Summary of Mingyang Technology Conference Call Company Overview - Mingyang Technology primarily engages in the production of automotive seat components, including height and angle adjustment mechanisms and armrests. Over 95% of its orders come from the new energy vehicle sector, with significant sales growth in the first quarter of 2025, although the overall growth rate for the year is expected to remain consistent with 2024 [2][3][4]. Industry Dynamics - The domestic market for new energy vehicles is experiencing intensified competition, leading to increased pressure on product pricing and cash flow due to shortened supply chain payment terms. This necessitates accelerated innovation and process improvements within the company [2][3][4]. - The automotive parts industry is facing a price reduction pressure of approximately 6% annually from clients, which is impacting profit margins. Mingyang Technology is responding by reducing costs, enhancing capacity utilization, and controlling personnel growth to maintain gross and net profit levels [4][19]. Key Products and Innovations - Mingyang Technology is focusing on the development of PEEK materials as an upgrade to traditional self-lubricating bushings, which are currently made from PTFE. PEEK materials are environmentally friendly and have broader application potential in robotics and medical devices. The company has completed initial parameter and process validation and anticipates breakthroughs in 2025 [2][5][7][12][16]. - The company’s assembly design includes small components such as home door dampers and automotive armrest angle adjusters, with a target production capacity of approximately 30 million yuan for 2025, expecting significant growth in the third or fourth quarter [2][15][14]. Financial Performance and Projections - For 2025, the company expects revenue of around 300 million yuan, with production capacity achieving approximately 205 million yuan. The projected total output value for 2026 and 2027 is around 500 million yuan [17][28]. - The gross margin for the company is currently at 43%, with a net profit margin of 26%. Despite a slight increase in net profit margin, the gross margin has decreased due to ongoing price pressures [19]. Strategic Focus and Future Directions - Mingyang Technology plans to continue focusing on automotive seat components, enhancing R&D investment, and accelerating new product development to meet evolving market demands. The company aims to expand into new applications such as smart seating systems [6][30]. - The company is also exploring opportunities in non-automotive sectors, particularly in powder metallurgy and metal injection, which have applications in engineering machinery, medical devices, and robotics [28][30]. Challenges and Responses - The company faces challenges in maintaining gross margins due to client price reductions and fluctuating raw material costs. To counter these challenges, Mingyang Technology is optimizing its product structure and improving production efficiency [18][19]. - The company is also addressing the issue of short order cycles by maximizing the utilization of existing resources rather than increasing personnel or equipment, which could negatively impact margins [20]. Customer Base and Market Position - Mingyang Technology primarily serves new energy vehicle models, with over 90% of its orders coming from this segment. Major clients include Yanfeng, with orders from leading brands like BYD, Tesla, and Huawei [4][21][22]. - The company has successfully developed domestic alternatives to imported components, which are priced competitively while maintaining good profit margins, positioning itself favorably in the market [33]. Conclusion - Mingyang Technology is strategically positioned in the automotive seat component sector, focusing on innovation and efficiency to navigate competitive pressures and market dynamics. The company is committed to expanding its product offerings and exploring new markets while maintaining a strong emphasis on R&D and operational excellence [35][36].

