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].

深圳万讯自控股份有限公司 公 司 章 程 $$\begin{array}{r l r}{{\frac{d\phi}{d t}}-{\frac{\phi_{1}}{d t}}}&{{}}&{{}}&{{}}\\ {{\frac{d\phi}{d t}}-{\frac{\phi_{2}}{d t}}}&{{}}&{{}}&{{}}\end{array}$$ 目 录 第一条 为维护深圳万讯自控股份有限公司（以下简称"公司"）及其股东和债权人的合 （以下简称"《公司法》"）、 法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 《上市公司章程指引》和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关法律、行政法规设立的股份有限公司。公司 采取发起设立的方式设立；在深圳市市场监督管理局注册登记，取得营业执照，统一社会信 用代码 9144030061888635X4。 第三条 公司于 2010 年 8 月 4 日经中国证券监督管理委员会（以下简称"中国证监会"） 批准，首次向社会公众发行人民币普通股 1,800 万股，于 2010 年 8 月 27 日在深圳证券交易 所创业板上市。 第四条 公司注 ...

Core Viewpoint - The company held a performance briefing for the fiscal year 2024, discussing its revenue decline and future prospects in the ultrasonic water meter industry [1][2]. Company Performance - In 2024, the company achieved a revenue of 358.458 million yuan, a decrease of 6.17% compared to the previous year [2]. - The total profit for the year was 89.5254 million yuan, down 31.14% year-on-year [2]. - The net profit attributable to shareholders was 79.2025 million yuan, reflecting a decline of 29.46% from the previous year [2]. Industry Outlook - The company specializes in the research, production, and sales of smart ultrasonic water meters and heat meters, providing integrated solutions for smart water management and energy-saving heating [2]. - With the ongoing advancement of smart water management, the advantages of ultrasonic water meters are becoming more prominent, leading to increased market acceptance and a potential significant rise in market penetration in the future [2].

Economic Growth Indicators - China's economy is showing steady growth and continuous recovery as indicated by recent financial data released by multiple departments [1] - The total social financing scale at the end of April was approximately 424 trillion yuan, with a year-on-year growth of 8.7% [4] - The broad money supply (M2) balance was about 325 trillion yuan, also reflecting a year-on-year increase of 8.0%, maintaining a high level [4] Credit and Loan Growth - From January to April, the total increase in RMB loans was 10.06 trillion yuan, with an improving credit structure supporting economic transformation [6] - In April, inclusive small and micro loans and medium to long-term loans for the manufacturing sector grew by 11.9% and 8.5% year-on-year, respectively, both exceeding the overall loan growth rate [6] Corporate Sales Performance - National corporate sales revenue increased by 4.3% year-on-year in April [7] - The manufacturing sector's sales revenue grew by 4.4% year-on-year, driven by policies supporting "new and emerging" industries, with significant growth in sectors like electrical machinery, computer manufacturing, and instrumentation [9] Regional Economic Activity - In April, corporate sales revenue in the eastern region grew by 4.8% year-on-year, with provinces like Zhejiang, Guangdong, and Beijing showing growth rates significantly above the national average [11] - The development of innovative industries, particularly in artificial intelligence, has accelerated growth in equipment manufacturing and high-tech industries [11] Trade Performance in the Greater Bay Area - The import and export activities of the nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area maintained growth, reaching 2.85 trillion yuan in the first four months of 2025, a growth of 5.4% [14] - Exports of "new three items" and motorcycles increased by over 40%, while imports of semiconductor manufacturing equipment, computers and components, and certain consumer goods also saw rapid growth [16]

Group 1: Economic Performance - In April, the sales revenue of enterprises in China increased by 4.3% year-on-year, continuing the steady growth trend since the fourth quarter of last year, driven by a series of existing and incremental policies [1] - The eastern region, particularly economic powerhouses like Zhejiang, Guangdong, and Beijing, saw sales revenue growth of 4.8%, with Zhejiang, Guangdong, and Beijing growing by 7.3%, 6.6%, and 5.4% respectively, significantly above the national average [1] Group 2: Industry Growth - In April, industrial enterprises' sales revenue grew by 3.7% year-on-year, with manufacturing sales revenue increasing by 4.4%, primarily driven by the "two new" policies [2] - Specific sectors such as electrical machinery, computer manufacturing, and instrumentation saw sales revenue growth of 12.8%, 15.7%, and 15.9% respectively [2] - High-tech industries and core digital economy sectors reported sales revenue growth of 15.3% and 13.4% year-on-year [3] Group 3: Consumer Policies and Trends - The "old-for-new" consumption promotion policies have positively impacted consumer demand and released residents' consumption potential, with a focus on boosting consumer confidence [3] - As of April 27, the "old-for-new" program led to significant sales, including 281.4 million vehicles and 49.416 million home appliances, contributing over 720 billion yuan to sales [2] Group 4: Foreign Trade and Domestic Sales - In response to uncertainties in international trade, the government has implemented policies to help foreign trade enterprises expand into domestic sales, with domestic sales for companies engaged in exports to the U.S. increasing by 4.7% year-on-year [4] - Among 31 manufacturing categories, 21 saw an increase in the proportion of domestic sales compared to the previous year, with notable increases in sectors like leather products and footwear [4] Group 5: Trade Statistics - In the first four months of the year, China's total goods trade value reached 14.14 trillion yuan, a year-on-year increase of 2.4%, with exports growing by 7.5% and imports declining by 4.2% [5] - In April, the total goods trade value was 3.84 trillion yuan, growing by 5.6%, with exports increasing by 9.3% and imports by 0.8% [5]

