Core Viewpoint - The report outlines the ongoing supervision of Shanghai Tiancheng Technology Co., Ltd. by Minsheng Securities Co., Ltd. as the sponsor for its initial public offering on the Sci-Tech Innovation Board, detailing the supervisory activities and compliance with regulations during the period from July 10, 2023, to December 31, 2026 [1][2][3]. Supervision Activities - Minsheng Securities has established a comprehensive supervision system and executed a work plan for ongoing supervision [1][2]. - A continuous supervision agreement has been signed with the company, clarifying the rights and obligations of both parties during the supervision period [2]. - No significant violations or breaches of commitments have been reported during the supervision period [3][4]. Financial Performance - For the first half of 2025, the company reported operating income of CNY 213,149,895.20, a 23.37% increase compared to CNY 172,776,665.31 in the same period of 2024 [11]. - The net cash flow from operating activities for the first half of 2025 was CNY 28,837,869.82, a decrease of 65.11% compared to the previous year [12]. - The total assets as of June 30, 2025, were CNY 1,261,325,871.38, reflecting a 1.51% increase from CNY 1,242,601,122.09 a year earlier [12]. Research and Development - The company invested CNY 16,856,288.07 in research and development in the first half of 2025, representing a 51.01% increase from CNY 11,162,606.59 in the same period of 2024 [19]. - The company holds 52 invention patents and 19 utility model patents, indicating a strong focus on innovation [19]. Market Position and Risks - The company faces competition from international giants in the electronic circuit specialty chemical industry, which may impact its market position if it fails to innovate and respond to market demands [9][10]. - The company emphasizes the importance of its core technical personnel, who have over 30 years of experience in the industry, as a key factor for its development [8]. - The company has established strong relationships with numerous downstream enterprises, enhancing its market presence and customer base [16][17]. Compliance and Governance - The company has adhered to the relevant regulations regarding the use of raised funds, ensuring proper storage and usage in compliance with the rules set by the Shanghai Stock Exchange [21]. - There have been no reported issues regarding the compliance of the company's governance structure or internal controls during the supervision period [3][4].

Market Overview - The Shanghai Composite Index fell by 75.24 points, a decrease of 1.97%, closing at 3738.32 points with a trading volume of 689.45 billion [1] - The Shenzhen Component Index dropped by 295.1 points, down 2.37%, closing at 12176.9 points with a trading volume of 905.57 billion [1] - The ChiNext Index decreased by 92.74 points, a decline of 3.2%, closing at 2806.63 points with a trading volume of 454.90 billion [1] - The CSI 300 Index fell by 109.94 points, down 2.47%, closing at 4349.89 points with a trading volume of 488.29 billion [1] Sector Performance - The top five performing sectors were: - Tourism and Hotels: up 2.82% - Commercial Retail: up 2.79% - Batteries: up 2.46% - Food and Beverage: up 1.94% - Beauty and Personal Care: up 1.45% [1] - The bottom five performing sectors were: - Semiconductors: down 4.21% - Precious Metals: down 3.37% - Communication Equipment: down 2.73% - Aerospace: down 2.67% - Electronic Chemicals: down 2.46% [1]

