Core Viewpoint - Zhongji United's stock price has shown volatility, with a year-to-date increase of 30.31% but a recent decline of 6.85% over the past five trading days [1] Group 1: Stock Performance - As of August 28, Zhongji United's stock price was 36.33 CNY per share, with a market capitalization of 7.721 billion CNY [1] - The stock has experienced a net outflow of 19.67 million CNY in principal funds, with significant selling pressure [1] - The stock has been on the龙虎榜 (a list of stocks with significant trading activity) once this year, last appearing on July 16 [1] Group 2: Financial Performance - For the first half of 2025, Zhongji United reported revenue of 818 million CNY, a year-on-year increase of 43.52%, and a net profit of 262 million CNY, up 86.61% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 330 million CNY, with 205 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of August 20, the number of shareholders increased to 21,000, a rise of 17.12%, while the average circulating shares per person decreased by 14.62% [2] - Notable institutional shareholders include博道惠泰优选混合A and香港中央结算有限公司, both of which are new entrants among the top ten circulating shareholders [3]

联合研究丨公司点评丨中际联合（605305.SH） [Table_Title] 中际联合 25H1 点评：国内外营收高增，盈利能 力提升 报告要点 丨证券研究报告丨 [Table_Summary] 公司是风电高空作业设备龙头，主要产品在风力发电行业细分市场占有率第一，国内海外风电 项目持续释放，公司显著受益。同时，随着公司费用可控及非风电业务的布局，公司盈利有望 继续提升。 分析师及联系人 [Table_Author] SAC：S0490517110001 SAC：S0490514040001 SAC：S0490520030003 SAC：S0490520080002 SAC：S0490524070003 SFC：BRP550 SFC：BQK482 SFC：BVD284 赵智勇 邬博华 倪蕤 司鸿历 屈奇 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中际联合（605305.SH） cjzqdt11111 [Table_Title 中际联合 25H1 2] 点评：国内外营收高增，盈利能 力提升 [Table_Summary2] 事件描述 中际联合发布 2025 ...

中际联合（北京）科技股份有限公司 会议资料 二〇二五年九月 目 录 中际联合（北京）科技股份有限公司 现场会议日期、时间：2025年9月8日 14点30分。 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台 的 投 票 时 间 为 股 东 会 召 开 当 日 的 交 易 时 间 段 ， 即 9:15-9:25,9:30-11:30 ， 现场会议地点：北京经济技术开发区同济南路11号会议室。 会议主持人：董事长刘志欣先生。 会议议程： 须知； 议案十三：《关于修订公司 <会计师事务所选聘制度> 的议案》。 六、参加现场会议的股东审议议案并表决议案； 七、与会代表休息（工作人员统计网络及现场投票结果）； 八、宣读会议（现场加网络）表决结果； 九、宣读股东会决议； 十、律师宣读本次股东会法律意见书； 十一、出席会议的董事、监事、董事会秘书、会议主持人等签署会议记录及 会议决议； 十二、宣布会议结束。 中际联合（北京）科技股份有限公司 为确保公司2025年第一次临时股东会的顺利召开，维护投资者的合法权益， 确保股东会的正常秩序和议事效率，根据《中华人民共和国公司法》《公司章程》 以及公司《股东会议事 ...

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.

格隆汇8月25日丨中际联合(605305.SH)在互动平台表示，公司所生产的升降产品主要为有限空间内的垂 直升降及安全防护需求而设计，产品已经应用在风力发电、水电、电网塔架、火电、通信、立体养殖等 多个领域。目前公司没有与SpaceX进行合作。 ...

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 ...