Core Insights - On November 20, 2023, Landai Technology's stock fell by 1.96% with a trading volume of 167 million yuan [1] - The company reported a financing buy-in of 14.71 million yuan and a financing repayment of 16.84 million yuan, resulting in a net financing outflow of 2.14 million yuan [1] - As of November 20, the total margin balance for Landai Technology was 467 million yuan, which is 5.96% of its market capitalization, indicating a low financing balance compared to the past year [1] Company Overview - Landai Technology Group Co., Ltd. was established on May 8, 1996, and went public on June 12, 2015 [2] - The company specializes in the research, production, and sales of automotive transmission components, touch screen products, and optical glass [2] - The revenue composition includes: power transmission assembly (30.85%), touch display module assembly (24.28%), power transmission parts (23.49%), touch display parts (20.56%), and other products (1.83%) [2] Financial Performance - For the first nine months of 2025, Landai Technology achieved a revenue of 2.788 billion yuan, representing a year-on-year growth of 6.62% [2] - The net profit attributable to shareholders was 171 million yuan, showing a significant increase of 64.59% year-on-year [2] - The company has distributed a total of 189 million yuan in dividends since its A-share listing, with 65.42 million yuan distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 89,900, a rise of 13.09% [2] - The average number of circulating shares per shareholder decreased by 11.57% to 6,625 shares [2] - Hong Kong Central Clearing Limited is now the third-largest circulating shareholder, holding 4.3996 million shares as a new entrant [3]

Summary of 蓝黛科技 Conference Call Company Overview - **Company**: 蓝黛科技 (Landai Technology) - **Industry**: Automotive components, specifically focusing on high-precision gears for electric vehicles, touch display technology, and robotic joint modules Key Points Automotive Transmission Segment - The automotive transmission segment's revenue for Q3 was approximately **14 billion RMB**, with an expected annual revenue of **22-23 billion RMB** and a net profit of about **1.7 billion RMB**. The growth is driven by high-precision gears for electric vehicles, which account for nearly **50%** of the segment's revenue. Major clients include 吉利 (Geely), 比亚迪 (BYD), 长城 (Great Wall), 奇瑞 (Chery), 上汽 (SAIC), 广汽 (GAC), and Telnet 汇川 [2][3][19] - For 2026, the revenue target for the transmission segment is projected to be between **25-26 billion RMB**, with a net profit exceeding **2 billion RMB**. The growth drivers include an increase in the proportion of high-margin products and improved equipment utilization rates [2][3] Touch Display Segment - The touch display segment's revenue for Q3 was around **14 billion RMB**, with an expected total revenue of **19 billion RMB** for the year and a net profit between **70 million to 100 million RMB**. The improvement is attributed to a shift in product structure towards automotive and industrial control products, which are expected to exceed **40%** of the total revenue [2][4][5] - For 2026, the company anticipates a revenue of no less than **19 billion RMB** and a net profit exceeding **100 million RMB** [2][4] Robotic Joint Modules - In 2025, the delivery volume of robotic joint modules is expected to be around **50,000 sets**, generating revenue in the range of several million RMB. The supply chain optimization is ongoing, with a projected demand for over **200,000 sets** in 2026, corresponding to revenue of approximately **1-2 billion RMB** [2][6][13] - Major contributors to this segment include 乐聚 (Leju), 新海图 (Xinhait), and 松岩 (Songyan) [2][6][13] International Expansion - The company has begun establishing a production base in Thailand, set to commence operations in the second quarter of 2026. This facility will focus on gear and touch display assembly for overseas clients, although initial contributions to performance are expected to be limited [2][7] Overall Financial Outlook - The overall net profit target for 2026 is set at no less than **3 billion RMB**, combining traditional automotive transmission and touch display businesses with the emerging robotic joint module sector [2][8] Capacity Planning - By the end of 2025, the company plans to establish a production capacity of **200,000 sets** for robotic joint modules and core reducers, with ongoing adjustments based on customer guidance [9][10] Customer Expansion - The company is expanding its customer base through partnerships with 乐聚, 新海图, 松岩, and new clients in the robotics sector, including 小米 (Xiaomi) and military applications [11] Technological Development - The company has made significant advancements in technology, particularly in the design and production of planetary gear structures. New joint module designs are expected to be launched by the end of the year [12][14] Market Demand and Future Planning - The company is optimistic about future market demand for robotics, particularly quadruped robots, and plans to enhance its technological and production capabilities to meet this demand [17] Overseas Business Performance - In 2025, the company achieved significant growth in overseas business, with new clients such as 财富 (Fortune), 舍弗勒 (Schaeffler), 博克华纳 (BorgWarner), and 沃尔沃 (Volvo), contributing approximately **1 billion RMB** to revenue [18] Key Clients in Automotive Transmission - Major clients in the automotive transmission segment include 吉利 (Geely), 比亚迪 (BYD), 长城 (Great Wall), 上汽 (SAIC), and international clients like 特斯拉 (Tesla), 丰田 (Toyota), and 大众 (Volkswagen) [19]

