Group 1 - The core business of the company is the research, production, and sales of key components for turbochargers [2] - The company reported a main revenue of 316 million yuan in Q1 2025, a year-on-year decrease of 20.25%, and a net profit attributable to shareholders of 6.957 million yuan, down 70.34% year-on-year [2] - The company is focusing on mergers and acquisitions as a key development path, targeting new fuel technologies and emerging industries such as new materials and precision processing [1] Group 2 - The company is expanding its research and development beyond turbocharger components, collaborating with leading enterprises in areas such as range-extended electric vehicles, new fuel technologies, and humanoid robot components [1] - The company maintains a stable market position for its turbocharger components globally, with a significant portion of sales coming from foreign clients [1] - The company's debt ratio stands at 30.67%, with investment income reported at -386,800 yuan and financial expenses at 1.6156 million yuan, while the gross profit margin is 14.76% [2]

Group 1: Market Presence and Customer Distribution - The company's turbocharger component products are primarily sold to domestic and international turbocharger manufacturers, with a significant portion of sales occurring through a direct sales model. Currently, foreign customers dominate, with transactions conducted in currencies such as USD, EUR, and JPY [2]. - The market for the company's turbocharger components remains stable and continues to rank among the top globally [2]. Group 2: Mergers and Acquisitions Strategy - Mergers and acquisitions are a key development path for the company and a focus for 2025. The company aims to identify high-quality acquisition targets in the industry, guided by a "technology + market" approach [3]. - The company is particularly interested in new fuel technologies and emerging industries such as new materials and precision machining, aligning with national development directions and policies to create synergistic effects with existing core businesses [3]. Group 3: Research and Development Expansion - The company is leveraging its resource advantages to expand horizontally, collaborating deeply with leading enterprises to develop products related to range-extended electric vehicles, new fuel technologies, and humanoid robot components [3]. - Multiple measures are being implemented to explore internal growth potential beyond the core turbocharger component products [3]. Group 4: Information Disclosure Compliance - During the investor relations activity, the company ensured thorough communication with investors, adhering strictly to the regulations of the "Information Disclosure Management System" to guarantee the accuracy, completeness, and timeliness of disclosed information [3]. - The activity did not involve any undisclosed significant information [3].

Core Viewpoint - The company, formerly focused on real estate and infrastructure, is undergoing a strategic transformation to diversify its business into high-value sectors such as new energy, food safety, and automotive components, driven by the decline of traditional industry growth [1][2]. Group 1: Business Transformation - The company has experienced pressure on net profits due to the fading real estate boom and slowing infrastructure investment, prompting a shift towards emerging sectors [1]. - The company has completed acquisitions of several firms, including Shiyi Testing and Guanjian Testing, to quickly enter new testing fields and enhance its capabilities in food testing, metrology, and water resource testing [1][2]. - The company plans to establish an industrial fund with professional institutions to focus on investments in the testing industry and related sectors like new energy and smart manufacturing [1]. Group 2: Market Expansion - The company has expanded its business beyond traditional construction testing to include various sectors such as new energy, carbon neutrality, food and agricultural products, automotive components, and healthcare [2]. - The company aims for external growth through strategic acquisitions of local laboratories to gain regional qualifications and customer resources, facilitating a nationwide presence and expansion into Southeast Asian markets [2]. - The company’s acquisition strategy is designed to capture high-growth sectors driven by policies, ensuring rigorous selection of targets based on qualifications and financial health [2]. Group 3: International Strategy - The company is actively pursuing international opportunities, establishing regional offices in countries like Vietnam, Thailand, and the UAE, and deploying a testing network across Southeast Asia, the Middle East, and Africa [3]. - The internationalization strategy is structured in three phases: initial focus on the Belt and Road Initiative, mid-term technical reciprocity with Europe and the US, and long-term global network collaboration [3].

建科股份分析师会议 调研日期：2025年05月20日 调研行业：专业服务 参与调研的机构：上海曜与基金、上海贵源投资、上海璞智投 资、杭州月阑私募、深圳盈富汇智私募等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象：建科股份 所属行业：专业服务 接待时间：2025-05-20 ...

