Group 1 - The company's stock price has experienced a cumulative increase of 20% over three consecutive trading days (July 14, July 15, and July 16, 2025), triggering abnormal fluctuation standards as per the Shanghai Stock Exchange trading rules [1] - The company has confirmed that its current production and operations are normal, with no significant changes in daily operations or external environment [1] - The controlling shareholder and actual controller do not have any undisclosed significant matters that need to be reported [1] Group 2 - The company advises investors to make rational decisions and be aware of investment risks due to the short-term volatility of its stock price [1]

Group 1: Company Overview - YingShi Innovation (688775.SH) is a global leader in panoramic cameras, with a strong focus on the development, production, and sales of smart imaging devices, including action cameras and panoramic cameras [9][11] - The company's revenue is primarily driven by consumer-grade cameras, which accounted for over 86% of its income in 2024, with nearly 80% of revenue sourced from overseas markets [9][10] - From 2017 to 2024, YingShi Innovation's revenue is projected to grow at a compound annual growth rate (CAGR) of 66.2%, reaching 5.57 billion, while net profit is expected to grow at a CAGR of 106.5% to 990 million [9][10] Group 2: Industry Dynamics - The smart portable imaging device industry, which includes action cameras and drones, is experiencing a product cycle upswing, with a projected CAGR of 41% in China from 2024 to 2027, and over 800,000 units expected to be sold in overseas markets during the same period [10][11] - The global market for consumer-grade panoramic cameras is highly concentrated, with YingShi Innovation holding a market share of 67.2% in 2023, while major players in the action camera segment include DJI, YingShi, and GoPro, collectively accounting for over 80% of the market [10][11] Group 3: Competitive Advantages - YingShi Innovation's competitive edge stems from its strong focus on technological innovation, product development, and a comprehensive marketing strategy, which includes advanced features such as AI smart editing and anti-shake technology [11][12] - The company has established a balanced global sales network, utilizing both online platforms like Amazon and Tmall, and offline channels across over 60 countries, enhancing its brand influence [11][12] Group 4: Financial Projections and Valuation - The company is expected to achieve net profit growth of 16%, 44%, and 42% from 2025 to 2027, reaching 1.15 billion, 1.65 billion, and 2.34 billion respectively, with corresponding earnings per share (EPS) of 2.87, 4.12, and 5.84 [12] - The estimated reasonable valuation for YingShi Innovation is between 183.47 and 207.93 per share, corresponding to a price-to-earnings (PE) ratio of 45-50 for 2026 [12]

