Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with four participating investors [2] - The event took place on July 28, 2025, at the company's headquarters [2] - The company representatives included the Board Secretary and Deputy General Manager, He Xiaolin, and Securities Affairs Representative, Rong Huan [2] Group 2: Key Discussion Points - Investors raised questions regarding the impact of gold price fluctuations, industry conditions, and dividend policies [2] - The company ensured compliance with the Information Disclosure Management System, maintaining the accuracy and completeness of disclosed information [2] - Investors signed a commitment letter as per Shenzhen Stock Exchange requirements during the on-site investigation [2]

Core Viewpoint - The North Exchange (北交所) has shown significant growth in the first half of 2025, with the North 50 Index rising by 39.45%, positioning it among the top global stock indices. The outlook for the second half remains cautiously optimistic, with a focus on dividend, consumption, and innovation as key investment themes [1][6]. Market Performance and Drivers - The North Exchange's strong performance in the first half of 2025 was primarily driven by policy benefits, followed by liquidity improvements and valuation recovery. However, the market is currently experiencing a degree of valuation bubble that needs to be addressed through earnings growth [2][5]. - The market is expected to maintain a high level of volatility and correlation with domestic markets, influenced by the characteristics of small and innovative companies listed on the North Exchange [4][5]. Investment Opportunities - The North Exchange is positioned for continued growth, focusing on supporting innovative small and medium enterprises, particularly in advanced manufacturing and modern services. This aligns with national strategies to foster strategic emerging industries [3][6]. - Investment strategies should balance defensive and offensive positions, with dividends serving as a shield and domestic demand and innovation as the spear. The emphasis on stabilizing growth policies and enhancing domestic consumption is expected to create opportunities in cyclical core assets [7]. Future Outlook - The North Exchange is anticipated to continue its robust development, with significant potential for expansion and improvement in company quality. The market is likely to see increased attention from institutional investors, which could lead to substantial growth [3][4]. - Future reforms and measures, such as high-quality expansion of companies and the introduction of specialized indices, are expected to attract more market interest and investment [3][4].

Global Market Insights - 34% of investors believe shorting the US dollar is the most crowded trade, an increase from June, marking the first occurrence of this sentiment [15] - Cash levels have dropped to a historical low of 3.9% in July [6] - Nearly half of the respondents expect the Federal Reserve to cut interest rates twice this year, with 26% anticipating that Bostic will become the next Fed Chair [8] - The market expects the final tariff level from the US on other markets to be 14%, slightly up from 12% in June [13] - Global investors have reached a new high in their overweight positions in the euro and European stocks [16] Asia Market Insights - The proportion of investors who believe China's economy will weaken in the next 12 months remains at 10%, unchanged from June [22] - There is an increasing willingness among investors to seek opportunities in markets outside of China compared to June [27] - Investors are more optimistic about Japan's economy, with a notable increase in those expecting improvement [29] - In the Asia-Pacific region, the proportion of investors optimistic about Japan has decreased from 45% to 32%, while those favoring South Korea increased from 5% to 16%, and India from 17% to 10%; however, China's sentiment has worsened from -5% to -13% [32] - Within the Chinese market, the most favored sectors by foreign investors are AI, dividends (now second), and internet, with consumer sectors still not favored [34]

Core Viewpoint - The article addresses common misconceptions about dividends, emphasizing that dividends are not a loss but a mechanism to maintain market fairness and provide long-term benefits to investors [1][2]. Group 1: Understanding Dividends - The concept of "ex-dividend" is explained as a necessary mechanism to prevent market manipulation, ensuring that total asset value remains unchanged post-dividend [1]. - The "filling effect" is highlighted, where good companies' stock prices tend to recover after a dividend payout, exemplified by the case of a bank with attractive dividend yields [2]. - The article stresses the importance of a long-term investment strategy, where dividends serve as a form of income for investors who hold onto their stocks [2]. Group 2: ETF Performance and Strategy - The Hong Kong Dividend Low Volatility ETF (520550) is presented as a strong investment option, with a monthly dividend distribution mechanism and a current dividend yield of 5.84% [3][5]. - The ETF has shown significant growth, with a year-to-date increase of 20.72% and a 363% rise in scale since February, indicating strong investor interest [5]. - The ETF's strategy includes focusing on sectors like finance and public utilities, which are known for stable and consistent dividends [3][5].

