Core Insights - The company reported a revenue of 9.335 billion yuan for the first half of 2025, representing a year-on-year growth of 17.50%, and a net profit of 296 million yuan, up 7.46% year-on-year [1] - The company has a solid order backlog of 3.378 billion yuan as of June 30, which supports future growth [1] - The company has successfully adjusted its business structure, with significant growth in emerging sectors such as clean energy, smart grids, and intelligent equipment, which now account for 50% of its revenue [1] Revenue Composition - The share of smart grid application products increased to 28%, clean energy application products to 13%, and intelligent equipment application products to 9% [1] - The electromagnetic wire business generated 3.746 billion yuan in revenue, a 28% increase year-on-year, contributing nearly 200 million yuan to net profit [1] Key Growth Drivers - The explosive growth is primarily driven by two sectors: ultra-high voltage and new energy vehicles, with ultra-high voltage transformer flat wire sales increasing by 241% year-on-year [2] - In the new energy vehicle sector, the company added 11 new models and saw a 68% increase in sales of flat electromagnetic wires [2] Competitive Positioning - The cable industry center achieved a revenue of 5.542 billion yuan, a 12% increase year-on-year, with a 110% surge in bid amounts [2][3] - The company secured 33 bids from the State Grid, covering various cable products, which contributed to the record high in bid amounts [3] Strategic Initiatives - The company has increased efforts in developing major clients, with sales to large customers exceeding 1.5 billion yuan, a 35% increase year-on-year [3] - Internationally, direct export revenue grew by 38%, with significant progress in electromagnetic wire exports and a breakthrough in cable exports [3] - The company is advancing its overseas project in the Czech Republic, aiming for trial production by the end of the year to tap into the European market [3]

Core Viewpoint - Jinbei Electric achieved significant growth in the first half of 2025, with a revenue of 9.335 billion yuan, a year-on-year increase of 17.50%, and a net profit of 296 million yuan, up 7.46% [2] Group 1: Financial Performance - The company reported a total revenue of 9.335 billion yuan for the first half of 2025, reflecting a 17.50% increase compared to the previous year [2] - The net profit attributable to shareholders reached 296 million yuan, marking a 7.46% year-on-year growth [2] - As of June 30, the company had an order backlog of 3.378 billion yuan, providing a solid foundation for future growth [2] Group 2: Business Structure and Growth Areas - The company has successfully adjusted its business structure, with significant contributions from emerging sectors: smart grid applications (28% share), clean energy applications (13% share), and smart equipment applications (9% share), collectively accounting for 50% of total revenue [2] - The electromagnetic wire segment showed remarkable performance, generating 3.746 billion yuan in revenue, a 28% increase, and contributing nearly 200 million yuan to net profit [2] Group 3: Key Growth Drivers - The explosive growth is primarily driven by two sectors: ultra-high voltage and new energy vehicles, with ultra-high voltage transformer flat wire sales increasing by 241% [3] - In the new energy vehicle sector, the company added 11 new model designations and saw a 68% increase in sales of flat electromagnetic wires [3] - The cable segment also demonstrated resilience, with revenue of 5.542 billion yuan, a 12% increase, and a 110% surge in bid amounts [3] Group 4: Strategic Initiatives - The company has strategically positioned itself in the national grid market, winning 33 bids across various cable categories, achieving record bid amounts [3] - Efforts to develop major clients resulted in over 1.5 billion yuan in sales to large customers, a 35% increase [3] - International expansion is a key focus, with direct export revenue rising by 38% and a significant breakthrough in cable exports [3][4] Group 5: Future Prospects - The company is advancing its overseas investment project in the Czech Republic, aiming for trial production by the end of the year, which is expected to open up new growth opportunities in the European market [4]

Company Overview - Shandong Fengqing Intelligent Equipment Technology Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative is Zhu Lianliang, and the company is wholly owned by Zibo Dingyi Fanglue Enterprise Management Co., Ltd. [1] Business Scope - The company’s business scope includes technology services, development, consulting, and transfer, as well as manufacturing and sales of industrial control systems, computer hardware and software, and intelligent robots [1] - Additional activities include maintenance of electronic and mechanical equipment, manufacturing and sales of various products such as plastics and rubber, and environmental management services [1] Regulatory Information - The company is classified under the national standard industry of scientific research and technical services, specifically in engineering and technical research and experimental development [1] - The business license allows for operations in various sectors, subject to approval from relevant authorities [1]