Core Viewpoint - The company, Landai Technology, has completed the sale of assets related to its electric drive assembly business to Luxshare Precision for approximately 110 million RMB, aiming to optimize its asset structure and focus on core businesses in the new energy vehicle sector while addressing ongoing losses from its subsidiary [1][2][3] Group 1: Asset Sale Details - The asset sale involves the transfer of related assets and rights from the wholly-owned subsidiary, Ma'anshan Landai Machinery, to Ma'anshan Luxshare, with a total consideration of approximately 110 million RMB [1][2] - The net value of the assets, after depreciation, was assessed at approximately 109.9 million RMB, with the final transfer price being higher than the initial proposed price of 97.27 million RMB and the assessed value [2][3] - The assets sold include production line equipment, with a book value of 139 million RMB and a net value of 116 million RMB after depreciation [3] Group 2: Financial Performance and Strategic Moves - For the first three quarters of 2025, the company reported a revenue of 2.79 billion RMB, a year-on-year increase of 6.6%, and a net profit of 171 million RMB, up 64.6% [5] - The company aims to enhance profitability and optimize its asset structure following a change in control to Anhui State-owned Assets Supervision and Administration Commission, with performance commitments set for 2025 to 2027 [4][5] - The subsidiary, Ma'anshan Landai Transmission, has been a financial burden, contributing only 4%-5% of total revenue while incurring losses of 17.38 million RMB and 29.26 million RMB in 2024 and the first three quarters of 2025, respectively [4]

Transaction Overview - The company approved the sale of assets related to its wholly-owned subsidiary, Ma'anshan Landai Transmission Machinery Co., Ltd., to Luxshare Precision Industry (Ma'anshan) Co., Ltd. [2] - The assets being sold include the electric drive assembly business and related rights and interests, with a total pre-tax sale price of RMB 109,919,869.10, including a 13% VAT [2]. Transaction Progress - As of the announcement date, the asset transfer agreement has been signed, and the delivery procedures have been completed [3]. - Luxshare has paid a total of RMB 98,927,882.19, which accounts for 90% of the transfer price [3].

Transaction Overview - The company approved the sale of assets from its wholly-owned subsidiary, Ma'anshan Landai Transmission Machinery Co., Ltd., to Luxshare Precision Industry (Ma'anshan) Co., Ltd. on November 4, 2025 [2] - The assets being sold include the electric drive assembly business and related rights and interests, with a total pre-tax sale price of RMB 109,919,869.10, including a 13% value-added tax [2] - The asset valuation was conducted by Chongqing Huakang Asset Appraisal Co., Ltd. as per the asset appraisal report [2] Transaction Progress - As of the announcement date, the asset transfer agreement has been signed, and the delivery procedures have been completed [3] - Luxshare has paid a total of RMB 98,927,882.19, which accounts for 90% of the transfer price [3] Other Information - A warranty deposit of RMB 10,991,986.91, representing 10% of the transfer price, is pending payment based on the conditions outlined in the asset transfer agreement [4] - The company will continue to advance the transaction and fulfill its information disclosure obligations as progress is made [4]

Core Viewpoint - BlueDai Technology announced the completion of an asset transfer agreement with Ma'anshan Lixun, with a total payment of approximately RMB 98.93 million made, representing 90% of the transfer price [1] Group 1 - BlueDai Technology's wholly-owned subsidiary, Ma'anshan BlueDai Machinery, has signed an asset transfer agreement with Ma'anshan Lixun [1] - The total payment made by Ma'anshan Lixun includes both a prepayment and a delivery payment [1] - The remaining 10% of the transfer price, amounting to RMB 10.99 million, will be paid once the conditions outlined in the asset transfer agreement are met [1]

关于全资子公司出售资产的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002765 证券简称：蓝黛科技 公告编号：2025-076 蓝黛科技集团股份有限公司 截至本公告披露日，马鞍山蓝黛机械已与马鞍山立讯签署《资产转让协议》， 本次交易涉及的资产交割手续已办理完毕，马鞍山立讯已按照合同约定向马鞍山蓝 黛机械支付了预付款和交割款（合计人民币 98,927,882.19 元，占转让对价的 90%）。 三、风险提示及其他说明 本次交易质保金（人民币 10,991,986.91 元，占转让对价的 10%）尚待满足《资 产转让协议》关于对价支付的相应条件后进行支付。 公司将继续推进本次交易相关工作，并根据进展情况及时履行信息披露义务。 《中国证券报》《证券时报》《上海证券报》《证券日报》及巨潮资讯网为公司指 定信息披露媒体，公司信息以上述媒体刊登的公告为准。敬请广大投资者理性投资， 注意投资风险。 特此公告。 蓝黛科技集团股份有限公司董事会 2025 年 11 月 16 日 一、交易概述 蓝黛科技集团股份有限公司（以下简称 "公司"）于 2025 ...

