"线下展会是我们获客的重要形式，除了9月的法国展会，接下来还有10月的澳大利亚展会、11月的东京 展会等。"黄芳说，公司每年至少参加5场国内外展会，明年可能会增加到7场。 同时，泉州鹏泰服饰有限公司副总经理赵文宏刚结束一场与客户的会议，并将于第二天赶赴公司在柬埔 寨的工厂。"我们是一家集纺织、服装生产、海外销售等为一体的全产业链公司，在石狮市、晋江市、 柬埔寨拥有三大生产基地。"赵文宏告诉记者。 正在法国参加展会的济达（上海）纺织品有限公司创始人、总经理黄芳，在接待客户间隙接受了证券时 报记者采访。 一个在欧洲展会抢订单，一个到东南亚工厂盯生产，黄芳和赵文宏是中国千千万万忙碌的外贸人的缩 影，也是中国外贸在复杂的外部形势下依旧保持韧性的鲜活注脚。海关总署最新数据显示，今年前8个 月，我国货物贸易进出口总值为29.57万亿元，同比增长3.5%。不过，韧性增长的背后亦存在压力与挑 战，关税政策的不确定性、订单碎片化趋势、市场竞争的持续加剧，均考验着变局中的每一个外贸人。 数据印证了市场多元化策略的成效。今年前8个月，我国虽然对美国进出口同比下降13.5%，但对东盟 进出口同比增长9.7%，对欧盟的进出口也同比增长 ...

Core Viewpoint - The company, Jian Sheng Group, plans to invest in a new project in Vietnam to enhance production capacity and profitability, responding to future customer demand and improving competitiveness in the international market [1][2]. Investment Details - Jian Sheng Group announced an investment of 180 million yuan (approximately 25.18 million USD) to establish a project in the Qinghua Industrial Park, aiming for an annual production of 60 million pairs of mid-to-high-end cotton socks and 30 million pieces of clothing [1][2]. - The project will require the installation of 1,000 sock machines, 1,000 sewing machines, and 20 fully automatic rotary shaping machines to enhance product quality and brand value [2]. Production Capacity and Challenges - The company has been expanding its overseas production bases since 2013, currently operating four major production bases in Vietnam: Haiphong, Xingan, Qinghua, and Nanding [4]. - The existing production capacity in Vietnam is insufficient to meet long-term customer demands, and labor shortages in the sewing segment at the Xingan base are hindering expansion [4]. Financial Performance - In 2024, Jian Sheng Group achieved a record revenue of 2.574 billion yuan, a year-on-year increase of 12.81%, and a net profit of 325 million yuan, up 20.15% [6]. - For the first half of 2025, the company reported revenue of 1.171 billion yuan, a slight increase of 0.19%, but a net profit decline of 14.46% [6]. Market Context - The textile and apparel industry showed resilience in the first half of 2025, with textile exports increasing by 1.77% and apparel exports slightly declining by 0.2% [6]. - The global textile supply chain faces challenges due to fluctuating currency policies, rising logistics and energy costs, and increasing trade protectionism, necessitating upgrades in smart manufacturing and market diversification [6].

证券时报记者周春媚张淑贤 正在法国参加展会的济达（上海）纺织品有限公司创始人、总经理黄芳，在接待客户间隙接受了证券时 报记者采访。"线下展会是我们获客的重要形式，除了9月的法国展会，接下来还有10月的澳大利亚展 会、11月的东京展会等。"黄芳说，公司每年至少参加5场国内外展会，明年可能会增加到7场。 同时，泉州鹏泰服饰有限公司副总经理赵文宏刚结束一场与客户的会议，并将于第二天赶赴公司在柬埔 寨的工厂。"我们是一家集纺织、服装生产、海外销售等为一体的全产业链公司，在石狮市、晋江市、 柬埔寨拥有三大生产基地。"赵文宏告诉记者。 一个在欧洲展会抢订单，一个到东南亚工厂盯生产，黄芳和赵文宏是中国千千万万忙碌的外贸人的缩 影，也是中国外贸在复杂的外部形势下依旧保持韧性的鲜活注脚。海关总署最新数据显示，今年前8个 月，我国货物贸易进出口总值为29.57万亿元，同比增长3.5%。不过，韧性增长的背后亦存在压力与挑 战，关税政策的不确定性、订单碎片化趋势、市场竞争的持续加剧，均考验着变局中的每一个外贸人。 保持韧性 今年以来，全球经济复苏乏力，贸易保护主义升温，美国关税政策频繁调整，给全球经贸带来巨大挑 战。但在严峻复杂的外 ...

