Group 1: General Information - Report research company: Jiangsu New Energy [17] - Industry: Power industry [2] - Research date: September 15, 2025 [1] - Company reception staff: Chairman and General Manager Chen Hua, Independent Director Wu Qiang, Board Secretary and Financial Controller Zhang Ying, Securities Affairs Representative Dong Yihong [17] Group 2: Research Institutions - Detailed research institutions: Investors who attended the company's 2025 semi - annual performance briefing [20] Group 3: Main Content - Number of patents and R & D plans: The company currently has 30 valid patents. It focuses on offshore wind power, new energy storage, smart energy, and low - carbon technologies through cooperation with universities and research institutes [24] - Dividend strategy: The company implements a continuous and stable profit - sharing policy. In 2024, based on a total share capital of 891 million shares, it distributed a cash dividend of 0.15 yuan per share (tax - included), totaling 134 million yuan (tax - included), which was completed in June 2025 [24] - Offshore wind power projects: The installed capacity of the company's operating offshore wind power projects is 350,000 kilowatts. The 850,000 - kilowatt Dafeng project led by the controlling shareholder is under construction and may be injected into the company. The 1.55 - million - kilowatt project won by the consortium led by the controlling shareholder is in the early development stage. The company will continue to focus on offshore wind power in Jiangsu [25]

Core Viewpoint - The article discusses the joint action plan issued by the Ministry of Ecology and Environment, the National Development and Reform Commission, and the Ministry of Industry and Information Technology to control nitrous oxide emissions in the industrial sector. Group 1: Key Tasks - Promote nitrous oxide emission reduction by encouraging industrial product manufacturers to use treatment equipment and catalysts to effectively reduce emissions, and to recycle and purify nitrous oxide tail gas in adipic acid production [1] - Improve supporting policies for nitrous oxide control by researching funding channels to support the construction of recovery and reduction devices, and accelerate the use of market mechanisms to encourage emission reductions in the industrial sector [1] - Strengthen technological innovation by continuously conducting research and development of key technologies, establishing demonstration projects, and supporting the declaration of relevant technologies for national low-carbon technology promotion [1] Group 2: Collaborative Efforts - Enhance collaborative management of nitrous oxide in the industrial sector by exploring the establishment of a collaborative control system for nitrogen oxides and conducting environmental impact assessments for key industries [1] - Strengthen the monitoring, reporting, and verification system for nitrous oxide emissions by establishing reporting systems for key enterprises and developing monitoring and emission standards [1] - Enhance international exchange and cooperation by actively participating in global dialogues and collaborations on nitrous oxide emission control in the industrial sector [2]

Core Insights - The article discusses the oil price outlook, predicting that Brent crude oil may hover around $67 per barrel by 2025 due to a combination of OPEC's production increases and U.S. tariffs impacting demand [1][2][3] - The analysis emphasizes that the current fluctuations in oil prices are a reflection of the changing global energy power structure, which is more strategically significant than merely forecasting specific prices [2][3] Supply and Demand Dynamics - A projected oversupply of 950,000 barrels per day over the next two years is anticipated due to market share competition, with OPEC's recent decision to increase production by 547,000 barrels per day [1][3] - The average price forecast for Brent crude oil in 2025 is $67.65 per barrel, while WTI is expected to be $64.65 per barrel, indicating a stable outlook compared to previous estimates [1][2] Policy and Market Sentiment - U.S. tariff policies, particularly those affecting Indian imports of Russian oil, are expected to suppress demand growth, contributing to a bearish sentiment in the market [2][4] - Economic indicators, such as a declining U.S. consumer confidence index, are raising concerns about a potential recession and its impact on oil demand [2][3] Technological and Structural Changes - Long-term oil prices will be influenced by value innovation factors, including advancements in low-carbon technologies and changes in demand structure, with global oil demand growth expected to be significantly lower than historical averages [3][4] - The U.S. shale oil production is constrained by price levels, reflecting the pressures of traditional energy transformation under the value innovation dimension [3][4] Geopolitical Factors - The geopolitical landscape, including the ongoing Russia-Ukraine conflict, adds complexity to the oil market, with a calculated war premium of $3.20 per barrel embedded in Brent contracts [4] - The effectiveness of OPEC's production adjustment mechanisms is diminishing, with remaining daily production capacity expected to rise to 4 million barrels by 2025, a 17% increase from 2024 [4]

