Summary of Key Points from the Conference Call of Xingyuan Zhuomei Company Overview - Xingyuan Zhuomei is one of the few high-tech enterprises in China capable of developing a full range of magnesium alloy precision castings, with products supplied to renowned brands such as Tesla, BMW, and Audi [2][4] - The company was established in 2003 and went public on the A-share Growth Enterprise Market in December 2022 [4] Industry Insights - The magnesium alloy market is positioned to gradually replace aluminum in various applications, particularly in the robotics sector, as the industry develops [2][5] - Magnesium alloys are currently less utilized in robotics due to manufacturers' uncertainty regarding material performance, but they have significant potential for future adoption [2][7] - In the automotive sector, magnesium alloys are already widely used in interior components and can replace aluminum parts, leading to cost reductions [11] Financial Performance - The company's overall gross margin is maintained at around 30%, benefiting from high-value parts and export products [3][21] - The completion of a recent capital increase is expected to significantly enhance production capacity, with a new factory projected to be operational by Q1 2026 [3][22] Product Development and Supply Chain - The company is currently focused on producing motor housings for clients such as Zhiji, Jike, and BYD, with a customization design cycle of 6 months to 1 year [14][15] - The time from order receipt to product delivery and testing typically spans 6 months to 1 year, with ongoing efforts to improve yield rates [15][16] Market Trends and Future Outlook - Magnesium alloy applications are expanding beyond high-end vehicles to more affordable models, with brands like Geely and BYD beginning to adopt these materials [17] - The company anticipates significant growth in demand for motor housings and display backs in the next two years, indicating a robust market outlook [18][28] - Future large parts such as door inner panels and seat frames are expected to penetrate the market rapidly, with existing orders already in place [19][20] Technological Advancements - The company is utilizing a 6,000-ton magnesium alloy die-casting machine, which is among the largest in the industry, to produce large automotive components [25] - Semi-solid forming technology is being adopted in the new factory, which is expected to improve surface quality and internal structure [26] Challenges and Considerations - The development of thick base plates faces challenges related to material strength, but advancements in alloy formulations are expected to address these issues in the near future [12] - The company is also exploring opportunities in the two-wheeled electric vehicle market, although it is still in the early stages of development [27] Competitive Landscape - The company is accelerating its layout in Thailand to recover lost orders in North America due to trade tensions, which is expected to contribute to growth [30] - The magnesium supply landscape is stable, with major producers like Baowu Group holding a significant market share, ensuring that production demands can be met even with increased demand [29] Conclusion - Xingyuan Zhuomei is well-positioned for growth in the magnesium alloy market, with a strong focus on innovation, expanding applications, and a solid financial foundation. The company is optimistic about future demand and technological advancements that will enhance its competitive edge in the industry [28]

Group 1 - Shenzhen Langri Copper Art Co., Ltd. has been established with a registered capital of 50,000 RMB [1] - The legal representative of the company is Huang Shaoguang [1] - The company's business scope includes mold manufacturing, mold sales, metal product sales, metal product repair, metal product research and development, domestic trade agency, import and export of goods, technology import and export, and various technical services [1] Group 2 - The company does not have any licensed business projects [1] - The company operates independently based on its business license, except for projects that require approval [1]