Core Viewpoint - The company "Hao Xiang Ni" (002582.SZ), the first stock in the red date industry, is expected to report a net profit loss for the first half of 2025, primarily due to changes in the accounting method for investment income from its associates, leading to a significant decrease in investment income [2][4][6]. Financial Performance - For the first half of 2025, the company anticipates a net profit loss of between 15 million to 25 million yuan, a reduction in loss of 31.01% to 58.60% compared to a loss of 36.23 million yuan in the same period last year [4]. - The company expects a non-recurring net profit of 14 million to 21 million yuan, a turnaround from a loss of 36.31 million yuan in the previous year, representing a year-on-year growth of 138.56% to 157.84% [4]. - In Q1 2025, the company reported operating revenue of 413 million yuan, a year-on-year decline of 16.44%, with net profit and non-recurring net profit of approximately 39.81 million yuan and 29.22 million yuan, respectively, showing significant year-on-year growth [4][7]. Historical Performance - The company has faced continuous losses in non-recurring net profit for five consecutive years from 2020 to 2024, accumulating losses of approximately 500 million yuan [3][7]. - Following the sale of "Bai Cao Wei" in 2020, the company's revenue dropped by 49.65% to 3 billion yuan, and the net profit plummeted by 97.14% in 2021 [7]. Dividend Policy - Despite ongoing losses, the company has distributed a total of 1.434 billion yuan in cash dividends from 2020 to 2024, with significant payouts even during loss years [8][9]. - The actual controller, Shi Jubin, and his family hold a combined 31.67% stake in the company, benefiting significantly from the dividends [8]. Management and Governance - The company's chairman, Shi Jubin, has seen an increase in salary despite the company's continuous losses, with his compensation rising from 176.29 million yuan in 2022 to 260.24 million yuan in 2024 [11].

Summary of Key Points from the Conference Call Company Overview - **Company**: Haineng Technology - **Industry**: Scientific Instruments Core Insights and Arguments 1. **Revenue Growth**: Haineng Technology reported over 35% revenue growth in the first half of 2025, with Q2 revenue exceeding 81 million yuan, showing a year-on-year increase of over 30% and a quarter-on-quarter increase of over 40% [2][5][6] 2. **Profit Increase**: The company achieved a profit increase of nearly 20 million yuan in the first half of 2025, attributed to over 15% R&D investment over the past three years, enhancing product competitiveness and reliability [2][7] 3. **Market Share**: Despite a challenging industry environment in 2024, Haineng maintained market and sales investments, increasing market share in various segments, with enterprise clients accounting for nearly 50% of its customer base [2][8] 4. **Performance vs. Industry**: Haineng's 30% performance growth in the first half of 2025 significantly outpaced the industry average, with a ten-year compound growth rate close to 20% [2][9] 5. **Domestic Production Rate**: The domestic production rate of Haineng's liquid chromatography instruments reached 70%, with some core components achieving a general level of production, although challenges remain in ultra-high-performance liquid chromatography [2][12][22] 6. **Shareholder Returns**: The company has actively engaged in stock buybacks and dividends, having distributed dividends at least four times in the past five years, with plans to continue this strategy to enhance investor confidence [2][37][38] Additional Important Insights 1. **Industry Trends**: The scientific instruments industry is experiencing a recovery, particularly in investments from universities and research institutions, although large-scale projects have yet to materialize [10][11] 2. **Domestic Substitution Progress**: The trend towards domestic substitution in the scientific instruments sector has accelerated, with Haineng's products receiving positive feedback and gaining market share against imported brands [12][14] 3. **Future Outlook**: The company anticipates that the successful implementation of large-scale equipment renewal projects will be a key factor influencing future growth, despite delays in order placements [10][11] 4. **Product Development**: Haineng is focusing on expanding its product lines, including the introduction of new products like "Bai Xiaobai," which is currently in the market introduction phase [2][26] 5. **International Market Expansion**: Haineng's overseas revenue exceeded 10 million USD for the first time, accounting for about 20% of total revenue, with plans for further international market expansion [18][35] Conclusion Haineng Technology is positioned for robust growth in the scientific instruments industry, driven by significant revenue and profit increases, strategic investments in R&D, and a focus on domestic production and international expansion. The company's proactive approach to shareholder returns and market share enhancement further solidifies its competitive stance in the industry.

Group 1: Financial Performance - The company's operating cash flow in Q1 2025 was 1.042 billion, a significant decrease from -1.151 billion in the same period last year [1] - The dividend payout ratio for 2024 was 28.63% of the net profit attributable to the parent company [2] - The company's revenue has remained stable at around 15 billion over the past three years, with no significant growth [2] Group 2: Market Position and Growth Potential - The compound fertilizer sales increased from 3.83 million tons in 2022 to 4.35 million tons in 2024, indicating growth in volume despite revenue stagnation due to raw material price adjustments [2] - The company aims to enhance its market share by deepening integration advantages and expanding sales channels [2] - Compared to competitors with revenues around 10 billion, the company has not demonstrated the expected market scale benefits of a leading enterprise [2] Group 3: Future Outlook and Projects - The company has not yet met the conditions to inject the Lianhua Mountain phosphate mine into the listed company [2] - The Zhuyuan Gully phosphate mine is still under construction and does not currently produce phosphate ore [2] - Investors are advised to monitor future announcements regarding the company's performance and project developments [1][2]

