Zheng Quan Zhi Xing·2025-08-18 00:13Group 1: Shengmei Shanghai - Shengmei Shanghai emphasizes the importance of expanding overseas markets and adheres to a strategy of technological differentiation and global customer outreach [1] - The company has raised its addressable market in China to $7 billion, based on the assumption of a $40 billion semiconductor equipment market by 2030 [1] - In Q2, revenue grew nearly 40%, driven by strong equipment sales and demand [1] - The company maintains its full-year performance guidance, with contract liabilities defined as prepayments after product debugging acceptance [1] - Financial discrepancies arise from different accounting standards, and the existing capacity at the Lingang plant supports the annual performance guidance, with plans for additional capacity next year [1] Group 2: Zhongke Sanhuan - Zhongke Sanhuan's products are widely used in automotive, consumer electronics, and industrial robotics sectors [2] - The company reports that the impact of export controls mainly affects neodymium-iron-boron permanent magnet materials containing dysprosium and terbium, with a slight year-on-year decrease in export proportion [2] - Progress has been made in reducing the use of heavy rare earths through techniques such as grain refinement and grain boundary diffusion [2] - The company is also recovering magnetic material scraps through partnerships with external raw material suppliers to meet customer demands [2] - Product pricing cycles are 2-3 months, with prices negotiated based on raw material costs and other factors [2] - The company has years of application experience in the industrial robotics field, with humanoid robots still in the research and development phase, which is expected to have a positive impact in the future [2]