Core Viewpoint - Estun Automation, a leading Chinese industrial robotics company, is facing significant financial challenges as it prepares for an IPO on the Hong Kong Stock Exchange, with a projected loss of 810 million yuan in 2024, raising concerns about its future viability and the potential risks associated with its capital raising efforts [1][2][4]. Financial Performance - The company's revenue from 2022 to 2024 showed fluctuations, with figures of 3.881 billion yuan, 4.652 billion yuan, and 4.009 billion yuan respectively, indicating a 13.8% decline in 2024 compared to 2023 [2][3]. - Net profit for the years 2022 and 2023 was 166 million yuan and 135 million yuan, respectively, but it plummeted to a net loss of 810 million yuan in 2024, a staggering decline of 700.1% year-on-year [2][3][4]. - The company's core business, particularly in industrial robotics and intelligent manufacturing systems, saw a revenue drop of 16.04% in 2024 [4][5]. Debt and Cash Flow Situation - As of the end of 2024, Estun's total liabilities reached 8.248 billion yuan, with a significant short-term debt of 6.387 billion yuan against cash reserves of only 1.348 billion yuan, indicating a tight liquidity position [7][9]. - The company's operating cash flow turned negative in 2024, at -104 million yuan, relying heavily on financing activities to maintain operations [9][10]. Market Sentiment and External Factors - Foreign investment sentiment has deteriorated, with the proportion of shares held by foreign investors dropping from 23.71% to 2.21% between 2022 and 2025, reflecting a lack of confidence in the company's future prospects [11][12]. - UBS has issued a "sell" rating for Estun, setting a target price of 10.30 yuan, which is nearly half of its current stock price, further pressuring the company's valuation [15]. IPO Plans and Use of Proceeds - The upcoming IPO aims to raise funds for expanding global production capacity, acquisitions, R&D projects, enhancing service capabilities, and repaying existing loans, highlighting the urgent need for capital to stabilize the company's financial situation [1][4].

Market News - US stock indices experienced slight gains, with the Nasdaq up 0.09%, S&P 500 up 0.27%, and Dow Jones up 0.43%, marking historical highs for both Nasdaq and S&P 500 [1] - Major tech stocks showed mixed results, with Tesla rising 4.7% and Netflix falling over 2%; Delta Airlines surged 12%, leading travel stocks higher [1] - Bitcoin-related stocks also rose, with Coinbase increasing over 4%, while the Nasdaq Golden Dragon China Index rose 0.9% [1] - Bitcoin price surpassed $117,000, achieving a new historical high with an intraday increase of over 5% [1] - International precious metals futures generally rose, with COMEX gold futures up 0.36% at $3,333.00 per ounce and COMEX silver futures up 2.72% at $37.63 per ounce [1] - International oil prices weakened, with WTI crude oil down 2.21% at $66.87 per barrel and Brent crude oil down 1.91% at $68.85 per barrel [1] Industry Insights - Shanghai State-owned Assets Supervision and Administration Commission emphasized the importance of innovation in cryptocurrency and stablecoin development, advocating for research and exploration in digital currency [2] - Stablecoins are seen as a bridge between centralized and decentralized financial systems, playing a crucial role in global payment systems [2] - The Chinese government is focusing on the commercialization of controlled nuclear fusion, with significant breakthroughs being made, marking a step towards clean energy solutions [3] - The first linear fusion device in China, HHMAX-901, is set to achieve plasma ignition, showcasing advancements in the nuclear fusion sector [3] - The release of international standards for autonomous vehicle testing highlights the growing importance of this technology, which is expected to drive new industries and business models [4][5] - The diversity and coverage of testing scenarios for autonomous driving systems are critical for effective and reliable testing outcomes [5] Stock Movements - Jin Feng Technology announced a plan for a major shareholder to reduce holdings by up to 42.22 million shares, approximately 1% of the total share capital [6] - Xing Sen Technology's controlling shareholder plans to reduce holdings by up to 25.34 million shares, or 1.5021% of the total share capital [6] - Wan Tong Development's shareholder intends to reduce holdings by up to 57.51 million shares, representing 3% of the total share capital [6] - Bao Shi Technology's shareholder plans to reduce holdings by up to 12 million shares, or 1% of the total share capital, due to funding needs [6] - Bi Xing Technology's shareholder plans to reduce holdings by up to 785,200 shares, or 1% of the total share capital, within a specified timeframe [7] - Zhong Chuang Technology's shareholders plan to reduce holdings by up to 1.60% of the total share capital through various trading methods [7]

