Core Viewpoint - The company plans to issue convertible bonds to unspecified investors, aiming to analyze the impact on immediate returns and propose measures to mitigate any dilution effects on shareholders [1][2][3] Financial Impact Analysis - The issuance is expected to affect key financial metrics, with scenarios analyzed based on net profit remaining flat, increasing by 10%, or decreasing by 10% compared to the previous year [2][3] - The total share capital will increase from 160,241,309 shares to 184,963,692 shares post-issuance [3] Scenarios of Net Profit Impact - Scenario 1: If net profit remains flat, diluted earnings per share (EPS) will decrease from 0.47 to 0.40 [4] - Scenario 2: If net profit increases by 10%, diluted EPS will rise to 0.49 [4] - Scenario 3: If net profit decreases by 10%, diluted EPS will drop to 0.33 [4] Necessity and Feasibility of the Issuance - The issuance is deemed necessary and feasible as it supports the company's long-term development and enhances its competitive position in the industry [6] - The funds will be used for projects that align with the company's core business, including the development of new lightweight materials and advanced manufacturing technologies [6][10] Market and Technical Preparedness - The company has established strong relationships with major clients in the consumer electronics sector, ensuring a solid market foundation for the new projects [9][10] - The company has a robust technical reserve, with over 60 patents, and is well-prepared to implement the new projects effectively [7][8] Measures to Mitigate Dilution Effects - The company plans to enhance its governance structure and internal controls to ensure effective use of the raised funds [11] - A commitment to accelerate project implementation and improve the efficiency of fund usage is outlined [12] - The company will also strengthen its profit distribution policy to enhance shareholder returns [13] Commitments from Key Stakeholders - The controlling shareholders and management have made commitments to uphold the measures to mitigate dilution and protect shareholder interests [13][14]

Core Viewpoint - Dongguan Tengxin Precision Manufacturing Co., Ltd. has received approval for its IPO on the Beijing Stock Exchange, aiming to raise 1.08 billion yuan for various projects including the construction of an intelligent manufacturing base and a research and development center [2] Company Overview - Tengxin Precision was established in May 2011 with a registered capital of 60 million yuan, focusing on the R&D, design, manufacturing, and sales of high-value-added precision components [2] - The company operates in high-end manufacturing sectors such as analytical instruments, oil and gas services, medical devices, semiconductors, aviation transportation, and industrial equipment [2] Financial Performance - Revenue for Tengxin Precision from 2022 to 2024 is projected to be 769 million yuan, 711 million yuan, and 714 million yuan respectively, with net profits of 229 million yuan, 173 million yuan, and 189 million yuan [2] - The gross profit margins for the same years are expected to be 44.74%, 43.71%, and 43.19% respectively [2] - In the first quarter of 2025, the company reported a revenue of 194 million yuan, representing a year-on-year growth of 14.04%, and a net profit of 57.01 million yuan, up 23.55% year-on-year [3] Shareholding Structure - The controlling shareholder and actual controller of Tengxin Precision is Liu Wei, who directly holds 69.07% of the shares and indirectly controls an additional 6.41% through Shenzhen Huiteng, totaling 75.48% of the voting rights [4] - Other significant shareholders include board member He Xuewu with 10.26%, and board member and deputy general manager Zhou Yushun with 10% [5] Management Background - Liu Wei, born in June 1966, has extensive experience in the manufacturing sector, having held various engineering and managerial positions since 1988 [6]

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted online on June 27, 2025, with participation from various securities and investment firms [3][4]. - Key attendees included the company's Chairman and General Manager, Xu Aiming, and the Board Secretary and Financial Officer, Zhang Wenjin [4]. Group 2: Company Performance and Future Outlook - The company reported stable overall operations in the first half of 2025, with a positive development trend expected to accelerate in the second half due to new projects and production lines coming online [4]. - The first production line of the newly established subsidiary, Mark Surface Treatment Technology (Nantong) Co., Ltd., is expected to commence operations by the end of August 2025, with a second line following by the end of October 2025 [5]. Group 3: Acquisition and Technological Advancements - The acquisition of Tong Yi He Precision Engineering Co., Ltd. is anticipated to enhance the company's technical capabilities and profitability, with no significant overlap in customer bases, thus promising substantial synergy [6]. - The company is collaborating with precision component manufacturers to develop key components for harmonic reducers and planetary gear reducers, aiming to accelerate the domestic replacement process for these critical parts [7][8]. Group 4: International Expansion - The establishment of a joint venture in Slovenia is a strategic move to meet customer demands and expand the company's overseas presence, targeting existing clients like Bosch and Continental Automotive, while also seeking new customers in the European market [9]. - The Slovenian facility will focus on automotive parts, catering to both traditional fuel vehicles and new energy vehicles, utilizing advanced manufacturing techniques [9].