Group 1: Company Overview and Production Capacity - The company has established production capacity values of approximately 1.2-1.5 billion CNY for the Qianjiang Industrial Park and 2.5-4 billion CNY for the Yichang Industrial Park [3] - The Yichang Industrial Park's first phase is currently undergoing trial production for high-purity nitrogen trifluoride and tungsten hexafluoride, with validation expected to begin in Q3 [2] Group 2: Product Development and Market Strategy - The company primarily produces silicon-based, fluorine-based, and hydrocarbon series electronic specialty gases, with no involvement in the production of ethane and butane [2] - The second phase of the Yichang Industrial Park is planned to include 15,000 tons of electronic-grade silane and related storage and filling facilities, with adjustments to the project timeline based on market demand [4] Group 3: Financial and Investment Insights - The company is in the normal process of advancing its private placement, with ongoing efforts to meet funding requirements [3] - Dividend plans will be considered based on securities laws, shareholder return planning for 2024-2026, and current operational conditions [3] Group 4: Risk Management and Investor Communication - Investors are advised to refer to official disclosures for specific project progress and performance forecasts, emphasizing the importance of rational judgment and awareness of investment risks [4]

Investment Rating - The investment rating for the company is "Outperform" (previously "Buy") due to performance pressure and downward adjustments in profit forecasts for 2025-2026 [1]. Core Views - The company reported a significant decline in revenue and net profit for 2024 and Q1 2025, with a focus on sustainable development and market consolidation [7][8]. - The company plans to distribute a cash dividend of 23.17 yuan per 10 shares, with a total cash dividend of 7 billion yuan for 2024, resulting in a dividend payout ratio of 104.9% [7]. - The company aims to stabilize its market presence, particularly in Jiangsu and surrounding areas, while focusing on high-quality product offerings [7]. Financial Data and Profit Forecast - For 2024, total revenue is projected at 28.876 billion yuan, a decrease of 12.8% year-on-year, with a net profit of 6.673 billion yuan, down 33.4% [6][7]. - The forecast for 2025 includes a revenue of 21.553 billion yuan, a year-on-year decline of 25.4%, and a net profit of 5.029 billion yuan, down 24.6% [6][7]. - The company’s gross margin for 2024 is expected to be 73.2%, a decrease of 2.09 percentage points, with a net profit margin of 23.1%, down 7.16 percentage points [7][8]. Market Performance - The company's stock closed at 66.38 yuan, with a market capitalization of approximately 99.995 billion yuan [1]. - The stock has experienced a 52-week high of 109.00 yuan and a low of 65.00 yuan, indicating volatility in its market performance [1].

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment is the largest waste-to-energy operator in China, holding approximately 16% market share in 2023, significantly ahead of competitors [2][4] - The waste-to-energy sector is characterized by a land-grabbing nature, where early positioning in quality locations can yield higher electricity prices [10] Company Performance and Financials - The environmental energy segment contributed 52% of the company's revenue, 96% of EBITDA, and 97% of net profit in 2024, indicating it as the core profit source [2][4] - The company experienced a rapid capacity expansion from 2010 to 2020, with a capacity growth rate of 30%, particularly through the PPP model from 2016 to 2022 [2][7] - In 2024, operational revenue is expected to account for 64% of total revenue, with the energy and environmental segment contributing 61% [2][14] - The overall operational cash flow is approximately 8.9 billion HKD, with a pure cash flow of about 7 billion HKD [2][14] Cash Flow and Dividends - The waste-to-energy industry is projected to achieve positive free cash flow in 2024, improving from a negative 400 million HKD in 2023 to a positive 600 million HKD [3] - The dividend payout ratio has steadily increased to 34%, up by 7 percentage points year-on-year [3] - Long-term free cash flow is estimated at around 2 billion HKD, which exceeds the total dividends for 2024, indicating sustainability even without subsidies [15][18] Market Position and Competitive Advantage - Guangda Environment's single project capacity is approximately 900 tons per day, above the industry average, with a power generation efficiency of 330 kWh per ton, reflecting high operational efficiency and technological advantages [9] - The company maintains a strong market position in waste-to-energy, with a market share of 16%, while its wastewater treatment segment holds about 3% market share [6][4] Challenges and Future Outlook - The green environmental segment, including agricultural biomass power generation and hazardous waste treatment, faces challenges due to reduced demand and profitability [12][13] - The water business is expected to perform steadily, with a gross margin of about 42%, close to the industry average, benefiting from improved local fiscal conditions and potential increases in residential water prices [11] - Future focus areas include the Hunan region, which is anticipated to become a key area for expansion, with a projected market share of 9% [10] Investment Considerations - The company's current PE ratio is approximately 6.8, with a dividend yield of 6.5%, indicating strong long-term investment value [18] - Despite fluctuations in public fund holdings, southbound capital has been increasing, suggesting long-term investment interest [17]