公司收购海南微纳投资合伙企业（有限合伙）（以下简称"海南微纳"）持 有的微纳科技11.6315%股权（对应注册资本201.69万元），收购杭州紫兴创业投 资合伙企业（有限合伙）（以下简称"紫兴创投"）持有的微纳科技1.9608%股权 （对应注册资本34万元），收购姚嘉持有的微纳科技4.8783%股权（对应注册资 本84.59万元）。本次交易前，公司持有微纳科技32.5294%股权（对应注册资本 564.06万元），微纳科技为公司参股公司，交易完成后，公司持有微纳科技51% 股权（对应注册资本884.34万元），微纳科技成为公司控股子公司。 杭州巨星科技股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州巨星科技股份有限公司（以下简称"公司"）第六届董事会第十六次会 议通知于2025年7月7日以传真、电子邮件等方式发出，且全体董事均已书面确 认收到全部会议材料。会议于2025年7月14日在杭州市上城区九环路35号公司九 楼会议室以现场会议的方式召开。本次会议应出席董事9名，实际出席董事9 名，公司全体高级管理人员列 ...

Core Viewpoint - The company, Hangzhou Juxing Technology Co., Ltd., has approved the acquisition of an 18.4706% stake in Hangzhou Weina Technology Co., Ltd., making it a controlling subsidiary [1][2]. Group 1: Acquisition Details - The company will acquire the stake through cash payments, specifically purchasing 11.6315% from Hainan Weina Investment Partnership, 1.9608% from Hangzhou Zixing Venture Capital Partnership, and 4.8783% from an individual named Yao Jia [1][2]. - The total valuation for 100% of Weina Technology is set at 27.5 million yuan, with the specific transaction prices being 31.985 million yuan for the stake from Hainan Weina, 5.39 million yuan from Zixing Venture Capital, and the corresponding amount for Yao Jia's stake [2]. Group 2: Meeting and Approval Process - The board meeting was held on July 14, 2025, with all nine directors present, and the decision to proceed with the acquisition was unanimously approved with 9 votes in favor [1][2]. - The meeting adhered to the relevant regulations of the Company Law of the People's Republic of China and the company's own articles of association [1].

Group 1 - The company plans to acquire 18.4706% equity of Hangzhou Weina Technology Co., Ltd. for a cash payment of 45.4 million yuan [1] - After the transaction, the company will hold 51% equity in Weina Technology, making it a subsidiary [1] - The estimated revenue for Weina Technology in 2024 is 146 million yuan, with the transaction valuation set at 1.88 times the 2024 revenue, resulting in a total valuation of 275 million yuan for 100% equity [1]

Group 1: Key Recommendations - The report highlights Huachen Equipment (300809) as a leading domestic roll grinding machine manufacturer, with a strategic focus on humanoid robot grinding machines to tap into a blue ocean market [5] - The recommendation logic is based on the company's superior product performance, which has reached international leading levels, and confirmed orders from top humanoid robot manufacturers [5] - The steel industry is expected to recover, which will positively impact the company's short-term performance, as its main revenue comes from CNC roll grinding machines [5] Group 2: Important Insights - The medical device sector is anticipated to see a performance recovery in H2 2025, driven by ongoing bidding recovery and inventory adjustments in high-value consumables [7][8] - The report notes that the market remains cautious about the sustainability of bidding recovery and the impact of high-value consumables procurement on company performance [7] - The long-term growth potential of chain pharmacies is highlighted, with expectations for revenue and profit growth driven by improved management and diversification efforts [8] Group 3: Financial Projections - For Huachen Equipment, projected revenues for 2025-2027 are 558.70 million, 700.90 million, and 914.30 million yuan, with growth rates of 25% for the first two years and 30% for 2027 [6] - The net profit forecast for the same period is 109.70 million, 153.50 million, and 200.50 million yuan, with growth rates of 59%, 40%, and 31% respectively [6] - Earnings per share are expected to be 0.40, 0.60, and 0.80 yuan, with corresponding price-to-earnings ratios of 82.50, 58.90, and 45.10 [6] Group 4: Market Strategy - The report suggests maintaining a diversified investment strategy, focusing on banks as a stable foundation while also investing in low-positioned securities and technology growth sectors [9] - It emphasizes the importance of individual stock selection over index performance, especially in the technology sector, given the current market conditions [9] - The outlook indicates limited downside potential in the market, with opportunities for individual stocks to perform well despite potential index corrections [9]

