1）崧盛股份 （创富兆业参与公司特定对象调研） 调研纪要：崧盛股份在LED驱动电源领域有15年技术沉淀，产品取得全球多国安规认证，具备多种防护 设计和调光功能。储能子公司定位为技术驱动型企业，研发人员占比高，产品设计灵活，具备较强市场 竞争力。储能逆变器产能利用率较高，户用储能系统核心部件陆续出货。公司持续管理"崧盛转债"，存 续债券余额约2.94亿元。LED驱动电源产品对美直接出口关税约58%，2024年直接外销金额为1.40亿 元，占整体营业收入比例为16%，其中美国地区直接外销销售占比约1%。 根据市场公开信息及7月16日披露的机构调研信息，知名私募创富兆业近期对1家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 机构简介： 深圳创富兆业金融管理有限公司成立于2013年12月，是经中国基金业协会备案成立的私募基金管理公 司，注册资本一千万元人民币，公司总部位于深圳福田，经营范围包括私募基金管理业务，发起设立基 金和经中国证监会与基金业协会批准的其他业务。创富兆业私深圳创富兆业金融管理有限公司 ...

Core Insights - Edible Garden AG Incorporated has launched its Pickle Party™ line of fresh condiments at Uncle Giuseppe's Marketplace, coinciding with the peak summer season for consumer demand for flavorful condiments [1][3] - The Pickle Party™ line is the world's first functional pickle line, featuring raw, refrigerated, fermented, Kosher, and Non-GMO products made through traditional fermentation methods [2][3] - The company has also expanded its herb distribution with a new partnership at Scotty's Marketplace, offering hydroponic basil and various potted herbs [3] Company Overview - Edible Garden is a leader in controlled environment agriculture (CEA), focusing on locally grown, organic, and sustainable produce, with products available in over 5,000 stores across the US, Caribbean, and South America [4] - The company operates vertically integrated greenhouses and processing facilities in New Jersey and Michigan, utilizing patented technologies like GreenThumb software and Self-Watering displays to optimize production and reduce environmental impact [4] - Edible Garden has been recognized as a FoodTech 500 company and is a participant in Walmart's Project Gigaton sustainability initiative [4]

Core Viewpoint - The company, Weilan Lithium, is experiencing significant growth in its lithium battery business, leading to a continuous increase in operating performance, with a projected net profit for the first half of 2025 expected to rise by 79.29% to 115.15% compared to the same period last year [2][7]. Group 1: Business Performance - In 2024, Weilan Lithium achieved a revenue of 67.56 billion, marking a year-on-year increase of 29.38%, and a net profit of 4.88 billion, up 246.43% [6]. - For the first quarter of 2025, the company reported a revenue of 17.28 billion, a year-on-year growth of 20.9%, and a net profit of 1.42 billion, reflecting a 100.56% increase [7]. - The anticipated net profit for the first half of 2025 is projected to be between 3 billion and 3.6 billion, with a year-on-year growth of 79.29% to 115.15% [7]. Group 2: Business Structure and Strategy - Weilan Lithium has undergone two strategic transformations, evolving into a company with three main business segments: LED chips, lithium batteries, and metal logistics [3][5]. - The company has expanded its overseas capacity and made significant progress in international markets, with overseas customer orders accounting for nearly 50% of total revenue in 2024 [3][10]. Group 3: Global Expansion and Innovation - Weilan Lithium has successfully secured substantial overseas orders, including a contract with Bosch for 87 million lithium batteries, valued at approximately 95.85 million USD [9]. - The company is actively investing in overseas production capacity, including a 280 million USD project in Malaysia for a 10GWh cylindrical lithium battery plant, expected to commence production in April 2025 [10]. - Research and development are crucial for maintaining competitiveness, with R&D expenses increasing significantly over the years, reaching 1.24 billion in the first quarter of 2025, which is 48.11% higher than the previous year [10].

I am long STRW and may add to my position in the future. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional inve ...

| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参与单位名 | 万家基金、鹏扬基金、创富兆业、浙商证券、太平洋证券 | | 称 | | | 时间 | 2025 年 7 月 16 日 10:00-11:00 | | 地点 | 公司会议室 | | 上市公司接 | 董事会秘书、财务负责人：谭周旦 | | 待人员姓名 | 证券事务代表：刘佳佳 | | | 一、介绍公司基本情况 | | | 二、互动问答 | | | 1、植物照明和专业照明领域公司的竞争力主要体现在哪里？ | | | 公司在 LED 驱动电源领域有近 15 年的技术沉淀与制造经验积累，目前公 | | | 司自主掌握多项 LED 驱动技术、调光技术及照明控制技术，同时公司产品 | | 投资者关系 | 取得全球多国安规认证，兼容全球电网应用。 | | 活动主要内 | 其中植物照明 LED 驱动电源功率最大可达 1500W，兼容全球市场电压环境， | | 容介绍 | 具备 180-528Vac ...

