Group 1: Nandu Power (南都电源) - Nandu Power focuses on the energy storage sector, providing lithium-ion and lead batteries, with a global presence in over 160 countries [1] - In the first half of 2025, the company expects revenue of approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, and a net profit of approximately -230 million yuan [1] - The company achieved a quarterly profit of approximately 34 million yuan in Q2, driven by high-margin orders in the global energy storage market and rapid growth in data center business [1] - Nandu Power has a current lithium battery cell capacity of 10 GWh and is expanding its new power storage integration capacity [1] - The company has secured multiple high-pressure lithium battery data center projects, with an order backlog of approximately 0.8 GWh [1] Group 2: Zhenhua Co., Ltd. (振华股份) - Zhenhua Co., Ltd. reported double-digit growth in export volumes, primarily driven by domestic demand [2] - The company maintains a cost-plus pricing strategy and has seen historical high gross margins in Q2, with limited expansion from competitors [2] - Cash flow has decreased due to accounts receivable and inventory, while the production of ultra-fine aluminum hydroxide has expanded [2] Group 3: Maide Medical (迈得医疗) - Maide Medical has a competitive advantage in the domestic contact lens market due to over 20 years of technical accumulation and short delivery times [3] - The company is in the expansion phase of its contact lens business, planning to commercialize through a CDMO and self-brand sales model [3] - The main business of the company is under pressure, but growth in blood purification equipment and drug-device combination products is expected to reverse the loss situation in 2024 [3] Group 4: Changcheng Fund (长城基金) - Changcheng Fund has an asset management scale of 349.902 billion yuan, ranking 29th among 210 funds [4] - The fund has 242 public funds under management, ranking 27th among 210 [4] - The best-performing public fund in the past year is Changcheng Health Mixed A, with a net value increase of 106.13% [4]

Group 1: Nandu Power (南都电源) - Nandu Power, established in 1994, focuses on the energy storage sector, providing lithium-ion and lead batteries as core products and services, covering over 160 countries and regions globally [1] - In the first half of 2025, the company's revenue is approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, with a net profit of approximately -230 million yuan. The second quarter showed a profit of about 34 million yuan, with a net cash flow from operating activities of 590 million yuan [1] - The company turned a profit in Q2 due to deepening its presence in the global energy storage market, securing high-margin orders, and rapid growth in the data center market, winning multiple major projects [1] - Current lithium battery cell capacity is 10 GWh, with new power storage integration capacity also at 10 GWh. Projects in Huatuo Phase II and Yangzhou are progressing smoothly, while the recycled lead segment is reducing production and increasing research on phosphorous iron resource utilization [1] - The company has developed large-capacity iron-lithium storage cells and completed the development of a 5 MWh liquid-cooled storage system. The overseas large storage market is expanding rapidly, with unfulfilled orders totaling 7.8 GWh, including 2.3 GWh from overseas markets such as Australia, Europe, the UK, and the Middle East [1] - Nandu Power has continuously won multiple high-voltage lithium battery data center projects, with unfulfilled orders of approximately 0.8 GWh, and is developing third-generation high-voltage lithium battery products to provide "energy storage + backup power" solutions [1] - The company's consumer lithium battery business focuses on battery swapping and vehicle distribution, promoting products through partnerships with vehicle manufacturers and distributors [1] - An 8 GWh semi-solid project consists of three independent energy storage projects located in Shenzhen and Shanwei, effectively alleviating power supply and demand conflicts in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The company aims to continue being customer-oriented, relying on technological innovation to build core competitiveness, and adopting a dual-driven model of "technology research and development + market expansion" [1] Group 2: Milkway (密尔克卫) - Milkway has over 300 employees in Southeast Asia, with most being locally recruited middle management and staff, except for a few expatriate management members [2] - The company emphasizes cultural alignment with local core management personnel in overseas talent management while continuously expanding the recruitment of senior management talent [2]

Group 1 - Nandu Power signed the world's largest semi-solid state battery order with a total capacity of 2.8GWh, utilizing self-developed 314Ah semi-solid state batteries [1] - The battery employs an oxide system with a solid-liquid mixed electrolyte, which suppresses lithium dendrite growth and reduces thermal runaway risks, ensuring long life and high safety [1] - The solid-state battery sector is transitioning from laboratory to mass production validation, with small-scale vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027 [1] Group 2 - The solid-state battery index increased by 4% from August 11 to August 15, with a cumulative increase of 30% expected by 2025, while the CSI 300 index rose by 6.8% during the same period [2] - All segments within the solid-state battery sector experienced growth, particularly the current collector segment, which rose by 11.9% [2] - The top five gainers in the sector included Defu Technology (+22.9%), Haichen Pharmaceutical (+22.8%), Anfu Technology (+20.7%), Yuanhang Precision (+18.3%), and Zhongyi Technology (+16.9%) [2]