Group 1 - The core topic of the event was the cooperation between China and Indonesia in green frontier technologies in the building materials sector [2] - Indonesia is focusing on downstream strategies and renewable energy development, with significant investment potential, aiming for sustainable and inclusive economic growth [2] - Chinese investments in Indonesia have grown at an average annual rate of 31% over the past six years, supporting Indonesia's downstream strategy [2] Group 2 - The Indonesian cement industry plans to achieve net-zero carbon emissions by 2050 through energy efficiency improvements, alternative fuel/raw material applications, and the deployment of Carbon Capture, Utilization, and Storage (CCUS) technology [2] - China National Building Material Group is introducing mature low-carbon technologies that have been commercialized in China to accelerate the low-carbon transition of Indonesia's cement industry [3] - The company emphasizes its mission of "materials create a better world" and aims to contribute to local economic and social development while collaborating with Indonesian partners [3]

Core Viewpoint - Wanhe Electric reported a solid performance in the first half of 2025, with both revenue and net profit showing growth, indicating the effectiveness of its strategic initiatives in product development and operational efficiency [1][2]. Revenue and Profit Growth - The company achieved a revenue of 4.083 billion yuan, representing a year-on-year increase of 7.14% - Net profit attributable to shareholders reached 379 million yuan, up 6.68% year-on-year - The non-recurring net profit increased by 3% during the reporting period [1][2]. Strategic Initiatives - Wanhe Electric is advancing its "product-driven" strategy, focusing on cutting-edge technologies such as hydrogen energy and achieving breakthroughs in electronic pressure differential control technology and full-link safety technology - The company sold over 400,000 high-end products, strengthening its competitive advantage and improving gross margins - The "efficiency growth" strategy has provided a solid foundation for profitability, with lean management across the value chain helping to reduce costs and increase efficiency [2]. Kitchen Appliance Business Breakthrough - Revenue from kitchen appliances grew by 23.46% year-on-year, with gross margin increasing by 3.51 percentage points - The company upgraded product technology focusing on user-friendly features and established emotional connections with consumers through content marketing - Direct engagement with users through various retail channels has enhanced customer experience and shortened decision-making processes [3]. Overseas Market Growth - Export sales revenue increased by 26.52% year-on-year, with gross margin rising by 1.84 percentage points, establishing overseas markets as a second growth curve for the company - The company developed low-carbon products tailored for the European market, leading to a 45% increase in air-source heat pump exports - Localized production strategies in Thailand and Egypt, along with cross-border e-commerce initiatives, have expanded global sales coverage [4]. Future Outlook - The company aims to build a sustainable competitive advantage through its four strategic pillars: product-driven, efficiency growth, digital upgrade, and global operations - In the domestic market, the focus will be on high-end kitchen appliances, brand rejuvenation, and refined channels, while overseas growth will leverage low-carbon technology and localized manufacturing [4].

Group 1 - The Chinese government aims to establish a comprehensive national carbon market by 2030, focusing on quota control and a combination of free and paid allocation methods [1] - The average price of carbon emission allowances in China has increased from 46.60 yuan per ton in 2021 to 91.82 yuan per ton in 2024, nearly doubling [1] - In 2024, the total transaction volume of carbon emission allowances reached 189 million tons, with a total transaction value of 18.114 billion yuan, marking a new annual high for the carbon market [1] Group 2 - The strengthening of the carbon market in China presents significant opportunities for companies involved in carbon asset management, low-carbon technologies, high-emission industry transformation, and financial services [2] - Companies like Zhuoyue New Energy, a leader in the biodiesel industry, are expected to grow under the carbon reduction context [3] - Yingke Recycling, with its full industry chain advantage in "plastic recycling - regeneration - utilization," is recognized as a rare asset with global market presence and strong ESG attributes [3]

