Summary of the Conference Call for Yingjie Electric Company Overview - Yingjie Electric is a leading enterprise in the power supply sector for photovoltaic and semiconductor equipment, with significant advancements in controllable nuclear fusion technology [2][5][29]. Key Points Industry and Market Position - Yingjie Electric's revenue from the research institute sector exceeded 100 million yuan, with involvement in controllable nuclear fusion projects [2][3]. - The company has established partnerships with key research institutions, including the Hefei Institute of Plasma Physics [2][3]. - The controllable nuclear fusion market presents a substantial demand for high-power power supplies, accounting for 5%-10% of project investments [2][7]. Financial Performance and Revenue Recognition - Yingjie Electric aims to confirm approximately 1.7 billion yuan in unrecognized revenue this year, with 60% already received as advance payments [3][17]. - The company is focusing on accelerating revenue recognition from major clients like Longi and Tongwei, with a remaining 1.17 billion yuan to be confirmed [3][17]. Technological Advancements - The company has a strong technical foundation in high-power power supplies, particularly in photovoltaic and polysilicon reduction furnace power supplies [2][6]. - Yingjie Electric's products include cyclotron power supplies and magnetic field power supplies, which are crucial for nuclear fusion projects [3][10]. Competitive Advantages - Yingjie Electric possesses significant competitive advantages in controllable nuclear fusion, including technological synergy and a strong development background [8][9]. - The company is well-prepared to meet the high-power requirements of nuclear fusion projects, with capabilities for stable direct current supply and precise synchronization control [10][11]. Future Growth Opportunities - The semiconductor industry outlook is optimistic, with expected growth in RF power supply models and collaborations with key clients [19][20]. - The charging pile business is being validated, with potential for several hundred million yuan in revenue next year if successful [21][22]. - The company anticipates significant growth in 2026, driven by charging pile business and overseas photovoltaic orders [22][23]. Challenges and Market Conditions - The photovoltaic industry is currently in a downward adjustment cycle, impacting new orders [16][18]. - Yingjie Electric is adapting to the challenges in the photovoltaic sector by diversifying into semiconductor and charging pile markets [18]. Strategic Initiatives - The company is actively pursuing project bids and maintaining strong relationships with clients to secure future orders [24]. - Yingjie Electric's chairman is directly involved in new business opportunities, emphasizing strategic partnerships and resource coordination [14]. Investor Engagement - The company has been hosting numerous offline research activities, particularly following the rise in interest in nuclear fusion concepts [27][28]. Conclusion Yingjie Electric is strategically positioned to leverage its technological strengths and market opportunities in controllable nuclear fusion and semiconductor sectors, while navigating challenges in the photovoltaic industry. The focus on revenue recognition and client relationships will be crucial for future growth.

世界经济论坛2025年新领军者年会(第十六届夏季达沃斯论坛)26日落下帷幕。多家深耕中国市场的跨国 公司高管在论坛期间接受采访时表示，尽管国际环境复杂多变，中国经济展现出的强大韧性与创新活力 持续吸引着跨国公司。 从人工智能前沿探索到电动汽车市场化浪潮，再到智能家电普及应用，科技创新已深度融入中国经济社 会发展的各个领域。论坛期间，跨国企业对中国科技创新的关注度显著提升，"活力"成为他们评价中国 经济的高频词。 面对全球经济不确定性，中国经济仍然展现出"韧性"，这已成为不少跨国公司的共识。波士顿咨询公司 中国区执行合伙人吴淳分析，中国拥有庞大而完备的产业链供应链体系，中国制造以其高性价比、快速 响应能力的优势成为跨国企业不可或缺的合作伙伴，也为全球生产和供应提供了稳定性。 余锋称，中国在科技创新、数字经济和低碳发展等领域展现出的强大活力，给跨国公司带来了广阔的发 展机遇。中国正从大规模生产制造中心向全球创新策源地加速转型。霍尼韦尔在中国拥有10个研发中心 和超过4500项有效专利和专利申请。施耐德电气已在华深耕38年，中国是其最重要的供应链基地之一和 四大研发基地之一，更是唯一一个拥有施耐德电气全业务线研发能 ...

