Group 1 - The core conclusion of the report on Lens Technology (300433.SZ) indicates a new growth phase driven by multiple engines in the consumer electronics sector, with projected revenues of CNY 921.8 billion, CNY 1155.1 billion, and CNY 1377.9 billion for 2025-2027, representing year-on-year growth of 31.9%, 25.3%, and 19.3% respectively, and net profits of CNY 52.7 billion, CNY 65.0 billion, and CNY 78.3 billion, with year-on-year growth of 45.3%, 23.5%, and 20.4% [1][8] - The report highlights Lens Technology's deep moat in glass cover production, its strategic expansion into metal structural components, and its positioning in emerging markets such as AI hardware and smart automotive applications, which are expected to contribute significantly to revenue growth [9][8] - The report on Longda Co., Ltd. (688231.SH) emphasizes its focus on high-temperature alloys and the increasing demand from the aerospace and gas turbine sectors, projecting revenues of CNY 17.6 billion, CNY 22.1 billion, and CNY 27.4 billion for 2025-2027, with net profits of CNY 1.2 billion, CNY 1.7 billion, and CNY 2.5 billion, reflecting growth rates of 74%, 51%, and 42% respectively [11][12] Group 2 - The report on Shengnong Development (002299.SZ) indicates a significant increase in net profit by 791.93% year-on-year for the first half of 2025, with revenues of CNY 88.56 billion and net profits of CNY 9.10 billion, despite a decline in chicken prices affecting revenue growth [14][15] - The report notes that Shengnong Development has improved its operational efficiency through breeding and cost reduction strategies, leading to a notable increase in profit margins, with a gross margin of 11.97% for the first half of 2025, up 2.73 percentage points year-on-year [15][16] - The report on Best (300580.SZ) highlights steady growth in its core turbocharger components business and successful expansion into new energy vehicle parts, with projected revenues of CNY 16.49 billion, CNY 20.20 billion, and CNY 23.74 billion for 2025-2027, and net profits of CNY 3.51 billion, CNY 4.19 billion, and CNY 5.02 billion [19][20]

证券代码：688231 证券简称：隆达股份 公告编号：2025-034 江苏隆达超合金股份有限公司 江苏隆达超合金股份有限公司董事会 关于归还暂时补充流动资金的闲置募集资金的公告 2025 年 8 月 19 日 根据上述决议，公司在规定期限内实际使用了不超过 2 亿元（含本数）闲置 募集资金暂时补充流动资金，并对资金进行了合理的安排与使用，资金运用情况 良好，未影响募集资金投资项目建设的正常进行。 截至本公告披露日，公司已将上述暂时补充流动资金的闲置募集资金全部归 还至公司募集资金专用账户，并将上述募集资金的归还情况通知了保荐机构及保 荐代表人。 特此公告。 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个别及连带责任。 江苏隆达超合金股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开 了公司第二届董事会第八次会议、第二届监事会第五次会议，审议通过了《关于 使用部分闲置募集资金暂时补充流动资金的议案》，同意在保证募集资金项目建 设的资金需求和正常进行的前提下，公司拟使用不超过 2 亿元（含本数）的闲置 募集资金暂时补 ...

Investment Rating - The report gives an "Accumulate" rating for the company [4]. Core Views - The company is a rising star in the domestic high-temperature alloy sector, driven by increasing demand from the aerospace and gas turbine industries [2][4]. - The company focuses on high-temperature alloys and alloy materials, with a diverse range of products including cast and deformed high-temperature alloys and alloy pipes [2][4]. - The company is expected to achieve revenue and net profit growth in 2024, with revenue of 1.391 billion yuan and net profit of 66 million yuan, representing year-on-year growth of 15.22% and 19.38% respectively [2][4]. Summary by Sections Company Overview - The company specializes in high-temperature alloys and alloy materials, with products that cover military and civilian applications [2][4]. - The company aims to become a world-class high-temperature alloy manufacturer, having established production lines for both cast and deformed high-temperature alloys [19][20]. Market Demand - The demand for high-temperature alloys is expected to rise due to the growth in the aerospace engine and gas turbine markets, with global civil aviation showing promising prospects [2][40]. - The company is well-positioned to benefit from the restructuring of supply chains by overseas aerospace manufacturers, which presents opportunities for domestic suppliers [52]. Financial Projections - The company is projected to achieve revenues of 1.759 billion yuan in 2025, 2.209 billion yuan in 2026, and 2.736 billion yuan in 2027, with corresponding net profits of 115 million yuan, 173 million yuan, and 247 million yuan [3][14]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.47 yuan, 0.70 yuan, and 1.00 yuan respectively [14]. International Expansion - The company is actively expanding its international customer base and has signed long-term agreements with several overseas clients, enhancing its global supply chain presence [2][30]. - The overseas revenue is expected to significantly contribute to the company's growth, with a projected increase of 128.69% in 2024 [30]. Product Segmentation - The company's revenue from high-temperature alloys and alloy pipes is expected to reach 959 million yuan and 346 million yuan respectively in 2024, with year-on-year growth of 18.97% and 15.97% [24]. - The aerospace sector is the core application area for the company's products, with significant revenue contributions from aerospace, gas turbines, and automotive sectors [28].