Core Insights - Private enterprises are increasingly becoming a key force in stabilizing foreign trade due to their flexibility and market sensitivity [1] Group 1: Trade Performance - In August, Shanghai's total imports and exports grew by 11.7% year-on-year, marking the seventh consecutive month of growth since February [1] - Exports exceeded 180 billion yuan for the first time, with a growth rate of 17.1%, while imports reached 204.35 billion yuan, growing by 7.3% [1] - For the first eight months, Shanghai's total imports and exports increased by 4.5%, with the growth rate improving by 1 percentage point compared to the first seven months [1] Group 2: Role of Private Enterprises - In August, the import and export volume of private enterprises in Shanghai surged by 31.5%, maintaining a growth rate above 30% for three consecutive months [1] - The share of private enterprises in Shanghai's total foreign trade rose to 43.1%, surpassing 40% for the first time, contributing 11.5 percentage points to the city's overall trade growth [1] Group 3: Market Diversification - Exports to emerging markets such as Africa, ASEAN, the Middle East, and India grew by 45% in August, contributing 10.7 percentage points to the overall export growth [1] - Notable export performance was observed in shipbuilding and marine engineering equipment, which grew by 10.6 times, and engineering machinery, which increased by 72.8%, together driving a 16.5 percentage point increase in exports to these emerging markets [1] Group 4: High-End Manufacturing and Imports - In August, the export of electromechanical products grew by 19%, accounting for nearly 70% of the total export value, with significant growth in shipbuilding and high-end machine tools at 45.1% and 43.7% respectively [2] - The export of "new three samples" including electric vehicles, lithium batteries, and photovoltaic products saw growth rates of 37.1%, 112.1%, and 39% respectively [2] - Imports of raw materials such as metal ores and copper products increased by 15% and 21% respectively, driven by stable industrial and consumer demand [2] - The import of semiconductor manufacturing equipment and computer accessories surged by 105.5% and 55.2% respectively, supported by the development of the integrated circuit and artificial intelligence industries [2] - Consumption-related policies have led to significant growth in imports of consumer goods, with beef, milk powder, perfume, and sports equipment increasing by 10.5%, 43.2%, 29.4%, and 35.8% respectively [2]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - In H1 2025, the company's revenue grew well, but net profit declined due to a drop in gross margin caused by rising raw material prices. The company is taking multiple measures to improve profitability, such as optimizing sales structure, strengthening sales teams, managing costs, and expanding production capacity [23]. - The company is formulating strategies for the exit of convertible bonds, aiming to promote them to be converted into stocks and ensuring repayment if necessary. It will adjust strategies according to market dynamics [26]. - The company is implementing cost - control measures to mitigate the impact of rising raw material prices, including cost monitoring, improving material utilization, and product price adjustment [27]. - The company's overall capacity utilization is around 85%, and it is actively expanding production capacity to meet market demand [28]. - The subsidiary Sande Guan is expected to turn a profit in H2 2025, while Punuowei's profitability is gradually improving [29][31]. - The company's sales in the US account for about 10%. It is implementing strategies to cope with US tariff policies, such as market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency [31]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Chongda Technology - Industry: Electronic components - Reception time: September 18, 2025 - Company receptionist: Zhu Qionghua, Securities Affairs Representative [17] 3.2. Detailed Research Institutions - Wudang Asset (Asset management company) - Hongding Wealth (Other) - Aixi Capital (Other) - Guojin Securities (Securities company) [18] 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company's Main Business Operation - **Revenue**: In H1 2025, the company achieved revenue of 3.533 billion yuan, a year - on - year increase of 20.73% [23]. - **Net profit**: In H1 2025, the company's net profit attributable to shareholders was 222 million yuan, a year - on - year decrease of 6.19%. The gross margin was 21.51%, a decrease of 3.57 percentage points compared to the same period last year, mainly due to the rise in precious metal raw material prices [23]. 3.4.2. Main Q&A - **Improving profitability**: The company is taking measures such as optimizing sales structure, strengthening the sales team, managing costs, improving order delivery and customer service, innovating product systems, and expanding production capacity [23]. - **Convertible bond exit**: The company aims to promote the conversion of "Chongda Convertible Bond 2" by improving performance and ensuring repayment with sufficient cash flow. It will adjust strategies according to market conditions [26]. - **Cost - control**: The company is implementing measures like cost monitoring, improving material utilization, and product price adjustment to cope with rising raw material prices [27]. - **Capacity utilization and expansion**: The current overall capacity utilization is about 85%. The company is accelerating the release of high - multilayer PCB capacity in Zhuhai factories, starting production in Zhuhai No. 3 Factory, building a production base in Thailand, and planning to build an HDI factory in Jiangmen [28]. - **Subsidiary performance**: Sande Guan is expected to turn a profit in H2 2025. Punuowei's profitability is improving with the recovery of market demand and customer inventory [29][31]. - **US market**: The company's sales in the US account for about 10%. It is implementing strategies such as market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency to cope with US tariff policies [31].

