Group 1: General Information - The research object is Beifang Co., Ltd., belonging to the special equipment industry, and the reception time was on October 10, 2025 [16] - The listed company's reception staff included the chairman, general manager, independent directors, board secretary, and financial controller [16] - The reception objects were investors who participated in the company's semi - annual performance briefing in 2025 through the Shanghai Stock Exchange Roadshow Center's online interactive platform [19] Group 2: Main Content from Q&A - The company will actively study and discuss a medium - and long - term incentive and restraint mechanism that suits its actual situation to implement relevant requirements of the State - owned Assets Supervision and Administration Commission [23] - The company focuses on power battery applications, and will gradually electrify mining vehicle products according to the development of battery technology and the needs of green mine construction [23] - The company emphasizes technological innovation, has made small - scale deployments in unmanned driving projects in recent years, and the series of pure - electric mining vehicles has taken initial shape [23][24] - The company's mining vehicle products are widely used in seven major mining fields at home and abroad, and the international market has expanded to 67 countries and regions. It will actively explore the international market to increase its overseas market share [24] - Stock price fluctuations are affected by multiple factors. The company attaches importance to market value management, and will improve its operation, innovation, and competitiveness to enhance its investment value [24][25]

Group 1: Report Overview - Reported company: Jiangxi Changyun [16] - Industry: Railways and Highways [2] - Research date: September 26, 2025 [1] Group 2: Core Views - In the first half of 2025, the company's revenue decreased, but net profit was positive due to increased government subsidies [23] - In the second half of 2025, the company will focus on service optimization, cost - reduction, and efficiency - improvement [23] - The company is formulating its "15th Five - Year" plan, aiming at transformation and seeking new growth points [26] - The company attaches great importance to market value management and has formulated a relevant system [27] Group 3: Summary by Directory 01. Basic Research Information - Research object: Jiangxi Changyun [16] - Industry: Railways and Highways [16] - Reception time: September 26, 2025 [16] - Company reception staff: Chairman Wang Xiao, Independent Director Xiao Zhengshan, Director and Deputy General Manager Liu Lei, Financial Controller Fu Linyan, and Board Secretary Wei Chunyun [16] 02. Detailed Research Institutions - Institutions involved: Investors and others [19] 03. Proportion of Research Institutions - No specific proportion information provided 04. Main Content Data - **Profit growth in H1 2025**: Revenue decreased by 16.6275 million yuan year - on - year, cost increased by 19.6217 million yuan, but government subsidies increased by 47.8225 million yuan, resulting in a net profit of 5.7227 million yuan [23] - **H2 2025 business plan**: Focus on service optimization, integration, cost - reduction, and efficiency - improvement, promote asset light - transformation, and improve risk management [23][24] - **AI application**: The company pays attention to AI and other technologies to improve operation and management efficiency [24] - **Support from major shareholders**: Shareholders support the company in governance and industrial planning, and will disclose relevant plans as required [25] - **Other income in H1 2025**: 237 million yuan, mainly including line and operation subsidies, bus staff subsidies, fuel subsidies, and new - energy subsidies [25] - **Revenue decrease in H1 2025**: Mainly due to a 38.0469 million yuan decrease in road passenger transport revenue, a 10.7592 million yuan decrease in sales revenue, and a 49.7466 million yuan increase in road freight revenue [25] - **"15th Five - Year" plan**: Under formulation, aiming at customer - centered transformation, technology - driven development, and seeking new growth points [26] - **Market value management**: A system was formulated in August 2025, focusing on improving company quality and using multiple methods to enhance market value [27] - **Search for high - quality assets**: The company is open to cooperation, evaluates potential targets carefully, and will disclose as required [27][28] - **Improvement in operating cash flow in H1 2025**: Net cash flow from operating activities was 158 million yuan, a 14.34% increase year - on - year, mainly due to increased cash inflows [28]

