Core Viewpoint - The report discusses the achievement of the conditions for the second unlock period of the first grant of restricted stock and the first unlock period of the reserved grant under the stock incentive plan of Steel Research Nake Testing Technology Co., Ltd. [3][6][29] Group 1: Stock Incentive Plan Overview - The stock incentive plan involves granting restricted stocks to employees, with specific unlock conditions and periods defined [3][4] - The first grant of restricted stocks was completed on July 1, 2022, with a total of 6,810,000 shares granted [9] - The second unlock period for the first grant is set to occur between 36 to 48 months after the initial grant [15][16] Group 2: Unlock Conditions - For the second unlock period, 33% of the granted shares can be unlocked if certain conditions are met, including the absence of adverse audit opinions and the fulfillment of performance targets [15][18] - The performance target for the year 2023 includes achieving a net profit of RMB 138,649,481.39, representing a compound annual growth rate of 21.54% from 2020 [19][25] Group 3: Reserved Grant Details - The reserved grant's first unlock period is defined as 24 to 36 months after the completion of the grant registration, with a similar unlock ratio of 33% [23][25] - The performance targets for the reserved grant are aligned with the overall company performance metrics, ensuring that the conditions for unlocking are consistent with the company's financial health [25][29] Group 4: Independent Financial Advisor's Opinion - The independent financial advisor confirms that the conditions for both the second unlock period of the first grant and the first unlock period of the reserved grant have been met, complying with relevant laws and regulations [20][29] - The advisor emphasizes the need for the company to disclose information and complete necessary procedures with the Shenzhen Stock Exchange following the unlock [20][29]

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

Company Overview - Shanghai Guolian Testing Co., Ltd. is a state-controlled enterprise established in 1983, recognized as one of the earliest cable testing institutions in China [1] - The company specializes in testing and inspection services for wires, cables, and optical fibers, with over 90% of its business in testing and inspection [1] - It holds more than 1,200 recognized domestic and international testing standards [1] Financial Performance - In 2024, the company achieved a revenue of CNY 296 million and a net profit of CNY 75 million [2] - The company has established long-term stable relationships with major clients, including top cable manufacturers and significant users like State Grid and China National Petroleum [2] Client Base and Market Position - The company is recognized as one of the top 20 most competitive enterprises in the Chinese cable industry, serving clients such as Hengtong Group and Zhongtian Technology [2] - The client base includes cable manufacturers, users, certification bodies, and government quality supervision departments, indicating a diverse and stable customer portfolio [2] Business Expansion and Future Directions - The company is expanding into the field of electrochemical energy storage testing, focusing on flow batteries [2] - A wholly-owned subsidiary in Guangdong is being established to enhance market share in southern China, targeting consumer electronics and medium-low voltage cables [2] - The company aims to optimize its business layout and structure, expanding beyond cable testing into other testing services [3] Profitability and Investment - The net profit margin decreased in 2024 due to ongoing investments in testing capabilities and new business expansions, which require time to yield returns [2] - The company maintains a low dependency on single large clients, with the top five clients accounting for a small percentage of total revenue [3] International Market Engagement - The company is actively exploring international testing markets, providing services for domestic products exported abroad and foreign engineering clients [3] - It has not established overseas operational entities but sends testing reports to international clients, contributing to its global presence [3]

Core Points - The company, China National Inspection Testing Holding Group Co., Ltd., has maintained its credit rating for its convertible bonds and corporate entity at "AA+" with a stable outlook [1][2][3] - The tracking credit rating report was issued by the credit rating agency, United Credit Rating Co., Ltd., on June 19, 2025, confirming no changes from the previous rating [2][3] - The previous rating was also "AA+" for both the convertible bonds and the corporate entity, with a stable outlook, dated July 5, 2024 [1][3] Summary by Sections - **Company Overview** - China National Inspection Testing Holding Group Co., Ltd. is engaged in the testing and inspection industry [1] - **Credit Rating Details** - The company’s convertible bonds, referred to as "Guojian Convertible Bonds," were rated "AA+" [1][2] - The corporate entity's credit rating is also "AA+" with a stable outlook [2][3] - **Rating Agency Information** - The credit rating was conducted by United Credit Rating Co., Ltd., which performed a comprehensive analysis of the company's operational status and industry conditions [2]

