1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - In the first three quarters of 2025, the company achieved an operating income of 330 million yuan, a year - on - year increase of 7.99%, and a net profit of 51.53 million yuan, a year - on - year increase of 23.32%. The company is optimistic about the development of the PEEK industry chain, and the production and market expansion of cosmetic raw material HAP are progressing normally. The company's product毛利率 has rebounded due to increased capacity utilization and decreased raw material prices [25][27][30] 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Xinhan New Materials, belonging to the chemical raw material industry. The reception time was on October 21, 2025, and the listed company's reception staff included the board secretary Li Xiangfei, the financial director Wang Zhongyan, and the securities affairs representative Ge Mingmin [16] 3.2 Detailed Research Institutions - The research institutions include fund management companies such as Baoying Fund, Chuangjin Hexin Fund, and Xinda Australia Asia Fund; investment companies like Dingtian Investment and Ruiyi Investment; securities companies such as Shenwan Hongyuan and CITIC Construction Investment Securities; other institutions including Marco Polo China Assets and Hongyun Private Equity Fund; and banks such as Ping An Bank [17][18] 3.3 Research Institution Proportion - No information provided in the given content 3.4 Main Content Data - **2025 Q1 - Q3 Brief Analysis**: The company achieved an operating income of 330 million yuan, a year - on - year increase of 7.99%, and a net profit of 51.53 million yuan, a year - on - year increase of 23.32%. The comprehensive gross profit margin and sales net profit margin of products gradually improved. The sales of the main products included 40% of DFBP, 18% of photoinitiators, 22% of cosmetic raw materials, and about 20% of medical and agricultural intermediates [25] - **Question and Answer Session**: - **DFBP**: The product price is adjusted periodically according to raw material prices and other factors and is currently at a low level. The production mainly comes from new capacity, with high capacity utilization and gradually repaired gross profit margin [26] - **PEEK**: It has excellent comprehensive performance, and new attempts in high - end manufacturing fields have added new growth momentum. The company is optimistic about the development of the PEEK industry chain [27][28] - **Cosmetic Raw Material HAP**: The production and market expansion are progressing normally, and the sales volume growth is due to the development of new customers and increased penetration. The product price is adjusted periodically [28] - **Three - Workshop of the Fund - Raising Project**: The equipment is being installed and is expected to be completed by December 2025 [29] - **Reasons for Gross Profit Margin Rebound in Q1 - Q3**: The continuous and stable increase in capacity utilization reduces the fixed cost per unit product, and the raw material price has decreased [30]

Report Overview - Reported Company: Qinchuan Wulian - Industry: Instrumentation - Research Date: October 21, 2025 [1][2][17] Report's Core View - The company's performance in Q3 2025 improved, with increased revenue, reduced losses, and improved cash flow The smart sensor business and overseas market are expected to drive future growth The company will continue to increase revenue through various measures and strengthen cost control and internal management [29][30] Key Points by Section 1. Research Basic Information - Research Object: Qinchuan Wulian - Industry: Instrumentation - Reception Time: 2025-10-21 - Reception Personnel: Chairman and General Manager Shao Zehua, Director and Deputy General Manager Li Yong, Board Secretary and Financial Controller Li Ting, Independent Director Liao Weizhi [17] 2. Detailed Research Institutions - The reception objects include investors and others [20] 3. Main Content R & D Investment - In January - September 2025, the R & D expense was 42.4095 million yuan, accounting for 19.36% of the revenue The company invested in R & D in smart city IoT, intelligent sensors, and industrial IoT, and obtained 197 new invention patents, 27 software copyrights, and participated in compiling 12 national standards from January to September 2025 As of September 30, 2025, the company had a total of 890 invention patents, 369 software copyrights, and participated in compiling 72 national standards [24] Overseas Business - From January to September 2025, the overseas revenue was 29.3623 million yuan, a year - on - year increase of 21.3771 million yuan (267.71%) The company will continue to focus on the markets in South America, Southeast Asia, and the Middle East [25][26] Performance Growth Drivers - The intelligent sensor business will be driven by policies and market demand, especially in the automotive, home appliance, and low - altitude economy fields The overseas market for gas meters also has growth potential [26][27] Domestic Gas Meter Business - In Q3 2025, the IoT smart gas meter business revenue was 54.8568 million yuan, a year - on - year increase of 6.95% The company will focus on large and medium - sized gas group customers and strengthen cost control [27] Cash Flow - In Q3 2025, the net cash flow from operating activities was 33.0952 million yuan, a year - on - year increase of 23.2604 million yuan, mainly due to better customer payments The company will continue to increase revenue and strengthen accounts receivable management [27][29] Cost Control and Profitability - In Q3 2025, the revenue and gross profit margin increased The company will integrate supply chain resources, optimize procurement costs, and improve production efficiency to achieve cost reduction and efficiency improvement [29] Smart Sensor Industry - The intelligent sensor industry is expected to expand due to policies and market demand The company's intelligent sensor products are mainly used in the automotive, home appliance, and low - altitude economy fields, and have entered the supply chains of many automotive companies [31] M & A Plan - The company will focus on investment and M & A opportunities in the intelligent sensor business to expand its scale and competitiveness [33]

