Summary of the Conference Call for Xidian New Energy Company Overview - **Company**: Xidian New Energy - **Industry**: Electric Vehicle (EV) Components and Energy Storage Solutions Key Points and Arguments Financial Performance - In Q2 2025, Xidian New Energy reported total revenue of approximately 400 million yuan, benefiting from the ramp-up of the Volkswagen MEB platform and light truck projects, alongside increased demand from Tesla and Sunshine Energy [2][3] - Revenue for the first half of 2025 was about 390 million yuan, with battery connection systems (CCS) contributing around 110 million yuan and electric control and industrial bus revenues exceeding 20 million yuan [3] Market Demand and Outlook - The company expects Q3 2025 performance to surpass Q2, with stable orders from the Volkswagen MEB platform and strong demand for energy storage [4] - The overall market demand for the second half of 2025 is optimistic, with an anticipated industry growth rate of around 30% [4][20] - Sunshine Energy's demand remains strong, contributing positively to the overall market outlook [5] Client Relationships and Orders - Despite a slight decrease in demand from established clients like BYD, increased orders from clients such as Westinghouse and Mitsubishi have compensated for the shortfall [2][3] - The company is supplying to new clients including Hongqi, Great Wall, and Changan, with potential for increased volume in 2026 [8][9] - Xidian New Energy has established partnerships with Jianghuai and Geely, expecting mass production within 8 to 9 months [9] Product Development and Margins - The new product gross margin is expected to be at least 15%, with overall margins close to the average level [16] - The FCC technology offers a cost reduction of about 10% compared to traditional solutions, with potential gross margins of 15% to 20% if discounts are provided to manufacturers [17] Strategic Expansion - Plans to establish a factory in Thailand are underway, with trial production expected by the end of 2025 or early 2026, aimed at addressing potential tariff issues and supporting local automotive and battery manufacturers [27] - The company is also exploring international client relationships, including with major automakers like Mercedes-Benz, Ford, and General Motors, as well as companies in the energy storage sector like Samsung [28] Competitive Landscape - Xidian New Energy maintains a competitive edge through in-house equipment development and continuous upgrades, enhancing production efficiency and cost control [18][19] - The company is cautious about competitors relying on external suppliers, which may hinder their ability to keep pace with technological advancements [18] Future Projections - The energy storage business is projected to reach 1 billion yuan in 2025, with optimistic estimates for 2026 reaching around 1.5 billion yuan [24] - The company anticipates a steady increase in revenue from new clients, with production capabilities ready to meet sudden increases in orders [22] Market Trends - The Southeast Asian electric vehicle market is expected to grow rapidly, prompting Xidian New Energy to focus on this region for future expansion [33] Challenges - Tesla's demand has been affected by model cycle changes, but the company expects to align its growth with the overall industry growth rate of 30% [20][32] Additional Important Information - The company is not exclusively supplying Xiaomi, which uses a different supplier for its products [11] - The impact of Tesla's declining gross margins on Xidian New Energy's overall performance is being monitored, as it could affect sales of electric control products [32]

Group 1: Nandu Power (南都电源) - Nandu Power focuses on the energy storage sector, providing lithium-ion and lead batteries, with a global presence in over 160 countries [1] - In the first half of 2025, the company expects revenue of approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, and a net profit of approximately -230 million yuan [1] - The company achieved a quarterly profit of approximately 34 million yuan in Q2, driven by high-margin orders in the global energy storage market and rapid growth in data center business [1] - Nandu Power has a current lithium battery cell capacity of 10 GWh and is expanding its new power storage integration capacity [1] - The company has secured multiple high-pressure lithium battery data center projects, with an order backlog of approximately 0.8 GWh [1] Group 2: Zhenhua Co., Ltd. (振华股份) - Zhenhua Co., Ltd. reported double-digit growth in export volumes, primarily driven by domestic demand [2] - The company maintains a cost-plus pricing strategy and has seen historical high gross margins in Q2, with limited expansion from competitors [2] - Cash flow has decreased due to accounts receivable and inventory, while the production of ultra-fine aluminum hydroxide has expanded [2] Group 3: Maide Medical (迈得医疗) - Maide Medical has a competitive advantage in the domestic contact lens market due to over 20 years of technical accumulation and short delivery times [3] - The company is in the expansion phase of its contact lens business, planning to commercialize through a CDMO and self-brand sales model [3] - The main business of the company is under pressure, but growth in blood purification equipment and drug-device combination products is expected to reverse the loss situation in 2024 [3] Group 4: Changcheng Fund (长城基金) - Changcheng Fund has an asset management scale of 349.902 billion yuan, ranking 29th among 210 funds [4] - The fund has 242 public funds under management, ranking 27th among 210 [4] - The best-performing public fund in the past year is Changcheng Health Mixed A, with a net value increase of 106.13% [4]

