Group 1: Report Overview - The report is about the research on Dongni Electronics in the consumer electronics industry, with a research date of October 27, 2025 [1][2] Group 2: Research Basic Information - The research object is Dongni Electronics, belonging to the consumer electronics industry. The reception time is October 27, 2025. The listed company's reception personnel include the chairman and general manager Shen Xiaoyu, independent director Zou Rong, board secretary Weng Xinyi, and financial director Tan Guorong [17] Group 3: Detailed Research Institutions - The reception objects include online investors, and the reception object type is other [20] Group 4: Main Content 1. Guest Speech - Weng Xinyi announced the start of Zhejiang Dongni Electronics Co., Ltd.'s 2025 Q3 performance briefing. In the first three quarters of 2025, the company's operating income was 1457.3831 million yuan, a year - on - year increase of 1.50%; the net profit attributable to shareholders of the listed company was - 14.6051 million yuan, a year - on - year increase of 65.72%; the net profit after deducting non - recurring gains and losses attributable to shareholders of the listed company was - 27.6706 million yuan, a year - on - year increase of 72.03%. In Q3 2025, the company's operating income was 618.2462 million yuan, a year - on - year increase of 2.51%; the net profit attributable to shareholders of the listed company was 26.607 million yuan, a year - on - year increase of 11.10%; the net profit after deducting non - recurring gains and losses attributable to shareholders of the listed company was 25.9141 million yuan, a year - on - year increase of 111.39% [24] 2. Investor Q&A - **Question 1 (to Tan Guorong):** Regarding the profit performance in the current financial report, Tan Guorong provided the same financial data as in the guest speech [25] - **Question 2 (to Tan Guorong):** For a brief introduction of recent performance, Tan Guorong gave the Q3 2025 financial data [25] - **Question 3 (to Shen Xiaoyu):** About the view on the industry's future development prospects, Shen Xiaoyu said the company's products are mainly used in five fields: consumer electronics, new energy, medical, photovoltaic, and semiconductor. The company is optimistic about the industry's development prospects and will focus on the main business and improve product quality [26] - **Question 4 (to Shen Xiaoyu):** Regarding the current yield rate of silicon carbide and whether the supply target can be achieved, Shen Xiaoyu said that in 2025, the semiconductor business produces and supplies according to new orders, and the specific situation should be followed in the company's subsequent regular reports [26]

Group 1: Report Summary - Report research industry: Agriculture, Animal Husbandry, Feed and Fishery [2] - Report research company: Juxing Agriculture and Animal Husbandry [17] - Research date: October 27, 2025 [17] - Company reception personnel: Chairman Duan Lifeng, General Manager Tang Chunxiang, Board Secretary Zhang Geng, Financial Controller Chen Liqing, Independent Directors Zhang Moying, Liu Yaxi, and Zou Xuemei [17] Group 2: Core Views - The company focuses on the main path of pig farming business, maintains high - quality development while operating safely, and continues to improve breeding efficiency and reduce costs to achieve annual business plan goals [25] - The full cost of the company's pig - farming business may fluctuate due to comprehensive factors such as breeding costs and expense amortization, and the company will improve costs through efficiency improvement and conduct impairment provision work according to accounting standards [25] - The company's pig - farming business suffered losses in the third quarter mainly because of the decline in commercial pig sales prices [25] - The company will reasonably plan funds, use methods like "cash dividends, share repurchases, and investor relations management" to enhance investment value and increase investors' returns [26] Group 3: Summary by Directory 01. Basic Research Information - Research object: Juxing Agriculture and Animal Husbandry [17] - Industry: Agriculture, Animal Husbandry, Feed and Fishery [17] - Reception time: October 27, 2025 [17] - Company reception personnel: Chairman, General Manager, Board Secretary, Financial Controller, and Independent Directors [17] 02. Detailed Research Institutions - The reception objects include investors and others [20] 03. Proportion of Research Institutions - No relevant content provided 04. Main Content Data - **Cost target**: The company continues to focus on the pig - farming business, aiming to achieve the annual business plan goal of a 6.5 - yuan - per - jin cost while improving efficiency and reducing costs [25] - **Cost analysis**: The full cost of pig - farming business is affected by multiple factors and may fluctuate. The company will improve costs through efficiency improvement and conduct impairment provision work as required [25] - **Loss reasons**: The loss in the third quarter of pig - farming business was mainly due to the decline in commercial pig sales prices [25] - **Performance and convertible bonds**: The company will reasonably plan funds, enhance investment value, and increase investors' returns. Regarding the 900 - million - yuan convertible bonds with more than 2 years until maturity, the company will take measures to promote redemption or conversion [26]

