Group 1: Basic Information - The research object is Demaishi, belonging to the automotive parts industry, and the reception time was May 7, 2025. The listed company's reception personnel included the chairman and general manager He Jianping, the director, deputy general manager, and financial controller Li Jian, and others [16] - The detailed research institutions were investors participating in Demaishi's 2024 annual and Q1 2025 performance briefing [19] Group 2: Core Views - The automotive parts industry is developing steadily and well, and Demaishi's operating performance is also growing steadily [23] - The automotive parts industry is in a critical stage of transformation from traditional manufacturing to intelligent manufacturing, and new development opportunities will emerge with the development of emerging fields. Chinese automotive parts companies are leveraging their competitive advantages [28] - Demaishi will maintain continuous growth around its main business and actively explore a second growth curve, including increasing the development of new energy vehicle products and customers, exploring new fields, and optimizing operations [25][26][28][30] Group 3: Specific Content Business Performance and Growth Points - Regarding the industry's overall performance this period and Demaishi's comparison with other companies, the automotive parts industry is developing steadily and well, and Demaishi's operating performance is also growing steadily [23] - Demaishi's future profit growth points include consolidating its leading position in the segmented industry, maintaining the stable growth of traditional businesses, expanding production capacity, optimizing product structure, and exploring new fields [24] Product and Market Layout - Demaishi has not supplied products to Tesla robots [28] - The company is developing products for the robot field, has carried out sample trials, and has a plan to purchase new equipment, aiming to obtain fixed-point orders for humanoid robot parts from customers [23] - In the future, Demaishi will further increase the development of new energy vehicle products and customers, focusing on the new generation of engine systems, thermal management systems, motor systems of new energy vehicles, and the field of unmanned driving [25][26][28][30] - The company's products are sold to many countries and regions such as Europe, Japan, South Korea, and North America, and in the future, it will further expand these overseas regions and customer groups [29] Equipment and Production Management - Demaishi will arrange equipment renewal plans according to customer orders, new products, and its own production capacity, and use advanced management means to tap the potential of existing production capacity [25][26][29] - The company has introduced the "Amoeba management model", carried out equipment automation transformation, and used the IOT Internet of Things platform and MES system to improve production efficiency [26][27] Industry Development Prospects - The automotive parts industry is in a critical stage of transformation from traditional manufacturing to intelligent manufacturing, and with the development of emerging fields, new development opportunities will emerge [28]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints - The company's subsidiary, Ningbo Wanxiang, has good production and sales of UHV capacitor film products, which is one of the company's profit - growth products. It will maintain production and sales in 2025 to achieve new revenue breakthroughs [22]. - The company is actively promoting the public solicitation and transfer of the major shareholder's equity, and will disclose relevant announcements in a timely manner [25]. - The company will focus on its main business, extend the industrial chain, and carry out digital transformation to enhance its core competitiveness and operating performance [24]. 3. Summary by Directory 01.调研基本情况 (Basic Research Information) - Research object: Dandongnan [16]. - Industry: Plastic products [16]. - Reception time: April 30, 2025 [16]. - Reception personnel: Chairman and General Manager Luo Ping, Independent Director Zhou Bohuang, Financial Controller Zhong Minjun, Deputy General Manager and Board Secretary Zhou Mingliang [16]. 02.详细调研机构 (Detailed Research Institutions) - The 2024 annual performance briefing of Dandongnan was held remotely online, targeting all investors [19]. 03.调研机构占比 (Proportion of Research Institutions) No relevant information is provided. 04.