Core Viewpoint - The Chinese elevator industry is experiencing a decline in production, with a notable decrease in output for the year 2025 compared to previous years [1] Industry Summary - In July 2025, the production of elevators, escalators, and lifts in China reached 115,000 units, representing a year-on-year decrease of 3.4% [1] - From January to July 2025, the cumulative production of these devices was 769,000 units, showing a cumulative decline of 5.6% [1] - The data indicates a downward trend in the elevator industry, which may impact investment opportunities and market dynamics [1] Company Summary - Listed companies in the elevator sector include 康力电梯 (Kangli Elevator), 森赫股份 (Senhe Co.), 广日股份 (Guangri Co.), 上海机电 (Shanghai Mechanical & Electrical), 金螳螂 (Jin Tanglang), 快意电梯 (Kuaiji Elevator), 梅轮电梯 (Meilun Elevator), and 远大智能 (Yuan Da Intelligent) [1] - The report by 智研咨询 (Zhiyan Consulting) provides insights into the competitive landscape and future trends of the elevator industry from 2025 to 2031 [1]

凭借成功助力贵州云雾特大桥通车的丰富经验，安利马赫从项目初期"神仙打架"般的竞争中脱颖而 出。 "在狂风、暴雨、烈日等各种极端天气和高频率的使用工况下，我们做到了零故障，从未因设备原 因发生过一起停机、困人、锁人事件。"安利马赫总经理张愉恩自豪地说。 昨天（9月28日），世界第一高桥——贵州花江峡谷大桥正式通车。在新的世界纪录背后，"常熟智 造"以硬核实力完成了关键"托举"，以江南之力助西南腾飞。 "世界之最"的落成，凝聚着无数建设者的智慧与汗水。安利马赫垂直输送设备（常熟）有限公司便 是"幕后英雄"之一。在大桥的建设过程中，升降机作为唯一垂直输送人员和机具的"生命线"，其重要性 不言而喻。提供这些关键设备的，正是来自常熟的"黑马"企业——安利马赫。 历经3年零2个月近1200个日日夜夜，稳定运行5000多个小时，安利马赫依靠近20年科技创新和技术 沉淀，护航升降机全程参与花江峡谷大桥主桥墩施工，以"零故障"表现圆满完成使命。 ...

Summary of Zhongji United Conference Call Company Overview - Zhongji United is a leading enterprise in high-altitude safety operation equipment, primarily serving the wind power, industrial, and construction sectors [3][4]. Revenue Distribution - The company's revenue is evenly split between domestic and overseas markets, with overseas gross margins approximately 10% higher than domestic [2][4]. - Domestic new installations contribute about 60% of revenue, while stock renovations account for 40% [2][4]. - The U.S. is the main overseas market, contributing 60% of overseas revenue, equivalent to 30% of total revenue [2][4]. - Europe contributes 20% of overseas revenue, or 10% of total revenue, with the remaining 20% from other regions including Africa and Latin America [2][4]. Financial Performance - Over the past decade, Zhongji United has achieved a compound annual growth rate (CAGR) of 28% in revenue and 26% in net profit attributable to shareholders [2][5]. - Average Return on Equity (ROE) is close to 20%, with a historical ROE of 11% since listing [5]. - The gross margin is expected to stabilize around 52%, net margin at 25%, and ROE at 18% from 2014 to 2024 [2][5]. Market Growth and Opportunities - Domestic wind power installations are projected to maintain a double-digit growth rate of around 16% from 2025 to 2027, with onshore wind growth at 11% and offshore wind growth exceeding 60% [2][10]. - There is significant potential for stock renovations, with approximately 50,000 wind turbines relying on manual climbing, indicating a large market for retrofitting with new equipment [9][10]. - The U.S. market for retrofitting existing wind turbines is estimated to be worth $3.5 to $4 billion over the next 3-5 years, with Zhongji United holding patent protection for its climbing-free products [9]. Competitive Advantages - Zhongji United operates in a niche industry with limited competition, as products require customization and involve high added value due to safety considerations [7]. - The company has a 30% market share in global new markets and 70% in the domestic market, indicating substantial growth potential overseas [12]. - The company is expanding into industrial, emergency rescue, and power grid sectors, aiming for $500 million to $1 billion in revenue from these areas over the next 3-5 years [4][13]. Recent Performance and Future Outlook - From January to August this year, new domestic orders increased by over 50%, and shipment volumes grew by 20-30% year-on-year [8]. - The company anticipates net profits of 500 million, 620 million, and 740 million yuan for 2025, 2026, and 2027, respectively, with a CAGR of 21% [4][18]. - Current valuation is considered low, with a projected price-to-earnings ratio of 16 times for 2025, 13 times for 2026, and 11 times for 2027, indicating high investment value [18]. Impact of External Factors - The U.S. tariff increases are not expected to adversely affect the company due to its ability to adjust pricing, local operations, and strong market demand [16]. - The company has prepared for potential disruptions by maintaining a one-year inventory, minimizing the impact on current profits [16]. Conclusion - Zhongji United is well-positioned for growth in both domestic and international markets, with strong financial performance, competitive advantages, and a clear strategy for expansion into new sectors and markets [2][4][18].