1. Reported Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The diamond heat dissipation material of the reported company shows a promising commercial application prospect and is expected to develop rapidly in the next few years. The company's diamond functional applications are mainly diamond heat sinks and optical window sheets, with expected sales revenue exceeding 1 million yuan this year, all from non - civilian fields [23]. - The company's super - hard material grinding tool business has a large domestic substitution space in the chip field, and with the expansion of domestic chip production capacity and the improvement of product performance, it has good growth potential in the future [24]. - The company has included robot bearings in the "14th Five - Year" business sector plan, focusing on high - value - added products, and has not yet established a business relationship with humanoid robot companies [24]. - The development of commercial aerospace will bring new business growth opportunities to the company, as it has a market share of over 90% in the domestic aerospace bearing field [24]. - The company believes that the export control policy in October has little impact on it [25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Guoji Precision Industry, belonging to the general equipment industry. The reception time was October 24, 2025, and the listed company's reception personnel were the board secretary Zhao Xianggong and the investor relations assistant Wang Zhiting [17]. 3.2. Detailed Research Institutions - The research institutions include Caitong Securities (with relevant personnel Meng Xin) and E Fund Management Co., Ltd. (with relevant personnel Zhang Yizhe) [18]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - **Diamond Heat Dissipation Application**: Diamond has excellent heat dissipation performance. Cost has restricted its wide - spread application. With the development of high - power devices and high - performance chips, diamond heat dissipation materials are attracting more attention from potential application manufacturers and are expected to develop rapidly. The company's diamond functional applications are mainly diamond heat sinks and optical window sheets, with expected sales revenue exceeding 1 million yuan this year, all from non - civilian fields [23]. - **Preparation Method of Diamond**: The company has focused on the microwave plasma chemical vapor deposition method since 2015 and has no current plan to invest in the hot - wire method. However, it will closely monitor the technical route and progress of diamond heat dissipation and may actively deploy in the hot - wire method if proven effective [23]. - **Advantages of MPCVD Method**: The MPCVD method has high quality and strong compatibility, with a wide range of compatible product lines such as optical window sheets [23]. - **Super - hard Material Grinding Tool Business**: In 2024, the revenue of the super - hard grinding tool business was about 580 million yuan, with downstream applications in semiconductor and non - semiconductor (automobile, refrigeration, LED, tool and die, etc.) fields. The products for the semiconductor field have grown significantly in recent years. The company's products have high performance and technical thresholds, and competitors are mainly international multinational enterprises [24]. - **Domestic Substitution Space in the Chip Field**: There is a large domestic substitution space in the chip field. With the expansion of domestic chip production capacity and the improvement of product performance, it has good growth potential in the future [24]. - **Robot Bearing Business**: The company has included robot bearings in the "14th Five - Year" business sector plan, focusing on high - value - added products such as crossed roller bearings, thin - walled bearings, and angular contact bearings. It has not yet established a business relationship with humanoid robot companies [24]. - **Impact of Commercial Aerospace Development**: The company has a market share of over 90% in the domestic aerospace bearing field. Products include rocket fuel turbine pump bearings, satellite momentum wheel bearing assemblies, and satellite battery solar panel bearings. The development of commercial aerospace will bring new business growth opportunities [24]. - **View on Export Control Policy**: The company believes that the export control policy in October has little impact on it [25].