Financial Performance - The company's total revenue for the first half of 2025 was 3.923 billion yuan, a decrease of 31.67% year-on-year [1] - The net profit attributable to shareholders was -232 million yuan, a decline of 225.48% year-on-year [1] - The gross profit margin was 10.95%, an increase of 7.84% year-on-year, while the net profit margin was -6.24%, a decrease of 298.27% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 438 million yuan, representing 11.17% of total revenue, an increase of 49.92% year-on-year [1] - The company reported a significant increase in operating cash flow per share to 0.66 yuan, up 230.07% year-on-year [1] Business Operations - The company is undergoing a strategic transformation, leading to a reduction in production in the lead recycling segment, which contributed to the revenue decline [3] - The company has a history of weak financial performance, with a median Return on Invested Capital (ROIC) of 3.41% over the past decade, indicating a fragile business model [4] - The company has been focusing on capital expenditures to drive its business, which raises concerns about the sustainability of its financial health [5] Industry Position - The company has over 30 years of experience in energy storage, initially starting in the telecommunications energy storage sector and expanding into battery manufacturing [7] - It ranks third in global market shipments for new electric power storage systems in 2024 and second among Chinese companies for battery shipments to data centers and communication bases [7] - The company has established a strong international presence, with subsidiaries in key regions across four continents and a commitment to technological innovation [7]

Core Viewpoint - Nandu Power (300068.SZ) is experiencing a transitional pain period after its transformation, with significant revenue and profit declines in the first half of 2025 [2][3]. Financial Performance - The company reported a revenue of 3.923 billion, a year-on-year decrease of 31.67%, and a net loss of 232 million, compared to a profit of 185 million in the same period last year [2]. - In the second quarter, the company achieved a revenue of 2.78 billion, a slight increase of 0.9% year-on-year, and a profit of approximately 34 million, indicating a turnaround [3]. Business Segments - The revenue from the resource regeneration segment fell by 65.74% to 1.086 billion, with a negative gross margin of -5.52%, a decline of 2.58% year-on-year [7][5]. - The revenue from the lithium-ion battery segment was 1.994 billion, up 17.63%, while the lead-acid battery segment generated 843 million, an increase of 16.37% [7]. - The communication and data center storage segment saw revenue growth of 34.09% to 1.89 billion, making it the only segment with positive revenue growth [9][10]. Market Dynamics - The company is focusing on the data center market, establishing long-term partnerships with major internet companies and financial institutions, and winning contracts for overseas lithium battery projects [3][10]. - The domestic battery market is facing intense competition, leading to a decline in gross margins, with domestic battery product revenue at 2.057 billion and a gross margin of 12.83%, down 11.41% year-on-year [11]. - In contrast, the overseas battery product revenue was 780 million, with a gross margin of 28.92%, indicating significantly higher profitability compared to the domestic market [12]. Strategic Adjustments - Nandu Power is adjusting its operations in response to the increasing number of retired batteries from new energy vehicles, focusing on lithium battery expansion and reducing lead battery production capacity [8]. - The company is part of a broader industry initiative to combat irrational pricing behaviors in the domestic storage market, with 149 companies participating in this "anti-involution" movement [12].

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, primarily due to strategic transformation and proactive production cuts in the recycled lead segment, but showed signs of recovery in the second quarter with a return to profitability [1] Financial Performance - Revenue for the first half of 2025 is approximately 3.923 billion yuan, a decrease of 1.8 billion yuan year-on-year [1] - The net profit attributable to the parent company is approximately -230 million yuan, compared to a profit of 185 million yuan in the same period last year [1] - The company achieved a single-quarter profit of approximately 34 million yuan in the second quarter, indicating a turnaround in operational performance [1] Cash Flow and Operational Improvement - The net cash flow from operating activities for the first half of the year is 590 million yuan, an improvement of nearly 1 billion yuan compared to -400 million yuan in the previous year [1] - The overall improvement in operational performance is attributed to the successful strategic transformation and adjustments in product structure, alongside market growth in the industry [1]

