Company and Industry Summary Company: Shanghai Jahwa Key Financial Performance - For the year 2025, Shanghai Jahwa is projected to achieve a net profit attributable to shareholders of 240-290 million yuan, with a non-recurring net profit of 38-56 million yuan, marking a return to profitability year-on-year [1] - In Q4 2025, the company expects a net loss attributable to shareholders of -165 to -115 million yuan, and a non-recurring net loss of -193 to -175 million yuan, indicating a narrowing of losses compared to previous periods, albeit slightly below prior expectations [1] 2026 Goals - The company aims for revenue growth of over 10% in double digits for 2026, with profits expected to grow at a rate faster than revenue [1] Brand Investment Strategy - Significant investment in brand building during Q4 2025 is noted, aimed at fostering long-term growth [1] - New product launches such as Baicaojijian's Xian Cao Oil and Meijiajing's Propolis Repair Cream are part of the strategy to enhance brand visibility and establish a foundation for long-term development [1] Core Brand Development - The company plans to focus on three core brands: Baicaojijian, Yuze, and Liushen, with an emphasis on niche categories to create billion-yuan single products that drive sustained growth [2] Product Highlights - Baicaojijian's Big White Mud and Xian Cao Oil are rapidly growing and driving brand growth [3] - Yuze's Dry Sensitive Cream has surpassed 100 million yuan in sales in 2025, while the Oil Sensitive Cream is nearing the billion-yuan mark; a new product, "Special Moisturizing Cream," featuring exclusive fermented Artemisia oil essence, is set to launch in January 2026 [3] - Liushen's mosquito repellent products performed well in 2025, with plans to expand into niche markets for infants and outdoor scenarios to further modernize and digitize the brand [3] Market Performance - High-frequency data from Douyin indicates that the core brands are on a high growth trajectory, with Baicaojijian, Yuze, and Liushen showing year-on-year growth rates of 529%, 88%, and 39% respectively, leading to a combined GMV of 80 million yuan, a year-on-year increase of 262% [3] Investment Outlook - The rapid growth of single products is seen as a validation of the company's product development capabilities and the efficiency improvements following organizational adjustments [3] - Future focus will be on the pace of improvement in the company's profitability [3]

Summary of Key Points from Conference Call Records Company: Corning Inc. (康宁) Core Insights and Arguments - Corning has secured a significant agreement with Meta to supply $6 billion worth of optical communication products for AI data centers by 2030, primarily focusing on MMC/MPO and fiber optic orders [1] - Other Cloud Service Providers (CSPs) are expected to follow suit with similar orders, indicating a potential increase in demand across the industry [1] Industry: Optical Communication and AI Market Dynamics - The CPO (Chiplet Packaging Optimization) industry is accelerating, with a projected 20% supply shortage for EML (Electro-Absorption Modulated Laser) chips by 2026, which is seen as a core catalyst for growth in the AI computing and optical interconnect market [2] - The optical communication device revenue is expected to surge by 73.89%, driven by the high growth certainty in the main business [3] Competitive Positioning - Corning is one of only three global manufacturers and the sole domestic producer of thin-film lithium niobate devices, which are critical for high-speed optical communication [3] - The company has achieved a domestic market share exceeding 90%, with its thin-film lithium niobate modulators offering bandwidths of 70-110 GHz and 40% lower power consumption compared to international competitors [3] Future Projections - For 2025, Corning anticipates a substantial increase in net profit, with growth estimates ranging from 152% to 172%, and a non-GAAP net profit increase of 178% to 198% [3] - The company is set to commercialize 400G PAM4 modulator chips by 2026, which will replace EML chips and address the anticipated supply gap [3] - Global production capacity is expanding with facilities in Zhuhai, Thailand, and Wuhan, achieving a monthly output of over 250,000 units, with Thai production benefiting from tariff exemptions [3] - The overseas shipment volume is expected to double, contributing to an 8% reduction in costs [3]

25Q4归母净利润中值-0.46亿元，全年转亏主要系折旧达峰（3.7亿）及人员预投（约2亿），大幅拖累利润，#但最 差的时候已经过去。 1）收入端：根据在手订单，26Q1收入有望开启高增，先进制程开始放量；2）利润端：折旧/人员只减不增，毛利 率稳定，规模效应明显。 【华西机械】富创精密点评：利空落地买点出现，零部件首推！ #1、稼动率致使转亏，最悲观阶段已经过去？ #1、稼动率致使转亏，最悲观阶段已经过去？ 【华西机械】富创精密点评：利空落地买点出现，零部件首推！ #3、全球零部件大年，公司同时具备出色α？ 1）复盘海外，年初至今超科林/VAT涨幅为80%/34%，显著跑赢美光、LAM、KLA等核心环节，且估值新高，底层 在于迎来零部件大年，国内增速只会比海外更高；2）公司收购肯发完成气体类布局，25年气体收入已超过超科林 中国区，已经体现竞争力。 气体国产化率不到10%，其他先进制程份额提升存在较大预期差。 投资建议：利空出清，买在大分歧，维持半年目标600亿。 25Q4归母净利润中值-0.46亿元，全年转亏主要系折旧达峰（3.7亿）及人员预投（约2亿），大幅拖累利润，#但最 差的时候已经过去。 1）收入 ...

