Summary of Wuxi Lead Intelligent Conference Call Company Overview - **Company**: Wuxi Lead Intelligent (300450.SZ) - **Industry**: China Industrials - **Market Cap**: Rmb 98,277 million - **Stock Rating**: Overweight - **Price Target**: Rmb 75.00, representing a 20% upside from the closing price of Rmb 62.75 on October 29, 2025 Key Financial Highlights - **3Q25 Revenue**: Rmb 3,828 million, up 14% YoY and 9% QoQ, but below consensus expectations [7] - **Gross Profit Margin (GPM)**: Decreased by 6 percentage points YoY to 30.9%, impacted by low-GPM domestic orders [7] - **Net Profit**: Increased by 199% YoY to Rmb 446 million, slightly below consensus [7] - **New Orders**: 9M25 new orders reached Rmb 17.5 billion, primarily driven by domestic lithium-ion battery (LiB) orders, which accounted for approximately 50% of the mix [2] Growth Outlook - **Management Confidence**: Management is optimistic about improving sales and GPM into 4Q25 and 2026, projecting over 30% annual growth in new orders by 2030 [3] - **Energy Storage Systems (ESS)**: Expected to see accelerated growth, with a mix projected to exceed 50% in fiscal year 2025 [2] - **Solid-State Battery Orders**: Increased quarter-over-quarter, mainly from domestic orders for front-end equipment [2] Financial Projections - **Revenue Forecast**: Expected to grow from Rmb 14,631 million in 2025 to Rmb 28,711 million by 2027 [5] - **Earnings Per Share (EPS)**: Projected to increase from Rmb 0.97 in 2025 to Rmb 2.09 in 2027 [5] - **Valuation Methodology**: Price target derived using a 4x market cap-to-new order multiple based on 2026 new orders of approximately Rmb 29 billion [10] Risks and Considerations - **Upside Risks**: Stronger-than-expected EV sales outlook and faster overseas expansion could enhance growth [12] - **Downside Risks**: Weaker EV sales outlook and limited progress in overseas expansion may pose challenges [12] Additional Insights - **Cost Management**: Improved operational expense control contributed to net profit growth despite lower GPM [7] - **Market Position**: The company is positioned to gain market share during the capital expenditure upcycle in the industry [3] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, growth outlook, and associated risks.

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 10.439 billion yuan, representing a year-on-year growth of 14.56% [1] - The net profit attributable to shareholders of the listed company was 1.186 billion yuan, showing a remarkable year-on-year increase of 94.97% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.185 billion yuan, reflecting a year-on-year growth of 101.35% [1] - The basic earnings per share stood at 0.76 yuan [1]

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]

格隆汇10月29日丨先导智能(300450.SZ)公布第三季度报告，营业收入38.28亿元，同比增长13.95%，归 属于上市公司股东的净利润4.46亿元，同比增长198.92%，归属于上市公司股东的扣除非经常性损益的 净利润4.52亿元，同比增长222.13%。 ...

2025年第三季度，实现营业收入38.28亿元，同比增加13.95%；归属于上市公司股东的净利润4.46亿 元，同比增加198.92%；归属于上市公司股东的扣除非经常性损益的净利润4.52亿元，同比增加 222.13%；基本每股收益0.29元。 格隆汇10月29日丨先导智能(300450.SZ)发布公告，2025年前三季度，实现营业收入104.39亿元，同比增 加14.56%；归属于上市公司股东的净利润11.86亿元，同比增加94.97%；归属于上市公司股东的扣除非 经常性损益的净利润11.85亿元，同比增加101.35%；基本每股收益0.76元。 ...

Group 1 - The core point of the article is that XianDao Intelligent (SZ 300450) held its 16th meeting of the 5th Board of Directors on October 29, 2025, to discuss the adjustment of the roles of the company's directors [1] - For the first half of 2025, XianDao Intelligent's revenue composition was 99.95% from equipment manufacturing and 0.05% from other businesses [1] - As of the report date, XianDao Intelligent's market capitalization was 98.3 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]

无锡先导智能装备股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范无锡先导智能装备股份有限公司（以下简称"公司"）信 息披露暂缓、豁免行为，督促公司及相关信息披露义务人依法合规履行信息披 露义务，保护投资者合法权益，根据《中华人民共和国证券法》《上市公司信 息披露暂缓与豁免管理规定》《深圳证券交易所创业板股票上市规则》等相关 法律法规、规范性文件以及《公司章程》的有关规定，结合公司的实际情况， 特制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报 告、临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"） 和证券交易所规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平 地披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不 得实施内幕交易、操纵市场等违法行为。 第二章 信息披露暂缓与豁免的适用情形 第四条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息 涉及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以 下统称"国家秘密"），依法豁免披露。 第五条 公司和 ...