Core Viewpoint - The company has completed the procedures for the third unlock period of the restricted stock incentive plan, allowing for the circulation of shares that were previously restricted [1][7]. Summary by Sections Incentive Plan Approval and Execution - The company has conducted the necessary approval procedures for the 2021 restricted stock incentive plan, including the review and approval of relevant proposals by the board and the supervisory committee [2][3]. - The initial grant of restricted stock involved 173 individuals, with a total of 1.6477 million shares granted, and the listing date for these shares was December 24, 2021 [2]. Unlocking Conditions and Performance Assessment - The third unlock period for the restricted stock is defined as the period from 42 months after the initial grant registration to the last trading day within 54 months from the grant date, allowing for 40% of the total granted shares to be unlocked [7]. - The company has confirmed that the conditions for unlocking the third period have been met, with 143 individuals eligible to unlock a total of 1,787,948 shares [7][18]. Changes in Share Structure - Following the unlocking of shares, the total number of shares with restrictions decreased from 77,083,531 to 75,295,583, while the total number of unrestricted shares increased from 151,904,648 to 153,692,596 [18]. - The total share capital of the company remains at 228,988,179 shares after the adjustments [18]. Adjustments to the Incentive Plan - The number of individuals participating in the incentive plan has been adjusted due to personal reasons leading to the forfeiture of shares by some participants, resulting in a reduction of the total granted shares [14][15]. - The company has also conducted buybacks of restricted shares from individuals who no longer qualify for the incentive plan due to leaving the company [5][16].

Core Viewpoint - Shanghai Guolan Detection Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend of 4.10 RMB per 10 shares, totaling 31,980,000 RMB, representing 42.48% of the net profit attributable to shareholders for the year [1][2]. Summary by Sections Shareholder Meeting and Approval - The company held its 2024 annual shareholder meeting on May 20, 2025, where the profit distribution plan was approved [2]. Dividend Distribution Plan - The cash dividend distribution is based on a total share capital of 78,000,000 shares, with a cash dividend of 4.10 RMB per 10 shares, amounting to a total of 31,980,000 RMB [2][3]. - The remaining undistributed profits will be carried forward to future years, and no stock dividends or capital increases will be made this year [2]. Share Capital and Adjustments - The distribution plan excludes shares held in the company's repurchase account, resulting in a base of 77,934,550 shares for the dividend calculation [1][2]. - The cash dividend per share is calculated as the total cash dividend divided by the total share capital, including repurchased shares [4]. Record and Ex-Dividend Dates - The record date for the dividend distribution is set for June 25, 2025, and the ex-dividend date will be the trading day prior to this date [3][4]. Taxation and Distribution Method - The company will not withhold individual income tax on dividends for certain shareholders, with tax rates varying based on the type of shares held [2][3]. - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies [4].

Group 1 - The Ministry of Foreign Affairs is making efforts to ensure the safety of Chinese citizens in Iran and Israel, organizing evacuations swiftly [1] - The National Railway will implement a new train operation schedule starting July 1 [1] - The Ministry of Transport is coordinating responses to a new round of heavy rainfall [1] Group 2 - The General Administration of Customs reported that China's cross-border e-commerce export scale has exceeded 2 trillion yuan [1] Group 3 - The Ministry of Transport continues to deploy measures for extreme weather prevention and response [1] - Over the past decade, China has completed the reclamation of 36.5 million acres of desertified land [1] Group 4 - A significant explosion at a fireworks company in Changde, Hunan, resulted in 9 fatalities and 26 injuries, with the State Council's Safety Committee overseeing the investigation [1]

Company Overview - The company is a third-party inspection and testing service provider for military equipment and civil aircraft products, offering a comprehensive range of services including environmental and reliability testing, electronic component testing, and electromagnetic compatibility testing [2][4]. - It has established a "one-stop" service capability, integrating component selection, assembly, environmental and reliability testing, and electromagnetic compatibility testing [4][8]. Service Capabilities - The company has invested in advanced assembly lines to enhance its service capabilities, aiming to provide high reliability, efficiency, and low-cost services [4]. - The assembly business operates under the subsidiary Jitongli, providing comprehensive services including component procurement, PCBA soldering, assembly, testing, and technical support [4][8]. Laboratory Expansion - The company is expanding its laboratory presence in Beijing and Wuhan to leverage the strategic importance of these locations in the military and industrial sectors [5][6]. - The Beijing lab will serve the North China region, while the Wuhan lab will cover the Central China area, enhancing the company's national service coverage and response speed [6]. Financial Performance - In 2024, the company faced losses due to delayed capacity release and high human resource costs associated with talent acquisition and management optimization [7]. - The assembly business has been operating at a loss, primarily due to its focus on small-batch production and the need for significant investment in equipment [8]. Future Business Expectations - The company is actively positioning itself in the commercial aerospace sector, anticipating growth driven by government initiatives and market demand [9][10]. - It aims to enhance its capabilities in environmental and reliability testing, particularly for commercial aerospace applications, to capitalize on emerging market opportunities [10]. Market Strategy - The company has completed a national layout of its inspection and testing services, with a focus on military and aerospace clients, to improve market share and customer satisfaction [6][11]. - By integrating services across various locations, the company seeks to achieve operational synergies and enhance overall business growth [6][11].