主要内容资料 (Main Content Information) - **Business Growth Points**: The UHV capacitor film products of the subsidiary Ningbo Wanxiang are profitable, and the company is building a new energy metallized film and capacitor testing center to optimize the product structure [22][26]. - **R & D**: The company's R & D investment in 2024 was 44.54 million yuan, a year - on - year increase of 12.04%. It will continue to increase R & D investment [33]. - **Profit and Dividend**: The company's 2024 audited distributable profit was negative, not meeting the profit - distribution conditions. The company will strive to improve profitability and implement the profit - distribution policy [30]. - **Market and Competition**: The market for various plastic films is highly competitive, with some products having an income - cost inversion. The company will focus on differentiated products [33][34]. - **New Factory and Production**: The new factory of the subsidiary Ningbo Wanxiang is expected to be completed in June 2025, and the specific production time will depend on the installation progress of the production line [33]. - **PEEK Material**: The company currently does not plan to develop PEEK materials [26][32]. - **Capacitor Testing Center**: The capacitor testing center of the subsidiary Ningbo Wanxiang is mainly used to improve the quality of the main product, capacitor film [40].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The company's performance in Q1 2025 was mainly due to the good growth of China's GDP in Q1, the effectiveness of consumption - stimulating and trade - in policies, the rapid recovery of the lithium - battery industry, and the company's internal improvements since 2024 [24]. - The decline in the gross margin of the general automation business in 2024 was mainly affected by product structure changes, and it decreased slightly year - on - year in Q1 2025 [24]. - The company aims for the general automation business to grow by 10% - 30% in 2025 [25]. - The company expects the growth of the process industry business to be higher than that of the general automation business as a whole in 2025 [27]. - The company's annual profit target for 2025 is set at 5% - 25% considering the uncertainty of the external environment [33]. 3. Summary According to the Table of Contents 3.1. Research Basic Situation - The research object is Inovance Technology, belonging to the electronic components industry. The reception time was April 29, 2025. The company's reception staff included the chairman and president, directors, vice - presidents, the board secretary, independent directors, and the financial director [17]. 3.2. Detailed Research Institutions - The total number of participants in the research was about 770 [20]. 3.3. Research Institution Proportion - No information provided in the content 3.4. Main Content Data 3.4.1. Impact of Tariffs - In April, the impact of tariffs on the industry was small, and the situation in May and June needed further observation. The direct impact on the general automation business was small, while the indirect impact was hard to judge. OEM industry customers such as textile and plastic industries might be affected [24][28]. 3.4.2. Gross Margin of General Automation Business - The decline in the gross margin of the general automation business in 2024 was mainly due to product structure changes. In Q1 2025, it decreased slightly year - on - year [24]. 3.4.3. Business Goals - The company's general automation business target for 2025 is about 10% - 30% [25]. 3.4.4. New Product Layout - The company builds different management and organizational models for different product categories. For example, the strategy for high - efficiency motors is "motor +", for large - load six - joint robots is "operation island + process", and for solenoid valves is to combine electrical and pneumatic technologies [26]. 3.4.5. Process Industry Business - The company sees good entry points in the process industry, including the trend of localization and the industry's digital and intelligent transformation. The company is strengthening its capabilities in digitalization and large - scale PLCs and creating demonstration projects. It expects the process industry business to grow faster than the general automation business [26][27]. 3.4.6. Competition with Foreign Brands - The company's advantages in competing with foreign brands are high internal operational efficiency, fast response to customer needs, and the ability to provide customized solutions with processes [27]. 3.4.7. Order Confirmation Cycle - The confirmation cycle for standard products is 1 - 2 months, and for process industry business, it is about half a year depending on project acceptance [28]. 