Core Viewpoint - Lian Technology (300784.SZ) announced the postponement and adjustment of several projects related to its fundraising activities, extending the deadlines for certain projects to December 31, 2026 [1] Group 1: Project Adjustments - The company approved the extension of the "Research and Development Center Construction Project" to be completed by December 31, 2026, and added new implementation locations [1] - The implementation timelines for the "Precision Injection Parts Expansion Project for Toy and Daily Necessities" and the "Precision Injection Parts Expansion Project for Medical Devices" have also been adjusted to December 31, 2026 [1] - The sponsor institution has provided verification opinions on these matters [1]

Market Overview - On December 22, the Shanghai Composite Index rose by 0.69%, the CSI 300 increased by 0.95%, the STAR 50 climbed by 2.04%, the CSI 1000 went up by 1.07%, the ChiNext Index surged by 2.23%, and the Hang Seng Index gained 0.43% [4][5] - The best-performing sectors on December 22 were telecommunications (+4.28%), comprehensive (+2.63%), electronics (+2.62%), non-ferrous metals (+2.38%), and retail (+1.37%). The worst-performing sectors included media (-0.61%), banking (-0.52%), beauty and personal care (-0.45%), light industry manufacturing (-0.45%), and textiles and apparel (-0.4%) [5] - The total trading volume for the entire A-share market on December 22 was 1.8822 trillion yuan, with a net inflow of 3.125 billion Hong Kong dollars from southbound funds [5] Important Recommendations Zhaowei Electromechanical (003021) - The company is a leader in micro transmission systems, with growth opportunities in humanoid robots, XR, and automotive electronics. Projected revenues for 2025-2027 are 1,897.64 million, 2,408.98 million, and 3,137.44 million yuan, with revenue growth rates of 24.47%, 26.95%, and 30.24% respectively. Net profit is expected to be 283.70 million, 404.12 million, and 529.02 million yuan, with growth rates of 26.03%, 42.45%, and 30.91% [6][9] - Catalysts include the release of a new generation of dexterous hands and new XR headsets from leading manufacturers [6][9] Weike Technology (301196) - The company is positioned as a leader in precision injection molding, with a stable main business and collaborations with leading clients to enhance the value of its MPO segment and humanoid robots. Projected revenues for 2025-2027 are 2,274 million, 2,801 million, and 3,329 million yuan, with growth rates of 25.0%, 23.2%, and 18.8% respectively. Net profit is expected to be 278 million, 355 million, and 456 million yuan, with growth rates of 26.2%, 27.6%, and 28.3% [7][11] - Key drivers include the rapid growth of the new energy sector and the demand for AI computing power [10][11] Leshush (02698) - The company focuses on the African market for baby pants and sanitary products, leveraging product strength and localized operations to build a solid competitive advantage. Projected revenues for 2025-2027 are 540 million, 650 million, and 760 million USD, with growth rates of 19%, 19%, and 18% respectively. Net profit is expected to be 110 million, 130 million, and 160 million USD, with growth rates of 14%, 22%, and 19% [12][13] - Catalysts include the increasing penetration of baby pants and sanitary products in emerging markets [12][13] Key Insights Food and Beverage Industry - The report indicates a somewhat pessimistic market outlook for the food and beverage sector, primarily due to significant pressures on the liquor industry this year. However, it suggests that there are investment opportunities in the liquor sector for the upcoming year, particularly as performance expectations may have bottomed out [14][15] - The report emphasizes the importance of monitoring inventory turning points and the potential for new consumption trends to continue despite recent adjustments [14][15]

Group 1 - The core viewpoint of the news is that Weike Technology's stock has increased by 5.08%, reaching a price of 74.49 yuan per share, with a trading volume of 169 million yuan and a turnover rate of 2.84%, resulting in a total market capitalization of 9.33 billion yuan [1] - Weike Technology, established on April 4, 2005, and listed on January 11, 2022, is located in Xiamen, Fujian Province, and specializes in the research, design, manufacturing, and sales of precision injection molds, injection parts, and health products [1] - The revenue composition of Weike Technology includes injection products at 47.25%, health products at 31.33%, precision molds at 18.24%, and others at 3.19% [1] Group 2 - Among the top circulating shareholders of Weike Technology, Yongying Fund has a fund that entered the top ten shareholders, holding 3.9273 million shares, which accounts for 4.8% of the circulating shares, with an estimated floating profit of approximately 14.1382 million yuan [2] - The Yongying Advanced Manufacturing Select Mixed Fund A (018124) was established on May 4, 2023, with a latest scale of 4.697 billion yuan, achieving a year-to-date return of 68.26% and ranking 322 out of 8170 in its category [2] - The fund manager of Yongying Advanced Manufacturing Select Mixed Fund A is Zhang Lu, who has a total fund asset scale of 22.921 billion yuan, with the best fund return during his tenure being 112.82% [3]

