Group 1: Company Research - Hengshuai Co., Ltd. focuses on cleaning services (46.3%) and motor business (45.6%), with plans to expand into in-car motors and chassis fields, particularly in high-torque harmonic brushless motors [1] - The traditional cleaning market is highly competitive with price wars, while the micro-motor market is compact with less competition [1] - DS active sensing cleaning system has secured clients like Waymo, with an annual production capacity of 250,000 units for gas-liquid mixed cleaning systems [1] - The thermal management system business has achieved mass production, with future plans to develop more clients [1] - The company aims to expand into industrial automation and humanoid robot markets [1] Group 2: Industry Insights - Zhongmi Holdings holds a market share of over 20% in the domestic petrochemical sector, with a market share of 60%-70% in the incremental market [1] - International projects have higher requirements, longer construction periods, and greater personnel and language demands compared to domestic projects [1] - Gross margins for incremental international business are slightly higher than domestic, while gross margins for existing domestic business are expected to remain high [1] - The gross margin for domestic incremental business is already low, with limited potential for further decline, indicating market concentration towards leading enterprises [1] Group 3: Fund Performance - Baoying Fund, established in 2001, has an asset management scale of 80.372 billion yuan, ranking 66th out of 210 [2] - The non-monetary public fund asset management scale is 51.118 billion yuan, ranking 74th out of 210 [2] - The fund manages 122 public funds, ranking 63rd out of 210, with 18 public fund managers, ranking 73rd out of 210 [2] - The best-performing public fund product in the past year is Baoying New Sharp Mixed A, with a latest unit net value of 2.58 and a growth of 43.17% in the past year [2]

Market Position - The domestic market size for mid-to-high-end mechanical seals is approximately 6 to 7 billion, with the petrochemical sector accounting for about 25% of this market [2] - The company's market share in the domestic petrochemical sector is slightly over 20%, while it can reach 60% to 70% in large projects within the incremental market [2] Project Differences - Key differences between overseas and domestic projects include higher technical and process requirements for overseas projects, longer construction periods, higher personnel quality requirements, and language proficiency [3] Profit Margins - The overall gross margin for incremental business in international markets is slightly higher than that in domestic markets, with the company adopting a strategy of "capturing incremental to occupy stock" [3] - Domestic incremental business margins are under pressure due to reduced downstream capital expenditure and increased competition, leading to lower margins [3] - The company anticipates that the gross margin for incremental business will not decline significantly further, as market trends favor leading enterprises [3]

Core Insights - The company, Zhongmi Holdings, has celebrated its 10th anniversary since its listing on June 12, 2015, with a market capitalization growth from 2.657 billion yuan to 7.627 billion yuan, indicating not only scale expansion but also continuous accumulation of technical strength [1][5] - The company has maintained a stable growth momentum in recent years, despite the overall market fluctuations [1] Business Overview - Zhongmi Holdings specializes in the design, research and development, manufacturing, and sales of various mechanical seals, providing comprehensive technical services including consulting, training, installation, and maintenance [3] - The main products include mechanical seals and dry gas seals along with control systems, with mechanical seals accounting for the highest revenue share at 30.17%, followed by dry gas seals and control systems at 26.59% [3] Financial Performance - In 2015, the company achieved a net profit attributable to shareholders of 82 million yuan, which increased to 392 million yuan by the end of the latest complete fiscal year in 2024, representing a cumulative profit growth of 378.08% [3] - The company has not reported any losses in the past ten years, with net profit growth occurring in 8 out of those years, equating to an 80% success rate [3] - Revenue has shown steady growth, increasing from 924 million yuan in 2020 to 1.567 billion yuan in 2024, with a double-digit compound annual growth rate [3] - Net profit has also shown an upward trend, rising from 211 million yuan in 2020 to 392 million yuan in 2024, with the most significant increase occurring in 2021 [3] Market Capitalization - Since its listing, Zhongmi Holdings' market capitalization has increased by 1.87 times, reflecting investor confidence in the company's long-term development [5] - The peak market capitalization reached 11.419 billion yuan on February 18, 2021, with the stock price rising to 54.85 yuan, while the latest closing price on June 11 was 36.64 yuan, resulting in a current market capitalization of 7.627 billion yuan [5][6] - Compared to its peak, the market capitalization has decreased by 3.792 billion yuan, representing a 33.20% decline [6]