Market Overview - The A-share market shows mixed performance with the Shanghai Composite Index closing at 3519.65, up 0.27% [2][4] - The Shenzhen Component Index decreased by 0.11%, while the ChiNext Index fell by 0.45% [2][4] - The overall market sentiment remains cautious with a focus on the electric power sector, which has shown strength recently [4][11] Economic Indicators - In the first half of 2025, China's total goods trade reached 21.79 trillion yuan, a year-on-year increase of 2.9% [18][19] - The total value of exports was 13 trillion yuan, growing by 7.2%, while imports decreased by 2.7% to 8.79 trillion yuan [19][20] - The People's Bank of China reported an increase of 12.92 trillion yuan in RMB loans during the same period [20][21] Industry Dynamics - The EVTank report indicates that in 2024, Chinese companies dominated the global high-rate battery market, occupying eight out of the top ten positions [30] - The construction of the largest 750 kV ring network project in China has been completed, enhancing power supply capabilities in the Xinjiang region [34] - The photovoltaic industry is undergoing a transformation with efforts to reduce "involution" and improve overall market conditions [62] Company Performance - KingMed Diagnostics (603882.SH) is expected to report a net loss of 0.65 billion to 0.95 billion yuan for the first half of 2025, a significant decline from a profit of 0.90 billion yuan in the previous year [36] - Zhongji United (605305.SH) anticipates a net profit of 0.25 billion to 0.30 billion yuan, reflecting a growth of 78.02% to 113.63% year-on-year [37] - JiuLi Special Materials (002318.SZ) is set to enhance its production capabilities with a new high-tech seamless steel pipe production line [40] Financial Performance - Youfu Co., Ltd. (002427.SZ) expects to turn a profit in the first half of 2025, with a net profit forecast of 10 million to 15 million yuan [44] - MiaoKe LanDuo (60882.SH) projects a net profit increase of 56% to 89% for the first half of 2025, driven by rising cheese product sales [46] - Shengyi Technology (688183.SH) anticipates a staggering net profit growth of 432% to 471% for the same period, attributed to strategic product optimization [55]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant growth in its performance for the first half of 2025, with a projected net profit attributable to shareholders ranging from 250 to 300 million yuan, representing a year-on-year increase of 78% to 114% [1] - The company has seen a 50% year-on-year increase in new orders from January to May 2025, with a notable improvement in the order structure, particularly in large-load elevators and gear rack elevators, which now account for approximately 40% of the total order value [2] - The company is enhancing its international presence, with overseas revenue reaching 650 million yuan in 2024, a 19% increase year-on-year, and accounting for 50% of total revenue, with a gross margin of 56% from international sales, significantly higher than domestic margins [2] - The company is actively innovating its product offerings in the wind power sector, introducing new products that align with the trend of larger wind turbines, while also expanding into non-wind sectors such as industrial and emergency rescue applications [3] Summary by Sections Financial Performance - The company forecasts a net profit of 492 million yuan for 2025, with a year-on-year growth of 56.4%, and an EPS of 2.32 yuan, translating to a PE ratio of 12.9 [4] - Revenue projections for 2025 are set at 1.915 billion yuan, reflecting a 47.5% increase compared to 2024 [4] Order and Market Dynamics - The company has optimized its order structure, with a focus on high-value products, leading to improved customer recognition and market coverage [2] - The company has established wholly-owned subsidiaries in key international markets, enhancing its ability to provide comprehensive services to overseas clients [2] Product Development - Continuous product innovation is a priority, with new solutions being developed to increase the value and profitability of wind power products [3] - The company is also diversifying its product applications beyond wind power, targeting various industries [3]

证券代码：605305 证券简称：中际联合 公告编号：2025-046 中际联合（北京）科技股份有限公司 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： ? 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 50% 以上。 ? 业绩预告相关的主要财务数据情况：中际联合（北京）科技股份有限公 司（以下简称"公司"）预计 2025 年半年度实现归属于母公司所有者的净利润 为 25,000.00 万元到 30,000.00 万元，同比增长 78.02%到 113.63%；公司预计 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润为 25,000.00 万元到 30,000.00 万元，与上年同期相比，将增加 10,956.76 万元到 15,956.76 万元，同比增长 78.02%到 113.63%。 公司本次业绩预测是公司财务部门基于自身专业判断进行的初步核算，未经 注册会计师审计。目前公司尚未发现影响本次业绩预 ...

[Zhongji United 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Zhongji%20United%EF%BC%88Beijing%EF%BC%89Technology%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20Overview) The company expects net profit attributable to shareholders for the first half of 2025 to be between 250 million and 300 million CNY, with significant year-on-year growth, based on preliminary unaudited estimates Current Period Performance Forecast (Preliminary) | Indicator | Forecast Amount (CNY) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 250 million - 300 million CNY | 78.02% - 113.63% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 230 million - 280 million CNY | 86.75% - 127.35% | - This performance forecast applies to situations where profitability is achieved, and net profit increases by **more than 50%** compared to the same period last year[3](index=3&type=chunk) - The data in this performance forecast is a preliminary estimate by the finance department and has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Position%20in%20the%20Prior%20Period) The company's first half of 2024 performance serves as the baseline for the current period's significant year-on-year growth 2024 Semi-Annual Performance | Indicator | 2024 Semi-Annual Amount (CNY) | | :--- | :--- | | Total Profit | 165.0185 million CNY | | Net Profit Attributable to Parent Company Shareholders | 140.4324 million CNY | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 123.1594 million CNY | | Earnings Per Share | 0.66 CNY | [Analysis of Performance Growth Drivers](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Growth) Significant performance growth is primarily attributed to the rapid development of the external wind power industry and internal cost reduction and efficiency improvements - External Market Drivers: Benefiting from the rapid development of the wind power industry, the company achieved upgraded order structure and increased customer coverage by providing optimized solutions, driving continuous growth in order volume[7](index=7&type=chunk) - Internal Efficiency Improvements: The company effectively reduced overall comprehensive costs and enhanced profitability through measures such as optimizing product structure, technical breakthroughs, improving process flows, and implementing cost reduction and efficiency initiatives[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast is a preliminary calculation by the finance department and has not been audited, with no significant uncertainties identified - This performance forecast is a preliminary calculation made by the company's finance department based on its professional judgment and has not been audited by a certified public accountant[8](index=8&type=chunk) [Other Explanations](index=2&type=section&id=V.%20Other%20Explanations) The company reiterates that the forecast data is preliminary, and final accurate financial data will be subject to the officially disclosed 2025 semi-annual report - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report; investors are advised to be aware of investment risks[9](index=9&type=chunk)