Group 1: Research Summary - Reported industry: Brewing industry [2] - Research object: ST Tongpu [17] - Reception time: September 26, 2025 [17] - Listed company reception staff: Chairman Wu Yuhua, Deputy General Manager and Board Secretary Huang Lifan, Financial Controller Jia Xu, Independent Director Wei Liangshu [17] Group 2: Detailed Research Institutions - Reception object: Investors' online questions, others [20] Group 3: Main Content - The lawsuit against the former actual controller of the company is in the second - instance stage, and information will be disclosed in a timely manner if there is progress [24] - The company has nearly 90 years of wine - brewing experience and a cellar of over 10,000 square meters. It uses unique mountain grapes from the Changbai Mountains as raw materials, has a scientific brewing process, and produces high - quality characteristic wines. Its "underground cellar" was built in 1937 and has formed a "Chinese terroir" wine culture [24] - The company's products are not directly exported at present, and it will explore suitable export channels and products through scientific market research in the future [24]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View The company's operating income and profit levels in the rail transit equipment business have increased. The company adheres to the "innovation + acquisition" strategy, strengthens technological innovation, and accelerates the pace of acquisition and development [23][25]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Boshen Co., Ltd. - Industry: General equipment - Reception time: September 26, 2025 - Reception personnel: Board Secretary Jing Chengming, Securities Affairs Representative Zhu Xueyun, Securities Affairs Specialist Liu Shuyuan [17] 3.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - Related Personnel | | --- | --- | --- | | Changjiang Securities | Securities company | Qu Qi | | China Merchants Fund | Fund management company | Zhao Zongyuan, Chen Xizhong, Wang Gang, Yang Yiyang | [18] 3.3 Research Institution Proportion No information provided. 3.4 Main Content Data - **Reason for revenue growth in the rail transit equipment parts segment**: In the context of economic downward pressure, railway investment is an important counter - cyclical adjustment measure. The new demand and maintenance and renewal demand for railway and rail transit equipment such as EMUs have a superimposed impact, which has led to the growth of the company's rail transit equipment business revenue and profit [23][24]. - **Future development layout direction**: - **Innovation**: The company will use existing R & D resources to optimize production processes and accelerate product iteration. It plans to build a three - level R & D system to cultivate new growth engines. For example, Changzhou Jinniu's ceramic abrasive products and Wenshang Haiwei's high - speed rail brake discs have achieved good results [24][25]. - **Acquisition**: It will seek targets with strong synergy around the existing main business's industrial chain, product chain, and ecological chain, and also seek breakthroughs in emerging industries according to national industrial planning [25].

调研行业：通信设备 参与调研的机构：投资者等 / 机构调研pro小程序 华脉科技分析师会议 调研日期：2025年09月26日 构市场到断信记 关注公众号即可体验 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 | | | ...

Group 1: Report Overview - The report is about a research on Zhejiang Natural in the textile and apparel industry on September 26, 2025 [1][2][17] Group 2: Research Basic Information - Research object: Zhejiang Natural [17] - Industry: Textile and apparel [2][17] - Reception time: 2025 - 09 - 26 [17] - Company reception staff: Chairman and General Manager Xia Yonghui, Deputy General Manager, Secretary of the Board, and Director Dong Yimin, Director and Chief Financial Officer Xia Xiuhua, Independent Director Chen Weibo [17] Group 3: Detailed Research Institutions - Reception object: All shareholders [20] - Reception object type: Not specified [20] - Institution - related personnel: Not specified [20] - Others: Not specified [20] Group 4: Main Content 1. Company's Business Performance - In the reporting period, the company achieved an operating income of RMB 685.4795 million, a year - on - year increase of 14.22% compared to the first half of 2024, and a net profit attributable to shareholders of the listed company of RMB 145.5869 million, a year - on - year increase of 44.53% [25] 2. AI Application - The company is currently in the AI application stage, using AI to empower R & D and production, accelerating the implementation of the digital and intelligent strategy, assisting data analysis and simulation, optimizing the product design process, and realizing intelligent allocation of equipment and resources in production scheduling to improve production flexibility and response speed. It will continue to look for AI projects that fit its own industry [26] 3. Moroccan Subsidiary - The construction of the company's Moroccan subsidiary's factory is progressing in an orderly manner, and it is expected to complete all inspections and be put into use within 2026 [28] 4. External Investment Plan - In the reporting period, the company invested in the establishment of Singapore Ripple Private Limited with a shareholding ratio of 65%, which is mainly responsible for the water sports products division project. The company also has an insulation box division and a water sports products division to expand the business of insulation box products and water sports products respectively. Future external investment matters will be disclosed in a timely manner [28] 5. Shareholder Number - As of September 19, 2025, the company's latest number of shareholders is 11,210. The company will disclose the number of shareholders at corresponding time points in regular reports [28]

Group 1: Report Overview - Reported company: Power Source [16] - Industry: Power equipment [2] - Research date: September 26, 2025 [1][16] Group 2: Core Views - The company has established a market value management monitoring and early - warning mechanism to deal with abnormal stock price fluctuations, including strengthening communication with shareholders and institutional investors, holding investor briefings, voluntary information disclosure, and taking measures such as share repurchase and cash dividends [23]. - The company has implemented a new strategy focusing on data communication, new energy, and green mobility sectors. It aims to improve performance by expanding sales channels, optimizing product structure, and strengthening cost control [23][25][27]. - The company is closely following the AI trend, increasing R & D and investment in high - efficiency, high - power power supply solutions, and has products with application experience in AI computing centers and data centers [25]. Group 3: Summary by Directory 01. Research Basic Situation - Research object: Power Source [16] - Industry: Power equipment [16] - Reception time: 2025 - 09 - 26 [16] - Company reception staff: Chairman Yang Bing, Director and General Manager He Xin, Financial Controller and Board Secretary Hu Yiyuan, Independent Director Xu Guoyi [16] 02. Detailed Research Institutions - All investors can participate in the briefing through online interaction [19] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - Responses to stock price issues: The company has no undisclosed major information. Stock prices are affected by multiple factors such as the macro - environment and market sentiment. The company will monitor and take measures to stabilize market value [23][25][28]. - Responses to performance issues: The company has implemented a new strategy to focus on key sectors and improve performance through various means. It is currently operating normally and does not meet the financial indicators for ST [23][24][25]. - Responses to AI - related issues: The company is paying attention to the AI trend, increasing R & D investment, and has product application experience in relevant fields [25]. - Responses to management - related issues: The company's management restructuring aims to strengthen corporate governance. It will continue to focus on data communication and has no plans for new asset injection currently [29]

