[2025 Semi-Annual Performance Forecast](index=1&type=section&id=Zhejiang%20Join%20Science%20and%20Technology%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a reduced net loss for H1 2025, with net profit attributable to shareholders expected to improve by 12%-27% year-over-year 2025 Semi-Annual Performance Forecast | Item | Current Period (2025.1.1 - 2025.6.30) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: 65.00 million CNY – 78.00 million CNY | Loss: 88.6574 million CNY | | Year-over-Year Change | Loss Narrowed (Up 12% - 27%) | - | | **Net Profit After Non-Recurring Items** | Loss: 71.00 million CNY – 84.00 million CNY | Loss: 94.2109 million CNY | | Year-over-Year Change | Loss Narrowed (Up 11% - 25%) | - | | **Basic Earnings Per Share** | Loss: 0.10 CNY/share – 0.12 CNY/share | Loss: 0.16 CNY/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The performance forecast remains unaudited by certified public accountants, indicating potential uncertainties in the reported figures - This performance forecast has not been pre-audited by a certified public accountant[3](index=3&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The narrowed loss is primarily due to increased main business revenue, effective cost control, and higher software product tax refunds, with steady growth in key segments - Main business growth: Smart transportation business saw year-over-year growth in new order delivery scale, and semiconductor monocrystalline silicon material business maintained steady development, jointly driving an increase in overall company revenue and gross profit year-over-year[4](index=4&type=chunk) - Cost and expense control: The company continuously strengthened cost management, with research and development expenses, equity incentive expenses, and management expenses all decreasing year-over-year during the reporting period[4](index=4&type=chunk) - Increase in other income: During the reporting period, the amount of tax refunds for eligible software products increased compared to the prior year, positively impacting current period profit[4](index=4&type=chunk) [Other Relevant Information](index=1&type=section&id=IV.%20Other%20Relevant%20Information) Investors are advised that this preliminary, unaudited forecast will be finalized in the 2025 Semi-Annual Report, with official disclosure channels specified - This performance forecast is a preliminary estimate by the company's finance department, unaudited by auditing firms, and specific performance data will be subject to the company's '2025 Semi-Annual Report'[5](index=5&type=chunk)[6](index=6&type=chunk) - The company's designated information disclosure media are Securities Times, Shanghai Securities News, and Juchao Information Network (www.cninfo.com.cn)[6](index=6&type=chunk)

Macro and Strategy Research - In June 2025, the Consumer Price Index (CPI) turned from decline to increase year-on-year, with a smaller month-on-month decline. Key features include a limited drop in food prices due to high temperatures and increased rainfall, a rise in energy-related CPI driven by international oil price increases, and a notable rise in some industrial consumer goods prices, such as platinum jewelry and home appliances due to pre-"618" promotional activities [2][3] - The Producer Price Index (PPI) saw an expanded year-on-year decline in June 2025, with month-on-month performance remaining weak. This is attributed to seasonal price declines in domestic raw materials, increased green energy leading to lower coal prices, and pressure on prices in export-heavy industries due to slowing global trade growth [3][4] Financial Engineering Research - During the week of July 2 to July 8, 2025, major A-share indices mostly rose, with the ChiNext Index increasing by 1.54%. The margin trading balance reached 1,859.01 billion yuan, an increase of 10.32 billion yuan from the previous week, with a notable rise in financing balances [5][6] - The sectors with the highest net buying in margin trading included power equipment, computers, and public utilities, while banking, steel, and construction decoration sectors saw less net buying [6] Industry Research - In June 2025, the average working hours for major engineering machinery products was 77.2 hours, a year-on-year decrease of 9.11%. However, sales of excavators and loaders increased by 13.3% and 11.3% year-on-year, respectively [8][9] - A recent trade agreement between the US and Vietnam involves a 20% tariff on goods imported from Vietnam and a 40% tariff on goods transshipped through Vietnam, which is expected to influence the export chain dynamics [9][10] - The machinery equipment industry maintained a "positive" rating, with recommendations to "overweight" stocks such as Sany Heavy Industry, Zoomlion Heavy Industry, and China CNR Corporation [10]

Investment Rating - The industry is rated as "Positive" [4] - The specific companies recommended for "Increase" rating are Sany Heavy Industry (600031), Zoomlion (000157), Hengli Hydraulic (601100), and CRRC (601766) [4] Core Viewpoints - The recent trade agreement between the US and Vietnam includes a 20% tariff on goods imported from Vietnam and a 40% tariff on goods transiting through Vietnam to the US, which is expected to influence export chains [3][36] - The average working hours for major construction machinery products in June 2025 were 77.2 hours, a year-on-year decrease of 9.11% [13] - Sales of various excavators in June 2025 reached 18,804 units, a year-on-year increase of 13.3% [14] - Sales of various loaders in June 2025 reached 12,014 units, a year-on-year increase of 11.3% [15] Industry Data - As of July 4, 2025, the steel composite price index (CSPI) was 90.53 [16] - As of July 8, 2025, the WTI and Brent crude oil prices were $67.93 per barrel and $69.58 per barrel, respectively [17] Company Announcements - Zhonghe Technology plans to establish an aerospace venture capital fund with professional investment institutions, with a total fund size of 50.05 million yuan [23] - Hangcha Group's subsidiary, Hangcha Intelligent, intends to acquire 99.23% of Guozhi Robot through a capital increase and share expansion [24] - Shandong Molong announced a forecast for its half-year performance in 2025, with a year-on-year decline in net profit of 92.36%-94.12% [25] Market Review - From July 2 to July 8, 2025, the CSI 300 index rose by 1.41%, while the Shenwan Machinery Equipment Industry increased by 0.42%, underperforming the CSI 300 by 0.99 percentage points [26] - As of July 8, 2025, the price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment Industry was 26.93, with a valuation premium of 114.94% relative to the CSI 300 [27]

