津膜科技上市以来，穿越了行业发展的高峰和低谷，经过 近几年不断的调整优化，公司资产质量明显改善，业务结构更 加健康，技术基础雄厚，品牌影响力较强，下一步将加大差异 化产品和技术研发，提升核心竞争力；聚焦重点市场不断增强 营销力量，提升销售规模；借助自身行业地位扩大合作渠道， 扩充优质合作伙伴，吸引整合更多资源；强化产业和资本的结 合，完善内部机制，激发更多企业活力和发展潜力，形成持续 健康发展。 证券代码：300334 证券简称：津膜科技 天津膜天膜科技集团股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 参加天津辖区上市公司 2025 年投资者网上集体接待日暨半 | | 人员姓名 | 年报业绩说明会的投资者 | | 时间 2025 | 年 9 月 11 日 13:30-17:00 | | 地点 | 全景网"全景路演"http://rs.p5 ...

Core Insights - The article highlights the strategic positioning of Shoucheng Holdings (0697.HK) in the service trade and robotics industry, leveraging the permanent establishment of the Service Trade Fair at Shougang Park to create a comprehensive industrial ecosystem [1][9]. Group 1: Long-term Benefits from Exhibition Economy - The permanent establishment of the Service Trade Fair at Shougang Park in 2025 provides Shoucheng Holdings with a stable flow of visitors and capital support, enhancing operational efficiency through its infrastructure services [2][6]. - The annual influx of millions of visitors to the park creates a sustainable resource input for the company, facilitating business expansion across multiple sectors [2][6]. Group 2: Robotics Industry Application Prospects - Shoucheng Holdings has launched a robotics experience store at the Service Trade Fair, marking a significant step in transitioning from technology demonstration to practical application in everyday life [4][11]. - The establishment of experience stores accelerates the consumerization of robotics, providing a platform for direct consumer interaction and feedback, which aids in product optimization [4][11]. Group 3: Investment Logic of Industry Chain Integration - The company employs a multi-faceted strategy of capital, scene, and ecosystem integration to deepen its involvement in the robotics industry, investing in leading enterprises across the entire industry chain [6][9]. - By creating practical application scenarios through experience stores, Shoucheng Holdings validates the commercial value of robotics technology, facilitating its marketization [6][9]. Group 4: Future Value Growth in Robotics Industry - The robotics industry is poised for rapid growth as technology advances and application scenarios expand, with Shoucheng Holdings expected to capture significant market share in key sectors such as education and healthcare [9][11]. - The expansion of the experience store network will enhance market demand fulfillment and consumer data acquisition, driving continuous product and service optimization [9][11]. Group 5: Leading the Next Generation of Productivity - Shoucheng Holdings is actively driving the integration of robotics technology into daily life, supported by the stable platform of Shougang Park and the nationwide expansion of its experience stores [11]. - The company is positioned to seize opportunities and face challenges as a leader in the robotics industry, contributing to the evolution of the next generation of productivity [11].

Core Viewpoint - Jing Sheng Co., Ltd. (688478.SH) is facing market competition pressure and plans to enhance its profitability through an external acquisition of Beijing Weizhun Intelligent Technology Co., Ltd. [1] Group 1: Acquisition Details - Jing Sheng intends to acquire 100% of Weizhun Intelligent's shares through a combination of issuing shares and cash payments, thereby gaining control over the company [3] - The acquisition is part of a strategy to vertically integrate the semiconductor industry chain, extending Jing Sheng's business into terminal product applications [1][6] - The transaction price for the shares to be issued is set at 28.93 yuan per share [4] Group 2: Financial Performance - In the first half of 2025, Jing Sheng reported a revenue of 158 million yuan, a year-on-year decrease of 20.29%, and a net loss of 7.45 million yuan, marking a shift from profit to loss [1][9] - The company's gross margin significantly dropped to 3.87% in the first half of 2025, down from 35.22% in 2022 [11][9] - Weizhun Intelligent has shown rapid growth in profitability, with revenues of 70.73 million yuan, 115 million yuan, and 73.93 million yuan from 2023 to the first half of 2025, respectively [12] Group 3: Market Reaction - Following the announcement of the acquisition plan, Jing Sheng's stock price fell over 12% intraday on September 9, closing down 9.14% at 37.97 yuan per share [2][8] Group 4: Strategic Rationale - The acquisition is expected to enhance Jing Sheng's market expansion capabilities and strengthen relationships with existing customers while attracting new clients [6] - The integration of Weizhun Intelligent's assets is anticipated to improve Jing Sheng's overall financial performance and operational synergy post-acquisition [13]

