Core Insights - The article discusses the investment philosophy of Zhang Changping, focusing on identifying high-quality companies in China that are poised for growth [1][2][4]. Group 1: Investment Framework - Zhang Changping's research framework is based on "three capabilities + three trends," which include core competitiveness, ability to generate free cash flow, and governance capabilities [2][3]. - The core competitiveness of a company can stem from product strength, technological advantages, brand recognition, cost efficiency, and supply chain management [2]. - Companies must demonstrate the ability to convert core competitiveness into sustainable growth, which can be achieved through either expansion in a growing industry or market share acquisition in a stagnant industry [2][3]. Group 2: Governance and Market Trends - Governance is crucial for assessing a company's resilience against risks, focusing on management capabilities, decision-making quality, and ownership structure [3]. - Companies should align with industry trends, societal developments, and their own operational cycles to ensure long-term viability [3][4]. - Zhang Changping emphasizes the importance of identifying companies in early growth stages that have the potential to become "hidden champions" or "small giants" as China transitions to high-quality economic development [4]. Group 3: Investment Strategy - A balanced investment strategy is employed to mitigate risks associated with high volatility in high-growth companies, allowing for a diversified approach across various industries [4][5]. - Zhang Changping's investment expertise has expanded from real estate to technology, manufacturing, consumer goods, and pharmaceuticals, showcasing a broad capability in identifying investment opportunities [4][5]. - The introduction of "post-investment management" in 2024 aims to enhance investment activity and adapt to market changes through defined turnover rates and risk management practices [5][6]. Group 4: Value Creation - The core focus remains on "value creation," with a commitment to identifying high-growth "stars of tomorrow" that align with macroeconomic cycles and micro-level business dynamics [6][7]. - The balance between structured investment principles and disciplined execution is highlighted as essential for navigating market complexities and capturing growth potential [7].

Core Insights - The article highlights the integration of AI technology with LED display products, showcasing the advancements made by companies like Zhouming Technology in creating interactive experiences for users [2][3] - The report emphasizes the financial performance of various LED companies, indicating a mixed growth trajectory across the industry, with some companies experiencing revenue growth while others face declines [4][6] Group 1: Zhouming Technology - Zhouming Technology successfully applied its self-developed AI model in the Nanjing Niushou Mountain project, allowing visitors to interact with an AI version of Su Shi [2] - In the first half of 2025, Zhouming Technology achieved revenue of 3.658 billion yuan, a year-on-year increase of 7.38%, and a net profit of 121 million yuan, up 20.61% [2] - The company is focusing on an "AI model + AI intelligent body + AI interactive space" ecosystem to upgrade traditional display products towards intelligence and interactivity [2][3] Group 2: Aoto Electronics - Aoto Electronics reported revenue of 313 million yuan in the first half of 2025, a decrease of 6.19%, but net profit increased by 251.82% to 8.3226 million yuan [4] - The company’s subsidiary, Chuangxiang Shuwei, specializes in XR virtual reality solutions, signing new orders worth approximately 22.5 million yuan, a year-on-year increase of 32.03% [4] - Chuangxiang Shuwei has provided customized virtual scenarios and immersive interactive experiences for over 50 leading brands, helping them innovate in marketing [4] Group 3: Absen and Lehman Optoelectronics - Absen reported total revenue of 1.819 billion yuan in the first half of 2025, a 1.15% increase, with net profit rising by 30.84% to 116 million yuan [6] - Lehman Optoelectronics achieved revenue of 564 million yuan, a decline of 14.23%, with a net profit of 4.8592 million yuan, down 35.89% [6] - Both companies acknowledged the risks of falling behind in technological innovation and market competition, with strategies in place to address these challenges [6]

