Core Points - The stock price of New Coordinates has decreased by 2.01% to 80.06 CNY per share, with a total market capitalization of 10.93 billion CNY [1] - Year-to-date, the stock has increased by 265.24%, but has seen a decline of 6.05% in the last five trading days [1] - The company has reported a revenue of 390 million CNY for the first half of 2025, representing a year-on-year growth of 18.85% [2] Financial Performance - New Coordinates achieved a net profit of 142 million CNY in the first half of 2025, reflecting a year-on-year increase of 27.42% [2] - The company has distributed a total of 496 million CNY in dividends since its A-share listing, with 284 million CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders has increased by 7.90% to 11,200, while the average number of circulating shares per person has decreased by 7.32% to 12,020 shares [2] - The second-largest circulating shareholder is Yongying Advanced Manufacturing Mixed Fund, holding 4.03 million shares, while a new shareholder, AVIC Trend Navigation Mixed Fund, holds 679,700 shares [3]

Core Viewpoint - Ningbo Jinda's stock price has shown a significant increase of 33.33% year-to-date, despite a recent decline of 1.27% over the last five trading days, indicating volatility in its performance [1][2]. Financial Performance - For the first half of 2025, Ningbo Jinda reported a revenue of 401 million yuan, reflecting a year-on-year growth of 1.10%. However, the net profit attributable to shareholders decreased by 25.77% to 65.05 million yuan [2]. - The company has distributed a total of 645 million yuan in dividends since its A-share listing, with 350 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 10, Ningbo Jinda's stock was trading at 11.68 yuan per share, with a market capitalization of 5.868 billion yuan. The trading volume reached 114 million yuan, with a turnover rate of 2.29% [1]. - The net outflow of main funds was 1.0975 million yuan, while large orders showed a buying volume of 26.0844 million yuan and a selling volume of 23.9736 million yuan [1]. Business Overview - Ningbo Jinda, established on August 15, 2002, and listed on November 11, 2014, specializes in the research, production, and sales of heat exchanger equipment and precision pressure machines. Its revenue composition includes heat exchangers (37.23%), pressure machines (34.17%), microchannels (14.92%), molds (6.65%), and other products [1]. - The company operates within the machinery equipment sector, specifically in general equipment and machine tools, and is involved in various concept sectors such as automotive thermal management, machinery, industrial mother machines, new energy vehicles, and semiconductors [1]. Shareholder Information - As of June 30, the number of shareholders for Ningbo Jinda was 32,600, a decrease of 11.70% from the previous period, while the average circulating shares per person increased by 13.25% to 13,375 shares [2].

Core Viewpoint - The company, Shanghai Automotive Air Conditioning Parts Co., Ltd., is focusing on expanding its international market presence and enhancing its core competitiveness through strategic investments and partnerships in the automotive parts sector, particularly in the context of new energy vehicles and global supply chains. Company Overview - Shanghai Automotive Air Conditioning Parts Co., Ltd. was established on July 8, 1992, and is located at 1188 Lianxi Road, Pudong New District, Shanghai. The company specializes in the research, development, production, and sales of automotive air conditioning pipes and fuel distribution pipes [7]. - The company's main business revenue composition includes automotive thermal management system products (79.38%), automotive engine system products (18.86%), and others (1.76%) [7]. Market Position and Financial Performance - As of June 30, the company had 31,100 shareholders, a decrease of 3.46% from the previous period, with an average of 7,023 circulating shares per person, an increase of 3.59% [8]. - For the first half of 2025, the company achieved operating revenue of 1.065 billion yuan, a year-on-year increase of 3.54%, while the net profit attributable to the parent company was 83.4766 million yuan, a year-on-year decrease of 18.47% [8]. Strategic Developments - The company plans to establish a wholly-owned subsidiary in Morocco with an investment of no more than 100 million yuan, aimed at enhancing its international strategy and overall competitiveness [2]. - The company has established long-term stable relationships with globally recognized engine manufacturers, including BorgWarner and NPP ITELMA LLC, which require strict supplier certification processes [2][3]. Product Development - The company's R&D department has over 30 years of experience and has quickly adapted to market changes, successfully launching air conditioning pipe products that meet new energy vehicle quality standards [3]. - The automotive air conditioning pipe products are widely used in various traditional fuel models and have become a major supplier for first-tier new energy vehicle air conditioning pipes [3]. Technical Analysis - The average trading cost of the company's shares is 16.16 yuan, with recent chip reduction slowing down. The current stock price is near a resistance level of 15.73 yuan, indicating potential for a price correction if this level is not surpassed [6]. Investment and Funding - The company has cumulatively distributed 202 million yuan in dividends since its A-share listing [8].