Core Viewpoint - Company has achieved significant success in the intelligent equipment sector by winning multiple key projects, showcasing its strong product and service capabilities [1][2]. Group 1: Recent Achievements - Company has won the bid for the "Overseas Rubber Tire Construction Project Hydraulic Vulcanizing Machine Equipment" from Wanli Tire, with a contract value of 91.92 million RMB (excluding tax) [1]. - The company’s self-developed "OPS Electric Spark Processing Machine Tool Series" has also won bids for critical projects from China Aviation Engine Corporation, indicating its high precision and reliability [1]. Group 2: Strategic Focus - Company has consistently positioned the intelligent equipment sector as a core strategic direction, investing heavily in technology innovation and product upgrades over the years [2]. - The establishment of a wholly-owned subsidiary, "Oujisuo Machine Tool (Guangdong) Co., Ltd.," demonstrates the company's commitment to enhancing its competitive edge in the intelligent equipment field [2]. Group 3: Market Recognition and Future Outlook - The recent bids not only provide substantial economic benefits but also enhance the company's brand recognition and reputation in the industry [2]. - The intelligent equipment sector will remain a strategic focus for the company, with plans to leverage its integrated development advantages in key components and automation [3]. - The industry outlook is optimistic, with analysts predicting strong growth in high-end machinery and domestic component manufacturing, positioning the company favorably for future success [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the need to break the "involutionary" competition in the agricultural sector, suggesting that high-quality, low-cost leading companies may benefit from this shift [3] - The report highlights the importance of technological innovation and the integration of agricultural resources to create a sustainable ecosystem that empowers farmers and drives continuous innovation [6][7] - The report anticipates that the pig farming market, valued at trillions, will see opportunities for technology-driven enterprises that can navigate the challenges of the industry [6] Summary by Sections Production Capacity - As of May, the national breeding sow inventory was 40.42 million heads, a year-on-year increase of 1.15% and a month-on-month increase of 0.1% [5] - The Ministry of Agriculture and Rural Affairs is focusing on stabilizing pig prices and controlling production capacity among leading enterprises [5] Market Performance - The price of live pigs reached a new high of 15.08 yuan/kg on July 1, attributed to a reduction in supply and the release of previous weight reduction pressures [7] - The white-feathered chicken market is experiencing a contradiction of "high capacity, weak consumption," but overall industry growth is expected to continue [8] Investment Recommendations - The report suggests that leading companies in the seed industry, particularly those with advanced research capabilities, are likely to see sustained performance growth [11] - The pet economy is highlighted as having strong consumer resilience and significant growth potential, with a favorable market structure [10] Industry Trends - The report notes that the agricultural industry is moving towards a model that emphasizes biotechnology, smart equipment, and low-carbon agriculture as key areas for future development [7] - The feed industry is characterized as a service-oriented sector with opportunities and risks, requiring companies to balance scale and flexibility [9]

前言 英伟达+算力，英伟达细分领域核心部件供应商，智能装备客户包括华为、大族激光，车载产品已累计发 货60万余台，这家公司已在多国建立海外工厂。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

Core Insights - The article highlights the dedication and expertise of Luo Zhuohong, a national-level skill master, in the field of aviation engine maintenance, emphasizing the importance of foundational skills and rigorous training for young technicians [1][2][3] Group 1: Training and Skill Development - The national-level skill master studio focuses on cultivating high-skilled talent in the intelligent equipment sector, which is rapidly evolving and requires advanced professional skills and innovative capabilities [4] - Luo Zhuohong has developed a specific training methodology called "Four Diligent and One Keen, Seven Musts and One Not Left Behind," aimed at enhancing the quality of work among young service personnel [5] - The studio has successfully trained 16 members, with 8 becoming technical backbones, 5 becoming skill backbones, and 3 achieving "dual-teacher" status, showcasing the effectiveness of the training programs [6] Group 2: Industry Trends and Requirements - The new generation of skilled workers must possess a combination of technical abilities, continuous learning capacity, and problem-solving skills to adapt to the evolving industry landscape [8] - The skill master studio plays a crucial role in leading the training of skilled craftsmen by sharing valuable experiences and innovative methods to tackle technical challenges in the equipment sector [9] Group 3: Embracing Technological Advancements - The studio is actively engaging in the development of intelligent technologies, including smart identification for hole detection, infrared thermal imaging, and 3D printing, with several achievements already implemented in practice [9][10] - There is a commitment to utilizing big data technology for equipment fault analysis and performance calculations, aligning with the industry's shift towards automation and intelligence [9]

