Group 1: Strengthening Domestic Demand - Domestic demand is a crucial engine for economic growth, with retail sales in July increasing by 3.7% year-on-year and fixed asset investment growing by 1.6% in the first seven months [2] - The National Development and Reform Commission (NDRC) aims to implement strategies to strengthen domestic circulation, optimize external circulation, and enhance the dual circulation system [2] - Key initiatives include boosting consumption through vocational training, promoting policies for old-for-new consumption, and accelerating the development of digital consumption and "AI + consumption" [2] Group 2: Artificial Intelligence Action Plan - The NDRC has launched the "AI +" action plan to accelerate the development of new productive forces and transition to an intelligent economy [4] - Three main areas of focus include developing supporting policies, promoting major projects, and establishing demonstration models to showcase successful applications of AI [4][5] - Specific actions involve creating implementation plans for key industries, issuing AI vouchers, and encouraging collaboration between enterprises and research institutions [4][5] Group 3: Early Childhood Care Services - The development of a universal childcare service system is essential for building a family-friendly society, addressing issues such as insufficient resources and uneven service quality [6] - The NDRC plans to conduct a comprehensive assessment of the demand for childcare services and develop a systematic plan to address supply and structural gaps [7] - Future efforts will prioritize regions with strong local support and effective implementation plans for childcare services [7] Group 4: Tendering and Bidding Market - The tendering and bidding market is a vital part of the national unified market, with ongoing reforms aimed at addressing barriers and illegal practices [8] - From January to July, the number of private enterprises winning bids in the construction sector reached 366,000, a year-on-year increase of 11.9%, with private projects accounting for 76% of total bids [8] - The NDRC will continue to advance reforms in the bidding law, enhance management systems, and promote the application of AI technologies in the bidding process [8]

Group 1 - The National Development and Reform Commission (NDRC) is committed to implementing the strategy of expanding domestic demand and optimizing the dual circulation system [1] - The NDRC plans to boost consumption through various measures, including vocational training for key groups, improving minimum wage standards, and promoting policies for digital consumption and service sectors [1] - The government aims to explore potential growth points by increasing investment in key areas, particularly in livelihood projects, and enhancing support for private investment in major national projects [1] Group 2 - In July, the total retail sales of consumer goods increased by 3.7% year-on-year, with a stable overall performance in the service market, indicating a steady upward trend in consumption [2] - Fixed asset investment grew by 1.6% from January to July, with real growth adjusted for price factors estimated at 4%-5%, reflecting an optimization in investment structure [2] - Despite some fluctuations in economic indicators, the overall trend of expanding domestic demand and optimizing investment structure remains unchanged, with significant potential for growth in consumption and investment [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown steady revenue growth with a 2.1% year-on-year increase in revenue to 516 million yuan in the first half of 2025, and a 6.5% increase in net profit attributable to shareholders to 46 million yuan [1][2] - The gross margin for the company improved by 3.2 percentage points to 27.7%, driven by the integration strategy of "reducer + motor + drive" and an increase in high-value-added products [2][3] - The company is successfully expanding its customer base in the robotics sector, which is expected to drive growth in the reducer business due to increasing demand for core components in smart manufacturing and new infrastructure [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 286 million yuan, a 1.0% year-on-year increase and a 23.9% quarter-on-quarter increase, with a net profit of 29 million yuan, reflecting a 6.7% year-on-year increase and a 66.6% quarter-on-quarter increase [1] - The company's R&D expense ratio was 5.8% in the first half of 2025, indicating a commitment to maintaining high levels of investment in research and development [2] Product Performance - Revenue from reducer motors reached 191 million yuan, up 15.9% year-on-year, with a gross margin increase of 5.4 percentage points to 32.0% [2] - Revenue from precision reducers was 116 million yuan, down 8.6% year-on-year, but with a gross margin of 23.6%, up 2.2 percentage points [2] Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 90 million, 112 million, and 134 million yuan respectively, with a significant growth rate expected in the coming years [3][4] - The company is positioned to benefit from the industrialization of humanoid robots, which is expected to increase demand for precision reducers, leading to a high valuation elasticity [3]

Group 1 - The National Development and Reform Commission (NDRC) emphasizes the importance of implementing the "Artificial Intelligence +" initiative while avoiding disorderly competition and ensuring a tailored approach based on local conditions [1][2] - In response to recent fluctuations in investment and consumption data, the NDRC highlights that overall trends in consumption expansion and investment structure optimization remain intact, with retail sales growing by 3.7% year-on-year in July [4][5] - The NDRC plans to focus on key areas and tasks in the second half of the year, accelerating the construction of a unified national market and addressing issues of disorderly competition [2][7] Group 2 - The NDRC aims to stimulate consumption through various measures, including vocational training for key groups and policies to promote digital consumption and "Artificial Intelligence + consumption" [6][7] - The government will focus on identifying potential growth points and expanding investment, particularly in public welfare projects and private investment initiatives [6][7] - The NDRC is working on a comprehensive plan to enhance childcare services, including the establishment of community-based facilities and the renovation of existing institutions to better meet the needs of families [8][10][11] Group 3 - The "Artificial Intelligence +" initiative has three phased goals: by 2027, achieving deep integration of AI in six key areas; by 2030, AI applications reaching over 90% penetration; and by 2035, transitioning to a new stage of intelligent economy and society [12][13] - The first phase emphasizes breakthrough applications in key sectors, with the next one focusing on broader and deeper integration of AI across various industries [12][13] - The NDRC aims to balance the uncertainties of AI technology development with a structured approach to ensure effective implementation of the "Artificial Intelligence +" initiative [13]