Group 1 - The A-share market is currently in a favorable environment with intertwined domestic and foreign policy benefits and ample liquidity, as indicated by the significant improvement in market funding conditions and continuous trading volume exceeding 2 trillion yuan [1][2] - The TMT sector is expected to maintain high growth in earnings due to the dual drivers of the AI wave and domestic substitution, which will likely lead to increased industry performance [1][2] - The market is experiencing a mixed performance with various sectors showing different trends, where gaming, photovoltaic equipment, electronic chemicals, and batteries performed well, while aerospace, shipbuilding, and small metals lagged [1] Group 2 - The market is anticipated to enter a phase of consolidation after rapid rotation, but the medium-term positive trend remains unchanged, driven by liquidity [2] - There is an expectation for continued balance-seeking between technology growth and defensive sectors, indicating a significant structural market characteristic [2] - The Federal Reserve's signals for potential interest rate cuts provide space for subsequent monetary policy adjustments, which may accelerate the recovery of the economic fundamentals [1][2]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [15]. Core Views - The A-share market experienced a high opening followed by a decline, with the Shanghai Composite Index finding support around 3802 points. Key sectors such as gaming, photovoltaic equipment, electronic chemicals, and batteries performed well, while aerospace, shipbuilding, and small metals lagged behind [2][3]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 15.74 times and 47.17 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][14]. - The market is currently supported by multiple favorable policies aimed at consolidating economic recovery, with significant liquidity improvements and a net inflow of global funds into the A-share market [3][14]. Summary by Sections A-share Market Overview - On September 3, the A-share market opened high but faced a decline, with the Shanghai Composite Index closing at 3813.56 points, down 1.16%. The ChiNext index rose by 0.95%, outperforming the main board [8][9]. - The total trading volume for the day was 23,961 billion, slightly lower than the previous trading day, with over 80% of stocks declining [8][9]. Future Market Outlook and Investment Recommendations - The market is expected to maintain a steady upward trend in the short term, with a focus on sectors such as gaming, photovoltaic equipment, batteries, and electronic chemicals for investment opportunities [3][14]. - The current favorable environment is characterized by supportive policies, ample liquidity, and a shift of household savings towards capital markets, which is expected to provide a continuous source of incremental funds [3][14].

Group 1 - The electronic chemicals sector increased by 0.71% compared to the previous trading day, with Siquan New Materials leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Group 2 - The electronic chemicals sector saw a net inflow of 425 million yuan from main funds, while retail and speculative funds experienced net outflows of 220 million yuan and 203 million yuan, respectively [2] - The table provided shows the net inflow and outflow of funds for various companies within the electronic chemicals sector, highlighting significant movements in stocks such as Tiantong Co., Jianghua Micro, and Siquan New Materials [2]

Market Overview - The A-share market opened high but closed lower, with the Shanghai Composite Index at 3820.98 points, down 0.96%, and the Shenzhen Component Index at 12474.44 points, down 0.63% [1] - The ChiNext Index remained flat at 2872.12 points [1] Sector Performance Top Performing Sectors - The gaming sector increased by 1.42%, with a total trading volume of 940.11 million hands and a net inflow of 173.66 billion [2] - The film and television sector rose by 1.02%, with a trading volume of 628.13 million hands and a net outflow of 1.36 billion [2] - The electronic chemicals sector saw a gain of 0.89%, with a trading volume of 775.46 million hands and a net inflow of 8.19 billion [2] Underperforming Sectors - The military equipment sector declined by 5.12%, with a trading volume of 1471.68 million hands and a net outflow of 58.26 billion [2] - The military electronics sector fell by 3.59%, with a trading volume of 788.21 million hands and a net outflow of 21.09 billion [2] - The small metals sector decreased by 3.15%, with a trading volume of 1032.60 million hands and a net outflow of 11.76 billion [2]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The company has proposed a "1334" development strategy with the goal of building a world - class aerospace intelligent equipment manufacturing enterprise. It will drive development through "dual - wheel" of capital operation and industrial development, aiming to achieve the goal of becoming stronger, better, and larger in stages [27][30][33] - The company will focus on its main business, strengthen technological innovation, increase product added value, implement cost reduction and efficiency improvement, and ensure the achievement of annual business goals in 2025 [31][42] - In terms of market value management, the company will use various legal methods, including strengthening cash dividends, information disclosure, and investor relationship management, to stabilize the stock price and enhance market recognition of the company's value [24][25][38] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Lecai New Materials; Industry: Electronic chemicals; Reception time: September 2, 2025; Reception personnel: Chairman Luo Chuanguang, General Manager Peng Jianqing, Deputy General Manager and Board Secretary Xu Wanbin, Independent Director Zou Huawei [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Research Institution Proportion - No information provided in the report 3.4 Main Content Materials - **Stock price and market value**: The stock price is affected by macro - economic environment, industry policies, market sentiment, and the company's fundamentals. The company will strengthen market value management through various means such as cash dividends, share repurchases, and investor relationship management [23][24][25] - **Business and performance**: In the first half of 2025, military product revenue was 673,380 yuan, accounting for 0.16% of total revenue, with a year - on - year increase of 6.96%. The company's main businesses are automotive parts and oil and gas equipment, with stable customer groups. The Nanjing project of automotive interior and exterior parts is expected to have an annual average income of 380 million yuan after reaching full production [25][31][37] - **Development strategy**: Pursue the "1334" development strategy, adhere to three principles of professional, integrated, and digital development, build three core capabilities, implement a diversified business system, and create four models [27] - **New business exploration**: The company is closely monitoring the development of the low - altitude economy and humanoid robot industries, and will participate according to the industry's development [27][34] - **Response to policies**: The 60 - day payment period policy of major automotive manufacturers has a positive impact on the company's cash flow. The company will inherit the aerospace spirit and strive for new development [35] - **Product R & D**: The developed photosensitive dry film products for PCB have not yet generated revenue. The company is also developing products such as pressure test films and conductive adhesive films [42]

