Group 1 - Freshwater Capital recently conducted research on three listed companies, including Mindray Medical, Meichang Co., and Crystal Optoelectronics [1] - Mindray Medical launched the world's first clinically implemented critical care large model, named Qiyuan, and established an animal healthcare subsidiary [1] - In the medical imaging sector, Mindray's "Ruiying Cloud++" has partnered with DeepSeek to officially release the "Ruiying·AI+" solution [1] Group 2 - Meichang Co. reported a 12% overall cost reduction in Q2, with tungsten wire mother line costs decreasing by over 10% due to industry maturity, lower procurement prices, and improved self-manufacturing processes [1] - In Q2, the self-manufacturing ratio of tungsten wire mother lines reached 30%, expected to rise to around 50% by Q4 [1] - The shipment ratio of tungsten diamond wire in Q2 was nearly 55%, with July's shipment ratio reaching 85% [1] - The company benefits from a recycling advantage due to full-process production, with waste tungsten wire sourced from production scraps and customer-used waste lines [1] - Inventory impairment mainly occurred in the micro powder segment and due to auxiliary materials from process switching, with some potentially recoverable [1] - The procurement strategy focuses on demand-based purchasing to mitigate price fluctuation risks [1] Group 3 - Crystal Optoelectronics has developed a small quantity of laser radar window products for humanoid robots [2]

Group 1: Yunyi Electric - The company is focusing on the strategic new track of new energy connection components, expecting rapid growth in the first half of 2025 due to expanding external market demand and strong internal capabilities [1] - The revenue from nitrogen-oxygen sensor business is expected to maintain growth, with the company achieving independent R&D and production of core sensor units, reducing reliance on overseas supply chains [1] - The gross margin of the intelligent wiper system has improved due to increased self-manufacturing rates and lean production, with project volume expected to ramp up in the first half of next year [1] Group 2: Feikai Materials - The company anticipates significant revenue growth for TMO products in the first half of 2025, driven by declining raw material prices and improved gross margins [2] - The company has made technological breakthroughs in thick film negative photoresists and is expanding EMC materials into advanced packaging and third-generation semiconductors [2] - The acquisition of JNC's liquid crystal business is expected to help the company enter the high-value-added small and medium-sized market [2] Group 3: Meichang Co., Ltd. - The company achieved a cost reduction of approximately 12% in the second quarter, with tungsten wire bus costs decreasing by over 10% due to improved industry maturity and lower procurement prices [3] - The self-manufacturing ratio of tungsten wire bus is expected to increase to around 50% by the fourth quarter [3] - The company has a competitive advantage in recycling waste tungsten wire due to its full-process production capabilities [3]

Core Viewpoint - The global photovoltaic industry is experiencing a mild recovery with slowing growth, leading to a period of adjustment characterized by increased volume but reduced profits for companies like Meichang Co., Ltd [1] Group 1: Financial Performance - In the first half of 2025, Meichang Co., Ltd achieved a revenue of 1 billion yuan, a 28% increase compared to the second half of the previous year [1] - The company's net profit attributable to shareholders reached 84.66 million yuan, marking a 165% increase from the previous half [1] - In Q2 2025, revenue was 584 million yuan, a 38% increase from Q1, while net profit for the same quarter was 58 million yuan, up 120% from Q1 [1] Group 2: Cost Management - The company reported a significant cost reduction of approximately 12% in Q2 2025 [1] - The cost of tungsten wire mother lines decreased by over 10% due to improved production maturity and lower raw material prices [2] - Fixed cost dilution from increased production and process improvements contributed to about 2% of the overall cost reduction [2] Group 3: Product and Market Dynamics - Meichang Co., Ltd's tungsten wire mother lines are produced in two ways: self-manufactured (30% of production) and externally sourced (70% of production) [2] - The company anticipates that the proportion of self-manufactured products will increase to around 50% by Q4 2025 [2] - The company is focusing on tungsten wire recycling, leveraging the high recovery value of tungsten, with a significant portion of recycled materials coming from production waste and customer returns [3] Group 4: Market Position - In Q2 2025, the shipment proportion of tungsten wire diamond saw blades increased by over 10%, reaching approximately 55% of total shipments [3] - The market share of tungsten wire diamond saw blades is around 80%, with Meichang Co., Ltd's shipments constituting about 85% of its total diamond saw blade shipments [3] - The company indicates that tungsten wire diamond saw blades are becoming the mainstream product in the market, while carbon steel diamond saw blades may phase out [3]