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.533 billion CNY, a year-on-year increase of 20.73% [2] - The net profit attributable to shareholders was 222 million CNY, a year-on-year decrease of 6.19%, primarily due to a decline in gross profit margin [2] - The gross profit margin for the first half of 2025 was 21.51%, down 3.57 percentage points from the previous year, largely due to rising prices of precious metal raw materials [2] Group 2: Cost Management Strategies - The company is implementing measures to improve product gross margins by optimizing sales structure and focusing on high-value customers [3] - Cost management initiatives include enhancing unit cost monitoring, improving material utilization, and implementing price adjustments for certain products [7] - The company aims to achieve a dual increase in per capita output and efficiency to mitigate the impact of rising raw material costs [7] Group 3: Capacity Expansion and Utilization - The current overall capacity utilization rate is approximately 85% [8] - The company is accelerating capacity expansion at its Zhuhai plants and establishing a new HDI factory to meet growing market demand [8] - Plans are in place to enhance production capabilities at overseas facilities, including a factory in Thailand [8] Group 4: Market Diversification and Sales Strategy - Sales in the U.S. market account for about 10% of total revenue, with ongoing operations unaffected by recent tariff changes [11] - The company is diversifying its market strategy, with domestic sales exceeding 50% of total revenue to reduce reliance on the U.S. market [12] - Strategies include optimizing customer cooperation terms and accelerating the establishment of overseas production bases to mitigate tariff impacts [12] Group 5: Subsidiary Performance - The subsidiary San De Guan continues to face challenges in the flexible printed circuit board (FPC) sector, although it has made progress in reducing losses [9] - The subsidiary Puno Wei has successfully launched its mSAP production line for advanced packaging substrates, with ongoing improvements in profitability [10]

Group 1 - The U.S. added 13 Chinese semiconductor companies to an export control "entity list," prompting China to respond with two announcements regarding anti-dumping and anti-discrimination investigations against U.S. chips [1][3] - China's swift and strong reaction indicates its impatience with what it perceives as insincere negotiations from the U.S. [1][3] Group 2 - The anti-dumping investigation targets U.S. companies that have been selling chips below cost in China, aiming to protect local industries and market rights [4] - The anti-discrimination investigation challenges the U.S. for its double standards in restricting high-end chip exports while criticizing China for not following rules [5] Group 3 - China's confidence in confronting the U.S. stems from three pillars: being the largest chip consumer market, having a developing domestic supply chain, and adhering to WTO rules to counter U.S. unilateralism [6][7][9] Group 4 - The U.S. attempted to rally 37 countries to pressure China, but many countries, including those in the EU and ASEAN, have significant trade ties with China, undermining U.S. efforts [8][10] Group 5 - China's exports to the U.S. fell by 33.1% in August, but exports to the EU and ASEAN grew by 10.8% and 22.7%, respectively, indicating a shift towards market diversification [12] Group 6 - The future of U.S.-China negotiations hinges on whether the U.S. will abandon its strategy of pressure for concessions, with two potential outcomes: a temporary agreement or China accelerating its domestic alternatives [14] Group 7 - The ongoing chip conflict represents a broader competition for technological dominance, with China focusing on short-term countermeasures, medium-term industrial upgrades, and long-term market diversification [15]