Core Viewpoint - Jiangsu Nanda Optoelectronics Materials Co., Ltd. has announced its 2025 semi-annual profit distribution plan, which includes a cash dividend of 1.80 RMB per 10 shares, totaling approximately 124.41 million RMB, with no stock dividends or capital reserve transfers [1][2]. Summary by Sections 1. Approval of Profit Distribution Plan - The profit distribution plan for the first half of 2025 was approved by the company's board and supervisory committee, following authorization from the 2024 annual shareholders' meeting [1]. 2. Equity Distribution Plan - The equity distribution plan is based on a total share capital of 691,156,903 shares, with a cash dividend of 1.80 RMB per 10 shares (before tax) [2]. - For specific categories of shareholders, different tax treatments apply, with a net dividend of 1.62 RMB for certain foreign investors [2]. 3. Record and Ex-Dividend Dates - The record date for the equity distribution is set for September 9, 2025, and the ex-dividend date is September 10, 2025 [2]. 4. Distribution Recipients - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [3]. 5. Distribution Method - Cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [3]. 6. Consultation Information - The company has provided contact details for inquiries regarding the distribution plan, including a contact person and phone number [3].

Summary of Conference Call Records Company and Industry Overview - **Company**: 中华蓝天 (Zhonghua Lantian) and 昊华科技 (Haohua Technology) - **Industry**: Refrigerants, Lithium Battery Electrolytes, Civil Aviation Tires, Specialty Coatings, Carbon Reduction Technologies Key Points and Arguments Refrigerants Market - Zhonghua Lantian's refrigerant business benefits from quota policies and strong downstream demand, especially in the export market, with expectations for the market to remain at high levels despite potential price fluctuations due to policy changes [2][5] - Prices for products like 134a and 32 continue to rise, indicating a robust market environment [2][5] Liquid Cooling Technology - Zhonghua Lantian is actively developing liquid cooling technology for data centers, with products like YL-1-10 and YL-70 designed for silent liquid cooling applications [2][6] - The company has identified 134a as suitable for data center cooling plates and has begun limited sales, indicating a proactive approach to meet growing cooling demands [2][6] Electrolyte Research and Development - Zhonghua Lantian has invested in solid and semi-solid electrolyte research, boasting a production capacity of 250,000 tons and establishing a research institute for sulfide research [2][7] Civil Aviation Tires - The company has achieved significant milestones in civil aviation tires, obtaining airworthiness certificates for various aircraft models and beginning large-scale production [2][10] - Anticipated explosive growth in market supply by the end of 2025 or early 2026 due to successful trials and partnerships with major airlines [2][10][13] Specialty Coatings - Zhonghua Lantian's specialty coatings focus on functional coatings for civil aviation, shipping, and industrial applications, emphasizing high value and customization [2][14] - The company is targeting marine coatings as a key area for future breakthroughs [2][16] Carbon Reduction Business - The carbon reduction segment is benefiting from previous strategic investments, with significant orders nearing 4 billion yuan and a strong market outlook [2][18][19] - The company is recognized for its advanced gas separation technologies and is positioned as a leading provider in the carbon reduction field [2][18] Financial Performance - Haohua Technology reported a sales revenue of 7.76 billion yuan in the first half of 2025, a year-on-year increase of 19.45%, with net profit rising by 20.85% to 