Core Viewpoint - Shenzhen is portrayed as a vibrant hub for young entrepreneurs, fostering innovation and providing a supportive ecosystem for startups to thrive [1][3]. Group 1: Shenzhen's Entrepreneurial Environment - Shenzhen has a young demographic, with an average age of 32.5 years, making it the youngest first-tier city in China [1]. - The city has seen a significant number of young business leaders, with 10 out of 40 individuals on the "Fortune" list of business elites under 40 coming from Shenzhen, highlighting the strength of its young entrepreneurs [1]. - In 2024, Shenzhen established 561,600 new business entities, bringing the total to over 4.4 million, leading the nation in both total and density of startups, with 244 businesses per 1,000 people [3]. Group 2: Success Stories of Young Entrepreneurs - Liu Jingkang, a representative of young entrepreneurs, moved to Shenzhen in 2015 and led his company, Yingshi Innovation, to become the global market leader in panoramic cameras by 2018, surpassing major international competitors [2]. - Liu Peichao, founder of Yujian Technology, also relocated to Shenzhen in 2015, where his company became the leading domestic supplier of collaborative robots, with over 100,000 units shipped globally [2]. - Both entrepreneurs' stories exemplify the efficiency of Shenzhen's supply chain and the supportive environment for innovation, showcasing the city's role as a breeding ground for successful startups [2][3].

Core Insights - Shenzhen has cultivated a large number of high-quality listed companies over the past 45 years, which are seen as the "power source" and "ballast" of the national economy [1] - The story of YingShi Innovation, which became the global leader in panoramic cameras, exemplifies the rapid growth and innovation characteristic of Shenzhen companies [2] - Shenzhen's listed companies have shown resilience and vitality, with a significant increase in the number of A-share listed companies [2] Group 1: Company Growth and Market Position - YingShi Innovation achieved a global market share of over 50% in the panoramic camera sector, with more than 70% of its revenue coming from overseas markets [2] - Bawei Storage has seen its revenue and net profit grow approximately threefold and fivefold, respectively, from 2020 to 2024 [3] - Shenzhen's listed companies are projected to have a combined overseas business revenue of 11.4 trillion yuan in 2024, reflecting a year-on-year growth of 15.9% [3] Group 2: Industry Leadership and Innovation - Shenzhen is recognized as the "first city of new energy vehicles" in China, with BYD achieving a milestone of producing its 13 millionth vehicle [5] - The city is also leading in the low-altitude economy, with over 2,300 companies in this sector and significant advancements in eVTOL technology [6] - In the field of embodied intelligence, Shenzhen has the largest number of robot companies in the country, with 74,032 enterprises in the robotics industry [6] Group 3: Financial Sector and Capital Support - The financial sector in Shenzhen is growing, with a projected value added of 471.05 billion yuan in 2024, accounting for approximately 12.8% of GDP [7] - Shenzhen's capital market has supported 11 companies in going public in 2024, raising 9.392 billion yuan, leading the nation in both the number of IPOs and fundraising [8] - The concept of "patient capital" has been emphasized in Shenzhen's government reports, highlighting the importance of long-term investment in supporting emerging industries [9] Group 4: Economic Performance - Shenzhen's GDP is projected to reach 3.68 trillion yuan in 2024, with a year-on-year growth of 5.8% [10] - The city achieved a GDP of 1.83 trillion yuan in the first half of 2025, reflecting a growth of 5.1% [10]

