香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 碼：06680） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 做 出。 茲載列江西金力永磁科技股份有限公司於深圳證券交易所網站(www.szse.cn)刊 登 的 公 告 如 下，僅 供 參 閱。 证券代码：300748 证券简称：金力永磁 公告编号：2025-054 江西金力永磁科技股份有限公司 2025 年半年度报告摘要 承董事會命 江西金力永磁科技股份有限公司 董事長 蔡報貴 江 西，2025年8月19日 於 本 公 告 日 期，董 事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 碼：06680） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 做 出。 茲載列江西金力永磁科技股份有限公司於深圳證券交易所網站(www.szse.cn)刊 登 的 公 告 如 下，僅 供 參 閱。 承董事會命 江西金力永磁科技股份有限公司 董事長 蔡報貴 江 西，2025年8月19日 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 蔡 報 貴 先 生 及 呂 鋒 先 生；非 執 行 董 事 胡 志 濱 先 生、李 忻 農 ...

Core Viewpoint - The embodied robotics industry is rapidly developing, with domestic cable manufacturers starting to support main engine manufacturers in the 0-1 stage of the industry, showcasing localization and cost advantages [1][3]. Industry Overview - Cable is essential for robots, functioning as their blood vessels and nervous system, with embodied robot cables requiring higher standards in flexibility, signal transmission, and lightweight integration compared to industrial robot cables [2]. Market Dynamics - Since 2023, there has been a notable policy and industry resonance in the embodied robotics field, with humanoid robots and robotic dogs entering small-scale production. Main engine manufacturers are increasingly recognizing the significant impact of cables on robot performance and lifespan [3]. Competitive Landscape - Domestic cable manufacturers are positioned to grow alongside main engine manufacturers, with companies like Yushu and Zhiyuan expected to lead the supply chain growth in China. These manufacturers may eventually supply overseas main engine manufacturers due to their mature supply capabilities [3]. Barriers to Entry - Short-term barriers include technology and certification, while long-term considerations will focus on cost reduction. The ability to select materials and design structures, along with achieving production processes, represents a significant technological barrier [4]. Investment Opportunities - The domestic cable manufacturers are expected to benefit from the growth of the robotics industry, with recommendations for companies like Wanma Co., Ltd. (002276.SZ) that have already launched embodied robot projects. Other notable companies include Xinhongye (301310.SZ), Xinya Electronics (605277.SH), Jinbei Electric (002533.SZ), Qifan Cable (605222.SZ), and Hualing Cable (001208.SZ) [5].

Core Viewpoint - The article emphasizes that the rise of emerging industries in China will lead the next decade of the polymer industry, amidst a backdrop of significant transformation in the global chemical industry [2]. Event Overview - The 2025 Polymer Industry Annual Conference will be held from September 10-12 in Hefei, Anhui, focusing on new opportunities in materials, technologies, and equipment related to emerging industries such as AI, robotics, low-altitude economy, aerospace, new energy vehicles, and data centers [2]. Organizers and Support - The event is organized by Ningbo Detai Zhongyan Information Technology Co., Ltd. and supported by various institutions including the China New Materials Industry Technology Innovation Platform and local associations [3][4]. Expert Advisory Team - The conference features a diverse advisory team of experts from various prestigious institutions, including the Chinese Academy of Engineering and several universities, focusing on polymer materials and engineering [3]. Special Acknowledgments - Notable companies such as NETZSCH, Mettler Toledo, and others are recognized for their contributions to the field, particularly in advanced materials and testing equipment [3][4][5]. Forums and Discussions - The conference will host multiple forums, including the China International Engineering Plastics Industry Innovation Conference, focusing on topics like resin-based composite monitoring and innovative solutions for engineering plastics [11][12]. Innovation in New Materials - The event will explore innovative materials and applications in sectors like automotive, aerospace, and robotics, highlighting advancements in lightweight materials and their integration into new energy systems [12][15]. Project Roadshow - A closed-door meeting and project roadshow will be held to discuss high-quality development paths for the engineering plastics industry, inviting participation from government, enterprises, and research institutions [18]. Registration and Participation - Registration details are provided, with different fees for corporate representatives and academic participants, emphasizing the importance of confidentiality for project submissions [20][22].