Group 1: Company Strategy and Transformation - The company has transitioned from "建科股份" to "联检科技," reflecting a redefined vision and commitment to integrated inspection and testing services [3] - The mission is to empower quality ecosystems through technology, focusing on sustainable development and innovation [3] - The internationalization strategy includes three phases: initial focus on "Belt and Road" initiatives, mid-term technical reciprocity with Europe and the U.S., and long-term global network collaboration [3] Group 2: Business Performance and Market Position - The company has experienced pressure on net profit due to the slowdown in real estate and infrastructure investments, prompting a strategic shift towards emerging sectors [2] - Recent acquisitions have expanded capabilities in electronic, automotive, and food testing sectors, enhancing overall business performance [2][4] - The company aims to maintain a core focus on inspection and testing while diversifying through mergers and acquisitions to improve competitiveness [4] Group 3: Technological Innovation and Development - The company is investing in digitalization and smart technologies to enhance service efficiency and quality, including the development of AI and IoT applications [6][9] - A digital twin integrated platform has been established to create a comprehensive safety monitoring system [6] - The company is actively pursuing R&D collaborations to drive innovation in emerging technologies, particularly in synthetic biology and medical data [9] Group 4: Market Expansion and Future Growth - The company is expanding its market presence beyond Jiangsu, with operations established in Vietnam, Thailand, Indonesia, and the UAE [2][3] - Future growth will be driven by focusing on high-value sectors such as renewable energy, electronics, and automotive components [4][8] - The establishment of an industry fund aims to support investments in inspection and testing projects, as well as new energy and smart manufacturing sectors [8] Group 5: Competitive Strategy and Industry Trends - The company adopts a dual strategy of internal growth and investment mergers to enhance market coverage and technical capabilities [7] - The trend towards industry consolidation presents opportunities for the company to increase market share and improve operational efficiency [8] - The company is addressing competitive challenges by enhancing its technological strength and expanding its international market footprint [7][8]

Group 1: Company Overview - Hangzhou Xingshuai Electric Co., Ltd. was listed on the Shenzhen Stock Exchange in April 2017 as a high-tech enterprise with strong innovation and R&D capabilities [2] - The main business includes R&D, production, and sales of various types of thermal protectors, starters for refrigeration compressors, temperature controllers for small appliances, and photovoltaic components [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 2.077 billion, with a net profit attributable to the parent company of CNY 144 million [2] - Revenue decreased compared to the previous year primarily due to the impact of photovoltaic market demand and a decline in raw material prices [2] - The company recognized an asset impairment loss of CNY 42.53 million and accrued convertible bond interest of CNY 32.35 million, significantly affecting net profit [2] Group 3: Strategic Adjustments - The company is confident in addressing external challenges and is actively adjusting its product structure to accelerate supply in new markets such as elevators, commercial compressors, and electric motorcycles [3] - The board's strategic deployment is being firmly implemented, with all employees focused on core business and overcoming difficulties [3] Group 4: Client Relationships - Key clients include Shanghai Haile, BYD, and various other companies, establishing strong supply and cooperation relationships with competitive advantages in market and technology [4] Group 5: Military Business Potential - The subsidiary Zhejiang Special Motor has obtained qualifications for military equipment production, indicating its capability to undertake military projects, which enhances the company's overall competitiveness [5] Group 6: Photovoltaic Business Outlook - The photovoltaic component business has a full order book, with multiple companies undergoing factory inspections, remaining a significant growth area for the company [6] Group 7: M&A Strategy - The company is determined to pursue external mergers and acquisitions, leveraging capital market platforms to expand into new growth areas [7] - With years of manufacturing management experience, the company has successfully integrated acquired subsidiaries, demonstrating strong operational stability and cash flow [7][8]

Group 1: Company Performance and Strategy - The company has a clear seasonal performance pattern, with significant losses in the third quarter due to climate impacts on its two main industries [4][6] - The company aims to mitigate seasonal sales fluctuations by leveraging complementary product lines and expanding its product offerings [3][4] - The company is focused on maintaining a stable and high-quality development, actively seeking new product directions to enhance its business scope [3][5] Group 2: Financial Management and Shareholder Returns - The company has a stable cash flow and has proposed a cash dividend of 4 CNY per 10 shares for the 2024 fiscal year, totaling 121,142,840 CNY over the last three years, which is 117.91% of the average net profit [5] - There is a suggestion for the company to consider mid-year dividends to better reward investors, which the company will evaluate based on actual conditions [6][7] - The company has not yet implemented an employee stock incentive plan but is considering it for future development needs [5][6] Group 3: Market Position and Competition - The company has established itself as a leader in the home heating and pest control sectors, with a diverse range of safe and effective products [4] - Despite early entry into the mosquito repellent market, the company has seen slower growth compared to competitors, prompting a focus on product development and market expansion [4] - The company plans to enhance its e-commerce capabilities and strengthen communication within the industry to maintain its competitive edge [4][5] Group 4: Product Development and Consumer Engagement - The company is currently developing pet-related products, such as electric heating pads for pets, to tap into new market segments [3] - Promotional activities and product safety awareness campaigns are being conducted to enhance consumer engagement and drive sales [6] - The company has not yet qualified for national consumer subsidies but is optimizing its product exchange programs to encourage consumer participation [6]

