Core Viewpoint - The company, Giant Lifting (巨力索具), held its first large-scale investor meeting since its listing in 2010, focusing on its deep-sea strategic layout, technological advantages, and future plans [1] Group 1: Company Overview - The company has become an industry leader in the lifting equipment sector, having led the formulation of 16 national and industry standards, and participated in the development of 49 standards overall [1] - The term "lifting equipment" was popularized in China by the company, highlighting its significant role in the industry [1] Group 2: Deep-Sea Strategic Layout - The company is focusing on the deep-sea technology sector, which is expected to exceed 3 trillion yuan in overall industry scale due to government initiatives [2] - The company announced plans to invest 100 million yuan to establish a wholly-owned subsidiary in Tianjin, dedicated to the deep-sea mooring products market [2] - Key product lines include single-strand permanent mooring steel wire ropes, fiber mooring cables, and structural connectors, with the single-strand permanent mooring steel wire rope recognized as a major technological equipment project [2] Group 3: Market Potential and Challenges - The projected offshore wind power installed capacity during the 14th Five-Year Plan is expected to reach 52 GW, requiring over 3,000 floating wind turbines, with each mooring system valued at several million yuan [3] - The overall market scale for mooring systems could reach hundreds of billions, presenting significant growth opportunities for the company [3] - Despite the promising outlook, challenges remain in scaling deep-sea mooring technology, as the current domestic floating wind power is still in the demonstration phase [3] - The establishment of the Tianjin project aims to create a competitive edge in service efficiency and cost, aligning with national strategies and securing policy support [3]

Core Insights - The company, Giant Lifting Equipment Co., Ltd., hosted a research event attended by 70 institutions, including CITIC Securities, showcasing its operations and future plans [1] Accounts Receivable Situation - As of June 30, 2025, the company's accounts receivable stood at 1.493 billion yuan, with 74% (1.1 billion yuan) of the receivables aged within one year, indicating strong repayment capabilities due to partnerships with quality state-owned enterprises [2] Future Layout and Capacity Planning - The company is focusing on deep-sea technology, as highlighted in the 2025 government work report, and is developing long-term mooring systems to address key technical bottlenecks in marine engineering equipment [2] - A wholly-owned subsidiary has been established in Tianjin to enhance industrialization and scalability, with a feasibility study currently being prepared [2] Deep-Sea Mooring Products and Advantages - Since 2023, the company has obtained multiple DNV factory recognition certificates, making it the only enterprise with such certifications, marking a shift from providing single products to offering comprehensive solutions [2] - The company is uniquely positioned in the deep-sea mooring market, with capabilities in complete mooring rope design and manufacturing [2] Funding and Dividend Plans - The Tianjin subsidiary will utilize working capital and is eligible for policy support due to alignment with government initiatives [2] - The company has distributed over 300 million yuan in dividends since its listing and plans to increase returns to investors as the Tianjin subsidiary's projects contribute to performance [2]

Financial Performance - As of June 2025, accounts receivable balance is 1.493 billion, with 74% (1.1 billion) aged within one year, primarily from high-quality state-owned enterprise partners, indicating low bad debt risk [4] - Cumulative dividends since the company's listing exceed 300 million, with plans for continued investor returns [8] Strategic Development - The company is establishing a wholly-owned subsidiary in Tianjin to enhance industrialization and competitiveness in the deep-sea economy, focusing on three product lines: single permanent mooring steel wire ropes, mooring fiber cables, and deep-sea mooring system components [5][8] - The project is aligned with national policies promoting deep-sea wind power and is currently preparing a feasibility study report [5][8] Product and Market Position - The company has obtained multiple DNV factory recognition certificates, marking its transition from providing single mooring products to offering comprehensive long-term mooring solutions [6] - The mooring system is a critical component of floating systems, with significant cost reduction potential, positioning the company as a unique provider with complete design and manufacturing capabilities in the deep-sea mooring market [7]

Group 1 - The core business of the company is the research, development, manufacturing, and sales of rigging and related products [1] - The company has consistently focused on its main business since its establishment, emphasizing deepening its core operations [1] - The main products of the company include nine major series: soft rigging series, chain series, wire rope series, fixture beam series, forged rigging series, cable, steel pull rods, heavy equipment series, and rigging equipment [1]

Core Viewpoint - The company, Jili Rigging (002342), is actively developing its marine business, focusing on key technology bottlenecks in marine engineering equipment and has established a comprehensive product line to enhance market presence and competitiveness [1] Group 1: Marine Business Development - The company has been working on the research and development of long-term mooring systems to address key technology bottlenecks in marine engineering [1] - Jili Rigging has mastered the design and manufacturing technologies for long-term mooring products, overcoming high fatigue performance challenges [1] - In 2024, the company plans to leverage its three major product lines—single-strand permanent mooring steel ropes, mooring fiber cables, and deep-sea mooring system accessories—to actively promote its market presence [1] Group 2: Corporate Structure and Strategy - To enhance industrialization and scale effects in the marine sector, the company has established a wholly-owned subsidiary in Tianjin [1] - The company aims to build core competitive advantages in efficient service and cost-effectiveness, benchmarking against international peers in the same industry [1] Group 3: Main Business Overview - Jili Rigging specializes in the research, development, manufacturing, and sales of rigging products, with a primary focus on various series of rigging and related products [1] - The main product categories include soft rigging series, chain series, steel wire rope series, clamp beam series, forged rigging series, cables, steel rods, heavy equipment series, and rigging equipment [1]