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The company is confident in its future development, firmly committed to the strategies of military transformation and international expansion. It will continue to focus on its main business, optimize management, promote industrial mergers and acquisitions, improve asset quality, and strive to enhance performance [26][29]. 3. Summary by Relevant Catalogs 3.1 Research Basic Information - The research object is Guangdong Hongda, belonging to the mining industry, with a reception time of October 24, 2025. The listed company's reception staff includes Deputy General Manager and Board Secretary Zheng Shaojuan, and General Counsel and Investor Relations Director Zhao Guowen [16]. 3.2 Detailed Research Institutions - The research institutions include securities companies such as CICC, Huabao Securities, Guosheng Securities, and fund management companies such as Chuangjin Hexin Fund, Xingye Fund, as well as insurance agencies like Dajia Insurance. A large number of relevant personnel from these institutions participated in the research [17][18][19]. 3.3 Research Institution Proportion No specific proportion data provided. 3.4 Main Content Materials - **Performance in the First Three Quarters of 2025**: The company achieved an operating income of 14.552 billion yuan, a year - on - year increase of 55.92%; the net profit attributable to the parent company was 653 million yuan, basically flat compared to the same period last year; the cash flow from operating activities was - 236 million yuan, compared to 189 million yuan in the same period last year. The revenue growth was mainly due to the expansion of the mining service business and the consolidation of Xuefeng Technology. The slower growth of net profit was due to the relatively low gross profit margin of new projects and the decline in gross profit in some regions. The decrease in cash flow was due to slower collections or changes in payment methods [25]. - **Business Segments**: - **Mining Service**: The business scale is gradually expanding, focusing on key domestic regions such as Xinjiang, Tibet, and Inner Mongolia, and overseas along the "Belt and Road" countries. The current outstanding orders exceed 35 billion yuan and will continue to be steadily fulfilled [25]. - **Civil Explosives**: The production capacity has increased to 725,500 tons, with stable production capacity release and basically the same business scale as the previous year. Industry mergers and acquisitions are being actively promoted [25]. - **Defense Equipment**: The performance of hexogen is good. The acquisition of Dalian Changzhilin was completed at the end of September, and military trade projects are also being actively promoted [25]. - **Q&A Highlights**: - **Mining Service Gross Profit Margin**: The gross profit margin of the mining service segment in the first three quarters decreased year - on - year. This was mainly due to the low - margin new general contracting projects and the impact on gross profit in Xinjiang and overseas projects [26]. - **Overseas Mining Service**: The scale of overseas mining service projects in the first three quarters was basically the same as last year, with slower growth due to project closures. New projects in Congo (Brazzaville) are under construction, and new winning projects will contribute in the next year [27]. - **Accounts Receivable**: The increase in accounts receivable in the first three quarters was due to the consolidation of Xuefeng Technology and the expansion of the mining service business. The company will strengthen project settlement and cash collection [27]. - **Military Industry Acquisition**: The acquisition of Dalian Changzhilin will be reflected in the fourth - quarter financial statements, which is beneficial for product integration and improving the scale of assets, revenue, and profit in the defense equipment segment [28]. - **Overseas Explosives Production Capacity**: The Peruvian explosives factory is under expansion, and the Zambian explosives factory is under construction. Completion will promote business synergy and competitiveness in the local and surrounding areas [28][29]. - **Xinjiang Business**: The company expects the business scale in Xinjiang to continue to grow due to increased investment, new winning projects, and the region's strategic importance [29]. - **Tibet Business**: The mining service projects in Tibet, such as Julong Copper Mine, Yulong Copper Mine, and Baoxiang Lead - Zinc Mine, are operating well and growing steadily [29]. - **Mining Service Order Structure**: The outstanding orders in the mining service segment are mainly for metal mines, followed by coal and sand and gravel aggregates [29]. - **Civil Explosives Production Capacity Acquisition**: The company aims to achieve a production capacity of one million tons of civil explosives and will continue to promote mergers and acquisitions around rich ore areas [29]. - **Performance Outlook**: The company will focus on its main business, optimize management, and strive to improve performance in the fourth quarter and the whole year [29].

