Company Overview - Zhongji United (Beijing) Technology Co., Ltd. specializes in the research, production, sales, and service of specialized high-altitude safety operation equipment, with a revenue composition of 66.87% from high-altitude safety lifting equipment, 29.29% from high-altitude safety protection equipment, 3.21% from high-altitude safety operation services, and 0.63% from other sources [1]. Financial Performance - For the first half of 2025, Zhongji United achieved an operating income of 818 million yuan, representing a year-on-year growth of 43.52%, and a net profit attributable to shareholders of 262 million yuan, reflecting a year-on-year increase of 86.61% [2]. - Since its A-share listing, Zhongji United has distributed a total of 330 million yuan in dividends, with 205 million yuan distributed over the past three years [3]. Shareholder Information - As of August 20, 2025, Zhongji United had 21,000 shareholders, an increase of 17.12% from the previous period, with an average of 10,124 circulating shares per shareholder, a decrease of 14.62% [2]. - Notable institutional holdings include Baodao Huitai Preferred Mixed A (016840) as the fifth largest shareholder with 3.7661 million shares, and Hong Kong Central Clearing Limited as the seventh largest shareholder with 3.1668 million shares, both being new shareholders [3].

Group 1: Zhongji United - In the first half of 2025, Zhongji United achieved operating revenue of 818 million yuan, a year-on-year increase of 43.52%, and a net profit of 262 million yuan, up 86.61% [1] - The growth in performance is attributed to the rapid development of the wind power industry, with increased domestic and international revenue and a stable increase in new orders [1] - The gross profit margin improved to 50.15%, mainly due to the increase in export revenue, changes in the domestic product structure, and a higher proportion of revenue from the US market [1] Group 2: AVIC High-Tech - AVIC High-Tech is focusing on consolidating its main business and deepening its strategic layout in the low-altitude economy during the "14th Five-Year Plan" [2] - The company has invested 917 million yuan in the construction of composite material components for civil aviation, with specific implementation plans currently being developed [2] - The gross profit margin is improving due to changes in product structure, and the company expects significant improvement in cash collection in the second half of the year [2] Group 3: Tianfu Communication - In the first half of 2025, Tianfu Communication reported operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% [3] - The growth in active business is primarily driven by the increased delivery of high-speed active products, with strong demand for these products [3] - The company is maintaining high-intensity R&D investment and is collaborating with customers to develop new products [3] Group 4: Taikang Fund - Taikang Fund, established in 2021, has an asset management scale of 133.469 billion yuan, ranking 50th out of 210 [4] - The fund has 159 public funds under management, ranking 49th out of 210, and has 23 fund managers, ranking 59th out of 210 [4] - The best-performing public fund product in the past year is the Taikang North Exchange Selection Two-Year Open Mixed Fund A, with a latest net value of 2.54 and a growth of 113.73% in the past year [4]

Group 1: Zhongji United - In the first half of 2025, Zhongji United achieved operating revenue of 818 million yuan, a year-on-year increase of 43.52%, and a net profit of 262 million yuan, up 86.61% [1] - The growth in performance is attributed to the rapid development of the wind power industry, with both domestic and international revenues increasing and new orders continuing to rise steadily [1] - The gross profit margin improved to 50.15%, mainly due to an increase in export revenue, changes in the domestic product structure, and a higher proportion of revenue from the US market [1] Group 2: Xinhang New Materials - In the first half of 2025, Xinhang New Materials reported operating revenue of 229 million yuan, a year-on-year increase of 9.66%, and a net profit of 35.29 million yuan, up 20.40% [2] - The sales volume of the main products increased by approximately 30%, with DFBP, HP, and photoinitiators rising by around 25%, and pharmaceutical intermediates increasing by over 50% [2] - The recovery in gross profit margin is attributed to improved capacity utilization and a decrease in fixed cost allocation [2] Group 3: Tianfu Communication - In the first half of 2025, Tianfu Communication achieved operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% [3] - The growth in active business is primarily due to the increased delivery of high-speed active products, with the company continuously expanding its customer base [3] - The gross profit margin decreased due to changes in product structure, with a higher proportion of revenue coming from active products [3]