Group 1: High Bandwidth Memory (HBM) - Changxin Storage plans to deliver samples of the fourth generation high bandwidth memory (HBM3) by the end of 2025 and aims for full-scale production starting in 2026, with a goal to develop the fifth generation (HBM3E) by 2027 [1] - The demand for high bandwidth memory technology is expected to surge due to the growth in high-performance computing and artificial intelligence, with the latest generation HBM3e projected to account for over 90% of shipments by 2025 [1] - Samsung is advancing its HBM4 development, with mass production expected in the second half of 2025 and commercial shipments in 2026, indicating a competitive landscape among major global memory chip manufacturers [1] Group 2: AI Advertising - Meta is exploring AI-generated advertising technology to reduce costs and complexity for advertisers, allowing them to convert product images into multi-scene video ads [2] - The global AI advertising market is projected to grow from $1.023 billion in 2024 to $10.32 billion by 2031, with a compound annual growth rate of 39.7% [2] - The introduction of AI tools by Meta and TikTok signifies a transformative shift in the advertising industry, enhancing content production efficiency and lowering barriers for high-quality content creation [2] Group 3: Refrigerants - The third-generation refrigerant market is experiencing a strong price increase due to tightening global environmental regulations, quota restrictions on production, and rising demand from cooling equipment as summer approaches [3] - The refrigerant industry is currently in a price upcycle, with second and third-generation refrigerants expected to see both volume and price increases, benefiting from growth in the air conditioning and automotive sectors [3] - The market for refrigerants is expanding as new industries such as renewable energy and electronics develop, driven by policy changes and technological advancements [3] Group 4: Brain-Computer Interfaces - The brain-computer interface sector saw significant stock price increases, with companies like Brain ReGen Technologies experiencing a 283% surge after FDA approval for their new neural modulation chip [4] - The technology aims to address Parkinson's disease, targeting a market of approximately 10 million patients globally [4] - Advances in brain-computer interface technology are supported by favorable policies and ongoing research breakthroughs in various medical applications [4] Group 5: Aerospace - The 55th Paris-Le Bourget International Air and Space Show will take place in June 2025, showcasing China's advancements in various aerospace sectors [5] - The military and defense industry is expected to see recovery and growth, with clear long-term goals set for modernization by 2035 and achieving a world-class military by 2050 [5] - The defense and military sector is poised for significant improvement, driven by recovering demand and optimized production capacity [5] Group 6: Magnetic Levitation Technology - China's magnetic levitation technology has achieved a breakthrough with a new test line demonstrating speeds of 650 km/h, setting a global record for similar platforms [6] - The technology is recognized as a strategic emerging industry, with plans for four major high-speed magnetic levitation lines to expand the market significantly by 2030 [6] - The application of magnetic levitation technology is broadening into various fields, including industrial, medical, and energy sectors, driven by policy support and market demand [6] Group 7: Robotics - A research team has developed the world's first robotic hand system with high-resolution tactile perception and complete motion capabilities, enabling precise operations and adaptive grasping [7] Group 8: Macro and Industry News - State-owned enterprise reform actions have achieved an average completion rate of over 80% for key reform tasks [8]

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" to help investors identify investment hotspots and prevent black swan events [1] - A company is involved in the research and development of medical-grade fully implanted wireless brain-machine interface systems, focusing on brain-machine interface, computing power, solid-state batteries, robotics, domestic chips, and state-owned enterprise reform [1] - Another company focuses on brain-machine technology applied to three core scenarios: education, healthcare, and elderly care, integrating brain-machine interfaces, edge computing, robotics, AI agents, multimodal AI, and cross-border e-commerce [1] - A company has received orphan drug designation from the EU for its innovative drug products, emphasizing innovation in drug development and cell immunotherapy [1]

证券代码：301325 证券简称：曼恩斯特 时考虑到锂电新技术中粉体材料处理及硫化物材料对设备耐 磨损、抗腐蚀、高硬度等要求趋严，公司前瞻性提出新型陶瓷 材料改造锂电设备尤其固态/干法新技术装备的升级方案。现 在公司已搭建较完整的陶瓷科研实验室及加工产线，通过自研 的陶瓷材料配方及加工工艺，已开发有陶瓷模头、陶瓷双螺杆、 陶瓷搅拌浆、陶瓷辊等代表性产品。 此外，公司现已规划有较完善的固态电池极片制造解决方 案，针对不同材料的适配性亦有多种工艺路线选择，且在多工 序的干法设备均有订单出货。为了确保固态电解质薄层均匀性 制备要求以及尽快推动商业化落地，公司所开发的电解质薄涂 技术，干膜厚度可以控制在 1-15µm，具备较强的竞争优势。 深圳市曼恩斯特科技股份有限公司 投资者关系活动记录表 编号：2025-005 | | █特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | █现场参观 | | | □其他（电话会议） | | 参与单位名称 | （以下排名不分先后） | | | 博时基金、长城基金、金鹰基 ...

