茲提述(i)本公司日期為 2025年 4月 15日的公告，內容有關 2024 年全年業績;(ii)本公司日期為 2025 年 4 月 30 日的公告，內容有關 2024 年報。（統稱「該等公告」）。除非文義另有所指，否則本公 告所用詞彙與該等公告所界定者具有相同涵義。 CC E 本公司董事會謹此向本公司股東及潛在投資者提供有關移除不發表意見的行動計畫執行情況的最 新情況。 山 西 長 城 微 光 器 材 股 份 有 限 公 司 SHANXI CHANGCHENG MICROLIGHT EQUIPMENT CO. LTD.* （於中華人民共和國註冊成立之股份有限公司） （股份代號：8286） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整 性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等 內容而引 致的任何損失承擔任何責任。 有關移除不發表意見的行動計畫執行情況的季度更新 本公告由山西長城微光器材股份有限公司（「本公司」），連同其附屬公司統稱（「本集團」）根 據香港聯合交易所有限公司（「聯交所」）GEM 證券上市規則（「GEM 上市規則 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [6][13]. Core Views - The company achieved a revenue of 12.661 billion yuan in H1 2025, representing a year-on-year growth of 10.36%, while the net profit attributable to shareholders decreased by 11.06% to 1.671 billion yuan [7][8]. - The company is experiencing a phase of pressure on profitability due to the transitional efficiency of new factories and a decline in orders from older factories, leading to a temporary drop in gross margin [8][10]. - The company is successfully diversifying its customer base, with significant contributions from new clients like On and New Balance, and a successful partnership with Adidas [9]. Financial Performance - As of June 30, 2025, the basic earnings per share (EPS) was 1.43 yuan, and the diluted EPS was also 1.43 yuan [4]. - The net asset return rate (ROE) stood at 10.34% [4]. - The company’s total production capacity reached 116.71 million pairs, with a utilization rate of 95.78% [10]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.54 billion, 4.07 billion, and 4.65 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [13]. - The company’s revenue is projected to grow from 26.325 billion yuan in 2025 to 32.688 billion yuan in 2027, with year-on-year growth rates of 9.7% and 10.7% respectively [15][19].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, which met expectations, indicating stable performance amidst market challenges [2]. Financial Performance - In 2024, the company achieved a total revenue of 168.85 billion yuan, a year-on-year increase of 0.15%, while the net profit attributable to shareholders was 6.69 billion yuan, down 7.26% year-on-year. The net profit excluding non-recurring items was 5.76 billion yuan, down 11.45% year-on-year. The gross profit margin for the year was 11.67%, a decrease of 0.78 percentage points, primarily due to downstream pressure and fluctuations in raw material costs [2]. - For Q1 2025, the company reported revenue of 40.37 billion yuan, with a quarter-on-quarter increase of 9.1% but a year-on-year decrease of 18.2%. The net profit attributable to shareholders was 1.27 billion yuan, with a quarter-on-quarter increase of 0.6% but a year-on-year decrease of 42.7% [2]. Customer Diversification - The company has been actively diversifying its customer base, with 62.2% of revenue in 2024 coming from customers outside the SAIC Group, mitigating the impact of declining sales from SAIC. Major non-SAIC customers include Tesla Shanghai, Seres, BYD, Geely, FAW-Volkswagen, Chery, Brilliance BMW, Changan, and GAC Passenger Cars. By the end of 2024, 75% of new orders were for new energy vehicles, and over 50% were from independent brands, with strong ties to leading independent and new force customers like BYD, Seres, and Chery [3]. Cost Control - The company achieved significant cost control, with R&D expenses down 13.1% year-on-year due to reduced ineffective investments, and sales expenses down 13.6% due to optimized logistics costs. Financial expenses increased by 436.9% year-on-year due to exchange losses, which are considered a short-term factor. The net profit margin for the year was 3.96%, a decrease of 0.3 percentage points, with the decline being less than the fluctuation in gross profit [4]. Cash Flow and Dividends - The operating cash flow for 2024 was 8.14 billion yuan, a year-on-year decrease of 28.1%, significantly impacted by the collection cycle. However, Q1 2025 saw a substantial improvement to 2.07 billion yuan, a year-on-year increase of 68.8%. The company plans to distribute dividends of 2.52 billion yuan in 2024, an increase from the previous year, with a payout ratio of 38% [6]. Profit Forecast and Investment Rating - The company maintains revenue forecasts of 173.1 billion yuan for 2025 and 182.6 billion yuan for 2026, with an expected revenue of 187.1 billion yuan in 2027, representing year-on-year growth rates of 2.5%, 5.5%, and 2.5%, respectively. Due to intense competition in the automotive market and significant supply chain cost pressures, the net profit forecasts for 2025 and 2026 have been revised down to 7.1 billion yuan and 7.7 billion yuan, respectively [7].

RF Industries, Ltd. (NASDAQ:RFIL) Q1 2025 Results Conference Call March 17, 2025 4:30 PM ET Company Participants Donni Case - Investor Relations Rob Dawson - CEO Ray Bibisi - President & COO Peter Yin - CFO Conference Call Participants Steven Kohl - Mangrove Operator Greetings, and welcome to RF Industries First Quarter Fiscal 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instruct ...