【天风地产·今日简讯】2026年1月28日 行情速览 A股：今日申万房地产指数+0.84%，涨幅排名10/31，涨幅前三个股为盈新发展+10.06%、粤宏远A+9.98%、大悦城 +5.94%，跌幅前三个股为ST中迪-5.04%、华夏幸福-4.68%、*ST阳光-4.15%。 H股：今日中华内房股指数+2.53%；涨幅前三个股分别为中国金茂+11.92%、绿城中国+9.04%、龙光集团 【天风地产·今日简讯】2026年1月28日 行情速览 A股：今日申万房地产指数+0.84%，涨幅排名10/31，涨幅前三个股为盈新发展+10.06%、粤宏远A+9.98%、大悦城 +5.94%，跌幅前三个股为ST中迪-5.04%、华夏幸福-4.68%、*ST阳光-4.15%。 H股：今日中华内房股指数+2.53%；涨幅前三个股分别为中国金茂+11.92%、绿城中国+9.04%、龙光集团+6.35%， 跌幅前三个股分别为中海物业-11.93%、恒大物业-8.66%、保利物业-3.79%。 行业要闻 【今日置顶】从多家房企相关人士处独家获悉，目前其所在公司已不被监管部门要求每月上报"三条红线"指标。 新建城区、居住（小）区、新建住 ...

Summary of the Conference Call Record Company Overview - The document pertains to Jiangshan Co., Ltd., a company in the basic chemical industry. Key Financial Projections - The company forecasts a net profit attributable to non-recurring gains and losses for the year 2025 to be between 326 million to 426 million yuan, representing a year-on-year growth of 63.26% to 113.34% [1] - It is anticipated that non-recurring gains and losses will impact the current net profit by approximately 154 million yuan, primarily due to the company's reduction of Jiangtian Chemical stock in the secondary market [1] Strategic Adjustments - In response to changes in the competitive market environment, the company is continuously adjusting and optimizing its product structure [1] - There is an emphasis on increasing sales scale for key products and regions, as well as enhancing the proportion of high-margin products [1] - The company is also focused on lean cost management to improve product competitiveness, effectively buffering against market price declines, and supporting overall profit growth [1]

Summary of Company and Industry Insights from Conference Call Company: 科大讯飞 (iFLYTEK) Key Financial Projections - The company forecasts a net profit attributable to shareholders for 2025 between 785 million to 950 million CNY, representing a year-on-year growth of 40% to 70% [1] - The non-recurring net profit is expected to be between 245 million to 301 million CNY, with a year-on-year increase of 30% to 60% [1][2] Research and Development Investment - iFLYTEK plans to increase its R&D investment by over 20% year-on-year in 2025, emphasizing its commitment to self-controllable elements such as algorithms, computing power, and data [2] - The company’s "Xunfei Spark" large model technology continues to benchmark against the global top tier, leading in sectors like education, healthcare, security, and energy [2] Government Subsidies and Non-Recurring Gains - The company anticipates an increase of approximately 300 million CNY in government subsidies due to undertaking significant projects, which will be classified as non-recurring gains [2] Brand and Channel Development - iFLYTEK has made significant progress in brand promotion and channel development for its consumer AI products, including the iFLYTEK AI Learning Machine, with sales expenses increasing by over 25% year-on-year [2] - The iFLYTEK AI Learning Machine has achieved the highest sales in its category during major e-commerce events like JD and Tmall's 618 and Double 11 for three consecutive years, maintaining the highest Net Promoter Score (NPS) in the industry [2] Project Wins and Market Position - In 2025, iFLYTEK secured the highest number and amount of bids for large model-related projects in the industry, with a total bid amount of 2.316 billion CNY, surpassing the combined total of the second to sixth competitors [3] - The iFLYTEK ecosystem continues to expand, with over 10 million developers on its open platform, including 564,000 overseas developers. In 2025, the number of new developers is expected to exceed 2.24 million, with 1.27 million being new large model developers [3] Cash Flow and Sales Performance - The total sales collection exceeded 27 billion CNY, marking an increase of over 4 billion CNY compared to the same period last year, with net cash flow from operating activities exceeding 3 billion CNY, both reaching historical highs [3] Risk Factors - Potential risks include slower-than-expected technological innovation, intensified industry competition, and changes in industry policies [3]