Group 1: Report Overview - Report research company: Huadian Co., Ltd. [16] - Research industry: Electronic components [2] - Research date: September 26, 2025 [16] Group 2: Core Viewpoints - The company adopts a differentiated operation strategy, dynamically adapting technical, process, and production capacity structures to the medium - and long - term market demand structure, and focuses on long - term sustainable benefits. It conducts business with the main leading customers in the overall market, which requires continuous improvement of comprehensive competitiveness [23]. - To understand the industry development, it is necessary to analyze the underlying composition of demand structure, predict the evolution of supply structure, and consider how to match supply and demand. It is also crucial to explore the core process and technical capabilities required by leading customers [24]. - The company needs to accurately grasp the strategic rhythm, accelerate investment moderately, allocate resources reasonably, and continuously innovate to improve product competitiveness and respond to market demand [26]. Group 3: Research Details 1. Detailed research institutions - The participating institutions include Zuyou Investment, HSBC Investment Trust, Kaida Capital, Fubon Securities Investment Trust Co., Ltd., Principal Asset Management(S) Pte Ltd, etc. [2][17] 2. Company business and financial situation - In the first half of 2025, the company's enterprise communication market board achieved an operating income of approximately 6.532 billion yuan, a year - on - year increase of about 70.63%. AI servers and HPC - related PCB products increased by about 25.34% year - on - year, accounting for about 23.13% of the operating income of the enterprise communication market board. High - speed network switches and their supporting routing - related PCB products were the fastest - growing segment, with a year - on - year increase of about 161.46%, accounting for about 53.00% of the operating income of the enterprise communication market board [24]. 3. Capital expenditure - The company accelerated capital expenditure in the past two years. In the cash flow statement of the first half of 2025, the cash paid for the purchase and construction of fixed assets, intangible assets, and other long - term assets was approximately 1.388 billion yuan. A project to expand the production of high - end printed circuit boards for AI chips with an investment of about 4.3 billion yuan started construction in late June 2025 and is expected to start trial production in the second half of 2026 and gradually increase production capacity [25][26]. 4. Thailand factory - The Huashi Thailand production base entered the small - scale mass - production stage in the second quarter of 2025, and has been recognized by customers in application fields such as AI servers and switches. It is expected to approach a reasonable economic scale by the end of 2025 [27].

Group 1: Research Overview - Research object: Zhonghuan Equipment [17] - Industry: Environmental protection [2] - Reception time: September 26, 2025 [17] - Company receptionist: Yi Tian, Securities Affairs Representative [17] Group 2: Detailed Research Institutions - Institution: Guotai Haitong Securities [20] - Institution type: Securities company [20] - Representative: Yang Yichen [20] Group 3: Company Business and Development - Main business: Solid waste comprehensive disposal (centered on domestic waste incineration power generation), environmental protection equipment, and electrical equipment [22] - Waste incineration scale: Daily treatment capacity exceeds 50,000 tons, annual solid waste treatment exceeds 20 million tons, accounting for 7%-8% of the national domestic waste incineration volume [22] - Business expansion: Expand diversified revenue sources through market development, mergers, and fine - management [22] Group 4: Profit Growth - Reason for profit growth: Strengthen quality and efficiency improvement, optimize costs, and reduce expenses [23] Group 5: Accounts Receivable - Composition: Mainly accounts receivable for waste disposal fees and national subsidies [25] - Collection measures: Monitor large - value debts, use information technology, and follow government debt - resolution policies [25] - Recovery outlook: Expected to improve with government debt - resolution measures [25] Group 6: Heating Revenue - Growth in the first half of the year: External steam supply increased by 38.11% to 914,500 tons, external heat supply increased by 14.30% to 227,300 gigajoules [26] Group 7: Overseas Business - Electrical equipment: Overseas business has grown rapidly in recent years [27] - Waste power generation: Expand overseas markets in a risk - controlled manner, focusing on "Belt and Road" countries [27]

恒帅股份分析师会议 调研日期：2025年09月26日 调研行业：汽车零部件 参与调研的机构：工银瑞信、国金证券等 / 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 | | | ...