Core Viewpoint - Longi Magnet Technology (300835.SZ) announced an investment of approximately 210 million yuan to enhance its overseas permanent magnet production capacity through its wholly-owned subsidiary, Longi Magnet Technology (Vietnam) Co., Ltd [1] Group 1: Investment Details - The investment will fund the construction of a Phase II project, which aims to add 10,000 tons of permanent magnet ferrite wet-pressed magnetic tile capacity [1] - The project will also include the establishment of 25,000 tons of pre-burned material capacity, thereby upgrading production scale [1] Group 2: Strategic Goals - The investment is intended to extend the industrial chain upstream, achieving localized supply of raw materials for permanent magnet ferrite [1]

Core Viewpoint - Longi Technology (300835.SZ) announced plans to invest approximately 210 million yuan in the construction of a second phase project for its wholly-owned subsidiary Longi Technology (Vietnam) Co., Ltd, aimed at enhancing its overseas permanent magnet production capacity [1] Group 1 - The investment will focus on adding 10,000 tons of permanent magnet ferrite wet-pressed magnetic tile capacity [1] - The project will also include the establishment of 25,000 tons of pre-burned material capacity, which will upgrade production scale and extend the industrial chain upstream [1] - The initiative aims to localize the supply of raw materials for permanent magnet ferrite [1]

Core Viewpoint - Longmag Technology (300835.SZ) announced that its wholly-owned subsidiary in Vietnam plans to invest approximately 210 million yuan to construct a second-phase project, which aims to enhance production capacity and localize supply of raw materials for permanent magnet ferrite [1] Group 1 - The investment amount for the second-phase project is approximately 210 million yuan [1] - The project will add 10,000 tons of wet-pressed ferrite magnetic tile production capacity and 25,000 tons of pre-burned material capacity [1] - The project is scheduled to start construction in September 2025 and will be completed in two phases over a total construction period of 36 months [1]

Core Viewpoint - Longi Technology (300835.SZ) announced plans to invest approximately 210 million yuan in the second phase of its overseas permanent magnet production capacity, aiming to enhance its supply chain and localize raw material sourcing in Vietnam [1] Group 1 - The company will construct an additional 10,000 tons of permanent magnet ferrite wet-pressed magnetic tile capacity [1] - The investment will also include the establishment of 25,000 tons of pre-burned material capacity [1] - This expansion is part of the company's strategy to upgrade production scale and extend its industrial chain upstream [1]