Group 1 - The company held its 14th meeting of the second board of directors on August 1, 2025, where all 9 directors participated and the meeting was deemed legally valid [2][4] - The board approved the use of up to RMB 600 million of temporarily idle raised funds for cash management, ensuring the safety of the funds and that it does not affect the construction and use of the fundraising projects [3][18] - The cash management will involve purchasing safe, liquid, and principal-protected financial products, with a usage period of 12 months from the date of approval [24][28] Group 2 - The company also approved a guarantee of up to RMB 120 million for its wholly-owned subsidiary, SINGDA SUPERALLOY (MALAYSIA) SDN. BHD., to fulfill its obligations under a sales contract with SUMEC International Technology Co., Ltd. [5][39] - The guarantee period will last for three years from the fulfillment of the main contract obligations, and the company has sufficient control over the subsidiary's operations and credit status [42][43] - The board and supervisory committee confirmed that the guarantee does not harm the interests of the company or its shareholders [44][46]

Group 1 - The board of directors of Jiangsu Longda Superalloy Co., Ltd. held its 14th meeting of the second session on August 1, 2025, with all 9 directors participating in the voting [1][2] - The board approved the proposal to use part of the temporarily idle raised funds for cash management, allowing up to RMB 600 million to be used within 12 months, ensuring the safety of the funds and not affecting the project construction [1][3] - The board also approved a guarantee for its wholly-owned subsidiary, SINGDA SUPERALLOY (MALAYSIA) SDN. BHD., providing a guarantee of up to RMB 120 million for debts under a sales contract, with a guarantee period of three years from the debt fulfillment date [3]

Group 1 - The supervisory board of Jiangsu Longda Superalloy Co., Ltd. held its tenth meeting, which was legally convened and attended by all three supervisors [1][2] - The board approved the proposal to use part of the temporarily idle raised funds for cash management, aiming to improve the efficiency of fund utilization and generate certain returns without harming the interests of the company and shareholders [1][2] - The board also approved the proposal for the company to provide guarantees for its wholly-owned subsidiary, New Da Malaysia Company, based on actual business needs, ensuring that the company can effectively control risks and monitor the subsidiary's credit status [2]

证券代码：688231 证券简称：隆达股份 公告编号：2025-033 江苏隆达超合金股份有限公司 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： ? 担保对象及基本情况 Singda Superalloy (Malaysia) 被担保人名称 Sdn. Bhd. 本次担保金额 12,000 万元 担保对 象 实际为其提供的担保余额 0 万元 是否在前期预计额度内 □是 ?否 □不适用：_________ 本次担保是否有反担保 □是 ?否 □不适用：_________ ? 累计担保情况 对外担保逾期的累计金额（万元） 0 截至本公告日上市公司及其控股 子公司对外担保总额（万元） 对外担保总额占上市公司最近一 期经审计净资产的比例（%） □对外担保总额超过最近一期经审计净资产 □担保金额超过上市公司最近一期经审计净 特别风险提示（如有请勾选） 资产 50% □对合并报表外单位担保金额达到或超过最 近一期经审计净资产 30%的情况下 □对资产负债率超过 70%的单位提供担保 其他风险提示（如有） 无 一、担保情况概述 ...