Group 1: Research Basic Information - The research object is Leguo Co., Ltd., belonging to the household light industry, and the reception time was on October 24, 2025. The listed company's reception staff included the board secretary Yu Haoying and the securities affairs representative Qu Qilong [16] Group 2: Detailed Research Institutions - The research institutions included fund management companies (Huaxia, Guangdong Zhengyuan Private Equity, Huisheng, etc.), asset management companies (Qingrong, Yangtze River Securities (Shanghai)), investment companies (Guangdong Yuancheng Private Securities Investment, Shenzhen Hunt Investment Capital), securities companies (Guoxin Securities, Tianfeng Securities, Shanghai Securities, etc.), insurance asset management companies (China Life, Pacific), and others (Development Research Center, Guangdong Hengjian) [17][18][19] Group 3: Main Content Overseas Warehouse - In Q3, the gross profit margin of the company's overseas warehouse business was basically flat quarter - on - quarter. The current average utilization rate of overseas warehouses exceeded 70%, and the profitability of new non - US warehouses in Germany, the UK, and Canada had been continuously improving. The company will continue to invest in automation and informatization to improve storage operation efficiency and cost control capabilities [24] - As of the end of September 2025, the company had 19 self - operated overseas warehouses globally, with a total area of 650,000 square meters. The revenue of the overseas warehouse segment maintained a high growth rate. In the first three quarters, it had served 1,932 overseas enterprises, and the parcel volume increased by over 100% year - on - year. In the future, with the commissioning of self - built warehouses, the scale effect will gradually appear, and the profit margin is expected to further increase [26] US Terminal Demand under Sino - US Tariff Disturbance - The uncertainty in the Sino - US trade environment remains high. For optional consumer goods and products in offline supermarket channels, tariff adjustments and cost increases have led to price hikes, affecting the sales volume of OEM customers and putting periodic pressure on the company's OEM business. However, cross - border e - commerce has maintained steady growth, with the core category of intelligent lifting desks stable and rising, and the revenue of electric sofas and ergonomic chairs increasing significantly. It is expected that with the Fed entering the interest - rate cut cycle, consumer confidence will be boosted [25] OEM Business Development Trend - Affected by tariff policy adjustments, the offline supermarket OEM business is facing certain pressure on price transmission and sales volume. The company expects this business to gradually recover after the industry demand stabilizes. Meanwhile, the company is actively expanding emerging markets in Asia, Africa, and Latin America through brand agency and cooperation models to disperse trade risks and cultivate new performance growth points [25][26] Cross - border E - commerce Business - During the reporting period, the company's cross - border e - commerce business maintained steady growth. The sales revenue of independent websites accounted for over 40% of the total cross - border e - commerce revenue, with a year - on - year increase of about 12%. Independent websites have significant advantages in new product promotion, scenario - based marketing, and brand building. The Amazon channel has intense industry competition and obvious price involution. The company will continue to strengthen brand differentiation positioning and product innovation capabilities [27]

Report Summary 1. Reported Industry Investment Rating Not provided in the given content. 2. Core Viewpoints of the Report - The company will continue to focus on the field of allergic disease diagnosis and treatment and optimize its sales management system [31]. - In marketing, the company will increase resource investment, adhere to academic promotion, and promote the sustainable growth of allergen product revenue [31]. - In R & D, the company promotes product layout from a full - life - cycle perspective, and all work is carried out in an orderly manner while effectively controlling R & D expenditures [32]. - The company will continue to optimize details and improve energy efficiency in operation and internal control management to ensure overall stable operation and strive to improve performance in the future [32]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Iwu Biological [16] - Industry: Biological products [16] - Reception time: October 24, 2025 [16] - Listed company reception personnel: Chairman Hu Gengxi, General Manager He Jianming, Deputy General Manager and Board Secretary Guan Zhenwei [16] 3.2. Detailed Research Institutions -证券公司: Zhongtai Securities, Kaiyuan Securities, Zhongyou Securities, CITIC Securities, Shenwan Hongyuan