Core Viewpoint - Zhaomin Technology plans to raise up to 590 million yuan through the issuance of convertible bonds to expand production capacity and enhance its global supply chain for electric vehicle components [1][2]. Group 1: Fundraising and Investment Plans - The company intends to issue convertible bonds with a total amount not exceeding 590 million yuan, with a six-year term [2]. - Of the raised funds, 320 million yuan will be allocated to a new project for producing 800 million sets of electric vehicle components and ultra-precision engineering plastic parts, while 110 million yuan will be invested in a production base in Thailand [2][3]. - The remaining 160 million yuan will be used to supplement working capital [2]. Group 2: Financial Performance and Previous Fund Usage - As of September 30, 2025, Zhaomin Technology had utilized 710 million yuan of the 782 million yuan raised in its 2021 IPO, leaving 111 million yuan unspent [2]. - The company terminated previous projects related to automotive precision injection parts and redirected approximately 280 million yuan of surplus funds to new electric vehicle component production projects [2]. - For the first three quarters of 2025, the company reported revenue of 600 million yuan, a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 107 million yuan, up 2.3% [4]. Group 3: Strategic Partnerships and Market Position - Zhaomin Technology has established partnerships with several international companies in the automotive parts sector, including Sanhua Intelligent Controls and Ametek [1][4]. - The company is actively developing precision components for humanoid robots in response to customer demand and has secured some orders [4]. - The establishment of a production base in Thailand aligns with the company's strategy to meet the localization supply chain needs of its international clients [3][4]. Group 4: Global Expansion Strategy - The company plans to set up wholly-owned subsidiaries in Singapore and Thailand to enhance its international market presence and facilitate overseas business development [5]. - This investment strategy is expected to leverage Singapore's geographical advantages and strengthen cooperation with international markets [5].

Core Viewpoint - The announcement details the shareholding changes of Zhaomin Technology (301000.SZ) due to the reduction of shares by major shareholders Ningbo Baizhao and Ningbo Huazhao, which does not trigger a mandatory takeover and will not change the company's controlling shareholder or actual controller [1][4]. Shareholding Changes - As of March 17, 2025, Ningbo Baizhao, Ningbo Huazhao, and their concerted parties held a total of 145,152,000 shares, accounting for 59.76% of the total share capital [1]. - From March 18 to June 16, 2025, they reduced their holdings by 7,264,560 shares (2.99%), bringing their total holdings to 137,887,440 shares (56.77%) [1]. - On September 8, 2025, they further reduced their holdings by 1,963,400 shares (0.81%), resulting in total holdings of 135,924,040 shares (55.96%) [2]. - Between September 9 and September 16, 2025, they reduced their holdings by an additional 2,341,500 shares (0.96%), bringing their total holdings down to 133,582,540 shares (55.00%) [2]. Financial Impact of Share Reductions - The total amount cashed out by Ningbo Baizhao and Ningbo Huazhao since September is 230 million yuan [3]. - The share reductions from March to June 2025 resulted in cashing out approximately 293 million yuan [4]. - The share price on September 8, 2025, was 53.33 yuan, leading to a cash-out amount of approximately 104.71 million yuan for that day [2]. Company Background - Zhaomin Technology was listed on the Shenzhen Stock Exchange on May 28, 2021, with an initial public offering of 13.33 million shares at a price of 64.31 yuan per share, raising a total of 857 million yuan [4]. - The net proceeds from the fundraising were 782 million yuan, exceeding the original plan by 278 million yuan [4]. - The company focuses on the production of automotive precision injection parts, electronic water pumps, and thermal management modules [4].