Group 1 - The company, Yinlun Co., Ltd. (002126), announced that its subsidiary, Langxin Electric, has applied for a public stock offering and listing on the Beijing Stock Exchange [1] - Langxin Electric submitted the relevant application materials to the Beijing Stock Exchange on June 23, 2025 [1] - On June 25, 2025, Langxin Electric received the acceptance notice from the Beijing Stock Exchange, confirming that the listing application has been officially accepted [1]

Group 1: Economic Cooperation and Development - The China-Egypt TEDA Suez Economic and Trade Cooperation Zone is emerging as a new "oasis" for win-win cooperation, aligning with the Belt and Road Initiative and Egypt's Suez Canal Economic Corridor [1] - The establishment of the Xidian-EGEMAC high voltage electrical company has significantly alleviated Egypt's electricity supply issues since its involvement in the national grid project in 2016 [1] - The Aswan Benban photovoltaic industrial park project has provided approximately 16,000 GWh of electricity since its completion, supporting Egypt's economic and social development [1] Group 2: Workforce Development and Local Impact - The Xidian-EGEMAC company has trained a significant number of local engineers, with over 97% of its workforce being Egyptian, enhancing local talent in the electrical engineering sector [2] - Midea's kitchen and water heater company in Egypt aims for 80% of its dishwasher production to be exported by the end of 2024, with plans to double production by 2025, contributing to the local manufacturing ecosystem [2] - The new ductile iron pipe production base by Xinxing Ductile Iron Pipes is expected to generate nearly $200 million in foreign exchange annually and create over 500 local jobs [3] Group 3: Industrial Growth and Diversification - The TEDA cooperation zone has developed a cluster of leading industries, including new building materials, oil equipment, high and low voltage equipment, machinery manufacturing, textiles, chemicals, new energy, and white goods [3] - The cooperation between China and Egypt in the TEDA zone is fostering a new era of industrial growth and diversification, revitalizing Egypt's economy [3]

Core Viewpoint - The report "Multinational Companies in China" by the Ministry of Commerce Research Institute highlights that China is creating a fertile investment environment for multinational companies through comprehensive and multi-dimensional strategic advantages, providing significant value space for long-term capital appreciation and core competitiveness enhancement [1] Group 1: Scale Advantage - China has become the largest single-country market for Airbus, with a forecast that per capita flight frequency will increase from 0.6 times in 2024 to 1.8 times by 2044, necessitating 9,570 new aircraft over the next 20 years, accounting for nearly one-fourth of global demand [2] - Phoenix Contact's new factory project in Nanjing, with a total investment of 1 billion yuan and a construction area of approximately 55,000 square meters, is expected to increase overall capacity by 2-3 times within five years, driven by China's large and upgrading market demand [2] - The Chinese market's advantages are evident on both the demand and supply sides, with a vast market capacity and a complete supply chain system that significantly reduces production costs and collaboration difficulties for multinational companies [3] Group 2: Environmental Advantage - Bayer's recent achievement in obtaining a domestic medical device registration certificate in Beijing marks a significant milestone, supported by the city's efforts to optimize the business environment for innovative pharmaceutical development [4] - The registration process for Bayer's high-pressure injection system was expedited to 1.5 months, showcasing the efficiency of local regulatory support [4] - Henkel Group's investments in China, including a global R&D center and a high-standard adhesive production base, reflect the positive outlook of multinational companies towards the Chinese market [5] Group 3: Innovation Advantage - Schneider Electric has established five R&D centers in China, with a compound annual growth rate of over 18% in R&D investment since 2019, making China a key market for its global operations [6] - The integration of AI and other advanced technologies into Schneider Electric's operations demonstrates the company's commitment to innovation within rich application scenarios in China [6] - Epson has adopted a "technology + localization" approach, creating numerous popular "China-customized" solutions and actively engaging in the local innovation ecosystem [7] Group 4: R&D Investment Growth - Following the measures encouraging foreign investment in R&D centers, the number of foreign-funded R&D centers in Shanghai is expected to reach 603 by May 2025, with over 110 new centers recognized in Beijing by 2024 [7]

Group 1 - The company has approved the vesting of 1,144,000 shares for 166 eligible participants in the first grant of the 2022 restricted stock incentive plan, following the completion of the vesting conditions [1] - Out of the 168 initial participants, 2 have left the company and do not meet the vesting criteria, leaving 166 eligible participants [1] - The approval of the vesting is in compliance with relevant laws and regulations, ensuring no harm to the company or its shareholders [1] Group 2 - The company has also approved the vesting of 252,500 shares for 45 eligible participants in the reserved grant of the second vesting period of the 2022 restricted stock incentive plan [2] - All 45 participants in the reserved grant meet the eligibility criteria as per the relevant laws and regulations [2] - The vesting approval for this group also complies with applicable legal standards, ensuring no detriment to the company or its shareholders [2]