Core Viewpoint - The article emphasizes the critical role of small and micro enterprises in economic development, highlighting how financial innovations can help these businesses overcome funding obstacles and manage exchange rate fluctuations. Group 1: Importance of Small and Micro Enterprises - Small and micro enterprises are likened to stars, individually small but collectively significant in driving economic growth [1] - A specific example is given of a screw, which, despite its small size, is essential for the operation of large machinery and infrastructure [3][5] Group 2: Financial Innovations Supporting Enterprises - Financial institutions are extending credit to supply chain enterprises through electronic debt certificates, which allow suppliers to secure loans based on verified transaction data [11][13] - The introduction of electronic debt certificates enables rapid access to funds, allowing businesses to maintain production and meet market demands [13] Group 3: Managing Exchange Rate Risks - Small enterprises face significant risks from exchange rate fluctuations, particularly in international trade, where even minor changes can lead to substantial financial losses [20][22] - Financial products like the "one-yuan option" allow businesses to lock in exchange rates for future transactions, providing a safety net against market volatility [22][24] Group 4: Broader Financial Innovations - Financial innovations are being implemented across various sectors, including artificial intelligence and commercial aerospace, to enhance operational efficiency and risk management [26] - The article highlights the ongoing expansion of financial innovations, which are increasingly targeting the specific needs of supply chains and contributing to economic stability [26]

Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 288 million CNY, a year-on-year increase of 16.18% [4] - The sales revenue from 3C precision components was 162.22 million CNY, growing by 4.93% and accounting for 56.29% of total revenue [4] - The automotive precision components sales revenue reached 90.86 million CNY, with a significant growth of 39.70%, representing 31.53% of total revenue [4][12] - In Q1 2025, the company reported a revenue of 82.74 million CNY, marking a 29.96% year-on-year increase, achieving positive growth for the seventh consecutive quarter [4] Group 2: Profitability Challenges - The company reported net losses in 2023 and 2024 due to business transformation, capacity construction, and personnel expansion [5] - Increased fixed costs from the establishment of a smart factory and rising depreciation contributed to a decline in overall gross profit [6] - Employee count rose from 606 in 2023 to 763 in 2024, leading to higher salary expenses impacting profit metrics [6] Group 3: Strategic Focus and Future Outlook - The company plans to focus on core customer relationships and enhance industry influence in 2025, targeting new markets and service model upgrades [7] - In the automotive sector, the company is developing high-voltage power transmission components and diversifying its product offerings [8][9] - The company anticipates that the domestic new energy vehicle sales will reach 16.5 million units by 2025, with a penetration rate of 55% [10] Group 4: Market Position and Product Development - The global PC shipment in 2024 is projected to be 255 million units, with the company's 3C product sales growth outpacing the market average [4] - The company is actively expanding its presence in the energy storage sector, collaborating with clients like Envision Energy [9] - The automotive precision components have become a significant growth driver, with sales expected to continue increasing as production capacity is released [12]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of 174 million yuan in Q1 2025, representing a year-on-year growth of 33.93%. However, the net profit attributable to the parent company was 2.74 million yuan, a decrease of 11.93 million yuan year-on-year [3][4]. - The gross margin for Q1 2025 was 31.05%, an increase of 8.49 percentage points year-on-year, although it decreased by 9.34 percentage points compared to the previous quarter [4]. - The company is actively investing in R&D and application of 3D printing technology to establish a second growth curve, leveraging the advantages of complex structure free-forming [5]. - The company is steadily advancing new capacity deployment and expanding both domestic and international markets, with factories in Changsha and Vietnam undergoing preliminary preparations for production [6]. Financial Performance Summary - The company forecasts revenues of 561.72 million yuan for 2023, with a growth rate of 10.43%, and expects revenues to reach 2,075.82 million yuan by 2027, with a growth rate of 36.05% [12]. - The net profit attributable to the parent company is projected to be 58.77 million yuan in 2023, with a significant increase to 315.55 million yuan by 2027, reflecting a growth rate of 40.47% [12]. - The earnings per share (EPS) are expected to be 0.37 yuan in 2023, increasing to 1.97 yuan by 2027 [12].

