Summary of Conference Call Notes Company and Industry Overview - **Industry**: Financial Technology, Semiconductor, Chemical, Military, Agriculture, and New Consumption - **Key Companies**: Tianyang Technology, Wentai Technology, Wanhu Chemical, Gaode Hongai, Muyuan Co., Ltd., Chuan Yi Co., Ltd., Lao Pu Gold, Li Gao Video, and Long Sheng. Key Points and Arguments Tianyang Technology - **Market Position**: Leading in card solutions, with financial services accounting for about one-third and fintech solutions for two-thirds of revenue [2] - **Revenue**: Total revenue for 2024 is projected at 1.76 billion, down 8% year-on-year, with net profit at 78 million, also showing a decline [2] - **Growth Opportunities**: Key business areas like corporate credit are expected to grow over the next three years [2][4] Wentai Technology - **Business Segments**: Divided into product integration and semiconductor businesses, with the latter showing revenue growth in the first half of the year [5][6] - **Market Trends**: The semiconductor segment's revenue is expected to grow, particularly in automotive applications, which account for over 60% of revenue [6][7] - **Future Projections**: Expected revenue decline in product integration but significant profit growth in semiconductors projected for 2025-2027 [8] Wanhu Chemical - **Market Dynamics**: TDI prices are expected to rise due to supply shortages caused by maintenance and accidents at production facilities [9][10] - **Price Trends**: Domestic TDI prices increased by 32% recently, indicating strong demand and supply constraints [10][11] - **Industry Outlook**: Anticipated simultaneous price increases for TDI and MDI, benefiting leading companies like Wanhu [11] Gaode Hongai - **Business Expansion**: Transitioning from a supplier to a comprehensive weapon system provider, with significant contracts signed recently [12][13] - **Financial Performance**: Expected rapid growth in revenue and profit due to increased orders and successful project deliveries [14] Muyuan Co., Ltd. - **Market Position**: Positioned well in the agricultural sector with a focus on cost advantages and stable profit margins [15][19] - **Price Stability**: Government policies are expected to stabilize pork prices, reducing downward pressure on prices [17][18] - **Future Projections**: Anticipated price increases for pork in the coming year, benefiting the company's profitability [18][20] Chuan Yi Co., Ltd. - **Industry Position**: A leading automation instrument company with significant growth potential in domestic and international markets [24][25] - **Market Trends**: Expected growth in demand due to infrastructure projects and a low industry base [24] Lao Pu Gold - **Financial Performance**: Significant revenue growth projected for the first half of the year, with expectations for continued strong performance [27][28] - **Market Outlook**: Anticipated strong demand and expansion in new store openings contributing to revenue growth [28] Li Gao Video - **Market Dynamics**: Stable performance in the supply chain, with growth in revenue and profit despite market pressures [30] - **Product Innovation**: Introduction of new products in response to regulatory changes, enhancing market competitiveness [30][31] Long Sheng - **Cost Management**: Decrease in raw material costs, particularly oil, is expected to improve profit margins [32][33] - **Market Conditions**: Positive outlook due to government policies aimed at stabilizing the economy and improving PPI [34][35] Additional Important Insights - **Overall Market Trends**: The conference highlighted a general trend of companies adapting to market changes and government policies, with a focus on innovation and cost management across various sectors. - **Investment Recommendations**: Analysts recommended several companies as "golden stocks" based on their market positions, growth potential, and financial performance. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the companies and industries involved.