Core Viewpoint - Jiangsu Longda Superalloy Co., Ltd. plans to use part of its temporarily idle raised funds for cash management, with a limit of up to RMB 600 million, ensuring the safety of the funds and not affecting the construction and use of the fundraising projects [1][2][9] Fundraising Basic Situation - The company raised a total of RMB 2,411,794,296.88 from its initial public offering, with a net amount of RMB 2,201,271,584.45 after deducting issuance costs [2] - The funds are stored in a special account to ensure proper management and protection of investor rights [2] Fundraising Investment Project Situation - The main investment project involves a technical transformation project to increase the annual production capacity of aviation-grade high-temperature alloys by 10,000 tons, with a total investment of RMB 100,016.77 million [3] - The project scale was adjusted from an original design capacity of 6,000 tons to 3,000 tons, with the revised fundraising usage amounting to RMB 80,176.88 million [5] Cash Management Basic Situation - The purpose of cash management is to improve the efficiency and returns of the temporarily idle funds while ensuring safety and not affecting project construction [5] - The cash management will involve purchasing high-security, high-liquidity financial products, with a maximum investment period of 12 months [5][6] Implementation and Disclosure - The board of directors authorized the management to handle related matters, with the finance department responsible for implementation [6] - The company will comply with relevant regulations for timely information disclosure regarding cash management activities [6] Impact on Daily Operations - The planned cash management will not affect the normal operations of the company or the ongoing fundraising investment projects, and it aims to enhance returns for the company and its shareholders [6][9] Opinions from Supervisory and Sponsoring Institutions - The supervisory board and sponsoring institutions have expressed their agreement with the cash management plan, confirming that it complies with legal requirements and does not harm the interests of shareholders [8][9]

Overview of the Guarantee - Jiangsu Longda Superalloy Co., Ltd. plans to provide an unconditional and irrevocable joint liability guarantee for its wholly-owned subsidiary, Singda Superalloy (Malaysia) Sdn. Bhd., to fulfill its obligations under a sales contract with SUMEC International Technology Co., Ltd. The total guarantee amount will not exceed RMB 120 million [2][4]. Internal Decision-Making Process - The board of directors approved the guarantee proposal during its tenth meeting, authorizing the chairman or authorized personnel to execute the decision and sign relevant legal documents. This guarantee does not require shareholder approval as it falls within the board's decision-making authority [2][4]. Financial Overview of the Guaranteed Entity - Singda Superalloy (Malaysia) Sdn. Bhd. has total assets of approximately RMB 5.27 billion and total liabilities of about RMB 503.45 million. The company reported a net profit of -54.64 million RMB for the year 2024 [3][4]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to support the operational needs of the subsidiary and improve capital turnover efficiency. The company has a comprehensive understanding of the subsidiary's financial health and creditworthiness, making the risk manageable [3][4]. Board of Directors' Opinion - The board believes that the guarantee aligns with the company's operational development needs and does not harm the interests of the company or its shareholders. The company can effectively control the risks associated with the subsidiary's daily operations [3][4]. Cumulative External Guarantee Status - As of the disclosure date, the company and its subsidiaries have no external guarantees. After this guarantee, the total amount of guarantees to subsidiaries will represent 3.36% of the company's total audited assets and 4.44% of its net assets [4]. Sponsor's Verification Opinion - The sponsor confirms that the guarantee has been approved by the board and supervisory committee, fulfilling necessary approval procedures and complying with relevant regulations, ensuring no harm to the interests of the company and minority shareholders [4].

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management to enhance fund efficiency and returns while ensuring that it does not affect the ongoing projects funded by these raised funds [1][6][8]. Fundraising Overview - The company raised a total of approximately RMB 2.41 billion through its initial public offering, with a net amount of about RMB 2.20 billion after deducting issuance costs [1][4]. - The funds are stored in a special account to ensure proper management and protection of investor rights [2]. Investment Project Details - The primary investment project involves a technical transformation to increase the annual production capacity of aviation-grade high-temperature alloys by 10,000 tons, with a total investment of approximately RMB 1 billion [3][4]. - The project’s capacity was adjusted from an original design of 6,000 tons to 3,000 tons due to construction timelines [4]. Cash Management Plan - The company intends to use up to RMB 600 million of the temporarily idle funds for cash management within a 12-month period [5][8]. - The cash management will focus on low-risk, high-liquidity products such as time deposits and structured deposits, with a maximum investment period of 12 months [5][6]. Impact on Operations - The cash management plan is designed to ensure that it does not interfere with the company's normal operations or the progress of the fundraising investment projects [6][8]. - Utilizing idle funds for cash management is expected to generate additional returns for the company and its shareholders [6]. Compliance and Approval - The cash management plan has been approved by the company's board of directors and supervisory board, complying with relevant laws and regulations [7][8]. - The sponsor institution has confirmed that the plan does not alter the intended use of the raised funds and adheres to regulatory requirements [8].