Core Viewpoint - The stock of Yinghuate has seen a significant increase of 6.08% on October 9, with a trading volume of 137 million yuan and a market capitalization of 3.082 billion yuan [1] Company Overview - Yinghuate specializes in the research, development, production, and sales of scroll compressors, primarily used in heat pumps, commercial air conditioning, and refrigeration equipment [2][3] - The company was established on November 29, 2011, and went public on July 13, 2023 [7] - The revenue composition of Yinghuate includes 36.22% from commercial air conditioning, 32.09% from refrigeration, 28.75% from heat pumps, and 2.77% from electric vehicle applications [7] Market Position and Recognition - Yinghuate has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium-sized enterprises in China [2] - The company has focused on the localization of scroll compressors, emphasizing energy efficiency, reliability, and low noise [3] Export and Revenue Trends - In 2022, the company experienced a notable increase in orders from Russia due to geopolitical factors, and it has also expanded its market presence in India [3] - The top five export markets for Yinghuate in 2022 were Russia, Brazil, India, Slovakia, and the United States, accounting for 80.16% of its export revenue [3] - For the first half of 2025, Yinghuate reported a revenue of 243 million yuan, a year-on-year decrease of 7.54%, and a net profit of 9.3651 million yuan, down 69.33% year-on-year [8] Shareholder and Institutional Holdings - As of September 19, the number of shareholders for Yinghuate was 6,195, a decrease of 10.79% from the previous period [8] - The top ten circulating shareholders include new entrants and exits, with notable changes in institutional holdings [9]

Core Viewpoint - Shun'an Environment's stock has shown a significant increase in price and trading volume, indicating positive market sentiment and potential growth opportunities in the cooling and energy management sectors [1][2]. Financial Performance - For the first half of 2025, Shun'an Environment reported a revenue of 6.729 billion yuan, representing a year-on-year growth of 6.05%, and a net profit attributable to shareholders of 535 million yuan, up 12.94% year-on-year [2]. - The company has cumulatively distributed 739 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of October 9, Shun'an Environment's stock price increased by 34.32% year-to-date, with a recent decline of 1.09% over the last five trading days, but a rise of 17.38% over the last 20 days and 24.00% over the last 60 days [1]. - The stock's trading volume reached 294 million yuan with a turnover rate of 2.24%, and the total market capitalization stood at 15.47 billion yuan [1]. Shareholder Structure - As of August 31, the number of shareholders for Shun'an Environment was 39,100, with an average of 23,534 circulating shares per shareholder, reflecting a slight increase of 0.34% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Invesco Great Wall Energy Infrastructure Mixed A, with notable changes in their holdings [3].

