Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable performance, with a 2024 annual revenue of 575 million yuan, representing a year-on-year growth of 15.48%. The net profit attributable to shareholders reached 125 million yuan, up 23.07% year-on-year [5][8] - In Q1 2025, the company achieved a revenue of 111 million yuan, a year-on-year increase of 3.57%, while the net profit attributable to shareholders decreased by 12.39% to 22.18 million yuan [5] - The calibration testing products are evolving, and the digital platform business is providing growth momentum, with applications expanding into various sectors including biomedicine and new energy [6][7] Financial Performance Summary - The company forecasts revenues of 665 million yuan, 770 million yuan, and 892 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 158 million yuan, 187 million yuan, and 221 million yuan [8][11] - The projected EPS for 2025, 2026, and 2027 is 0.74 yuan, 0.88 yuan, and 1.04 yuan respectively, with a current P/E ratio of 23, 20, and 16 for the respective years [8][11] - The gross margin is expected to improve from 64.7% in 2024 to 69.5% in 2027, indicating enhanced profitability [11][12]

Group 1 - The core theme of the event is "Measurement meets the needs of the times and responds to the expectations of people's livelihoods," coinciding with the 150th anniversary of the signing of the Metric Convention and the 26th "World Metrology Day" [1] - The launch of the "Measurement Partner Program for SMEs" in Nanjing aims to enhance measurement capabilities and promote resource sharing and collaborative innovation among large and small enterprises [1][2] - The program is designed to address the weak measurement capabilities and high technical barriers faced by SMEs, ultimately improving the overall quality and efficiency of the industrial chain [1][2] Group 2 - The Deputy Director of the Market Supervision Bureau emphasized the importance of leading enterprises in sectors such as petrochemicals, biomedicine, and intelligent manufacturing to leverage their technical and resource advantages to support SMEs [2] - SMEs are encouraged to identify their measurement technology needs and establish robust measurement management systems to enhance their internal capabilities [2] - The event included discussions from various measurement testing centers and the signing of the "Measurement Partner Cooperation Agreement" among leading enterprises, measurement technology institutions, and SME representatives [2] Group 3 - The market supervision department plans to conduct a series of promotional activities in communities, enterprises, and public places to raise awareness of the strategic value of measurement technology in modern industrial systems [3] - The goal is to foster a deep consensus in society regarding the importance of measurement, ensuring that measurement culture is integrated into urban development [3]

股票代码：002849 股票简称：威星智能 编号：2025-001 | 投资者关系活动类 | □特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人 | 线上参与威星智能 2024 年年度网上业绩说明会的投资 | | 员姓名 | 者 | | 时间 | 2025 年 05 月 16 日（星期五）下午 15:00-17:00 | | 地点 | "威星智能投资者关系"微信小程序 | | 上市公司接待人员 | 董事长兼总经理：黄华兵先生 | | 姓名 | 财务总监：陈智园女士 | | | 董事会秘书：张妍女士 | | | 独立董事：张凯先生 1、问：公司 2024 年营业收入实现了 4.32%的增长，但 | | | 归母净利润却同比下降了 0.97%，扣非归母净利润下降 19.15%，请问导致利润下滑的原因是什么？ 答：您好！尊敬的投资者，本年公司营业收入实现增长， | | | 本年度利润下滑的原因主要是长期股权投资计提减值 | | 投资者 ...