Group 1 - The article highlights the continuous attention on enterprises affiliated with Shanghai Jiao Tong University, driven by their "technical strength and alumni network collaboration" [1] - In July 2025, several alumni enterprises reported successful financing rounds, showcasing the innovative resilience of the Jiao Tong gene [1] - Notable alumni enterprises that completed financing include Xingnuoqi, Ouyun, and Weilizhibo [1] Group 2 - Xingnuoqi completed a Pre-IPO financing round led by Dingqing Fund, with participation from Caitong Capital and Deqing Industrial Investment, to support its smart production base in Deqing, Zhejiang [2] - Xingnuoqi is a leading domestic precision injection mold and component manufacturer, recognized as a national "specialized, refined, distinctive, and innovative" enterprise [2] - Major clients of Xingnuoqi include top international and domestic companies such as Bertly, Edex, Hitachi Astemo, BYD, Siemens, and Huaqing [2] Group 3 - Ouyun received C+ round financing from Haibang Investment in July 2025 [4] - Ouyun is a top provider of new retail, new circulation, and omnichannel digital solutions, established in 2015 and recognized as a "Shanghai Software Enterprise" and "Shanghai High-tech Enterprise" [4] - The chairman of Ouyun, Yi Jiawu, is an alumnus of Jiao Tong University and a co-founder of Yihaodian [4] Group 4 - Weilizhibo officially listed on the Hong Kong Stock Exchange on July 25, 2025, with a final IPO price of HKD 35 per share, raising a net amount of HKD 1.1793 billion [6] - On its first trading day, Weilizhibo's closing price was HKD 67.1, giving it a market capitalization of HKD 12.975 billion [6] - Weilizhibo focuses on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases, with 14 candidate drugs developed, 6 of which are in clinical stages [6] Group 5 - In July 2025, an additional 17 enterprises affiliated with Jiao Tong University secured financing, with amounts ranging from tens of millions to billions [12] - These enterprises span various fields, including biomedicine, artificial intelligence, advanced manufacturing, and new energy, reflecting both technological achievements and high recognition of their commercial potential [12] - Among these, 7 enterprises are part of the Jiao Tong University mother fund portfolio [12]

Group 1: Financial Performance - In 2024, Lian Technology's revenue is expected to grow by 9.01% to 512 million yuan, while net profit is projected to decline by 13.07% to 65.81 million yuan, primarily due to rising labor costs and underutilization of production capacity in Vietnam [1] Group 2: Research and Development - The collaboration with Zhejiang University has resulted in 10 software copyrights and 8 patents. The panoramic ring lens (PAL) imaging system is completed and entering small batch testing, while the food-grade polymer materials project has begun small batch production and market launch [1][2] Group 3: Market and Customer Strategy - The company's direct exports to the U.S. are relatively low, thus the impact of high tariff policies on performance is limited. The company will closely monitor external environmental changes and policy adjustments to ensure stable operations [3] - Logitech Group represents a significant portion of the company's major clients. To mitigate customer concentration risk, the company will enhance its technical communication and collaboration with Logitech, ensuring product quality and delivery stability [4] Group 4: Business Focus - The company aims to maintain steady growth in traditional injection molding while increasing investment in the electric vehicle parts sector [5]

Market Trends - The domestic market indices showed slight fluctuations, with the Shanghai Composite Index closing at 3,370.03, up by 0.15% [2] - The agricultural sector's performance was mixed, with the agricultural and forestry sector declining by 0.94% during the week [3] Agricultural Sector Insights - The demand for aquaculture feed is expected to bottom out and recover, with a positive outlook for Haida Group [3] - The average price of live pigs in key provinces showed mixed results, with prices in Sichuan, Guangdong, and Henan at 14.65, 15.62, and 14.57 CNY/kg respectively [3] - The overall financial situation in the pig farming industry is under significant pressure, with a focus on reducing debt rather than rapidly increasing production capacity [3] - Recommendations include companies like Wen's Foodstuffs, Shennong Group, and New Hope in the pig farming sector [3] Chemical Raw Materials Sector - The new materials sector saw a decline, with the new materials index down by 2.54% [4] - The domestic aviation SAF (Sustainable Aviation Fuel) pilot program has entered its second phase, with a focus on green transformation in the aviation industry [5] - The global SAF market is expected to face supply-demand tightness, with a projected global production of 2.1 million tons in 2025 [5] Solar Energy Sector - The solar energy sector saw a significant increase in installed capacity, with 39.5 GW added in January-February 2025, a 7.49% increase year-on-year [7] - The price of polysilicon remained stable, with the average price at 40.0 CNY/kg [8] - Recommendations for investment include companies like Longi Green Energy and Aiko Solar, focusing on new technology and supply-side improvements [8] Coal Industry Insights - The coal market is experiencing a slight decline in prices, with the reference price for thermal coal at 682 CNY/ton, down by 1.45% [12] - The metallurgical coal sector is expected to stabilize as downstream demand improves, with a focus on macroeconomic policies [14] - Investment recommendations include companies like China Shenhua and Shaanxi Coal and Chemical Industry, which are seen as undervalued [18] Precision Injection Molding Sector - The company specializes in precision injection molding, focusing on lightweight trends in automotive and robotics sectors [19] - The company is expanding its production capacity and has established stable partnerships with major automotive and appliance manufacturers [21] - The projected net profit for the company is expected to grow significantly over the next few years, with a strong outlook for the lightweight materials market [21] Retail Sector Insights - Miniso reported a revenue of 16.45 billion CNY in 2024, with a year-on-year growth of 24.84% [25] - The company is focusing on expanding its overseas market presence while optimizing its domestic operations [24] - The expected revenue growth for Miniso is projected to accelerate in the coming years, with a strong emphasis on improving profit margins [24]