2020-2025年1-5月中国焊接钢管产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：宝钢股份（600019）,新兴铸管（000778）,常宝股份（002478）,久立特材（002318）,鸿路钢 构（002541）,友发集团（601686）,中信特钢（000708）,金洲管道（002443）,玉龙股份（601028） 相关报告：智研咨询发布的《2025-2031年中国焊接钢管行业发展模式分析及未来前景展望报告》 根据国家统计局数据显示：2025年5月中国焊接钢管产量为546万吨，同比下降1.4%；2025年1-5月中国 焊接钢管累计产量为2392.2万吨，累计增长4.2%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Insights - The company has been deeply involved in the magnesium alloy automotive parts sector for over a decade, achieving industry-leading product gross margins. It was established in 2003 and entered the magnesium alloy automotive parts field in 2014, currently serving notable clients such as Chery, Porsche, BMW, and Xpeng [1] - The company reported a revenue of 184 million yuan in the first half of 2025, a year-on-year increase of 0.1%, while the net profit attributable to shareholders was 31 million yuan, down 15.2% year-on-year, primarily due to expense ratios and fixed asset depreciation [1] - The gross margin for magnesium alloy die-casting products is projected to be 33.77% in 2024, an increase of 1.04 percentage points year-on-year, significantly higher than comparable companies [1] Market Potential - The demand for lightweight materials is significantly driven by the dual carbon goals and concerns over the range of new energy vehicles. The economic and corrosion resistance issues that previously limited the development of magnesium alloys have been largely resolved [1] - The market size for magnesium alloys is estimated to reach 16 billion yuan by 2025, based on projected sales of 16 million new energy vehicles and an average magnesium usage of 25 kg per vehicle. In an optimistic scenario, the market could exceed 50 billion yuan by 2030, potentially surpassing 100 billion yuan when considering applications in the robotics market [1] Product Expansion and Financial Strategy - The company has been expanding its magnesium alloy product line, moving from small to medium and large products. By the first half of 2022, revenue from medium and large products accounted for 60.18% of total revenue, an increase of 7.46 percentage points since 2019 [2] - The average selling price (ASP) of the company's products is expected to reach 62.5 yuan in 2024, with a compound annual growth rate (CAGR) of 18% from 2021 to 2024 [2] - The company plans to issue convertible bonds to raise no more than 450 million yuan for the construction of a project to produce 3 million sets of high-strength large magnesium alloy precision components annually. As of August 2025, the company has secured orders worth 1.363 billion yuan for magnesium alloy powertrain casings, with production expected to commence in 2026 [2] Technological Advancements - The company has been acquiring semi-solid magnesium alloy injection molding equipment since 2021, with five sets procured to date. A 6600T machine was delivered in July 2025, capable of a maximum theoretical injection weight of 38 kg [2] - The company has successfully completed mass production of various products, including display brackets and magnesium alloy electric drive casings, since 2022, indicating significant changes at the industrial level [2] Financial Forecast - The company is projected to achieve revenues of 590 million yuan, 1.077 billion yuan, and 1.519 billion yuan from 2025 to 2027, with net profits attributable to shareholders of 110 million yuan, 189 million yuan, and 282 million yuan respectively. The earnings per share (EPS) are expected to be 0.98 yuan, 1.69 yuan, and 2.52 yuan per share for the same period [3] - The current market capitalization corresponds to price-to-earnings (PE) ratios of 55, 32, and 21 for 2025 to 2027 [3] - The company is recognized as a small but precise player in the magnesium alloy die-casting industry, with leading capabilities in semi-solid magnesium alloy product mass production and a robust order backlog, anticipating a harvest period in the automotive magnesium alloy business starting in 2026 [3]

Core Viewpoint - Dongguan Naisi Metal Technology Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various metal-related services and products [1] Company Summary - The company is engaged in the sales and research of metal products [1] - It offers industrial engineering design services and information technology consulting [1] - The company is involved in the manufacturing and sales of molds and packaging equipment [1] - It provides metal processing, surface treatment, and heat treatment services [1] - The company also manufactures metal tools, structures, and materials [1] - It is authorized for import and export of goods and offers various technical services, including development and consulting [1] - Additionally, the company sells lubricants and daily chemical products, as well as hydraulic machinery and components [1]

Core Insights - A new company, Zhongshan Shiguang Youpin Doors and Windows Co., Ltd., has been established with a registered capital of 50,000 RMB [1] - The company’s business scope includes sales and installation services for doors and windows, as well as sales of various metal and composite materials [1] Company Overview - The registered capital of Zhongshan Shiguang Youpin Doors and Windows Co., Ltd. is 50,000 RMB [1] - The company operates in multiple sectors including door and window sales, installation services, and sales of high-performance metal and composite materials [1] Industry Implications - The establishment of this company indicates growth potential in the doors and windows market, as well as in the sales of metal and composite materials [1] - The diverse range of services and products offered suggests a strategic positioning to capture various segments within the construction and manufacturing industries [1]