Investment Rating - The report maintains a "Strong Buy" rating for the machinery sector [4] Core Insights - Major companies like Huawei and Tencent are actively collaborating with robotics manufacturers, leveraging their capabilities in application scenarios and AI infrastructure to enhance model training and R&D efficiency, which is expected to accelerate the commercialization of humanoid robots [1][11][41] - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies, indicating a potential influx of capital into the robotics sector, supporting continued market momentum [1][11][41] - The report emphasizes a strong outlook for embodied intelligence, including both humanoid and non-humanoid robots, and encourages exploration of investment opportunities in "AI + Robotics" beyond just humanoid robots [1][11][41] Summary by Sections Humanoid Robots - Major tech giants are enhancing robotics manufacturers' capabilities, which is expected to boost the commercialization of humanoid robots [2][11] - The newly launched robotics index includes companies such as Huichuan Technology, Hubei Zhongke, and others, with expectations for increased capital inflow into the sector [2][11] - The report suggests focusing on embodied intelligence and exploring various robotics applications, including exoskeletons and sensors, which do not necessarily depend on humanoid robot proliferation [2][11] Engineering Machinery - Recent rumors about poor domestic sales data for engineering machinery in early May have led to significant stock corrections among leading companies, but the report suggests that this data may not represent the entire month [12][21] - The report anticipates double-digit growth in domestic sales for the year, supported by a low base from the previous year [12][21] - The domestic market is expected to recover, driven by increased investment in infrastructure and construction projects [21][22] Semiconductor Equipment - The report highlights the increasing importance of domestic semiconductor equipment due to export restrictions from the U.S., which is expected to accelerate the domestic production rate [25][26] - The overall outlook for the semiconductor equipment sector remains positive, with anticipated growth in orders for 2025 [26] 3C Equipment - The report notes that domestic manufacturers are well-positioned to benefit from the ongoing adjustments in Apple's production strategy, with expectations for strong demand in 2025 [27] Other Equipment Sectors - The report provides insights into various sectors, including oil service equipment, elevators, rail transit equipment, and mining machinery, with specific recommendations for companies within these sectors [30][31][32][33]

General Principles - The rules are established to regulate the behavior of Sifang Optoelectronics Co., Ltd. and ensure shareholders can exercise their rights according to relevant laws and regulations [1][2] - The company must strictly follow legal and regulatory requirements when convening shareholder meetings [1][2] Shareholder Meeting Types - Shareholder meetings are categorized into annual and temporary meetings, with annual meetings held within six months after the end of the previous fiscal year [2] - Temporary meetings must be convened within two months if circumstances arise that require such meetings [2] Legal Opinions and Procedures - A lawyer must provide legal opinions on the legality of the meeting's procedures, participant qualifications, and voting results [2][3] - The board of directors is responsible for timely convening shareholder meetings and must respond to requests for temporary meetings within ten days [3][4] Proposals and Notifications - Proposals must fall within the scope of the shareholder meeting's authority and be clearly defined [6][14] - Shareholders holding 1% or more of shares can submit proposals, and notifications for annual meetings must be sent 20 days in advance [6][16] Meeting Conduct - Shareholder meetings should be held at the company's registered location and can utilize online methods for convenience [8][21] - All shareholders or their proxies have the right to attend and vote at the meeting [9][21] Voting and Decision-Making - Voting rights are based on the number of shares held, with each share granting one vote [9][11] - The board must ensure that the voting process is orderly and that results are announced immediately after voting [12][13] Record Keeping and Announcements - Meeting records must include details such as time, location, attendees, and voting results, and must be preserved for at least ten years [14][43] - Resolutions passed at the meeting must be announced promptly, detailing the number of votes and the outcome of each proposal [40][45] Compliance and Legal Obligations - Any resolutions that violate laws or regulations are deemed invalid, and shareholders can request annulment within sixty days [47][16] - The board and relevant parties must execute resolutions promptly to ensure the company's normal operation [47][16]