机构观点 巨丰投顾：周二市场震荡运行，脑机接口板块涨幅居前。陆家嘴论坛召开在即，政策利好预期将推动A 股市场进一步上行。短线可关注数字货币等题材，中线建议持续关注大消费、半导体、机器人等受益于 政策支撑的行业。 富荣基金：过往经验表明，中东地缘政治通常会通过影响大宗商品价格和通胀预期，间接对国内资本市 场产生作用，对市场偏短期的情绪造成压制。但从中期股价的历史复盘情况来看，中东地缘政治较少成 为影响A股方向性变化的关键因素，建议关注后续局势的发展动向。短期内上证指数已接近震荡区间的 上沿，市场的内在稳定性较弱，对利空消息会更为敏感。中期看好具备产业景气逻辑的新兴成长方向， 如AI、半导体、机器人等领域。行业重点关注：成长赛道，如AI应用、半导体、医药等板块；底部区 间有拐点预期的板块，如证券、电新、消费等。 新华财经北京6月17日电 （王媛媛）周二A股三大指数小幅下跌。截至收盘，沪指报3387.40点，跌 0.04%，成交4580亿元；深证成指报10151.43点，跌0.12%，成交7492亿元；创业板指报2049.94点，跌 0.36%，成交3730亿元。 板块方面，脑机接口、油气、电池、核污染防治等板块涨 ...

Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with a continued profit-making effect from "new share subscriptions" [1] Group 1: IPO Market Performance - Since 2025, 31 new stocks have been listed in Hong Kong, with only 9 experiencing a decline on their first day, resulting in a 29.03% failure rate. In the first half of 2024, 70 new stocks were listed, with 25 failing, leading to a 35.71% failure rate [1] - The performance of new stocks on their debut is characterized by four main features [3] Group 2: Characteristics of Successful IPOs - **Feature One: Popular Industries and Leading Companies** The IPOs in Hong Kong this year are driven by "technology + consumption," with significant participation from emerging consumption sectors and advanced technology fields. Notable companies include Ying'en Biotech, which saw a 116.70% increase, and Mixue Group, with a rise of 43.21% [3][4] - **Feature Two: A-Share Companies Listing in Hong Kong** A-share companies have played a significant role in the current IPO wave, with notable fundraising amounts. For instance, Ningde Times raised 41 billion HKD [4] - **Feature Three: Quality of Cornerstone Investors** The cornerstone investor system in Hong Kong is crucial, as these investors are typically large and reputable, providing a "backing" for the new stocks. The presence of high-profile cornerstone investors significantly influences the performance of new listings [5] - **Feature Four: High Subscription Multiples** The IPOs often see extremely high subscription multiples, indicating strong market interest. For example, Mixue Group's subscription exceeded 1.83 trillion HKD, with a subscription multiple over 5000 times [6]

Core Insights - The report focuses on the LiDAR industry, highlighting its dual-driven development in advanced intelligent driving and robotics sectors [1] Downstream Market Applications - Sensor fusion trend: LiDAR collaborates with cameras and millimeter-wave radars to compensate for the shortcomings of pure vision solutions, achieving a target tracking accuracy of 75% compared to 56% for pure vision in 2023 [1][42] - Market size: The global automotive LiDAR market is projected to reach $5.26 billion in 2023 and $3.632 billion by 2029 [2] - Robotics sector: 2025 is anticipated to be the commercial year for humanoid robots, with companies like Tesla planning to produce 5,000 units of Optimus [2] - Market potential: In 2023, robotics accounted for 68.2% of LiDAR applications, with the Chinese robotics LiDAR market expected to reach 28 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 67.9% [2] Industry Development Drivers - Cost reduction: Leading manufacturers are lowering costs through self-developed SoC chips and optical integration, with prices for mainstream automotive LiDAR models expected to drop from 350,000-400,000 yuan in 2023 to 300,000-350,000 yuan in 2024 [5] - Increased vehicle integration: L3 level requires one front-facing and 2-3 blind-spot radars, while L4 may require up to 10 units, driving demand growth [5] - Policy and technology support: National and local policies are promoting intelligent driving development, with L3 and above levels creating urgent demand for LiDAR [5] - Market share: By 2024, Chinese manufacturers are expected to lead the global market, with Hesai Technology (33%), RoboSense (24%), Huawei (19%), and TuSimple collectively holding 88% [5] Competitive Landscape and Manufacturer Dynamics - Hesai Technology: Projected revenue of 530 million yuan in Q1 2025 (+46.3%), with an expected annual delivery of 1.2 to 1.5 million units, including nearly 200,000 units for robotics [3] - RoboSense: Q1 2025 robot product sales reached 11,900 units (+183.3%), launching the MX LiDAR to break the $200 price barrier [3] Future Trends - The dual-driven development of intelligent driving and robotics is expected to push the Chinese LiDAR market to 43.18 billion yuan by 2026, with chip and solid-state technologies further driving cost reductions [12]