3.4.8. Internationalization Strategy - The company focuses on developed markets (e.g., Europe, the US) and emerging markets (e.g., South Korea, Vietnam, India). In developed markets, it targets leading multinational enterprises with customized solutions; in emerging markets, it uses a "industry line + regional line" model to develop channel systems [28]. 3.4.9. IFA Industrial Software Platform - IFA is the first all - integrated industrial automation software platform in China, providing an all - in - one and highly integrated platform, which is of great significance [28]. 3.4.10. AI Application in Industrial Automation - The company applies AI in production manufacturing in areas such as quality inspection, production scheduling optimization, process parameter optimization, and equipment fault warning. It also plans to integrate industrial AI solutions into digital solutions [29]. 3.4.11. Humanoid Robot Business - **Development Strategy**: The company views humanoid robots as a long - term project. It will make moderate and scaled - up investments based on core components [30][31]. - **Product Layout**: It focuses on components such as low - voltage high - power drives, frameless torque motors and modules, and planetary roller screws. It uses an ecological cooperation model for sensors [32]. - **Customer Engagement**: It communicates closely with customers during component development for customized development [31][32]. - **Business Formats**: The company will selectively participate in different humanoid robot business formats, providing scenario - based solutions [32]. - **Product Landing Scenarios**: It will prioritize the TOB end [33]. 3.4.12. Nanjing Production Base - The Nanjing production base has been put into operation, with a planned capacity of 400,000 units/sets of industrial robots and precision machinery products. The company is expanding production lines, and the capacity is gradually increasing [33]. 3.4.13. Profit Goals and Cash Flow - The company's annual profit target for 2025 is 5% - 25% considering external uncertainties. The good cash flow in 2024 and Q1 2025 was due to the positive impact of bill collection on the cash flow statement [33].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In Q1 2025, the overall performance of the company returned to the growth track, with revenue and net profit showing significant year - on - year growth. The overseas building materials and investment businesses performed well, while the ceramic machinery business was affected by industry cycles [16]. - The company's ceramic machinery business has strong core competitiveness, with growth in 2024 despite the downturn in the global ceramic market. It aims to achieve the "10 - billion ceramic machinery" goal and expand into non - ceramic industries [25][28]. - The African building materials market has great potential, with increasing demand for tiles, glass, and sanitary ware. The company's overseas building materials business is expected to benefit from market growth and capacity expansion [49]. - The lithium battery materials and new energy equipment sectors achieved good growth in Q1 2025, and the cost of lithium carbonate production by Lanke Lithium Industry is expected to decline [62]. 3. Summary by Related Catalogs Company Main Situation Introduction - **Overall Performance**: In Q1 2025, the company achieved revenue of approximately 3.767 billion yuan, a year - on - year increase of 47.05%;归母净利润 was 347 million yuan, a year - on - year increase of 11.38%. After excluding exchange losses, the归母 net profit was 412 million yuan, and the non - recurring profit was 323 million yuan, a year - on - year increase of 17.13% [16]. - **Business Segments** - **Overseas Building Materials**: In Q1 2025, it showed strong performance, with significant revenue growth and improved gross profit margin. Tiles benefited from price strategy optimization and capacity release; glass production and operation reached a good level; the profitability of sanitary ware was still under pressure, but the Kenya project improved [16]. - **Ceramic Machinery**: Affected by industry demand cycles and customer investment rhythm adjustments, the overall performance declined slightly in Q1 2025. However, positive factors from Q4 2024 orders are expected to appear in Q2 [17]. - **Investment Business**: In Q1 2025, Lanke Lithium Industry produced about 8,500 tons of lithium carbonate, sold about 8,100 tons, achieved revenue of 528 million yuan, and net profit of 207 million yuan, contributing 90 million yuan to the company's归母净利润 [17]. Q&A - **Ceramic Machinery Business** - **2024 Growth Drivers**: Core competitiveness improvement led to increased market share at home and abroad, high - end order breakthroughs in Europe, and growth through产业链 extension and equipment generalization [19]. - **2024 Overseas Revenue Proportion**: Nearly 60%, with stable growth in traditional markets and breakthroughs in high - end markets. The proportion may further increase in the future [20]. - **2024 Gross Profit Margin Decline**: Due to intensified competition in overseas markets, early - stage product promotion discounts, and increased ink trading business [21]. - **Q1 2025 Overseas Revenue Proportion**: Over 50%, mainly sold to Southeast Asia, the Middle East, and South Asia, with good growth in South America and Europe [22]. - **Q1 2025 Business Structure**: Overall performance declined slightly, but net profit remained stable due to improved gross profit margin. The accessory and consumable business was relatively stable, while the ceramic machinery equipment and generalization businesses declined slightly [23]. - **Overseas Layout**: The company is strengthening its overseas local service scale and radius by setting up subsidiaries in Brazil and Vietnam and expanding production bases in other regions [24]. - **Future Outlook**: The company aims to achieve the "10 - billion ceramic machinery" goal, focusing on domestic market share expansion, global market penetration, and the development of accessory and consumable businesses and equipment generalization [28]. - **Building Materials Business** - **Q1 2025 Overseas Building Materials Net Profit Margin**: After excluding exchange losses, it increased due to price strategy optimization and cost control [37]. - **Tile Pricing and Market**: Tiles are mainly priced in US dollars, with prices set based on import costs. The African tile market is growing, and the company is adjusting prices and product structures according to market demand [45]. - **Capacity Expansion**: In 2025, the company's tile production capacity is expected to increase with the full - scale operation of existing projects and the construction of new ones [48]. - **Brand and Channel**: The company is building a brand matrix for tiles, and sanitary ware and glass can share tile channel resources to some extent [51][52]. - **Glass Project**: The Tanzania glass project's capacity will be fully released in 2025, and the Peru project is expected to be put into production next year. The African glass market is in the early stage of development, with good growth potential [53][54]. - **Sanitary Ware Project**: The overall profitability is still under pressure, but the company is focusing on brand building, market expansion, and process and supply chain optimization to improve profitability [58]. - **Other Businesses** - **Lithium Battery and New Energy Equipment**: In Q1 2025, revenue increased, and the profitability of negative electrode materials improved. The new energy equipment business mainly includes clean coal gasification equipment and lithium battery positive and negative electrode material equipment [62]. - **Other Income**: Mainly includes hydraulic pumps and smart energy businesses. The smart energy business is expanding in the African market, and the hydraulic pump business has applications in the marine and offshore engineering fields [63][64]. - **Exchange Gains and Losses**: In 2024, the company had an overall exchange gain. In Q1 2025, the exchange loss was nearly 140 million yuan, mainly affecting the overseas building materials business [66]. - **Operating Cash Flow**: The ceramic machinery business has controllable accounts receivable risks, the overseas building materials business generates good cash flow, and the negative electrode material business's cash flow is expected to improve [68][69]. - **Core Competitiveness**: The company's core competitiveness lies in its dynamic talent iteration mechanism, innovation ability, and good partnership and distribution mechanism [72]. - **Employee Stock Ownership Plan**: The performance assessment is based on the compound growth rate of relevant performance indicators from 2025 - 2027, excluding the impact of Lanke Lithium Industry's investment income and other factors [73]. - **Capital Expenditure**: Mainly concentrated in the overseas sector, including the construction of overseas bases and new projects in the building materials and ceramic machinery industries [74][75]. - **Market Value Management**: The company has taken measures such as share repurchase, share cancellation, and major shareholder and director shareholding increase to boost investor confidence and maintain market value [77].