Core Viewpoint - Company Giant Technology has secured a significant order to supply 20V cordless lithium battery power tools and related accessories to a major international retail company, marking its first overseas electric tool order since 2021 [2][3]. Group 1: Order Details - The order is for global distribution across thousands of retail stores over a three-year period, with an estimated annual procurement amount of no less than $30 million [2][3]. - The production and delivery for the U.S. market will be based in Vietnam, with the expected revenue from this order in 2025 not exceeding $20 million due to only half a year of sales being executed [3]. - This order represents a significant milestone for the company, demonstrating its global supply capabilities and the operational readiness of its Vietnamese production base [3]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 14.795 billion yuan, a year-on-year increase of 35.37%, and a net profit of 2.304 billion yuan, up 36.18% [7]. - For the first half of 2025, the company forecasts a net profit between 1.253 billion and 1.373 billion yuan, reflecting a growth of 5% to 15% compared to the same period last year [7]. - The electric tools segment generated revenue of 1.438 billion yuan in 2024, marking a 36.53% increase year-on-year, although it still represents only 9.72% of total revenue [5]. Group 3: Market Position and Strategy - The company has established itself as a major supplier for large retail chains in the U.S. and Europe, including Home Depot, Walmart, and Lowe's [5]. - Since 2018, the company has been implementing an internationalization strategy, building overseas manufacturing bases and developing a global supply chain [5]. - The company has 23 production bases worldwide and has formed strong partnerships with thousands of suppliers [5]. Group 4: Research and Development - The company has consistently increased its R&D expenditure, with amounts growing from 310 million yuan in 2021 to 812.3 million yuan in the first quarter of 2025, indicating a commitment to innovation [8]. - The company aims to enhance its market share and overall profitability through continuous product development and innovation [8].

Investment Rating - Industry rating: Recommended [6] Core Insights - The report highlights that the company, Juxing Technology, is expected to achieve a net profit attributable to shareholders of 1.253-1.373 billion yuan in H1 2025, with a year-on-year growth rate of 5%-15% [10][11] - The company has secured a significant electric tool order from a major international retailer, with an expected annual procurement amount of no less than 30 million USD, marking its first overseas production order since the launch of its electric tool product line in 2021 [2][13] - The report emphasizes the resilience of Juxing Technology's operations despite tariff impacts, with Q2 profits expected to increase due to higher gross margins driven by cross-border e-commerce sales and new product launches, particularly in electric tools [12][15] Summary by Sections 1. Weekly Focus: Juxing Technology Q2 Performance Exceeds Expectations - Juxing Technology's Q2 performance is projected to show a net profit of 792-912 million yuan, with a year-on-year growth rate of 1.6%-16.9% [11] - The company faced production capacity impacts for approximately 40 days due to tariff policies, affecting order delivery and revenue [11][12] - The establishment of production bases in Vietnam is expected to provide a tariff advantage, with agreements in place to reduce tariffs from 25% to 20% for exports to the US [12][13] 2. Key Company Announcements - The company, Ecovacs, anticipates a net profit of 960-990 million yuan for H1 2025, representing a year-on-year increase of 57.64%-62.57% [16] - The net profit for Ecovacs in Q2 2025 is expected to be 485-515 million yuan, reflecting a year-on-year increase of 55.9%-65.6% [17] 3. Data Tracking - Raw material prices show fluctuations, with LME copper prices down by 3.3% and LME aluminum prices up by 0.2% as of July 11, 2025 [18] - Shipping rates have decreased, with the CCFI composite index down by 2.18% compared to the previous week [23] - Real estate data indicates a decline in sales area, completion area, and new construction area by 2.9%, 17.3%, and 22.8% respectively for the first five months of 2025 [25]