Core Viewpoint - The article discusses the recent institutional research conducted on Steel Research Nake, highlighting its national testing base layout, service coverage capabilities, advantages in instrument business, growth drivers for testing and instrument sectors, and shareholder return policies [1][2]. Company Overview - Steel Research Nake is an innovative enterprise specializing in the research, development, and application of metal material testing technology. The company offers services including testing services, analytical instruments, standard materials, capability verification services, corrosion protection engineering, and other extended testing services. Its applications span various industries such as steel, metallurgy, aerospace, nuclear power, and food [3]. Financial Performance - As of 2024, the company achieved a revenue of 1,097.67 million yuan, a year-on-year increase of 15.60%. The net profit attributable to shareholders was 145.02 million yuan, up 15.37% year-on-year. Basic earnings per share were 0.3861 yuan, reflecting a 15.25% increase. By March 31, 2025, the revenue reached 219.06 million yuan, a 7.18% increase year-on-year, with a net profit of 16.08 million yuan, up 33.28% year-on-year, and basic earnings per share of 0.0428 yuan, a 32.10% increase [4]. Testing Base Layout - The company has strategically laid out national testing bases in cities such as Beijing, Kunshan, Chengdu, Shenyang, Qingdao, Xi'an, Zhuozhou, and Zhuzhou, effectively meeting customer needs based on their distribution characteristics [5]. Instrument Business Advantages - The company’s instrument products cover over 60 types across eight categories, including atomic emission spectroscopy, mass spectrometry, gas analysis, and mechanical performance testing. Notable products include the spark direct reading spectrometer, which has won national awards, and the company leads in sales within the industry [6]. Market Opportunities - The domestic instrument industry is experiencing significant growth potential, driven by complex international conditions that accelerate the domestic replacement process, providing more opportunities for local scientific instrument manufacturers [7]. Future Development Directions - The company aims to enhance its testing and instrument businesses by exploring additional testing needs beyond metal materials, improving management efficiency, and increasing automation. In the instrument sector, the focus will be on improving product quality and expanding market share in high-end scientific instruments [8]. Growth Drivers - The growth of the company is supported by the rapid development of new materials in China and increasing demand for testing in key sectors such as aerospace and nuclear power. The scientific instrument sector is also benefiting from favorable policies, leading to accelerated domestic production [9]. Business Focus Areas - The company is focusing its testing business on high-demand areas such as aerospace and nuclear power, while also expanding into other material testing sectors, maintaining its competitive edge in metal material testing [10]. Shareholder Return Policy - The company emphasizes market value management and shareholder returns, maintaining a cash dividend policy where the proportion of cash dividends to net profit has consistently exceeded 30% in recent years [11].

Core Viewpoint - The ongoing conflict between the major shareholders of Electric Science Institute (SZ300215) has intensified, particularly regarding the dismissal of directors appointed by the second-largest shareholder, China Inspection and Certification Group Testing Technology Co., Ltd. (CICG Testing) [1][4][6] Shareholder Conflict - The Electric Science Institute held a temporary shareholders' meeting on June 3, 2025, where a proposal was made to dismiss two directors appointed by CICG Testing, leading to a heated atmosphere during the meeting [1][4] - The first major shareholder, Hu Chun, holds a 33.27% stake, while CICG Testing holds 25.40%, indicating a long-standing conflict between the two major shareholders [4][5] Board Dynamics - The board of directors has faced challenges, including the dismissal of Hu Chun as chairman in January 2023, which was supported by the directors from CICG Testing at that time [5][8] - Despite opposition from CICG Testing's directors, Hu Chun was re-elected as chairman in September 2023, highlighting the ongoing governance struggles within the company [5][6] Governance Issues - Concerns were raised about the performance and decision-making of the dismissed directors, with accusations of failing to fulfill their supervisory duties and obstructing shareholder rights [6][7] - The board's decision-making processes have been criticized, with claims of procedural flaws during meetings, although courts have ruled that these flaws did not materially affect the decisions made [8][9] Strategic Interests - CICG Testing, as a strategic investor, has committed to supporting the company's international business expansion, yet there are allegations of actual competition arising from CICG Testing's activities in related fields [7][9] - The conflict has led to operational disruptions, with reports of business stagnation following the proposal to dismiss CICG Testing's directors [9][10]