Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational growth targets for 2025. Key players are emphasizing market share enhancement and strategic execution efficiency. Innovations, market penetration, international expansion, and youth-oriented strategies are highlighted as core directions for liquor companies [2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in output from January to April 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The beverage sector is characterized by intense competition, but there are opportunities for growth driven by extended holiday periods and improved travel scenarios. Companies with strong channel networks and high-potential products are recommended for investment [3]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, quality growth with a focus on market share rather than aggressive quantitative targets. Major companies like Guizhou Moutai and Shanxi Fenjiu are implementing strategies to enhance brand resilience and market stability [2]. - Guizhou Moutai aims for a revenue target of 7.6 billion yuan (approximately $1.1 billion) for 2025, reflecting a 3.49% year-on-year increase, while net profit is targeted at 2.62 billion yuan (approximately $380 million), a 1% increase [2]. Beer and Beverage - The beer production for the first four months of 2025 totaled 11.44 million kiloliters, with April showing a 4.8% increase compared to the previous year. The sector is expected to benefit from low comparative bases in the upcoming quarters [3]. - The beverage market is witnessing the launch of innovative products, such as the new electrolyte water brand targeting health-conscious consumers. Despite fierce competition, the beverage sector is projected to maintain high growth due to favorable market conditions [3]. Food Supply - The food supply sector is seeing recovery among leading companies, with a focus on expanding product lines and enhancing distribution channels. Companies like Three Squirrels are diversifying into new categories and exploring innovative retail strategies [7].

Group 1 - The company maintains a strategic goal of "rooted in China, facing the world," with ongoing overseas customer collaboration projects progressing as planned, leading to an increase in customer numbers and projects, thereby enhancing global influence [2] - The company reports that interactions with downstream customers, project advancements, and business progress remain normal, with no perceived slowdown in customer demand or substantial impact on business [2] - The company views healthy competition in the domestic market as beneficial for industry development, focusing on technological accumulation and innovation iteration to deepen customer cooperation and optimize through R&D, service quality, and team building [2] Group 2 - The company emphasizes its competitive advantages, including a 20-year R&D accumulation leading to a "3+1" technology platform, with some technologies reaching international advanced levels, showcasing competitive R&D capabilities [2] - The company adopts a service model that is closely aligned with market and customer needs, characterized by quick response times and high flexibility, providing clients with good, close, and one-stop services [2] - The company's self-controlled supply capability of core raw materials enhances product performance and supply security, further strengthening its competitive edge [2] Group 3 - The company’s merger and acquisition strategy focuses on enhancing technological synergy or strengthening business differentiation, while also considering the cultural alignment of acquisition targets [3] - The company plans to engage in strategic investments, mergers, or establish business partnerships to integrate resources along the domestic and international industrial chain, broaden business areas, enhance technological strength, and seek stable external growth [3]

Group 1: 2024 Performance Overview - In 2024, the company achieved a market sales (GMV) of 122.2 billion yuan, a year-on-year increase of 3.9% [1] - The operating revenue was 12.966 billion yuan, a year-on-year decrease of 4.04% [1] - The net profit attributable to shareholders was 769 million yuan, down 40.83% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 890 million yuan, a decrease of 27.62% year-on-year [1] Group 2: Business Transformation Highlights - The company rebranded from "居然之家" to "居然智家" on December 9, 2024, gaining recognition from various sectors [2] - The home furnishing main business showed resilience, ensuring overall health and stability [2] - The company opened 16 smart home experience centers and 4 integrated stores [3] Group 3: Digital Transformation Achievements - The global registered user count for "居然设计家" exceeded 18 million, a year-on-year increase of 21.9% [3] - The number of design cases surpassed 38.5 million, up 17.8% year-on-year [3] - The model count exceeded 12.44 million, a growth of 28.6% year-on-year [3] Group 4: Sales and Store Expansion - In 2024, 33 new stores were opened, achieving sales of over 6.33 billion yuan, a year-on-year increase of 43.4% [4] - The first integrated store opened in 2023 generated over 168 million yuan in sales [4] - The company has over 300 cooperative brands and 150 stores across 15 provinces [4] Group 5: International Expansion Efforts - The company opened two stores in Cambodia and Macau, achieving over 97% occupancy [5] - "居然设计家" launched 13 design tool languages and added over 140 payment channels for international users [5] - The number of overseas annual paid users increased by 80.2% [5] Group 6: Future Outlook and Strategies - The 2025 plan focuses on leveraging digital transformation advantages to stabilize and break through in the home furnishing main business [6][7] - The company aims to enhance sales through a comprehensive online and offline marketing system [7] - Plans to open at least 30 new stores and 25 new locations in 2025, including one overseas [22] Group 7: Measures to Address Profit Decline - The company is focusing on sales and recruitment to stabilize the home furnishing main business [19] - Adjustments in the chain development model to enhance franchise management quality [19] - Strengthening cash flow management and controlling capital expenditures [19] Group 8: Industry Outlook - Future industry growth is expected to be driven by multi-dimensional policy support and digital transformation [20] - The internationalization and collaboration within the supply chain will enhance the overall level and resilience of the home furnishing industry [20]