Group 1 - The core viewpoint of the news highlights the recent financing activities of Longpan Technology, which saw a net financing inflow of 16.22 million yuan last week, ranking 491st in the market [1] - Longpan Technology's financing buy amount reached 208 million yuan, while the repayment amount was 192 million yuan [1] - The company operates in various sectors including batteries, hydrogen energy, and energy conservation, indicating a diversified business model [1] Group 2 - Over the past five days, the main capital outflow from Longpan Technology was 62.53 million yuan, with a decline of 2.55% during this period [1] - In the last ten days, the main capital outflow was 48.51 million yuan, with a decrease of 1.32% [1] - Longpan Technology, established in 2003 and located in Nanjing, has a registered capital of approximately 6.85 billion yuan and has made investments in 22 companies [1]

Core Viewpoint - Aikesaibo has seen a net financing inflow of 16.11 million RMB last week, ranking 495th in the market, with a total financing purchase of 90.83 million RMB and repayment of 74.72 million RMB [1] Financing and Investment Data - The company has a total registered capital of 115.39 million RMB and paid-in capital of 54.18 million RMB [1] - Over the past 5 days, the main capital outflow was 24.10 million RMB, with a decline of 2.98% [1] - Over the past 10 days, the main capital outflow was 22.17 million RMB, with a decline of 2.1% [1] Company Overview - Aikesaibo Electric Co., Ltd. was established in 1996 and is located in Xi'an, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The company has made investments in 8 enterprises and participated in 662 bidding projects [1] - Aikesaibo holds 29 trademark registrations and 228 patents, along with 23 administrative licenses [1]

Core Viewpoint - The company, Shuangdeng Co., Ltd., is set to launch an initial public offering (IPO) of 58.57 million H-shares, with a share price of HKD 14.51, aiming to raise approximately HKD 756 million for various strategic investments in battery production and R&D [1][3]. Group 1: IPO Details - The IPO will take place from August 18 to August 21, 2025, with 10% of shares allocated for Hong Kong and 90% for international investors, plus a 15% over-allotment option [1]. - The expected trading commencement date for the H-shares is August 26, 2025 [1]. Group 2: Investment and Use of Proceeds - The net proceeds from the global offering are estimated to be around HKD 756 million, with 40% allocated for building a lithium-ion battery production facility in Southeast Asia [3]. - Specific allocations include approximately 8.8% for construction costs of the main production facility, 28% for purchasing and installing manufacturing equipment, and 2.4% for management and employee-related expenses [3]. - 35% of the net proceeds will fund a research and development center in Taizhou, focusing on enhancing battery lifespan, solid-state batteries, sodium-ion batteries, and BMS technology [3]. - 15% of the net proceeds will strengthen overseas sales and marketing efforts, including costs for leasing properties and hiring personnel [3]. - 10% of the net proceeds will be used for working capital and other general corporate purposes [3]. Group 3: Market Position and Financial Performance - The company is a leading player in the energy storage business within the big data and communications sectors, ranking first in global shipments of communication and data center energy storage batteries with a market share of 11.1% as of 2024 [1]. - Revenue growth is evident, with an increase from RMB 4.073 billion in 2022 to RMB 4.499 billion in 2024, driven by significant synergies between R&D spending and financial performance [4].