Core Insights - The company reported its 2025 semi-annual results, exceeding expectations with a revenue of approximately 820 million yuan, a year-on-year increase of 43.5% [1] - The net profit attributable to shareholders reached 260 million yuan, up 86.6% year-on-year, while the net profit after deducting non-recurring items was 240 million yuan, reflecting a 97.8% increase [1] - The company's operating cash flow was 110 million yuan, a year-on-year increase of 35.4%, and the basic earnings per share were 1.23 yuan, up 86.4% [1] Business Performance - All business segments maintained rapid growth, with domestic and international gross profit margins improving year-on-year [2] - The company’s revenue from high-altitude lifting equipment, high-altitude protective equipment, and high-altitude safety operation services grew by 34.3%, 71.4%, and 35.2% respectively [2] - The gross profit margins for these segments changed by 3.4, -2.3, and 1.8 percentage points respectively, while domestic and international revenues grew by 39.4% and 46.8% respectively [2] Profitability Enhancement - The overall gross profit margin increased by 1.5 percentage points to 50.1% due to rising margins in both domestic and international markets [3] - The company achieved a significant reduction in expense ratios across various categories, leading to a total expense ratio decline of 6.4 percentage points to 16.0% [3] - The net profit margin rose by 7.4 percentage points to 32.0% as a result of the combined effects of increased gross profit margin and reduced expenses [3] Investment Outlook - As a leading provider of high-altitude operation equipment for wind power in China, the company is expected to benefit from the growth in new wind power installations and market renovations [4] - The forecast for the company’s revenue for 2025-2027 has been raised to 1.82 billion, 2.25 billion, and 2.76 billion yuan, reflecting year-on-year growth rates of 40.1%, 23.6%, and 22.9% respectively [4] - The net profit forecast for the same period has also been increased to 500 million, 610 million, and 750 million yuan, with corresponding growth rates of 59.7%, 20.7%, and 23.1% [4]

Summary of Zhongji United's Conference Call Company Overview - **Company**: Zhongji United - **Period**: First half of 2025 Key Financial Metrics - **Net Profit**: 244 million CNY, up 97.77% YoY [2][3] - **Total Assets**: 3.543 billion CNY, up 6.74% YoY [2][3] - **Net Assets**: 2.756 billion CNY, up 6.47% YoY [2][3] - **Operating Cash Flow**: 109 million CNY, up 35.35% YoY [2][3] - **Revenue Growth**: 44% YoY, with Q2 growth at 50% [2][4] Revenue Breakdown - **Main Business Revenue**: - Aerial safety lifting equipment: 67% - Aerial safety protection equipment: 30% [2][5] - **Overseas Revenue**: Approximately 55% of total revenue, with a target of two-thirds in the future [2][12][19] Profitability Metrics - **Gross Margin**: Exceeded 50%, up 2.96 percentage points YoY, driven by increased export sales and high-priced product sales [2][6][7] - **Net Margin**: Reached 32%, up 7 percentage points YoY, due to gross margin improvement and reduced sales and R&D expenses [2][8] Order and Market Dynamics - **New Orders**: Expected to grow by 30% YoY for 2025, with domestic orders growing faster than international [4][24] - **Accounts Receivable**: 646 million CNY, with a typical collection period of 3 to 6 months [4][13] - **Inventory Increase**: To mitigate potential tariff risks and meet rising customer demand [14] Market Strategy and Expansion - **International Presence**: Establishing subsidiaries in the Middle East and Brazil to tap into growing renewable energy demand [17] - **U.S. Market**: Accounts for over 60% of overseas revenue, primarily from retrofitting existing wind turbines [19][20] Cost Management and Efficiency - **Expense Control**: Management expenses increased by 23% due to higher salaries and consulting fees, but overall costs are expected to stabilize [18][10] - **Future Cost Trends**: Anticipated to remain stable as the company implements cost control measures [10] Competitive Landscape - **Market Entry Barriers**: High certification and safety requirements deter new entrants into the industry [15][16] - **R&D Investment**: Significant investment in R&D has led to effective cost control, enhancing gross and net margins compared to international peers [23] Future Outlook - **Revenue and Order Growth**: Full-year order growth expected to reach 30%, with a focus on both domestic and international markets [24][41] - **Market Challenges**: Anticipated pressure on domestic installation capacity in 2026, but the company plans to introduce new products to maintain growth [45] Additional Insights - **Contract Liabilities**: Future growth in contract liabilities will depend on timely customer acceptance of projects [11] - **Product Value**: The value of products varies significantly based on specifications, with potential increases as new products are introduced [21] This summary encapsulates the key points from Zhongji United's conference call, highlighting financial performance, market strategies, and future outlook.