Group 1: 华峰化学 - Company decided to terminate the acquisition of 100% equity in Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. due to insufficient shareholder approval [1] - The decision was made based on prudence, as the proposal did not receive more than two-thirds of the valid voting rights at the shareholders' meeting [1] - Company will continue to promote related equity injection work and strictly fulfill asset injection commitments [1] Group 2: 中荣股份 - Actual controller and chairman Huang Huanran has been placed under residential surveillance by the police [2] - Other board members and senior management are performing their duties normally, and the board of directors is operating as usual [2] - Company specializes in the research, design, production, and sales of paper printing and packaging products [2] Group 3: 密尔克卫 - Three shareholders plan to reduce their holdings by a total of up to 2% of the company's shares through block trading [3] - The reduction includes 143.63 million shares, 97.65 million shares, and 75.03 million shares, representing 0.91%, 0.62%, and 0.47% of the total share capital respectively [3] - The reduction period is from June 6, 2025, to September 5, 2025, due to personal funding needs [3] Group 4: 舒泰神 - Subsidiary Jiangsu Beijietai Biotechnology Co., Ltd. has obtained a drug production license from the Jiangsu Provincial Drug Administration [4] - The license allows for the production of therapeutic biological products, specifically for registered declaration use [4] - The license is valid until May 7, 2030, and is not expected to have a significant impact on the company's current performance [4] Group 5: 捷顺科技 - Company won the bid for the "Chongqing Beautiful Sunshine Home and other public rental housing supporting parking space operation project" [5] - The project includes four public rental housing supporting parking lots with a total of 13,335 parking spaces [5] - The minimum guaranteed revenue for the project is quoted at 40.43 million yuan per year, with a total contract amount expected to exceed 100 million yuan [5] Group 6: 综艺股份 - Company signed an investment cooperation intention agreement to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. through cash capital increase or share transfer [6] - Jilai Micro primarily engages in the research, production, and sales of power semiconductor chips and devices [6] - The transaction is expected to constitute a major asset restructuring [6] Group 7: 东山精密 - Subsidiary DSBJ PTE. LTD. plans to acquire 100% equity of French GMD Group for approximately 100 million euros (about 814 million yuan) [7] - The acquisition aims to advance the company's globalization strategy and enhance its market share in the automotive parts sector [7] - The company specializes in the research, production, and sales of electronic circuit products and precision components [7] Group 8: 诺诚健华 - Company reported a net profit of 17.97 million yuan for the first quarter of 2025, a significant turnaround from a loss of 142 million yuan in the same period last year [8] - The first quarter revenue reached 381 million yuan, representing a year-on-year growth of 129.92% [8] - The company focuses on the research, production, and commercialization of innovative drugs [8] Group 9: 凯美特气 - Shareholders plan to reduce their holdings by up to 3% of the company's shares through centralized bidding and/or block trading [9] - The total number of shares to be reduced is 20.86 million [9] - The reduction is due to personal funding needs [9] Group 10: 海创药业 - Controlling shareholder plans to reduce holdings by up to 2% of the company's shares through centralized bidding and block trading [10] - The total number of shares to be reduced is 1.98 million [10] - The reduction is due to personal funding needs [10] Group 11: 高争民爆 - Controlling shareholder plans to reduce holdings by up to 3% of the company's shares through centralized bidding and block trading [11] - The total number of shares to be reduced is 828,000 [11] - The reduction is due to the company's funding needs [11] Group 12: 金埔园林 - Two shareholders plan to reduce their holdings by a total of up to 1.91% of the company's shares [12] - The reductions include 183.93 million shares and 167.73 million shares [12] - The reasons for the reductions are asset optimization and personal funding needs [12] Group 13: 掌趣科技 - The largest shareholder plans to reduce holdings by up to 1% of the company's shares through centralized bidding or block trading [13] - The total number of shares to be reduced is 27.2 million [13] - The reduction is due to personal funding needs [13] Group 14: 美凯龙 - Company announced that its director and general manager has been placed under investigation and detention by the local supervisory committee [14] - Other board members and senior management are performing their duties normally, and daily operations are unaffected [14] - The company specializes in managing and operating self-operated and franchised shopping malls [14] Group 15: 新强联 - Major shareholder plans to reduce holdings by up to 1.89% of the company's shares through centralized bidding and block trading [15] - The total number of shares to be reduced is 717,490 [15] - The reduction is due to operational needs [15] Group 16: 日月明 - Shareholder plans to reduce holdings by up to 1% of the company's shares through centralized bidding [16] - The total number of shares to be reduced is 80,000 [16] - The reduction is due to personal funding needs [16] Group 17: 同有科技 - Major shareholder and vice president plan to reduce their holdings by up to 1.53% of the company's shares [17] - The total number of shares to be reduced is 730,850 [17] - The reduction is due to personal funding needs [17] Group 18: 爱尔眼科 - Subsidiary successfully acquired 60% equity and specific debt of Shenzhen Guangsheng Digital Technology Co., Ltd. for 650 million yuan [18] - The transaction constitutes a related party transaction [18] - The acquired asset will serve as long-term medical premises for the subsidiary [18]

