Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company achieved a net profit of 1.148 billion RMB in 2024, representing a year-on-year increase of 11.69%, while total revenue decreased by 4.75% to 117.2 billion RMB [3][6] - The company plans to distribute a cash dividend of approximately 482 million RMB, which corresponds to a dividend yield of about 4.07% based on the stock price at the time of the report [3][6] - The company is positioned as a "organizer and integrator" of global supply chains and industrial chains, supported by its dual-driven strategy [6] Financial Summary - In 2024, the company reported total revenue of 117.2 billion RMB, a decrease of 4.75% year-on-year, with a net profit of 1.148 billion RMB, an increase of 11.69% [3][7] - The company’s main business segments include industrial chain and supply chain services, with the industrial chain segment generating revenue of 33.464 billion RMB, up 6.9% year-on-year, while the supply chain segment saw a revenue decline of 8.6% to 83.508 billion RMB [5][6] - The company’s diluted earnings per share for 2024 is projected to be 0.88 RMB, with a weighted ROE of 15.81% [3][7]

Core Viewpoint - The Shanghai Stock Exchange's main board companies have shown resilience and stability in their performance, supported by a series of incremental policies, reflecting a robust economic structure in China [1] Group 1: Export Market Diversification - In 2024, companies on the Shanghai main board achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7%, with non-US exports accounting for over 80% [2] - Key export destinations include ASEAN, Africa, and countries involved in the Belt and Road Initiative, with significant growth in sales for companies like SANY Heavy Industry and SAIC Motor [2] - Major construction state-owned enterprises have actively expanded overseas, signing new orders worth 1.87 trillion yuan, a year-on-year increase of 15% [2] Group 2: High-Tech Product Exports - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have accelerated exports, leading to revenue growth in related industries [3] - Companies like Oriental Cable and Zhaoyi Innovation have made significant strides in international markets, with Zhaoyi Innovation achieving record high shipments [3] - The rise of new business models like cross-border e-commerce has boosted overseas sales for various sectors, including light manufacturing and retail [3] Group 3: Mergers and Acquisitions Activity - From 2024 to the first quarter of 2025, over 1,500 new M&A transactions were recorded on the Shanghai main board, with a total transaction value exceeding 1.4 trillion yuan [4] - Notable M&A cases include Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's proposed merger with China CSSC, each exceeding 100 billion yuan [4] - The trend of private acquisitions and the purchase of quality non-profitable assets has emerged, indicating a shift in M&A strategies [4][5] Group 4: Quality Improvement and Efficiency - By 2024, 946 companies on the Shanghai main board disclosed "quality improvement and efficiency return" action plans, with nearly 60% participation [6] - Among the companies that disclosed plans, nearly 90% achieved profitability, and almost 50% reported performance growth [6] - The total cash dividend announced by 1,259 companies reached 1.77 trillion yuan, a year-on-year increase of 6%, with a dividend payout ratio of 39% [7] Group 5: ESG Reporting and Progress - In 2024, 1,068 companies on the Shanghai main board disclosed ESG reports, achieving a disclosure rate of approximately 63%, an increase of 6 percentage points year-on-year [9] - The number of companies included in the MSCI ESG rating increased, with 90 companies receiving upgrades in their ratings [9] - Companies have actively engaged in social responsibility initiatives, contributing to employment and environmental sustainability [10] Group 6: Index Investment Growth - In 2024, net inflows into ETFs on the Shanghai main board reached nearly 840 billion yuan, with significant participation from foreign capital [11] - The trading volume of ETFs ranked first in Asia, with a total