Core Viewpoint - Shanghai Bank is focusing on sustainable growth through diversified revenue streams and strategic investments, particularly in retail and corporate lending, while adapting to market fluctuations and enhancing communication with investors [3][4][5][9]. Group 1: Revenue and Investment Strategy - The bank aims to achieve sustainable growth by enhancing the collaboration of its three main revenue streams, focusing on interest income, intermediary business, and non-interest income [3]. - The bank plans to optimize its bond investment strategy by serving the real economy, diversifying its asset allocation, and maintaining a balance between risk and return [4]. Group 2: Retail Lending - In 2023, Shanghai Bank has increased its retail lending, particularly in housing mortgages and auto loans, with a total mortgage issuance of 148.65 billion yuan, a year-on-year increase of 6.44% [5]. - The bank anticipates continued growth in retail credit demand in the second half of the year, driven by favorable policies and market recovery [5]. Group 3: Corporate Lending - The bank will continue to focus on serving key sectors and regions, aiming for a dual increase in the proportion of lending to priority areas [6]. - Strategies include developing specialized services for technology finance and enhancing support for small and micro enterprises [7][8]. Group 4: Convertible Bonds and Market Management - Shanghai Bank issued 20 billion yuan in convertible bonds in January 2021, which will mature in January 2027, and is focused on converting these bonds to strengthen its core capital [9]. - The bank has increased its cash dividend payout ratio to 32.22%, reflecting a commitment to enhancing shareholder value and market perception [9].

Core Viewpoint - Yingjia Gongjiu, once considered a "dark horse," experienced a significant decline in both revenue and profit in the first half of 2025, marking the first time in five years that such a downturn occurred [1][2]. Financial Performance - In the first half of 2025, Yingjia Gongjiu's revenue target is set at 7.6 billion yuan, reflecting a year-on-year growth of 3.49%, while the net profit target is 2.62 billion yuan, indicating a growth of 1% [1]. - The company's revenue from Anhui province decreased by 12% year-on-year in the first half of 2025, with a more pronounced decline of 20.29% in the second quarter [1]. Market Conditions - The overall market conditions are challenging, with consumer fatigue and weak demand impacting sales both within and outside Anhui province [2]. - The company is focusing on expanding its presence in external markets, particularly in Shanghai and Jiangsu, while introducing the "Dongcang series" as a growth driver [2]. Cost and Efficiency Challenges - Despite a significant drop in operating costs due to reduced sales volume, both selling and administrative expenses increased, with management expenses rising by 17% year-on-year [3]. - The management has not provided a clear explanation for the substantial increase in expenses but aims to enhance profitability through refined operations and efficiency improvements [3]. Stock Performance - Yingjia Gongjiu's stock price has fallen nearly 18% this year, continuing a downward trend for two consecutive years [3]. - As of September 19, the stock closed at 42.7 yuan per share, with a market capitalization of approximately 34.16 billion yuan [4].

Core Viewpoint - Guangdong Yidoli Biotechnology Co., Ltd. held an online investor meeting to discuss its mid-year performance and future strategies, focusing on product development and market expansion [1][2]. Group 1: Investor Relations Activity - The investor meeting took place on September 19, 2025, from 15:30 to 17:00 on the "Panorama Roadshow" website [2]. - Key personnel present included CEO Zhou Derong, independent director Yuan Ziqiang, CFO Huang Xiaoping, and board secretary Zhu Shanmin [2]. Group 2: Product Development and Market Strategy - The company has ceased production of Vitamin B12 due to market conditions and has made progress in animal plant extracts, completing various trials and obtaining new product certificates for red clover and stone mint extracts [2]. - In the human plant extract segment, the company developed multiple new products and optimized extraction processes, aiming for significant sales growth in overseas markets, with preparations for its German subsidiary completed [2]. Group 3: Production Capacity and Marketing - In 2024, the company produced 41,533 tons of biological enzyme preparations and sold 42,383 tons, achieving near full capacity utilization [2]. - The company is investing in new and upgraded projects across four bases to increase production capacity, while also expanding its global market presence by registering products in over 30 countries and establishing long-term partnerships with more than 2,300 quality clients [2]. Group 4: Shareholder Information and Market Management - As of September 10, 2025, the company had 20,222 shareholders [2]. - The management is focusing on core business development, research innovation, global market expansion, and efficiency improvements to achieve performance growth and high-quality development, alongside cash dividends, share buybacks, and equity incentives for market value management [2].