Core Viewpoint - The company, Shuangdeng Co., Ltd., is set to launch an IPO for 58.557 million H-shares at a price of HKD 14.51 per share, with a significant portion of the proceeds aimed at expanding its lithium-ion battery production and R&D capabilities in Southeast Asia and Taizhou [1][3]. Group 1: IPO Details - The IPO will take place from August 18 to August 21, 2025, with approximately 10% of shares allocated for Hong Kong and 90% for international investors, plus a 15% over-allotment option [1]. - The expected net proceeds from the global offering are approximately HKD 756 million, assuming the over-allotment option is not exercised [3]. Group 2: Use of Proceeds - About 40% of the net proceeds will be used to establish a lithium-ion battery production facility in Southeast Asia, with specific allocations for construction costs and equipment purchases [3]. - Approximately 35% of the net proceeds will fund a research and development center in Taizhou, focusing on enhancing battery lifespan, solid-state batteries, sodium-ion batteries, and BMS technology [3]. - Around 15% of the net proceeds will strengthen the company's overseas sales and marketing efforts, including hiring personnel and promotional activities [3]. Group 3: Market Position and Financial Performance - The company is a leading player in the energy storage business within the big data and communications sectors, ranking first in global shipments of communication and data center energy storage batteries with a market share of 11.1% as of 2024 [1]. - Revenue growth has been significant, increasing from RMB 4.073 billion in 2022 to RMB 4.499 billion in 2024, driven by increased R&D spending and alignment with market demand [4].

集团已订立基石投资协议，据此，基石投资者同意在若干条件的规限下，按发售价认购或促使其指定实 体认购可按总额为人民币2.20亿元购入的若干数目发售股份。按发售价每股股份14.51港元计算，基石投 资者将予认购的发售股份数目将为1667.3万股发售股份。基石投资者三水创业投资有限公司("三水创 投")为泰州三水投资开发有限公司的全资附属公司，该公司由泰州市政府国有资产监督管理委员会最终 控制。 集团估计，假设超额配股权未获行使，集团将自全球发售获得所得款项净额约7.563亿港元(假设发售价 为每股发售股份14.51港元)。集团拟将全球发售所得款项净额用作下列用途：约40.0%将用作于东南亚 兴建一个锂离子电池生产设施，此乃集团其中一项主要发展策略，集团将于东南亚兴建的锂离子电池生 产设施，将主要用作生产供数据中心用电池，藉此培育集团业务的第二增长支柱，并提高数据中心储能 产品的市场份额；约35.0%拟用于资助于泰州建立一个研发中心，重点研究及开发：(i)提高储能电池寿 命；(ii)固态电池；(iii)钠离子电池；及(iv)BMS技术；约15.0%拟用作加强集团的海外销售及营销，以便 集团能够增强集团的全球影响力、 ...

Core Viewpoint - Neusoft Carrier (300183.SZ) experienced a significant decline in both revenue and net profit in the first half of 2025, despite being one of the few companies in China with a full industry chain capability [1][2]. Financial Performance - The company reported a revenue of 504 million yuan, a year-on-year decrease of 9.46% [1]. - The net profit attributable to shareholders was only 13.52 million yuan, down 76.36% from 57.21 million yuan in the same period last year [1][2]. - Cash flow from operating activities plummeted by 88.32%, indicating challenges in daily operations [1][5]. Business Segment Analysis - The core business segment, power line carrier communication products, saw a revenue decline of 19.65%, contributing significantly to the overall performance drop [2][3]. - The integrated circuit segment achieved a revenue of 142 million yuan, a year-on-year increase of 12.81%, while the smart segment grew by 48.04% to 33.87 million yuan [3]. - Despite the growth in the integrated circuit and smart segments, they collectively accounted for only about 35% of total revenue, insufficient to offset the decline in the power line carrier communication segment [3]. Cost and Financial Health - Operating costs increased by 5.04% to 354 million yuan, while revenue decreased, leading to a significant drop in overall gross margin by 9.7 percentage points [5]. - The cash used for purchasing goods and services rose to 283 million yuan, a 44% increase compared to the previous year, reflecting potential cost pressures from rising raw material prices [5][6]. Strategic Initiatives - The company invested 182 million yuan in acquiring land in Nanhai District, Foshan, to establish the Greater Bay Area Intelligent Power Equipment Innovation Valley, aiming to create new growth engines in emerging fields such as renewable energy and smart manufacturing [7][8]. - This strategic move is part of the company's dual-headquarters development strategy to strengthen its competitive position in the South China market [2][7]. Future Outlook - The construction of the new base is expected to take time before yielding results, raising concerns about balancing short-term financial stability with long-term strategic investments [8].