Group 1: Research Basic Information - The research object is Bojie Co., Ltd., belonging to the special equipment industry, with a reception time of October 14, 2025, and the listed company's reception staff is the board secretary Huang Can [16] Group 2: Detailed Research Institutions - The research institutions include Fangzheng Huisheng (investment company, representative: Han Zhenguo), Yuanju Capital (others, representative: Yang Yan), Qianyi Capital (others, representative: Sun Linqi), Yangxiang Investment (others, representative: Dai Xi), Cinda Securities (securities company, representative: Wang Rui), E Fund (fund management company, representative: Yao Huanchen), Grain Investment (others, representative: Guo Yuanrao), Saisuo Investment (others, representative: Huang Qixu), Roadshow Era (others, representatives: Wang Jizhuo, Lin Qian), Hongrui Zhiying (others, representative: Zhang Xianfu) [17] Group 3: Main Content - The company led investors to visit the production line and then returned to the meeting room for communication [22] - In the liquid - cooled server testing field, besides N customer's demand, other customers also want to introduce liquid - cooling and testing solutions, and the company will actively expand the market. The current target is to provide thermal management solutions for customers' high - power products [23] - Liquid - cooled components are the company's future development direction and are still in progress. The self - developed liquid - cooled module products are used in the company's testing equipment. The company cooperates with the industrial chain and universities to research and develop materials needed for liquid - cooling solutions but does not produce the materials itself [23][24] - The company focuses on water - cooling heads, quick connectors, etc. in the liquid - cooling field. It will design, develop, and integrate industrial chain resources based on its competitive advantages and customer needs to achieve the launch and mass production of component products [25] - The core advantage of the company's transformation from the testing field to component supply is its high - quality customer resources. Through in - depth cooperation with customers in the testing field, it can accurately capture customer pain points and provide solutions [25] - The big data and cloud server testing field accounts for about 25% of the company's revenue [26] - Based on the needs of N customer and other customers, the orders for AI server - related testing equipment are expected to be optimistic this year. The orders for automotive electronics are growing rapidly and have been delivered. The orders in the 3C field are relatively stable. The orders for MLCC field equipment are growing rapidly as the MLCC industry has recovered since last year. The revenue of dicing machines in the semiconductor field is growing rapidly but with a small overall proportion [27]