证券代码：300470 证券简称：中密控股 公告编号：2025-028 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。 中密控股股份有限公司（以下简称"中密控股"或"公司"）于近日收到由 中华人民共和国国家知识产权局颁发的6项专利证书，获得形式为原始取得，所 涉及技术与公司主要技术相关，具体情况如下： | 序 | 名称 | 类型 | 专利号 | 专利权人 | | 申请日 | | 期 限 | | 授权公告日 | | 备注 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | | | | | （年） | | | | | | | | 干式机械密 | 实用 | ZL 2024 2 | | 2024 | | 年 | | 2025 | 年 | 05 | 证书号第 | | | 1 | 封的布气结 | 新型 | | 中密控股 | 08 | 月 | 01 | 10 | | | | | | | | | | 1852018.X | | ...

2024 Environmental, Social and Governance Report Craft quality with ingenuity, Pioneer extraordinary through innovation Contents | About the Report | 01 | | --- | --- | | Introduction | 02 | | Management Message | 02 | | About SNS | 03 | | ESG Management | 09 | | Appendix | 48 | | ESG Performance Indicators | 48 | | Indicator Index Table | 53 | | Reader Feedback | 54 | 01 Building a Robust Operation Foundation | Corporate Governance | 12 | Environmental Management System | 18 | | --- | --- | --- | --- | | B ...

Investment Rating - The report highlights the deep-sea technology sector as a strategic emerging industry, with a projected global market size exceeding $500 billion by 2025, growing at an annual rate of over 15% [1][4]. Core Insights - The report emphasizes the rapid development of the global deep-sea technology market, with significant investment opportunities in sub-sectors such as deep-sea equipment manufacturing, resource exploration, and deep-sea biomedicine [1][4]. - The Chinese deep-sea economy is expected to reach approximately $3.25 trillion by 2025, accounting for 25% of the total marine economy, with a growth rate exceeding 20% [43][44]. Summary by Sections Industry Overview - The deep-sea technology sector has been recognized as a key area for strategic development, with the Chinese government prioritizing its growth in the 2025 Government Work Report [1][4]. - The global deep-sea technology market is projected to surpass $500 billion by 2025, with a compound annual growth rate (CAGR) of over 15% [1][4]. Industry Status - The report indicates that the global deep-sea technology market is experiencing rapid growth, with the deep-sea oil and gas sector remaining a cornerstone, while emerging fields like underwater mining and underwater vehicles are also expanding significantly [37][39]. - The underwater mining market is expected to grow from approximately $3.7 billion in 2024 to $15.9 billion by 2029, with a CAGR of 33.7% [37][39]. Investment Strategy - The report suggests focusing on investment opportunities in extreme environment equipment that relies on high-strength titanium alloys, nanocomposite materials, and intelligent control systems [4][37]. - Short-term strategies include capitalizing on domestic replacements driven by policy support, while long-term strategies should focus on breakthroughs in materials and core components [4][37]. Industry Chain and Key Enterprises - The report categorizes the industry chain into upstream (materials and technology), midstream (precision components and complete equipment), and downstream (applications and commercialization scenarios) [52][53]. - Key players in the upstream segment include companies like Western Materials and BaoTi Co., while midstream players include China Shipbuilding and China Heavy Industry [52][53].

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 5 yuan per 10 shares to shareholders, based on the adjusted total share capital after excluding repurchased shares [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on May 7, 2025, and will be based on the total share capital after deducting shares held in the repurchase account [2]. - The total share capital is 208,171,277 shares, and after excluding 209,540 shares in the repurchase account, the effective share capital for distribution is 207,961,737 shares [1][2]. Cash Dividend Calculation - The total cash dividend amount is calculated as follows: 207,961,737 shares multiplied by 5 yuan divided by 10 shares, resulting in a total of 103,980,868.5 yuan [1][2]. - The per-share cash dividend, based on the total share capital, is approximately 0.4994967 yuan per share [1][4]. Key Dates - The record date for the profit distribution is set for June 12, 2025, and the ex-dividend date will follow on June 13, 2025 [3]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their respective securities companies or custodians [4]. Taxation Details - Different tax rates will apply to individual and institutional shareholders based on their holding periods, with specific provisions for Hong Kong and mainland investors [2][3].

