Core Viewpoint - Tinci Materials is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, aiming for global expansion in the personal care industry [2][6]. Company Overview - Founded in 2000, Tinci Materials started in the personal care sector and now covers lithium-ion battery materials, personal care materials, and specialty chemicals [4]. - The company is the second-largest producer of Carbomer in the industry with a capacity of 5,000 tons and is the largest producer of amphoteric surfactants in Asia [4]. Business Performance - In 2024, Tinci Materials' total revenue is projected to be 12.518 billion yuan, with personal care materials and specialty chemicals contributing 1.161 billion yuan, accounting for 9.27% of total revenue, reflecting a year-on-year growth of 14.14% and a gross margin of 30.04% [4]. Product Portfolio - Tinci Materials' personal care product offerings include surfactants, silicone oils, water-soluble polymers, cationic conditioning agents, and organic silicon, serving various sectors such as skincare, color cosmetics, and hair care, with sales exceeding 110,000 tons in 2024 [4]. Strategic Partnerships - The company has established stable partnerships with major beauty brands such as L'Oréal, Procter & Gamble, and Unilever for the development and supply of key raw materials [4]. Global Expansion Plans - Tinci Materials aims to accelerate its internationalization process, with over 30 subsidiaries and production bases established by early 2025, expanding its operational area from 99 acres to over 6,500 acres [6]. - The company has set up subsidiaries in the U.S., Germany, Morocco, and Singapore, and a laboratory in South Korea, primarily related to its battery materials business [6]. Market Trends - The global hair care industry is expected to maintain steady growth, with North America and Europe markets becoming saturated, while Asia and Africa are projected to show strong growth [9]. - The company plans to focus on market and regulatory trends, targeting segments such as household cleaning products, functional hair care, and baby care products [6].

Investment Rating - The report initiates coverage with a "Buy" rating for CHAGEE [4][12][15] Core Views - CHAGEE is positioned as the largest premium freshly-made tea drinks brand in China, with a mission to inherit and innovate Chinese tea culture [7][31] - The company has achieved a remarkable terminal retail sales growth of 2387% from 2022 to 2024, making it the fastest-growing freshly-made tea brand with over 1,000 stores in China [7][30] - CHAGEE focuses on brand building and aims to create a global modern tea brand, differentiating itself from competitors by concentrating on tea products rather than diversifying into other beverage categories [8][9] Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: 46.4 billion RMB in 2023, 124.06 billion RMB in 2024, 150.51 billion RMB in 2025, 180.10 billion RMB in 2026, and 210.82 billion RMB in 2027, with year-on-year growth rates of 844%, 167%, 21%, 20%, and 17% respectively [6][15] - Net profit forecasts for the same period are: 7.25 billion RMB in 2023, 23.84 billion RMB in 2024, 28.05 billion RMB in 2025, 33.36 billion RMB in 2026, and 39.34 billion RMB in 2027, with growth rates of 229%, 18%, 19%, and 18% respectively [6][15] - The company is expected to open 1,200 new stores in 2025, with a total store count of 7,640, representing a 19% increase [11][15] Market Position and Competitive Advantage - CHAGEE holds a market share of approximately 20.3% in the premium freshly-made tea segment, ranking first among high-end tea brands in China [30] - The company has pioneered the "whole-leaf milk tea" category, which has become a significant contributor to its sales, accounting for 91% of its GMV in 2024 [9][44] - CHAGEE's innovative "tea tech" enhances standardization and efficiency, allowing for rapid service and consistent product quality across its stores [10][11] Expansion Strategy - The company plans to accelerate overseas store openings, with a focus on markets like Malaysia and the United States, while maintaining a strong domestic presence [11][17] - CHAGEE employs a franchise model for most of its stores, with 97% of its domestic stores being franchises, which enhances its risk resilience [38][41] Product Innovation - CHAGEE emphasizes health-conscious product offerings, eliminating artificial additives and introducing features like a "health calculator" for transparency [57][58] - The company continuously expands its product line, recently launching new items such as "Tea Espresso" and "Tea Latte" to attract diverse consumer segments [9][63]