Core Viewpoint - Nandu Power (300068) announced on August 15 that its civil lithium battery business focuses on battery swapping and vehicle distribution, collaborating with vehicle manufacturers and dealers for product promotion as new national standards are implemented, leading to higher safety performance requirements in the civil lithium battery sector [1] Group 1 - The company is primarily engaged in battery swapping and vehicle distribution for its civil lithium battery business [1] - Collaboration with vehicle manufacturers and dealers is a key strategy for product promotion [1] - The implementation of new national standards will increase safety performance requirements, resulting in a competitive environment [1] Group 2 - The company plans to launch semi-solid civil lithium battery products in the second half of the year [1]

Core Viewpoint - The company, Nandu Power (300068), has successfully secured multiple high-voltage lithium battery data center projects, including contracts in the U.S. and overseas, with an outstanding order backlog of approximately 0.8 GWh [1] Group 1: Market Expansion and Technology Development - The data center market is a key area of expansion for the company, which has gained recognition from clients through its self-developed backup power technology and industry-level solutions [1] - The company has established partnerships with several leading internet companies, service providers, and financial institutions both domestically and internationally [1] - In response to market demands, the company has developed the third generation of high-voltage lithium battery products, designed to meet the high energy density and safety requirements of data centers [1] Group 2: Product Innovation and Environmental Solutions - The new product utilizes an immersion liquid cooling method, ensuring that lithium batteries do not catch fire or explode in high-density backup power applications within data centers [1] - The company offers a "storage + backup" solution to address the increasing energy consumption of data centers driven by surging computing power, promoting green computing initiatives [1] Group 3: Business Growth and Client Diversification - Over the years, the company has diversified its client base, leading to rapid business growth and establishing itself as a leading player in the high-voltage lithium battery data center sector [1]

Core Insights - The company, Nandu Power (300068), emphasizes a customer-oriented approach to market direction, leveraging cutting-edge technological innovation to build core competitiveness [1] - The company aims to establish a "dual-driven model" of "technology research and development + market expansion," creating a "strong at both ends, optimized in the middle" dumbbell development structure [1] - The focus will be on core business in the middle segment, continuously optimizing collaborative efficiency, advancing flexible production capacity, and enhancing supply chain management and technical optimization capabilities [1] - The company plans to ensure seamless integration of technology and market while maximizing profits [1] - Continuous investment in R&D resources is prioritized to overcome key technological bottlenecks, ensuring the company's technological capabilities remain industry-leading and solidifying its top position [1] - The company aims to seize rapidly growing market opportunities, enhance customer loyalty, improve customer service and market expansion efficiency, and further increase market share to deliver excellent returns to investors [1]