Group 1 - The company is named Cubic Sensor and Instrument Co., Ltd, established in accordance with the Company Law of the People's Republic of China [1] - The registered capital of the company is RMB 100.10 million [2] - The company was approved for registration by the China Securities Regulatory Commission on January 5, 2021, and listed on the Shanghai Stock Exchange on February 9, 2021, with an initial public offering of 17.5 million shares [1][2] Group 2 - The company's business scope includes the development, production, sales, and technical services of sensors, analytical testing instruments, automation instruments, and medical devices [3] - The company aims to excel in perception and is committed to contributing to society [3] Group 3 - The company has issued a total of 100.10 million shares, all of which are ordinary shares with a par value of RMB 1 per share [5] - The company may provide financial assistance for others to acquire its shares, but the total amount of such assistance cannot exceed 10% of the total issued capital [5] Group 4 - The company’s shares must be transferred in accordance with the law, and shares cannot be pledged as collateral [7] - Shareholders holding more than 5% of the shares must comply with specific regulations regarding the sale and purchase of shares within a six-month period [9] Group 5 - The company’s shareholders have rights to dividends, participate in shareholder meetings, and supervise the company's operations [10] - The company must hold annual and temporary shareholder meetings, with specific procedures for notification and voting [17][19]

Group 1 - Lingyun Optics' actual controller promises not to reduce shareholdings for 12 months starting from July 7, 2025 [1] - Chengdi Xiangjiang's subsidiary signed a contract with China Mobile for a data center project worth 1.632 billion yuan, with a 92-day construction period starting April 30, 2025 [1] - Dingyang Technology launched a high-end arbitrary waveform generator with a maximum output frequency of 5 GHz, catering to communication, industrial, and research testing needs [2][3] Group 2 - Heng Rui Medicine completed a share repurchase plan, buying back 12.9051 million shares for 601 million yuan, representing 0.20% of total shares [4][5] - ST Xiangxue received approval for clinical trials of TAEST1901 injection for treating advanced gastric cancer [5] - Yuyue Medical's subsidiary received EU MDR certification for its AED product, valid until May 11, 2030 [6][7] Group 3 - HNA Holding reported a 10.33% year-on-year increase in passenger revenue kilometers for April [8] - Springhui Zhikong's subsidiary terminated its listing on the National Equities Exchange and Quotations [9] - Delin Hai's shareholder plans to reduce holdings by up to 3%, equating to 3.39 million shares [10] Group 4 - Weiye Co. announced that two shareholders plan to reduce their holdings by up to 2% [12] - Green Alliance Technology's major shareholder intends to reduce holdings by up to 3% [14] - Luzhou Development Group increased its stake in Luzhou Tianhua by 1.02%, acquiring 15.9557 million shares [16] Group 5 - Hualan Pharmaceutical's subsidiary plans to acquire a 42.82% stake in Sanjing Qianhe for 23.446 million yuan [17] - Ganfeng Lithium's directors and executives plan to invest 30.8 million yuan in Shenzhen Yichu [19] - Zhonghong Medical's subsidiary is expected to be selected for a centralized procurement project [20] Group 6 - Jinkai Biotechnology's Blue Zone Fund plans to reduce holdings by up to 3% [21] - Hangxin Technology's former controlling shareholder intends to reduce holdings by up to 3% [22] - Galaxy Magnet's director plans to reduce holdings by up to 0.79% [23] Group 7 - Zhuoyue Technology's controlling shareholder's shares will be auctioned due to judicial proceedings [24] - Xinwufeng is forming a joint venture with France's Coplison Group with a registered capital of 80 million yuan [25] - Zhongcheng Co. is planning to issue shares to acquire 100% of a clean energy company, leading to a temporary stock suspension [26][27]

