Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the content. 2. Report Core Views - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - sentiment, and the supply surplus pattern remains unchanged with limited upside potential [3]. - Stainless steel prices show signs of stopping the decline and rebounding due to nine - week consecutive inventory drops and rising material costs. The demand situation during the consumption peak season needs to be monitored [5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On September 9, 2025, the Shanghai nickel main contract 2510 opened at 121,490 yuan/ton, closed at 120,700 yuan/ton, a - 0.67% change from the previous trading day. The trading volume was 100,281 (+7,501) lots, and the open interest was 80,837 (3,364) lots [1]. - In the futures market, the Shanghai nickel main contract was affected by the decline in LME nickel prices at night and the lower - than - expected domestic August CPI data during the day. Although there were some bargain - hunting purchases in the afternoon, the rebound was limited due to high inventory and capacity release expectations [1]. - In the nickel ore market, the market is mainly in a wait - and - see mode with stable prices. In the Philippines, mine quotes are firm but slightly delayed due to rainfall. A major steel mill in South China has a new tender price of 955 yuan/nickel (including tax at the hold). In Indonesia, the supply remains loose, and the September (first phase) premium is - 24, with a premium range of +23 - 24 [1]. - In the spot market, Jinchuan Group's Shanghai market sales price is 123,200 yuan/ton, a 500 - yuan/ton decrease from the previous trading day. The spot trading is generally average, and the premiums of refined nickel brands are slightly adjusted [2]. - **Strategy** - For nickel, the short - term trading strategy is mainly range - bound operation for the single - side, and there are no strategies for inter - period, cross - variety, spot - futures, and options [3]. Stainless Steel Variety - **Market Analysis** - On September 9, 2025, the stainless steel main contract 2511 opened at 12,930 yuan/ton and closed at 12,950 yuan/ton. The trading volume was 109,512 (+16,944) lots, and the open interest was 123,179 (-4,171) lots [3]. - In the futures market, the stainless steel main contract was weak at night and showed a volatile trend. During the day, it was driven by the strong trend of the black series and slightly rose to 12,980 yuan/ton, with little fluctuation until the close [3]. - In the spot market, affected by the futures market and rising raw material costs, the spot quotes increased. The supply of hot - rolled products is tight, and the inquiry and transaction situation has slightly improved. The stainless steel prices in Wuxi and Foshan markets are 13,200 (+50) yuan/ton, and the 304/2B premium is 255 - 555 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron is 950.5 yuan/nickel point, a 5.00 - yuan/nickel point change from the previous day [3]. - **Strategy** - For stainless steel, the single - side strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options [5].

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by increased production capacity and demand in the wind power and thermoplastic sectors, despite facing export challenges due to global trade conditions [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.456 billion yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 174 million yuan, up 42% year-on-year [1]. - The second quarter revenue was 692 million yuan, reflecting an 8% year-on-year growth, with a net profit of 92 million yuan, a 28% increase year-on-year [1]. - The company's gross margin for the first half was approximately 24.6%, up 1.8 percentage points year-on-year, with the gross margin for fiberglass and products at 25.7%, an increase of 0.7 percentage points [2]. Revenue Breakdown - The revenue from fiberglass and products in the first half was 1.118 billion yuan, a 23% increase year-on-year, while chemical products generated 317 million yuan, a 10% increase [2]. - Export revenue was approximately 300 million yuan, down 9% year-on-year, impacted by a decline in global trade [2]. Cost and Profitability - The company’s overall net profit margin for the first half was about 11.9%, an increase of 2.0 percentage points year-on-year [2]. - The second quarter gross margin improved to approximately 26.8%, up 4.2 percentage points from the previous quarter, indicating a better product mix [3]. Production and Market Outlook - The new production line is expected to influence the short-term product structure, with an anticipated increase in the proportion of yarn sales, which may affect overall net profit per ton [4]. - The company expects a recovery in net profit per ton in the first half of 2025, driven by an increase in the proportion of high-end products and favorable market conditions in the wind power and thermoplastic sectors [4]. Future Projections - The company forecasts net profits of 410 million yuan and 520 million yuan for 2025 and 2026, respectively, with corresponding valuations of 16 and 12 times [5].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In the first half of 2025, the company achieved a revenue of 690 million yuan, representing a year-on-year increase of 14.2%, and a net profit attributable to the parent company of 150 million yuan, up 44.5% year-on-year. In Q2 alone, the revenue was 330 million yuan, with a slight year-on-year increase of 0.7%, while the net profit attributable to the parent company decreased by 20.1% to 50 million yuan [2][4]. Summary by Sections Financial Performance - The company reported a total revenue of 690 million yuan for 2025H1, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was 150 million yuan, reflecting a year-on-year increase of 44.5%. For Q2, the revenue was 330 million yuan, showing a modest growth of 0.7%, while the net profit decreased by 20.1% to 50 million yuan [2][4]. Future Outlook - The company anticipates a gradual recovery in its mattress business as the impact of tariffs diminishes. New business segments, including insulated boxes and water sports products, are expected to regain strong growth as production capacity in Vietnam and Cambodia is released. The company has set ambitious targets for 2025, requiring a year-on-year increase of 75% in revenue and 200% in net profit attributable to the parent company for the second half of the year [10]. Projections for net profit attributable to the parent company for 2025-2027 are 250 million, 320 million, and 380 million yuan, respectively, with corresponding valuations of 15X, 12X, and 10X [10].

