Core Viewpoint - The company has experienced rapid growth over the past five years primarily driven by energy new materials, and it anticipates that tungsten and rare earth deep processing and applications will be the main growth drivers in the next five years [1][3]. Group 1: Business Strategy and Focus Areas - The company will focus on the application of magnetic materials in new scenarios such as rare earth permanent magnet motors, industrial robots, and humanoid robots, with related products currently under development [4]. - The company plans to transition from a traditional sales model of hard alloy cutting tools to providing comprehensive solutions and services, potentially through mergers and acquisitions to accelerate business growth [4]. - The company aims to enhance its resource assurance rate from the current 20% to 70% in the future [5]. Group 2: Technological Development and Market Position - In the energy new materials sector, the company will focus on solid-state battery technology and hydrogen energy technologies, having already developed lithium sulfide technology [5]. - The company recognizes the importance of recycling in all its industries, as they involve rare strategic metals [5]. - The company has strategically positioned itself to minimize impacts from current international trade challenges, with an export revenue of approximately 5.4 billion yuan, accounting for 16% of its main business income [5]. Group 3: International Expansion and Investment - The company has invested in an 800-ton hard alloy bar project in Thailand, aimed at the U.S. and ASEAN markets, with a total investment of about 190 million yuan and an average return on investment exceeding 20% [5]. - The company is currently advancing the construction of a second phase project in Thailand, having acquired 130 acres of land to expand hard alloy production and develop tungsten powder, tungsten carbide, CNC blades, and complete tool businesses [6].

Core Viewpoint - The company, Shudao Equipment, is actively engaging with investors and has outlined its strategic transformation and growth plans, including a joint venture with Toyota and significant contract signings for 2024 [1][4][5]. Group 1: Company Overview - Shudao Equipment held an investor meeting on May 9, 2025, attended by seven institutions, including Caitong Securities and Honghua Investment [1]. - The company discussed the reasons for profit growth in 2024, its development history, competitive advantages, and the acceleration of its strategic transformation across four business segments [3]. Group 2: Joint Venture and Strategic Initiatives - The company has established a joint venture with Shudao Group and Toyota to set up a fuel cell stack production line and assembly line in Chengdu, leveraging each party's resources and technology [4]. - The project is currently undergoing regulatory approval for business concentration [4]. Group 3: Contract and Revenue Details - In 2024, the company signed new contracts totaling 1.335 billion yuan, with approximately 1.071 billion yuan from cryogenic technology equipment manufacturing [5]. - The contracts include products such as natural gas liquefaction systems, special gas separation and purification devices, and LNG storage tanks [5]. Group 4: Research and Development - The company invested 31.5831 million yuan in R&D in 2024, resulting in 22 new patent authorizations, bringing the total to 132 patents by the end of the year [6]. - Notable patents include inventions related to hydrogen production and LNG refueling systems [6][7]. Group 5: Business Operations and Product Offerings - Shudao Equipment specializes in providing liquefaction and separation technology for gases, including helium and nitrogen, to meet diverse customer needs [7]. - The company has successfully launched its self-developed 7000-grade liquid air separation device in an overseas project [7]. Group 6: Profit Distribution and Acquisitions - The profit distribution plan for 2024 includes a cash dividend of 0.50 yuan per 10 shares and a capital reserve increase of 4 shares for every 10 shares held, to be implemented within two months post-shareholder meeting [7]. - The acquisition of Keyi Gas Company is in progress, with the company aiming to acquire a 65.43% stake [7].

Company Overview - The company reported a profit growth in 2024 due to strategic transformation and accelerated implementation of its four major business segments [2] - The company has established a joint venture with Shudao Group and Toyota to build a fuel cell stack production line and assembly line in Chengdu [2] Contractual Developments - The total new contracts signed in 2024 amounted to CNY 1.335 billion, with CNY 1.071 billion from cryogenic technology equipment manufacturing [3] - The transportation service equipment manufacturing segment contributed approximately CNY 80.6 million, focusing on gas station equipment and new energy charging facilities [3] Research and Development - R&D investment for 2024 was CNY 31.5831 million, resulting in 22 new patent authorizations [4] - The total number of patents held by the company and its subsidiaries reached 132 by the end of 2024 [4] Product Offerings - The company provides extraction and storage equipment for special gases such as helium and nitrogen, leveraging its expertise in cryogenic technology [5] Dividend Distribution - The profit distribution plan for 2024 includes a cash dividend of CNY 0.50 per 10 shares and a capital reserve conversion of 4 shares for every 10 shares held [6] Acquisition Progress - The company is in the process of acquiring a 65.43% stake in Keyi Gas Company, with the acquisition actively progressing [8]