Core Viewpoint - Bosch (China) Investment Co., Ltd., a shareholder holding more than 5% of the shares, plans to reduce its stake in Hechuan Technology by up to 4.5304 million shares, representing 3.00% of the total share capital, due to its own funding needs [1] Summary by Category - **Shareholder Action** - Bosch (China) Investment Co., Ltd. intends to reduce its holdings through centralized bidding or block trading [1] - The reduction period is set for three months starting from fifteen trading days after the announcement [1]

Core Viewpoint - Hechuan Technology reported a significant increase in revenue for the third quarter, but still faced substantial net losses [1] Financial Performance - The revenue for the third quarter reached 224 million yuan, representing a year-on-year growth of 39.38% [1] - For the first three quarters, the total revenue was 733 million yuan, showing a year-on-year increase of 13.83% [1] - The net loss for the third quarter was 53.48 million yuan [1] - The net loss for the first three quarters amounted to 91.64 million yuan [1]

Core Viewpoint - Shanghai Bolong Equipment Technology Co., Ltd. (referred to as "Bolong Technology") reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - In Q3 2025, Bolong Technology achieved operating revenue of 229 million yuan, representing a year-on-year increase of 7.31% [1] - The net profit attributable to shareholders for Q3 2025 was 79.52 million yuan, reflecting a year-on-year growth of 12.39% [1] - For the first three quarters of 2025, the company reported total operating revenue of 954 million yuan, which is a substantial year-on-year increase of 64.17% [1] - The net profit attributable to shareholders for the first three quarters was 322 million yuan, marking a significant year-on-year increase of 90.08% [1] Business Operations - The company experienced favorable operating conditions in the first three quarters, with increased delivery and acceptance of large projects and orders contributing to the substantial growth in revenue [1] - The significant increase in operating revenue compared to the same period last year has positively impacted net profit [1] Company Overview - Bolong Technology specializes in providing pneumatic conveying solutions for bulk material handling systems, integrating system design, technology research and development, core equipment manufacturing, automation control, system integration, and related technical services [1] - The main products include complete systems centered on pneumatic conveying technology, as well as individual functional systems such as metering and batching, functional silos, filtration and separation, and dust purification systems [1]

Group 1: Report General Information - Research object: Gangdi Technology [16] - Research date: October 27, 2025 [16] - Industry: Not specified [16] - Company representatives: Chairman Xiang Aiguo, CFO Zhang Lijuan, Sponsor representative Feng Weijun, Board secretary Zhou Yijun, Independent director Niu Hongbin [16] - Research participants: All investors participating in the online performance briefing of Gangdi Technology (301633) in Q3 2025 [19] Group 2: Company R & D and Product Information - R & D investment: From 2022 - 2024, R & D expenses were 33.712 million yuan, 40.4229 million yuan, and 48.161 million yuan, accounting for 6.65%, 7.39%, and 8.00% of revenue respectively. From January - September 2025, R & D expenses were 36.1837 million yuan, a 15.39% year - on - year increase, accounting for 10.03% of revenue [23] - Product achievements: The self - developed HF680N series 2400kW high - power energy feedback multi - drive system was applied to large shipbuilding gantry cranes; products were provided for the world's largest diameter full - face hard - rock vertical boring machine; the shield machine integrated special machine was widely used in major water conservancy projects; the container yard bridge automation system was upgraded; the operation and maintenance assistant based on RAG and knowledge graph was launched [24][25] - Medium and high - voltage inverter: Some models are in the testing and verification stage and are expected to be launched this year. The development plan focuses on technology upgrade, scenario expansion, and global layout, and forms synergy with existing products [26] - Semiconductor industry: The self - developed SD400 series servo system has been adapted to semiconductor core equipment and is being gradually launched into the market [28] Group 3: Company Business and Strategy - Overseas market: The company is actively expanding overseas business by adding organizations and professionals [26] - Future 3 - 5 years: The company aims for sustainable and high - quality development, increasing R & D, new product development, and overseas market expansion [26] - Talent introduction: The company plans to introduce high - end technical and composite talents and use diversified incentives [27] - Profit decline: The decline in net profit in the first three quarters is due to increased investment in sales, R & D, and management. The company plans to increase revenue, accelerate payment collection, and reduce costs [28][29]