Investment Rating - The report maintains a "Recommended" rating for the company [6][54]. Core Insights - The company's revenue for H1 2025 was 1.972 billion yuan, a slight decrease of 0.07% year-on-year, while the net profit attributable to shareholders was 406 million yuan, down 12.32% year-on-year [1][10]. - The company is experiencing a decline in profit margins due to falling iron ore prices, despite an increase in sales volume [2][17]. - The company is accelerating the construction of lithium mining projects, with significant resource reserves and technological advancements in lithium extraction [3][47]. Summary by Sections Event Overview - The company released its H1 2025 report, showing a revenue of 1.972 billion yuan and a net profit of 406 million yuan, both reflecting year-on-year declines [1][10]. Performance Review - Iron ore sales volume increased by 12.54% year-on-year, but the average selling price of iron concentrate fell by 11.61%, leading to a decrease in gross margin [2][17]. - In Q2 2025, the company reported a revenue of 1.047 billion yuan, a year-on-year decrease of 0.58%, and a net profit of 181 million yuan, down 18.18% year-on-year [1][10]. Future Core Highlights - The company has rich resource reserves, with iron ore reserves increasing to 690 million tons and lithium resources amounting to over 472 million tons of lithium carbonate equivalent [3][49]. - The construction of the Hunan Jijieshan lithium mine is progressing, with significant advancements in lithium extraction technology, achieving a lithium recovery rate of 90% [3][47]. - The company benefits from a vertically integrated production model, which enhances cost control and profitability [4][40]. Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 826 million yuan, 899 million yuan, and 1.143 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22, 20, and 16 [5][54].