浙江众合科技股份有限公司（以下简称"众合科技"或"公司"）聚焦"空 间信息战略"，致力于构建"地下-地面-低空-低轨"四位一体的空间信息产业生 态，旨在成为国内领先的空间信息产业核心国产化软件和整体解决方案提供商。 为促进公司空间信息产业的快速、稳健、可持续发展，公司计划出资 1,900 万元 人民币，与专业投资机构陕西空天宏远创业投资管理有限公司（以下简称"空天 宏远"）、浙江智星列车科技有限公司、陕西空天动力投资管理有限公司、太湖 空天动力研究院（无锡）有限公司共同投资设立空天众合创业投资（无锡）合伙 企业（有限合伙）（以下简称"空天创投基金"或"合伙企业"），空天创投基 金规模 5,005 万元。最终以工商行政管理部门核准登记的为准。 二、对外投资审议程序 本次对外投资已经公司总裁办公会审议通过。根据《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范 运作》《深圳证券交易所上市公司自律监管指引第7号——交易与关联交易》等 相关规定，本次对外投资无需提交董事会审议。 证券代码：000925 证券简称：众合科技 公告编号：临 2025—047 浙江众合科技股份有限 ...

Group 1: Company Overview and Strategic Focus - Zhejiang Zhonghe Technology Co., Ltd. focuses on spatial information strategy, aiming to create a "three-dimensional transportation" scenario with autonomous industrial software as the core foundation [3] - The company has established a comprehensive transportation network integrating underground (rail transit), ground (vehicle-road-cloud collaboration), low-altitude (airspace management), and low-orbit satellite systems [3] - The company has over 10 years of experience in the rail transit sector, covering 28 cities including Hangzhou, Zhengzhou, Xi'an, and Shenzhen [3] Group 2: Achievements in Rail Transit - The company has implemented 65 domestic rail and urban rail (CBTC+FAO) projects, totaling 1,950 kilometers [3] - It has completed 58 automatic ticketing systems (AFC) projects, serving over 1,000 stations [3] Group 3: Future Development Directions - The low-altitude and low-orbit satellite sectors are identified as future growth areas, with the establishment of the Spatial-Temporal Transportation Industry Research Institute focusing on key technologies such as drone flight control and airspace management [3] - The company has launched three core products: UniTFCC flight control computer, UniPort smart takeoff and landing field, and UniSpace low-altitude comprehensive service platform [3] Group 4: Market Potential and Business Synergy - The low-altitude and low-orbit sectors present significant market opportunities and are aligned with national strategies, entering a rapid development phase [3] - The company leverages its long-term experience in rail transit to extend its capabilities into low-altitude and low-orbit sectors through a "platform generalization + scenario customization" approach [3]

证券代码：000925 证券简称：众合科技 公告编号：临 2025-046 二〇二五年七月一日 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等有关规定，公司应当于每个月的前三个交易日内披露截至上 月末的回购进展情况。现将公司回购股份进展情况公告如下： 截至 2025 年 6 月 30 日，公司通过回购专用证券账户，以集中竞价方式累计 回购了 3,274,600 股，占公司目前总股本的 0.48%，其中最高成交价为 7.64 元/ 股，最低成交价为 7.40 元/股，合计成交总金额为 24,620,654.00 元（不含印花 税、交易佣金等交易费用），本次回购符合相关法律法规的要求，符合公司既定 的回购方案。 公司后续将根据市场情况在回购期限内继续实施回购计划，并根据相关法律 法规的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 浙江众合科技股份有限公司 董 事 会 浙江众合科技股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 浙江众合科技股份有限公司（以下简称" ...