Group 1: Research Basic Information - Research object: Pulead [17] - Industry: Not specified [17] - Reception time: October 14, 2025 [17] - Listed company reception personnel: Deputy General Manager and Secretary of the Board, Guo Kangli [17] Group 2: Detailed Research Institutions - Reception object: Caitong Securities, Zhonggeng Fund [18] - Reception object type: Securities company, Fund management company [18] - Institution - related personnel: Xing Hanwen, Xiong Zhenghuan [18] Group 3: Main Content Company's self - developed battery pack - The purpose of self - developing lithium - ion battery packs is to form a battery pack platform and empower the production and sales of complete machines. The group has become a partner of ALDI in the power tool field, providing 12V, 18V platform series products and solutions to improve product coverage and brand influence in the European market [23] Acquisition of BATAVIA B.V. - In October 2023, the company acquired BATAVIA B.V. to form a synergy among R & D, production, and marketing channels, and it has become a strategic fulcrum in the group's global layout [23] Product proportion - In 2024, the revenue proportion of electrothermal products was about 25%, spraying products about 28%, blowing and suction products about 14%, and the rest were other products [23] Product grade extension - The company is extending products from general - grade to professional and industrial - grade fields. The hot air gun has bridged general - grade and professional - grade, and other categories like nail guns and spraying products have launched relevant professional and industrial - grade products [24] Employee equity incentive - In August 2024, the company completed share repurchase, using about 50 million yuan to repurchase more than 2 million shares, which will be used for employee stock ownership or equity incentive plans within the legal time limit [24]

Group 1: General Information - The research object is Huali Technology, belonging to the special equipment industry, and the reception time was on October 14, 2025. The company's reception staff included the board secretary Huashun Yang and the securities affairs supervisor Linyong [17] - Participating research institutions include CITIC Securities, GF Securities, Guolian Fund, Golden Eagle Fund, etc [2] Group 2: Investor Questions and Company Responses - Regarding the potential impact of the US's proposed tariff increase on overseas sales, the company stated that its overseas sales mainly cover Asia, Europe, and the Americas, with a low proportion of revenue from the US market. The tariff increase is uncertain, and the company will focus on international situations, design diverse cross - border service solutions, and explore overseas market opportunities [22] - To extend the life cycle of anime trading cards, the company uses well - known IPs or national - trend cultures, updates game content regularly, and hosts events and competitions through self - operation [22] - The core player group of Pokémon Bright Star is relatively stable. During the product iteration period, the company held a gratitude event and invited players to experience the new product [22] - The company will increase the external release of Pokémon Bright Star according to market demand and explore the feasibility of multi - business channel placements [23] - The company's Three Kingdoms Fantasy Battle TCG card game, first unveiled at the Guangzhou Anime Game Festival in early October, is an attempt at the "amusement equipment + TCG card" model, enabling seamless online - offline integration and creating a new card sales model [24]

Group 1: Research Basic Information - Research object: Kede CNC [17] - Industry: General equipment [17] - Reception time: October 10, 2025 [17] - Company reception staff: Board Secretary, Zhu Lihua [17] Group 2: Detailed Research Institutions - Research institutions: Guojin Machinery, Golden Eagle Fund [18] - Institution types: Others, Fund management company [18] Group 3: Core Views - The company is actively deploying the R & D of axial flux motor products, which will show great advantages in low - altitude economy, new energy vehicles, humanoid robots and other fields [21] - The company adheres to the development strategy of independent and controllable core technologies, with four general technology platform products and four special technology platform products, enhancing its anti - risk and core competitiveness [22] - The maturity of high - value products is increasing, and the company will further promote the external sales of high - end CNC systems and key functional components after the release of production capacity [22]

Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Relevant Catalogs 3.1 Research Basic Information - The research object is Zhenyang Development, belonging to the chemical raw materials industry. The reception time was on October 10, 2025. The listed company's reception staff included the chairman and general manager Shen Shuguang, executive deputy general manager and financial controller Zhang Yuan, deputy general manager and board secretary Shi Yanchun, and independent director Zheng Lixin [16]. 3.2 Detailed Research Institutions - The reception objects were investors who participated in the company's 2025 semi - annual performance briefing online [19]. 3.3 Research Institution Proportion No information provided. 3.4 Main Content Materials - **Market Competition Advantage and Strategy**: The company has a unique location advantage, being located in the Ningbo Petrochemical Economic and Technological Development Zone, one of the top three national - level petrochemical parks in China. It has convenient logistics conditions, which helps to extend the sales network and has advantages in supply stability and transportation costs. The company has established long - term cooperation with nearly 500 customers [23]. - **Profit Improvement Measures**: Facing a complex market situation, the company will expand the market externally and tap potential internally, strengthen internal management, adjust procurement and sales strategies in a timely manner, increase the direct sales rate of products, and reduce procurement costs. It will also implement refined production management to reduce the unit consumption of each product [23]. - **100,000 - Ton Regenerated Salt - to - Caustic Soda Project**: The project is under construction and the subsequent progress can be referred to in the relevant chapters of the company's regular reports [24][25]. - **PVC Production Increase Plan**: If the company has a PVC production increase plan in the future, it will disclose the information in a timely manner. It is expected that domestic peers will have PVC production increase plans [25]. - **Reorganization Cash Option Price**: The company will comprehensively consider factors such as the historical stock price and the company's intrinsic value to set a reasonable cash option price. Specific details should be followed in the company's subsequent announcements [25].