Production and Market Strategy - The company has halted the production of Vitamin B12 due to market reasons [2] - In 2024, the production of biological enzyme preparations reached 41,533 tons, with sales of 42,383 tons, indicating a near-saturation capacity utilization [2] - The company is focusing on expanding its global market presence, having registered products in over 30 countries and established long-term partnerships with over 2,300 clients [2] Research and Development - The company has made progress in developing new products, including plant extracts and fermentation products, while optimizing extraction processes for various plants [2] - New product certifications have been obtained for feed and feed additives, enhancing the company's product portfolio [2] Financial Performance and Shareholder Engagement - As of September 10, 2025, the number of shareholders is 20,222 [4] - The management is committed to improving company performance and achieving the goals set in the equity incentive plan over the next three years [5] - The company is actively engaging in value management through cash dividends, share buybacks, and equity incentives [6] Market Position and Challenges - The company is addressing the challenge of its stock price being close to net asset value, which is uncommon for growth stocks [5] - The management emphasizes the importance of maintaining a strong domestic market position while pursuing international expansion [5]

Core Viewpoint - The company has been facing continuous losses for three years and is actively seeking ways to turn around its financial situation through various strategic measures [2]. Group 1: Company Performance and Strategy - The company operates in a capital-intensive manufacturing industry and has experienced losses primarily due to the relocation of its factory and the addition of high-tech production equipment, compounded by challenging international trade conditions [2]. - The management team is focused on resolving issues related to old factory assets, increasing cash flow, and completing a green food cooperation project to enhance profitability [2]. - The company is considering mergers and acquisitions to strengthen its resilience and is looking to expand into other beneficial projects and businesses [2]. Group 2: Investor Concerns and Responses - Investors expressed concerns about the company's ability to turn a profit this year, to which the company responded by outlining its strategic initiatives aimed at improving operational performance [2]. - The company indicated that the recent Federal Reserve interest rate cuts would not significantly impact its performance [2]. - The company confirmed that the transfer of its food company for a 20% stake in "New Farmers" has been completed and that it will provide necessary resources to support the food company's operations [2]. - The company acknowledged the risk of being classified as a special treatment (ST) company due to its continuous losses and emphasized its commitment to enhancing project implementation and market value management [2].

Core Viewpoint - The company is facing challenges in the engineering industry due to complex external environments and imbalanced domestic supply and demand, but it sees opportunities in technological innovation and industrial upgrades [1] Financial Performance - In the first half of the year, the company achieved revenue of 4.788 billion yuan, a year-on-year decline of 12.95%, and a net profit attributable to shareholders of 177 million yuan, down 34.86% year-on-year [1] - Excluding investment income, the company's total profit remained stable compared to the previous year, with a gross profit margin of 18.6% and a debt-to-asset ratio of 52.55%, both better than the industry average [2] - The company signed new contracts worth a total of 2.139 billion USD in the first half of the year, a year-on-year increase of 33%, with a backlog of contracts amounting to 9.545 billion USD [2] Business Strategy - The company is focusing on building a stable revenue-generating investment and operation segment, concentrating on environmental engineering, cableway engineering, and clean energy [1] - The company is transitioning towards a technology-driven specialized engineering firm, emphasizing technological innovation as the core engine for high-quality development [3] - The company has established a technology innovation management system and is actively pursuing diversified financing methods to adapt to changing market conditions [3][4] Project Development - The company has signed six hospital projects in regions such as Central America, the Middle East, South Asia, and Africa, totaling over 400 million USD [3] - Significant projects include the second phase of a soda ash plant in Kazakhstan and the third phase of a storage facility in Turkey, contributing to local industrial upgrades [3] - The company has successfully launched two waste-to-energy projects in Uzbekistan, with a total investment of approximately 475 million USD and an expected post-tax return rate exceeding 8% [4] Market Positioning - The company has maintained its traditional market advantages while developing new markets, which have become stabilizers for its overseas business [5] - The company has achieved significant milestones in the oil and gas engineering sector, including the successful execution of the Iraq Nine Oil and Gas Central Processing Facility project, which set a record for the shortest construction period in similar projects [6] Value Management - The company has implemented a market value management system as a long-term strategic management behavior to enhance investor rights [6] - In 2024, the company distributed cash dividends of 155 million yuan to shareholders, accounting for 42.8% of the annual net profit attributable to shareholders, sharing the benefits of high-quality development with investors [6]

