一座大型桥梁，既有高耸入云的桥塔，也有"看不见、下不去"的水下结构，传统人工检测难以全覆盖。 东南大学熊文教授团队领衔的"基于图像-点云的桥梁数智建养关键技术与应用"项目，聚焦桥梁检测中 的痛点，创新采用无人机搭载激光扫描镜头飞到高空扫测超高桥塔与超长缆索及主梁，同时用三维声呐 采集水下结构形态，通过多源数据拼接，构建出完整的数字孪生模型。同时，针对桥梁晃动或遮挡导致 的数据缺失，项目利用AI技术进行"智能提质"，AI参考设计图纸和历史数据，可以自动修复漏检区域， 并从晃动的数据中计算出桥梁最科学的服役形态，以此跟踪判断桥梁是否安全。目前，项目核心成果已 在江苏、浙江等多个国内省份以及美国、马尔代夫等境外地区进行了全方位推广。 在演唱会等大型活动中，为了保证大家能发朋友圈、看视频，需要网络快速调整覆盖，但这往往会影响 周边网络。5G网络优化"牵一发而动全身"，如何避免"顾此失彼"，始终是行业难题。东南大学王霄峻教 授带领完成的"5G网络智能覆盖与优化关键技术研发及规模化应用"项目，让通信网络更具"智慧"。在 AI技术的加持下，团队成功研发了智能规划优化及运维平台、全业务感知等产品，让网络更加迅速、 可靠，项目 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [5]. Core Insights - AMG Lithium's sales volume of lithium concentrate increased by 16% quarter-on-quarter to 15,409 tons in Q3 2025, although it decreased by 32% year-on-year. The average selling price for lithium concentrate was $530 per ton, down 15% quarter-on-quarter and 39% year-on-year. The average cost of lithium concentrate fell by 14% to $420 per ton [1][7]. - AMG Technologies reported a significant revenue increase of 59% year-on-year, reaching $250 million, driven by higher antimony sales prices and strong performance in turbine blade coating furnace projects [12]. - AMG Vanadium's revenue grew by 2% year-on-year to $154 million, primarily due to rising sales prices of ferrovanadium and chromium metals, despite a decline in sales volume due to production issues [11]. Summary by Sections 1. AMG Lithium - Q3 2025 revenue was $32.7 million, a 33% year-on-year decline, attributed to an 8% drop in lithium market prices and a 32% decrease in sales volume. The average sales price for tantalum increased, partially offsetting the negative impact [9][10]. - The adjusted EBITDA for AMG Lithium was $2.916 million, down 72% year-on-year due to decreased sales volume and lower lithium prices [10]. 2. AMG Vanadium - Revenue for Q3 2025 was $154 million, a 2% increase year-on-year, driven by higher sales prices despite a decline in sales volume due to supplier production issues [11]. - Adjusted EBITDA increased by 81% year-on-year to $19.471 million, benefiting from price increases and reduced inventory costs [11]. 3. AMG Technologies - Revenue reached $250 million in Q3 2025, a 59% increase year-on-year, mainly due to higher antimony prices and strong sales in engineering projects [12]. - Adjusted EBITDA was $41.235 million, more than double the previous year's figure, reflecting improved profitability in key business segments [12]. 4. Financial Performance Overview - Total revenue for Q3 2025 was $435 million, a 22% increase year-on-year. Adjusted gross profit rose by 38% to $88 million, with a gross margin of 20.2% [7][15]. - Net income attributable to shareholders was $13.074 million, marking the highest level since Q2 2023, compared to a loss of $13.353 million in the same quarter last year [7][15].

Group 1 - The "Future City" dialogue and Nanjing city promotion event in Munich marks the beginning of the 2025 "Nanjing Week" and celebrates the 50th anniversary of diplomatic relations between China and the EU [1] - Nanjing has a strong manufacturing base and numerous higher education institutions, while Munich excels in high-end manufacturing and engineering, indicating significant potential for technological cooperation and industrial synergy [1][2] - Jiangsu province has over 400 investment projects in Germany, totaling over $4 billion, and aims to enhance the business environment for foreign enterprises [1] Group 2 - Nanjing has historically been a key node for East-West trade and cultural exchange, maintaining good economic and cultural relations with several German cities [2] - The event featured discussions on deepening cooperation in sectors such as automotive, artificial intelligence, and green industries, with an invitation for German partners to experience Nanjing's unique charm [2] - The event included presentations from Nanjing's investment promotion bureau, showcasing the city's investment environment and industrial advantages, particularly in alignment with Germany's "Industry 4.0" initiative [2][3] Group 3 - Qinhuai District contributes 8.3% of GDP and 38% of total tourism revenue with only 0.75% of the city's land, highlighting its economic effectiveness [3] - Jianye District focuses on finance and digital economy, positioning itself as a modern international city center [3] - Representatives from various sectors engaged in discussions on joint research, talent cultivation, and shared opportunities, emphasizing the ongoing industrial collaboration between China and Germany [3] Group 4 - The Bosch global R&D center in Nanjing is the largest of its kind for the group, showcasing the city's role in international cooperation [4] - The event coincided with the China International Import Expo, providing a platform for Nanjing's cooperation with Stuttgart, including a special exhibition for friendly cities [4] - The event aimed to strengthen industrial connections between Nanjing and Munich, creating a key platform for building a cooperative ecosystem [4] Group 5 - Nanjing's cultural outreach strategy includes the 2025 "Nanjing Week" in various German cities, promoting cultural heritage and deepening Sino-German integration [5] - The collaboration includes vocational training projects with German enterprises, fostering friendship and mutual trust between the two nations [5]