Group 1: Research Overview - Research object: Licheng Industry [17] - Industry: Chemical products [2][17] - Reception time: October 10, 2025 [17] - Company reception staff: Board Secretary Zhong Cheng, Securities Affairs Representative Liu Zenghui [17] Group 2: Detailed Research Institutions - Institution: Taikang Asset [20] - Institution type: Insurance asset management company [20] - Related personnel: Wang Fenglin [20] Group 3: Main Content Company's main business - The company is based in the fine - chemical field, with R & D, production, and sales of surfactants and washing products as its main business. It has three production bases in Changsha, Shanghai, and Dongguan, with an annual surfactant production capacity of over 600,000 tons and an annual washing product production capacity of about 250,000 tons. The overall capacity utilization rate in 2024 was 86% [24] Pricing logic and procurement strategy - Surfactant product prices are generally set based on the model of "main material cost + other costs + reasonable profit". The company has a procurement department, adopts a "supply - sales linkage" model, monitors raw material price fluctuations, formulates annual procurement plans, and adjusts raw material inventory according to market conditions [24] Technological advantages - The company is equipped with international leading production and testing equipment, uses automation control and product blending technologies, and its dioxane control and color control technologies are at the domestic leading level, meeting high - quality and customized requirements [24][25] Strategic development - The core business is the R & D, production, and sales of surfactants. The company will build a multi - category product matrix, expand application fields, and conduct external investment and mergers and acquisitions [25][26] Foreign business - The company's foreign sales are growing strongly. The foreign sales revenue increased from 199 million yuan in 2021 to 600 million yuan in 2024, a cumulative increase of over 300%. The foreign sales revenue in the first half of 2025 was 418 million yuan, a year - on - year increase of 53.07% [26]

Group 1: Report Overview - The research is about Xinguang Optoelectronics in the optoelectronic industry, with a research date of October 10, 2025 [1][2] - The participating research institutions include Dajia Assets and China Merchants Securities [2] Group 2: Research Basic Information - Research object: Xinguang Optoelectronics [17] - Industry: Optoelectronics [17] - Reception time: October 10, 2025 [17] - Company reception staff: Vice Chairman and Deputy General Manager Wang Yuwei, Board Secretary Chen Guoxing, and Securities Affairs Representative Zhang Nan [17] Group 3: Detailed Research Institutions - Dajia Assets (other), related person: Cai Yun [18] - China Merchants Securities (securities company), related person: Zhan Yongzhuang [18] Group 4: Main Research Content On - site Research - Visit the company's military product exhibition hall, civilian product exhibition hall, and hold a conference room discussion [22] Main Questions and Answers - As of the end of 2024, the company's on - hand orders were 160 million yuan; in the first half of 2025, new on - hand orders and intended orders under project approval were 153 million yuan. Market development and project bidding are in progress [22] - The Harbin Institute of Technology Education Development Foundation has completed its reduction through centralized bidding. The reduction is to support the school's development, and the foundation will also support the company [23] - Due to the long development and finalization time of weapon equipment, the mass - production time of relevant models is uncertain. In dual - light guidance, multiple models will participate in the physical selection bid in 2025, with the potential to move from small - batch supply to mass - production finalization [25] - The company has established a special collection team to strengthen communication with customers and promote acceptance and settlement processes to reduce bad - debt risks [26]

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]