Core Viewpoint - *ST Lanhuang is attempting to reverse its ongoing business decline and consecutive years of losses by expanding into the beverage sector through strategic investments and partnerships [1][3]. Expansion of Beverage Business - On September 5, *ST Lanhuang announced plans to acquire 50.63% of Yiwang Juice Co., Ltd. for 0 yuan and will invest 26.9175 million yuan to fulfill the corresponding capital obligations, with 5 million yuan allocated to registered capital and 21.9175 million yuan to capital reserves [2]. - Yiwang Juice specializes in the research, production, and sales of concentrated apple juice, which is a key raw material in the beverage industry. Despite generating only 5.16 thousand yuan in revenue and a net loss of 221.77 thousand yuan in the first half of the year, the company projects revenues of 52.664 million yuan and a net profit of 3.6949 million yuan for 2024 [2]. - The establishment of a joint venture with Chongqing Chengbiao Agricultural Development Co., Ltd. and Yancheng Silk Road Anlu Equity Investment Partnership aims to enhance investment in the juice sector, with a registered capital of 70 million yuan, where *ST Lanhuang will contribute 35.7 million yuan for a 51% stake [3]. Ongoing Financial Losses - *ST Lanhuang has faced significant financial pressure, reporting net losses of 29.2442 million yuan, 46.7207 million yuan, and 99.87 million yuan from 2022 to 2024, with revenues declining from 266 million yuan to 211 million yuan over the same period [4]. - The company's struggles are attributed to prolonged control disputes that have hindered its ability to capitalize on opportunities in the beer industry, leading to a widening gap with leading competitors [5]. - The company is at risk of being delisted if it fails to meet revenue and profit thresholds, with projections indicating that its revenue may fall below 300 million yuan in 2025, necessitating the acquisition of Yiwang Juice and the establishment of a new beverage company as a short-term solution to avoid delisting [5]. Strategic Intent - The move to diversify into the beverage sector reflects *ST Lanhuang's strategy to improve its financial situation and seek new growth avenues, despite the recent poor performance of Yiwang Juice [3][6]. - The success of this strategy will depend on various factors, including market demand, product positioning, and effective marketing strategies, alongside efforts to control costs and enhance operational efficiency [6].

Group 1 - The company announced the termination of the plan to issue shares and pay cash for the acquisition of 100% equity in Xuyang Hydrogen Energy due to a lack of agreement on the transaction scheme [1] - The termination of the transaction is not expected to have a substantial negative impact on the company's existing operations and long-term development strategy [1] - The company has a strong foundation in the hydrogen fuel cell sector, having participated in significant national and local projects, and has established a solid cooperative ecosystem in commercial vehicle applications [2] Group 2 - Since 2025, the company has been actively launching new products, expanding internationally, and collaborating within the industry chain to strengthen its core business advantages [2] - The company has successfully exported hydrogen fuel cell engines to Australia and has signed strategic cooperation agreements to explore new application models for hydrogen heavy trucks [2] - Analysts suggest that the termination of the acquisition does not indicate a retreat from the strategy of industry chain integration, but rather a rational adjustment based on transaction cost-effectiveness and the company's development pace [3]

Core Viewpoint - The laser triangulation distance sensor market is experiencing robust growth driven by automation upgrades and demand from various industries such as automotive, logistics, and healthcare. The market is expected to reach $1.427 billion in 2024 and grow to $2.572 billion by 2031, with a compound annual growth rate (CAGR) of 8.65% from 2025 to 2031 [5]. Market Overview - The global market for laser triangulation distance sensors is primarily driven by the automotive industry, with significant demand in the Asia-Pacific region, especially in China, Japan, and South Korea, as well as Europe [3][9]. - Major manufacturers in the market include KEYENCE, Panasonic, and SICK, among others [8][20]. Industry Trends - **High Precision and Sub-Micron Breakthroughs**: The accuracy of laser triangulation sensors is approaching nanometer levels, becoming essential in high-end fields like semiconductor manufacturing and aerospace [12]. - **Cost Reduction and Domestic Substitution Acceleration**: Domestic manufacturers are achieving significant cost reductions through technological advancements and scale production, with expectations that the domestic market share for high-end industrial sensors will rise from under 20% to over 45% by 2025 [13]. - **Intelligent Integration with AI**: The integration of AI technologies is transforming sensor functionalities, enabling predictive maintenance and improved measurement robustness in complex environments [14]. - **Miniaturization and Integration Design**: Sensors are evolving towards miniaturization to meet the stringent space requirements of consumer electronics and drones, with multi-modal integration becoming a trend [15]. - **Environmental Production and Green Manufacturing**: The industry is increasingly focusing on sustainable practices, with new projects adopting eco-friendly facilities and materials to reduce environmental impact [16]. - **Industry Chain Integration and Ecological Collaboration**: Vertical integration across the supply chain is becoming common, enhancing collaboration between different sectors and reducing R&D costs [17]. - **Standardization and International Expansion**: The industry is pushing for unified standards to address market fragmentation, with significant growth expected in the Asia-Pacific region, particularly in China [18]. - **Multi-Scenario Expansion and Cross-Industry Applications**: The application boundaries of laser triangulation sensors are broadening, with innovative uses emerging in fields like healthcare and agriculture, as well as in space economics [19].