Group 1: Report Industry Investment Ratings - Glass: Oscillating weakly [2] - Soda Ash: Oscillating weakly [2] - Ferromanganese: Oscillating [4] - Ferrosilicon: Oscillating [4] Group 2: Core Views of the Report - The glass market has weak demand and high inventory, with insufficient decline in production, leading to continued supply - demand contradictions and weak prices. The soda ash market may see increased production after the end of summer maintenance, and with new capacity coming online in the second half of the year, demand is expected to weaken further, intensifying the supply - demand imbalance [1]. - The ferromanganese and ferrosilicon markets are both in a situation of over - supply. They need to suppress production through losses, and their prices will follow the fluctuations of the sector [3]. Group 3: Summary by Related Catalogs Glass and Soda Ash - **Market Analysis** - Glass: The glass futures market fell sharply yesterday. Downstream procurement is cautious, mainly for rigid demand [1]. - Soda Ash: The soda ash futures market opened low and moved lower yesterday. Downstream demand is mainly for rigid restocking, and prices have generally declined [1]. - **Supply - Demand and Logic** - Glass: Demand remains weak with no significant improvement, high inventory has great pressure to reduce, and production decline is insufficient due to remaining production profits in non - natural gas production lines, resulting in continued supply - demand contradictions and weak prices [1]. - Soda Ash: After the end of summer maintenance, production may gradually recover. With new capacity coming online in the second half of the year, demand is expected to weaken further, intensifying the supply - demand imbalance. The market needs to suppress capacity release through losses, and the premium in the futures market further suppresses prices [1]. - **Strategy** - Glass: Oscillating weakly [2] - Soda Ash: Oscillating weakly [2] Ferromanganese and Ferrosilicon - **Market Analysis** - Ferromanganese: The sentiment in the ferromanganese futures market continued to cool yesterday. The main contract closed at 5,736 yuan/ton, a decline of 0.97%. The spot market has a strong wait - and - see sentiment, with average trading volume [3]. - Ferrosilicon: The ferrosilicon futures market continued to fall yesterday. The main contract closed at 5,532 yuan/ton, a decline of 0.61%. The spot market sentiment is average, and prices have been slightly adjusted downward [3]. - **Supply - Demand and Logic** - Ferromanganese: Production and sales have increased month - on - month, inventory has continued to decline, and costs have slightly decreased. However, the industry still has obvious over - supply, and production needs to be suppressed through losses [3]. - Ferrosilicon: Production and sales have increased, and factory inventory has decreased, but the absolute inventory is still high, suppressing prices. The industry also has obvious over - supply and needs to suppress production through losses [3]. - **Strategy** - Ferromanganese: Oscillating [4] - Ferrosilicon: Oscillating [4]

Core Viewpoint - Xiaomi Group's stock price increased by nearly 5%, reaching 56.6 HKD, with a trading volume of 10.042 billion HKD, following the announcement of over 30,000 vehicle deliveries in August [1] Group 1: Company Performance - Xiaomi Auto reported a delivery volume exceeding 30,000 units in August, marking the second consecutive month of such performance since July [1] - The company plans to open 32 new stores in September, expanding its presence to 370 stores across 105 cities [1] - First Shanghai's recent report indicates that Xiaomi's order volume significantly exceeds its current delivery capacity, highlighting a notable supply-demand gap [1] Group 2: Production Capacity - To address market demand, Xiaomi's second-phase factory has officially commenced production, with current capacity gradually ramping up [1] - As production capacity is released, it is expected to alleviate the current supply shortage [1] Group 3: Strategic Investments - Recent business changes at Guohua (Qingdao) Intelligent Equipment Co., Ltd. include the addition of Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership as a shareholder, with registered capital increasing from approximately 9.3522 million RMB to about 10.4745 million RMB [1] - Guohua Intelligent, established in February 2021, focuses on the research and development of core components for robotics and the integration of intelligent manufacturing systems [1]

Group 1 - Xiaomi Group-W (01810) saw a nearly 5% increase in stock price, reaching 56.6 HKD with a trading volume of 10.042 billion HKD [1] - Xiaomi Auto reported over 30,000 vehicle deliveries in August, marking the second month since July with such delivery figures [1] - The company plans to open 32 new stores in September, expanding its presence to 370 stores across 105 cities in China [1] Group 2 - First Shanghai's recent report indicates that Xiaomi's order volume significantly exceeds its current delivery capacity, highlighting a notable supply-demand gap [1] - To address market demand, Xiaomi's second-phase factory has commenced production, with current capacity gradually ramping up [1] - Recent business changes at Guohua (Qingdao) Intelligent Equipment Co., Ltd. include the addition of Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund as a shareholder, with registered capital increasing from approximately 9.3522 million RMB to about 10.4745 million RMB [1]

