证券日报网12月18日讯本钢板材（000761）在12月17日回答调研者提问时表示，公司进一步加大高附加 值的产品研发与生产，缩小与头部企业的产品竞争力差距，通过差异化产品提高售价与毛利率。持续降 低采购成本，稳步实施择机采购、品种替代、量价优惠，科学制定经济库存。探索区域合作，扩大就近 销售半径，减少跨区域运输成本推进生产流程智能化改造，运营端通过精细化管理优化人员与设备效 率，提升产能利用率。 ...

证券日报网讯12月18日，通光线缆（300265）在互动平台回答投资者提问时表示，公司将根据行业的发 展动态不断提升产品研发力度。 ...

（文章来源：证券日报） 证券日报网12月12日讯国光股份在12月10日回答调研者提问时表示，公司的研发活动系应用研发。今年 前三季度研发费用增加，主要是因为公司加大了新产品登记力度。公司的研发工作主要由两个部门承 担，一是研发部，主要工作是产品剂型、配方、工艺流程研发；二是作物技术部，主要负责应用实验， 一方面对研发部开发的新产品进行验证，另一方面，通过应用试验发现新的应用对象、应用阶段以及在 不同环境下的最佳应用效果。 ...

证券日报网讯 12月11日，华正新材在互动平台回答投资者提问时表示，公司覆铜板产品品类齐全，拥 有全系列产品，同时公司注重新产品研发，积极布局技术前沿领域，持续推进高阶产品的客户认证，并 取得良好效果，后续公司将不断加速开拓产品应用市场及市场占有率。 （文章来源：证券日报） ...

Core Viewpoint - Lin Qingxuan has updated its IPO prospectus, including a name change from "Shanghai Lin Qingxuan Biotechnology Co., Ltd." to "Shanghai Lin Qingxuan Cosmetics Group Co., Ltd." This change has sparked discussions among investors regarding the strategic implications of moving from a biotechnology focus to a cosmetics brand, especially as the company approaches its IPO [1][2][3]. Financial Performance - Lin Qingxuan's revenue is projected to grow from approximately 6.91 billion yuan in 2022 to 12.1 billion yuan in 2024, indicating a steady upward trend [7]. - In the first half of this year, Lin Qingxuan reported revenue of about 10.52 billion yuan, a significant increase of 98.49% compared to the same period last year [8]. - The company's gross profit margins are notably high, with figures of 78.0%, 81.2%, 82.5%, and 82.4% for the years 2022 to 2024, outperforming major competitors [9]. Research and Development - Despite the high gross margins, Lin Qingxuan's R&D expenses have been relatively low, with rates of 3.06%, 2.45%, 2.51%, and 1.71% from 2022 to 2024, indicating a declining trend [10]. - The company has managed to maintain its high-end product sales without significant R&D investment, suggesting a potential reliance on marketing rather than innovation [11][19]. Marketing Strategy - Lin Qingxuan's marketing and distribution expenses have been substantial, with figures of 5.09 billion yuan, 4.86 billion yuan, and 6.88 billion yuan from 2022 to 2024, constituting a significant portion of total revenue [16]. - The marketing expenses have been approximately 9 to 20 times higher than R&D expenditures, highlighting a strategy focused on brand marketing over product development [16][18]. Market Position and Risks - The company has a heavy reliance on its core product, camellia oil, which accounted for 45.5% of revenue in the first half of this year, raising concerns about market risk due to limited product diversification [18]. - Recent investor behavior indicates a lack of confidence in Lin Qingxuan's IPO prospects, with early investors exiting before the IPO submission [21]. Future Outlook - Lin Qingxuan plans to expand its product line beyond camellia oil and implement a multi-brand strategy to enhance its market position [24]. - The company has maintained a growing number of physical stores, increasing from 366 to 554 over the past three years, which may provide a buffer against market fluctuations [26].

Core Viewpoint - The company emphasizes its focus on material application for product development and aims to enhance product competitiveness by collaborating closely with relevant suppliers to introduce new materials [1] Group 1 - The company is actively engaged in product research and development based on material applications [1] - The company maintains close relationships with suppliers to improve product competitiveness [1] - The introduction of new materials is a key strategy for the company's product enhancement [1]

证券日报网讯12月9日，英威腾（002334）在互动平台回答投资者提问时表示，公司在产品研发过程中 会关注材料及工艺的结合及应用，以更好实现产品性能提升。 ...

Core Viewpoint - Dongwu Securities report indicates that Zhaoli Pharmaceutical plans to issue convertible bonds to build capacity and develop "Wuling + X" products, supporting long-term growth [1] Group 1: Production and Capacity Expansion - The production scale of Wuling capsules and Bailing capsules is expected to continue growing in the near future [1] - The new production base and capacity expansion project are necessary measures to ensure market supply, consolidate industry position, and support strategic goals [1] Group 2: Research and Development Investment - Increased R&D investment will enrich the Wuling product series [1] - The main purpose of the fundraising project is for the development of innovative drugs and health products in the Wuling series [1] Group 3: Shareholder Returns - The company has maintained a dividend payout ratio around 80% since 2022, ranking among the top in the industry [1] - Considering the company's combination of high growth and high dividends, and the expected continuous release of core product performance in 2026, a "buy" rating is maintained [1]

Core Viewpoint - The company emphasizes the importance of technological innovation and cost advantages in the photovoltaic industry, which will solidify its leading position in the future energy system [2] Industry Development - The global energy transformation is expected to drive the Chinese energy industry chain towards intelligent, green, and integrated development [2] - The photovoltaic industry is projected to play a central role in the future energy landscape due to its technological advancements and cost benefits [2] Company Strategy - The company plans to focus on technological innovation and product research and development to address customer pain points [2] - The company aims to provide more efficient, reliable, and safe photovoltaic products for the global market while expanding diverse photovoltaic application scenarios [2] - The company will deepen the integration of photovoltaic, energy storage, and hydrogen energy businesses to offer comprehensive energy solutions that include solar, storage, and hydrogen [2]

Core Viewpoint - Company is actively engaged in the research and development of various products and technology reserves to enhance product performance [1] Group 1 - Company is focused on continuous product development and technological advancements [1]