Securities, Guotai Haitong Securities, Xingye Securities, Huayuan Securities, Guosheng Securities, Orient Securities, Guoxin Securities, Huatai Securities Shanghai [17][18][19] -基金管理公司: China Merchants Fund, Dacheng Fund, BOC Fund, China - Europe Fund, Jishi Fund, Tianzhi Fund, Shenwan Lingxin Fund, Guolianan Fund, Chuangjin Hexin Fund, Ping An Fund, Tongtai Fund, Hongta Hongtu Fund, Changxin Fund, Huaan Fund, F安达 Fund, Jiaoyin Schroeder Fund, Huatai Berry Fund, Xinda Australia Asia Fund, Noah Fund, Shanghai Hexi Private Fund, Guangdong Huizheng Private Fund [17][18][19][20] -资产管理公司: Shanghai Zhaowan, BOC Asset Management, CITIC Asset Management, Shanghai Zhongyu, Caitong Securities, Shanghai Shifeng, Shanghai Mingyu, Gefei [17][18][19][20] 3.3. Research Institution Proportion Not provided in the given content. 3.4. Main Content Data 3.4.1. Business Situation Introduction - **Operating performance**: From January to September 2025, the company's operating income was 853,360,357.81 yuan, a year - on - year increase of 16.86%, and the net profit attributable to shareholders of the listed company was 344,866,533.27 yuan, a year - on - year increase of 26.67% [27]. - **Product sales**: From January to September 2025, the sales revenue of "Dust Mite Drops" was 794,221,951.72 yuan, a year - on - year increase of 13.38%; the sales revenue of "Artemisia annua Pollen Allergen Sublingual Drops" was 44,756,599.93 yuan, a year - on - year increase of 117.58%; the sales revenue of skin prick solution was 11,046,360.42 yuan, a year - on - year increase of 94.10% [27]. - **Profit distribution**: The company plans to distribute cash dividends of 1.00 yuan per 10 shares (tax - included) based on the total share capital of 523,584,000 shares. The plan needs to be reviewed and approved by the company's shareholders' meeting [27]. - **R & D pipeline**: In July 2025, "Artemisia annua Pollen Allergen Sublingual Drops" obtained a post - marketing clinical trial summary report; in August 2025, "Dermatitis Diagnostic Patch 02" entered Phase I clinical trials; in September 2025, "Aspergillus fumigatus Prick Solution" obtained a Phase I clinical trial summary report [28]. 3.4.2. Q&A Session - **Sales system management**: Since the second half of last year, the company has allocated more resources to sales and marketing, appointed backbone personnel, and adjusted the market area analysis and structure to improve management efficiency [28]. - **Competition pattern**: The company is not worried about competition from Changchun Hi - Tech's cooperation. More enterprises participating in the desensitization market can promote academic promotion and market education [29]. - **R & D progress**: The "House Dust Mite Film" is in Phase I clinical trials; "Dermatitis Diagnostic Patch 01" is in Phase II clinical trials; "Dermatitis Diagnostic Patch 02" is in Phase I clinical trials. Allogeneic mesenchymal stem cell therapy drugs and new anti - drug - resistant tuberculosis small - molecule drugs are in pre - clinical research [29]. - **Pricing of allergen skin prick test**: In June 2025, the National Healthcare Security Administration stipulated that different allergens in the allergen skin test fee can be charged in superposition. Specific prices vary by region [29]. - **Advantages of "House Dust Mite Film"**: It has good sublingual adsorption, better dosing accuracy, and better patient compliance [30]. - **Expense ratio**: The company's expenses from January to September 2025 can be found in the 2025 Q3 report, and the investment in expenses is dynamically planned and allocated according to business [30]. - **Sales of "Artemisia annua Pollen Allergen Sublingual Drops"**: From January to September 2025, the sales revenue was 44,756,599.93 yuan, a year - on - year increase of 117.58%, driven by academic promotion, increased awareness, and post - marketing clinical trials [31]. - **Recommendation in guidelines**: Sublingual desensitization therapy is recommended as a first - line treatment for allergic rhinitis and asthma in relevant domestic guidelines [31].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The company actively seized the opportunities of manufacturing recovery and industrial chain reconstruction in H1 2025, achieving a year - on - year increase of 26.48% in operating income to 519.1076 million yuan, a year - on - year increase of 18.80% in net profit attributable to the parent company to 85.4597 million yuan, and a year - on - year increase of 18.32% in net profit attributable to the parent company after deducting non - recurring gains and losses to 83.8351 million yuan [24]. - The company will adhere to the development strategy of "independent R & D, continuous innovation", further strengthen its advantages in technology and product development, and develop new products. It will expand into new material fields and tool system fields to become a leading domestic overall cutting solution provider [24][25]. - The company is a well - known domestic carbide cutting tool manufacturer with its carbide CNC blade production ranking among the top in the domestic industry for many years. Its core products have entered the domestic mid - to - high - end market and have won many awards [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Huarui Precision [17]. - Industry: General equipment [17]. - Reception time: October 21, 2025 [17]. - Listed company reception personnel: Board secretary and CFO Duan Yanlan, securities affairs representative Yao Tianzong [17]. 