Core Viewpoint - BlueDai Technology expects significant growth in net profit for the first half of 2025, driven by increased production capacity and product quality in the new energy vehicle sector, as well as recovery in the touch display industry [1] Financial Performance - For the first half of 2025, BlueDai Technology anticipates a net profit of between 93 million to 115 million yuan, representing a year-on-year increase of 37.54% to 70.08% [1] - The company's non-recurring net profit is projected to be between 73 million to 95 million yuan, showing a substantial year-on-year growth of 93.39% to 151.67% [1] - In 2024, BlueDai Technology reported an operating revenue of 3.536 billion yuan, a year-on-year increase of 25.93%, and a net profit of 124 million yuan, reflecting a growth of 134.04% [3] Business Segments - In the power transmission segment, the company focuses on core components for new energy vehicles, enhancing production scale and product quality, which has led to significant revenue and profit growth [1] - In the touch display segment, the industry is experiencing a recovery, and the company is capitalizing on opportunities in cover glass and vehicle touch screens, leading to improved product gross margins and substantial net profit growth [1] Leadership - The chairman of BlueDai Technology, Zhu Junhan, is 36 years old and holds a bachelor's degree. He also serves as the chairman and general manager of several affiliated companies [4] - Zhu Junhan's compensation has increased from 656,700 yuan in 2020 to 1,310,000 yuan in 2024, indicating a positive trend in leadership remuneration [4]

Investment Rating - The report recommends investment in companies such as Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing [2][4] Core Insights - The report emphasizes that reducers are the core components of humanoid robot joints, ensuring high precision and stability in motion control [2][9] - The humanoid robot precision reducer market is expected to grow steadily, with domestic manufacturers enhancing their supply capabilities [2][19] - Different types of reducers (harmonic, RV, planetary, and cycloidal) have distinct characteristics and applications, with cycloidal reducers emerging as a promising option for high-load joints [2][88] Summary by Sections 1. Reducers as Core Components - Reducers are essential for reducing speed and increasing torque in humanoid robots, connecting the power source to the execution structure [9][14] - The market for reducers in China is projected to reach approximately 144.8 billion yuan in 2024, with a steady growth rate of 4% to 5% over the past five years [19] 2. Demand Differentiation and Application of Cycloidal Reducers - The report identifies a growing application space for cycloidal reducers, which offer significant torque increase relative to cost and size [2][88] - Tesla's Optimus Gen2 utilizes a combination of planetary and harmonic reducers, highlighting the trend towards hybrid solutions in humanoid robots [76][80] 3. Prominent Companies and Technological Collaboration - Fuda Co., Ltd. is positioned as a leading player in the precision reducer market, with significant growth in revenue and net profit driven by the demand for new energy vehicles [99] - Jinguan Technology is expanding its footprint in the reducer market through joint ventures and product diversification [103] - Shuanghuan Transmission's subsidiary, Huandong Technology, is a key player in the RV reducer segment, contributing to the company's overall growth [108] - Zhongding Sealing is investing heavily in the humanoid robot sector, focusing on the production of harmonic reducers and joint assemblies [114] 4. Investment Recommendations - The report suggests focusing on leading companies in the reducer market, including Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing, while also monitoring emerging players like Haoneng Co., Ltd. and Landai Technology [2][4]

Core Viewpoint - The article discusses the performance forecasts for the first half of 2025 from several companies in the display and electronics industry, highlighting both growth and challenges faced by these companies. Group 1: Visono - Visono expects revenue between 4 billion to 4.2 billion yuan, a year-on-year increase of 1.70% to 6.78% [1] - The net profit attributable to shareholders is forecasted to be a loss of 1 billion to 1.176 billion yuan, with a loss of 1.085 billion to 1.261 billion yuan after excluding non-recurring gains and losses [2] - The performance improvement is attributed to the recovery in the downstream consumer electronics sector and the increasing penetration of AMOLED in smartphones and wearables [2][3] Group 2: Tianma - Tianma anticipates a net profit of 190 million to 220 million yuan, marking a turnaround from a loss of 489.39 million yuan in the previous year, with a year-on-year growth of 138.82% to 144.95% [4][5] - The company expects a revenue growth of approximately 10% year-on-year, with non-consumer display business revenue exceeding 50% of total revenue, growing over 25% [5][6] - The profitability of the consumer display business has significantly improved due to operational efficiency and technological innovations [6] Group 3: Konka - Konka forecasts a net loss of 360 million to 500 million yuan, with a loss of 950 million to 1.1 billion yuan after excluding non-recurring items [7][8] - The company faces intensified competition in the consumer electronics sector and challenges in aligning product offerings with national subsidy policies [9] Group 4: Wog Optical - Wog Optical expects revenue between 1.15 billion to 1.32 billion yuan, a year-on-year increase of 10.36% to 26.68%, but anticipates a net loss of 65 million to 45 million yuan [10] - The company is advancing projects in new display technologies and has achieved mass production of glass-based circuit boards [10][11] Group 5: Singshan - Singshan forecasts a net profit of 160 million to 240 million yuan, a significant increase of 810.41% to 1265.61% year-on-year [12] - The growth is driven by the performance of the anode materials and polarizer businesses, supported by increased demand and product optimization [13] Group 6: Landai Technology - Landai Technology expects a net profit of 93 million to 115 million yuan, representing a year-on-year growth of 37.54% to 70.08% [14] - The company is benefiting from a recovery in the touch display industry and has improved product margins through strategic customer expansion [16] Group 7: Xiangteng New Materials - Xiangteng anticipates a net loss of 9.5 million to 13 million yuan, a decline from a profit in the previous year [17][18] - The losses are attributed to increased competition and rising costs associated with the trial production phase of its optical film devices [18]