MIAMI, July 15, 2025 (GLOBE NEWSWIRE) -- Captivision Inc. ("Captivision" or the "Company") (NASDAQ: CAPT), a pioneering manufacturer and global LED solution provider, announced that it has been informed by the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") that as of July 11, 2025, the Company has regained compliance with the Market Value of Listed Securities (Listing Rule 5450(b)(2)(A)) and Minimum Bid Price requirements (Listing Rule 5450(a)(1)). The Company is actively workin ...

Core Viewpoint - The company, Weilan Lithium Chip, is experiencing significant growth in its operating performance, primarily driven by the high increase in its lithium battery business, with a projected net profit for the first half of 2025 expected to be between 300 million to 360 million yuan, representing a year-on-year growth of 79.29% to 115.15% [1][2]. Business Performance - In 2024, Weilan Lithium Chip achieved a revenue of 6.756 billion yuan, a year-on-year increase of 29.38%, and a net profit of 488 million yuan, up 246.43% [2]. - For the first quarter of 2025, the company reported a revenue of 1.728 billion yuan, a 20.9% increase year-on-year, and a net profit of 142 million yuan, reflecting a growth of 100.56% [2]. - The estimated net profit for the second quarter of 2025 is projected to be between 158 million to 218 million yuan, indicating a year-on-year growth of approximately 62.89% to 124.74% [3]. Business Segments - Weilan Lithium Chip has diversified its operations into three main business segments: LED chips, lithium batteries, and metal logistics, following two strategic transformations [2]. - The company has over 20 subsidiaries and a solid business presence across various locations, including Suzhou, Shanghai, Dongguan, Huai'an, and Yangzhou [2]. Global Expansion - The company has made significant strides in expanding its overseas business, with nearly 50% of its total revenue from overseas orders in 2024 [5]. - Notable international contracts include a 2022 order for 87 million cylindrical lithium batteries from Bosch, valued at approximately 95.85 million USD, and a three-year supply agreement with Stanley Black & Decker [4][5]. Research and Development - Research and development (R&D) is a key factor in maintaining the company's competitiveness, with R&D expenses increasing from 157 million yuan in 2020 to 416 million yuan in 2024, totaling 1.599 billion yuan over five years [6]. - In the first quarter of 2025, R&D expenses reached 124 million yuan, a year-on-year increase of 48.11%, accounting for 7.2% of total revenue [6].

Summary of Mulinson's Conference Call Company Overview - Mulinson reported total revenue of 16.9 billion yuan and a net profit of 370 million yuan for 2024, with operating cash flow of 1.8 billion yuan, total assets of 23.4 billion yuan, net assets of 12.8 billion yuan, and cash reserves of 4 billion yuan with no interest-bearing debt [2][4]. Strategic Initiatives - Mulinson acquired an 18.77% stake in Pruy Optoelectronics to strengthen its strategic position in the upstream LED supply chain, particularly in epitaxial wafers and chips. Pruy Optoelectronics is projected to achieve sales revenue of 2.1 billion yuan and a net profit of 40 million yuan in 2024 [2][5]. - The company is actively expanding into third-country markets, such as Southeast Asia and the Middle East, to increase market share. Additionally, Mulinson has begun exploring new business segments in low-altitude economy and artificial intelligence [2][6]. Business Segments - Mulinson's business is divided into three main segments: 1. **Brand Segment**: Led by the brand "Longdawans," which generated approximately 9.6 billion yuan in revenue but has a low profit margin of 5-6% [3][7]. 2. **Manufacturing Segment**: Comprising LED packaging for white light and display, contributing around 5.5 billion yuan in sales [3]. 3. **Finished Product Manufacturing**: Along with Mulinson's own brand, this segment accounts for about 2 billion yuan in sales [3]. Market Position and Profitability - Mulinson holds approximately 70% of the global market share in the display sector, indicating potential for price increases and improved profit margins. The white light lighting business has achieved breakeven through cost reduction measures and is expected to see price recovery driven by a rebound in the real estate market by Q3 2025 [2][12][13]. Future Growth Directions - The company plans to enhance existing operations while seeking new growth avenues. This includes optimizing cost structures and improving profitability, particularly in the white light product line [6][7]. - Mulinson is also focusing on the development of its plant lighting business, aiming to produce biological feed through plant factories, and is targeting the European household energy storage market with self-developed inverters expected to begin mass production in September [16][17]. Challenges and Measures - Mulinson's profit margins have been low, particularly in the Longdawans segment. To address this, the company is implementing cost-cutting and efficiency-enhancing measures, including global supply chain integration and logistics optimization [7][8]. - The company is also addressing the challenges posed by the price decline in the white light sector through the acquisition of Pruy Optoelectronics, which is expected to enhance competitiveness in both white light and display fields [14]. New Business Ventures - Mulinson's recent acquisition of Guangzhou New Aviation Technology aims to enter the low-altitude economy sector, focusing on low-altitude lighting, including civil aviation special lighting [18][19]. - The company is exploring various cooperation methods with EPC contractors for project construction in the low-altitude lighting business [21][25]. Shareholder Returns - Mulinson plans to distribute 50% of its net profit and 30% of its operating cash flow as dividends over the next three years to ensure investor returns [2][4]. Conclusion - Mulinson is strategically positioned to leverage its market share and financial strength to enhance profitability and explore new growth opportunities while maintaining a strong commitment to shareholder returns. The company's focus on cost optimization and market expansion is expected to drive future performance.