Core Viewpoint - The 2025 World Engineering Organization General Assembly and Global Engineering Conference opened in Shanghai, highlighting significant engineering achievements that have global impact and practical validation over the past five years [1] Group 1: Engineering Achievements - The "2025 Global Top Ten Engineering Achievements" were announced, showcasing major innovations in engineering technology, including antibody-drug conjugates, Blackwell GPU architecture, DeepSeek open-source large language model, deep-sea manned submersible, high-performance carbon fiber composites, humanoid robots, Perseverance Mars rover, Euclid space telescope, South-to-North Water Diversion Project, and Taklamakan Desert edge-locking project [1] Group 2: Characteristics of Achievements - The engineering achievements reflect four key characteristics: 1. They represent the most advanced technological levels or significant original breakthroughs in engineering technology [1] 2. They demonstrate systematic innovation through technology integration, system optimization, and resource collaboration to achieve overall goals [1] 3. They highlight the development direction of new productive forces, with potential to stimulate new industries and economic growth [1] 4. They emphasize the critical role of engineering in overcoming global challenges through continuous breakthroughs [1]

Financial Data and Key Metrics Changes - Total revenue increased approximately 23.2% year on year to $222 million, reflecting a 23.4% benefit from recent acquisitions and a 1.2% benefit from foreign currency, partially offset by an organic revenue decline of 1.4% [18][20] - Adjusted operating margin increased 350 basis points year on year to a record 20.6%, with adjusted operating income increasing 48.8% on the revenue increase [20] - Adjusted earnings per share increased 20.6% year on year to a record $2.28 [20] Business Line Data and Key Metrics Changes - **Electronics Segment**: Revenue increased 43.2% year on year to $115.2 million, driven by a 41% benefit from acquisitions and organic growth of 0.3% [20][21] - **Engineering Technologies Segment**: Revenue increased 26.8% to $32 million, driven by a 25% benefit from the recent NexStarlight acquisition and organic growth of 0.9% [23] - **Scientific Segment**: Revenue increased 2.3% to $17.9 million, due to a 16.1% benefit from recent acquisition, partially offset by an organic decline of 13.9% [24] - **Engraving Segment**: Revenue increased 0.6% to $33 million, driven by a 1.2% benefit from foreign currency, partially offset by an organic decline of 0.6% [25] - **Specialty Solutions Segment**: Revenue decreased 1.2% year on year to $23.9 million, primarily due to general market softness [25] Market Data and Key Metrics Changes - Sales into fast growth markets were approximately $184 million, exceeding expectations of $170 million, driven by growth in data center demand and grid modernization [30] - Fast growth market sales are expected to grow approximately 45% year on year, exceeding $265 million in fiscal year 2026 [31] Company Strategy and Development Direction - The company is focused on new product development, with plans to launch more than 15 new products in fiscal year 2026, expected to contribute over 300 basis points of incremental growth [31] - The company aims to achieve fiscal year 2028 long-term targets of sales exceeding $1.15 billion and adjusted operating margin greater than 23% [32] - The company is positioned to benefit from long-term secular tailwinds in end markets, particularly in electrical grid, space, and defense [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over $100 million in incremental sales growth in fiscal year 2026, driven by acquisitions, new products, and fast growth markets [10][31] - Management noted that the company is well-positioned in a fluid economic environment due to strong customer relationships and disciplined pricing strategies [32] Other Important Information - The company paid down approximately $27 million in debt during the fiscal fourth quarter, with a net leverage ratio currently at 2.6 [27][28] - The company declared a quarterly cash dividend of 32¢ per share, representing a 6.7% increase year on year [28] Q&A Session Summary Question: Potential for upside in the $100 million revenue increase for fiscal 2026 - Management indicated that the $100 million estimate could be conservative, with potential upside from acquisitions and organic growth [36][38] Question: Performance of the EV business - Management noted a slight dip in EV sales in 2025 but anticipates growth in 2026 with new model introductions [39][40] Question: Ramp-up of the Amarin business in Croatia - Management expects initial shipments of single-digit millions in fiscal 2026, with potential growth to over $30 million in three years [41][42] Question: Demand in the electronics segment - Management reported a 16% year-on-year increase in orders, primarily driven by OEMs [50][52] Question: Scientific segment margins and NIH funding impact - Management acknowledged the impact of NIH funding cuts but does not expect significant changes in demand from that channel [67] Question: Acquisition pipeline and appetite for new acquisitions - Management confirmed ongoing work in the acquisition pipeline and a willingness to pursue new opportunities as leverage improves [97]