Core Insights - The company achieved a revenue of 814 million yuan in 2024, representing a year-on-year growth of 44.93% [1] - The net profit attributable to shareholders reached 74.63 million yuan, up 26.99% year-on-year [1] - The non-MIM precision components business saw a revenue increase of 101.89%, surpassing the MIM components revenue for the first time [1] Financial Performance - The comprehensive gross margin for 2024 was 38.34%, a decrease of 1.57 percentage points year-on-year [2] - The gross margin for MIM products improved to 42.06%, an increase of 2.04 percentage points due to optimized processes [2] - The gross margin for non-MIM precision components was 37.96%, down 2.57 percentage points as new businesses are still in the penetration phase [2] Production and Capacity Expansion - The company is steadily advancing its domestic and international capacity expansion, with factories in Changsha and Vietnam entering phased production [2] - Some target customers have completed site audits, indicating progress in capacity deployment [2] Research and Development - R&D investment for 2024 was 97.55 million yuan, reflecting an 18.04% increase [2] - The company is focusing on new lightweight materials and 3D printing technologies to enhance its technological reserves and capacity layout [2] Strategic Direction - The company aims to leverage new materials and processes as entry points, utilizing differentiated technical solutions to seize opportunities in AI-driven industrial transformation [2] - The goal is to extend products into high value-added segments, ensuring sustainable and stable development while maintaining profitability [2]

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 聚焦美国关税政策 过去一周，特朗普总统在几天之内对中国进口产品的关税调高到125%，连带之前与芬太尼相关的20% 关税，美国对中国进口产品的划一关税已升至145%。除此之外，中国的钢铝产品、汽车产品也在其他 关税的覆盖范围之内。中国则将所有原产地于美国的商品的关税同比例调高至125%，同时以美国产品 已经失去了市场接受的可能性为由，宣布不再理会美国进一步调升的关税税率，但会反击任何新的实质 性伤害。 的确，"对等关税"对于中美贸易已经产生影响。货运数据公司Vizion数据显示，中国赴美集装箱的订舱 数量上周急降到148000TEU（Twenty-foot Equivalent Unit，是国际上用于描述集装箱船及码头容量的标 准度量单位），对比此前一周为516000TEU。 考虑到中美两国各自的政策目标，在中美双方出牌博 弈之后，未来也不排除重回到谈判桌前的可能。 以美国对中国产品以及含有中国产品的第三国产品 的依赖程度，如此高的关税势必带来本国物价的上涨。 鉴于美国零售 ...

据Orbray表示，该公司自主开发出了使金刚石晶体在"特殊蓝宝石基板"上生长的技术。 这项研究成果已于3月14日在应用物理学会春季学术演讲会上发表。 金刚石的晶体结构是以碳原子为顶点的立方晶格扩展。基板表面主要有两种类型，一种由相当于 晶体结构侧面的"（100）面"构成，另一种由斜截面 "（111）面"构成。 斜截面类型虽然适用于电子等工业应用领域，但存在尺寸难以增大的课题。 日本精密零部件制造企业Orbray开发出了适用于电子产品的全球最大级别金刚石基板，尺寸为2 厘米见方。今后将增大至2英寸直径，争取2026年面向功率半导体及量子计算机等用途实现产品 化…… 日本精密零部件制造企业Orbray开发出了适用于电子产品的全球最大级别金刚石基板。 尺寸为2厘米见方。今后将增大至2英寸（约5厘米）直径，争取2026年面向功率半导体及量子计 算机等用途实现产品化。 该公司并未公布这项技术的详情，但被认为是"台阶流动生长法（step-flowgrowth）"的改良版， 该方法通过在略微倾斜的蓝宝石基板上生长晶体，来减轻施加在金刚石晶体上的应力。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 ...