【机构调研记录】鑫元基金调研伟星新材、联赢激光

Group 1: Wei Xing New Material (伟星新材) - The company is facing industry demand pressure and is responding by enhancing product capabilities, accelerating business transformation, and implementing cost-saving measures [1] - The company has achieved channel penetration in Jiangsu, Zhejiang, and Shanghai, with plans for selective expansion in other regions [1] - In the first half of 2025, product prices are expected to decline year-on-year but recover gradually on a quarter-on-quarter basis [1] - The company is focusing on new product combinations and water ecosystem initiatives for stable development, while the waterproof business is growing steadily [1] - The company aims to accelerate international strategic layout through R&D, production, and sales [1] - The company plans to deepen retail business and accelerate engineering business transformation in the second half of the year [1] Group 2: Lian Ying Laser (联赢激光) - The company achieved revenue of 1.533 billion yuan in the first half of 2025, a year-on-year increase of 5.3%, with a net profit of 57.92 million yuan, up 13.16% [2] - New orders signed in the first half totaled 2.5 billion yuan, with 1.7 billion yuan from lithium battery business and 800 million yuan from non-lithium battery business [2] - The company is involved in semi-solid and all-solid battery equipment, having delivered 7 assembly segment devices to leading customers [2] - The company has made progress in various fields including semiconductors, photovoltaics, hydrogen fuel, relays, and medical devices [2] - The company plans to establish bases in Germany, the United States, Hungary, Hong Kong, and Thailand [2] Group 3: Xin Yuan Fund (鑫元基金) - As of now, the fund has an asset management scale of 212.577 billion yuan, ranking 35th among 210 [3] - The fund manages 165 public funds, ranking 46th among 210 [3] - The best-performing public fund product in the past year is Xin Yuan Guo Zheng 2000 Index Enhanced A, with a net value of 1.36 and a growth of 82.6% in the past year [3]