Group 1: Report Summary - Report industry: Special Equipment [2] - Research target: Jikai Co., Ltd. [16] - Reception time: April 28, 2025 [16] - Company representatives: Chairman Feng Fan, Independent Director Xu Chaozhi, Financial Officer Qiao Guicai, and Board Secretary Tian Jiying [16] Group 2: Research Institutions - Types of institutions: Investors participating in Jikai Co., Ltd.'s 2024 annual online performance briefing via Panorama Network [19] Group 3: Main Content R & D Investment - In 2024, the R & D investment accounted for 5.47% of the operating income. The company will continue to increase R & D investment to build core competitiveness [23] Business Expansion - The company will maintain and consolidate old markets, develop new markets, expand cooperation with high - quality new customers, improve sales models, and strengthen international market research [24] Subsidiary Performance - With the increasing demand for intelligent mining equipment, the company will focus on the coal machinery manufacturing business, maintain stable development, and improve management efficiency [25] Shareholder Information - As of April 18, 2025, the number of shareholders was 26,207 [25] Tariff Impact - From 2024 to the end of the first quarter of 2025, the company had no direct exports to the US, so the US tariff increase had no impact on its production and operation [26] Profit Improvement - The company will expand the market, promote products, accelerate new product R & D, implement cost - reduction and efficiency - improvement measures, and explore new business growth points [27][29] Repurchase Plan - As of now, the company has no share repurchase plan [27] Q1 2025 Financials - In Q1 2025, the company achieved operating income of 53.946 million yuan and a net profit attributable to shareholders of - 16.3909 million yuan [28] 2024 Financials - In 2024, the company's operating income was 382.6878 million yuan, a year - on - year increase of 13.62%. The main business income was 374.419 million yuan, a year - on - year increase of 14.44%. The total profit was - 5.6644 million yuan, a year - on - year increase of 13.45%. The net profit attributable to shareholders was - 1.8044 million yuan, a year - on - year increase of 1.12% [29] ST Risk - The company's production and operation are normal, and there is no risk of being labeled as ST [30] Industry Outlook - Refer to the "Company's Future Development Prospects" section in the 2024 annual report [32]

Group 1: Research Basic Information - The research object is Meian Technology, belonging to the instrument and meter industry, and the reception time is April 23, 2025. The listed company's reception personnel include Chairman Ma Yan, Financial Officer Zheng Haijiang, Independent Director Yang Anfu, and Board Secretary Ran Huazhou [17] Group 2: Detailed Research Institutions - The reception objects include online investors and others [20] Group 3: Main Content Information - The R & D work of mining robots is progressing in an orderly manner [24] - The overall gross profit margin of the company in 2024 was 39.65%, a slight decrease of 0.73% compared with the same period of the previous year, mainly due to intensified competition. The company's operating conditions are good, and its profitability has maintained a growth trend in recent years and is sustainable [24] - The company will focus on the mining main business, provide technical services and overall solutions for the intelligent construction and machine - replacement - of - human strategy of mining (coal mines and non - coal mines) customers, and strive to improve operating performance [24] - As of December 31, 2024, the company's balance of construction in progress was 0, and there were no transfer - to - fixed - asset matters this year [24] - The reasons for the improvement of cash flow are the increase in operating cash flow with the company's performance growth, the overall good operating conditions and payment willingness of downstream customers, and the significant improvement of the company's management and sales team capabilities [26] - In the past three years, the company's R & D investment as a proportion of operating income has remained above 8%. As of the end of 2024, the company had 358 software copyrights, 79 valid patent authorizations (including 45 invention patents and 34 utility model patents), and 266 safety - mark product certifications. The company will continue to strengthen R & D investment, especially in the field of machine - replacement - of - human [26] - The company actively expands the intelligent mine business, and the order situation is good [26] - The company's product sales have certain seasonality [26] - In terms of the supply chain, the impact of the US tariff war on the company's supply chain is currently negligible, and the company has completed the domestic substitution of some products and will continue to promote it. In terms of international business expansion, the company mainly serves some overseas markets through the internationalization strategies of key customers [26][27]