Core Viewpoint - 中恒集团 is focusing on enhancing its market strategies and expanding its product offerings in both the pharmaceutical and health sectors, while also exploring potential mergers and acquisitions to strengthen its position in the industry [1][2][5]. Group 1: Business Strategies - The company is implementing personalized market strategies through regional collaboration, focusing on key products like 血栓通 and 中华跌打丸 to expand its marketing and sales efforts [2]. - It aims to deepen its market penetration by developing specialized marketing teams and establishing sales channels that radiate from provincial capitals to surrounding areas [2]. - The company is leveraging new media and exhibitions to enhance brand visibility and expand its sales network [2]. Group 2: Product Development - 中恒集团 has launched 154 new health products in 2024, with 51 already in production, while continuing to promote its traditional product, 双钱龟苓膏 [3]. - The company is focusing on core health food products and expanding its sales channels to achieve growth in both pharmaceutical and health food sectors [4]. Group 3: Growth Opportunities - The company identifies several growth points, including expanding its blood thrombus product market, enhancing the coverage of its跌打丸 product, and increasing e-commerce sales [4]. - It is also innovating in the daily chemical sector and exploring international markets, particularly in Southeast Asia, through partnerships [4]. Group 4: Financial Performance - In Q1 2025, 中恒集团 reported a revenue of 742 million yuan, a year-on-year decrease of 7.92%, and a net profit of 18.27 million yuan, down 66.61% [7]. - The company's debt ratio stands at 31.89%, with a gross profit margin of 29.62% [7]. Group 5: Share Buyback - The company plans to conduct a share buyback within a range of 300 million to 500 million yuan, with the first buyback executed on April 10, 2025, totaling approximately 42.15 million shares [6].

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 812.13 million yuan, a year-on-year increase of 3.43% [7] - The net profit attributable to shareholders was 37.50 million yuan, showing a decline compared to the previous year due to non-operating factors [7] - The company aims for a revenue target of 1 billion yuan and plans to double its net profit in 2025 [5] Group 2: Sales and Profit Margins - The gross margin for online sales is approximately 60%, while offline sales have a gross margin of around 50% [2] - The company is focusing on expanding its online sales, which require higher promotional expenses [2] Group 3: Strategic Initiatives - External mergers and acquisitions are a key strategy for future growth, with the company actively monitoring potential targets [3] - The company has successfully restructured Henan Xinxin Pharmaceutical, adding 125 products to its portfolio, including 4 exclusive items [3] - Plans to launch 30 new non-pharmaceutical personal care products in 2025, targeting various consumer segments [6] Group 4: Product Development and Market Expansion - The company is prioritizing the launch of key products from Henan Xinxin Pharmaceutical, with the first batch including antiviral oral liquids and heat-clearing detoxification oral liquids [5] - The company aims to cultivate 8 to 10 products with annual sales exceeding 100 million yuan, ensuring long-term sustainable growth [6] - Continuous collaboration with hospitals and research institutions to enhance the value of core products like Jier Yin Wash [3][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline of 24.80% year-on-year in Q1 2025, with a total revenue of 642 million yuan and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [2] - The sales pressure in Q1 2025 was attributed to the timing of the Spring Festival, while online channels provided incremental growth [3] - The company has been actively exploring external mergers and acquisitions, which have contributed to growth in online channels and improved performance in certain product categories [5] - The overall business performance is expected to stabilize and recover in the future [5] Revenue and Profitability Analysis - In Q1 2025, the company's revenue from various product categories showed significant declines, with hot pot condiments down 41.05% and sausage and cured meat condiments down 55.77% [3] - The company's gross margin in Q1 2025 was 40.74%, a decrease of 3.32 percentage points year-on-year, primarily due to a significant decline in high-margin products [4] - The net profit margin for Q1 2025 was 11.65%, down 8.98 percentage points year-on-year, indicating a decline in profitability due to cost and expense pressures [4] Financial Forecasts - The revenue forecasts for 2025 to 2027 have been adjusted downwards to 37.04 billion yuan, 41.19 billion yuan, and 45.23 billion yuan respectively [6] - The earnings per share (EPS) forecasts for the same period have also been revised down to 0.57 yuan, 0.65 yuan, and 0.75 yuan respectively [6] - The price-to-earnings (PE) ratios corresponding to the closing price of 11.29 yuan per share are projected to be 20, 17, and 15 times for 2025, 2026, and 2027 respectively [6]