无锡先导智能装备股份有限公司 内幕信息知情人登记管理制度（草案） （H 股发行并上市后适用） 第一章 总 则 第六条 内幕信息包括但不限于： （一）定期报告、业绩预告、业绩快报； 第一条 为进一步规范无锡先导智能装备股份有限公司（以下简称"公司"） 内幕信息管理，加强内幕信息保密工作，避免内幕交易，维护公司信息披露的公 开、公平、公正原则，保护广大投资者的合法权益，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司信息披露管理办法》、《上市公司监管指引第 5 号—— 上市公司内幕信息知情人登记管理制度》《香港证券及期货条例》《香港联合交 易所有限公司证券上市规则》等有关法律、法规、规范性文件和《无锡先导智能 装备股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制度。 第二条 公司董事会是公司内幕信息的管理机构，应当按照有关规定要求及 时登 记和报送内幕信息知情人档案，并保证公司内幕信息知情人登记档案真实、 准确、完整。公司董事长为公司内幕信息管理工作的主要责任人，董事会秘书负 责办理公司内幕信息知情人的登记入档和报送事宜，协调 ...

无锡先导智能装备股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总则 第一条 为进一步建立健全无锡先导智能装备股份有限公司（以下简称"公 司"）董事及高级管理人员的考核和薪酬管理制度，完善公司治理结构，根据《中 华人民共和国公司法》、《上市公司治理准则》、《公司章程》及其他有关规定，公 司特设立董事会薪酬与考核委员会，并制定本工作细则。 第二条 薪酬与考核委员会是在董事会中设立的专门工作机构，主要负责制 定公司董事及高级管理人员的考核标准并进行考核；负责制定、审查公司董事及 高级管理人员的薪酬政策与方案，对董事会负责。 本细则所称董事是指在本公司支取薪酬的董事，高级管理人员是指董事会聘 任的总经理、副总经理、财务总监、董事会秘书及公司章程规定的其他高级管理 人员。 第二章 人员组成 第三条 薪酬与考核委员会成员由 3 名董事组成，独立董事应当过半数并担 任召集人。 第四条 薪酬与考核委员会委员由董事长、1/2 以上独立董事或者全体董事的 1/3 提名，并由董事会选举产生。 第五条 薪酬与考核委员会设主任委员（召集人）1 名，由独立董事委员担 任，负责主持委员会工作。 第六条 薪酬与考核委员会任期与董事会 ...

无锡先导智能装备股份有限公司 信息披露管理制度 第一章 总则 第一条 为规范无锡先导智能装备股份有限公司（以下简称"本公司"或 "公司"）的信息披露行为，确保公司信息披露的真实、准确、完整与及时，切实 保护公司、股东及投资者的合法权益，根据《中华人民共和国公司法》、《中华人 民共和国证券法》、《上市公司信息披露管理办法》、《上市公司治理准则》、《深圳 证券交易所创业板股票上市规则》（以下简称"《上市规则》"）等相关法律、法规、 规范性文件以及《无锡先导智能装备股份有限公司章程》（以下简称"《公司章 程》"）的规定，制定本细则。 第二条 本制度所称"信息披露义务人"，是指公司及其董事、高级管理人员、 股东、实际控制人，收购人，重大资产重组、再融资、重大交易有关各方等自然 人、单位及其相关人员，破产管理人及其成员，以及法律、行政法规和中国证券 监督管理委员会（以下简称"中国证监会"）规定的其他承担信息披露义务的主 体。 第三条 本制度所称"信息"是指所有对公司股票价格可能产生重大影响的 信息，以及证券监管部门要求披露的信息；本制度所称"披露"是指公司或者相 关信息披露义务人按法律、行政法规、部门规章、规范性文件、 ...