7月2日晚间，精密智造业龙头立讯精密(SZ.002475)公告，公司正在筹划境外发行股份并在香港联合交 易所有限公司上市事项。公司正在与相关中介机构就本次H股发行上市的具体推进工作进行商讨，相关 细节尚未确定，本次H股发行上市不会导致公司控股股东和实际控制人发生变化。 市场人士认为，立讯精密通过赴港上市，能够接触到更为广泛的国际投资者群体，获取多元化的资金来 源，为海外业务拓展、产能扩张等战略举措提供充足的"粮草弹药"。同时，能够进一步提升品牌国际影 响力，分散风险。 全球化布局，不断拓展业务版图 立讯精密自上市后围绕大客户实施了多起收并购，针对大客户的产品品类，公司目前已有较全面的覆 盖，与大客户的合作为公司构建了生存与发展的基础能力。目前，公司已在声、光、电、热、磁、射 频、结构件等底层技术领域建立了完整的能力拼图，并搭建起面向多场景应用的通用技术平台。 作为一家以"制造+科技"双轮驱动的科技制造业龙头，立讯精密通过充分发挥产业协同效应，将主业消 费电子行业做精做强，并借助稳健的主业持续哺育前瞻性产业。 在谈及此次筹划港股发行的意义时，立讯精密表示："通过在港股发行上市，一方面公司能够进一步拓 宽资本市场 ...

Group 1: Company Overview - The company, WanTong ZhiKong, has established itself as a supplier of TPMS and valve stems for motorcycle manufacturers such as ChunFeng Power and has secured contracts with Shanghai Honda and WuYang Honda [1] - The board secretary, Li Bin, provided insights into the company's history, development strategy, and main business operations during the investor relations activity [1] Group 2: Market Impact and Trade Concerns - The company is aware of the 36% tariff imposed on imports from Thailand, which will take effect on August 1, and is monitoring the situation closely [2] - With factories established in Germany, Czech Republic, the United States, and Thailand, the company has achieved localized production and supply, enabling it to effectively mitigate risks associated with trade disputes [2] Group 3: Product Value - The estimated value of the NLP sensor system installed in heavy trucks ranges from $2,000 to $3,000 per vehicle, with individual sensors priced between $16 and $22 [2]

Group 1: Company Overview and Strategy - The company, WanTong ZhiKong, has established itself as a supplier of TPMS and valve stems for motorcycle manufacturers such as ChunFeng Power and has secured contracts with Shanghai Honda and Wuyang Honda [1]. - The board secretary, Li Bin, introduced the company's historical development, strategic direction, and main business operations during the investor relations activity [1]. Group 2: Impact of Tariffs and Global Operations - The company is monitoring the impact of a 36% tariff imposed by Thailand on imports, with a grace period of 20 days, and is prepared to respond proactively [2]. - With factories established in Germany, Czech Republic, the United States, and Thailand, the company has achieved localized production and supply, enabling it to effectively mitigate risks associated with trade disputes [2]. Group 3: Product Value and Specifications - The average value of the fleet management system installed in a heavy truck ranges from 2,000 to 3,000 yuan, which includes 16-22 sensors per vehicle, a receiver, and a T-Box [2].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home [2] Core Viewpoints - Haier Smart Home is positioned as a leading player in the home appliance sector, focusing on "accelerated transformation and efficiency improvement" and "globalization with meticulous cultivation" as its growth strategies [2] - The company adopts a localized research, production, and sales model, differentiating itself from traditional "China manufacturing + overseas distribution" approaches, which enhances its global market expansion [2][63] - The South Asian market is identified as a high-potential area, with projected revenue growth of 21.05% in 2024, particularly driven by strong performance in India [2] Company Analysis - Haier has established a comprehensive global research, production, and sales network, with over 1.6 billion units of production capacity and 163 manufacturing centers worldwide, including 61 overseas [2][75] - The company has a multi-brand strategy, leveraging brands like AQUA, GEA, and Fisher & Paykel to penetrate various international markets [63] - The report highlights the company's strong performance in the high-end market, with the Casarte brand leading in premium segments, achieving significant revenue growth [19][15] Financial Analysis - In 2024, Haier's total revenue reached 2859.81 billion yuan, marking a year-on-year increase of 4.29%, with Q1 2025 revenue at 791.18 billion yuan, up 10.06% [23][24] - The company's net profit attributable to shareholders for 2024 was 187.41 billion yuan, reflecting a growth of 12.92% [34] - The report indicates a continuous improvement in profit margins, with a net profit margin of 7.13% and a gross profit margin of 25.40% in Q1 2025 [34][33] Market Analysis - The global home appliance market is projected to grow steadily, with emerging markets like South Asia and Southeast Asia becoming key growth drivers [47][53] - In 2024, Haier's overseas revenue accounted for 49.97% of total revenue, with significant contributions from North America and Europe [29] - The report notes that the company is well-positioned to navigate external economic fluctuations due to its robust global operations and localized production capabilities [2][43]