3.2. Detailed Research Institutions - Guangdong Cheese Investment Fund Co., Ltd. (investment company) [18]. - Guolian (fund management company) [18]. - Huafu Securities (securities company) [18]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - **2025 H1 Performance**: Operating income was 519.1076 million yuan, up 26.48% year - on - year; net profit attributable to the parent company was 85.4597 million yuan, up 18.80% year - on - year; net profit attributable to the parent company after deducting non - recurring gains and losses was 83.8351 million yuan, up 18.32% year - on - year [24]. - **2025 H1 Sales Expenses**: 18.2125 million yuan, a year - on - year decrease of 1.98% mainly due to the decrease in share - based payment expenses [24]. - **2025 H1 Management Expenses**: 16.5805 million yuan, a year - on - year decrease of 8.77% mainly due to the decrease in share - based payment expenses [24]. - **Future Development Trend**: The company will strengthen R & D and talent building, expand into new material fields such as cermet, ceramic, and super - hard materials, and tool system fields to become a leading overall cutting solution provider [24][25]. - **Industry Status**: A well - known domestic carbide cutting tool manufacturer with its carbide CNC blade production ranking among the top in the domestic industry for many years. Its core products have entered the mid - to - high - end market and won many awards [26].

Group 1: Research Basic Information - The research object is Yangguang Nuoyue, belonging to the medical service industry, and the reception time is October 21, 2025 [17] - The listed company's reception staff includes the chairman, general manager, financial director, board secretary of Yangguang Nuoyue, the general manager of Langyan Life, and relevant personnel from the independent financial advisor and accounting firm [17] Group 2: Detailed Research Institutions - The reception objects include investors and others, and the reception object type is not clearly stated [20] Group 3: Research Institution Proportion - No specific content provided Group 4: Main Content Data - The company held an online performance briefing at the Shanghai Stock Exchange Roadshow Center, including management speeches and answering investor questions [24] - The significance of the reorganization for the company to improve its operating conditions: achieving industrial layout upgrade, significant synergy, accelerated strategic transformation, and dual improvement in performance and finance [24] - The company's long - term strategic positioning is to build a "R & D service + pipeline cultivation + new quality industrial chain" trinity business ecosystem and become an influential innovative drug R & D service enterprise [25] - Measures to improve company management and performance: perfecting performance appraisal indicators, deepening business structure upgrade, and using AI to empower R & D efficiency [25]

Report Summary 1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoint of the Report - Guangbo Co., Ltd. has achieved business transformation and continuous development from stationery to cultural and creative products, and then to trendy toys, creating new performance growth points [25] 3. Summary by Relevant Catalogs 3.1. Research Basic Information - Research object: Guangbo Co., Ltd. [17] - Industry: Household light industry [17] - Reception time: October 21, 2025 [17] - Company reception staff: Jiang Shuying, the board secretary and deputy general manager, and Wang Xiuna, the securities affairs representative [17] 3.2. Detailed Research Institutions - Reception object type: Securities company [20] - Institution: Southwest Securities [20] - Relevant personnel: Gou Yurui, Cai Xin, Shen Qi [20] 3.3. Research Institution Proportion - Not provided in the document 3.4. Main Content Information - **Company product exhibition**: The company introduced its products in the company showroom [22] - **IP matrix construction**: In the cultural and creative field, the company has launched sub - brands such as "kinbor", "fizz 飞兹", "papiest 派乐时刻", and strengthened IP resource introduction and cooperation, achieving a preliminary transformation from a traditional stationery manufacturer to a cultural and creative enterprise [23] - **Entry into the trendy toy field**: The company has accelerated the incubation of trendy toy