Core Viewpoint - The financial advisor, Huatai United Securities, has conducted a thorough review of the equity change report for Landai Technology Group Co., Ltd, confirming the accuracy and completeness of the disclosed information and the legitimacy of the equity transfer transaction [2][3][6]. Group 1: Equity Change Overview - The equity change involves Anhui Jiangdong Industrial Investment Group Co., Ltd acquiring 117,383,000 shares of Landai Technology, representing 18.00% of the total share capital, from Zhu Tangfu [5][15]. - The total transaction price for the shares is RMB 1,347,556,840, with a per-share price of RMB 11.48 [27]. - Following the transaction, Jiangdong Investment will become the controlling shareholder of Landai Technology, with the actual controller being the Ma'anshan Municipal Government [15][16]. Group 2: Purpose and Future Plans - The purpose of the equity change is to gain control over Landai Technology, enhancing its competitive position and supporting its long-term development [7][8]. - Jiangdong Investment has no immediate plans to increase its stake in Landai Technology within the next 12 months [7][8]. - There are no plans for significant changes to the main business or major asset transactions within the next 12 months [18][19]. Group 3: Financial and Operational Status - Jiangdong Investment's financial data for the years 2022 to 2024 shows total assets decreasing from RMB 1,114,743.92 million in 2022 to RMB 943,856.92 million in 2024, with a corresponding drop in total liabilities [12]. - The company reported a net profit of RMB 40,332.28 million for 2024, up from RMB 36,298.79 million in 2023 [12]. Group 4: Compliance and Governance - The financial advisor has confirmed that Jiangdong Investment has complied with all necessary legal and regulatory requirements for the equity change [6][14]. - Jiangdong Investment has committed to maintaining the independence of Landai Technology post-acquisition, ensuring no conflicts of interest arise [22][24]. - The company has also pledged to avoid any direct competition with Landai Technology and to adhere to fair practices in any future related transactions [25][26].

Core Viewpoint - The report outlines the acquisition of a significant stake in BlueDai Technology Group Co., Ltd. by Anhui Jiangdong Industrial Investment Group Co., Ltd., which aims to enhance the company's competitiveness and support its long-term development [1][12]. Group 1: Company Overview - BlueDai Technology Group Co., Ltd. is listed on the Shenzhen Stock Exchange under the stock code 002765 [1]. - The company is headquartered in Ma'anshan City, Anhui Province, China [1]. Group 2: Shareholding Changes - Anhui Jiangdong Industrial Investment Group Co., Ltd. will acquire 117,383,000 shares from Zhu Tangfu, representing 18% of BlueDai's total share capital [15][16]. - Following the acquisition, Jiangdong will hold a total of 117,883,000 shares, increasing its stake to 18.08% [15][16]. Group 3: Financial Details - The acquisition price is set at 11.48 RMB per share, totaling approximately 1.35 billion RMB [16]. - The transaction is subject to regulatory approvals, including from the State-owned Assets Supervision and Administration Commission and the Market Supervision Administration [2][12]. Group 4: Future Plans - Jiangdong plans to enhance BlueDai's core business competitiveness and optimize its industrial structure post-acquisition [12][13]. - There are currently no specific plans for further share acquisitions within the next 12 months [12][13]. Group 5: Management and Governance - The acquisition will lead to a change in control, with the actual controller becoming the Ma'anshan Municipal Government [15][16]. - The management structure will be reorganized, including the nomination of new board members and executives [19][20].

蓝黛科技集团股份有限公司 简式权益变动报告书 上市公司名称：蓝黛科技集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：蓝黛科技 股票代码：002765 1、信息披露义务人之一：朱堂福 住所：重庆市渝北区****** 通讯地址：重庆市璧山区璧泉街道剑山路 100 号 股份变动性质：减少（协议转让、表决权放弃） 2、信息披露义务人之二：熊敏 住所：重庆市渝北区****** 通讯地址：重庆市璧山区璧泉街道剑山路 100 号 股份变动性质：减少（表决权放弃） 一、本报告书系信息披露义务人依据《中华人民共和国证券法》（以下简称为 "《证券法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、《公开 发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及其他相 关的法律、法规、规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》《收购管理办法》《公开发行证券的公司信息披露内容与 格式准则第 15 号—权益变动报告书》的规定，本报告书已全面披露了信息披露义 务人在蓝黛科技集团股份有限公司（以下简称"蓝黛科技"、"公司"或"上市公 司"）中拥有权益的 ...