Core Viewpoint - Changan Automobile has achieved a remarkable sales figure of 1.355 million units in the first half of 2025, marking an eight-year high, amidst fierce competition in the new energy vehicle market and increasing pressure from foreign brands [1][10] Group 1: Sales Performance and Market Strategy - The sales of Changan's new energy vehicles reached 450,000 units, a year-on-year increase of 48.8%, equivalent to half the total sales of three leading new energy brands in the same period [1] - Changan has established a global presence with plans for 20 overseas factories, having already built and put into operation 9, covering over 100 countries [1] - The company is innovating at a rapid pace, generating 19 patents daily, with 70% of its 20,000 global patents being invention patents [1] Group 2: Technological Advancements and Product Development - Changan's strategic shift focuses on building technological barriers rather than just competing on production scale, with a dual strategy in the new energy sector [3] - The company is set to launch a solid-state battery prototype by the end of 2025, indicating a commitment to technological innovation [3] - The Deep Blue S09 and Q07 models showcase advanced technologies, achieving significant fuel efficiency and long-range capabilities, leading to strong market performance [3][6] Group 3: Globalization and Localized Production - The "Haina Baichuan" plan emphasizes Changan's global strategy, with the establishment of the Thailand Rayong factory as a key step in its overseas expansion [4] - This factory not only serves the ASEAN market but also integrates local R&D to optimize vehicle performance for regional conditions, achieving a 60% localization rate [4] - Changan's approach combines production, R&D, and supply chain integration, marking a shift from product export to ecosystem output [4][8] Group 4: Brand Development and Global Influence - Changan is actively enhancing its global brand presence, with multiple new models launched in Europe and participation in international standards development [9] - The company has integrated ESG principles into its global strategy, achieving significant sustainability milestones at its overseas facilities [9] - Changan's journey from a domestic leader to a global brand reflects its commitment to high-quality development and innovation in the automotive industry [10]

Core Viewpoint - The domestic optical chip industry is rapidly developing, driven by increasing demand for data transmission bandwidth and computing power, with significant advancements in technology and production capabilities [2][5]. Industry Development - The optical communication industry in China has entered a rapid growth phase, with domestic optical chip supply chains covering design, epitaxy, manufacturing, and testing [2]. - Companies are focusing on R&D investments to achieve self-sufficiency in key optical communication chips, including DFB, EML, and APD [2]. Company Highlights - **DecoLi**: Achieved breakthroughs in thin-film lithium niobate chips and O-Band semiconductor optical amplifier chips, securing overseas sample orders for silicon-based optical waveguide high-speed optical switches [2]. - **Changguang Huaxin**: Launched high-performance optical communication chip products, including 100G EML and 200G EML, with ongoing production and sample deliveries [3]. - **Shijia Photon**: Made significant advancements in passive optical chips and laser chips, breaking foreign technology monopolies and focusing on high-speed optical communication systems [3][6]. - **Yuanjie Technology**: Completed customer validation for 100G PAM4 EML and CW 100mW chips, with over one million units of 400G/800G silicon optical module chips shipped [4]. Market Strategy - Companies emphasize the importance of continuous R&D investment, global ecological chain collaboration, and flexible product strategies to navigate industry cycles and international competition [5][6]. - DecoLi adopts a dual-driven strategy focusing on self-research and industrial collaboration, targeting high-end optical components and expanding overseas customer channels [5][7]. - Changguang Huaxin leverages its IDM model to integrate materials, chip design, wafer manufacturing, and testing, enhancing its global market influence [6][7]. Global Expansion - The competition in the global optical chip market is intensifying, prompting Chinese companies to enhance their international competitiveness through technology innovation and capital operations [7][8]. - DecoLi has established a global integrated strategy with operations in Singapore, Canada, and Thailand, focusing on emerging fields like satellite laser communication and 6G [7]. - Shijia Photon is expanding its overseas manufacturing capabilities and targeting new applications such as gas sensing and quantum communication [8]. - Yuanjie Technology aims to enhance its global competitiveness by focusing on high-end technology breakthroughs and expanding its customer base internationally [8].