Group 1 - The National Development and Reform Commission (NDRC) aims to boost consumption and market vitality through various policies, including promoting trade-in programs for consumer goods and accelerating policy implementation in sectors like digital consumption and artificial intelligence [2] - The NDRC plans to focus on key areas and tasks in the second half of the year, including the construction of a unified national market and the formulation of an action plan to deepen this initiative [2][3] - The NDRC will address issues such as market access barriers and local government investment behaviors, while also revising pricing laws and establishing rules for internet platform pricing [2][3] Group 2 - Current economic challenges include external instability, low consumer confidence, intensified competition, and declining investment returns, prompting the NDRC to implement strategies to expand domestic demand and strengthen internal circulation [3] - The NDRC will prioritize government investment in key areas, particularly in projects that benefit the public, and will explore ways to increase central investment support to alleviate local investment pressures [3] - Policies to promote private investment and enhance the participation of private enterprises in major national projects are also being developed [3]

Core Viewpoint - The National Development and Reform Commission (NDRC) aims to boost consumption and market vitality through various policies and initiatives, focusing on enhancing supply and addressing economic challenges [2][3]. Group 1: Consumption and Market Initiatives - The NDRC plans to implement a "consumption upgrade" strategy, including policies for trade-in programs for consumer goods and promoting sectors like digital consumption and artificial intelligence [2]. - There will be a focus on enhancing service consumption in areas such as cultural tourism, events, and camping [2]. Group 2: Economic Challenges and Strategies - Current economic conditions are characterized by external instability, low consumer confidence, and increased competition among enterprises, leading to declining investment returns [3]. - The NDRC will work with relevant departments to implement a strategy for expanding domestic demand, strengthening internal circulation, and optimizing external circulation [3]. Group 3: Investment Focus - The NDRC will prioritize government investment in key areas, planning to support projects that meet local needs and public expectations, particularly in the livelihood sector [3]. - There will be an emphasis on increasing central investment support to alleviate local investment pressures and developing policies to promote private investment in major national projects [3].

Group 1 - The core viewpoint is that despite short-term fluctuations in investment and consumption data in July, the overall trend of expanding consumption and optimizing investment structure in China remains unchanged [1] - In July, the total retail sales of consumer goods increased by 3.7% year-on-year, and the combined growth of goods and services retail for January to July is around 5% [1] - Fixed asset investment from January to July grew by 1.6% year-on-year, with actual growth (excluding price factors) estimated at around 4% to 5% [1] - High-end industries such as aerospace and equipment manufacturing, computer and office equipment manufacturing, and information services saw significant investment growth of 33.9%, 16%, and 32.8% respectively [1] Group 2 - The National Development and Reform Commission (NDRC) plans to implement strategies to boost domestic demand, enhance internal circulation, and optimize external circulation [2] - A comprehensive approach will be taken to stimulate consumption, including large-scale vocational skills training, improving minimum wage standards, and implementing policies for trade-in of consumer goods [2] - The government aims to identify potential growth points and expand investment, focusing on key projects in essential sectors, particularly in people's livelihoods [3] - Policies will be developed to promote private investment, including setting minimum participation ratios for private investments in major projects [3] - Efforts will be made to accelerate the construction of a unified national market, including the elimination of market access barriers and the regulation of local investment behaviors [3]

Core Viewpoint - The current economic operation in China faces multiple risks and challenges, including external instability, uncertain factors, and the need to enhance consumer confidence and spending [1] Economic Challenges - External environment remains unstable and uncertain, impacting economic performance [1] - Consumer spending ability and confidence require further improvement [1] - Increased competition among enterprises and declining investment returns present additional risks [1] Government Response - The National Development and Reform Commission (NDRC) will implement strategies to expand domestic demand and strengthen the internal circulation while optimizing external circulation [1] - Focus on key areas for government investment, planning and reserving essential projects that meet development needs, local capabilities, and public expectations [1] - Increased central investment support for livelihood projects to alleviate local investment pressure [1] Private Investment - The NDRC aims to expedite the development of policies to promote private investment and improve mechanisms for private enterprises to participate in major national projects [1]

Core Viewpoint - The current economic operation in China faces instability and uncertainty from external environments, with challenges such as declining consumer confidence and investment returns [1] Group 1: Economic Challenges - The National Development and Reform Commission (NDRC) highlights the need to enhance domestic demand and strengthen internal circulation while optimizing external circulation [1] - There is an emphasis on addressing issues related to consumer spending and confidence, as well as increasing competition among enterprises [1] Group 2: Government Investment Strategy - The NDRC plans to focus on key areas for government investment, aiming to reserve a batch of essential projects that meet development needs, local capabilities, and public expectations [1] - Special attention will be given to projects in the livelihood sector, with a commitment to increase central investment support and alleviate local investment pressure [1] Group 3: Private Investment Promotion - The NDRC is working on policies to promote private investment and improve mechanisms for private enterprises to participate in major national projects [1]

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的內 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 不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 外 商 投 資 股 份 有 限 公 司 ） （股票代碼：2880） 海外監管公告 本公告乃依據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 承董事會命 遼寧港口股份有限公司 王慧穎 公司秘書 獨 立 非 執 行 董 事： 劉 春 彥、程 超 英 及 陳 維 曦 中國遼寧省大連市 二零二五年八月二十八日 於 本 公 告 日 期，董 事 會 成 員 是： 執 行 董 事： 李國鋒及魏明暉 非 執 行 董 事： 王 柱、黃 鎮 洲 及 楊 兵 * 本公司根據修改前的香港公司條例第XI部（即 已 於 二 零 一 四 年 三 月 三 日 生 效 之 公 司 條 例 第 十 六 部）登 記 為 非 香 港 公 司，英 文 名 稱 為「Liaoning Port Co., L ...