Group 1 - The market experienced a general decline, with financial and cyclical sectors performing the best, while the STAR 50, consumer, and CSI 2000 indices lagged behind [3][9] - Among industries, non-ferrous metals, petroleum and petrochemicals, and agriculture, forestry, animal husbandry, and fishery showed the highest gains, while household appliances, food and beverage, and building materials performed the weakest [11][12] - The relative PE of the ChiNext index to the CSI 300 decreased, and the relative PB also declined [16] Group 2 - The overall valuation of broad market indices fell, with the current valuations of major indices above the 50% historical percentile level, while the ChiNext index is at a low valuation compared to the past year [24] - Valuation differentiation is evident across industries, with financial real estate valuations above the 50% historical percentile, while materials, equipment manufacturing, industrial services, transportation, consumption, and technology are at or below the 50% level [26] Group 3 - The current valuation of the food and beverage, agriculture, forestry, animal husbandry, and public utilities sectors is relatively cheap, indicating potential investment opportunities [37] - The PB-ROE perspective shows that non-bank financials, public utilities, agriculture, food and beverage, and social services have lower PB-ROE ratios, suggesting they may be undervalued [40] Group 4 - Current popular concepts such as autonomous driving, cultivated diamonds, third-generation semiconductors, digital currency, 6G, robotics, central state-owned enterprises, and large aircraft are at historically high valuation percentiles over the past three years [43]

Group 1 - The Hang Seng Index and Hang Seng Tech Index opened lower but rebounded during the trading session, with the Hong Kong consumer sector showing resilience and the Hong Kong Consumer ETF (513230) experiencing a slight increase [1] - The Hong Kong Consumer ETF (513230) has seen a net inflow of funds for two consecutive trading days, accumulating a total of 24.19 million yuan, indicating sustained investor interest in the consumer sector [1] - New consumption trends are gaining attention from public funds, with the leading stock Pop Mart receiving significant institutional support, having 270 funds heavily invested as of Q1 2025, with a total holding of 68.75 million shares valued at 9.93 billion yuan [1] Group 2 - The current growth themes in the Hong Kong market are technology and new consumption, with recommendations to focus on sectors such as AI, smart driving assistance, robotics, and innovative pharmaceuticals in technology, and on trendy toys, gold and jewelry, urban outdoor activities, new-style dining, trendy discount retail, and gaming in new consumption [1] - The Hong Kong Consumer ETF (513230) encompasses e-commerce and new consumption, covering relatively scarce new consumption sectors compared to A-shares [2] - The Hang Seng Tech Index ETF (513180) includes both software and hardware technology, featuring technology leaders that are relatively scarce in A-shares [2]

Group 1 - The overall performance of ETF products has been good in the past two weeks, with the largest increase in the ChiNext ETF and the pharmaceutical industry ETF [2][8] - Major broad-based ETFs experienced net outflows, with the speed of outflows from the CSI 300 and A-series accelerating compared to the previous two weeks [2][8] - New ETFs established in the past two weeks totaled 9, with a combined issuance of 2.936 billion shares, all being stock ETFs [2][8] Group 2 - The report indicates that the domestic equity market has shown resilience, with average daily trading volume rising to 1.3 trillion yuan, and the ChiNext index performing well [3][12] - The U.S. CPI data showed moderate inflation, leading to increased market expectations for the Federal Reserve to cut interest rates in the second half of the year [3][12] - The report suggests focusing on two main investment themes: high-end manufacturing and domestic technology growth, as well as quality consumer assets benefiting from domestic demand expansion policies [3][14] Group 3 - The U.S. Treasury repurchase market is crucial for providing financing and liquidity for U.S. Treasuries, and it is also a market for implementing Federal Reserve monetary policy tools [4][15] - The report outlines the main participants in the repurchase market, with money market funds being the largest lenders and hedge funds as the primary borrowers [4][15] - Recent indicators suggest that the repurchase market is functioning well, with no significant funding pressure observed, although hedge fund leverage is at a high level [4][16] Group 4 - The financial data for May 2025 shows that the social financing scale increased by 2.29 trillion yuan, exceeding market expectations, with government bonds and corporate bonds contributing significantly [22][30] - The report highlights that the new policy financial tools are expected to support technology innovation and may prioritize support for listed private enterprises [27][28] - The ongoing reforms in Shenzhen are expected to enhance the integration of financial, technological, and data resources to empower the real economy [30][31]