Group 1 - The core point of the news is that Sunflower will resume trading on September 22, 2025, after a suspension for a major asset restructuring [1] - Sunflower's stock experienced significant price increases prior to the suspension, with a rise of 15.83% on August 29 and 11.96% on September 5, leading to a market capitalization of 6.38 billion yuan as of September 5 [1] Group 2 - The major asset restructuring involves Sunflower acquiring 100% of Xipu Materials and 40% of Beid Pharmaceutical through a combination of share issuance and cash payment, with plans to raise additional funds [2] - Xipu Materials focuses on high-end semiconductor materials, with projected revenues of 38.54 million yuan in 2023 and 98.54 million yuan in 2024, and net profits of 0.0408 million yuan and 1.37652 million yuan respectively [2] - This transaction will allow Sunflower to enter the high-end semiconductor materials sector, creating a second growth curve for the company [2] Group 3 - Morgan Stanley increased its holdings in Sunflower by 724,800 shares, bringing its total to 6.4255 million shares, which represents 0.5% of the company [3] - Following the acquisition of a 60% stake in Beid Pharmaceutical, Sunflower divested its traditional photovoltaic business to focus on the pharmaceutical sector [3] - Sunflower's net profit has shown a declining trend from 2020 to 2024, with figures of 56 million yuan, 53 million yuan, -1.1387 million yuan, 22 million yuan, and 7.8273 million yuan [3] - In the first half of 2025, Sunflower reported revenue of 144 million yuan, a year-on-year decrease of 8.33%, and a net profit of 1.1607 million yuan, down 35.68% year-on-year [3]

Group 1: Industry Overview - The company actively responds to the "anti-involution" trend by adjusting product prices and tightening credit policies to promote healthy competition in the industry [2] - The market share of small and medium-sized waterproof enterprises has been declining due to stricter government regulations and increased competition from leading companies [2][3] - The competitive landscape has fundamentally changed, with leading companies rapidly occupying market share and creating barriers for smaller enterprises [3] Group 2: Company Development Strategy - The company aims to deepen its focus on the waterproof main business, optimizing its business structure and increasing the share of retail, repair, and overseas markets [4] - Future revenue structure is planned to be: 30% from retail, 20% from overseas, and 50% from construction and related businesses [5][6] - The company will leverage its technological advantages to accelerate the industrialization of laboratory technologies and explore new materials and technologies through mergers and acquisitions [4] Group 3: Retail Business Growth - The rapid growth of the retail business is attributed to increased brand awareness, an expanded distribution network, and a diversified product range [7] - The company plans to enhance its retail market presence, aiming for retail business to account for over 30% of total revenue by 2027 [8] - The retail network has over 80,000 distribution points, facilitating customer access and order growth [7] Group 4: Financial Performance and Projections - The company has seen an improvement in gross margin due to optimized revenue structure and cost reduction efforts [11] - The entry of a state-owned enterprise as a shareholder has enhanced business credibility and access to government projects, positively impacting order growth [12] - Raw material prices are expected to remain stable, with potential for further decreases [10]

| | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 其他（2025 年广东辖区上市公司投资者网 | | | | 上集体接待日暨辖区上市公司中报业绩说明会） | | | 形式 | 网上 □电话会议 | □现场 | | 参与单位名称及 | 参与聚胶股份 年广东辖区上市公司投资者网上集体接待日 2025 | | | 人员姓名 | 活动的广大投资者 | | | 时间 | 年 9 月 19 日 (周五) 下午 15:30~17:00 | 2025 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | | 用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、董事长、总经理陈曙光 | | | | 2、财务负责人师恩成 | | | 员姓名 | 3、董事会秘书廖燕桃 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、陈董事长您好！请问贵公司上市 ...

Core Viewpoint - Li Ziyuan has announced the termination of its wholly-owned subsidiary's external investment due to declining sales and low capacity utilization, while still maintaining several ongoing construction projects with a total budget of 1.58 billion yuan [1][3][4]. Group 1: Investment and Capacity - The terminated capacity project was planned since 2022, with an initial investment of approximately 200 million yuan for three sterile filling production lines [2]. - As of 2024, Li Ziyuan has five factories with a total capacity of 375,900 tons, but the actual utilization is only 248,800 tons, resulting in a capacity utilization rate of 66% [3]. - The company has ongoing projects with a total budget of 1.58 billion yuan, and by 2029, the capacity is expected to increase by 58% to 592,600 tons [3]. Group 2: Sales Performance - Li Ziyuan's revenue from dairy beverages has stagnated since 2022, with a significant decline of 11.19% in the first half of this year [3][6]. - The company relies heavily on sweet milk products, which account for about 90% of its main business revenue, making it vulnerable to market changes [7]. - Sales in key markets such as East China and Central China have declined, with a drop exceeding 10% in some areas [7]. Group 3: Product Innovation and Costs - To address product aging, Li Ziyuan is launching new products, including flavored milk and nutrient drinks, with a total investment of 320 million yuan in a deep processing project [8]. - The sales expense ratio has increased from around 12% to nearly 15% in the first half of this year, which offsets the gross margin improvement from lower raw material costs [8]. - The gross margin is expected to increase by 3.23 percentage points in 2024, while the net margin is projected to decline by nearly 1 percentage point [8].

