuyu Pingmin, belonging to the pharmaceutical commerce industry. The reception time was on May 15, 2025, and the company's reception staff included Director, Vice President, and Board Secretary Li Qiang, and Financial Controller Hu Qinhong [16] 3.2 Detailed Research Institutions - The reception object was the investors participating in the 2025 online collective reception day for listed company investors in Shandong Province, and the reception object type was Other [19] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Data - **Digital Innovation**: The company is accelerating the transformation to "smart pharmaceutical retail". It uses self - developed digital tools such as PDA, salary calculator, smart store inspection system, and "Yujian" cashier intelligent recommendation system to improve front - line service efficiency and customer medication service experience. In the intelligent supply chain field, it relies on algorithm models to optimize inventory management and uses digital tools to reduce manual operations and speed up inventory turnover. It also created the "Shuyu Zhiyuan" risk control platform to prevent business risks [23] - **Diversified Stores**: The company is about to open the "Dashu Shuyu" pharmacy in partnership with Dashu and Wangwang. This pharmacy features a diversified comprehensive pharmacy with a rich variety of products, including health and daily necessities, milk powder, baby products, nutritional supplements, medical devices, and cross - border products [23] - **Own Brand Development**: In 2024, the company's own - brand product business achieved a 9% year - on - year increase in full - channel sales, accounting for more than 13% of total retail sales [23] - **Asset - Liability Ratio**: The company's asset - liability ratio is slightly higher than the industry average due to its short listing time, small equity financing scale, and market expansion through mergers and acquisitions in recent years. The company will rely on the advantages of the listed platform for equity financing to keep the debt ratio at a reasonable level [25] - **Store Information**: As of the end of March 2025, the company had 8,916 stores in Shandong, Liaoning, Heilongjiang, Fujian, Henan, Gansu and other regions, including 4,353 direct - operated stores and 4,563 franchised stores [25]