Core Viewpoint - The meeting aims to address the current economic situation by facilitating collaboration between local industrial enterprises and major companies, specifically focusing on the partnership between Wuzhong Instrument and Changqing Oilfield to enhance market integration and order acquisition [1][5]. Group 1: Company Collaboration - Wuzhong Instrument is recognized as a leading enterprise in the high-end instrumentation industry, particularly in the production of intelligent control valves for the energy sector and the development of key valves for oil and gas fields [3]. - Changqing Oilfield, a major player in China's oil and gas exploration and development, has a long-standing cooperative relationship with Wuzhong Instrument, emphasizing the importance of high-performance valve products for their oil and gas projects [3]. Group 2: Meeting Outcomes - The meeting included discussions on technical joint research and development, supply maintenance, and new project requirements, with both parties agreeing to establish regular communication for further collaboration [3]. - The Industrial and Information Technology Department of the autonomous region will continue to follow up on the outcomes of this meeting, aiming to resolve cooperation challenges and facilitate the transformation of cooperation intentions into tangible results [5].

Group 1 - Aishuo Co., Ltd. expects a net loss of 170 million to 280 million yuan for the first half of 2025, with a net loss of 410 million to 520 million yuan after excluding non-recurring gains and losses [1] - Changcheng Military Industry anticipates a net loss of 25 million to 29.5 million yuan for the first half of 2025, with a net loss of 35 million to 41 million yuan after excluding non-recurring gains and losses [1] - Changyuan Donggu expects a net profit of 155 million to 180 million yuan for the first half of 2025, representing a year-on-year increase of 62.65% to 88.88% [1] Group 2 - Beifang Navigation forecasts a net profit of 105 million to 120 million yuan for the first half of 2025, turning around from a loss of 74.2168 million yuan in the same period last year [3] - Xizi Clean Energy expects a net profit of 130 million to 180 million yuan for the first half of 2025, a decrease of 47.40% to 62.01% compared to the same period last year [4] - Tianbao Infrastructure anticipates a net profit of 90 million to 130 million yuan for the first half of 2025, representing a year-on-year increase of 1581.80% to 2329.27% [4] Group 3 - Taiping Bird expects a net profit of approximately 77.7 million yuan for the first half of 2025, a decrease of about 55% compared to the same period last year [6] - Xibu Chuangye forecasts a net profit of approximately 295 million yuan for the first half of 2025, an increase of 88.99% compared to the same period last year [8] - Zhengbang Technology expects a net profit of 190 million to 210 million yuan for the first half of 2025, a year-on-year increase of 249.03% to 264.72% [9] Group 4 - Songzhi Co., Ltd. anticipates a net profit of 140 million to 170 million yuan for the first half of 2025, representing a year-on-year increase of 53.58% to 86.49% [10] - Hailide expects a net profit of 280 million to 310 million yuan for the first half of 2025, a year-on-year increase of 47.65% to 63.47% [12] - Chenhua Co., Ltd. forecasts a net profit of 48.8176 million to 56.6284 million yuan for the first half of 2025, a year-on-year increase of 25% to 45% [13] Group 5 - Yuanlin Co., Ltd. expects a net loss of 68 million to 92 million yuan for the first half of 2025, with a net loss of 70 million to 95 million yuan after excluding non-recurring gains and losses [14] - Chuanhua Zhili anticipates a net profit of 500 million to 550 million yuan for the first half of 2025, representing a year-on-year increase of 72.78% to 90.06% [15] - Longyuan Technology expects a net profit of 26 million to 31 million yuan for the first half of 2025, a year-on-year increase of 116.61% to 158.26% [17] Group 6 - Jiangshan Co., Ltd. forecasts a net profit of 300 million to 360 million yuan for the first half of 2025, a year-on-year increase of 75.65% to 110.78% [32] - Ganli Pharmaceutical expects a net profit of 600 million to 640 million yuan for the first half of 2025, a year-on-year increase of 100.73% to 114.12% [33] - Zhongyan Chemical's subsidiary signed a 6.809 billion yuan mining rights transfer contract [35]