trading amount of nearly 30 trillion yuan [11] - Foreign investment preferences are concentrated in sectors such as banking, food and beverage, and public utilities, indicating a strategic focus on stable industries [12] Group 7: Exit Mechanisms and Risk Mitigation - Since 2025, 19 companies on the Shanghai main board have faced various forms of delisting, with a significant portion resulting from financial issues [13] - The introduction of diverse exit channels, including voluntary delisting and asset restructuring, has become more prominent [13] - Companies have actively taken measures to improve operations and mitigate risks, with several successfully lifting delisting warnings [13]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 675 million yuan, with a net profit attributable to shareholders of -88.4 million yuan, reducing losses by 51.2 million yuan year-on-year [1] - In the first quarter of this year, the company reported operating revenue of 129 million yuan, a year-on-year increase of 35.83%, and a net profit of 6.48 million yuan, marking a turnaround from losses [1] - The improvement in first-quarter performance is attributed to new order deliveries, recovering market demand, enhanced collection of historical receivables, and reduced credit impairment losses [1] Group 2: Shareholder Changes and Asset Restructuring - The company announced a change in its controlling shareholder, with the largest shareholder, Guojin Asset Management Co., Ltd., transferring 60 million shares to Sumida Co., Ltd., representing 16.92% of the total share capital, at a price of 6.71 yuan per share, totaling 403 million yuan [2] - Following the transfer, Sumida will hold 77 million shares, approximately 21.72% of the total share capital, becoming the controlling shareholder, while Guojin Group remains the actual controller [2] Group 3: Strategic Partnerships and Acquisitions - The company plans to establish long-term cooperation with Sumida in areas such as energy equipment, energy engineering, and overseas petrochemical projects, aiming to enhance competitiveness and expand market opportunities [3] - The company intends to acquire 100% of the equity of Shanghai Lanya Petrochemical Equipment Testing Co., Ltd. and 51% of China Air Separation Engineering Co., Ltd., which will strengthen its core competitiveness in the energy equipment sector [3]

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, leading to a significant increase in computing power demand, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential for data centers, accounting for approximately 23% of supporting infrastructure costs and 6%-7% of total data center construction costs. The market for diesel generators in data centers is projected to grow from 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, with a compound annual growth rate (CAGR) of 24% [3][31]. - Domestic brands are expected to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Drives Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, significantly enhancing domestic AI application scenarios and driving up computing power demand [3][6]. - Major tech companies like Tencent and Alibaba are increasing capital expenditures for computing power infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [3][14]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets are critical backup power sources for data centers, complementing UPS systems to ensure continuous operation during power outages [22][24]. - The construction of data centers requires diesel generator sets, which are mandated for A and B level data centers as per national standards [24][26]. - The market for diesel generator sets in data centers is expected to reach 13.16 billion yuan by 2028, driven by the rapid growth of intelligent computing power [31][32]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The core components of diesel generator sets, particularly diesel engines, are dominated by foreign brands, which hold a 90% market share in 2024. However, domestic brands are gaining market share due to supply chain challenges faced by foreign manufacturers [3][47]. - Recent