Core Viewpoint - Zhongji United (605305.SH) focuses on vertical lifting and safety protection products designed for confined spaces, with applications across various industries including wind power, hydropower, power grid towers, thermal power, telecommunications, and aquaculture [1] Company Summary - The company's lifting products are specifically designed to meet the vertical lifting and safety protection needs in confined spaces [1] - Currently, the company has no collaboration with SpaceX [1] Industry Summary - The products are utilized in multiple sectors such as wind power, hydropower, power grid towers, thermal power, telecommunications, and aquaculture, indicating a diverse application range [1]

本次财报公布的各项数据指标表现尚佳。其中，毛利率50.15%，同比增6.28%，净利率32.02%，同比增 30.03%，销售费用、管理费用、财务费用总计9465.04万元，三费占营收比11.57%，同比减25.16%，每 股净资产12.97元，同比增14.38%，每股经营性现金流0.51元，同比增35.35%，每股收益1.23元，同比增 86.36% 据证券之星公开数据整理，近期中际联合(605305)发布2025年中报。截至本报告期末，公司营业总收入 8.18亿元，同比上升43.52%，归母净利润2.62亿元，同比上升86.61%。按单季度数据看，第二季度营业 总收入5.02亿元，同比上升52.13%，第二季度归母净利润1.64亿元，同比上升99.31%。本报告期中际联 合盈利能力上升，毛利率同比增幅3.11%，净利率同比增幅30.03%。 财务报表中对有大幅变动的财务项目的原因说明如下： 营业收入变动幅度为43.52%,原因:2025年上半年风电行业整体保持快速发展态势，公司把握机遇、积 极开拓市场，各类业务持续稳定增长，境内外收入同比增加带来本期主营业务收入增长。 应收款项变动幅度为26.64%,原因 ...

Group 1 - Zhongji United (605305.SH) released its semi-annual report for 2025 on August 23, 2025, indicating that as of August 22, 2025, 27 institutional investors disclosed holding shares, totaling 39.78 million shares, which accounts for 18.72% of Zhongji United's total share capital [1] - The top ten institutional investors include various firms such as Beijing Shichuang Technology Development Co., Ltd. and China Merchants Bank Co., Ltd., with the top ten collectively holding 17.89% of the shares, a decrease of 1.56 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Baodao Huitai Preferred Mixed A, increased its holdings by 0.82% compared to the previous period, while another fund, Jiaoyin Trend Mixed A, decreased its holdings by 0.19% [2] - One new public fund, Nanhua Fenghui Mixed A, was disclosed this period, while 21 public funds were not disclosed in this period, including notable funds like Jiaoyin Ruiyuan Three-Year Fixed Open Mixed and Morgan Stanley Thematic Preferred Mixed [2]

Core Points - The company held its 13th meeting of the 4th Supervisory Board on August 21, 2025, to discuss various resolutions related to the 2025 semi-annual report and other financial matters [1][2] Group 1: Meeting Overview - The meeting was convened in accordance with relevant laws and regulations, and all resolutions made were deemed legal and effective [1] - The Supervisory Board members reviewed and approved the 2025 semi-annual report and its summary, confirming compliance with legal and regulatory requirements [2] Group 2: Financial Reports - The 2025 semi-annual report reflects the company's operational results, financial status, and changes in shareholding, and was prepared in accordance with applicable laws and internal management systems [2] - The report was found to be objective, truthful, and fair, accurately representing the company's performance for the first half of 2025 [2] Group 3: Fund Management - The Supervisory Board approved a special report on the storage and actual use of raised funds, confirming that the funds were stored in dedicated accounts and used for their intended purposes without any violations [3] Group 4: Profit Distribution - The company proposed a cash dividend of 0.37 yuan per share (including tax) to all shareholders, which was approved by the Supervisory Board [3][5] Group 5: Business Operations - The total limit for foreign exchange derivative trading was increased from 35 million USD to 125 million USD, allowing for joint and rolling use by the company and its subsidiaries [5] Group 6: Structural Changes - The company decided to abolish the Supervisory Board and corresponding rules, with the roles of current supervisors being naturally terminated [5]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on September 8, 2025, at 14:30 [1] - The meeting will be conducted using a combination of on-site and online voting methods [1] - The location for the on-site meeting is at the conference room, No. 11 Tongji South Road, Beijing Economic and Technological Development Zone [1] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with voting available from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same category of shares [4][5] - Duplicate votes for the same voting right will be counted based on the first voting result [5] Attendance and Registration - Shareholders registered with China Securities Depository and Clearing Corporation Limited as of the close of trading on August 29, 2025, are eligible to attend the meeting [6] - Registration for attendance must be completed by September 5, 2025, at 17:00 [6] - Required documents for registration include a power of attorney, identification, and proof of shareholding [6] Agenda Items - The meeting will review several proposals, including the 2025 semi-annual profit distribution plan and amendments to various company regulations [4][11] - No related shareholders are required to abstain from voting on the proposals [4] Contact Information - For inquiries regarding the meeting, shareholders can contact Qi Yajuan at 010-69598980 or via email at ir@3slift.com [6]