Group 1 - The company held a performance briefing on September 19, 2025, to discuss its half-year results, development strategies, and financial indicators with investors [1] - Key executives, including the General Manager and independent directors, participated in the meeting to address investor concerns within the scope of information disclosure [1] Group 2 - The company plans to integrate its research and development efforts post-merger with China Shipbuilding Industry Corporation, aiming to enhance technological capabilities and reduce operational costs [2][3] - The "Quality Improvement and Efficiency Enhancement Return Action Plan" has been developed for 2024 and 2025, focusing on increasing shareholder returns and market value management [3] Group 3 - Following the merger with China Shipbuilding Industry Corporation, the company aims to strengthen its high-end ship manufacturing capabilities and enhance overall operational performance [4] - The company is actively developing the domestic luxury cruise market, with the second large cruise ship, "Aida Huacheng," currently under construction [4] Group 4 - As of June 30, 2025, the company held a total of 333 civil ship orders, amounting to 26.49 million deadweight tons and 233.49 billion yuan [5] - The company reported a gross profit margin of 12.21% for the first half of 2025, showing an upward trend from previous years [5] Group 5 - The company is focusing on the LNG ship market, with a market share of 46% for LNG transport ship orders in 2024, indicating a competitive position against South Korean shipbuilders [6] - The company is committed to enhancing its market competitiveness through resource integration and collaborative synergies post-merger [6]

Core Viewpoint - The company emphasizes the importance of market value management and investor returns, committing to enhance communication with the capital market and improve investor relations [1] Group 1 - The company is focused on operational management to create good performance and returns for investors [1] - The company actively utilizes share buybacks and cancellation of repurchased shares to boost investor confidence and enhance returns [1] - The company is dedicated to improving information disclosure and investor relationship management [1]

| | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | ■业绩说明会 | □媒体采访 | | 动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | □其他（投资者电话交流会） | | | 参与单位名称 | 年广东辖区投资者集体接待日暨辖区上市公司中 参加公司"2025 | | | 及人员姓名 | 报业绩说明会"的投资者 | | | 时间 | 年 月 日（星期五）下午 9 19 15:30~17:00 | 2025 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用 | | | | 网络远程的方式召开业绩说明会 | | | 上市公司接待 | 董事长、总经理：王廷春 董事、副总经理、财务总监：欧秀清 | | | 人员姓名 | 副总经理、董事会秘书：韦芳群 | | | | 独立董事：陈青、谢康、李华毅 | | | | 证券事务代表：陈少华 1、交流互动环节： | | | | 问题 | | | | 1：公司与诺泰生物签订的"司美格鲁肽注射液"项目目 | | | | 期临床试验随访阶段，请问该 ...

Core Viewpoint - Yingjia Gongjiu, known as a "dark horse," experienced a significant decline in performance in the first half of 2025, marking the first time in five years that both revenue and profit decreased in the same period [2] Financial Performance - In the first half of 2025, Yingjia Gongjiu's revenue target is set at 7.6 billion yuan, reflecting a year-on-year growth of 3.49%, while the net profit target is 2.62 billion yuan, indicating a year-on-year growth of 1% [2] - The company has historically met its financial budget targets during periods of high growth, but the recent double-digit decline raises concerns about achieving the annual performance goals [2] Market Conditions - The majority of Yingjia Gongjiu's revenue comes from Anhui Province, where revenue in the first half of 2025 decreased by 12% year-on-year, with a more pronounced decline of 20.29% in the second quarter, indicating severe demand challenges [4] - The company plans to continue focusing on the Anhui market while addressing the weak demand and consumption fatigue [4] - In external markets, the company also faced significant declines, attributed to weak demand and insufficient brand influence outside of Anhui, with Shanghai and Jiangsu identified as key markets for growth [4] Cost and Efficiency Challenges - Despite a significant drop in operating costs due to reduced sales volume, both sales and management expenses increased year-on-year, with management expenses rising by 17% [6] - The management has not provided a clear explanation for the substantial increase in expenses but aims to enhance profitability through refined operations and efficiency improvements [6] Stock Performance - Yingjia Gongjiu's stock price has dropped nearly 18% this year and has seen a continuous decline for two consecutive years, with a closing price of 42.7 yuan per share and a market capitalization of approximately 34.16 billion yuan [7]