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Overview - The company, Zhongji United (Beijing) Technology Co., Ltd., through its wholly-owned subsidiary, Zhongji United (Beijing) Equipment Manufacturing Co., Ltd., has signed a partnership agreement to invest in a private equity fund, contributing 20 million RMB [1] Investment Details - The investment is made in the Chengdu Zizhi Lianjin Venture Capital Partnership (Limited Partnership), which has been registered with the Asset Management Association of China since August 20, 2024, with registration code SANF44 [1] - The fund manager and general partner of Zizhi Lianjin is Beijing Mingshi Private Fund Management Co., Ltd. [1] Changes in Partnership - The partnership agreement has undergone several changes, including the admission of new limited partners and capital adjustments: - New partner Chengdu Angel Equity Investment Fund Co., Ltd. will contribute 50 million RMB by June 30, 2029 [2] - The registered capital of the partnership has been increased from 25.2 million RMB to 33.66 million RMB [2] - Additional new partners include Sequoia Yuhui (Xiamen) Equity Investment Partnership and Zigong Innovation Capital Investment Co., Ltd., with respective contributions of 12 million RMB and 30 million RMB [2][3] Fund Structure and Contributions - As of the announcement date, the total registered capital of the Zizhi Lianjin fund is 54.3 million RMB, with various partners contributing different amounts [4][9] - The fund's structure includes multiple partners, with Zhongji United (Beijing) Equipment Manufacturing Co., Ltd. being one of the limited partners [4][9] Impact on Company - The changes in the partnership and the addition of new limited partners are in compliance with investment regulations and do not harm the interests of the partnership or its partners [10] - The company's investment amount and method remain unchanged, and the new partnership agreement is not expected to adversely affect the company's financial or operational status [10]

中际联合（北京）科技股份有限公司 关于全资子公司参与认购股权投资基金份额暨对外投资的 进展公告 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、参与购买私募基金产品的概述 为进一步拓宽公司投资渠道，中际联合（北京）科技股份有限公司（以下简称"公 司"）全资子公司中际联合（北京）装备制造有限公司（以下简称"中际装备"）与 北京明势私募基金管理有限公司（以下简称"北京明势"）等合作方签署了《成都自 知联锦创业投资合伙企业（有限合伙）合伙协议》（以下简称"合伙协议")，中际装 备作为有限合伙人以自有资金认缴出资 2,000 万元人民币。成都自知联锦创业投资合 伙企业（有限合伙）（以下简称"自知联锦"）已于 2024 年 8 月 20 日在中国证券投 资基金业协会完成备案，备案编码：SANF44。自知联锦的基金管理人、执行事务合伙 人（普通合伙人）为北京明势。本次对外投资事项不构成同业竞争，不构成关联交易， 也不构成《上市公司重大资产重组管理办法》规定的重大资产重组。具体内容详见公 司于 2024 年 4 月 17 日、2024 ...

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]