Group 1 - The State Council issued a notice to enhance employment support policies, focusing on stabilizing jobs, enterprises, markets, and expectations to promote high-quality economic development [1][4][10] - The notice includes measures such as expanding the scope of special loans for job stabilization and increasing the unemployment insurance refund ratio for small and medium-sized enterprises from a maximum of 60% to 90% [1][10] - A one-time employment expansion subsidy of up to 1,500 yuan will be provided to enterprises hiring unemployed youth aged 16-24, effective until the end of December 2025 [10] Group 2 - The Ministry of Industry and Information Technology opened an online feedback window for key automotive companies to address issues related to payment terms and practices that may harm small and medium-sized enterprises [2] - The State Administration for Market Regulation and the Ministry of Industry and Information Technology launched an action plan focusing on metrology support for the integrated circuit industry, aiming to overcome measurement technology bottlenecks [3][5][6] - Research will be conducted on key common metrology technologies for high-end measuring instruments, including those used in aerospace and commercial aviation [5][6][7] Group 3 - Private equity securities products achieved an overall return of 8.32% in the first half of 2025, with stock strategies leading at an average return of 10% [8] - UBS's annual survey of central banks revealed that nearly 67% of respondents believe gold will be the best-performing asset by 2029, a significant increase from 21% in the previous year [9]

江苏世纪同仁律师事务所 法律意见书 江苏世纪同仁律师事务所 关于迈拓仪表股份有限公司 调整限制性股票授予价格之 法律意见书 江苏世纪同仁律师事务所 法律意见书 江苏世纪同仁律师事务所 关于迈拓仪表股份有限公司 调整限制性股票授予价格之 法律意见书 致：迈拓仪表股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》 （以下简称"《证券法》"） 南京市建邺区贤坤路江岛智立方 C 座 4 层 邮 编 ： 210019 电 话 ： +86 25-83304480 传 真 ： +86 25-83329335 （二）为出具本法律意见书，本所律师核查了公司提供的有关文件及其复印 件，并基于公司向本所律师作出的如下保证：公司已提供了出具本法律意见书必 需的、真实、完整的原始书面材料、副本材料或口头证言，该等文件不存在任何 江苏世纪同仁律师事务所 法律意见书 遗漏或隐瞒；其所提供的所有文件及所述事实均为真实、准确和完整；公司所提 供的文件及文件上的签名和印章均是真实的；公司所提供的副本材料或复印件与 原件完全一致。 （三）本所仅就与公司本次授予相关的法律问题发表意见，且仅根据中国现 行法 ...

丨证券研究报告丨 戴清 胡飞 请阅读最后评级说明和重要声明 市场策略丨专题报告 [Table_Title] 复盘供给侧改革："反内卷"如何催生产能出清 主升浪 报告要点 [Table_Summary] 近期政策再次提及要规范企业低价无序竞争，推动落后产能有序退出，我们复盘历史类似的政 策推动供给端出清案例，结果发现，在政策推动下的供给端出清，第一阶段的行情起于政策预 期，后续主升浪则需行业格局改善配合。落地到本轮"反内卷"政策，策略应对上，关注两条 主线，一是本身供给端出清时间比较久，供需格局有望改善即自然出清的行业；二是或受益于 政策预期推动加速出清的行业。 分析师及联系人 [Table_Author] SAC：S0490524010002 SFC：BTR264 %% %% %% %% research.95579.com 1 [Table_Summary2] 政策信号明确：规范企业低价无序竞争，推动落后产能有序退出 政策信号明确，整治"内卷式"竞争。近年来，市场竞争"内卷化"之所以愈演愈烈，其核心 症结在于许多行业长期累积的产能过剩。当供给远大于需求，存量市场的博弈便不可避免地异 化为内卷。这种恶性竞争不 ...