Group 1 - Baiya Co., Ltd. achieved a net profit of 188 million yuan in the first half of 2025, a year-on-year increase of 4.64% [1] - The company reported an operating income of 1.764 billion yuan, up 15.12% year-on-year [1] - Basic earnings per share were 0.44 yuan [1] Group 2 - Leike Defense reported a net loss of 41.67 million yuan in the first half of 2025, compared to a loss of 66.43 million yuan in the same period last year [2] - The company achieved an operating income of 542 million yuan, a year-on-year increase of 9.77% [2] - Basic earnings per share were -0.03 yuan [2] Group 3 - Jinggong Technology achieved a net profit of 113 million yuan in the first half of 2025, a year-on-year increase of 15.55% [3] - The company reported an operating income of 1.061 billion yuan, up 10.31% year-on-year [3] - Basic earnings per share were 0.22 yuan [3] Group 4 - Yuejian Intelligent reported a net profit of 62.63 million yuan in the first half of 2025, a year-on-year increase of 46.99% [4] - The company achieved an operating income of 651 million yuan, up 13.22% year-on-year [4] - Basic earnings per share were 0.2436 yuan [4] Group 5 - Wanwei High-tech achieved a net profit of 256 million yuan in the first half of 2025, a year-on-year increase of 97.47% [6] - The company reported an operating income of 4.061 billion yuan, up 4.90% year-on-year [6] - Basic earnings per share were 0.122 yuan [6] Group 6 - Keli Equipment achieved a net profit of 82.78 million yuan in the first half of 2025, a year-on-year increase of 4.88% [7] - The company reported an operating income of 318 million yuan, up 12.41% year-on-year [7] - Basic earnings per share were 0.87 yuan [7] Group 7 - Jinwo Co., Ltd. achieved a net profit of 25.47 million yuan in the first half of 2025, a year-on-year increase of 94% [8] - The company reported an operating income of 614 million yuan, up 7.96% year-on-year [8] - Basic earnings per share were 0.21 yuan [8] Group 8 - Longyuan Technology achieved a net profit of 28.28 million yuan in the first half of 2025, a year-on-year increase of 135.6% [10] - The company reported an operating income of 362 million yuan, up 1.48% year-on-year [10] - Basic earnings per share were 0.0548 yuan [10] Group 9 - Guangting Information achieved a net profit of 42.92 million yuan in the first half of 2025, turning from loss to profit [13] - The company reported an operating income of 275 million yuan, up 26.88% year-on-year [13] - Basic earnings per share were 0.4633 yuan [13] Group 10 - Changjiang Materials achieved a net profit of 73.38 million yuan in the first half of 2025, a year-on-year increase of 5.03% [15] - The company reported an operating income of 513 million yuan, up 10.43% year-on-year [15] - Basic earnings per share were 0.5019 yuan [15] Group 11 - Yitong Century reported a net loss of 1.77 million yuan in the first half of 2025, compared to a profit of 35.87 million yuan in the same period last year [17] - The company achieved an operating income of 1.22 billion yuan, down 0.54% year-on-year [17] - Basic earnings per share were -0.0020 yuan [17] Group 12 - China Nuclear Construction signed new contracts worth 90.48 billion yuan in July 2025 [19] - The company achieved a cumulative operating income of 58.229 billion yuan [19] Group 13 - Yinlong Co., Ltd. signed a construction labor subcontracting contract worth 108 million yuan [21] - The contract is for the prefabrication of CRTSIII-type track slabs for a railway project [21] Group 14 - Xinan Century plans to apply for a comprehensive credit limit of no more than 50 million yuan from a bank [23] - The limit will be used for various business purposes including working capital loans [23] Group 15 - New Hongtai reported a net profit of 34.27 million yuan in the first half of 2025, a year-on-year decrease of 8.94% [25] - The company achieved an operating income of 308 million yuan, down 2.45% year-on-year [25] - Basic earnings per share were 0.23 yuan [25] Group 16 - Botong Co., Ltd. achieved a net profit of 13.33 million yuan in the first half of 2025, a year-on-year increase of 42.95% [26] - The company reported an operating income of 149 million yuan, up 5.23% year-on-year [26] - Basic earnings per share were 0.2135 yuan [26] Group 17 - Minfeng Special Paper reported a net profit of 15.07 million yuan in the first half of 2025, a year-on-year decrease of 68.88% [28] - The company achieved an operating income of 601 million yuan, down 23.21% year-on-year [28] - Basic earnings per share were 0.043 yuan [28] Group 18 - Changchun Yidong announced that a shareholder plans to reduce their stake by up to 2.97% [29] - The reduction period is from September 8, 2025, to December 5, 2025 [29] Group 19 - Jiukang Bio received an invention patent certificate for a reagent [30] - The patent involves the application of a specific enzyme in diagnostic reagents [30] Group 20 - Xuelang Environment announced the resignation of its general manager due to personal reasons [31] - The chairman will temporarily take over the general manager's responsibilities [31] Group 21 - Tailin Bio's subsidiary obtained a property certificate for industrial land [32] - The land area is 20,500 square meters with a usage period until July 6, 2075 [32] Group 22 - Changgao Electric New's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [33] Group 23 - Tianyoude Wine plans to use up to 147 million yuan of idle funds for cash management [34] Group 24 - Lingxiao Pump Industry used 5.9 million