● 本报记者 王婧涵 9月16日，禾赛科技正式于港交所挂牌上市，发行价为212.80港元/股，上市首日股价盘中一度冲高至 244港元/股，9月18日收盘报231港元/股。继2023年在纳斯达克上市后，禾赛科技在实现两地上市的同 时也于今年第二季度实现扭亏为盈，发展前景可期。 专家表示，随着各家汽车厂商对智能驾驶功能的宣传口径从强调自主决策能力的"高阶智驾"转向强调安 全保障的"辅助驾驶功能"，作为安全保障的激光雷达又一次成为了汽车品牌着力宣传的"标配产品"。加 之机器人市场为激光雷达行业带来新的增量空间和广阔前景，头部激光雷达厂商在规模、成本和量产节 奏上逐渐形成领先优势，行业正迎来"量价齐升"的黄金时期。 业绩趋势向好 禾赛联合创始人及首席科学家孙恺在上市致辞中表示："过去十年，依托芯片化架构与自动化生产体 系，原本售价10万美元/台、仅限科研机构使用的激光雷达，已经降至200美元/台，成功搭载于百万辆 汽车之上，先进、安全与智能的技术持续惠及大众。" 禾赛科技是激光雷达行业头部企业。灼识咨询数据显示，按收入计算，2022年、2023年、2024年禾赛科 技均为全球第一大激光雷达供应商。2024年12月，禾 ...

● 本报记者 王婧涵 图达通披露的最新财务数据显示，2025年一季度，公司营业收入为2529.6万美元，毛利率达到12.6%， 毛利为319.7万美元，延续了2024年第四季度开始的毛利由负转正态势。 9月16日，禾赛科技正式于港交所挂牌上市，发行价为212.80港元/股，上市首日股价盘中一度冲高至 244港元/股，9月18日收盘报231港元/股。继2023年在纳斯达克上市后，禾赛科技在实现两地上市的同 时也于今年第二季度实现扭亏为盈，发展前景可期。 专家表示，随着各家汽车厂商对智能驾驶功能的宣传口径从强调自主决策能力的"高阶智驾"转向强调安 全保障的"辅助驾驶功能"，作为安全保障的激光雷达又一次成为了汽车品牌着力宣传的"标配产品"。加 之机器人市场为激光雷达行业带来新的增量空间和广阔前景，头部激光雷达厂商在规模、成本和量产节 奏上逐渐形成领先优势，行业正迎来"量价齐升"的黄金时期。 业绩趋势向好 禾赛联合创始人及首席科学家孙恺在上市致辞中表示："过去十年，依托芯片化架构与自动化生产体 系，原本售价10万美元/台、仅限科研机构使用的激光雷达，已经降至200美元/台，成功搭载于百万辆 汽车之上，先进、安全与智能 ...