Group 1 - The company held its 14th meeting of the 12th Board of Directors on September 4, 2025, to discuss urgent matters, with all 9 directors present [2][3][4] - The board unanimously approved the proposal to purchase a 50.6329% stake in Wuzhong Yiwang Juice Co., Ltd. [5][6] - The board also approved a proposal regarding passive financial assistance formed due to the equity purchase, which will be submitted to the shareholders' meeting for review [8][11] Group 2 - The company will hold its fourth extraordinary shareholders' meeting on September 25, 2025, to discuss the approved proposals [14][16] - The meeting will be conducted both in-person and via online voting, with specific timeframes for each voting method [19][20] - The company will provide a platform for shareholders to vote online, ensuring compliance with relevant regulations [19][26] Group 3 - The passive financial assistance of RMB 12.17 million was formed due to the acquisition of the stake in Yiwang Juice, which was previously provided by the original shareholders [33][34] - The financial assistance is expected to be short-term, with a repayment deadline set for December 31, 2025, at an interest rate of 3% per annum [39][40] - The total amount of passive financial assistance represents 2.50% of the company's latest audited net assets [41] Group 4 - The company plans to acquire the stake for RMB 0, while committing to fulfill the capital contribution obligations amounting to RMB 26.92 million [46][48] - The acquisition will not constitute a related party transaction or a major asset restructuring as per relevant regulations [48][49] - The financial health and repayment capability of the financial assistance recipients will be closely monitored to mitigate risks [40][41]

Transaction Overview - The company plans to acquire 50.6329% equity of Yiwang Juice Co., Ltd. for a total of RMB 26,917,521.60, with RMB 5,000,000 allocated to registered capital and RMB 21,917,521.60 to capital reserves [1][2][17] - After the transaction, Yiwang Juice will become a subsidiary of the company and included in the consolidated financial statements [2][27] Approval Process - The board of directors unanimously approved the acquisition proposal with no votes against or abstentions [2][27] - The transaction does not constitute a related party transaction or a major asset restructuring as per relevant regulations [2][27] Target Company Information - Yiwang Juice Co., Ltd. is a limited liability company with a registered capital of RMB 9,875,000, established on September 18, 2024 [7][14] - The company specializes in the research, production, and sales of concentrated apple juice [14][27] Financial Data of Target Company - As of June 30, 2025, Yiwang Juice reported total assets of RMB 56,633,700 and total liabilities of RMB 30,389,100, resulting in net assets of RMB 26,244,595.53 [14][16] - The company generated revenue of RMB 5,266,400 in Q4 2024 and RMB 5,160 in Q2 2025, with a net loss of RMB 221,770 in the first half of 2025 [14][15] Strategic Importance - The acquisition is a significant step in the company's strategic layout in the beverage industry, aiming to enhance supply chain integration and expand its business scale [27] - Yiwang Juice's established procurement and sales channels will strengthen the company's competitive position and profitability in the beverage sector [27]