Group 1 - The company has approved a profit distribution plan for the year 2024, proposing a cash dividend of RMB 2.99 per share (including tax), totaling approximately RMB 428.96 million, which accounts for 51.36% of the net profit attributable to shareholders of the parent company for 2024 [1][2] - The distribution will be based on the current total share capital of 1,434,644,621 shares, with a payment of RMB 2.99 for every 10 shares held [2] - The equity registration date is set for June 12, 2025, and the ex-dividend date is June 13, 2025 [2][3] Group 2 - The cash dividend will be subject to different tax treatments for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors [2] - The company will not withhold individual income tax at the time of distribution, but will calculate tax obligations based on the holding period when shares are sold [2] - The company assumes all legal responsibilities for any shortfall in cash dividends due to a decrease in shares held by shareholders during the distribution application period [4]

Group 1 - The "Guangxi State-owned Enterprises 2025 College Graduates Summer Recruitment Fair" was held in Nanning, providing over 2000 job positions across various industries including artificial intelligence and new energy [1] - The recruitment event was organized by multiple government departments, with participation from over 60 enterprises, ensuring a balanced distribution of job opportunities across different sectors and educational qualifications [1] - The event included services such as policy consultation, AI resume diagnosis, and interview simulations, along with an online platform for job applications available until June 2 [1] Group 2 - As of mid-May, state-owned enterprises in the region have already hired over 2000 graduates from the 2025 class, with plans to accelerate job matching to support the construction of a modern industrial system [2]

Financial Data and Key Metrics Changes - Total revenue increased approximately 17.2% year on year to $207.8 million, reflecting a 26.3% benefit from recent acquisitions, partially offset by an organic revenue decline of 8.1% [15][16] - Adjusted operating margin increased 280 basis points year on year to a record 19.4% [15][16] - Adjusted earnings per share increased 3.7% year on year to $1.95 [16] Business Line Data and Key Metrics Changes - **Electronics Segment**: Revenue increased 38.4% year on year to $111.3 million, with a 48.1% benefit from acquisitions, partially offset by an organic decline of 8.9% [17] - **Engraving Segment**: Revenue decreased 15.7% to $30.6 million, driven by an organic decline of 12.6% [19] - **Scientific Segment**: Revenue increased 8.1% to $18.3 million, due to a 16.1% benefit from recent acquisitions, partially offset by an organic decline of 8% [20] - **Engineering Technologies Segment**: Revenue increased 36.2% to $27.4 million, driven by a 26.3% benefit from recent acquisitions and organic growth of 9.9% [21] - **Specialty Solutions Segment**: Revenue decreased 13.9% year on year to $20.2 million, primarily due to general market softness [23] Market Data and Key Metrics Changes - Sales into fast growth markets increased to 29% of total company sales, primarily driven by electrical grid, commercialization of space, defense applications, and renewable energy [7][25] - Electronics organic bookings were up more than 10% year on year, with a book to bill of 0.98 indicating stable markets [5][17] Company Strategy and Development Direction - The company plans to continue investing in key growth priorities and new product developments while navigating tariff impacts through pricing and productivity actions [12][27] - Expansion plans in India, Europe, and the USA are underway, with significant customer commitments extending years into the future [6][12] - The company aims to achieve long-term targets of sales greater than $1.15 billion, adjusted operating margin greater than 23%, and ROIC greater than 15.5% by fiscal 2028 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's agility and resilience to navigate current economic challenges, emphasizing strong customer relationships and regional operations [10][12] - The company anticipates slightly to moderately higher revenue in the fiscal fourth quarter driven by recent acquisitions and higher sales into fast growth end markets [8][19] - Management remains optimistic about organic growth in fiscal 2026, particularly in the electronics segment, supported by strong order intake rates [35][51] Other Important Information - The company declared its 243rd consecutive quarterly cash dividend of $0.32 per share, reflecting a 6.7% increase year on year [24] - The integration of recent acquisitions, including McStarlight, is progressing well, expanding the addressable market within engineering technologies by over $300 million [13][14] Q&A Session Summary Question: Impact of tariffs on cost of goods sold - Management confirmed that approximately 6% of COGS is imported from China, split across electronics, specialty, and scientific segments [31] Question: Organic growth expectations for fiscal 2026 - Management indicated that they expect to see organic growth in electronics and engineering technologies, with a strong order book and positive market conditions [35][51] Question: Capacity utilization and margin impact from new plant in Europe - Current capacity utilization is around 60-70%, with no anticipated margin impact from the new plant in Europe [48][50] Question: Plans for new product releases in fiscal 2026 - The company plans to release a similar number of new products in fiscal 2026 as in fiscal 2025, with ongoing adoption expected from products released in 2025 [71] Question: Leverage and debt management strategies - Management emphasized the priority of paying down debt while also focusing on organic growth initiatives [53][56]

