对于港股大模型，杜厚良认为，从长期来看， AI有望在本质上改变移动互联网的入口。通过AI技 术的普及应用，移动互联网现有的分配方式或将发生较大转变。 当硅基代码叩响文明之门，当智能浪潮重塑人类想象， AI浪潮正以前所未有的 速度改变着人类认 知世界的方式， 颠覆着传统产业的底层逻辑 ， 更逐浪于资本市场 。 "AI+"的未来还有哪些想象 空间？人形机器人投资的下一阶段焦点在哪？投资者应该如何 从大模型技术发展中寻找机会？ 近日，中欧基金举办了 AI DAY活动。活动邀请了 中欧基金科技战队核心团队、 券商分析师、国 内 AI科学家及产业专家等，分享了当前AI技术发展的最新成果，探讨了 生成式 AI发展趋势及投 资价值，一同解码AI应用的投资机会和无限可能。 中欧基金权益研究部副总监、科技组组长杜厚良： 关注港股大模型应用、国产替代、 3D打印等 作为中欧基金权益研究部副总监、科技组组长，杜厚良认为投资科技一定要立足产业研究，要比 别人更早发现科技产业变化的机会。今年以来，中欧基金科技战队积极主动开展调研，力求挖掘 AI产业的潜在投资机会。 杜厚良介绍，中欧基金科技战队的大部分成员毕业于清华、交大等院校，且兼具 ...

Group 1: Company Performance Outlook - The company expects its performance in 2025 to exceed that of the previous year, adjusting strategies based on market conditions [2] - In the first half of 2024, domestic revenue accounted for 41.22%, indicating significant growth potential in the Chinese market [2] - The company aims for substantial revenue growth from its acquisition of Korean Wolan in 2025, focusing on market expansion and brand building [2] Group 2: Product Pricing and Market Strategy - Product prices remain stable, with changes primarily due to sales structure and tiered pricing policies [2] - The company has a balanced distribution of sales across multiple regions, including Europe, North America, Asia, South America, and Australia, reducing reliance on any single market [2] - Most tariffs on products exported to the U.S. are borne by customers, mitigating operational risks for the company [2] Group 3: Innovations and Digital Solutions - The company is responding to the digitalization needs in orthodontics by offering comprehensive digital solutions, including 3D printing technology [4] - In 2025, the company will upgrade its milling machine series and launch a 49-minute rapid sintering furnace, alongside advancements in 3D printing products [6] - The introduction of 3D printed full dentures and precise implant solutions for edentulous patients marks a significant innovation in the company's offerings [8] Group 4: Overseas Market Development - The company emphasizes matching customer needs in overseas markets and enhancing brand presence through training and relationship building [7] - Following the acquisition of Korean Wolan, the company is exploring the feasibility of establishing production bases in Europe and Asia [10] - The company is actively investing in channel development and market penetration to seize opportunities in the growing dental implant sector [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Viewpoints - The company is expected to achieve a revenue of 268.795 billion (YoY +15.91%) and a net profit of 13.366 billion (YoY +22.03%) in 2024, with a gross margin of 10.41% [1][4] - The acquisition of Wenti Technology's product integration business is anticipated to significantly enhance the company's ODM business scale and competitiveness, as Wenti holds over 20% market share in the global mobile ODM sector [2][3] - The automotive business is projected to grow over 50% YoY in Q1 2025, supported by the acquisition of Leoni Group, which will improve operational efficiency and market share [3] Summary by Relevant Sections Financial Performance - In Q1 2025, the company reported revenue of 61.788 billion (YoY +17.90%) and a net profit of 3.679 billion (YoY +21.88%, QoQ +25.76%), with a gross margin of 11.18% [1] - The company’s revenue and net profit forecasts for 2025-2027 are 16 billion, 19.463 billion, and 23.507 billion respectively, with growth rates of 20%, 22%, and 21% [3][4] Business Developments - The company has completed the acquisition of 100% equity in several subsidiaries of Wenti Technology, enhancing its ODM capabilities [2] - A joint venture with Huagong Technology aims to advance 3D printing technology applications across various sectors, including automotive and medical [2] Market Position - The automotive business now covers four product lines and has established relationships with major automotive manufacturers, leveraging expertise from the consumer electronics sector [3] - The company maintains a competitive edge through its global supply chain and innovation capabilities, which are expected to drive growth in both the automotive and ODM sectors [3]

Group 1 - The globalization layout is an inevitable journey for Chinese enterprises to refine their vitality amidst waves and opportunities [1] - In the consumer sector, the past two years have seen a surge in generative AI applications, showcasing China's innovative potential through diverse products [1] - In the business sector, technologies like digital twins and 3D printing are becoming key supports for Chinese enterprises leading global digital transformation [1] Group 2 - The global economic landscape in 2025 is evolving amidst tariff trade frictions, with Chinese enterprises transitioning from "followers" to "pioneers" in industry transformation [2] - In 2023, the "2023 Outbound Enterprise Innovation Value List TOP100" was launched to recognize 70 innovative brands and 30 service providers that withstand the outbound wave [2] - The "2025 China Enterprises Globalization New Forces 100 Strong List" aims to identify high-value innovative companies with local experience and global strategic vision [2]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 1.33 billion yuan in 2024, representing a year-on-year increase of 15.0%, driven by advancements in the aerospace sector and breakthroughs in consumer electronics and overseas market expansion [2][5] - The net profit attributable to shareholders for 2024 was 100 million yuan, a decrease of 5.3% year-on-year, primarily due to increased labor costs and higher fixed and R&D expenses associated with the company's expansion [2][3] - In Q1 2025, the company reported a revenue of 230 million yuan, up 7.3% year-on-year, but a net loss of 14.95 million yuan, attributed to significant R&D investments and rising employee compensation [2][3] Financial Performance Summary - The gross margin for 2024 was 37.4%, down 9.8 percentage points year-on-year, while the net margin was 7.9%, down 1.7 percentage points [3][6] - The company’s operating expenses ratio for 2024 was 32.8%, a decrease of 4.9 percentage points year-on-year, with the sales expense ratio increasing to 7.1% due to an expanded sales force [3][6] - Revenue forecasts for 2025-2027 are 1.76 billion, 2.42 billion, and 3.38 billion yuan respectively, with compound annual growth rates of 38% [5][6] Strategic Developments - The company has invested in Hualichuang Science, acquiring a 9% stake, which specializes in high-performance sensor solutions applicable in humanoid robots and other fields [3][20] - The company is expanding its 3D printing capabilities, particularly in aerospace and consumer electronics, which are expected to enhance its market position [4][5]

Core Insights - FPHLTH Investment Inc. has successfully acquired full control of Hong Kong's China Feige Investment Holdings Ltd. and aims to integrate the FPHLTH and Feige Medical brands to expand globally, focusing on outdoor sports goods and medical devices [1][14] Company Overview - FPHLTH has a forward-looking investment strategy, focusing on high-performance, lightweight outdoor sports equipment and fitness products, while also extending into health-related sectors such as medical aesthetics and wellness [3] - Feige Medical specializes in minimally invasive medical devices and rehabilitation equipment, with core technologies including flexible sensors and AI-driven health monitoring systems [7] Technology and Innovation - FPHLTH utilizes advanced technologies such as AI and lightweight composite materials to enhance product performance and durability, while also employing 3D printing and automation in manufacturing [5] - Feige Medical's products have received international certifications like FDA and CE, ensuring compliance with high market standards [7] Strategic Collaboration - The two brands plan to collaborate on channel expansion, utilizing FPHLTH's global distribution network to promote Feige Medical's portable health monitoring devices [9] - There will be a technological integration where Feige Medical's sensor technology will be incorporated into FPHLTH's outdoor gear, creating a "sports + health" ecosystem [9] Regional Operations - In North America and Europe, FPHLTH will enhance brand influence through partnerships with outdoor influencers and events, while Feige Medical will collaborate with renowned medical institutions to build clinical credibility [11] - In the Asia-Pacific region, the focus will be on leveraging Hong Kong's financial advantages and establishing a smart manufacturing base in Shenzhen [11] Sustainability and ESG Initiatives - FPHLTH aims for 50% of its product line to use recycled or bio-based materials by 2026, while Feige Medical will explore biodegradable medical supplies to reduce waste [12] - Both companies will enhance transparency in sustainability efforts and employee welfare through annual reports and collaboration with ESG research institutions [12] Future Outlook - The acquisition and subsequent collaboration are expected to transform the global outdoor sports and healthcare industries, providing consumers with innovative and high-quality products [14]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][8]. Core Views - The company is undergoing a significant transformation driven by "intelligent computing power + data elements," focusing on AI capabilities to enhance its market competitiveness and operational efficiency [3][5][6]. - The financial outlook shows a narrowing of losses, with projected net profits increasing significantly from 2025 to 2027, indicating a potential turning point in profitability [5][6][7]. Summary by Sections 1. AI and Big Data-Driven Core Business Layout - The company is building a digital transformation foundation through a dual-engine strategy of intelligent computing power and data elements, integrating high-performance computing services [13]. - The company plans to change its actual controller, which may accelerate its strategic transformation into a new layout combining 3D printing, AI, and computing power [17][20]. - The company has developed a customer flow analysis system and a remote store inspection system, leveraging AI to enhance decision-making in commercial operations [21][24]. 