Group 1 - Core viewpoint: Kory Technology's stock increased by 6.13% to 22.87 CNY per share, with a trading volume of 544 million CNY and a turnover rate of 6.02%, resulting in a total market capitalization of 9.605 billion CNY [1] - Company overview: Kory Technology, established on May 23, 2001, and listed on July 26, 2019, is located in Shenzhen, Guangdong Province. The company primarily engages in the research, design, production, sales, and technical services of industrial automation equipment, as well as precision component manufacturing [1] - Revenue composition: The main business revenue structure includes automation equipment (70.86%), precision components (14.31%), automation equipment accessories (11.20%), technical services (2.71%), and others (0.91%) [1] Group 2 - Major shareholder: The top circulating shareholder of Kory Technology is a fund under China Merchants Fund, specifically the China Merchants Quantitative Selected Stock Fund A (001917), which held 1.0726 million shares, unchanged from the previous period, accounting for 0.26% of circulating shares [2] - Fund performance: The China Merchants Quantitative Selected Stock Fund A has achieved a return of 40.83% year-to-date, ranking 897 out of 4218 in its category, and a one-year return of 46.92%, ranking 513 out of 3875 [2] - Fund manager: The fund manager, Wang Ping, has a tenure of 15 years and 129 days, with the fund's total asset size at 16.687 billion CNY. The best return during his tenure is 278.01%, while the worst return is -70.61% [3]

Core Viewpoint - The company announced a capital increase of 220 million yuan to its wholly-owned subsidiary, Dingpai Electromechanical, and an additional capital increase of 25 million euros to its wholly-owned subsidiary, Cloos Holding, both of which will be recorded in capital reserves [1] Financial Performance - For the first half of 2025, Dingpai Electromechanical reported revenue of 0 million yuan and a net loss of 40,000 yuan [1] - Cloos Holding generated revenue of 780,000 yuan and incurred a net loss of 7.91 million yuan [1] Purpose of Capital Increase - The capital increase is intended for debt repayment at Cloos Holding and will not affect the consolidated financial statements or the company's financial and operational results [1]

Core Insights - Evonik has partnered with Schneider Electric to automate thermoplastic processing at Evonik's high Schmit plant in Essen, Germany, aiming to enhance mechanical recycling efficiency and improve the quality of recycled materials, further committing to the principles of a circular economy [1] Group 1: Partnership Details - The initial phase of the collaboration involves the digital transformation of Evonik's existing pilot plant, utilizing an open automation architecture for centralized data collection and analysis [1] - The project aims to implement data-driven strategies to enhance performance analysis, reduce or eliminate manual operations, and simplify decentralized computing processes [1] Group 2: Long-term Goals - Long-term objectives include converting laboratory experiences into quantifiable data to strengthen market positioning of existing solutions, shortening the time-to-market for new additives, and improving scalability from pilot to commercial production [1] - The collaboration focuses not only on plastic recycling but also encompasses the entire plastic processing chain, emphasizing the importance of digitalization in driving the circular economy [1] Group 3: Statements from Executives - Jessica Bethune, Vice President of Industrial Automation DACH at Schneider Electric, stated that digitalization is key to promoting the circular economy, highlighting how automation can enhance recycling efficiency and quality [1] - Patrick Glöckner, Head of New Market Development at Evonik, emphasized that the partnership exemplifies how digitalization and chemistry can empower plastic recycling, aiming to elevate thermoplastic processing to new heights while truly practicing circular economy principles [1]

Core Insights - The article discusses the shift from globalization to "de-globalization," driven by geopolitical conflicts, trade protectionism, and supply chain disruptions due to the pandemic, leading to a focus on regionalization and security resilience [1][3] Group 1: Disruption of Old Models - The core driver of de-globalization is the pursuit of "security resilience" by businesses and governments, which sacrifices some efficiency and cost [3] - Companies that previously relied on low-cost, long supply chains for high profits are facing challenges, while those offering localized, high-security, and resilient solutions are poised for growth [4] Group 2: New Investment Opportunities - Wealth is being re-consolidated into economies with high regional collaboration capabilities [4] - Opportunities include: - **Reshoring and Upgrading of Domestic Manufacturing**: Companies utilizing automation, AI, and green energy for local or regional re-manufacturing will benefit, such as industrial automation equipment providers and smart logistics service companies [4][5] - **Beneficiaries of Regional Trade Agreements**: Companies in countries benefiting from trade agreements (e.g., RCEP, USMCA) will gain from tariff advantages and supply chain integration, with emerging economies like Southeast Asia and Mexico becoming new manufacturing hubs [5] - **Accumulation of Key Resources and Self-Sufficiency**: The rise in resource sovereignty awareness will increase the value of energy, critical minerals, and high-tech research, making investments in companies ensuring stable energy supply or possessing self-sufficient technologies attractive [7] Group 3: Strategies for Adaptation - Companies must regularly review their portfolio logic, questioning the security of their supply chains and the risks of regional trade barriers [7] - Diversifying country allocations is essential to mitigate geopolitical and trade risks, suggesting that core assets should be spread across different regional index funds [7]