Summary of Snap-on's Conference Call Company Overview - Snap-on has been in operation for 105 years, starting in 1920 in the vehicle repair market with a focus on providing high-quality tools to mechanics [2][5] - The company has evolved to include 36 factories worldwide, generating $5 billion in sales and employing 13,000 people, with a product range of 85,000 SKUs [5][12] Business Segments 1. **Tools Group** - Represents 40% of Snap-on's business, targeting mechanics directly through 3,500 franchise vans in the U.S. [6][8] - Achieved a 25% margin, although it faced a decline due to market uncertainty [8] 2. **Shop Equipment** - Accounts for 28% of the business, selling equipment like lifts and software to shop owners [9] - Experienced a 3.7% growth in the quarter with a 25.7% operating income margin [10] 3. **Commercial and Industrial (C&I)** - Also 28% of the business, serving critical industries such as military, aviation, and oil and gas [11] - The segment is driven by the need for reliability and repeatability in high-stakes environments [11] Competitive Landscape - Snap-on differentiates itself as a premium tool provider, focusing on observing work environments to create tailored solutions [13][14] - The company holds a market share of 50-60% among technicians and has a strong brand presence [16][17] Impact of Tariffs - Snap-on is relatively insulated from tariffs due to its manufacturing strategy, producing 80% of its products in the U.S. for the U.S. market [22][23] - The company has 36 factories globally, with 15 in the U.S., allowing for flexibility in sourcing and production [24][28] Market Sentiment and Consumer Behavior - Mechanics have shown a shift towards shorter payback items due to economic uncertainty, leading Snap-on to pivot its product development towards hand tools and lower-cost diagnostics [31][36] - Consumer sentiment dropped significantly, influenced by external factors such as inflation and geopolitical tensions [41] Financial Performance - The company maintains a strong balance sheet with a focus on investing in its business, acquisitions, and dividends [64][68] - Snap-on has consistently paid dividends since 1939, increasing them annually for the last 15 years [68] Future Growth Opportunities - Snap-on is optimistic about growth in critical industries and the automotive sector, particularly with the rise of electric vehicles and advanced driver-assistance systems [70][75] - The company is leveraging its extensive database to enhance diagnostic capabilities, which is crucial as vehicles become more complex [72][74] Product Development - Snap-on is adapting its product development processes to incorporate new technologies like 3D printing, which helps reduce prototyping costs [80] - The company emphasizes continuous improvement and efficiency in its operations, aiming to maintain high margins despite increasing complexity in the market [81][82]

Core Viewpoint - Guangdong Jusen Precision Technology Co., Ltd. (hereinafter referred to as "Jusen Precision") has made significant progress in its journey to list on the Beijing Stock Exchange after its recent listing on the New Third Board [1][2]. Group 1: Company Progress and Listing Plans - Jusen Precision was listed on the New Third Board on April 25, 2024, and signed a counseling agreement with Guotou Securities for its public offering and listing on the Beijing Stock Exchange [1][2]. - The company submitted its listing counseling application to the Guangdong Securities Regulatory Bureau on April 29, 2024, which was accepted on May 6, 2024, marking the start of its listing counseling period [2]. - Compared to its peer, Tut Precision, Jusen Precision's path to the capital market appears to be smoother, although it still faces challenges such as risks associated with family ownership and dealer management [1][3]. Group 2: Company Structure and Risks - Jusen Precision is a family-owned enterprise, with the actual controller, Qi Zhi, holding 55.77% of the shares directly and controlling a total of 62.00% through partnerships [4][5]. - The company has established a relatively sound corporate governance structure, but risks remain regarding the potential for the actual controller to influence major decisions, which could lead to conflicts with minority shareholders [5][6]. Group 3: Financial Performance - Jusen Precision's revenue for 2022, 2023, and 2024 was reported as 793 million, 805 million, and 778 million yuan respectively, with net profits of 35.9 million, 41.9 million, and 62.1 million yuan [7]. - The company experienced a revenue decline of 3.36% in 2024, attributed to decreased sales of functional and smart hardware products, while net profit saw a significant increase of 48.25% [7][8]. - The company’s domestic clients include well-known home furnishing companies such as Oppein, Sofia, and Haolaike, which have also reported performance fluctuations in 2024 [8]. Group 4: Market and Sales Dynamics - Jusen Precision's overseas sales revenue for 2022, 2023, and the first half of 2024 were 277 million, 244 million, and 152 million yuan, accounting for 36.62%, 32.03%, and 43.13% of total sales respectively [9]. - The company faces challenges from fluctuations in the USD/RMB exchange rate, which could impact profit margins and overall profitability [9]. - Domestic dealer revenue has shown growth, but increased management complexity poses risks to brand reputation and sales performance [10].