Core Viewpoint - The report highlights that Siyuan Electric (002028) has shown strong performance in H1 2025, with significant growth in both revenue and net profit, driven by increased overseas income and improved profitability metrics, meeting market expectations [2][3][5]. Financial Performance - In H1 2025, the company achieved revenue of 8.497 billion yuan, a year-on-year increase of 38%, and a net profit attributable to shareholders of 1.293 billion yuan, up 46% year-on-year [2]. - Q2 2025 saw revenue of 5.270 billion yuan, reflecting a 50% increase year-on-year, with a net profit of 846 million yuan, up 62% year-on-year [2]. - The gross profit margin for H1 2025 was 31.74%, slightly down by 0.01 percentage points year-on-year, while the net profit margin increased by 0.82 percentage points to 15.21% [2]. Overseas Revenue Growth - The company's overseas revenue reached 2.862 billion yuan in H1 2025, a remarkable increase of 89% year-on-year, with a gross profit margin of 35.69%, up 1.87 percentage points [3]. - Overseas revenue now accounts for 34% of total revenue, an increase of 9 percentage points year-on-year, indicating a growing reliance on international markets [3]. Domestic Market Performance - Domestic revenue for H1 2025 was 5.635 billion yuan, a 21% increase year-on-year, with a gross profit margin of 29.73%, down 1.34 percentage points [4]. - The performance of subsidiaries such as Siyuan High Voltage and Siyuan Hertz showed significant growth, with revenue increases of 10% and 31% respectively [4]. Investment and Cost Management - The company increased its sales, management, and R&D expenses by 52%, 10%, and 26% respectively in H1 2025, reflecting a strategic focus on market and sales investments [5]. - Inventory and contract liabilities rose significantly, with inventory at 4.715 billion yuan and contract liabilities at 2.562 billion yuan, up 38% and 32% year-on-year respectively, indicating a solid order backlog [5]. Profit Forecast - The company maintains profit forecasts for 2025-2027, estimating net profits of 2.82 billion yuan, 3.80 billion yuan, and 5.00 billion yuan respectively, with corresponding year-on-year growth rates of 38%, 35%, and 32% [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with significant growth in overseas revenue contributing to improved profitability [2][8] - The overseas revenue increased by 89% year-on-year, accounting for 34% of total revenue, driven by strong demand and rising market prices [8] - Domestic revenue also showed a solid growth of 21% year-on-year, although domestic gross margin experienced a slight decline due to increased competition and changes in the market [8] Financial Summary - Total revenue is projected to grow from 12,460 million RMB in 2023 to 29,631 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 23% [1] - Net profit attributable to shareholders is expected to rise from 1,559 million RMB in 2023 to 5,003 million RMB in 2027, indicating a CAGR of around 31% [1] - The earnings per share (EPS) is forecasted to increase from 2.00 RMB in 2023 to 6.43 RMB in 2027, with a corresponding decrease in price-to-earnings (P/E) ratio from 43.46 to 13.54 [1] Market and Operational Insights - The company has increased its investment in market and sales, leading to a significant rise in sales expenses by 52% year-on-year [8] - Inventory and contract liabilities have also grown substantially, indicating a strong order backlog and a solid foundation for future growth [8] - The company is expected to maintain steady growth in domestic operations, with the delivery of new products anticipated to improve gross margins in the second half of 2025 [8]