特别提示： 1、中密控股股份有限公司（以下简称"公司"或"本公司"）2024年年度权 益分派方案为：以公司实施2024年度权益分派时的股权登记日总股本扣除公司回 购专用证券账户股份后的股份数为基数，向全体股东每10股派发现金红利5元（含 税）。公司现有总股本为208,171,277股，扣除公司回购专用证券账户中的209,540 股后为207,961,737股。 2、根据《公司法》《深圳证券交易所上市公司自律监管指引第9号——回购 股份》等相关规定，上市公司回购专用证券账户中的股份不享有利润分配权力。 公司本次实际参与现金分红的股本=现有总股本-回购股份=208,171,277股 -209,540股=207,961,737股；公司本次现金分红总额=实际参与现金分红的股本 ×每10股分红金额÷10股=207,961,737股×5元÷10股=103,980,868.5元。 3、按公司总股本（含回购股份）折算每10股现金分红金额=现金分红总额÷ 公司总股本×10股=103,980,868.5元÷208,171,277股×10股=4.994967元； 按公司总股本折算每股现金分红的比例=0.4994967元/股； 公司 ...

Core Insights - The company has seen a shift in its international business model, with increasing direct communication and collaboration with foreign end-users [1][4] - The market space for the company's international business along the "Belt and Road" initiative countries accounts for approximately one-third of the total international market for mechanical seals [2][4] - The company's primary export regions include the Middle East, Southeast Asia, Central Asia, and Africa, and it has not been directly affected by tariffs [3][4] - The company is the only domestic enterprise with performance in nuclear main pump mechanical seals, but there has been no significant progress in its nuclear power business [3][4] Company Performance - As of May 30, 2025, the company's stock closed at 35.85 yuan, a 0.9% increase from the previous week [1] - The company's total market capitalization is 7.463 billion yuan, ranking 43rd in the general equipment sector and 2068th in the A-share market [1] Risk Management - The company serves major state-owned enterprises and well-known private enterprises, maintaining a strong focus on customer credit ratings to mitigate bad debt risks [2] - The company has implemented a robust collection strategy and regularly reviews aging accounts receivable to enhance cash flow [2] Strategic Outlook - The company is optimistic about future international market growth, particularly in regions rich in oil and gas resources along the "Belt and Road" [2] - The company is prepared to seize new project opportunities as they arise, although growth in international business may slow compared to previous years due to geopolitical factors [2]

Group 1 - A total of 26 companies were investigated by institutions on May 26, with 20 companies specifically targeted by funds [1] - The most popular company among funds was Cankin Technology, which had 13 participating funds, followed by Greebo and Hars, each with 12 funds [1] - The companies investigated belong to various sectors, including electronics, machinery, basic chemicals, and pharmaceutical biology, with three stocks from each of these sectors being highlighted [1] Group 2 - Among the companies investigated, four had a total market capitalization exceeding 50 billion yuan, with BOE Technology Group being one of them, while ten companies had a market cap below 10 billion yuan [1] - In terms of market performance, eight stocks among the investigated companies saw an increase in the last five days, with Kailer Co., Zhongsheng Pharmaceutical, and Zhongchumei leading with increases of 21.62%, 7.52%, and 5.76% respectively [1] - Conversely, twelve stocks experienced declines, with Jiangnan Yifan, Tangyuan Electric, and Greebo showing the largest drops of 5.68%, 4.34%, and 3.89% respectively [1] Group 3 - The funds that participated in the investigations included significant net inflows, with Zhongsheng Pharmaceutical receiving a net inflow of 122 million yuan, the highest among the stocks [2] - Other companies with notable net inflows included Haida Group and Kailer Co., with net inflows of 36.68 million yuan and 11.77 million yuan respectively [2] - The table of companies investigated includes various details such as stock codes, latest closing prices, five-day price changes, and industry classifications [2][3]