Core Viewpoint - The U.S. government has imposed a 50% tariff on goods imported from India, significantly impacting the Indian economy and its exporters [1] Group 1: Economic Impact - The tariff increase places India in the highest tax rate bracket alongside Brazil, making Indian goods approximately 30% more expensive overnight [1] - Exports worth around 420 billion rupees, including gems, engineering products, textiles, seafood, and leather, are affected, potentially reducing India's economic growth by 0.5 to 1 percentage points [1] - A large number of workers are at risk of unemployment due to the tariff [1] Group 2: Industry Response - Exporters are forced to lower prices or extend credit, leading to tight cash flow, particularly affecting small and medium-sized enterprises [1] - The industry is calling for the Indian government to extend interest subsidies, restart market development funds, and accelerate free trade negotiations with countries like Japan, the UK, Australia, and the EU [1] Group 3: Economic Recommendations - Economists suggest short-term subsidies to maintain orders, mid-term strategies to diversify markets, and long-term reforms in land and labor to enhance competitiveness [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of CNY 3.533 billion, representing a year-on-year growth of 20.73% [2] - The net profit attributable to shareholders for the same period was CNY 222 million, a decline of 6.19% year-on-year, primarily due to a decrease in gross profit margin [2] - The gross profit margin for the first half of 2025 was 21.51%, down by 3.57 percentage points compared to the previous year, largely due to rising raw material prices, particularly gold salts, which increased by 36.57% year-on-year [2][3] Group 2: Strategic Measures for Profitability Improvement - The company is focusing on high-value customers and orders, optimizing the sales structure by eliminating loss-making orders and enhancing collaboration with key clients for new product development [3] - Strengthening the sales team by recruiting experienced professionals and implementing a performance evaluation system that includes high-value customer development metrics [3] - Enhancing cost management through standardized cost control measures and improving material utilization to lower unit product costs [3][7] Group 3: Capacity Expansion and Utilization - The current overall capacity utilization rate is approximately 85% [8] - The company is accelerating capacity expansion at its Zhuhai plants to meet increasing market demand, with plans for a new high-density interconnect (HDI) factory [8] - Ongoing construction of a factory in Thailand aims to establish a more comprehensive overseas production network [8] Group 4: Response to Raw Material Cost Increases - The company is implementing detailed cost control measures to manage rising raw material costs, including dynamic monitoring of costs and optimizing production processes [7] - Structural price adjustments are being made for certain products based on market demand and customer acceptance [7] Group 5: Market Diversification and Risk Management - Currently, approximately 10% of the company's revenue comes from the U.S. market [11] - The company is diversifying its market strategy to reduce reliance on the U.S. market, with domestic sales now exceeding 50% of total revenue [12] - Strategies include optimizing customer cooperation terms and accelerating the establishment of overseas production bases to mitigate the impact of U.S. tariffs [12] Group 6: Subsidiary Performance - The subsidiary San De Guan is facing challenges in the flexible printed circuit board (FPC) sector, with a projected industry growth of 3.6% in 2025, but still under pressure from low profit margins [9] - The subsidiary Puno Wei has successfully launched a production line for advanced packaging substrates, focusing on high-end applications and showing signs of improving profitability [10]

Core Viewpoint - The shift in South Korea's export structure from reliance on the U.S. to diversification towards China and ASEAN is not a temporary fluctuation but a long-term transformation driven by policy changes [2][4][13]. Export Trends - South Korea's exports to the U.S. decreased by 3.7% year-on-year in the first half of the year, with a significant drop of 12% in August and an 8.2% decline in the first ten days of September, indicating a persistent downward trend [2][4]. - In contrast, exports to China and ASEAN remained stable, with exports to China at approximately $110 billion in July and August, and ASEAN exports exceeding $108 billion during the same period [4][6]. Market Diversification - The South Korean government has recognized the high dependency on U.S. exports and is actively promoting market diversification, which is reflected in the current export trends [4][8]. - Concerns about the stability of demand from China and ASEAN are addressed by highlighting the consistent demand for semiconductor equipment and automotive parts from China, as well as the growing potential of the ASEAN market [6][8]. Investment Strategy - South Korean companies are adjusting their investment plans in the U.S. due to risks associated with U.S. policies, opting instead for more stable markets in Latin America and Europe, which also present high-end market opportunities [10][11]. - The shift in investment strategy is seen as a rational risk-avoidance measure rather than a retreat from high-end sectors, allowing for a more concentrated resource allocation in stable markets [11][13]. Long-term Outlook - The changes in South Korea's export structure are viewed as a necessary adaptation for an export-oriented economy to mitigate risks associated with global trade uncertainties, moving from a single-market dependency to a diversified approach [13].