2. Large Models Driving Industrial Transformation - The emergence of open-source ecosystems is facilitating the rapid development of vertical applications, with the company positioned to leverage these advancements [4][35]. - The introduction of the "Doubao Video World" model represents a breakthrough in visual cognition, allowing for video generation without text prompts, thus reshaping application paradigms [38][42]. 3. Financial Overview: Narrowing Losses and Strengthening Long-Term Value - The company has experienced revenue fluctuations and short-term profit pressures, primarily due to high R&D expenditures and fixed costs [5][59]. - The transition to data services has led to a significant increase in gross margins, indicating the effectiveness of the strategic shift towards becoming a data service provider [61]. 4. Profit Forecast and Investment Recommendations - The company is expected to see substantial growth in net profits from 2025 to 2027, with projected earnings per share (EPS) increasing from 0.10 yuan to 0.46 yuan [6][7]. - The report emphasizes the potential for the company's AI and data services to drive future growth, supported by favorable policy trends and market demand [54][64].

Important Market News - In April, the US CPI rose by 2.3% year-on-year, slightly below the expected 2.4%, while the core CPI remained at 2.8% [1] - US stock indices showed mixed results, with the Nasdaq up 1.61% and the S&P 500 up 0.72%, while the Dow Jones fell by 0.64% [1] - Nvidia and Tesla stocks rose over 5%, reaching their highest closing prices since late February [1] - COMEX gold futures increased by 0.96% to $3259 per ounce, and WTI crude oil futures rose by 2.77% to $63.67 per barrel [1] Industry Insights - The 2025 Data Intelligence Conference will be held in Beijing on June 18-19, where standards for smart applications will be released [2] - AI Agents are expected to play a crucial role across various industries, including manufacturing, education, finance, and retail, with major internet companies leading the development [2] - Sichuan province announced plans for low-altitude economic development, including the establishment of over 40,000 square kilometers of airspace and the launch of eight low-altitude transport routes [3] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [3] - The central government aims for over 90% of administrative villages to have 5G coverage by 2025, with the digital rural market expected to exceed 2.2 trillion yuan by 2025 [4] - The China Aerospace Science and Technology Corporation successfully tested a 140-ton reusable liquid oxygen-methane engine, marking a significant advancement in aerospace technology [5] - The 3D printing market in China is projected to exceed 630 billion yuan by 2024, with significant growth expected in various manufacturing sectors [5] Company Updates - Donghu High-tech announced the termination of a share acquisition agreement due to unmet preconditions [6] - Huafeng Chemical decided to terminate its restructuring plan after failing to secure the necessary shareholder approval [6] - Zhejiang Rongtai reported plans for major shareholders to reduce their stakes through public trading [7] - Baijie Shenzhou reported a 50.2% year-on-year increase in revenue for Q1 2025, reaching 8.048 billion yuan, but still incurred a net loss [7]

Group 1: Company Overview - Huina Technology Co., Ltd. was established in July 2004 and listed on the Growth Enterprise Market on February 15, 2017, with stock code 300609 [2] - The company provides artificial intelligence and big data application solutions, focusing on digital transformation for offline businesses and public services [3] - Huina Technology has two main business segments: commercial services and public services, offering products such as customer flow data analysis and remote store inspection systems [3][4] Group 2: Financial Performance - The company has reported continuous losses over the past three years, with revenues of 361 million, 376 million, and 363 million yuan, showing stability [6] - Net profits were -37.67 million, -34.03 million, and -23.86 million yuan, indicating a gradual narrowing of losses [6] - The gross profit margin has improved slightly, recorded at 44.42%, 49.86%, and 50.66% over the same period [6] Group 3: Shareholder and Control Changes - The actual controller of Huina Technology was previously Zhang Hongjun, holding a 20% stake [5] - On May 9, 2025, Zhang Hongjun signed a share transfer agreement to transfer 15% of his shares to entities controlled by Jiang Zexing, the new actual controller [18] - The share transfer price was approximately 450 million yuan, with a per-share price of 24.98 yuan, reflecting a 7.69% discount compared to the last