Group 1 - The core point of the article highlights the performance and holdings of the Invesco Great Wall State-Owned Enterprise Value Mixed A Fund, which has a recent net value of 1.3060 yuan and has experienced a weekly return of -3.04% [1] - The fund was established on May 30, 2023, and as of June 30, 2025, it has a total scale of 295 million yuan [1] - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Co., Tencent Holdings, China National Offshore Oil, Chuan Yi Co., Sinopharm Holdings, Zhuhai Smelter Group, Yun Aluminum, and CRRC Corporation, with a combined holding percentage of 52.32% [1] Group 2 - The fund has achieved a return of 8.78% over the past three months and 8.37% year-to-date [1]

Group 1 - The company held its sixth board meeting on July 29, 2025, where all 10 directors participated, and the meeting was deemed legal and effective [2][4] - The board approved a proposal to engage in a bill pool business with China Merchants Bank, with a credit limit of 1 billion yuan [3][8] - The company will provide guarantees for its subsidiaries, with a maximum of 350 million yuan for Chongqing Chuan Yi Control Valve Co., Ltd. and 70 million yuan for Chongqing Chuan Yi Analysis Instrument Co., Ltd. [3][7] Group 2 - The bill pool business aims to enhance the management of bank acceptance bills and improve resource utilization [12] - The company has a cumulative external guarantee amount of 758.94 million yuan, which is 17.60% of the audited net assets attributable to the parent company for 2024 [16] - There are no overdue guarantees reported as of the announcement date [16]

证券代码：603100 证券简称：川仪股份 公告编号：2025-040 二、董事会会议审议情况 经与会董事认真审议，通过了《关于公司开展票据池业务的议案》。 同意川仪股份及成员企业（含分公司、全资子公司重庆川仪调节阀有限公 司、重庆川仪分析仪器有限公司）与招商银行合作，在 10 亿元额度范围内开 展共享票据池业务，其中川仪股份通过票据质押为重庆川仪调节阀有限公司提 供金额不超过 35,000 万元的担保，为重庆川仪分析仪器有限公司提供金额不 超过 7,000 万元的担保，具体担保时间和金额以担保合同为准。担保期限（质 押期间）自票据池业务最高额质押合同生效之日起至《票据池业务授信协议》 项下授信债权诉讼时效届满的期间。授权公司经理层行使具体操作的决策权， 根据公司及成员企业的经营需要，按照系统利益最大化原则确定每笔担保的具 体额度、担保物等。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 具体情况详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《川仪股份关于开展票据池业务的公告》（公告编号：2025-041）。 特此公告。 重庆川仪自动化股份有限公司董事会 重庆川仪自动化股 ...

Group 1 - The core point of the article is that Chuan Yi Co., Ltd. announced the approval of a proposal to conduct a bill pool business during the eighth meeting of its sixth board of directors [2] Group 2 - The announcement was made on the evening of July 30, indicating a strategic move by the company to expand its financial operations [2] - The decision reflects the company's ongoing efforts to enhance its financial management capabilities and optimize cash flow [2] - The bill pool business is expected to provide the company with more flexibility in managing its short-term financing needs [2]

证券日报网讯川仪股份（603100）7月30日在互动平台回答投资者提问时表示，截至2025年6月30日，公 司股东人数20238户。 ...

重庆川仪自动化股份有限公司 证券代码：603100 证券简称：川仪股份 公告编号：2025-041 关于开展票据池业务的公告 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。 重要内容提示： 票据池业务授信额度：公司及成员企业（含分公司、全资子公司川仪调 节阀、全资子公司川仪分析仪，下同）拟与招商银行合作，在 10 亿元额度范 围内开展共享票据池业务。公司及成员企业可将其合法持有的并经招商银行认 可的承兑汇票、保证金、存单等资产质押给招商银行，招商银行据此向公司及 成员企业提供授信。 担保情况：川仪股份本次为川仪调节阀提供金额不超过 35,000 万元的票 据质押担保，在此之前已实际为其提供的担保余额为 0；为川仪分析仪提供不 超过 7,000 万元的票据质押担保，在此之前已实际为其提供的担保余额为 0。 上述担保未在年度担保预计额度内，且均不存在反担保。 累计担保情况 仪股份及成员企业提供票据池业务给予的总体授信额度，其中全资子公司重庆 川仪调节阀有限公司（简称"川仪调节阀"）授信额度为不超过 35,000 万元， 重庆川仪分 ...