大海波涛之上，海燕高声鸣叫，似闪电般矫健飞翔，经风雨弥坚，战狂澜愈勇。 作为最活跃的经济细胞，上市公司是国民经济的"动力源"和"压舱石"。同时，上市公司信息披露透明完 备，也是观察城市发展轨迹的绝佳窗口。 今天是深圳经济特区45岁生日。45年来，深圳培育了一大批优质上市公司，他们敢闯敢试敢创，像翱翔 在海天之间的海燕，搏击风浪，走在时代前列。 ● 本报记者 彭勇 黄灵灵 齐金钊 张韵 压力之下逆势而上 今年4月，一款中国全景相机在美国纽约热销，有人凌晨三点开始排队，只为抢购影石创新的新品，这 让很多美国消费者改变了中国制造"低价内卷"的刻板印象。 影石创新创立于2015年。彼时，全球全景相机市场被日本理光、美国GoPro等巨头垄断。影石创新"硬 磕"AI影像处理、防抖算法等技术，迅速逆袭成全景相机全球销冠。 产品全球市占率第一、年均毛利率超50%、海外市场贡献超70%的营收……短短十年，影石创新用高速 成长演绎出新时代的"深圳速度"。"如果不是在深圳，这一切可能不会发生。"影石创新创始人兼董事长 刘靖康说，公司做智能硬件创新，离不开深圳超强的产业链和人才链。 今年6月，影石创新登陆科创板，目前市值突破1100 ...

在"梦想之都"的深圳，梦想从来都是可以落地生根、开花结果的种子。 上世纪80年代，深圳梦是"英雄不问出处"的开放理念，是勇于移山填湖的敢闯敢试精神，是国贸大 厦"三天一层楼"的深圳速度，吸引了无数怀抱"淘金梦"的年轻人。 上世纪90年代，深圳梦是"第二次创业"的转型升级魄力，是从"三来一补"到自主创新的华丽转身，是华 为、中兴等科技新星的冉冉升起，吸引了大量拥有"创新梦"的技术精英与创业先锋。 到了今天，深圳梦是"雨林生态"下万物生长的机会，是创新的种子只要落入其中，就有产业链、资金 链、人才链支持，有政策呵护和市场反馈的创新创业生态。在这里，梦想不被辜负，热土必有回响，让 每一颗有梦想的种子都能在这里汲取充足养分。 深圳是一座名副其实的年轻城市，市民平均年龄仅为32.5岁，是中国最年轻的一线城市。在这样一个年 轻人聚集的城市，"年轻"也成为了如今深圳创业者的重要标签。前不久，《财富》发布了"中国40位40 岁以下的商界精英"榜单，其中有10名来自深圳，占到了四分之一，充分展现了深圳年轻创业者的实 力。 曾经有人说，深圳最动人的风景，不是摩天大楼的天际线，而是年轻人眼中闪烁的光芒。他们不仅是深 圳珍贵的财富， ...

来源|贝多财经&贝多商业 8月7日，上海证券交易所披露《上海证券交易所上市审核委员会2025年第30次审议会议公告的补充公告》（下称《公告》）。 | 项目 | 2024.12.31/ | 2023.12.31/ | 2022.12.31/ | | --- | --- | --- | --- | | | 2024 年度 | 2023 年度 | 2022 年度 | | 资产总额(万元) | 104,667.41 | 91,654.04 | 95,233.60 | | 归属于母公司所有者权益(万元) | 83.671.13 | 79.573.49 | 78,867.09 | | 资产负债率(母公司) | 11.52% | 8.07% | 14.06% | | 营业收入(万元) | 40,043.16 | 34,955.62 | 28,077.75 | | 净利润(万元) | 622.80 | -2.854.73 | 573.57 | | 归属于母公司所有者的净利润(万元) | 622.80 | -2,854.73 | 573.57 | | 扣除非经常性损益后归属于母公司所 | -227.82 | -3.567.93 ...

业内人士表示，本次节卡股份作为符合条件的优质未盈利企业宣告上会，充分体现了科创板对优质未盈 利科技型企业的支持，是科创板制度包容性、适应性的重要体现，进一步彰显了资本市场支持科技创新 的政策导向，将更好服务科技创新和新质生产力发展。 作为高端装备制造业的重要组成部分，协作机器人产业近年来在国家政策支持下迎来快速发展。记者梳 理发现，随着《"十四五"智能制造发展规划》《"十四五"机器人产业发展规划》等系列文件的密集出 台，不仅明确了行业发展方向，更在技术攻关、应用推广等方面提供了系统性支持，也为产业链上下游 企业注入了强劲发展动能。 8月1日，上交所官网显示，节卡机器人股份有限公司（以下简称"节卡股份"）科创板IPO将于8月8日接 受上交所上市委审核。招股书显示，节卡股份成立于2014年，公司主要从事协作机器人整机产品的研 发、生产、销售，并从事包括集成设备及自动化产线在内的机器人系统集成业务。 根据招股说明书，节卡股份协作机器人产品已销往全球100多个国家和地区。节卡股份作为国内"协作机 器人三杰"之一，销量规模稳居行业第一梯队，并得到了丰田、东山精密（002384）、中国中车 （601766）、星宇股份（6 ...