categories, built an extreme single - product matrix, and implemented a strategy of coordinated development of head IPs and long - tail IPs to promote the development of trendy toy business [24] - **Exhibition products**: The company's trendy toy brand product matrix includes various categories. The exhibits at the CTE China Toy Fair & Trendy Toy Fair include co - branded products of many IPs, and the "Detective Conan M28: One - Eyed Remnant Image" food toy series was premiered [25] - **Overseas business**: The company is pushing forward overseas layout, targeting the Southeast Asian market, and promoting the large - scale export of products. It currently has production bases in Vietnam, Cambodia, and Malaysia and will expand the Vietnam production base [26]

Group 1: Report Overview - Report research object: Veli Medical, a company in the medical device industry [2][16] - Research date: October 21, 2025 [1][16] - Companies participating in the research: CITIC Futures, Yong'an Guofu, Zhongtai Medicine, Galaxy, Boyuan, etc. [2] Group 2: Core Views - From January to September 2025, the company achieved an operating revenue of 1.191 billion yuan, a year - on - year increase of 12.33%, and a net profit attributable to shareholders of the parent company of 192 million yuan, a year - on - year increase of 14.94%. The net profit after deducting non - recurring gains and losses attributable to shareholders of the parent company was 184 million yuan, a year - on - year increase of 15.22%. In Q3 2025, the company achieved an operating income of 446 million yuan, a year - on - year increase of 16.09%, a net profit attributable to shareholders of the parent company of 71 million yuan, a year - on - year increase of 16.31%, and a net profit after deducting non - recurring gains and losses attributable to shareholders of the parent company of 67 million yuan, a year - on - year increase of 13.17% [28] - The company will continue to be market - oriented, closely follow clinical needs, increase R & D investment, and accelerate the R & D of new products. It will also promote the rapid listing of more innovative products, accelerate the construction of the Indonesian factory overseas, and actively promote the overseas localization process [28] - The Indonesian factory is in the construction and pre - certification stage of products, and is expected to start shipping gradually by the end of Q1 2026. The first - phase production capacity will mainly supply large US customers, producing catheters and suction connecting tubes, and may add anesthetic products later. After the Indonesian factory is put into operation, it is expected to have a positive impact on the growth of the company's export orders [28] - The company will determine the ex - factory price of products from the overseas factory through negotiation with customers while maintaining the original product gross profit margin. It is expected that overseas production will not have a significant impact on the product gross profit margin [29] - The proportion of the company's high - margin products in overall operating income has exceeded 20% and is expected to further increase. Since 2023, the company has increased the export of urological products, and the export revenue of urological products has grown rapidly in the past two years. With the implementation of customized projects for overseas large customers, the product structure of overseas business has been optimized, and the proportion of high - margin products has increased [30] - The company's R & D products are mainly high - value - added and high - margin products. With the launch of new products, the company's product and business structure will be further optimized, and the proportion of high - margin products is expected to continue to increase [31] Group 3: Detailed Information by Section 1. Basic Research Information - Research object: Veli Medical [16] - Industry: Medical devices [16] - Reception time: October 21, 2025 [16] - Company reception personnel: Deputy General Manager and Secretary of the Board Chen Bin, Chief Financial Officer Zhu Yimin, and Securities Affairs Representative Wu Lifang [16] 2. Detailed Research Institutions - Institutions include futures brokerage companies (CITIC Futures), asset management companies (Yong'an Guofu, Mingyu Assets, etc.), other types (Zhongtai Medicine, etc.), fund management companies (Galaxy, Boyuan, etc.), insurance asset management companies (Taikang, etc.), and investment companies (Shenzhen Guoyin Capital, Zhuhai Shangshi, etc.) [17] 3. Research Institution Proportion - No relevant content provided 4. Main Content Materials - 2025 Q3 operating results: As mentioned above, showing growth in revenue and profit [28] - Indonesian factory: Construction progress, product supply, and expected impact on export orders and gross profit margin [28][29] - High - margin products: Current proportion, growth trends, and future expectations [30][31]