同意川仪股份及成员企业（含分公司、全资子公司重庆川仪调节阀有限公 司、重庆川仪分析仪器有限公司）与招商银行合作，在 10 亿元额度范围内开 展共享票据池业务，其中川仪股份通过票据质押为重庆川仪调节阀有限公司提 供金额不超过 35,000 万元的担保，为重庆川仪分析仪器有限公司提供金额不 超过 7,000 万元的担保，具体担保时间和金额以担保合同为准。担保期限（质 押期间）自票据池业务最高额质押合同生效之日起至《票据池业务授信协议》 项下授信债权诉讼时效届满的期间。授权公司经理层行使具体操作的决策权， 根据公司及成员企业的经营需要，按照系统利益最大化原则确定每笔担保的具 体额度、担保物等。 证券代码：603100 证券简称：川仪股份 公告编号：2025-040 重庆川仪自动化股份有限公司 第六届董事会第八次会议决议公告 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。 一、董事会会议召开情况 重庆川仪自动化股份有限公司（以下简称"公司"或"川仪股份"）第六 届董事会第八次会议于 2025 年 7 月 29 日以现场结合通讯表决方式 ...

Core Viewpoint - The company is actively engaged in the research and development of products for nuclear power and gas turbine projects, indicating a focus on innovation and domestic substitution in these sectors [1] Group 1 - The company has developed a bypass control valve for gas turbines in collaboration with nuclear power enterprises and research institutes, specifically targeting the conventional island of nuclear power [1] - The company has also collaborated with relevant firms to develop fuel control valves for gas turbine projects, achieving domestic substitution in this area [1]

Industry Overview - The liquid level transmitter is a core component of modern industrial automation systems, known for its simple structure, easy installation, and precise measurement, making it indispensable in industrial production, storage, and monitoring [1][15] - The importance of liquid level transmitters has increased due to the continuous improvement of industrial automation levels, the growing demand for refined production processes, and the reliance on high-precision liquid level monitoring in emerging industries such as new energy and intelligent manufacturing [1][15] - The Chinese liquid level transmitter market is projected to reach approximately 17.2 billion yuan in 2024, indicating a year-on-year growth trend [1][15] Application Fields - The main application fields for liquid level transmitters include the petrochemical industry and water treatment, where complex processes and high safety standards drive the demand for high-precision monitoring [1][15][13] - The rapid expansion of the water treatment industry, driven by environmental policies, has significantly increased the demand for liquid level transmitters [1][15] Market Dynamics - The liquid level transmitter industry is characterized by a competitive landscape where foreign brands dominate the high-end market, while domestic companies like Chuan Yi Co. and Mai Ke Sensor are gradually expanding their market share through cost-effectiveness [17][19] - The industry is witnessing an increase in concentration, with leading companies building competitive barriers through technological research and development and channel construction [17] Key Companies - Chuan Yi Automation Co., Ltd. focuses on industrial automatic control systems and reported a revenue of 6.75 billion yuan in 2024, reflecting a year-on-year growth of 2.3% [19] - Mai Ke Sensor Co., Ltd. specializes in manufacturing industrial process measurement and control instruments, including pressure sensors and liquid level transmitters [21] - Other notable companies include Shenzhen Yunmin Instrument Co., Ltd., which offers a range of liquid level transmitters and pressure sensors, and Shanghai Yuanwang Liquid Level Meter Co., Ltd., a pioneer in liquid level measurement instruments [21][19] Industry Challenges - The liquid level transmitter industry faces challenges such as environmental corrosion, interference from impurities and suspended particles, limitations in measurement accuracy, and insufficient long-term stability [23][24][25][26] Future Trends - The industry is expected to move towards higher precision, driven by the increasing demands of industrial automation for measurement accuracy [27] - Smart technology integration will be a key trend, with IoT and AI enabling liquid level transmitters to perform data analysis and autonomous decision-making [28] - Integration design will promote multifunctional and compact liquid level transmitters, reducing reliance on peripheral components and enhancing overall system reliability [29]