Core Viewpoint - The announcement by Giant Star Technology Co., Ltd. regarding a procurement confirmation from a major international retail company signifies a substantial growth opportunity for the company in the electric tools market, particularly in the global supply chain context [1][2]. Group 1: Procurement Details - The order involves a series of 20V cordless lithium battery electric tools and related accessories, with a total procurement amount expected to be no less than $30 million annually, which exceeds 10% of the company's projected revenue from electric tools in 2024 [1]. - This order marks the first electric tool order produced and delivered outside of China since the company began developing its electric tool product line in 2021, specifically for the U.S. market with production and delivery based in Vietnam [1]. Group 2: Global Manufacturing and Supply Chain - The order is seen as recognition of the company's global manufacturing layout, which is expected to enhance revenue share from electric tools and build confidence among global customers regarding the company's Vietnamese production base [2]. - The company has established a comprehensive global production and supply chain management system, with 23 production bases worldwide and strong partnerships with thousands of suppliers [2]. - The Southeast Asia region is highlighted for its abundant labor resources and relatively low costs, which can effectively reduce production costs and expand capacity, allowing the company to seize market opportunities [2]. Group 3: Strategic Implications - The global supply chain is undergoing a structural transformation towards resilience, and the company's overseas supply system is designed to mitigate various operational risks, ensuring stable orders and customer trust [2]. - The globalization of the supply chain enables the company to achieve "customer proximity, rapid delivery, and customized response," transitioning from traditional export models to local service and competition capabilities [2].

Summary of Key Points from the Conference Call of Giant Star Technology Company Overview - **Company**: Giant Star Technology - **Industry**: Electric Tools and Manufacturing Core Insights and Arguments 1. **Q2 Performance**: Revenue for Q2 remained flat year-over-year at approximately 3.4 billion yuan, with net profit expected to grow by 5% to 15%, translating to a range of 1.25 billion to 1.37 billion yuan [2][3] 2. **Impact of Tariffs**: The U.S. tariffs have negatively impacted production capacity, particularly in China, leading to order delays and freezes. The company is adjusting capacity to ensure future supply [2][3][7] 3. **Profitability Improvement**: Operating profit for Q2 is expected to increase by over 20% year-over-year and over 40% quarter-over-quarter, primarily due to a significant rise in gross margin [2][5] 4. **Strategic Response to Tariffs**: The company is relocating production from China to Vietnam, Cambodia, and Thailand, and has reached a trade agreement with the U.S. to reduce tariffs on Chinese exports to 55% [2][8][10] 5. **Global Manufacturing Model**: The integrated global business model allows the company to efficiently shift production to low-tariff regions, mitigating risks associated with sudden tariff changes [12][13] 6. **Future Profit Margins**: The operating profit margin is projected to reach 15.84% or higher in Q3, with sales gross margin expected to hit historical highs due to price increases in proprietary brands and higher sales volumes [6][24] 7. **Electric Tools Market Outlook**: The company is confident in achieving $1 billion in revenue from electric tools over the next three years, positioning itself among the top three global electric tool companies [4][24][36] Additional Important Insights 1. **Tariff Impact on Exports**: In early 2025, approximately 63% of exports were from China, but this has since decreased significantly due to tariffs, with many orders frozen for over 40 days [7][10] 2. **Investment in Southeast Asia**: The company plans to complete five phases of production in Vietnam, aiming for an export capacity of around $1 billion, while also expanding in Thailand and Cambodia [2][15][16] 3. **Challenges in U.S. Real Estate Market**: The U.S. real estate market is at a historical low, affecting tool consumption, although maintenance demand remains stable, with industry growth expected at around 4% [19] 4. **Long-term Manufacturing Trends**: The company believes that manufacturing is unlikely to return to the U.S. due to high costs and a lack of industrial supply chains, making overseas production more viable [17] 5. **Supply Chain Opportunities**: The restructuring of global supply chains presents significant opportunities for companies to expand market share, particularly in Southeast Asia [18] 6. **Future Capacity and Orders**: There is an anticipated significant increase in orders for the second half of the year, but current capacity may not fully meet demand, necessitating increased production efforts [21][22] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic responses to market challenges and its outlook for future growth.