Group 1: Bond Fund Index Investment Trends - The bond index fund market has entered a new phase of normalized development since April 2018, with a total of 341 bond index funds and a combined scale of 1.42 trillion yuan, accounting for 16% of the bond fund market [2][11][12] - Major fund managers in the bond index fund space include GF Fund, Haitong Fund, and Bosera Fund, with GF Fund leading in the total scale of index bond funds [2][11][12] - The active management approach in index bond funds has shown that most managers have underperformed their benchmarks, with only a few, like GF Fund, consistently generating excess returns over the past three to five years [2][11][12] Group 2: Bawang Tea Ji (CHA) Overview - Bawang Tea Ji, established in 2017, is projected to become China's largest high-end tea beverage brand by the end of 2024, with a retail sales growth rate of 2387% from 2022 to 2024 [3][12][14] - The company focuses on brand building and product innovation, emphasizing a "refreshing and low-burden" tea experience, with a significant contribution from its original leaf fresh milk tea, which accounts for 91% of its GMV in China [3][12][14] - Bawang Tea Ji's sales volume in top-performing stores is approximately 1,300 cups per day, significantly exceeding the industry average, and the company aims for rapid expansion with plans to open 1,200 new stores by 2025 [3][12][14] Group 3: Investment Outlook for Bawang Tea Ji - The forecast for 2025 indicates a revenue growth of 21% to 15.1 billion yuan, driven by new store openings, with a net profit expected to reach 2.81 billion yuan, reflecting an 18% year-on-year increase [3][12][14] - The company is rated as a "buy" with a target price of $38.3, representing a 37% upside potential based on a 2025 PE valuation of 18 times [3][12][14] - The current valuation is considered low compared to peers, and the company is well-positioned for future growth due to its high standardization and brand positioning [3][12][14] Group 4: Yuetjiang (02432.HK) Insights - Yuetjiang focuses on collaborative robots and has established a comprehensive product matrix covering education, industrial, and consumer sectors, serving over 80 Fortune 500 companies [15][16] - The company emphasizes self-research capabilities and safety technology, with recent advancements in humanoid robots expected to enhance commercial viability [15][16] - The forecast for 2025-2027 projects revenues of 506 million yuan, 674 million yuan, and 869 million yuan, with a potential for rapid growth as the humanoid robot market matures [15][16]

Group 1: New Energy Products - The company achieved sales revenue of 357.88 million yuan in new energy products in 2024, representing a year-on-year growth of 383.82% [1] - Established stable customer relationships with well-known new energy vehicle companies such as BYD, Chery New Energy, and Xiaopeng Motors [1] - Plans to increase R&D investment in high-voltage wires and conductive busbars to develop more competitive products [1] Group 2: Investment in Robotics - The company is optimistic about the collaborative robot industry and has invested in Faowei Robotics [1] - Faowei Robotics focuses on developing a full product line of collaborative robots for various applications, including 3D welding and mobile palletizing [1] Group 3: Smart Laser Weeding Machine - By the end of 2024, the R&D team has made significant progress in key technologies for the smart laser weeding machine, achieving a second-generation prototype [2] - The project has obtained two invention patents, laying a solid foundation for industrialization [2] - Future plans include developing small and medium-sized smart laser weeding machines for various agricultural scenarios [2] Group 4: Establishment of Subsidiaries - The company prioritizes customer needs and establishes subsidiaries nearby to enhance service and supply capabilities [2] - The characteristics of plastic interior parts, such as large volume and light weight, justify the establishment of nearby subsidiaries to reduce transportation costs [2] - Long-term regional industrial layout is expected to positively impact overall business development [2]