Core Insights - The recent salon hosted by the Shanghai Stock Exchange focused on the development of the domestic optical chip industry, addressing key issues such as technological breakthroughs, industry chain collaboration, and global layout [1] Group 1: Technological Advancements - Optical chips are referred to as the "heart of optical communication," with increasing demand for data transmission bandwidth and computing power driving rapid growth in the optical communication industry [2] - Dekoli has made significant breakthroughs in core technologies through independent research and development, particularly in thin-film lithium niobate chips and O-Band semiconductor optical amplifier chips, providing technical support for the domestic optical communication industry [2] - Changguanghua has successfully achieved domestic production of key optical communication chips, including 100G EML, which has entered mass production, and 200G EML, which is in the sampling phase [2] - Shijia Photon has made technological breakthroughs in passive optical chips and laser chips, successfully breaking foreign technology monopolies in areas such as AWG wavelength division multiplexing chips and CW DFB series laser chips [2] Group 2: Market Dynamics and Strategies - The optical chip industry is characterized by strong cyclicality, with product lifecycles for AI training cluster optical modules being only 1-1.5 years, necessitating a focus on continuous R&D investment and flexible product strategies to navigate market fluctuations [4] - Companies are emphasizing the importance of a "three-dimensional moat" consisting of technology, ecosystem, and cash flow to withstand industry cycles [4] - Differentiated innovation is seen as a key path to overcoming cyclical challenges, with companies like Shijia Photon leveraging open innovation platforms and optimizing manufacturing processes to enhance yield and cost advantages [5] Group 3: Global Expansion and Competition - As global competition in the optical chip market intensifies, Chinese companies are focusing on enhancing their global competitiveness and transitioning from "domestic substitution" to "global competition" [6] - Dekoli has established a global integrated strategy through its presence in Singapore, Canada, and Thailand, aiming for a unified approach in R&D, production, and sales [7] - Changguanghua plans to deepen its collaboration with downstream optical module manufacturers while expanding into overseas markets through international mergers and capital cooperation [7] - Shijia Photon is advancing its global strategy by establishing production lines in Thailand and collaborating with international clients to accelerate the global deployment of its technology products [7] - Source Technology aims to enhance its global competitiveness through high-end technological breakthroughs and global capacity expansion, particularly in data centers and ultra-high-speed optical communication [7]

Core Viewpoint - Changan Automobile reported a sales increase in June 2025, with a total of 235,000 vehicles sold, marking a year-on-year growth of 4.5% [2]. Sales Performance - In June 2025, Changan achieved sales of 235,000 units, a 4.5% increase year-on-year, with total sales for the first half of 2025 reaching 1.355 million units, up 1.6% [2]. - The company's self-owned brands sold 1.151 million units in the first half of 2025, reflecting a 2.6% increase [2]. - New energy vehicles (NEVs) saw significant growth, with 452,000 units sold in the first half of 2025, representing a 49.1% increase [2]. - Overseas sales reached 299,000 units in the first half of 2025 [2]. Global Expansion and Strategy - Avita Technology has made strides in global expansion, recently signing a deal with the Mallouk Group in Jordan, marking its entry into the Middle East market [3]. - Avita plans to introduce products and establish channels in Jordan within three months, with initial orders of 185 units already prepared for shipment [3]. - The company has established a presence in 25 countries and regions, with 55 signed stores, and aims for 1.5 million units in overseas sales by 2026 [3]. Future Product Plans - Over the next three years, Changan plans to launch 35 new smart vehicles, including various models from its brands Changan Qiyuan, Deep Blue, and Avita [5]. - Changan Qiyuan will introduce 10 new models, while Deep Blue and Avita will each launch 10 and 7 new models, respectively [5]. Financial Performance - In Q1 2025, Changan reported a revenue of 34.161 billion yuan, a decrease of 7.73% year-on-year, while net profit attributable to shareholders was 1.353 billion yuan, an increase of 16.81% [6]. - The company’s gross margin stood at 13.86%, with a debt ratio of 59.69% [6]. Analyst Predictions - Various institutions have provided earnings forecasts for Changan, with net profit predictions for 2025 ranging from 74.12 billion yuan to 89.47 billion yuan [7]. - The average target price from institutions over the past 90 days is 15.47 yuan [6].