Core Viewpoint - The report on Aerospace Technology indicates that the company has a sufficient order backlog and is expected to achieve growth supported by capacity release, leading to a "buy" rating for the stock [1]. Financial Performance - In the first half of 2025, the company reported revenue of 914 million yuan, a year-on-year decrease of 8.7%, and a net profit attributable to shareholders of 90 million yuan, down 12.8% year-on-year [2]. - The second quarter of 2025 showed a revenue of 492 million yuan, marking a year-on-year increase of 16.2% and a quarter-on-quarter increase of 16.6%, indicating a recovery from previous declines [2]. - The gross profit margin for the first half of 2025 was 26.6%, a decrease of 0.92 percentage points year-on-year, with the aerospace forging segment experiencing the most significant pressure, with a margin of 17.3%, down 10.3 percentage points year-on-year [2][3]. Business Segmentation - Revenue from aerospace forgings was 689 million yuan, accounting for 75.4% of total revenue, while revenue from aerospace forgings increased by 30.9% year-on-year to 72 million yuan [3]. - The company has signed long-term supply agreements with major international aerospace manufacturers, indicating a strong position in the international market [3][4]. - The company’s inventory increased by 16.7% to 1.04 billion yuan, with raw materials and work-in-progress rising significantly, indicating readiness to meet market demand [3]. Order Backlog and Capacity Expansion - As of the end of the first half of 2025, the company had a total order backlog of 5.97 billion yuan, an increase of 24.1% year-on-year, reflecting a recovery in downstream demand [4]. - The company is actively advancing the construction of precision manufacturing industrial parks for large ring forgings, with an expected completion date in January 2027 [4]. Investment Outlook - Short-term expectations include significant growth in 2025 driven by international orders and a rebound in aerospace forging demand [5]. - Long-term prospects involve diversification into sectors such as fourth-generation nuclear power and commercial aerospace, with projected net profits of 235 million yuan, 305 million yuan, and 364 million yuan for 2025, 2026, and 2027 respectively [5].

Core Viewpoint - The company reported strong revenue and profit growth for H1 2025, with a focus on digital printing equipment and ink sales, while facing challenges in the sewing equipment segment [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.038 billion yuan, a year-on-year increase of 27.16% - The net profit attributable to shareholders was 251 million yuan, up 25.15% year-on-year - The non-recurring net profit was 228 million yuan, reflecting an 18.73% year-on-year growth - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares (tax included) [1]. Business Segments - Digital printing equipment revenue reached 670 million yuan, a significant year-on-year increase of 42.75%, driven by the acceleration of digital transformation in traditional printing enterprises and the ramp-up of Single Pass high-speed equipment [1]. - Ink business revenue was 272 million yuan, with a year-on-year growth of 15%, although the growth rate was lower than that of sales volume due to price adjustments [1]. - Sewing equipment revenue declined, with automated sewing equipment generating 42 million yuan, a decrease of 30% year-on-year [2]. Development Trends - New production capacity is set to be released, with a project for an annual production of 3,520 sets of industrial digital printing equipment expected to be completed in Q3 2025 - The project for producing 47,000 tons of digital printing ink is also in progress, which is anticipated to bring scale effects [3]. - The company is making positive progress in new fields such as spray dyeing equipment and book printing, which may create a second growth curve [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged at 540 million yuan (up 30.7% year-on-year) and 710 million yuan (up 30.6% year-on-year) respectively - The current stock price corresponds to a P/E ratio of 25x for 2025 and 19x for 2026 - The target price has been raised by 17% to 88 yuan, corresponding to a 22x P/E for 2026, indicating a potential upside of 16% [4].

Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company reported a revenue of 2.07 billion yuan in H1 2025, representing a year-on-year increase of 11.0%, but the net profit attributable to shareholders decreased by 46.5% to 110 million yuan [1]. - The small home appliances and automotive parts segments showed strong performance, with the automotive parts business achieving a revenue increase of 89.9% year-on-year in H1 2025 [2]. - The gross margin and net margin have declined due to U.S. tariff policies and price pressures in the home appliance industry, with gross margins at 14.0% and 12.3% for H1 and Q2 2025, respectively [3]. Financial Performance - In H1 2025, the home appliance segment generated 1.74 billion yuan in revenue, a 6.0% increase year-on-year, while the small appliance sales increased by 19.8% to 810 million yuan [2]. - The company expects gradual recovery in profitability due to strong overseas demand and the release of new production capacity in Vietnam [3]. - The profit forecast for 2025-2027 has been adjusted, with net profits projected at 410 million, 520 million, and 646 million yuan, reflecting growth rates of 0.8%, 25.6%, and 24.2%, respectively [4].