645 million yuan [3][4] - The fluorochemical segment saw a revenue increase of 24.99% and a gross profit increase of 40.73%, indicating strong performance across various business units [3][4] Market Dynamics in Lithium Battery Industry - The lithium battery industry is experiencing intense competition and overcapacity, leading to a challenging market environment [2][8][9] - The electrolyte and lithium additive sectors are currently in a downturn, with prices significantly lower than previous highs, necessitating a focus on technological advancements for competitive advantage [2][9] Future Outlook - Haohua Technology aims to become a leading enterprise in the gas sector, focusing on capacity expansion, technological development, and market exploration [2][24] - The company is set to complete a new production line for trifluorine nitrogen by the end of September 2025, which is expected to enhance profitability in the southwest region [2][22][23] Additional Important Insights - The civil aviation tire market is dominated by a few major players, but Zhonghua Lantian has positioned itself as a competitive fourth player with significant production capabilities [2][10] - The specialty coatings business is expected to grow due to increasing demand in various sectors, including renewable energy projects [2][15][16]

Summary of Conference Call Notes Industry Overview - The conference call discusses the supply-side reform across various industries, highlighting a slower capacity reduction compared to previous reforms. The overall capacity and inventory cycles for non-financial enterprises in the second quarter remain at the bottom, indicating a need for time and policy accumulation for recovery [3][4]. Key Points and Arguments - **Supply Capacity Assessment**: Analysts evaluate supply capacity using three dimensions: current supply capacity (capacity utilization rate and inventory), future supply changes (expansionary capital expenditure), and industry profitability (gross margin and proportion of loss-making enterprises) [4][5]. - **Manufacturing Sector**: - Industries such as construction, chemicals, and coke are categorized as "three lows" (low capacity utilization, low inventory, low expansionary capital expenditure), indicating low production willingness and limited future production capacity, accelerating capacity clearance [6]. - In contrast, cyclical products like textile chemicals, glass fiber, and fluorochemicals show profit growth, particularly fluorochemicals [6]. - Manufacturing areas like inverters, silicon materials, and silicon wafers are performing well, while lithium batteries and photovoltaic cell components are at the left-side bottom [6]. - **Consumer Goods Sector**: Chemical pharmaceuticals and clothing/home textiles are performing well, while traditional Chinese medicine is positioned in the middle to later stages of the left side [6]. - **TMT Sector**: Electronic chemicals, integrated circuit manufacturing, and security equipment are in relatively good positions, with no observed left-side bottom industries [2][6]. Additional Important Insights - The current supply-side framework is based on listed company data, reflecting the latest industry conditions as of the second quarter. The introduction of anti-involution policies has led to some positive factors across industries, but the overall situation remains at the bottom, requiring further time and policy efforts for noticeable changes [3]. - The assessment of supply capacity includes measuring capacity utilization through fixed asset turnover ratios and inventory through cumulative year-on-year comparisons over the past decade [4][5]. - Continuous tracking of data across different sectors is essential for making accurate judgments regarding potential investment opportunities and risks [6].