Summary of Key Points from the Conference Call of Xingyun Co., Ltd. Industry and Company Overview - **Company**: Xingyun Co., Ltd. - **Industry**: Solid-state battery equipment and electric vehicle insurance services Core Insights and Arguments - **Revenue Generation**: Xingyun has achieved revenue from solid-state battery equipment, collaborating deeply with companies like Weilan, Qingtai, and Ganfeng, and working with leading manufacturers like CATL through PO orders, positively impacting company performance [2][6] - **Core Competitiveness**: The company's strength lies in automation testing and overall technical capabilities, having built the first automated testing line for GAC Aion, which has established a foundation for securing more complete line orders [2][4] - **Strategic Partnerships**: A strategic cooperation agreement with Ganfeng Lithium has been signed to deepen collaboration in the solid-state battery sector, indicating potential future binding in battery business development [2][9][10] - **Insurance Collaboration**: Partnership with Pacific Insurance to apply battery health detection models in commercial vehicles aims to reduce insurance payout risks and may expand into the passenger vehicle market, presenting new growth opportunities [2][11][12] - **AI Integration**: The use of AI technology to enhance testing capabilities has been recognized nationally, improving competitiveness in battery detection [2][13] Additional Important Content - **Client Base**: Xingyun's strategic clients include early-stage companies like Tailan, Weilan, and Qingtai, as well as larger enterprises like GAC, Dongfeng, and Ganfeng, indicating a broad market presence [3] - **Delivery Volume**: The cumulative delivery volume has exceeded the million-level consumption threshold, with an increase in delivery volume expected in 2025 compared to previous years [8][21] - **Insurance Business Model**: The insurance business involves technical services, including pre-insurance health checks and regular monitoring, which can help prevent severe issues and enhance safety [22][23] - **Revenue Sources**: Revenue streams include fleet purchases of detection services and insurance companies purchasing detection services, with existing clients like public transport groups already utilizing these services [26] - **Future Expansion**: The business model is expected to expand from commercial vehicles to the passenger vehicle market, leveraging the large and rapidly growing passenger vehicle sector [16] Regulatory and Market Dynamics - **Regulatory Changes**: Current industry regulations encourage companies to publicly share positive progress, contrasting with previous practices where delivery stages were not publicly communicated [7] - **Market Demand**: The demand for solid-state battery technology is increasing due to the emergence of new technologies, presenting positive development opportunities for equipment manufacturers [5] This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction, partnerships, and market opportunities for Xingyun Co., Ltd. in the solid-state battery and insurance sectors.

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

Group 1 - The core point of the news is that Xingyun Co., Ltd. has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -5.68% [1] - Xingyun Co., Ltd. specializes in the research, development, and production of lithium battery pack testing equipment, intelligent manufacturing solutions for lithium battery packs, energy storage inverters, and charging piles [1] - The financial report indicates that the Xinda Aoya Fund's Xin'ao New Energy Industry Stock A has entered the top ten shareholders of Xingyun Co., Ltd. and is a new addition in the first quarter of this year [1] Group 2 - The fund manager of Xin'ao New Energy Industry Stock A is Feng Mingyuan, who has a master's degree in engineering from Zhejiang University and has been with Xinda Aoya Fund since January 2014 [4][5] - Feng Mingyuan has held various positions, including researcher, deputy general manager, and chief investment officer, and has managed multiple funds since 2016 [4][5] - The performance of Xin'ao New Energy Industry Stock A this year is reported at a yield of 3.95%, ranking 595 out of 993 in its category [1]

Core Viewpoint - The company, Xingyun Co., is recognized as a leading enterprise in lithium battery testing technology and has strategically positioned itself in the solid-state battery sector, successfully completing bulk deliveries to major battery manufacturers [1] Group 1 - The company has established a significant presence in the solid-state battery market, indicating a proactive approach to industry trends [1] - The company has successfully delivered products in bulk to leading battery enterprises, showcasing its operational capabilities and market acceptance [1]

Group 1 - The core viewpoint of the news is that Guangzhou Xueqiu Investment has conducted research on a listed company, Xingyun Co., which is expected to see growth in revenue and profit in Q1 2025 due to the recovery of downstream customer demand and accelerated overseas expansion [1] - Xingyun Co. has made advancements in solid-state battery technology and has completed bulk deliveries to leading battery manufacturers [1] - The new regulations on safety requirements for electric vehicle batteries are expected to enhance product quality and promote industry development [1] Group 2 - The company has implemented a 60-day payment policy to optimize cash flow within the new energy vehicle supply chain and will strengthen accounts receivable management [1] - Xueqiu, established in 2013, is known for its unique investment management approach, focusing on value investment and seeking opportunities in monopolistic companies with economic moats [2] - The firm has achieved an average annualized performance of 36% since its inception, demonstrating strong research and management capabilities [2]