Core Insights - The global market for electric compressor controllers in the new energy vehicle (NEV) sector is experiencing rapid growth, with China being the largest market, accounting for over 50% of global demand [1][3][4] - The market size for global NEV electric compressor controllers is projected to reach 6.656 billion yuan in 2024, with China's market size expected to be 4.069 billion yuan, representing approximately 61.13% of the global market [1][3] - By 2025, the global market size is anticipated to grow to about 8.48 billion yuan, while China's market size is expected to reach 4.683 billion yuan, accounting for around 55.22% of the global market [1][3] Industry Definition and Classification - NEV electric compressor controllers are critical components in the thermal management systems of electric vehicles, controlling the operation of electric compressors to regulate cabin temperature and battery thermal management [2][3] Industry Development Status - The demand for NEV electric compressor controllers in China is projected to be 12.888 million units in 2024, with 95.45% for passenger vehicles and 4.55% for commercial vehicles [4] - The production capacity of NEV electric compressor controllers in China is expected to increase significantly from 1.271 million units in 2018 to 12.542 million units in 2024 [6] Industry Chain - The upstream of the NEV electric compressor controller industry includes raw materials such as aluminum alloys, steel, copper, and power devices, with increasing domestic production quality and rates [6][7] Industry Development Environment - Related Policies - The Chinese government has implemented various policies to support the development of the NEV industry, including initiatives to promote the replacement of old vehicles and enhance product technology standards [7] Market Competition Landscape - The market for NEV electric compressor controllers is characterized by an oligopolistic structure, with leading companies like Fudi Power, Aotegia, and others holding significant market shares [8] - Fudi Power leads the market with a 27.02% share, followed by Aotegia (14.67%), Aiwei Electric (13.35%), and Rujing Technology (12.74%), collectively accounting for nearly 68% of the market [8] Industry Development Trends - The adoption of high-voltage silicon carbide (SiC) devices is increasing, enhancing efficiency and reducing energy loss in NEV electric compressor controllers [11] - The integration of smart and connected features is expected to improve data interaction and remote diagnostics capabilities [12] - Future developments will focus on higher integration and multifunctionality, reducing component count and improving reliability [13] - Electric compressor controllers will increasingly integrate with overall vehicle energy management strategies for optimized performance [14]

Market Overview - As of September 30, the automotive thermal management sector declined by 0.53%, ranking among the top decliners in the concept sector [1] - The sector experienced a net outflow of 2.913 billion yuan, with 77 stocks seeing net outflows, and 6 stocks exceeding 100 million yuan in outflows [2] Key Performers - The top gainers in the automotive thermal management sector included: - Fulin Precision with a rise of 19.98% - Jinfu Technology with an increase of 10.61% - Bohai Automobile with a gain of 9.91% [1][6] - Conversely, ST Meichen faced a significant drop of 20% [1] Capital Flow - The leading stocks with net outflows included: - Huagong Technology with a net outflow of 1.472 billion yuan - Midea Group with a net outflow of 600 million yuan - Heertai with a net outflow of 542 million yuan [2] - Stocks with net inflows included: - Fulin Precision with a net inflow of 515 million yuan - Top Group with a net inflow of 201 million yuan - Sanhua Intelligent Control with a net inflow of 95 million yuan [2][6] Sector Comparison - Other notable sectors included: - Zinc metal with a gain of 3.62% - Lead metal with a gain of 3.61% - Cobalt metal with a gain of 3.49% [2]