Core Viewpoint - The company, Landai Technology, is actively engaged in the production of components for the new energy vehicle (NEV) sector, including electric drive systems and various automotive parts, indicating a strong focus on the growing NEV market [1] Group 1: Company Operations - The main products of the company include components for new energy vehicle electric drive systems, automotive transmission assemblies, gear shafts, engine balance shafts, and engine cylinder blocks [1] - The company also produces integrated touch screens and touch display products, showcasing its diversification in product offerings [1] Group 2: Financial Reporting - The company has indicated that its operational performance can be reviewed in the semi-annual report and quarterly report scheduled for release on August 29, 2025, and October 30, 2025, respectively [1]

Core Viewpoint - The company, Landai Technology (002765), emphasizes that its business situation should be referenced from its periodic reports, indicating a focus on transparency and investor communication [1] Group 1: Business Overview - The company's main revenue-generating products include components for electric drive systems in new energy vehicles, complete automotive transmission assemblies, gear shafts, balance shafts for automotive engines, engine cylinder blocks, and integrated touch screen and display products [1]

Group 1 - Triangle Defense signed a gas turbine project development and framework order agreement with Siemens Energy [1] - The development agreement allows Triangle Defense to qualify for supplying specific items to Siemens Energy, detailing technical prerequisites and standards [1] - Triangle Defense specializes in the research, production, and sales of forged products in aviation, aerospace, and shipping industries [1] Group 2 - Aerospace Hongtu was suspended from military procurement for three years due to alleged violations during a procurement activity [2] - The suspension will last from July 6, 2024, to July 6, 2027, affecting the company's participation in military material procurement [2] - Aerospace Hongtu focuses on satellite operations and data collection [3] Group 3 - Kaili Medical's executives purchased a total of 460,000 shares, investing approximately 13.15 million yuan [4] - The average purchase prices were 28.70 yuan and 28.53 yuan per share [4] - Kaili Medical is engaged in the research, production, and sales of medical diagnostic and treatment equipment [5] Group 4 - Muyuan Foods reported a 22.28% year-on-year decline in sales revenue from live pigs in October, totaling 10.33 billion yuan [6] - The average selling price of live pigs decreased by 32.73% year-on-year to 11.55 yuan per kilogram [6] - Muyuan Foods is involved in pig farming and slaughtering [7] Group 5 - Niuwei Co. plans to acquire 40% of its subsidiary Dongwu Machinery for 139 million yuan, aiming for full ownership [8] - Niuwei Co. specializes in the research, manufacturing, and sales of industrial valves [9] Group 6 - Jinlong Automobile reported a 14.71% year-on-year decline in bus sales in October, with 4,121 units sold [10] - Jinlong Automobile focuses on the production and sales of bus products [10] Group 7 - ST Tianshan reported a 242.54% year-on-year increase in sales revenue from live livestock in October, totaling 13.35 million yuan [11] - The company sold 1,367 head of livestock, marking a significant increase compared to previous periods [11] - ST Tianshan is involved in the breeding and sales of cattle and dairy products [12] Group 8 - Ningbo Port expects a 12.4% year-on-year increase in container throughput in October, reaching 4.56 million TEUs [13] - The total cargo throughput is projected to be 99.6 million tons, a 5.3% increase year-on-year [13] - Ningbo Port engages in port handling and logistics services [13] Group 9 - Amcare Pharma received approval for supplementary drug applications and clinical trials for its products [14] - The company is focused on new drug development and utilizes a MAH model for production [14] Group 10 - Lude Environment plans to change its stock name to "Lude Technology" while keeping its full name and stock code unchanged [15] - The company specializes in waste treatment and resource utilization technologies [15] Group 11 - Hualan Co. plans to increase its stake in the company by investing between 30 million and 60 million yuan [16] - The maximum purchase price is set at 58.08 yuan per share [16] - Hualan Co. focuses on the development and sales of packaging materials for injectable drugs [16] Group 12 - Caina Co. is using 140 million yuan of idle funds to purchase structured deposits from a bank, with expected annual yields between 0.70% and 1.85% [17] - Caina Co. specializes in the research, production, and sales of injection and laboratory consumables [17] Group 13 - Zhenghong Technology reported a 52.80% year-on-year decrease in sales revenue from live pigs in October, totaling 4.32 million yuan [18] - The company sold 400 head of pigs, marking a significant decline compared to previous periods [18] - Zhenghong Technology is involved in feed production and pig farming [18] Group 14 - Caida Securities received approval from the CSRC to issue bonds totaling up to 6 billion yuan [19] - The company is engaged in securities brokerage, investment banking, and asset management [19] Group 15 - Jiayuan Technology signed a copper foil supply framework