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Group 1: Report Summary - Report research object: Sanxin Medical [17] - Industry: Medical devices [2] - Research date: April 21, 2025 [1] - Receiving personnel: Liu Ming, Director, Vice President, and Secretary of the Board of Directors [17] Group 2: Research Institutions - Institution: Asset management company - Huashang Fund [20] Group 3: Core Views - The policy focus of centralized procurement has shifted from "expanding coverage and reducing prices" to "stabilizing prices and improving quality", which promotes the industry to develop in a standardized and sustainable direction [22] - The company has won bids for major products within the scope of centralized procurement, with obvious price advantages, and is expected to increase market share through "trading price for volume" [22] - The company has built a product system for blood purification in end - stage renal disease, and will continue to enrich product portfolios and expand into related fields [23] Group 4: Centralized Procurement Situation - Policy: The policy focus has shifted from "expanding coverage and reducing prices" to "stabilizing prices and improving quality" [22] - Regional scope: Centralized procurement of hemodialysis products has basically achieved national coverage [22] - Company's situation: The company has won bids for major products, with price advantages, and the new rules have accelerated the domestic substitution of hemodialyzers [22][23] Group 5: Product Introduction - Hemodialysis filtration products: The company has a product system covering hemodialysis and hemodialysis filtration, and will continue to enrich the product group and expand into related fields [23] - Wet - membrane dialyzer products: In 2024, the company obtained the first domestic brand registration certificate for wet - membrane dialyzers, which are well - received in the market [25] - Dialysis indwelling needle products: The company's self - developed product has the first domestic brand registration certificate, won the first - place winning bid in centralized procurement, but its widespread clinical application still needs time [26] - PTA high - pressure balloon dilation catheter products: The company has obtained the product registration certificate, and it has been selected for a 27 - province centralized procurement project, expected to achieve "trading price for volume" [27] - Needle - free syringe products: The company has developed a medical needle - free syringe, which can eliminate patients' fear of needles and improve drug absorption efficiency, and will be iteratively innovated [28] Group 6: Overseas Business - In 2024, the company's overseas business revenue was 274.12 million yuan, a year - on - year increase of 39.70%. The company completed product registrations in some countries and is promoting certification in other markets [29] - The company will expand the scope of overseas self - held licenses and focus on emerging markets such as Southeast Asia, South America, and Africa [29]

Group 1: General Information - The research was conducted on April 21, 2025, with the target company being Baike Biotech, which belongs to the biopharmaceutical industry [1][8] - Participating institutions include securities companies, investment companies, fund management companies, and asset management companies such as Guolian Minsheng Securities, Beijing Chengsheng, and Boyuan [2][9] Group 2: Company Performance - In 2024, the company's operating income was 1.2290841 billion yuan, a year - on - year decrease of 32.64%; net profit attributable to shareholders was 232.0938 million yuan, a decrease of 53.67%; and net profit after deducting non - recurring gains and losses was 229.8104 million yuan, a decrease of 53.42% [18] - In Q1 2025, operating income was 162.2905 million yuan, a year - on - year decrease of 39.96%; net profit attributable to shareholders was 1.0643 million yuan, a decrease of 98.24%; and net profit after deducting non - recurring gains and losses was - 3.412 million yuan, a decrease of 105.71% [18] - In 2024, varicella vaccine sales accounted for slightly over 65% of operating income with a slight increase; herpes zoster vaccine sales accounted for slightly over 20%; and nasal spray influenza vaccine had a slight year - on - year increase [19] - The company plans to distribute a cash dividend of 1.69 yuan per 10 shares (tax - included) in 2024, totaling 69.9081 million yuan (tax - included), accounting for 30.12% of the net profit attributable to shareholders [19] Group 3: Market and Strategy - The domestic herpes zoster vaccine penetration rate is still low. With the aging population, raising public awareness of the disease is crucial [19] - In 2025, the company will upgrade its marketing model, maintain its leading position in the varicella vaccine market, and expand the herpes zoster and influenza vaccine markets through various means [19][23] - The varicella vaccine is a non - immunization program vaccine. The company will continue to promote it for people over 12 years old to find