Core Insights - South Steel Co., Ltd. reported a revenue of 28.944 billion yuan for the first half of 2025, a year-on-year decrease of 14.06%, while net profit attributable to shareholders increased by 18.63% to 1.463 billion yuan [1] - The company plans to distribute a cash dividend of 1.186 yuan per 10 shares, totaling 731 million yuan, which accounts for 50% of the net profit attributable to shareholders [1] Financial Performance - The sales volume of advanced steel materials reached 1.3372 million tons, representing 29.77% of total steel product sales, an increase of 2.64 percentage points year-on-year [2] - The gross margin for advanced steel materials was 20.26%, up by 2.32 percentage points, with a total gross profit of 1.367 billion yuan, accounting for 46.67% of the total gross profit from steel products, an increase of 3.19% [2] Operational Efficiency - The company implemented multi-dimensional cost reduction measures, achieving a cost reduction of 307 million yuan in the M-end process [1] - South Steel has fully realized ultra-low emissions across all processes and has been recognized as an A-level enterprise for environmental performance in Jiangsu Province for two consecutive years [2] Research and Development - The company has increased its R&D investment, focusing on overcoming technical bottlenecks in advanced steel materials and key strategic materials [1] - South Steel collaborated with Huawei to launch the "Steel Big Model" initiative, aiming for technological breakthroughs and ecological collaboration [2] Sustainability Initiatives - The company completed a carbon inventory based on ISO 14064 standards and received relevant certification for the first time [3] - South Steel obtained the first carbon financial loan in Jiangsu Province's steel industry, with a credit line of 300 million yuan [3]

Core Insights - South Steel Co., Ltd. reported a revenue of 28.944 billion yuan for the first half of 2025, a year-on-year decrease of 14.06%, while net profit attributable to shareholders increased by 18.63% to 1.463 billion yuan [2] - The company plans to distribute a cash dividend of 1.186 yuan per 10 shares, totaling 731 million yuan, which accounts for 50% of the net profit attributable to shareholders [2] Financial Performance - The sales volume of advanced steel materials reached 1.3372 million tons, representing 29.77% of total steel product sales, an increase of 2.64 percentage points year-on-year [3] - The gross profit margin for advanced steel materials was 20.26%, up by 2.32 percentage points, with a total gross profit of 1.367 billion yuan, accounting for 46.67% of total steel product gross profit, an increase of 3.19% [3] Operational Efficiency - The company implemented various cost-reduction measures, achieving a cost reduction of 307 million yuan in the M-end process through product structure optimization, model innovation, procurement cost reduction, and financial expense reduction [2] - South Steel has fully achieved ultra-low emissions across all processes and has been recognized as an A-level enterprise for environmental performance in Jiangsu Province for two consecutive years [3] Research and Development - The company has increased its R&D investment, focusing on overcoming technical bottlenecks in advanced steel materials and key strategic materials [2] - South Steel collaborated with Huawei to launch the "Steel Big Model" initiative, aiming for technological breakthroughs and ecological collaboration [3] Sustainability Initiatives - The company completed a carbon inventory based on ISO 14064 standards and received relevant certification for the first time [4] - South Steel obtained the first carbon financial loan of 300 million yuan in Jiangsu Province's steel industry [4]