agreement with CATL, establishing a long-term partnership [20] - The agreement includes collaboration in the supply and production of materials for new battery technologies [20] Group 16 - Haikong Group announced the resignation of its general manager due to personal career planning [21] - The company is involved in automotive passenger transport and related services [21] Group 17 - Beizhi Technology's application to acquire 100% of Suzhou Suike Intelligent Technology has been accepted by the Shanghai Stock Exchange [22] - The company specializes in intelligent logistics systems and equipment [22] Group 18 - Yikang Pharma's subsidiary received approval for clinical trials of a new injection for chronic hepatitis B [23] - The company focuses on the production and sales of raw and formulated pharmaceutical products [23] Group 19 - Hengyuan Coal Power plans to acquire 100% of two coal companies for 440 million yuan [24] - The acquisition includes assuming debts totaling 1.137 billion yuan [24] - Hengyuan Coal Power is involved in coal mining and sales [24] Group 20 - Yangpu Medical announced the cancellation of a production arrangement for a medical device [25] - The company specializes in precision medical and testing services [25] Group 21 - Kailong High-Tech plans to establish a 195 million yuan industry fund focusing on unlisted companies [26] - The company is involved in air pollution control and new energy management systems [26] Group 22 - Yingli Co. received approval for its application to acquire a majority stake in a company [27] - The company specializes in precision electronic components and related manufacturing [27] Group 23 - Tianyi Medical's arterial-venous puncture device received EU MDR certification, valid until January 2028 [28] - The company focuses on medical devices for blood purification and care [28] Group 24 - Chuangyuan Co. appointed a new president, effective until the end of the current board term [29] - The company specializes in the design and production of paper products [29] Group 25 - Shanghai Laishi's new indication for a drug received clinical trial approval [30] - The company focuses on the production and sales of blood products [30] Group 26 - Fengmao Co. plans to issue convertible bonds to raise up to 520 million yuan for expansion and working capital [31] - The company specializes in precision rubber components [31] Group 27 - Yinuo Si's shareholder plans to transfer 3% of the company's shares through an inquiry process [32] - The company provides comprehensive R&D services in the biopharmaceutical sector [32] Group 28 - Phoenix Shipping plans to use up to 50 million yuan of idle funds for cash management [33] - The company is involved in dry bulk shipping and logistics services [33] Group 29 - Xingyuan Zhuomei received a notification to supply magnesium alloy components worth 2.021 billion yuan to a new energy vehicle manufacturer [34] - The project is expected to start mass production in the third quarter of 2026 [34] Group 30 - Landai Technology's subsidiary plans to sell electric drive assembly assets for 110 million yuan [35] - The company specializes in power transmission and display technology [35] Group 31 - Yuexiu Capital plans to distribute a cash dividend of 0.90 yuan per share [36] - The company is involved in asset management and private equity [36] Group 32 - Northeast Securities plans to distribute a cash dividend of 1.00 yuan per share, totaling 234 million yuan [37] - The company focuses on wealth management and investment banking [37] Group 33 - Jinguang Electric won a bid for a project from the State Grid worth 21.7976 million yuan [38] - The company specializes in the research and manufacturing of power distribution equipment [39] Group 34 - Huarong Co. plans to repurchase shares worth between 40 million and 125 million yuan [40] - The company focuses on the production and sales of explosion-proof electrical equipment [40] Group 35 - Baiyang Pharma signed a distribution agreement for a blood product, gaining exclusive rights in specific markets [41] - The company specializes in the development and commercialization of medical innovations [41] Group 36 - Li Qun Co.'s director plans to reduce his stake by up to 71,000 shares due to personal financial needs [42] - The company is involved in retail and logistics services [42] Group 37 - Su Li Co.'s shareholder plans to reduce his stake by up to 0.48% of the company's shares [43] - The company specializes in the production and sales of fine chemical products [43] Group 38 - Shenzhen Ruijie obtained a commitment letter for a stock repurchase loan of up to 15.3 million yuan [44] - The company provides project management and evaluation services [44] Group 39 - Fudan Zhangjiang's shareholder plans to reduce his stake by up to 1% of the company's shares [45] - The company focuses on biopharmaceutical research and development [45] Group 40 - Ningbo Zhongbai's shareholder plans to reduce his stake by up to 1% of the company's shares [46] - The company is involved in retail and wholesale operations [46] Group 41 - Jingyi Co. announced a change in control due to a judicial auction of shares [47] - The company specializes in copper processing and digital carbon services [47] Group 42 - Luoping Zinc Electric's subsidiary obtained a new safety production license for mining operations [48] - The company focuses on hydropower and mining activities [48]