bidding results show that domestic manufacturers like Weichai Heavy Machinery have significantly increased their market share in high-pressure diesel generator sets [66][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as KOTAI Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, significantly increasing the demand for computing power, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential backup power sources for data centers, which are experiencing substantial capital expenditure growth due to rising computing power demands [3][5]. - Domestic brands are poised to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Boosts Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, enhancing the domestic AI application landscape and driving up computing power needs [6][14]. - Major tech companies like Tencent and Alibaba are significantly increasing their capital expenditures for computing infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [14][15]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets account for 23% of the supporting infrastructure costs in data centers, which are projected to grow from a market size of 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 24% [3][31]. - The demand for high-capacity diesel generators is expected to rise significantly due to the increasing construction of AI-related data centers, which require robust power backup systems [24][26]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The market for diesel engines in data centers is dominated by foreign brands, but domestic manufacturers are gaining market share due to supply chain challenges faced by foreign companies [3][47]. - Recent bidding results show that domestic brands like Weichai Heavy Machinery have significantly increased their market share, with Weichai's share rising to 40% in recent tenders [3][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as Keta Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

□ 南京日报/紫金山新闻记者 黄琳燕 "苏豪股份亮相2025年外贸优品中华行江苏站首场活动""快轮科技亮相外贸优品展，助力'江苏制造'拓内 需"……4月19日—20日，"外贸优品中华行江苏站"活动在南京国际展览中心举行。展会结束了，但参展 企业仍在通过官微等各种途径介绍自己的产品，助力外贸优品开拓内销市场"新"空间。 "外贸优品中华行江苏站"首场活动让"外贸优品"火了。记者在现场看到，外贸企业鼓足干劲开拓新市 场、寻找新商机。 南京快轮智能科技有限公司把直播间搬到了展会现场，不仅在现场卖货，还在直播间推广公司的产品。 现场工作人员告诉记者，公司产品主要出口到欧美、东南亚等地区，目前正在积极开拓国内市场。公司 和华为合作了一款电动滑板车，已经在天猫、京东等电商平台上线；新研发的一款可以自动吐泡泡的电 动儿童车也在抖音直播间开始销售。记者看到，很多人被现场展示的一辆造型很酷的电动自行车吸引。 工作人员介绍，这款车主打户外越野，主要销往欧洲市场。"这款车符合今年9月要实施的新国标，到时 候我们会在国内市场进行销售。" 除了拓展销售渠道，有些外贸企业已经开始研发新品以满足国内消费者的需求。"外贸优品中华行江苏 站"首 ...

Core Viewpoint - The company, Sumida Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial information presented, and confirming that the report has not been audited [1][5]. Financial Data - The company completed the acquisition of Shanghai Jirun Real Estate Co., Ltd. in October 2024, which has been included in the consolidated financial statements, leading to retrospective adjustments in previous financial data [1]. - The net profit of the acquired entity before the merger was reported as 0 yuan, consistent with the previous period [5]. Shareholder Information - The report indicates that there were no changes in the major shareholders or the top ten shareholders due to the transfer of shares for margin trading [4]. Meeting Resolutions - The board of directors held a meeting on April 22, 2025, where the first quarter report was approved unanimously with 7 votes in favor [9]. - The supervisory board also convened on the same day and approved the first quarter report, confirming that the report complied with all relevant regulations and accurately reflected the company's situation [14].

苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2025-020 苏美达股份有限公司 2.公司 2025 年第一季度报告的内容和格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息能真实地反映出公司当期情况； 第十届监事会第十三次会议决议公告 3.公司董事会及相关工作人员严格遵守《上海证券交易所股票上市规则》及 信息披露管理制度中有关保密要求的规定，在提出本意见前，未发现参与报告编 制和审议的人员有违反保密规定的行为。 表决结果：赞成票 3 票，反对票 0 票，弃权票 0 票，通过本议案。 特此公告。 苏美达股份有限公司监事会 2025 年 4 月 23 日 苏美达股份有限公司（以下简称"公司"）第十届监事会第十三次会议通知 及相关资料于 2025 年 4 月 17 日分别以书面、电子邮件方式向全体监事发出，于 2025 年 4 月 22 日下午在公司会议室以现场结合通讯方式召开。会议应到监事 3 人，实到监事 3 人（以通讯方式出席监事 1 人）。本次会议由监事会主席刘小虎 先生主持，会议的通知、召开、表决程序符合相关法律法规及《公司章程》的规 定，会议合法有效。会议审议并通 ...