Core Insights - Chenxin Pharmaceutical is a comprehensive pharmaceutical enterprise engaged in R&D, production, and sales, listed on the Shanghai Stock Exchange in September 2017 [1] - The company has established a strong production capacity, leading in both large-volume and small-volume injection production in China [1][3] - R&D innovation is a core strategic focus, with significant investment in technology and collaboration with over 30 research institutions [4] Group 1: Company Overview - Chenxin Pharmaceutical has over 5,000 employees and offers more than 400 specifications of various dosage forms [1] - The company has completed an industrial layout with four major production bases and five industrial parks [3] - R&D personnel exceed 600, with over 70% holding advanced degrees, and R&D investment accounts for approximately 10% of revenue [3] Group 2: R&D and Innovation - The company invests nearly 400 million yuan annually in R&D innovation, establishing a solid foundation for technological competitiveness [4] - Chenxin focuses on high-end generic drugs, OTC external medications, innovative drugs, and special medical foods, creating a virtuous cycle of production and development [4][5] - Future goals include advancing 1-2 new Class 1 drugs into clinical Phase I each year and launching one Class 1 drug within five years [5] Group 3: Production and Technology - Production is the foundational aspect of Chenxin, emphasizing large-scale capacity, intelligent manufacturing, and standardized quality control [6] - The company integrates advanced technologies such as big data and AI into its manufacturing processes, aiming for a smart manufacturing benchmark in the pharmaceutical industry [6] - Annual investments of no less than 300 million yuan will be directed towards technological upgrades and automation [6] Group 4: Marketing and Industry Chain - The marketing system effectively translates the company's internal value into market results, covering hospitals, grassroots medical institutions, and retail terminals [8] - Chenxin aims to enhance its competitive advantage by integrating raw materials and formulations, ensuring product quality and supply chain stability [8] - The company is exploring new paths in health management and elder care services, expanding its business boundaries [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report focuses on the in - depth analysis of Keda Manufacturing through an institutional research. The company's performance in the first half of 2025 is remarkable, with significant growth in revenue and net profit, mainly driven by overseas building materials business. The company will continue to focus on its main business, and is expected to achieve further development through business expansion, cost optimization, and product - service synergy [23][24]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Keda Manufacturing, belonging to the special equipment industry. The reception time was September 12, 2025. The listed company's reception staff included the chairman, general manager, independent director, vice - president and financial controller, and board secretary [16]. 3.2 Detailed Research Institutions - The reception objects were all investors who participated in the company's 2025 semi - annual performance briefing online [19]. 3.3 Research Institution Proportion No information provided. 3.4 Main Content Data - **Asset Impairment Plan**: In the first half of this year, the company accrued 116 million yuan in asset impairment provisions, mainly from accounts receivable impairment in the building materials machinery segment, inventory impairment in the overseas building materials segment, and goodwill impairment of the previously acquired Italian F.D.S. Ettmar company. Future F.D.S. Ettmar goodwill will not have new impairments [23]. - **H2 Business Outlook**: Overseas building materials projects in Cote d'Ivoire and Kenya were put into production in mid - to - late June, which will contribute to the business scale in the second half. The ceramic machinery business received more orders in Q2, which is expected to support H2 performance. The lithium battery materials and new energy equipment businesses also showed good development trends in H1 [23]. - **Reasons for Net Profit Growth in H1 2025**: The company's revenue in H1 2025 was 8.188 billion yuan, and the net profit attributable to the parent was 745 million yuan, with year - on - year increases of 49.04% and 63.95% respectively. The main growth came from the overseas building materials business, which achieved 3.771 billion yuan in revenue, a year - on - year increase of about 90%, and its net profit accounted for about 42% of the company's current net profit attributable to the parent [23][24][25]. - **Accessories and Consumables Business**: In H1, the accessories and consumables business grew compared with the same period last year, and its proportion in the ceramic machinery business revenue increased. The ink business grew well. With the commissioning of the Turkish KAMI ink factory this year and the company's global expansion and local layout of accessories and consumables services, this business is expected to continue growing [25]. - **Overseas Building Materials Business Capacity**: As of now, the overseas building materials business has 11 production bases in 7 African countries, operating 21 building ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines, with an annual production capacity of over 200 million square meters of building ceramics, 2.6 million pieces of sanitary ware, and 400,000 tons of building glass. In H1 2025, the joint - venture company produced about 98 million square meters of tiles, over 17 tons of glass, and over 1.4 million pieces of sanitary ware [25]. - **Brand Operation in Africa**: In the tile segment, the "Tefu" brand has wide recognition in parts of sub - Saharan Africa, and the high - end brand "Micasso" is being cultivated. In the sanitary ware segment, the "Frencia" brand is used to expand the East and West African markets. The glass business uses the "Tefu" brand for brand synergy [26]. - **Overseas Building Materials Debt Situation**: In H1, the joint - venture company repaid some euro loans and supplemented RMB loans, optimizing the financing structure. As of the end of June 2025, the joint - venture company's debt ratio decreased compared with the end of last year, and the overall financing interest rate also decreased. In the future, the joint - venture company will balance debt scale and business expansion, and control the debt ratio and foreign - currency debt scale [27]. - **Prospect of Ceramic Machinery Equipment Growth**: As the downstream customer investment demand in the overseas market is expected to recover, the company, as a leading ceramic machinery enterprise, will expand overseas business, promote the coordinated development of accessories and consumables services and ceramic machinery equipment, and carry out cross - industry applications to increase business volume [29]. - **Layout of Other Tracks**: The company will focus on its main business and will not consider entering new industries in the short - to - medium - term. But it will consider opportunities for industrial chain extension, product category expansion, and general application of ceramic machinery equipment within the main business [29]. - **Bluecore Lithium Industry Cost**: Although the domestic lithium carbonate market price was low in H1, Bluecore Lithium Industry's production cost was at a low level in the market and decreased quarter - on - quarter. In H1 2025, it had a net profit margin of 31% [29][30]. - **Price Outlook of Overseas Building Materials Products**: The average price of tiles in H1 increased compared with the same period last year and is expected to continue rising. The glass product price is at a good level. The company will optimize the sales structure and take cost - reduction measures to improve profitability [30][32].