招股书显示，本次冲击上市，尚水智能拟募集资金约5.87亿元，扣除发行费用后拟投资于高精智能装备 华南总部制造基地建设项目、研发中心建设项目、补充流动资金，拟投资金额分别约为2.28亿元、2.09 亿元、1.5亿元。 北京商报讯（记者 马换换 王蔓蕾）科创板IPO折戟一年后，深圳市尚水智能股份有限公司（以下简 称"尚水智能"）又一次站到A股门前，公司本次欲"转战"创业板上市。6月19日晚间，深交所官网显示， 尚水智能创业板IPO获得受理。 据了解，尚水智能深耕智能装备行业十余年，构建了以"核心单机+智能控制系统+工艺包"为体系的综 合技术能力，主营业务围绕微纳粉体处理、粉液精密计量、粉液混合分散、功能薄膜制备等核心工艺环 节展开，产品可广泛用于新能源电池、新材料、化工、食品、医药、半导体等行业。目前公司主要面向 新能源电池极片制造及新材料制备领域，专业从事融合工艺能力的智能装备的研发、设计、生产与销 售。 2022—2024年，尚水智能实现营业收入分别约为3.97亿元、6.01亿元、6.37亿元；对应实现归属净利润 分别约为9772.15万元、2.34亿元、1.53亿元。 在此次冲击创业板上市之前，尚水智能还曾 ...

| | □特定对象调研 □分析师会议 | | | | | | --- | --- | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 ■业绩说明会 | | | | | | 类别 | □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） | | | | | | 参与者 | 网络投资者 | | | | | | 时间 | 2025 年 15:00—17:00 | 5 | 月 | 19 | 日 | | 地点 | 全景网"全景•路演天下"投资者互动平台（http://rs. p5w.net） | | | | | | 上市公司 | 董事长、总经理：郭洪涛先生 | | | | | | | 独立董事：韩霞女士 | | | | | | 接待人员姓名 | 董事、财务总监：余之森先生 | | | | | | | 董事会秘书、副总经理：魏巍先生 | | | | | | | 2025 年 5 月 19 日在全景网站的"全景•路演天下" | 公司于 | | | | | 投资者关系活动 | 举办了 年度网上业绩说明会。网络投资者 ...

Group 1: Financial Performance - The company's gross profit margin for 2024 is 13.83%, showing a significant decline compared to 2023 and 2022 [5] - In Q1 2025, the company reported a revenue of 115.78 million yuan, a decrease of 2.35% year-on-year, with a net loss of 1.51 million yuan, down 555.15% from the previous year [6] - The company's issued goods increased by 18.13 million yuan compared to the previous year, primarily due to AGV robot solutions still in the debugging and acceptance phase [6] Group 2: Strategic Development Plans - The company aims to become a leader in automotive smart interior components, focusing on three product series: smart mechanisms, smart lighting, and smart imaging [6] - Plans include enhancing R&D for new energy vehicle components and improving product quality and competitiveness to capture market opportunities [7] - The company will integrate systems like PLM, MES, and WMS to achieve full-process visualization and digital management, enhancing production automation [7] Group 3: R&D and Innovation - In 2024, R&D expenses amounted to 33.12 million yuan, representing 4.60% of revenue, with a significant increase in patents: 37 invention patents (up 208.33%) and 208 total patents (up 12.43%) [8] - The company is developing new products such as smart electric air vents and industrial cleaning robots, aiming to adapt to the intelligent transformation in the automotive and robotics industries [8] Group 4: Market Expansion and Customer Base - The company has expanded its customer base to include international clients like ZF in Germany and Scania in Sweden, as well as domestic clients like Dongfeng and Li Auto [9] - The company’s AGV business has diversified its application areas beyond automotive manufacturers to include logistics and parts suppliers [10] Group 5: Shareholder and Fundraising Information - The total amount raised from public offerings was 101.20 million yuan, with a net amount of 85.76 million yuan after deducting issuance costs [11] - The company has fully utilized the raised funds for its projects, which are now in orderly production [11]