Group 1: Jingwang Electronics - In the first half of 2025, the company achieved operating revenue of 7.095 billion yuan, a year-on-year increase of 20.93% [1] - The net profit attributable to shareholders was 650 million yuan, a decrease of 1.06% year-on-year, while the net profit excluding share-based payment impacts was 721 million yuan, reflecting a year-on-year growth of 9.55% [1] - The company is investing 5 billion yuan in the Zhuhai Jinwan base for high-end PCB capacity construction, with the Thailand base structure already completed to meet overseas demand for automotive electronics and AI server products [1] Group 2: Lens Technology - Lens Technology (H-share: 06613) was listed on July 9, 2025, and has engaged in joint R&D with leading companies in the 3D printing industry, with some products expected to achieve mass production next year [2] - The wholly-owned subsidiary, Hunan Lens New Energy Co., Ltd., has a registered capital of 1 billion yuan and focuses on photovoltaic glass products, equipment, and projects [2] Group 3: Shiyun Circuit - The company collaborates with leading domestic and international AI smart glasses clients, providing one-stop supply services [2] - New energy vehicle PCBs are a core business area, and the company offers comprehensive support for clients, leveraging years of technical accumulation and production experience [2] - The company is currently supplying energy storage-related PCB products globally to a key client, with ongoing progress in the energy storage sector [2] Group 4: Institutional Overview - Founded in 2007, the company is a leading private equity fund manager in China, focusing on investment opportunities related to China [2] - The client base includes global government pension funds, sovereign wealth funds, university endowments, insurance companies, and high-net-worth individuals [2]