Group 1 - The "Win in Suzhou" Global Innovation and Entrepreneurship Competition concluded with 157 projects competing, and 7 projects, including "High-Precision RF Power Supply Independent R&D and Industrial Application," won first prize [1] - The competition attracted over 3,000 project entries, with nearly 50% being overseas projects and over 60% of participants holding doctoral degrees [1] - The event is aligned with Suzhou's "1030 Industrial System," focusing on global technological innovation and key industry directions, linking with top universities and institutions [1] Group 2 - The current entrepreneurial environment in China is undergoing changes, with increased investment in AI and biomedicine sectors, leveraging advantages in skill density, supply chain ecology, and digitalization [2] - "Going global" is seen as a strategy for Chinese companies to enhance global competitiveness over the next decade, reducing domestic competition [2] - The future of technological advancement in China is promising, with entrepreneurs expected to excel in the global market due to their diligence, rapid iteration, learning capabilities, and resilience [2]

Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued the "Action Plan for Measurement Support for the Development of New Quality Productivity (2025-2030)", focusing on enhancing measurement capabilities in various key industries through advanced technologies such as artificial intelligence and smart manufacturing [1][2]. Group 1: Overall Requirements - The plan aims to support the development of new quality productivity by addressing major measurement needs in key industries, including information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, quantum technology, integrated circuits, and instruments [1][2][3]. Group 2: Key Areas of Focus - **New Generation Information Technology**: Focus on measurement needs in advanced information technology fields such as chip development and high-precision time-frequency services [2]. - **Artificial Intelligence**: Emphasize the establishment of measurement testing platforms for AI algorithms and systems, enhancing evaluation capabilities [2]. - **Aerospace**: Conduct research on measurement technologies for spacecraft, commercial aircraft, and low-altitude economy [3]. - **New Energy**: Address measurement needs in solar, wind, nuclear, and hydrogen energy sectors, focusing on safety and efficiency [3][4]. - **New Materials**: Develop measurement methods and standards for advanced materials used in defense and emerging industries [5]. - **High-End Equipment**: Research measurement technologies for intelligent transportation and manufacturing equipment to reduce reliance on imports [6]. - **Biomedicine**: Focus on measurement technologies for pharmaceuticals and medical devices to enhance healthcare outcomes [7]. - **Quantum Technology**: Develop precision measurement technologies for quantum communication and computing [8]. - **Integrated Circuits**: Address measurement challenges in the integrated circuit industry, including standardization and defect detection [9]. - **Instruments and Meters**: Innovate measurement technologies for high-end instruments to support domestic production [10]. Group 3: Implementation and Management - The plan includes a project demand collection process, establishment of a project database, selection of key projects, and a comprehensive management system to ensure effective implementation and monitoring [8][9][10].

Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued an action plan aimed at advancing key common measurement technology research for high-end measuring instruments from 2025 to 2030, focusing on domestic substitution and technological innovation in the field of instrumentation [1] Group 1: Key Technologies and Research Focus - The action plan emphasizes the research of key common measurement technologies for high-end measuring instruments, including millimeter-wave, terahertz electronic instruments, online intelligent measurement mass spectrometers, high-precision atomic gravimeters, and high-precision ultra-large force measurement devices [1] - The goal is to address measurement testing needs related to the basic processes, core algorithms, key components, and core technical indicators of mid-to-high-end products [1] Group 2: Industry Development Goals - The initiative aims to enhance the engineering and industrialization capabilities of typical mid-to-high-end instrument products [1] - It also seeks to strengthen the measurement testing and evaluation capabilities of instruments and meters, supporting technological innovation in typical instrument products through improved measurement technology levels [1] - The plan promotes the domestic substitution of instrumentation, aiming to reduce reliance on foreign technology and products [1]