Core Viewpoint - Nantong Technology (920124.BJ) has successfully listed on the Beijing Stock Exchange, focusing on the research, production, and sales of precision mechanical components, particularly for compressors and automotive parts [1][4]. Company Overview - Nantong Technology has established a comprehensive production system for high-performance precision mechanical components, covering mold design, melting, casting, and precision processing [4]. - The company has received multiple honors, including being recognized as a "National High-tech Enterprise" and a "Specialized and Innovative Small and Medium-sized Enterprise" in Guangdong Province [1][4]. Financial Performance - The company reported revenues of 834 million yuan, 938 million yuan, and 1.031 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 47 million yuan, 84 million yuan, and 98 million yuan [4]. - In the first half of 2025, Nantong Technology achieved a revenue of 573 million yuan and a net profit of 67 million yuan [4]. - The company's market share in the compressor component market is estimated at 13.28%, indicating a competitive position within the industry [4]. Client Relationships - Nantong Technology has established stable long-term partnerships with well-known companies such as Midea Group, Gree Electric, and Panasonic, receiving multiple awards for excellence in supply [4]. - Sales to Midea Group and Gree Electric accounted for over 80% of the company's total revenue in the first half of the year [4]. Risks - The company faces risks related to a single product structure, as a significant portion of revenue and profit is derived from sales to compressor manufacturers [5]. - Although Nantong Technology has the capability to produce components for other downstream applications, these products have not yet gained substantial market share [5].