Group 1: Haitong Development - Haitong Development achieved a revenue of 1.8 billion in the first half of 2025, representing a year-on-year growth of 6.74%, but the net profit attributable to shareholders declined by 64% to 87 million, primarily due to a decrease in market freight rates and ship repair impacts [1] - The company plans to expand its fleet to 100 vessels by 2028-2029, adding approximately 15 vessels annually, covering various ship types [1] - Haitong Development maintains an optimistic outlook for the dry bulk market in the second half of the year and the coming years, supported by favorable supply and demand factors [1] Group 2: Xingyun Co., Ltd. - Xingyun Co., Ltd. focused on improving operational quality and enhancing its core business, resulting in a continuous improvement in gross profit margin and a reduction in expenses in the first half of 2025 [2] - The company completed a private placement of shares to introduce new investors to support future development, benefiting from the overall positive growth in the lithium battery industry [2] - Xingyun is actively expanding into European and Southeast Asian markets, collaborating with major automotive manufacturers, testing companies, and energy storage and charging operation clients [2]

Core Viewpoint - The company has indicated that its equipment can support the testing of solid-state and semi-solid-state batteries, but the technological breakthroughs and practical applications of these batteries are still in the early stages, which minimally impacts the revenue scale from the company's battery testing and formation equipment [1] Group 1 - The company's equipment is capable of supporting the detection of both solid-state and semi-solid-state batteries [1] - The current technological advancements and practical applications of semi-solid and solid-state batteries are at an early stage [1] - The impact on the company's revenue from battery testing and formation equipment is currently very small due to the early stage of these technologies [1]