蓝黛科技集团股份有限公司 详式权益变动报告书 上市公司名称：蓝黛科技集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：蓝黛科技 股票代码：002765 信息披露义务人：安徽江东产业投资集团有限公司 注册地址：马鞍山市花山区金溪路 456 号（2 号楼 11 层） 通讯地址：马鞍山市花山区金溪路 456 号（2 号楼 11 层） 股份变动性质：股份增加（协议受让） 签署日期：二〇二五年七月十四日 0 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》等相关法律、法规和规范性文件编制。 二、截至本报告书签署日，信息披露义务人签署本报告书已获得必要的授权 和批准，其履行亦不违反其章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在蓝黛科技中拥有权益的股份。 截至本报告书签署日，除本报告书披露的信息外，信息 ...

华泰联合证券有限责任公司 二〇二五年七月 关于 蓝黛科技集团股份有限公司 详式权益变动报告书 之 财务顾问核查意见 声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收 购管理办法》《公开发行证券公司信息披露内容与格式准则第15号——权益变动 报告书》《公开发行证券公司信息披露内容与格式准则第16号——上市公司收购 报告书》等相关法律、法规的规定，华泰联合证券有限责任公司（以下简称 "本财务顾问"）按照行业公认的业务标准、道德规范，本着诚实信用、勤勉 尽责的精神，对本次权益变动的相关情况和资料进行了核查，对《蓝黛科技集 团股份有限公司详式权益变动报告书》所披露的内容出具核查意见。 本财务顾问特作出如下声明： 一、本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务人 已作出声明，保证其所提供的资料均为真实、准确、完整的原始书面资料或副 本资料，副本资料或复印件与其原始资料或原件一致，所有文件的签名、印章 均是真实的；所有文件和材料不存在虚假记载、误导性陈述或重大遗漏，并对 所提供信息的真实性、准确性和完整性承担个别和连带的法律责任。 二、本财务顾问已按照规定履行尽职调查义务，有充分理由 ...

[Estimated Performance for the Current Period](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts substantial growth in H1 2025 net profit, driven by strong core business profitability Projected Financial Performance | Item | Current Reporting Period (H1 2025) | Prior Year Period | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | RMB 93.00 million - RMB 115.00 million | RMB 67.6165 million | 37.54% - 70.08% | | **Net Profit After Non-Recurring Items** | RMB 73.00 million - RMB 95.00 million | RMB 37.7474 million | 93.39% - 151.67% | | **Basic Earnings Per Share** | RMB 0.1426/share - RMB 0.1763/share | RMB 0.1037/share | - | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company has pre-communicated with its accounting firm regarding the forecast, with no major disagreements, though the data remains unaudited - The financial data related to this performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) - The company has pre-communicated with the accounting firm regarding the performance forecast, with no significant disagreements[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%B0%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Significant performance growth is primarily driven by strong contributions from both power transmission and touch display business segments [Power Transmission Business](index=1&type=section&id=3.1%20%E5%8A%A8%E5%8A%9B%E4%BC%A0%E5%8A%A8%E4%B8%9A%E5%8A%A1) The power transmission business achieved significant revenue and profit growth by focusing on new energy vehicle components and enhancing operations - The power transmission business, centered on new energy vehicle core components, achieved significant year-over-year growth in operating revenue and profit during the reporting period[5](index=5&type=chunk) - Performance growth was driven by the company's enhanced production capacity, improved product quality, and deepened engagement with key clients[5](index=5&type=chunk) [Touch Display Business](index=1&type=section&id=3.2%20%E8%A7%A6%E6%8E%A7%E6%98%BE%E7%A4%BA%E4%B8%9A%E5%8A%A1) The touch display business saw substantial net profit growth, driven by industry recovery, client expansion, and improved product gross margins - The touch display industry is recovering, leading to significant year-over-year net profit growth for the company[5](index=5&type=chunk)[6](index=6&type=chunk) - The company effectively improved product gross margins by expanding key clients and seizing development opportunities in cover glass and automotive touch screens[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This performance forecast is a preliminary, unaudited estimate, and investors should refer to the official semi-annual report for final financial data - This performance forecast is a preliminary estimate by the company's financial department and has not been audited by an auditing firm[7](index=7&type=chunk) - The final financial data will be subject to the company's 2025 semi-annual report, and investors are advised to exercise caution in their decisions[7](index=7&type=chunk)

Core Viewpoint - The company, 蓝黛科技, expects a significant increase in net profit for the first half of 2025, projecting between 93 million to 115 million yuan, which represents a growth of 37.54% to 70.08% compared to the same period last year [1] Financial Performance - The projected net profit for the first half of 2025 is estimated to be between 93 million to 115 million yuan [1] - This represents an increase from the previous year's net profit of 67.6165 million yuan [1] - The growth rate is forecasted to be between 37.54% and 70.08% year-on-year [1]