一、 关于《公司 2025 年第一季度报告》的议案 苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2025-019 苏美达股份有限公司 第十届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 苏美达股份有限公司（以下简称"公司"）第十届董事会第十四次会议通知 及相关资料于 2025 年 4 月 17 日分别以书面、电子邮件方式向全体董事发出，会 议于 2025 年 4 月 22 日下午在公司会议室以现场结合通讯方式召开。本次会议应 出席董事 7 人，实际出席董事 7 人（其中现场+视频方式出席董事 5 人，通讯方 式出席董事 2 人，无委托出席董事），公司部分监事及高级管理人员列席了会议。 本次会议的通知、召开及表决程序符合《中华人民共和国公司法》等有关法律、 行政法规、部门规章、规范性文件和《公司章程》的有关规定，决议合法有效。 本次会议由公司董事长杨永清先生主持，审议通过了以下议案： 本议案在董事会审议前已经公司董事会审计与风险控制委员会审议通过。 具体内容请见同日在上海 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,565,422.39 thousand, representing a year-on-year increase of 7.99% compared to CNY 2,374,486.00 thousand in the same period last year[4]. - The net profit attributable to shareholders of the listed company was CNY 29,306.12 thousand, up 9.58% from CNY 26,587.00 thousand in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 27,452.50 thousand, reflecting a significant increase of 17.95% from CNY 23,123.52 thousand year-on-year[4]. - Total revenue for Q1 2025 reached ¥25,654,223,897.64, an increase of 8.4% compared to ¥23,755,593,597.58 in Q1 2024[18]. - Net profit for Q1 2025 after tax was ¥733,007,638.67, up from ¥675,796,987.54 in Q1 2024, representing an increase of 8.4%[18]. - The net profit attributable to shareholders of the parent company was ¥293 million, up from ¥267 million, reflecting a growth of 9.6%[20]. - Total comprehensive income for Q1 2025 was ¥889 million, compared to ¥545 million in Q1 2024, indicating a significant increase of 62.9%[20]. Cash Flow and Assets - The net cash flow from operating activities was CNY 142,379.57 thousand, a substantial recovery from a negative cash flow of CNY -231,532.42 thousand in the same period last year[4]. - Operating cash flow for Q1 2025 was ¥1.42 billion, a turnaround from a negative cash flow of ¥2.31 billion in Q1 2024[22]. - Cash inflow from operating activities was ¥30.78 billion, slightly higher than ¥30.24 billion in Q1 2024, showing a growth of 1.8%[22]. - Cash and cash equivalents rose to ¥14,492,881,733.66 as of March 31, 2025, from ¥13,653,958,774.80 at the end of 2024, showing a growth of 6.1%[14]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥12.63 billion, up from ¥8.64 billion at the end of Q1 2024, representing a year-over-year increase of 46.4%[24]. - Total assets at the end of the reporting period were CNY 5,984,419.20 thousand, marking a 9.00% increase from CNY 5,490,409.39 thousand at the end of the previous year[4]. - Total assets as of March 31, 2025, amounted to ¥59,844,192,018.30, compared to ¥54,904,093,851.55 at the end of 2024, marking a growth of 9.4%[15]. Shareholder Information - The equity attributable to shareholders of the listed company was CNY 781,568.82 thousand, which is a 4.43% increase from CNY 748,433.79 thousand at the end of the previous year[4]. - The top two shareholders are China National Machinery Industry Corporation holding 41.60% and Jiangsu Agricultural Reclamation Group Co., Ltd. holding 13.92% of the shares[9]. - Earnings per share for Q1 2025 was ¥0.22, up from ¥0.20 in Q1 2024, reflecting a growth of 10%[20]. Costs and Expenses - Total operating costs for Q1 2025 were ¥24,818,676,403.11, up from ¥23,044,683,588.50 in Q1 2024, reflecting a year-over-year increase of 7.7%[18]. - The company reported a decrease in research and development expenses to ¥88,563,054.01 in Q1 2025 from ¥117,209,632.84 in Q1 2024, a reduction of 24.5%[18]. Non-Recurring Items - Non-recurring gains and losses totaled CNY 18,536,174.84, with significant contributions from government subsidies and asset disposals[7]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. Acquisitions - The company completed the acquisition of Shanghai Jirun Real Estate Co., Ltd. in October 2024, which was included in the consolidated financial statements, leading to retrospective adjustments in previous financial data[5].