Group 1: Product Applications and Advantages - The company's LED driver power supply products cover various fields including residential, industrial, commercial, and agricultural applications, with power ranges from 3W to 1800W [3][4]. - Medium and high-power products are primarily used in road lighting, sports lighting, and plant lighting, while medium and low-power products focus on hotel retail and commercial lighting, emphasizing flexibility and energy efficiency [3][4]. - The company offers a complete product line and intelligent features such as dimming, constant current control, and power measurement, ensuring adaptability to harsh working conditions [3][4]. Group 2: Market Trends and Opportunities - The plant lighting market has seen significant growth since 2021, driven by mature LED technology and supportive policies, expanding from niche crop cultivation to the general consumer market [5]. - The technology allows for customized lighting conditions, overcoming traditional sunlight limitations and reducing resource consumption, indicating a vast market potential [5]. - The company is actively investing in the electric vehicle battery swap business, holding a 20% stake in Shanghai Gongshun New Energy Technology Co., with an investment of 10 million yuan [6]. Group 3: Importance and Future of LED Driver Power Supplies - LED driver power supplies convert primary electrical energy into the secondary energy required by LEDs, accounting for approximately 10%-40% of the total cost of LED lighting fixtures [7]. - The development prospects for LED driver power supplies are promising, with trends towards smart and systematized LED lighting driven by IoT and 5G technologies [7]. - The demand for energy-efficient solutions and government policies further stimulate the replacement needs for traditional lighting systems, especially in emerging markets [7]. Group 4: Company Position and Strategic Plans - The company is recognized as a leading global player in LED driver power supplies and lighting solutions, with a comprehensive product portfolio following the acquisition of the DS-E business from Osram [9]. - The company is committed to identifying customer needs and providing customized products, enhancing its competitive edge in the market [9]. - There are no disclosed plans for mergers and acquisitions at this time, but any future plans will be announced in accordance with relevant regulations [10].

Core Viewpoint - Guoxing Optoelectronics plans to raise no more than 981 million yuan through a targeted issuance to enhance its capabilities in emerging fields such as Mini/Micro LED technology [1][2] Group 1: Fundraising and Investment Focus - The company aims to raise funds from no more than 35 specific investors, including its controlling shareholder, Foshan Electric Lighting [1] - The raised capital will be directed towards five core areas: ultra-high-definition display, optoelectronic sensing, smart home, intelligent automotive applications, and research laboratories [1] Group 2: Strategic Development Areas - In the ultra-high-definition display sector, the company will focus on building production lines for Mini/Micro LED and display module products to seize opportunities in next-generation display technology [1] - The optoelectronic sensing segment will advance the industrialization of smart health devices, expanding into the medical health market [1] - The smart home business will enhance production capacity for display and Mini backlight modules, while the intelligent automotive sector will focus on automotive smart applications [1] - The company will also invest in high-level research laboratories to strengthen its technological reserves in third-generation semiconductors and Mini/Micro LED display devices [1] Group 3: Industry Context and Market Potential - The LED industry is experiencing a new development opportunity period due to increased national policy support, with significant market potential in niche areas such as small-pitch LED, optoelectronic devices, and smart electronic terminals [1] - Guoxing Optoelectronics aims to optimize its product structure and allocate resources towards high-growth areas to enhance overall profitability [1] - The company emphasizes forward-looking technology layout to address market competition and technological changes in the rapidly evolving LED industry [1][2]