Group 1 - The core viewpoint of the news highlights the significant growth of Dingyang Technology, with a 93% year-on-year increase in revenue for Q1 2025, driven by a successful high-end development strategy [1] - Dingyang Technology's high-end product revenue share increased to 29%, up by 8.85 percentage points year-on-year, indicating a strong market position [1] - The company has implemented a "produce one generation, research one generation, reserve one generation" R&D strategy, continuously launching more competitive high-end products [1] Group 2 - The market sizes for spectrum analyzers, signal generators, and vector network analyzers are reported as $1.403 billion, $905 million, and $784 million respectively, with projected compound annual growth rates (CGR) of 6.80%, 5.89%, and 6.37% from 2022 to 2027 [1] - In 2024, Dingyang Technology's direct sales revenue is projected to be 75.67 million yuan, accounting for 15.21% of total revenue, reflecting a year-on-year increase of 1.69 percentage points [1]

宇翔实业相关负责人表示:"供电公司的贴心服务,为我们智能化生产提供了坚实保障。有了稳定的电力供 应,我们可以放心地推进生产,不断提升产能和产品质量,为推动传统产业数字化转型贡献更多力量。" 5月2日,国网荣成市供电公司彩虹共产党员服务队早早来到宇翔实业公司,开始一天的保电特巡工作。在 企业的配电室内,队员们正用红外测温仪检测开关柜运行状态。"电压稳定在380V±2%,完全符合精密制 造要求。"王师傅仔细记录着数据。 在供电保障下的宇翔燃气计量仪表数字化车间,8条全自动生产线正全速运转。机械臂精准地完成着每一 个装配动作,而这些智能化设备对电能质量有着严苛要求。"我们特别感谢供电公司为我们量身定制的双 回路供电方案。"宇翔实业生产负责人表示。 据悉,宇翔实业近年来致力于推动燃气表生产从自动化向数字化、智能化转型,积极推进传统产业改造升 级,在技术创新的道路上不断迈进。目前,该企业产品95%的零部件已实现自主研发制造,掌握核心技术优 势。为支持企业转型,供电公司专门成立了"智能制造保电专班",部署智能监测终端,实现用电数据分钟级 采集和异常预警,同时为企业量身定制"一企一策"绿色用能服务,帮助企业合理用电、降本增 ...

证券代码：002980 证券简称：华盛昌 公司分红方案需经公司 5 月 15 日股东大会审议表决通过 后才可生效执行。感谢您对公司的关注。 3、2024 年公司净利润增长挺高的，快 30%了，主要驱动 因素是什么？ 深圳市华盛昌科技实业股份有限公司 投资者关系活动记录表 编号：2025-002 | | 特定对象调研 分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 | 媒体采访  业绩说明会 | | | | 类别 | 新闻发布会 路演活动 | | | | | 现场参观 | | | | | 其他 | | | | 参与单位名称 | 线上参与公司2024年度和2025年第一季度业绩暨利润分配网 | | | | | 上说明会的投资者 | | | | 时间 | 年 日 2025 15:00-17:00 | 月 5 13 | | | 地点 | 价值在线（https://www.ir-online.cn/） | | | | 上市公司接待人 | 董事长兼总经理：袁剑敏先生 | | | | | 财务总监：刘海琴女士 | | | | | 独立董事：李学金先生 | | ...