new growth points [20] Group 4: International Market - The company's vaccine products are sold in countries such as India, Indonesia, Pakistan, Ghana, and Afghanistan. In 2024, varicella vaccine was exported to Afghanistan, and herpes zoster vaccine was first exported to Colombia [20] - The company is advancing the registration of varicella vaccine in Russia and expanding international sales channels through cooperation with multiple parties [20][21] Group 5: R & D Pipeline - Multiple R & D pipeline products have made key progress, including the acceptance of the listing application for liquid nasal spray influenza vaccine, and various stages of clinical trials for other products [21] - The company is also promoting R & D projects such as RSV monoclonal antibody and vaccine, and Alzheimer's disease therapeutic vaccine [21] Group 6: Marketing and Expenses - In 2024, the company established partnerships with various platforms for digital marketing of herpes zoster vaccine. As of January 1, 2025, the county - level coverage rate was about 60% [21][22] - In 2025, R & D investment is expected to increase significantly, and the sales expense ratio is expected to rise first and then fall [22]

Report Summary 1. Research Information - **Research Date**: April 21, 2025 [1] - **Research Industry**: Automotive parts [2] - **Research Object**: Lizhong Group [8] - **Reception Personnel**: Vice President and Secretary of the Board of Directors Li Zhiguo, and Securities Affairs Representative Feng Yuqi [8] - **Participating Institutions**: More than 60 institutions including Puhou Momentum, Jiashi Private Equity, and Ruijun Asset Management [9][10][11] 2. Company's 2024 Performance and Business Operations - **Overall Performance**: The company achieved a cumulative operating income of 27.24637 billion yuan in 2024, a year - on - year increase of 16.61%. The net profit attributable to shareholders of listed companies was 707.12 million yuan, a year - on - year increase of 16.77%. Excluding equity incentive expenses, the net profit was 747.23 million yuan, a year - on - year increase of 5.31% [15] - **Functional Intermediate Alloy Business**: Maintained its leading position in the industry. The sales volume and income increased steadily, with an annual operating income of 2.295 billion yuan, a year - on - year increase of 11.94% [16] - **Recycled Cast Aluminum Alloy Business**: The demand increased, and new production capacity was gradually released. The annual sales revenue was 15.696 billion yuan, a year - on - year increase of 25.84% [17] - **Aluminum Alloy Wheel Business**: Orders were sufficient, and the number of project awards increased. The annual operating income was 9.235 billion yuan, a year - on - year increase of 4.46%. However, the Mexican factory was in the production ramp - up stage, and exchange losses affected the performance [19] - **New Energy Lithium - Battery New Materials Business**: The first - phase project was put into operation, and the annual operating income was 20.63 million yuan, a year - on - year increase of 1963% [20] 3. Long - Term Development Goals and Strategies - **Focus on Core Business**: Focus on the three main businesses of recycled cast aluminum alloy, aluminum alloy wheels, and functional intermediate alloy materials, and deepen the high - end application of aluminum alloy [21] - **Strengthen Technological Leadership**: Continuously increase R & D investment, develop new products and technologies, and cultivate new productive forces [23] - **Focus on Green Industry Chain**: Promote the circular utilization of recycled aluminum resources, build a green supply chain, and achieve sustainable development [24] - **Emphasize Shareholder Returns**: Implement a stable cash dividend policy and strengthen investor relations management [25] 4. Progress in Material R & D and Emerging Industry Layout - **Material R & D**: Developed a series of materials such as heat - treatment - free alloy materials, brazable die - cast aluminum alloys, silicon - aluminum dispersion composite materials, and aluminum - based rare - earth intermediate alloys [26] - **Application and Verification**: Some materials have been certified and mass - produced, while others are in the verification or small - batch supply stage [26][27] 5. Overseas Layout and Progress - **Early Overseas Factories**: Built Thai factories in 2010 and 2019, expanding overseas aluminum alloy wheel production capacity [29] - **New Overseas Projects in 2024**: The Mexican and Thai projects were put into operation, strengthening the global strategic layout [29] - **Recent Thai Plan**: Purchased land and factories in Thailand to build a third aluminum alloy wheel factory [29] 6. Layout in Recycled Aluminum Recycling and Utilization - **Recycling System**: Improved the "domestic and international dual - cycle" procurement system for recycled aluminum [30] - **Aluminum Recycling Industry Chain**: Cooperated with new energy vehicle companies to develop the automotive disassembly business and promote the circular utilization of vehicle materials [30]