Core Viewpoint - The company held a half-year performance and cash dividend briefing on September 18, 2025, to provide investors with insights into its operational performance and future plans [1]. Group 1: Performance Overview - In the first half of 2025, the company achieved a revenue of 877 million yuan, representing a year-on-year growth of 10.01% [7]. - The net profit attributable to the parent company was 127 million yuan, with a slight year-on-year increase of 0.39% [8]. - The net profit after deducting non-recurring gains and losses grew by 3.92%, indicating a steady improvement in the company's main business profitability [8]. Group 2: Business Development and Strategy - The company has established a dedicated research and market team for humanoid robots, indicating a strategic move to capitalize on the accelerating global humanoid robot industry [2]. - The company has developed core components such as hollow cup motors, frameless torque motors, and high-performance encoders, which are essential for various types of robots [2][3]. - Future plans include expanding into the humanoid robot market and enhancing product development, with a focus on high responsiveness, intelligence, precision, and safety [6][5]. Group 3: Market Expansion and Innovation - The company aims to strengthen its market expansion strategy over the next three years by enhancing its professional sales team and optimizing customer service systems [5]. - It plans to deepen its presence in existing markets while accelerating strategic layouts in emerging fields and increasing overseas market operations [5]. - The company is actively exploring opportunities in various sectors, including consumer electronics, smart logistics, medical devices, and renewable energy, to diversify its business [6].

Core Insights - Wuxi Intelligent Control Engineering Co., Ltd. reported a total revenue of 503 million yuan in the first half of the year, a year-on-year decline of 7.83% [2] - The company implemented various measures, including salary reductions and exploring new business markets, but these efforts did not reverse the downward trend in performance [2] Revenue Breakdown - Revenue from control valves was 435 million yuan, accounting for 86.54% of total revenue, with a decline of 8.14% [3] - Maintenance service revenue was 47 million yuan, representing 9.41% of total revenue, down 15.13% [3] - Revenue from parts and other businesses was 19 million yuan and 954,600 yuan, respectively, showing significant growth [3] Regional Performance - East China region generated 279 million yuan, contributing 55.48% to total revenue, with a decline of 11.10% [4] - South China region revenue was 47 million yuan, down 45.94% [4] - North China region revenue was 52 million yuan, down 21.93% [4] - Southwest region revenue increased by 70.81% to 42 million yuan [4] - Northeast region revenue increased by 92.93% to 29 million yuan [4] - Northwest region revenue surged by 246.73% to 38 million yuan [4] - Revenue from Hong Kong, Macau, Taiwan, and overseas was 904,100 yuan, down 26.71% [4] Cost Analysis - Operating costs were 352 million yuan, a decrease of 9.75% year-on-year [5] - Sales expenses increased by 5.97% to 44 million yuan, with personnel costs down 12.09% to 17 million yuan [5] - Sales service fees rose by approximately 231.13% to 6.93 million yuan [5] Management and Financial Expenses - Management expenses were 31 million yuan, down 7.87% [5] - Financial expenses increased by 13.47% to 16 million yuan, primarily due to a significant rise in discount interest [5] Asset and Liability Overview - Total assets reached 2.641 billion yuan, up 7.89% year-on-year [7] - Current assets were 1.704 billion yuan, a 17.10% increase [7] - Total liabilities were 1.420 billion yuan, up 13.04% [8] - Short-term borrowings increased by 25.71% to 478 million yuan [8] Cash Flow Insights - Cash inflow from financing activities was 555 million yuan, all from loans [8] - Cash outflow for financing activities was 305 million yuan, mainly for debt repayment [8] - Investment cash flow outflow was 326 million yuan, primarily for purchasing structured deposits and treasury reverse repos [8]