宏观日报 | 2025-05-16 关注服务业下游养老方案推进 中观事件总览 生产行业：制造业销售收入增加。 1）国家税务总局最新增值税发票数据显示，4月份，全国企业销售收入增速加 快，同比增长4.3%。分类来看，4月份，工业企业销售收入同比增长3.7%，其中制造业销售收入同比增长4.4%。受 "两新"等政策带动，电气机械、计算机、仪器仪表等制造行业销售收入增幅超过12%。代表新质生产力的高技术产 业、数字经济核心产业销售收入保持两位数以上增长。2）据水利部，今年以来，"两重"建设水利重大项目加快实 施，1至4月完成水利建设投资2943.6亿元，水利投资规模继续保持较高水平。1至4月，全国还新开工10项重大工程， 包括大型灌区建设与现代化改造、大江大河治理工程、重要调蓄结点工程等。目前，全国水利基础设施建设进展 顺利。 风险 经济政策超预期，全球地缘政治冲突 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 服务行业：关注养老服务相关方案推进。 1）国际标准化组织近期正式发布由我国牵头制定的《老龄化社会老龄 化包容性数字经济通用要求与指南》国际标准，这也是首个人口老龄化视角下的数字经济国 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The inventory cycle of the entire industrial sector continues in the "active restocking" phase. Although the inventory growth rate of the entire industrial sector remained flat compared to last month, the largest number of industries, 16 in total, are in the "active restocking" state, so it is determined that the industry inventory cycle is in the "active restocking" state [16][17]. Summary by Directory 1. Inventory Cycle Overview - In March 2025, the year-on-year growth rate of finished - product inventories of industrial enterprises remained flat at 4.2% compared to last month [9][10]. - The inventory cycle of the entire industrial sector continues in the "active restocking" state [16][17]. 2. Inventory Cycle Overview (by Industry) - **Upstream Industry**: The upstream industry (mining, accounting for only 2% of total inventory) has returned to the "active restocking" state in March 2025 [18]. - **Mid - stream Industry**: The mid - stream industry (mid - upstream manufacturing, accounting for 54% of total inventory) is in the "active restocking" state in March 2025 [19]. - **Downstream Industry**: The downstream industry (downstream manufacturing and utilities, accounting for 43% of total inventory) has returned to the "active restocking" state in March 2025 [20]. - **Specific Industries**: - Electronics is in the "passive destocking" state in March 2025 [21]. - Electrical machinery is in the "active restocking" state in March 2025 [21]. - Chemicals is in the "passive restocking" state in March 2025 [23]. - Paper is in the "passive destocking" state in March 2025 [23]. - Automobiles is in the "active destocking" state in March 2025 [28]. - Non - ferrous metals is in the "passive restocking" state in March 2025 [28]. - Instrumentation is in the "active restocking" state in March 2025 [33]. - General equipment is in the "passive destocking" state in March 2025 [33].

Core Viewpoint - Chuan Yi Co., Ltd. (川仪股份) reported a decline in net profit attributable to shareholders after deducting non-recurring gains and losses for the first time since 2019, despite a year-on-year increase in operating revenue [1][8]. Financial Performance - In 2024, Chuan Yi achieved operating revenue of 7.592 billion yuan, a year-on-year increase of 2.44%, and a net profit attributable to shareholders of 778 million yuan, up 4.60% year-on-year [5][8]. - The net profit after deducting non-recurring gains and losses was 643 million yuan, showing a slight decline of 0.39% year-on-year [8]. - In Q1 2025, the company reported operating revenue of 1.448 billion yuan and a net profit after deducting non-recurring gains and losses of 91 million yuan, representing year-on-year decreases of 7.63% and 26.16%, respectively [8]. Industry Context - The downstream sectors served by Chuan Yi, including petrochemicals, metallurgy, electricity, and nuclear industries, are experiencing cyclical impacts, leading to fluctuations in demand for the company's products [8]. - Current challenges in the downstream industries include supply-demand imbalances, reduced or delayed new projects, and declining profitability, which affect market expansion and order acquisition [8]. Strategic Initiatives - The company is focusing on exploring existing market potential from both depth and breadth, while also paying attention to emerging fields and markets [9]. - Chuan Yi plans to enhance collaboration with its future controlling shareholder, China National Machinery Industry Corporation (国机集团), to strengthen technological innovation, market development, and overseas expansion [11]. Shareholder Changes - Chuan Yi is undergoing a significant change in control, with a framework agreement signed for the transfer of 19.25% of shares from its current controlling shareholder to 国机集团, which aims to acquire control of the company [10]. - The new controlling shareholder is expected to enhance synergy across various business aspects, including technology and market collaboration [11].