Group 1: Business Overview - The company's revenue in Q1 2025 showed a year-on-year increase, indicating an improvement in profits and a recovery in downstream customer demand [2] - The pace of international expansion is accelerating, which is expected to enhance industry conditions [2] Group 2: Regulatory Impact - The new regulations on safety requirements for electric vehicle batteries impose higher quality standards, prompting industry players to enhance their quality control measures [2] - This is anticipated to promote overall industry development [2] Group 3: Technological Development - The company is a leading player in lithium battery testing technology and has established a strategic layout for solid-state battery clients, achieving bulk deliveries to major battery manufacturers [2] - Battery testing is crucial in the development process, significantly influencing battery performance [2] Group 4: Industry Trends - The implementation of a 60-day payment term policy by several automotive companies is expected to positively impact cash flow within the new energy vehicle supply chain [3] - The company will continue to monitor industry trends and enhance accounts receivable management accordingly [3]

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。 福建星云电子股份有限公司（以下简称"公司"）分别于 2025 年 4 月 21 日、 2025 年 5 月 14 日召开了第四届董事会第十五次会议和 2024 年度股东会，审议通 过了《关于使用部分闲置募集资金用于现金管理的议案》，同意使用不超过人民币 55,000 万元的闲置募集资金进行现金管理，购买投资期限不超过 12 个月的保本型 理财产品或存款类产品，使用期限为自公司 2024 年度股东会审议通过之日起 18 个月。在上述额度及决议有效期内，可循环滚动使用。闲置募集资金现金管理到期 后将及时归还至募集资金专户。具体内容分别详见 2025 年 4 月 23 日和 2025 年 5 月 14 日刊载于《中国证券报》《上海证券报》《证券时报》《证券日报》和巨潮 资讯网（www.cninfo.com.cn）上的《关于使用部分闲置募集资金用于现金管理的公 告》（公告编号：2025-027）和《2024 年度股东会决议公告》（公告编号：2025-039）。 近日，公司开立部分募集资金现金管理专用结算账户，并使用暂时闲 ...

证券代码：300648 证券简称：星云股份 公告编号：2025-041 4、住 所：福建省福州市马尾区快安马江大道石狮路 6 号 1-4#楼 5、法定代表人：李有财 福建星云电子股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、具体情况概述 福建星云电子股份有限公司（以下简称"公司"）分别于 2025 年 4 月 21 日、2025 年 5 月 14 日召开第四届董事会第十五次会议和 2024 年度股东会，审 议通过了《关于变更注册资本及修订<公司章程>的议案》，具体内容详见公司 于 2025 年 4 月 23 日和 2025 年 5 月 14 日刊登在《中国证券报》《上海证券报》 《证券时报》《证券日报》和巨潮资讯网上（www.cninfo.com.cn）的相关公告。 近日，公司完成了注册资本的工商变更登记及《公司章程》的相关备案登记 手续，并取得福州市市场监督管理局换发的《营业执照》，变更后的《营业执照》 具体信息如下： 1、名 称：福建星云电子股份有限公司 2、统一社会信用代码：9135010077066371 ...

证券代码：300648 证券简称：星云股份 公告编号：2025-042 福建星云电子股份有限公司 关于使用部分闲置募集资金用于现金管理的进展公告 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。 福建星云电子股份有限公司（以下简称"公司"）分别于 2025 年 4 月 21 日、 2025 年 5 月 14 日召开了第四届董事会第十五次会议和 2024 年度股东会，审议通 过了《关于使用部分闲置募集资金用于现金管理的议案》，同意使用不超过人民币 55,000 万元的闲置募集资金进行现金管理，购买投资期限不超过 12 个月的保本型 理财产品或存款类产品，使用期限为自公司 2024 年度股东会审议通过之日起 18 个月。在上述额度及决议有效期内，可循环滚动使用。闲置募集资金现金管理到期 后将及时归还至募集资金专户。具体内容分别详见 2025 年 4 月 23 日和 2025 年 5 月 14 日刊载于《中国证券报》《上海证券报》《证券时报》《证券日报》和巨潮资讯 网（www.cninfo.com.cn）上的《关于使用部分闲置募集资金用于现金管理的公告》 （公告编号： ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of various sectors within the equipment manufacturing industry, indicating a mixed outlook for different segments [1][7]. Core Insights - The domestic engineering machinery market is experiencing a short-term decline in activity, with May 2025 data showing a 3.86% year-on-year decrease in average working hours and a 5.01 percentage point drop in operating rates [2][10]. - The automotive sector shows resilience, with a 6% year-on-year increase in daily retail sales of passenger cars during the last week of May 2025, supported by promotional strategies from manufacturers [2][10]. - In the photovoltaic sector, prices for battery cells and modules have stabilized, but demand remains weak, particularly for photovoltaic glass, which is experiencing price declines due to reduced purchasing from downstream component manufacturers [2][10]. Summary by Sections Market Overview - From June 3 to June 6, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.93%, 1.38%, and 0.17% respectively, ranking 19th, 14th, and 25th among 31 primary industries [7][10]. Industry News and Key Company Announcements - As of April 2025, China's renewable energy generation capacity reached 2.017 billion kilowatts, a 58% year-on-year increase, with wind, solar, and nuclear power surpassing thermal power capacity [2][18]. - A humanoid robot manufacturer has completed a Series A financing round exceeding 100 million RMB, indicating growing investment in robotics [2][18]. - China National Power Engineering Group signed a 1GW project order in Azerbaijan, highlighting international expansion in renewable energy projects [2][20].