日前，山东省首个综合性低空经济现代产业学院在青岛市西海岸新区揭牌成立，"新质慧"质量基础设施 低空经济服务基地同步揭牌。低空经济现代产业学院在青岛市低空经济产业专班指导下，由山东科技大 学、青岛空天动力结构安全研究所、青岛协同创新研究院三方共建，共同开展低空经济领域的科学研 究、技术开发、人才培养、技术咨询、飞行器适航认证支持。"新质慧"质量基础设施低空经济服务基 地，是国内首家主要面向低空航空器制造、维护维修等产业的质量基础设施，将满足低空经济产业链上 下游企业的检验检测、认证认可，以及标准化、计量、知识产权等方面需求。 粤开证券认为，低空经济产业链涉及制造、服务、消费等多个环节，我国低空经济发展已具备较好产业 链基础。政策驱动及行业技术快速迭代推动下，2024年低空经济指数跑赢大盘，2025年上半年整体维持 相对高位。低空制造环节，我国无人机具有领先优势、eVTOL发展颇具亮点。基础设施建设环节"基数 低，空间大"，中央和地方双重推动下加速推进。应用运营环节处于标杆场景打造、示范试点建设的关 键阶段，文旅、物流等有望率先落地。低空经济产业规模增势强劲，2027年国内低空经济整体规模有望 达1.6万亿元。 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market) has officially celebrated its 6th anniversary, emphasizing its focus on "hard technology" with over 60% of the 588 listed companies in integrated circuits, biomedicine, and high-end manufacturing [1] - The China Securities Regulatory Commission (CSRC) released eight measures to deepen the reform of the STAR Market, injecting vitality into its development [1] - M&A activities in the STAR Market are gaining momentum, with companies like Huahai Chengke pursuing significant acquisitions to break overseas technology monopolies and enhance their capabilities in high-end packaging materials [1] Group 2 - The semiconductor industry, characterized by high "hard technology" content, has seen a surge in M&A activities following the CSRC's revision of regulations to support resource optimization through mergers and acquisitions [2] - Notable transactions include Haiguang Information's acquisition of Zhongke Shuguang and Guokewi's acquisition of Zhongxin Ningbo, reflecting a trend of "strong-weak alliances" and a strategic move for Chinese hard technology firms to ascend the global value chain [2] - Huachuang Securities indicates that the integration of leading companies in the tech sector is accelerating, supported by multi-layered policy incentives aimed at enhancing core competitiveness through industry chain consolidation [2] Group 3 - The STAR Market Composite Index ETF closely tracks the performance of the STAR Market, while the Semiconductor Materials ETF selects leading companies in the equipment and materials sectors, covering critical processes like lithography and etching [3] - Key constituents such as Beifang Huachuang and Hu Silicon Industry are becoming central players in the upgrade of the hard technology industry through technological breakthroughs and M&A activities [3]

Key Insights - The report highlights the significant performance of high-volatility strategies, with a cumulative increase of over 27% year-to-date, indicating strong market recovery and strategy effectiveness [2][4] - The report emphasizes the strategic transformation of Huaxi Biological, a leading global hyaluronic acid supplier, which is expected to benefit from domestic consumption upgrades and the growing demand for life health products [7][10] - The mechanical industry shows a mixed performance, with a decline in domestic excavator sales but a positive export growth, suggesting a resilient long-term outlook supported by government initiatives [12][15][16] - The beverage sector, particularly beer companies, is exploring diversification into non-alcoholic beverages, which is seen as a crucial growth strategy for future revenue streams [18][22] Group 1: High-Volatility Strategies - The report details the performance of various strategies, with low-price enhancement, improved dual-low, and high-price high-elasticity strategies yielding returns of 1.5%, 2.7%, and 4.7% respectively during the last period [2][3] - Year-to-date performance for these strategies shows returns of 4.5%, 16.6%, and 27.3%, outperforming the benchmark [2][3] Group 2: Huaxi Biological - Huaxi Biological is positioned as a global leader in bioactive materials, focusing on synthetic biology technology and a comprehensive industry chain [7][10] - The company is expanding its product matrix to include various bioactive materials, enhancing its market presence in medical and nutritional products [8][9] Group 3: Mechanical Industry - In May, domestic excavator sales decreased by 1.48%, while exports grew by 5.4%, indicating a shift in market dynamics [12][14] - The report notes that the overall export of engineering machinery remains stable, with significant growth in exports to Africa and South America [14][16] Group 4: Beverage Sector - Domestic beer companies are actively expanding into beverage markets, with notable initiatives from brands like Yanjing and Qingdao Beer [18][19] - The report suggests that while beverage business contributions are currently low, they represent a vital growth avenue for beer companies in the long term [22]

Group 1 - The semiconductor industry is experiencing a new wave of mergers and acquisitions, driven by the recent implementation of revised regulations by the China Securities Regulatory Commission on May 16, which aims to enhance the vitality of the M&A market and promote high-quality development of listed companies [2] - The semiconductor materials ETF closely tracks the Zhongzheng Semiconductor Materials and Equipment Theme Index, which includes 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these companies [2] - Sanjia Technology announced plans to acquire a 51% stake in Anhui Zhonghe Semiconductor Technology Co., Ltd. for RMB 121 million, which is expected to enhance its market share and core competitiveness [1][2] Group 2 - The recent M&A activity in the semiconductor sector is expected to facilitate resource sharing and complementary advantages among domestic semiconductor companies, helping them tackle key core technologies and improve their competitive position in the global semiconductor market [2] - The Zhongzheng Semiconductor Materials and Equipment Theme Index has shown mixed performance among its constituent stocks, with Sanjia Technology hitting the daily limit up and other stocks like Jing Sheng Co. and Huahai Chengke also experiencing gains [1] - The semiconductor materials ETF has seen a 2.01% increase over the past week, indicating a positive trend in the sector [1]