Core Viewpoint - The Agricultural Bank of China (ABC) is actively supporting the chickpea industry in the Muli County, leveraging local resources to enhance financial services and promote rural revitalization through a comprehensive support model for farmers and leading enterprises [1][8]. Group 1: Financial Support and Impact - ABC has provided significant financial support, including a loan of 1.6 million yuan to a local farmer, enabling the expansion of chickpea cultivation to 1,000 acres and generating an income of over 300,000 yuan this year [4]. - The Muli County Yingge Biotechnology Co., Ltd. has received a total of 14 million yuan in loans from ABC, allowing it to develop a full industrial chain from chickpea cultivation to processing and sales, thus becoming a key driver of rural revitalization [4][7]. - As of August, ABC's agricultural loan balance reached 2.85 billion yuan, reflecting a 30% increase, which injects strong financial momentum into the development of the chickpea industry [8]. Group 2: Industry Development and Innovation - The chickpea industry in Muli County has evolved from a single production model to a comprehensive approach that includes planting, processing, sales, and brand building, integrating with cultural tourism [8]. - The Yingge Biotechnology Co., Ltd. has increased its chickpea procurement from less than 1,000 tons three years ago to over 6,000 tons, accounting for more than 80% of the county's total production [7]. - The company has successfully expanded its sales channels through innovative marketing strategies, including e-commerce and live streaming, with sales from live streaming accounting for 60% of total revenue, generating 25 million yuan last year [7].

此次考察双方初步达成合作意愿。企业希望依托当地的资源优势，建立自己的饮料生产基地，布局上游产业链，提升产业附加值，带动当地种植业和就业 发展，实现互利共赢。下一步，项目方将反向考察地方政府的项目承接能力，深度洽谈合作细节。 3）会员体系庞大，数千万会员展现出高复购率和品牌忠诚度。这些优势为项目落地后的可持续发展提供了坚实保障。 对接回顾 政府方深入企业总部参观交流，并与企业团队座谈，围绕项目具体落地方案进行了初步探讨。当地政府作为云南农产品的重要产区，拥有优质的农产品资 源和得天独厚的自然条件。政府方表示，当地亟需引进具有深加工能力和品牌带动效应的龙头企业，推动本地产业从种植向精深加工转型升级。企业强大 的研发实力和市场资源，与当地的原料优势和产业规划高度互补。 在集团运营部总监的陪同下，云南某地方政府实地对接国内知名饮料生产扩建项目企业。项目方专注于速溶饮料、微生物发酵等研发生产，技术实力雄 厚，已获百项知识产权，自主品牌建设能力强，正积极向上游饮料产业链延伸，以进一步增强市场竞争力。 项目亮点 1）企业背景实力强，创始团队深耕行业多年，经验丰富； 2）拥有成熟的运营案例，全国门店数量超百家，市场覆盖面广； ...

Core Viewpoint - The company plans to establish a subsidiary, Dongying Shenghua Lida Technology Co., Ltd., to invest in a calcium chloride project with an annual capacity of 53,000 tons, with a total investment of 25 million yuan [1] Investment Details - The project will have a construction period of 8 months and is expected to generate an annual output value of 23.5664 million yuan upon reaching full capacity [1] - Once operational, the project is projected to achieve an annual profit of 4.8746 million yuan [1] Strategic Implications - This investment will help the company extend its industrial chain, enhance product added value, and create new profit growth points [1] - The investment does not require approval from the shareholders' meeting and does not constitute a related party transaction or a major asset restructuring [1]

Group 1: Company Performance - The company's traditional Chinese medicine business showed steady growth in the first half of 2025, driven by core products and deepened sales strategies [2][3] - "Panlong Seven Tablets," a core product, maintained a leading market position with a market share of 7.73% in the traditional Chinese medicine market for musculoskeletal diseases [6] - The revenue from the Chinese herbal pieces business increased by 380.89% year-on-year, contributing approximately 123 million yuan to the overall revenue [7] Group 2: Product Strategy - The company aims to cultivate and expand secondary products alongside "Panlong Seven Tablets," leveraging a diverse product portfolio including "Bone Health Tablets" and "Gout Relief Tablets" [3] - The company employs targeted marketing strategies for secondary and tertiary products to complement core products and support steady growth in traditional Chinese medicine [3] Group 3: Financial Health - The company reported a solid financial status with ample cash flow, providing a strong foundation for strategic development [4] - The increase in accounts receivable in the first half of 2025 was primarily due to the significant growth in the Chinese herbal pieces business [7] Group 4: Research and Development - The company is committed to increasing R&D investments, focusing on new drug development and innovative drugs with good market prospects [4] - The company has completed the construction of an intelligent production line for Chinese herbal formula granules, with 310 products registered and listed in 18 provinces [7][8] Group 5: Competitive Advantages - "Panlong Seven Tablets" is recognized for its unique formulation and clinical efficacy, supported by nearly 180 academic papers published in authoritative journals [5] - The product has been included in multiple national clinical guidelines and is recognized as a recommended medication for various musculoskeletal conditions [5] Group 6: Future Outlook - The company plans to explore new business opportunities cautiously, focusing on vertical integration and potential acquisitions in the musculoskeletal disease sector [4] - The company emphasizes enhancing shareholder returns through increased dividend frequency and amounts, with a three-year dividend plan approved [8]