Core Viewpoint - The hydrogen fuel cell industry is transitioning from a "policy demonstration-driven" model to a "scenario commercialization-driven" model, leading to increased market competition and commercialization challenges for companies [1] Revenue Performance - The four companies reported a decline in overall revenue for the first half of the year, with Guohong Hydrogen Energy and Yihuatong experiencing the largest drops of 55.7% and 53.25%, respectively, to 58.883 million and 71.929 million [2] - The revenue decline is attributed to two main factors: the early-stage commercialization of the hydrogen fuel cell industry and increased competition due to stricter cost control requirements from downstream customers [2] - Yihuatong's revenue from fuel cell systems, which accounts for over 70% of its total revenue, fell by 52.7% to 50.642 million [2] Market Demand and Profitability - The overall market demand for fuel cells has decreased, with the cumulative production and sales of fuel cell vehicles in China dropping by 47.2% and 46.8%, respectively, in the first half of the year [3] - Despite the revenue declines, three companies reported reduced losses, with Guofu Hydrogen Energy's loss decreasing by 20% to 89.248 million due to improved receivables and cost reductions [3] New Application Scenarios - Companies are expanding into new application scenarios for hydrogen fuel cells, such as cold chain transportation and heavy-duty vehicles, to drive growth [4] - Yihuatong has diversified its product applications to include areas like sanitation and shipping, while Reshaping Energy is focusing on long-distance transportation [4] International Market Expansion - The competitive domestic market has prompted companies to target overseas markets, with Reshaping Energy's overseas revenue increasing by approximately 160% to 11 million, now accounting for 10% of total revenue [6] - Guofu Hydrogen Energy has identified several overseas projects, including hydrogen stations and electrolysis projects, as crucial for its business development [6] Upstream Integration - Companies are also looking to extend into upstream hydrogen production as a self-rescue strategy, with Yihuatong planning a restructuring to integrate with a hydrogen production business [6]

Core Viewpoint - The article highlights the unique industrial ecosystem of Jinjiang, a small city in China, which has successfully developed multiple industries, particularly footwear and snacks, through a combination of favorable conditions, entrepreneurial spirit, and supportive policies [6][7][27]. Group 1: Industrial Overview - Jinjiang, covering only 649 square kilometers with a population of over 2 million, hosts 52 listed companies with a total market value of nearly 500 billion yuan [6]. - The city is known as "China's Shoe Capital," producing one in every five pairs of sports shoes in the country, and also as "China's Umbrella Capital," with one in every three umbrellas made there [6][7]. - Jinjiang has established 16 national-level regional brands, with significant industrial clusters including over 300 billion yuan in footwear and apparel, over 100 billion yuan in textiles, and several others in construction materials and food [6][7]. Group 2: Factors for Success - Footwear and snack industries require similar production conditions, relying on craftsmanship, design, and quality control, making them suitable for Jinjiang's labor-intensive environment [9][11]. - The region's rich human resources and historical tradition of handicrafts facilitated the transition from family workshops to modern factories [9][11]. - The local climate and geographical advantages support both footwear manufacturing and snack production, enhancing logistics efficiency [11][12]. Group 3: Entrepreneurial Spirit - Entrepreneurs in Jinjiang, like Anta's founder Ding Shizhong, have demonstrated a keen ability to identify market opportunities and pivot quickly, leading to the establishment of strong brands [12][13]. - The local government has played a crucial role by providing favorable policies for land use, business registration, and tax incentives, fostering a conducive environment for private enterprises [12][13]. Group 4: Branding and Distribution Strategies - In the 1990s, Jinjiang companies faced challenges in brand recognition and distribution networks, leading to a reliance on CCTV advertising as an effective marketing strategy [13][14]. - Anta was a pioneer in using athlete endorsements and mass media advertising, which significantly boosted brand awareness [14][15]. - The establishment of a nationwide distribution network through exclusive regional agents allowed for rapid market penetration, despite the logistical challenges of the time [15][17]. Group 5: Competitive Strategies - Jinjiang companies adopted a strategy of industry chain integration, focusing on key production stages while outsourcing less critical components to maintain flexibility and cost control [17][18]. - The snack industry emphasized protecting proprietary recipes and core technologies while outsourcing distribution to enhance efficiency [18][19]. Group 6: Adaptation to Market Changes - Post-2010, Jinjiang companies have successfully navigated changes in the commercial landscape, such as the rise of e-commerce and consumer preferences, by employing strategies like niche competition and embracing new platforms [20][21]. - Companies like Yake have innovated continuously to avoid direct competition in traditional markets, instead focusing on functional snacks [21][22]. - The integration of traditional manufacturing strengths with new e-commerce efficiencies has allowed Jinjiang brands to thrive in competitive environments [24][25]. Group 7: Lessons and Insights - The success of Jinjiang's industries illustrates the importance of aligning industrial choices with local resources and market demands [27]. - The collaborative growth of footwear and snack sectors has amplified the overall brand influence of "Jinjiang Manufacturing," showcasing the benefits of industrial clusters [27][28]. - Traditional manufacturing can still thrive by adapting to market trends and consumer needs, as demonstrated by Jinjiang's ongoing evolution [27][28].