Group 1 - A new company named Handan Hengyuan Titanium Metal Products Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Hao Qingliang [1] - The company's business scope includes manufacturing and sales of various metal products, including construction metal fittings, fasteners, and electrical equipment [1] Group 2 - The company is also involved in the manufacturing and sales of high-speed rail equipment and components, as well as solar equipment and components [1] - Additional activities include wholesale and retail of hardware products, rubber products, plastic products, and building materials [1] - The company is authorized to conduct import and export activities, except for projects that require approval [1]

Core Insights - Baoding Zhongheng Metal Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the metal processing industry [1] Company Overview - The legal representative of the company is Fan Siying, which may suggest a local leadership presence [1] - The company’s business scope includes various activities related to non-ferrous metals, such as processing, manufacturing, and sales [1] Industry Activities - The company engages in the processing of non-ferrous metal rolling, manufacturing of non-ferrous metal alloys, and sales of these products [1] - It also handles metal waste and scrap processing, as well as the sales of metal materials and products [1] - Additional activities include recycling of renewable resources, excluding production waste metals, and sales of chemical products (excluding licensed chemical products) [1]

Overview - The company plans to increase capital by RMB 150 million to its wholly-owned subsidiary, North Special Singapore Investment Co., Ltd. [2][3] - 99% of the capital increase will be allocated to North Special Singapore Technology Co., Ltd., which will then fully invest in North Special Technology (Thailand) Co., Ltd. [2][3] - The remaining 1% will be directly invested by North Special Singapore Investment into the Thailand company [2][3] Capital Increase Details - The capital increase amount is RMB 150 million, which will be converted into local currencies based on the current exchange rates [3] - After the capital increase, the registered capital of North Special Singapore Investment is expected to rise from 1 SGD to approximately 27.045 million SGD [3] - North Special Singapore Technology's registered capital is expected to increase from 1 SGD to approximately 26.7746 million SGD [3] - The registered capital of the Thailand company is expected to increase from 4 million THB to approximately 672.54 million THB [3] Board Approval - The capital increase was approved during the 23rd meeting of the company's fifth board of directors held on September 19, 2025, and does not require shareholder approval [5][6] Subsidiary Information - The subsidiaries involved in the capital increase are North Special Singapore Investment, North Special Singapore Technology, and North Special Technology (Thailand) [7] - Both North Special Singapore Investment and North Special Singapore Technology are newly established companies and have not yet generated economic benefits [8][9] - North Special Technology (Thailand) is a newly established company that has not yet commenced production and has not generated economic benefits [10] Impact of Capital Increase - The capital increase is expected to enhance the subsidiaries' liquidity and operational capabilities, supporting their daily operations and business expansion [11] - This move aligns with the company's strategic planning and long-term interests [11] - The capital increase will not affect the company's consolidated financial statements or operational status negatively [11]

Group 1 - The company Xi'an Filter Metal Filter Materials Co., Ltd. (referred to as "Filter") is planning a major asset restructuring, with its stock suspended from trading from September 22 and expected to resume by October 21 [1] - Filter is a listed company on the National Equities Exchange and Quotations, primarily engaged in the R&D, production, and sales of metal fibers and related products, with applications in various industries including environmental protection, non-ferrous metallurgy, new energy, and chemical engineering [1] - The company has been recognized as a "specialized, refined, distinctive, and innovative" enterprise and has received several accolades, including being a key laboratory for porous metal materials and a champion enterprise in Shaanxi Province [1] Group 2 - In the first half of 2025, Filter achieved operating revenue of 58.6562 million yuan, a year-on-year increase of 13.24%, while net profit was -3.11221 million yuan, a decrease of 88.45% compared to the previous year [2] - The decline in net profit is attributed to increased inventory impairment provisions and higher R&D expenditures, influenced by intensified market competition and product price fluctuations [2] - The company has been leveraging its core product advantages in high-end fibers and liquid-solid separation systems to deepen technical cooperation with industries such as hydrogen energy, non-ferrous metallurgy, and new energy, contributing to steady business growth [2]