Core Viewpoint - The article emphasizes the growing importance of nylon in the automotive industry, particularly in the context of lightweighting and performance enhancement for components such as cooling systems and fuel lines. The domestic production of nylon 66 is expected to surge, with a projected capacity exceeding 8 million tons by 2025, positioning nylon as a critical material for new energy vehicles [2]. Industry Overview - Nylon is widely used in automotive applications due to its advantages such as vibration fatigue resistance, fuel resistance, heat resistance, and low roughness, accounting for approximately 20% of the total plastic used in vehicles [2]. - The shift from traditional rubber hoses to nylon can lead to weight reductions of over 50%, which is particularly beneficial for electric vehicles where weight plays a crucial role in efficiency [2]. - The design and quality of nylon piping directly impact the overall technical level of vehicles, especially in cooling systems for new energy vehicles [2]. Market Development - The domestic nylon 66 production capacity is expected to experience significant growth, with plans to exceed 8 million tons by 2025, driven by breakthroughs in the domestic production of hexamethylenediamine [2]. - The increasing competition in the market has made nylon a key application area for new energy vehicles, highlighting its strategic importance in the automotive supply chain [2]. Event Participation - Hu Fa, Deputy Director of the Pipe and Fitting Testing Room at Sinopec (Beijing) Chemical Research Institute, will present on "Automotive Nylon Pipeline Technology Development and Application" at the 2025 Polymer Industry Annual Conference [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][11] Core Views - The company has achieved unexpected growth in its floor cleaning machines, with continuous improvement in profitability. The company is actively exploring cost reduction opportunities, accelerating product upgrades, and benefiting from domestic subsidy policies. High-end products, represented by floor cleaning robots, are also well-received overseas. The company is expected to build a key industry chain and technological elements for embodied robots through both external investments and internal R&D [3][11]. Financial Performance - In H1 2025, the company reported revenue of 8.676 billion, a year-on-year increase of 24.4%, and a net profit attributable to shareholders of 979 million, up 60.8%. The second quarter of 2025 saw revenue of 4.818 billion, a 37.6% increase year-on-year, and a net profit of 505 million, up 62.2% [11][17]. - The service robot segment grew by 42.8%, while the smart home appliance segment grew by 6.3%. The company’s floor cleaning robots saw a shipment increase of 55.5% [11][17]. - The gross margin for service robots improved by 4.4 percentage points year-on-year, while the gross margin for smart home appliances decreased by 2.9 percentage points due to intense competition [11][17]. Market Dynamics - The company’s domestic and overseas revenue both grew by approximately 24% in H1 2025, with the overseas market, particularly Europe and North America, leading the growth [11][17]. - The company is expected to achieve net profits of 2.151 billion and 2.517 billion in 2025 and 2026, respectively, with corresponding P/E ratios of approximately 24.5x and 20.9x [11][19].

Core Viewpoint - The company, Zhaowei Electromechanical, is accelerating its overseas expansion by investing up to $100 million in establishing a production base in Thailand, which is a key step in its international strategy [1][3]. Group 1: Overseas Expansion - Zhaowei Electromechanical plans to use its own and raised funds to invest in Thailand for new production facilities, including setting up new companies and infrastructure projects [1][3]. - The investment aims to enhance the company's international competitiveness and service capabilities to better meet overseas customer demands [3]. - The company has already established subsidiaries in the United States and Germany to further expand its overseas market presence [4]. Group 2: Financial Performance - From 2022 to 2024, Zhaowei Electromechanical reported revenues of 1.46 billion yuan and 1.57 billion yuan from foreign operations, accounting for 12.7% and 13.03% of total revenue, respectively [3]. - In 2024, the company achieved foreign revenue of 2.12 billion yuan, a year-on-year increase of 35.03%, with a gross margin of 44.13%, significantly higher than domestic operations [3]. - The company's total revenue from 2022 to 2024 was 11.52 billion yuan, 12.06 billion yuan, and 15.25 billion yuan, with a compound annual growth rate of 15.0% [5]. Group 3: Research and Development - Zhaowei Electromechanical has significantly increased its R&D investment, with a total of 609 million yuan from 2020 to 2024 [2][9]. - The R&D expenses for the first quarter of 2025 increased by 30% year-on-year to 39.66 million yuan [6]. - The company has established a robust R&D system, focusing on continuous technological innovation and has accumulated 555 intellectual property rights, including 87 invention patents [9].