trading price [18] Group 4: New Controller and Acquisition - Jiang Zexing is the founder and chairman of Shenzhen Jinshi Sanwei Printing Technology Co., Ltd., a leading company in 3D printing technology [9][14] - Jinshi Sanwei recently completed a financing round of several hundred million yuan, which facilitated the acquisition of Huina Technology [8] - The acquisition strategy involves both share transfer and a private placement to strengthen control over Huina Technology, with Jiang Zexing expected to hold approximately 34.6% of the shares post-transaction [28][20] Group 5: Future Prospects - The acquisition is seen as a strategic move to integrate Jinshi Sanwei's assets into Huina Technology, leveraging the growth potential in the smart additive manufacturing sector [30] - The company plans to address potential competition issues through asset restructuring and business adjustments [30] - The transaction is expected to enhance Huina Technology's cash flow and market position in the rapidly growing 3D printing industry [29][30]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported consolidated revenues of $95 million, an 8% decline from the previous year, primarily due to a decrease in materials sales [30][31] - Non-GAAP gross profit margin for the quarter was 35%, down from 40% in the prior year, attributed to lower volumes and unfavorable price and mix [32] - EBITDA for Q1 was negative $23.9 million, a decline of $4 million from the previous year, driven by lower revenues and gross margin [34] Business Line Data and Key Metrics Changes - Industrial Solutions revenues were $53 million, down 7% year-over-year, with the decline mainly driven by materials sales, although printer sales showed growth [30] - Healthcare Solutions revenues decreased by 9% to $41 million, with growth in services offset by a decline in materials and flat printer sales [31][32] - Personalized healthcare and parts manufacturing revenues grew by 1817% and 1718% respectively, indicating strong performance in these segments [23][31] Market Data and Key Metrics Changes - The dental market is projected to have a total addressable market opportunity of $1 billion in the U.S. alone, with Europe and Asia potentially doubling this figure [15] - The aligner market continues to grow, although there may be volatility due to inventory management strategies among key manufacturers [16][43] Company Strategy and Development Direction - The company is focusing on cost reduction initiatives, aiming for over $70 million in total cost savings by mid-2026, in response to current market conditions [13][14][28] - A strategic emphasis is placed on expanding capabilities in personalized healthcare and high-reliability industrial markets, particularly aerospace and defense [54][92] - The company plans to leverage its technology advancements in both polymer and metal printing to capture growth opportunities in various sectors [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over weak sales due to frozen capital spending across most markets, with the exception of personalized healthcare, defense, and AI infrastructure [7][27] - A conservative outlook for the remainder of 2025 was communicated, reflecting the softer-than-expected start to the year and ongoing uncertainties in customer capital spending [26][37] - The company remains optimistic about long-term growth potential, particularly in the healthcare and industrial sectors, once market conditions improve [37] Other Important Information - The company completed the sale of its GeoMagic asset portfolio, generating over $100 million in net proceeds, which strengthens its cash position [29][35] - The company maintains a cash balance of approximately $250 million following the GeoMagic sale, positioning it well for future investments [36] Q&A Session Summary Question: Can you comment on aligner inventory and the movement to just-in-time? - Management noted that the aligner market continues to grow, but manufacturers are becoming more sophisticated in inventory management, leading to increased volatility in forecasts [39][41] Question: With cost cuts, should the company consider exiting new technology areas? - Management indicated that while some exploratory R&D efforts may be paused, successful acquisitions and technologies will be fully integrated and maintained [48][51] Question: What caused the revenue shortfall in Q1? - The shortfall was attributed to delays in purchase orders and shipments, particularly in the materials segment, as customers reevaluate capital spending [60][63] Question: What are the options for addressing the upcoming debt maturity? - Management is exploring various options, including potentially rolling the debt forward or paying it off, depending on market conditions [77][79] Question: How will cost cuts affect growth? - Management emphasized the importance of maintaining R&D investments in key growth areas while also implementing cost reductions across both cost of goods and operating expenses [80][82]