Core Viewpoint - The report highlights the company's performance in the first half of 2025, showcasing a slight increase in revenue and a significant rise in net profit, while also addressing the competitive pressures and strategic initiatives in response to industry changes [2][8]. Financial Performance - The company achieved operating revenue of 362.34 million yuan, a year-on-year increase of 1.48% [11]. - The net profit attributable to shareholders was 28.28 million yuan, reflecting a 135.60% increase compared to the previous year [11]. - The net profit after deducting non-recurring gains and losses was 26.92 million yuan, up 272.32% year-on-year [11]. - The basic earnings per share increased by 145.74% to 0.0548 yuan [11]. Business Strategy and Market Position - The company maintains advanced technical capabilities and project quality but faces increasing competition in the industry [2]. - The introduction of new policies aimed at promoting high-quality development in the renewable energy sector is expected to reshape customer profit models and drive the industry towards low-carbon technology upgrades [2]. - The company is focusing on developing cutting-edge technologies such as new energy storage systems and biomass co-firing to differentiate its service offerings [2][3]. - The company plans to expand its overseas market presence, particularly in countries along the "Belt and Road" initiative, targeting coal power unit upgrades [2]. Technological Advancements - The company has made significant investments in R&D, with a focus on low-carbon and intelligent combustion technologies, resulting in several internationally recognized innovations [3][10]. - The company holds 146 valid invention patents and has established a robust patent and standard protection strategy [3][10]. - Collaborations with leading universities for talent development in the "dual carbon" field are underway, enhancing the company's technological capabilities [3][12]. Operational Challenges - The company is experiencing pressure on accounts receivable recovery, prompting the implementation of targeted collection strategies [4]. - Despite efforts to enhance collection, there remains a risk of not fully recovering accounts receivable [4]. - The company has a significant reliance on related party transactions, with 69.09% of sales attributed to transactions with a major client, the State Energy Group [4]. Industry Context - The energy sector is undergoing a transformation towards low-carbon solutions, driven by national policies and market demands [2][8]. - The company is positioned to leverage these changes by enhancing its service offerings and expanding into new markets [2][8].

Summary of the Conference Call for Yaoshi Technology Company Overview - **Company**: Yaoshi Technology - **Industry**: Pharmaceutical Contract Development and Manufacturing Organization (CDMO) Key Financial Metrics - **Revenue**: 920 million CNY, up 23.48% year-on-year [2][4] - **Net Profit**: 72.5 million CNY, down 26.54% year-on-year [2][4] - **Net Profit Excluding Non-recurring Items**: 59.6 million CNY, down 11.82% year-on-year [2][4] - **Operating Cash Flow**: 467 million CNY, up 240.62% year-on-year [2][4] - **Contract Liabilities**: 114 million CNY, up 103.27% year-on-year [2][4] - **Gross Margin**: Downward trend but Q2 showed a slight increase of 1.4 percentage points from Q1, stabilizing around 35%-45% [2][4][8] Business Performance and Strategy - **CDMO New Orders**: Increased by 19.88%, with large multinational pharmaceutical companies contributing 367 million CNY, up 69.73% [2][4] - **Clinical Projects**: Over 1,100 early clinical to Phase II projects and 53 Phase III and commercialization projects completed [2][4][16] - **Focus Areas**: Emphasis on quality and innovation, strategic customer focus, and enhancing service capabilities [3][6][28] - **New Business Development**: Rapid growth in new chemical entities such as peptides, ADC (Antibody-Drug Conjugates), and TPD (Targeted Protein Degradation) [3][18] Market Dynamics - **Price Competition**: Intense price competition in both domestic and international markets, with strategies to sacrifice some margins for order acquisition [10][11] - **Market Segmentation**: Revenue from large multinational clients increased to 40% of total revenue, with significant growth in European and Japanese markets [14][17] Future Outlook - **Growth Expectations**: Anticipation of maintaining growth trends in the second half of the year, driven by AI technology applications and collaborations with leading multinational companies [5][6] - **Capacity Expansion**: Plans to increase capacity with new leased facilities to accommodate around 300 chemists by late 2025 or early 2026 [18] - **Investment in AI**: Ongoing investment in AI technology for drug discovery and project management, with plans to enhance capabilities further [26][27] Additional Insights - **Production Capacity Utilization**: Current capacity utilization is at industry average levels of 60%-70%, with ongoing assessments to meet increasing order demands [7][8] - **Cash Reserves**: Strong cash flow and improved accounts receivable turnover, maintaining a healthy cash reserve without significant pressure [25] - **Regulatory Environment**: Monitoring potential future drug tariffs that could impact the industry, with proactive global expansion strategies in place [22][23] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, market conditions, and future outlook for Yaoshi Technology.