【生益科技 工业富联】【国金电子】Meta业绩、资本开支超预期，AI硬件估值有望迎来修复 Meta 25Q4总营收为 599亿美元，同比增长24%（按固定汇率计算增长23%），净利润为 228亿美元（每股收益 $8.88），运营利润率为 41%。 广告收入为 581亿美元，同比增长24%，由展示次数增长（+18%）和平均广告价格上涨（+6%）共同推动 。 2026 年全年资本支出预计在 115 【生益科技 工业富联】【国金电子】Meta业绩、资本开支超预期，AI硬件估值有望迎来修复 Meta 25Q4总营收为 599亿美元，同比增长24%（按固定汇率计算增长23%），净利润为 228亿美元（每股收益 $8.88），运营利润率为 41%。 广告收入为 581亿美元，同比增长24%，由展示次数增长（+18%）和平均广告价格上涨（+6%）共同推动 。 2026 年全年资本支出预计在 1150亿至1350亿美元之间，主要用于数据中心、服务器和网络基础设施，较25年的约 700亿美元CAPEX实现显著增长。 我们看到AI对meta自身业务实现了积极帮助，AI 改进了推荐算法，直接导致用户在平台上的停留时间增加，新的 序 ...

【申万机械】爱德万、长川业绩超预期，再次提示ATE重大产业机遇！ 1）爱德万测试：Q3业绩超预期，上调全年业绩指引 #SoC增速最快，中国市场（含台湾）占61.58%。 25Q3营收2738亿JPY（约124.39亿RMB），同比增长25.51%，净利润787亿JPY（35.76亿RMB），同比增长 51.76%；1）产品结构看：SoC收入1652亿JPY，同比增加522亿JPY（yoy+46 【申万机械】爱德万、长川业绩超预期，再次提示ATE重大产业机遇！ 1）爱德万测试：Q3业绩超预期，上调全年业绩指引 3）重视ATE设备产业趋势，当前仍处在上半场。 #上调25年业绩指引，看好26年SoC继续高增。 公司上调全年收入指引至10700亿JPY（原预期9500亿JPY），上修幅度12.63%；由于AI芯片复杂度变高，测试时 长倍数增加，公司预计26年SoC市场85-95亿美金，相较24年41亿美金实现两年翻倍增长； 爱德万业绩已经表明AI带来的测试机需求具备高弹性，全球AI正处在爆发早期阶段，爱德万与泰瑞达估值从20X提 升至70-80X具备底层产业逻辑；国内SoC测试设备市占率不足5%，未来受益于AI行业β ...

✈长江金属&煤炭丨"步量黑金"系列调研【第五站：河南】 #【平煤股份】现场调研 晚餐：2月2日（周一）18:00 调研：2月3日（周二）08:30 出席：公司领导 地点：河南省平顶山市新华区矿工中路21号 #【神火股份】现场调研 时间：2月3日（周二）14:30 出席：公司领导 地点：河南省商丘市永城市东城区东环路北段369号 ———————————— ———————————— 11月份开始，我们持续开展主产地+重点上市公司系列调研，前期已走访陕西/北京/山西/安徽地区煤炭产业 链，2.2-2.3我们将开启河南站，欢迎#找对口销售或我们团队报名！名额有限先到先得！ #【兰花科创】现场调研 时间：2月2日（周一）09:00 出席：公司领导 地点：山西省晋城市城区凤台东街2288号兰 ✈长江金属&煤炭丨"步量黑金"系列调研【第五站：河南】 11月份开始，我们持续开展主产地+重点上市公司系列调研，前期已走访陕西/北京/山西/安徽地区煤炭产业 链，2.2-2.3我们将开启河南站，欢迎#找对口销售或我们团队报名！名额有限先到先得！ #【兰花科创】现场调研 时间：2月2日（周一）09:00 出席：公司领导 地点：山西省晋 ...

归母净利润8.4亿美元，同比-61%、环比-39%。 值得注意的是，公司综合毛利率同比提升3.8pct至20.1%，其中汽车业务毛利率20.4%，能源业务毛利率28.6%，显 示业务结构优化对冲了销量下滑影响。 【申万汽车】特斯拉25Q4财报核心要点，继续关注 业绩概览：交付承压，#盈利质量改善 特斯拉25Q4交付量41.8万辆，同比/环比均下降16%；营业总收入249亿美元，同比-3%、环比-11%。 归母净利润8.4亿美元，同比-61%、环比-39%。 值得注意的是，公司综合毛利率同比提升3.8pct至20.1%，其中汽车业务毛利率20.4%，能源业务毛利率28.6%，显 示业务 【申万汽车】特斯拉25Q4财报核心要点，继续关注 业绩概览：交付承压，#盈利质量改善 特斯拉25Q4交付量41.8万辆，同比/环比均下降16%；营业总收入249亿美元，同比-3%、环比-11%。 Robotaxi业务在奥斯汀开始有限度移除安全员运营，旧金山湾区维持安全员配置，计划26H1扩展至达拉斯、休斯 顿、菲尼克斯等七大城市。 #AI与机器人：资本开支重点倾斜 Optimus机器人产业化提速，V3版本预计26Q1发布，最终规 ...