Core Viewpoint - The company, Jieli Rigging (002342.SZ), has indicated that its products are applicable in various sectors such as offshore wind power, seawater aquaculture, seabed exploration, seabed salvage, and maritime rescue, but it has not yet engaged in research and application of deep-sea robotics [1] Group 1 - The company's products are utilized in offshore wind power applications [1] - The company is involved in seawater aquaculture [1] - The company participates in seabed exploration and salvage operations [1] Group 2 - The company is engaged in maritime rescue activities [1] - The company has not initiated research on deep-sea robotics [1]

Group 1 - The company, Jieli Rigging (002342), has disclosed its semi-annual report for 2025, which includes sales and revenue information that can be accessed by investors [1] - The company has committed to strictly adhering to disclosure obligations regarding the projects it has won bids for, in accordance with listing rules [1]

Group 1 - The Baihetan Hydropower Station is recognized as a model for enhancing infrastructure safety and reliability during the "14th Five-Year Plan" period, described as a national key project capable of withstanding significant natural disasters [1] - Located at the confluence of Ningnan County in Sichuan Province and Qiaojia County in Yunnan Province, the Baihetan Hydropower Station is noted for its technical complexity and is the world's second-largest hydropower station [3] - The station has a total installed capacity of 16 million kilowatts, featuring the world's largest single-unit capacity of 1 million kilowatts, and an average annual power generation of 62.443 billion kilowatt-hours, equivalent to saving over 18 million tons of standard coal and reducing carbon dioxide emissions by over 51 million tons [3][5] Group 2 - Baihetan Dam reaches a maximum height of 289 meters, equivalent to a 100-story building, and employs an arch structure that effectively transmits water pressure to the surrounding mountains, allowing for a more efficient design compared to gravity dams [3] - The dam has achieved six world records, including the largest single-unit capacity, the largest underground cavern group for a hydropower station, and the highest seismic parameters for a 300-meter arch dam [5] - The installation of the turbine rotor, which weighs over 2,000 tons and has a height of approximately 4.1 meters, was supported by specialized lifting equipment produced by Jili Rigging, ensuring the safety and stability of the installation process [7][9] Group 3 - The Baihetan Hydropower Station plays a crucial role in China's energy security strategy, contributing to the "West-to-East Power Transmission" project by delivering green electricity through an ±800 kV ultra-high voltage direct current transmission line [11] - Jili Rigging is committed to supporting the new development stage and contributing to carbon peak and carbon neutrality goals through innovative energy solutions [11]

Group 1 - The Private Economy Promotion Law is China's first foundational law specifically aimed at the development of the private economy, which is expected to stabilize expectations, boost confidence, and stimulate the growth of the private sector [1] - Shandong's private enterprises are leveraging diversified layouts and technological innovations to navigate complex external environments, demonstrating resilience and adaptability [1][2] Group 2 - Shenli Rigging is a representative private enterprise in China’s high-end export rigging products, with a market share that ranks among the top globally [2] - The company has developed a new 120-grade rigging product, which has the highest tensile strength in the world at 120 kg per square millimeter, showcasing significant technological advancement [2] - Shenli Rigging's exports to the U.S. account for about 5% of its total export revenue, indicating a diversified market presence across over 100 countries [2] Group 3 - Xinnuo Food, based in Shandong, specializes in dehydrated garlic products for export, serving over 30 countries and ranking among the top three in its industry for export volume [3][5] - The U.S. market constitutes approximately 30% of Xinnuo Food's export revenue, and the company is actively ramping up production to meet customer demands during a 90-day tariff suspension [5] - Xinnuo Food has invested significantly in research to innovate food preservation technology, achieving a shelf life of over one year without preservatives, which has led to successful product launches in domestic markets [6] Group 4 - The private economy is a crucial component of Shandong's economic landscape, with over 14 million private business entities, accounting for 98.9% of the total [7][9] - The added value of the private economy in Shandong reached 5.1 trillion yuan, representing 51.7% of the province's GDP [7] - Recent policies in Shandong aim to create a favorable environment for private enterprises, encouraging participation in various sectors, including renewable energy [9]

Core Viewpoint - The company, Jili Rigging, is focusing on technological innovation and expanding its market presence in response to national industrial policies and market demands, aiming for high-quality development through a comprehensive innovation system [1][2][6] Group 1: Financial Performance - In the reporting period, the company achieved a revenue of 2.214 billion yuan, with significant contributions from various product lines: engineering and metal rigging (1.022 billion yuan), synthetic fiber lifting slings (340 million yuan), steel wire ropes and rigging (697 million yuan), and chains and rigging (43 million yuan) [1] - The company has set a revenue target of 2.569 billion yuan for 2025, representing a year-on-year growth of 16.02%, with a projected net profit of 33.8 million yuan, reflecting a substantial increase of 173.72% [5] Group 2: Technological Innovation - The company is enhancing its core technologies by increasing R&D investments, focusing on advanced products such as long and heavy-duty lifting devices and underwater remote control systems, maintaining its technological leadership in the industry [2][3] - As of now, the company holds 341 effective patents, including 61 invention patents and 280 utility model patents, and has established national-level R&D platforms [2] Group 3: Market Expansion and Strategic Initiatives - The company is actively promoting new materials and products, particularly in the deep-sea economy, with three main product lines supporting its market expansion efforts [3] - The company is also investing in its subsidiary in Henan to establish a specialized steel wire and rigging production base, with ongoing projects aimed at increasing production capacity [4] - The marketing strategy is aligned with international expansion, national policy guidance, and infrastructure development, including the establishment of a subsidiary in Saudi Arabia to enhance its international market presence [4] Group 4: Future Outlook - The company aims to achieve high-quality development by focusing on strategic emerging industries such as marine engineering and deep-sea technology, while also enhancing its product offerings and market share [6]