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 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 YSB Inc. 藥師幫股份有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9885） 自願性公告 訂立戰略合作與業務部署協議 最新業務部署進展 此公告乃藥師幫股份有限公司（「本公司」，與 其 附 屬 公 司 合 稱「本集團」）自願作 出，以 告 知 其 股 東 及 潛 在 投 資 者 有 關 本 集 團 若 干 業 務 發 展 之 最 新 情 況。 本公司董事會（「董事會」）欣 然 宣 佈，於2025年6月3日，本 集 團 與 深 圳 市 越 疆 科 技 股份有限公司（其H股於香港聯合交易所有限公司主板上市；股份代號：2432.HK） （「越疆科技」）訂立戰略合作與業務部署協議（「戰略協議」），開 啟 緊 密 戰 略 合 作， 並 已 展 開 具 體 項 目 的 部 署。 有關合作背景介紹 本集團創立於20 ...

Summary of Conference Call Records Industry Overview - The high-end equipment manufacturing sector is experiencing strong performance, with companies like Chuncheng Power, Jiechang Drive, Longxin General, and Zongshen Power exceeding expectations due to a surge in exports since November 2023 and easing US-China tariff negotiations. Continued strong performance is anticipated in Q2 2025 [1][2][6]. Key Points and Arguments High-End Equipment Manufacturing - The implementation of new national standards is expected to drive the development of the composite fluid industry chain, benefiting leading battery manufacturers with stable supply capabilities. Material suppliers are set to initiate a new round of capital expenditure by the end of Q2 2025, with Dongwei Technology positioned to benefit [1][4]. - The machine tool sector has seen a significant year-on-year revenue increase since Q1 2025, driven by robust capital expenditure in the automotive parts sector, despite challenges from international trade barriers. Leading companies are maintaining a global presence, with demand for AI-related AIDC server processing and robotics boosting order volumes [1][5]. Performance Metrics - In Q1 2025, companies like Chuncheng Power reported nearly 50% year-on-year growth, Jiechang Drive's linear drive systems for lifting desks grew by 60%, and Longxin General's large-displacement motorcycles doubled in performance, while Zongshen Power saw an 88% increase. This growth is attributed to the export surge and tariff negotiations [2]. - The injection molding machine industry, led by Haitian, showed expected financial performance with revenue and profit growth between 20% and 30% [2][30]. Robotics and AI Integration - The industrial robotics market outlook for 2025 is optimistic, with automotive and 3C electronics remaining key growth areas. Despite a price war in 2024 affecting some companies' financial health, Q1 2025 showed signs of recovery, particularly with potential collaborations with major AI firms like Huawei [1][9]. Domestic Market Opportunities - Domestic CNC system and related hardware companies, such as Huazhong CNC and Haoda, are expected to achieve double-digit growth in 2024 and 2025 due to expanding domestic markets [1][7]. - The machine tool industry is seeing demand growth opportunities, particularly in AI-exposed companies, with management improvements also being a focus area [1][8]. Military and Aerospace Sector - The military sector has faced a decline in overall performance in 2024 and Q1 2025, with a 4% drop in revenue and a 40% decrease in profit year-on-year. However, segments like high-end equipment manufacturing and military electronics are showing positive revenue growth [2][32]. - Investment opportunities in the military sector include the missile supply chain and components benefiting from increased downstream demand, as well as military trade opportunities in the context of geopolitical tensions [2][33]. Additional Insights - The injection molding machine sector is expected to benefit from global manufacturing shifts, with a stable gross margin forecasted between 30% and 35% for 2025, despite a low direct exposure to the US market [1][30]. - The shipbuilding sector is experiencing steady growth, with a 12% revenue increase in 2024 and improved profit margins due to high-value ship deliveries [2][14]. - The textile machinery sector is facing mixed performance, with domestic demand slowing but overseas markets compensating for growth [2][12]. This summary encapsulates the key insights and performance metrics from the conference call records, highlighting the current state and future outlook of various sectors within the high-end equipment manufacturing industry.