Core Viewpoint - The company, Shanghai Automotive Air Conditioning Parts Co., Ltd., is focusing on expanding its international market presence and enhancing its core competitiveness through strategic investments and partnerships in the automotive parts sector, particularly in the context of new energy vehicles and global supply chains [2][3]. Company Overview - Shanghai Automotive Air Conditioning Parts Co., Ltd. was established on July 8, 1992, and listed on November 1, 2023. The company specializes in the research, development, production, and sales of automotive air conditioning pipes and fuel distribution pipes [7]. - The company's main business revenue composition includes 79.38% from automotive thermal management system products, 18.86% from automotive engine system products, and 1.76% from other sources [7]. Market Position and Financial Performance - As of June 30, the company had 31,100 shareholders, a decrease of 3.46% from the previous period, with an average of 7,023 circulating shares per person, an increase of 3.59% [8]. - For the first half of 2025, the company achieved operating revenue of 1.065 billion yuan, a year-on-year increase of 3.54%, while the net profit attributable to shareholders decreased by 18.47% to 83.4766 million yuan [8]. Strategic Developments - The company plans to establish a wholly-owned subsidiary in Morocco with an investment of no more than 100 million yuan, aimed at enhancing its international strategy and operational capabilities [2]. - The company has established long-term stable relationships with major global engine manufacturers, including BorgWarner and NPP ITELMA LLC, which require strict supplier certification processes [2][3]. Product Applications - The company's automotive air conditioning pipes are widely used in various traditional fuel models and have become a major supplier for first-tier new energy vehicle air conditioning pipes for clients such as Volkswagen AG and SAIC Motor [3]. Technical Analysis - The average trading cost of the company's shares is 16.17 yuan, with recent reductions in holdings but at a slowing rate. The current stock price is near a support level of 15.57 yuan, indicating potential for rebound if this level holds [6].

Core Viewpoint - The company Yinghuate specializes in the research, development, production, and sales of scroll compressors, with applications in heat pumps, commercial air conditioning, and refrigeration equipment. It has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and technological capabilities [2][3]. Company Overview - Yinghuate was established on November 29, 2011, and went public on July 13, 2023. The company is located in Changshu, Jiangsu Province, and focuses on providing energy-efficient, reliable, and low-noise scroll compressors and related technologies [7]. - The revenue composition of Yinghuate includes: 36.22% from commercial air conditioning, 32.09% from refrigeration and freezing applications, 28.75% from heat pumps, 2.77% from electric vehicle applications, and 0.17% from other sources [7]. Market Performance - On September 30, Yinghuate's stock price remained unchanged at 0.00%, with a trading volume of 45.17 million yuan and a turnover rate of 2.90%. The total market capitalization is 2.905 billion yuan [1]. - As of September 19, the number of shareholders decreased by 10.79% to 6,195, while the average number of circulating shares per person increased by 12.09% to 5,057 [8]. Financial Performance - For the first half of 2025, Yinghuate reported a revenue of 243 million yuan, a year-on-year decrease of 7.54%. The net profit attributable to shareholders was 9.3651 million yuan, down 69.33% year-on-year [8]. - Since its A-share listing, Yinghuate has distributed a total of 64.7446 million yuan in dividends [9]. Export and Market Expansion - In 2022, due to geopolitical factors, orders from Russia increased significantly, and the company also expanded its market presence in India, leading to a notable rise in export revenues. The top five export countries were Russia, Brazil, India, Slovakia, and the United States, accounting for 80.16% of total export revenue [3].

Core Viewpoint - Fawer Co., Ltd. plans to acquire a 49% stake in FAW Valeo for a total of 2 yuan, transforming the loss-making joint venture into a wholly-owned subsidiary named Fawer Huaki Automotive Thermal Management Systems Co., Ltd. This transaction raises questions about whether it is a bargain or a burden [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing a 36.5% stake from Valeo Cooling Systems and a 12.5% stake from Itochu Corporation, both at a price of 1 yuan each [1]. - Following the acquisition, FAW Valeo will become a wholly-owned subsidiary, focusing on the air conditioning system assembly products and enhancing operational efficiency [1]. Group 2: Financial Performance - FAW Valeo reported a net loss of 18.847 million yuan in 2024 and a net loss of 17.4493 million yuan in the first half of 2025, indicating a continuation of significant financial struggles [2]. - Fawer Co., Ltd. reported a total revenue of 7.857 billion yuan in the first half of 2025, a year-on-year increase of 3.37%, but the net profit attributable to shareholders decreased by 4.07% to 304 million yuan [1]. Group 3: Market Reaction - Following the announcement of the acquisition, Fawer Co., Ltd.'s stock price increased by 0.89%, reaching 5.65 yuan per share as of September 30 [2].