Core Insights - The low-altitude economy is emerging as a new engine for regional economic growth, with a market size of 505.95 billion yuan in 2023, representing a year-on-year growth of 33.8%. It is expected to exceed 1 trillion yuan by 2026 and reach 3.5 trillion yuan by 2035 [2] Government Support - National and local governments are placing significant emphasis on the low-altitude economy, with over 130 cities and regions, including Beijing, Tianjin, Shanghai, and Hangzhou, implementing policies to accelerate the development of the low-altitude economy and manufacturing [2] Industry Composition - The low-altitude economy consists of four components: equipment industry, infrastructure, application industry, and management support services. A single industry cannot cover all aspects, necessitating the establishment of a collaborative low-altitude economic industrial chain for comprehensive development [2] Company Development - Jingbo Holdings Group Co., Ltd. has developed the only domestic aramid nano-paper and is leveraging the advantageous airspace resources and aerospace industry cluster in Binzhou to create low-altitude economic special material solutions, promoting the coordinated development of the entire low-altitude economic industrial chain in the region [2] Upcoming Events - Meng Xia, the Technical Market Director of Jingbo Holdings Group Co., Ltd., will present a report titled "Analysis of Regional Development of Low-Altitude Economy and Demand for New Materials" at the 2025 Polymer Industry Annual Conference held in Hefei from September 10-12 [2]

Core Viewpoint - Despite a provision for impairment of 137 million yuan, the company achieved record high performance in its mid-year report, with significant institutional investment driving its stock price to double within six months, potentially returning to the 100 yuan stock price range [2] Financial Performance - In the first half of 2025, the company reported revenue of 8.676 billion yuan, a year-on-year increase of 24.37%, and a net profit attributable to shareholders of 979 million yuan, up 60.84% year-on-year [2] - The second quarter net profit reached 505 million yuan, continuing the strong growth momentum from the first quarter [2] - The company's gross profit margin improved by 2 percentage points, indicating enhanced profitability [2] - The net profit would have been higher without the impairment provision, exceeding the median of the pre-announcement estimates [2] Market Dynamics - The global vacuum cleaner market continued to grow, with retail sales in the domestic market increasing by 41.1% year-on-year to 9.8 billion yuan, and retail volume rising by 40.7% to 3.15 million units [3] - The "replace old with new" policy has effectively lowered consumer purchasing barriers, promoting market penetration of mid-to-high-end products [3] - The company's overseas business accounted for 40.8% of total revenue, with a 120.6% year-on-year growth in new product categories such as window cleaning and lawn mowing robots [3] Cash Flow and Operational Efficiency - The net cash flow from operating activities reached 1.456 billion yuan, a staggering increase of 487.70% year-on-year, indicating strong operational efficiency and quick sales collection [5] - Accounts receivable decreased from 2.92 billion yuan at the beginning of the year to 2.7 billion yuan, reflecting a healthy sales environment and strong bargaining power [5] Strategic Investments and Future Outlook - The company is accelerating its strategic layout in the robotics industry, including investments in various robotics-related companies and projects [6][7] - A new manufacturing project for core robotic components was signed with an investment of 200 million yuan, aimed at enhancing the company's manufacturing ecosystem [7] - The company is positioning itself as a key player in the embodied intelligence sector through both external investments and internal R&D [7] Industry Trends - The announcement of large orders in the robotics sector indicates a clearer path towards commercialization, with the company’s technology being well-aligned with market needs [8] - The company’s stock price is expected to recover towards the 100 yuan mark, influenced by its performance and the potential conversion of convertible bonds issued in 2021 [8]

Core Viewpoint - Guangdong Enbixin Intelligent Equipment Co., Ltd. is participating in the 2025 Polymer Industry Annual Conference, showcasing its vacuum weighing products, indicating a focus on innovation and collaboration within the polymer processing industry [1][8]. Product Introduction - The vacuum weighing product system includes components such as a feeding station, vacuum feeder weighing device, and PLC controller, designed for both single and multi-material quantitative feeding [4]. - The system allows for simultaneous material suction and measurement, achieving an accuracy control better than 5‰, with a 500L volume feeding speed of under 5 minutes [4]. Company Overview - Guangdong Enbixin Intelligent Equipment Co., Ltd. specializes in auxiliary equipment for plastic processing, with factories in Dongguan and Nanjing covering a total area of approximately 6000 square meters [4]. - The company has nearly 15 years of design and manufacturing experience, particularly excelling in the modified plastics sector, and has established partnerships with leading brands such as Kubota and Coperion [4][11]. Industry Event Details - The 2025 Polymer Industry Annual Conference will focus on new resins, materials, equipment, and emerging applications, aiming to explore development trends and high-quality growth directions in the modified plastics industry [9][10]. - The event will feature various forums, including topics on advanced materials for aerospace, low-altitude economy, and innovative materials for new energy vehicles [19][22]. Collaboration and Networking - The conference aims to foster collaboration among government, industry leaders, and academic institutions to enhance the development of the polymer industry and explore new project opportunities [26]. - Various experts and representatives from leading companies will participate, providing insights into the latest trends and technologies in the polymer sector [10][19].