Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 to discuss amendments to its articles of association and governance rules [1][6][8] - The meeting will take place on September 16, 2025, at 14:00 in Baoji, Shaanxi Province, and will utilize both on-site and online voting methods [4][5] Group 1: Meeting Procedures - Shareholders or their proxies must arrive 30 minutes before the meeting to register and present identification [2][3] - Only registered shareholders, company directors, supervisors, senior management, and invited lawyers are allowed to attend the meeting [1][2] - The meeting will follow a structured agenda, including the announcement of attendees, reading of meeting rules, and voting on proposed resolutions [5][6] Group 2: Proposed Resolutions - The first resolution involves amending the articles of association to eliminate the supervisory board and related rules, transferring its powers to the audit committee of the board of directors [6][7][8] - The second resolution proposes revisions to the cumulative voting system and other governance documents to enhance corporate governance [8][9] Group 3: Voting Procedures - Voting will be conducted through a combination of on-site and online methods, with specific time slots designated for online voting [4][5] - Shareholders will have the right to express their opinions and vote on each resolution, with clear guidelines on how to cast their votes [3][4][5]

Core Viewpoint - Qingdao High Measurement Technology Co., Ltd. is holding its second extraordinary general meeting of shareholders in 2025 to discuss several key proposals, including changes to registered capital, the cancellation of the supervisory board, and the implementation of a restricted stock incentive plan for 2025 [1][2][3]. Meeting Procedures - The meeting will ensure the orderly conduct of proceedings, requiring attendees to verify their identity and register 30 minutes prior to the meeting [2][3]. - Attendees will have the right to speak, inquire, and vote, but must register to speak before the meeting starts [2][3][4]. - Voting will be conducted both on-site and online, with results announced after the meeting [3][4]. Agenda Items - Proposal 1: Discussing the provision of guarantees to clients, specifically involving a loan application by Sichuan Xingdeli New Energy Co., Ltd. to Qingdao Bank, with guarantees provided by both the company and related parties [5][6]. - Proposal 2: Changing registered capital, abolishing the supervisory board, and amending the company’s articles of association to enhance governance [5][6]. - Proposal 3: Revising and establishing certain governance systems in line with updated regulations [6]. - Proposal 4: Presenting the draft of the 2025 Restricted Stock Incentive Plan to attract and retain talent [6][7]. - Proposal 5: Establishing the assessment management measures for the 2025 Restricted Stock Incentive Plan [7]. - Proposal 6: Authorizing the board to handle matters related to the 2025 Restricted Stock Incentive Plan [8]. - Proposal 7: Presenting a three-year dividend return plan for 2025-2027 to ensure reasonable returns for shareholders [11]. - Proposal 8: Renewing the appointment of Ernst & Young Huaming as the auditing firm for the 2025 financial year [11][12]. Governance Changes - The company plans to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors, in compliance with the latest legal requirements [6][7]. - The governance system will be updated to align with new laws and regulations, ensuring transparency and operational efficiency [6][7]. Financial and Audit Information - Ernst & Young Huaming has been proposed for reappointment as the auditing firm, with a strong track record in the industry and a focus on maintaining high audit quality [11][12]. - The firm reported a total revenue of RMB 5.71 billion for 2024, with significant experience in auditing listed companies [11][12].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of Rmb205.00, while the current price is Rmb130.14 [2][8]. Core Views - The company has shown resilience during industry adjustments, with a focus on steady revenue growth and high-end product transformation [3][11]. - The Baijiu industry is experiencing a new adjustment phase, with the top five companies capturing a significant market share [11][12]. - The company has achieved a compound annual growth rate (CAGR) of 18.3% in revenue and 27.9% in net profit over the past ten years, indicating strong financial performance [12][14]. Financial Performance - Revenue projections for 2025-2027 are Rmb32 billion, Rmb34.1 billion, and Rmb36.5 billion, respectively, with net profits expected to be Rmb13.6 billion, Rmb14.5 billion, and Rmb15.4 billion [14]. - The company has maintained a high gross profit margin, which was 87.5% in 2024, ranking second in the industry [13][14]. - The dividend payout ratio is projected to be 65% in 2024, with a commitment to increase it to 70% and 75% in subsequent years, enhancing shareholder returns [14]. Market Context - The overall Chinese stock market has shown resilience, with three main factors driving this: continuous policy support, the return of international capital, and recovery in economic fundamentals [3][10]. - The allocation of Baijiu stocks has improved, with a slight increase in holdings among leading companies [10][11]. Strategic Focus - The company aims for steady progress in revenue, with specific targets for its flagship brands, including Guojiao 1573, which is expected to maintain a strong market position [11][12]. - The transformation towards high-end products has significantly increased their revenue share, indicating a successful strategic shift [12][14].