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [2] - The registered capital of the company is RMB 663.061291 million [3] - The company is a permanent joint-stock limited company [3] Business Objectives and Scope - The company's business objectives include high quality, efficiency, continuous improvement, technological innovation, and integrity in service [4] - The registered business scope includes the production and processing of electric control equipment, sales of machinery, communication equipment (excluding special control), and consulting services [4] Shares - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [5] - The total number of shares issued by the company is 663.061291 million, all of which are ordinary shares [5][6] - The company may increase its registered capital through various methods, including issuing shares to unspecified objects or existing shareholders [6] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes, including voting at shareholder meetings [10] - Shareholders are obligated to comply with laws and regulations and cannot withdraw their capital except as provided by law [15] - The company must maintain a shareholder register, which serves as proof of share ownership [10] Shareholder Meetings - The company holds annual shareholder meetings within six months after the end of the previous fiscal year [48] - Shareholder meetings can be called by the board of directors or by shareholders holding more than 10% of the shares [49] - Decisions at shareholder meetings require a majority or two-thirds majority vote, depending on the type of resolution [80][82] Related Party Transactions - The company must disclose related party transactions and ensure that related shareholders do not participate in voting on such matters [84] - Any guarantees provided by the company must be approved by the shareholder meeting if they exceed certain thresholds [47]

Group 1 - The World Economic Forum's 16th Annual Meeting of New Champions is taking place in Tianjin, highlighting China's role in global economic discussions and its contributions to topics like AI, green technology, and public health [1] - China is recognized as a significant engine for global economic growth, with a vast market and strong industrial foundation, which provides opportunities for multinational companies like Schneider Electric and PPG [2] - International guests at the forum express interest in China's advancements in digital technology, AI, and green industries, viewing them as crucial for global economic recovery and future growth [3] Group 2 - The current global economic landscape faces challenges such as insufficient growth momentum and obstacles in international economic circulation, prompting China to advocate for free trade and a multilateral trading system [4] - The high attendance at the forum reflects strong international interest in China and Asian markets, indicating a desire for enhanced cooperation and understanding [3][4]

Group 1: Cooperation and Global Engagement - The "Belt and Road" initiative has gained popularity as an international cooperation platform, with China establishing partnerships with over 150 countries and more than 30 international organizations over the past decade [2] - China emphasizes the need for global cooperation to address challenges such as climate change, public health, and economic crises, highlighting its role as a key advocate and participant in international collaboration [2] - China has shared its experiences in poverty alleviation and actively participates in multilateral organizations like APEC, SCO, BRICS, and G20, showcasing its commitment to global development [2] Group 2: Innovation and Economic Growth - China is expected to see over 100 breakthrough technological achievements similar to DeepSeek in the next 18 months, fundamentally reshaping its economic nature and technological characteristics [3] - The country is transitioning from a traditional manufacturing hub to a global innovation center, attracting multinational companies to increase R&D investments and strategic deployments [3] - Major companies like Tesla, BASF, and Siemens are expanding their R&D presence in China, indicating the country's growing role in global economic development driven by innovation [3] Group 3: Open Market and Economic Resilience - China is committed to expanding its openness and deepening integration with global markets, creating vast market opportunities for enterprises worldwide [4] - The negative list for foreign investment access has been significantly reduced, from 190 items to 29 for the national version and 27 for the free trade zone version, with the manufacturing sector achieving a "zero" list [4] - Despite external challenges, China's GDP growth rate reached 5.4% in Q1, with positive trends continuing into Q2, leading international institutions to raise their growth forecasts for China [4]

Core Viewpoint - In 2024, Shenglong Electric launched the world's first AI-powered distribution cabinet, AI-iPanel, which is capable of communication and management [1]. Company Overview - Shenglong Electric is located in Wuhan and has established a comprehensive talent service system that includes internship, training, and promotion pathways, having trained nearly a thousand interns [8][22]. - The company emphasizes personal qualities and learning potential over professional skills during the internship recruitment process [8]. Employee Development - Pan Jingtong, a recent graduate, joined Shenglong Electric as an intern in September 2024 and was promoted to a new position called "Cultural Manager" within a month of her formal employment [4][9]. - The company provides a structured mentorship program that helps interns quickly understand corporate culture and operations [9]. Initiatives and Innovations - Pan Jingtong initiated the "Energy Supply Station" in the smart factory to provide snacks and drinks for workers, which has received positive feedback and serves over 200 people daily since its launch in March 2025 [12][14]. - She also formed a company band and organized various employee engagement activities, enhancing workplace culture and morale [18]. Employment Landscape - The local government is actively working to improve employment opportunities for college graduates, having created over 7,200 internship positions across various industries in the first half of the year [22].