Group 1 - The core viewpoint of the article indicates that tungsten wire diamond wire saws are becoming the mainstream product in the market, with a significant market share [1] - In July, the market share of tungsten wire diamond wire saws was approximately 80%, while the company's own shipment of tungsten wire diamond wire saws accounted for about 85% of its total shipments [1] - The article suggests that carbon steel diamond wire saws may accelerate their exit from the market due to the dominance of tungsten wire products [1]

Core Viewpoint - The company reported that inventory impairment is primarily concentrated in the micro-powder segment, with specific challenges related to the production of diamond micro-powder [1] Group 1: Inventory Impairment - The company produces diamond micro-powder, which results in a portion of the output being unsuitable for its diamond wire due to size, leading to inventory impairment as market prices are below production costs [1] - Additionally, the transition from hot-drawing to cold-drawing processes in the tungsten wire industry has resulted in unusable spare parts and materials, contributing to signs of inventory impairment [1] Group 2: Inventory Management - The company is actively seeking methods to manage and reduce these inventory levels, with some inventory that has already been impaired potentially being written back if suitable disposal methods are found in the future [1]

证券日报网讯美畅股份（300861）8月29日发布公告，在公司回答调研者提问时表示，新业务拓展方向 目前尚未有进一步的具体进展，但本季度已考察多个项目并收集了相关信息，尚未对某一项目形成明确 意向，相关团队仍在持续进行业务开拓。 ...

Group 1 - The company announced that in the second quarter, the shipment proportion of tungsten wire diamond wire increased by over 10% compared to the first quarter, approaching 55% of the company's total diamond wire shipments [1] - Both tungsten wire diamond wire and carbon steel diamond wire experienced a slight price decrease of approximately 2% [1]

Core Viewpoint - The company, Meichang Co., Ltd. (300861), reported a significant increase in tungsten powder prices, which has exceeded expectations, and the rising prices of final recovered diamond wire and waste materials are largely offsetting costs [1] Group 1 - The company indicated that the price increase of tungsten powder is unusual and has surpassed initial forecasts [1] - The rising prices of recovered diamond wire and waste materials are effectively mitigating most of the cost increases [1] - The company's procurement strategy remains focused on demand-based purchasing, maintaining a cautious approach while managing inventory to mitigate price volatility risks [1]

证券日报网讯美畅股份（300861）8月29日发布公告，在公司回答调研者提问时表示，今年第二季度成 本下降较为显著，总体节降约12%。以钨丝举例分析，第二季度钨丝母线的成本下降超过10%，一方 面，钨丝母线行业整体生产成熟度提升、外采粗钨丝母线价格下降；另一方面，公司自制工艺提升、自 供比例增长，共同对钨丝母线成本产生了一定的降本贡献。此外，产量提升带来固定成本摊薄，如折旧 费用的分摊减少，贡献约1%的成本下降；同时，工艺改进减少了微粉和镍的无效损耗，也贡献了约1% 的成本下降。 ...

Group 1 - The company announced on August 29 that its second-quarter shipment volume increased compared to the previous quarter, driven by a rise in overall industry production scheduling [1] - The industry operating rate showed a significant improvement compared to the first quarter before May 31, contributing to the company's increased shipment volume [1] - The company also achieved a market share growth of approximately five to six percentage points in the second quarter [1]