Group 1: Growth Strategies - The company anticipates maintaining medium to high-speed growth over the next 3-5 years, driven by international expansion, smart manufacturing, eco-friendly packaging, and domestic market potential [2][3][4]. - International expansion includes establishing new production bases in Europe, the Middle East, and the U.S. within 2-3 years, leveraging existing customer relationships [2][3]. - Smart manufacturing investments have positioned the company as a leader in automation and efficiency, with a dedicated team of around 200 engineers and 100 IT specialists [3]. Group 2: Market Opportunities - The company sees significant potential in the heavy packaging market, particularly in automotive parts exports, and aims to lead in high-end card and new consumer packaging [11]. - The eco-friendly packaging segment is expected to grow as material development and process improvements reduce manufacturing costs [3]. - The company is also focusing on the robot industry through its subsidiary, which has gained traction in small-batch production [3]. Group 3: Financial Performance and Projections - Currently, overseas production capacity accounts for approximately 20%, with a goal of achieving a 50:50 distribution between domestic and international operations in the long term [4]. - The company aims for a net profit margin of 12% or higher, leveraging its competitive advantages in differentiated manufacturing [4][5]. - Since its listing, the company has completed dividends totaling approximately 2.85 billion yuan and plans to continue share buybacks [12]. Group 4: Competitive Advantages - The company has a first-mover advantage in overseas production, with a workforce of around 3,000 in Vietnam, while local competitors are primarily small factories [5]. - Established smart factories in China allow for rapid replication of successful practices in international markets, enhancing cost control and efficiency [5]. - The company has formed stable supply relationships with numerous international clients, positioning itself to capitalize on consumer upgrades in various regions [5][8]. Group 5: Risk Management - The company’s overseas expansion is strategically aligned with customer demand, ensuring that capacity increases are based on market needs rather than speculative investments [6][7]. - The company is cautious about potential competition from emerging local packaging firms in Southeast Asia, focusing on maintaining its technological and operational advantages [9].

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 - The core point of the news is that Zhaoyi Innovation plans to issue H-shares for overseas listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image, with a maximum issuance of 10% of the total share capital post-issuance [1] - The funds raised from the listing will be used to strengthen R&D capabilities, continue product and technology innovation, strategic investments and acquisitions, and global marketing and business network development [1] - Following the announcement, Zhaoyi Innovation's A-shares experienced a decline of over 6%, resulting in a total market capitalization of 78.6 billion yuan [1] Group 2 - In Q1 2024, Zhaoyi Innovation reported revenue of 1.909 billion yuan, a year-on-year increase of 17.32%, and a net profit attributable to shareholders of 235 million yuan, up 14.57% [2] - As of March 31, 2025, Zhaoyi Innovation had a strong cash reserve of 9.409 billion yuan in monetary funds and 100 million yuan in trading financial assets, with short-term borrowings of 970 million yuan and no long-term borrowings or payable bonds [2] Group 3 - Other semiconductor companies such as Jiangbolong, Naxinwei, and Jiehuate have also announced plans for listing in Hong Kong, indicating a trend of semiconductor firms seeking international expansion amid technological and geopolitical challenges [3] - The "A+H" listing model provides an efficient platform for international capital operations, allowing companies to access a more diversified international capital base [3] - According to CITIC Securities, a wave of A-share companies is expected to seek Hong Kong listings starting in the second half of 2025, with a significant increase in the number of companies disclosing plans for Hong Kong listings in April 2025 alone [3]

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 and Competitive Advantages - The company focuses on carbon fiber products for the lightweight and high-end applications in the new energy vehicle industry, providing a one-stop service from structural design to mass production [2][3] - Key products include front hoods, trunk lids, automatic tail wings, side skirts, and various interior and exterior functional components [3] - The company leverages its technology in composite material molding and has developed unique advantages in carbon fiber paint technology and high-quality appearance processes [3] Group 2: Expansion and Production Capacity - The company plans to expand its production base in Thailand to meet the growing demand in Southeast Asia, enhancing local delivery efficiency for new energy vehicles and smart home appliances [4] - The expansion will involve the purchase of high-end equipment and the establishment of intelligent production lines, creating a one-stop production capability from modified plastics to plastic products [4] Group 3: Future Strategic Planning - The company aims to capitalize on the domestic industry's transformation and the high-end, lightweight development of new energy vehicles by optimizing resource allocation and increasing R&D investment [5] - By 2024, the company expects to achieve mass production of high-performance and lightweight carbon fiber products while expanding into international markets [5][6] - The focus will remain on three core product lines: high-performance modified plastics, precision molded products, and high-performance carbon fiber products, with an emphasis on emerging fields such as flying cars and robotics [5][6]

[Table_Title] 研究报告 Research Report 19 May 2025 [Table_header2] 奇德新材 (300995 CH) APPENDIX 1 Summary 奇德新材 Guangdong Kitech New Material (300995 CH) 高分子复合改性材料领军企业，碳纤维制品发展空间广阔 Polymer composite modified materials leader, accelerating international layout 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。 ...