Financial Data and Key Metrics Changes - Total revenue increased approximately 17.2% year on year to $207.8 million, reflecting a 26.3% benefit from recent acquisitions, partially offset by an organic revenue decline of 8.1% [16][18] - Adjusted operating margin increased 280 basis points year on year to a record 19.4% [16] - Adjusted earnings per share increased 3.7% year on year to $1.95 [17] - Free cash flow for the third quarter was $3.5 million, down from $19.3 million a year ago, impacted by one-time transaction-related payments and longer customer credit terms [18] Business Line Data and Key Metrics Changes - **Electronics Segment**: Revenue increased 38.4% year on year to $111.3 million, with a 48.1% benefit from acquisitions, partially offset by an organic decline of 8.9% [19] - **Engraving Segment**: Revenue decreased 15.7% to $30.6 million, driven by an organic decline of 12.6% [21] - **Scientific Segment**: Revenue increased 8.1% to $18.3 million, due to a 16.1% benefit from recent acquisitions, partially offset by an organic decline of 8% [22] - **Engineering Technologies Segment**: Revenue increased 36.2% to $27.4 million, driven by a 26.3% benefit from recent acquisitions and organic growth of 9.9% [23] - **Specialty Solutions Segment**: Revenue decreased 13.9% year on year to $20.2 million, primarily due to general market softness [24] Market Data and Key Metrics Changes - Sales into fast growth markets increased to 29% of total company sales, primarily driven by electrical grid, commercialization of space, defense applications, and renewable energy [7][26] - Electronics organic bookings were up more than 10% year on year, with a book to bill ratio of 0.98, indicating stable markets [5][19] Company Strategy and Development Direction - The company plans to continue investing in new product development and applications across markets with growth potential, with 13 new products released year to date [26][28] - The company is expanding its footprint in Europe and the U.S. to support additional demand, with a greenfield site in Europe expected to be operational within six months [6][20] - The company anticipates achieving long-term targets of sales greater than $1.15 billion, adjusted operating margin greater than 23%, and ROIC greater than 15.5% by fiscal 2028 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's agility and resilience to navigate through current economic challenges, emphasizing strong customer relationships and a disciplined approach to pricing and productivity actions [11][28] - The company expects slightly to moderately higher revenue and adjusted operating margin in the fiscal fourth quarter, driven by recent acquisitions and higher sales into fast growth end markets [9][21] Other Important Information - The company declared its 243rd consecutive cash dividend of $0.32 per share, representing a 6.7% increase year on year [25] - The company has a current liquidity of approximately $170 million and net debt of $470.4 million, with a leverage ratio of 2.8 [24][25] Q&A Session Summary Question: What is the impact of tariffs on the company's operations? - Approximately 6% of the cost of goods sold is due to imports from China, split across electronics, specialty, and scientific segments [32] - The company believes it can cover about 70% of the incremental tariff with price and productivity actions in the scientific segment, while other segments are expected to manage better [34][35] Question: What are the expectations for organic growth in fiscal 2026? - Management is optimistic about organic growth in electronics, with a robust order book and expected contributions from recent acquisitions [36][38] Question: What are the plans for new product releases in fiscal 2026? - The company plans to release a similar number of new products in fiscal 2026 as in fiscal 2025, with ongoing adoption expected from products released in 2025 [75] Question: How is the company managing its leverage and potential acquisitions? - The company aims to prioritize paying down debt while also focusing on organic growth initiatives, with a current leverage ratio of about 2.8 [56][58]