Core Insights - The company reported a significant increase in net profit for the first half of the year, reaching 740 million yuan, a year-on-year growth of 61.19% [1] - In Q2, the net profit was 375 million yuan, showing a remarkable year-on-year increase of 456.29% and a quarter-on-quarter increase of 2.67% [1] - The strong performance is attributed to the reversal of credit impairment losses amounting to 234 million yuan [1] Financial Performance - The operating cash flow showed a substantial improvement, with a net inflow of 2.353 billion yuan, marking a year-on-year increase of 231.33% [1] - The gross profit margin reached 40.27%, indicating enhanced profitability [1] Business Development - The company is positioned as an industry leader, with a clear performance inflection point [1] - By the first half of 2025, overseas revenue is expected to account for over 17% of total revenue [1] - The photovoltaic intelligent equipment business benefited from new technology iterations, generating 531 million yuan in revenue for the first half of 2025, a year-on-year growth of 32.04% [1] Strategic Partnerships - The company has established deep ties with globally recognized firms such as Volkswagen, BMW, LG, and SK, which is expected to enhance overall profitability as overseas revenue increases [1] Future Outlook - As a leader in solid-state battery production lines, the company is anticipated to initiate a strong second growth curve [1] - The diversification into non-lithium battery businesses, including 3C intelligent equipment and intelligent logistics systems, is effectively smoothing out the cyclical fluctuations of a single industry [1]

Core Viewpoint - The prepared food industry, particularly the marinated products sector, is facing significant structural challenges, leading to declining revenues and profits for several listed companies since 2024. The traditional growth model has failed, and mere promotional efforts or new product launches are insufficient to address these issues [1]. Structural Challenges - The four listed companies in the marinated products sector—Juewei, Zhou Hei Ya, Huang Shang Huang, and Ziyan Food—have all experienced a collective decline in performance in the first half of the year. Their combined revenue was 6.507 billion, down 11.25% from 7.332 billion in the same period last year, while net profit fell by 20.78% to 465 million from 587 million [2]. - Juewei, the largest player, saw the most significant decline, with revenue dropping 15.57% to 2.82 billion and net profit plummeting 40.71% to 175 million. Ziyan Food's net profit nearly halved to 105 million, with revenue shrinking to 1.146 billion [3]. Performance Data | Rank | Company Name | Revenue (Billion) | Change (%) | Net Profit (Billion) | Change (%) | | --- | --- | --- | --- | --- | --- | | 1 | Juewei | 2.82 | -15.57% | 0.175 | -40.71% | | 2 | Ziyan Food | 1.473 | -11.46% | 0.105 | -47.20% | | 3 | Zhou Hei Ya | 1.223 | -2.93% | 0.108 | 228.00% | | 4 | Huang Shang Huang | 0.984 | -7.19% | 0.077 | 26.90% | - Zhou Hei Ya and Huang Shang Huang performed relatively better, with Zhou Hei Ya's net profit increasing by 228% to 108 million, although it remains at half the level of 230 million from mid-2021 [3]. Historical Context - Juewei's peak profit was in 2021 at 981 million, but profits fell to 233 million and 344 million in 2022 and 2023, respectively, despite revenue reaching a high of 7.261 billion in 2023. In 2024, Juewei's revenue dropped 13.84% to 6.257 billion, with net profit declining over 30% [4]. - The overall trend shows that from 2021 to 2024, these companies have experienced a significant decline in performance after reaching their highs around 2021 [6]. Market Dynamics - The decline in performance is attributed to intensified competition, consumer perception of value, and the inability to meet consumer expectations regarding price and quality. Consumers have expressed dissatisfaction with high prices, leading to reduced purchasing behavior [8]. - Companies have resorted to frequent discounts and promotions, which have not effectively changed consumer perceptions of high prices and have negatively impacted net profits [8]. Old Growth Model Failure - The previous growth model, which relied heavily on store expansion, is no longer effective. Juewei's franchise model was once a significant growth driver, but recent trends indicate that the closure of stores is directly linked to declining revenues [9]. - Juewei's revenue from franchise stores accounted for 73.5% of total revenue in 2024, down from 54.17 billion in 2023, indicating a 15% decline [9]. Store Closure Trends - The total number of operating stores for the four listed companies has decreased by over 8,700 since 2023, with significant closures also occurring among regional brands [13]. - Juewei's store count dropped from 15,950 at the end of 2023 to 10,725 by September 2024, while Zhou Hei Ya's stores decreased from 3,816 to 2,864 [10][12]. Future Outlook - The marinated products sector is at a crossroads, needing to identify new growth models or second growth curves. Current efforts, such as Juewei's new store format and Zhou Hei Ya's brand upgrades, have yet to show significant results [14]. - The industry requires a deep restructuring around channels, products, and organization to adapt to the changing market dynamics and consumer preferences [14].