yuan of idle funds to purchase financial products [36] Group 25 - Mengke Pharmaceutical announced that a shareholder plans to reduce their stake by up to 3% [38] Group 26 - Kexiang Co., Ltd. plans to raise no more than 300 million yuan through a simplified procedure [40] Group 27 - Huagong Technology achieved a net profit of 911 million yuan in the first half of 2025, a year-on-year increase of 44.87% [42] - The company reported an operating income of 7.629 billion yuan, up 44.66% year-on-year [42] - Basic earnings per share were 0.91 yuan [42] Group 28 - Shanghai Jianke achieved a net profit of 23.76 million yuan in the first half of 2025, a year-on-year increase of 48.57% [43] - The company reported an operating income of 1.935 billion yuan, up 0.60% year-on-year [43] - Basic earnings per share were 0.06 yuan [43] Group 29 - Darui Electronics achieved a net profit of 132 million yuan in the first half of 2025, a year-on-year increase of 25.32% [44] - The company reported an operating income of 1.405 billion yuan, up 28.04% year-on-year [44] - Basic earnings per share were 1.00 yuan [44] Group 30 - Dongyangguang achieved a net profit of 613 million yuan in the first half of 2025, a year-on-year increase of 170.57% [45] - The company reported an operating income of 7.124 billion yuan, up 18.48% year-on-year [45] - Basic earnings per share were 0.209 yuan [45] Group 31 - Chongqing Beer reported a net profit of 865 million yuan in the first half of 2025, a year-on-year decrease of 4.03% [49] - The company achieved an operating income of 8.839 billion yuan, down 0.24% year-on-year [49] - Basic earnings per share were 1.79 yuan [49] Group 32 - Chongqing Beer announced that its subsidiary plans to increase capital by 600 million yuan [51] Group 33 - Meixin Technology announced that a shareholder plans to reduce their stake by up to 3% [53] Group 34 - Qipai Technology plans to raise no more than 159 million yuan through a private placement [55] Group 35 - Qipai Technology reported a net loss of 586.69 million yuan in the first half of 2025 [57] - The company achieved an operating income of 326 million yuan, up 4.09% year-on-year [57] - Basic earnings per share were -0.55 yuan [57] Group 36 - Huaying Technology reported a net loss of 476 million yuan in the first half of 2025 [59] - The company achieved an operating income of 721 million yuan, down 16.59% year-on-year [59] - Basic earnings per share were -0.1723 yuan [59] Group 37 - Best reported a net profit of 148 million yuan in the first half of 2025, a year-on-year increase of 3.30% [61] - The company achieved an operating income of 716 million yuan, up 2.73% year-on-year [61] - Basic earnings per share were 0.2966 yuan [61] Group 38 - Changliang Technology reported a net loss of 19.11 million yuan in the first half of 2025 [62] - The company achieved an operating income of 664 million yuan, down 5.64% year-on-year [62] - Basic earnings per share were -0.0236 yuan [62] Group 39 - Shunhao Co., Ltd. plans to use up to 35 million yuan of idle funds for entrusted wealth management [64] Group 40 - Weihede achieved a net profit of 65.97 million yuan in the first half of 2025, a year-on-year increase of 24.69% [66] - The company reported an operating income of 356 million yuan, up 38.37% year-on-year [66] - Basic earnings per share were 0.49 yuan [66] Group 41 - Huafa Co., Ltd. reported a net profit of 172 million yuan in the first half of 2025, a year-on-year decrease of 86.41% [67] - The company achieved an operating income of 38.199 billion yuan, up 53.46% year-on-year [67] - Basic earnings per share were 0.06 yuan [67] Group 42 - Mankun Technology achieved a net profit of 632 million yuan in the first half of 2025, a year-on-year increase of 62.30% [68] - The company reported an operating income of 760 million yuan, up 31.56% year-on-year [68] - Basic earnings per share were 0.43 yuan [68] Group 43 - Kelu Electronics achieved a net profit of 190 million yuan in the first half of 2025, turning from loss to profit [69] - The company reported an operating income of 2.573 billion yuan, up 34.66% year-on-year [69] - Basic earnings per share were 0.1144 yuan [69] Group 44 - Sanrenxing achieved a net profit of 144 million yuan in the first half of 2025, a year-on-year increase of 10.83% [71] - The company reported an operating income of 1.657 billion yuan, down 13.36% year-on-year [71] - Basic earnings per share were 0.68 yuan [71] Group 45 - Xinwei Communication achieved a net profit of 162 million yuan in the first half of 2025, a year-on-year decrease of 20.18% [72] - The company reported an operating income of 3.703 billion yuan, down 1.15% year-on-year [72] - Basic earnings per share were 0.1699 yuan [72] Group 46 - Yifan Pharmaceutical achieved a net profit of 304 million yuan in the first half of 2025, a year-on-year increase of 19.91% [72] - The company reported an operating income of 2.635 billion yuan, up 0.11% year-on-year [72] - Basic earnings per share were 0.25 yuan [72] Group 47 - *ST Chengchang achieved a net profit of 566 million yuan in the first half of 2025, turning from loss to profit [73] - The company reported an operating income of 201 million yuan, up 180.16% year-on-year [73] - Basic earnings per share were 0.2783 yuan [73] Group 48 - Rejing Bio announced that a controlling shareholder plans to reduce their stake by up to 1.08% [74] Group 49 - Jingu Co., Ltd. signed a strategic cooperation framework agreement with Luming Robotics [75]