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported better-than-expected performance, with a forecasted revenue of 7.05 billion yuan for the first half of 2025, representing a year-on-year growth of 5.2%. The net profit attributable to shareholders is expected to be between 1.25 billion and 1.37 billion yuan, reflecting a growth of 5% to 15% [1][2] - The impact of tariff changes has been mitigated, and the company is expected to return to a stable growth trajectory due to its global production capacity layout, new product launches in electric tools, and innovations in cross-border e-commerce channels [1][2] Summary by Sections Financial Performance - For Q2 2025, the company anticipates revenue of 3.4 billion yuan, with net profit attributable to shareholders expected to be between 790 million and 910 million yuan, indicating a year-on-year growth of 1.6% to 16.9% [1][2] - The company’s gross margin continues to improve, driven by price increases in the downstream markets and increased sales of new products, particularly electric tools [2] Tariff and Global Strategy - The company faced significant operational disruptions due to U.S. tariff policy changes, with approximately 40 days of order delivery being affected in Q2. However, the company has successfully adjusted prices and increased overseas shipments to maintain revenue stability [2] - The uncertainty surrounding tariffs is diminishing, with a new agreement reached between Vietnam and the U.S. regarding a 20% tariff, allowing the company to accelerate its production capacity in Southeast Asia [2] Market Outlook - The report suggests that the current low point in industry prosperity may soon reverse, as the impacts of tariff friction are gradually fading. The company is well-positioned to gain market share due to its integrated global operations and cost advantages [3] - Profit forecasts for the company indicate a net profit of 2.8 billion yuan in 2025, growing to 3.92 billion yuan by 2027, with corresponding PE ratios of 11.5X, 9.5X, and 8.2X for the years 2025, 2026, and 2027 respectively [3]

Group 1: Stock Suspension and Resumption - Shijia Photon plans to acquire 82.3810% equity of Fokexima from five trading parties, and will issue shares to raise matching funds from no more than 35 specific investors; stock will resume trading [1] - Liangpinpuzi's controlling shareholder, Ningbo Hanyi, is planning a major event that may lead to a change in company control, resulting in stock suspension [1] - Qin'an Co. intends to acquire 99% equity of Yigao Optoelectronics and raise matching funds; stock will resume trading [1] Group 2: Investment Cooperation and Operational Status - Juxing Technology has received a procurement confirmation from a large international retail company for a series of 20V cordless lithium battery power tools and related spare parts, with an expected annual procurement amount of no less than $30 million, accounting for over 10% of the company's 2024 power tool product revenue [2] - Guoxing Optoelectronics plans to raise no more than 980 million yuan through a private placement for the production construction project of "Ultra HD Display Mini/Micro LED and Display Module Products" [2] - Jiangfeng Electronics intends to raise no more than 1.95 billion yuan for the industrialization project of 5,100 integrated circuit equipment static suction cups [3] - Baotou Steel plans to adjust the related transaction price of rare earth concentrate for the third quarter of 2025 to 19,109 yuan/ton excluding tax [4] - Northern Rare Earth has adjusted the transaction price of rare earth concentrate for the third quarter to 19,109 yuan/ton excluding tax [5] Group 3: Performance Changes - Guosheng Jinkong expects a net profit of 150 million to 220 million yuan for the first half of the year, a year-on-year increase of 236.85% to 394.05%, with good performance improvement in brokerage and investment banking businesses [6] - Sairisi anticipates a net profit of 2.7 billion to 3.2 billion yuan for the first half, a year-on-year increase of 66.20% to 96.98%, with significant growth in second-quarter sales compared to the first quarter [6] - WuXi AppTec expects an adjusted net profit of approximately 6.315 billion yuan for the first half, a year-on-year increase of about 44.43% [7] - China Shipbuilding Industry Corporation expects a net profit of 1.5 billion to 1.8 billion yuan for the first half, a year-on-year increase of 181.09% to 237.30%, with a significant increase in the number of delivered civil ship products [7] - Huidian Co. anticipates a net profit of 1.65 billion to 1.75 billion yuan for the first half, a year-on-year increase of 44.63% to 53.40%, benefiting from structural demand for printed circuit boards in emerging computing scenarios such as high-speed computing servers and artificial intelligence [7] - Zhengbang Technology expects a net profit of 190 million to 210 million yuan for the first half, compared to a loss of 127 million yuan in the same period last year [8] - Dongyangguang expects a net profit of 583 million to 663 million yuan for the first half, a year-on-year increase of 157.48% to 192.81%, with accelerated strategic layout in intelligent computing center liquid cooling and humanoid robot fields, achieving revenue in the humanoid intelligent robot business [8]