Core Viewpoint - Atosa USA, a subsidiary of Yindu Co., has been awarded the International Dairy Queen's Best Equipment Supplier Award for 2025, recognizing its exceptional support and resources provided to the DQ system over the past year [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.426 billion yuan, a year-on-year increase of 4.35%, with a net profit attributable to shareholders of 347 million yuan, remaining flat year-on-year [2] - Revenue from commercial refrigeration equipment reached 1.088 billion yuan, up 7.38% year-on-year, with a gross margin of 44.39%, down 4.27 percentage points [2] - Self-service equipment revenue was 52 million yuan, down 27.84% year-on-year, with a gross margin of 36.10%, up 1.96 percentage points [2] - Western kitchen equipment revenue was 247 million yuan, up 15.16% year-on-year, with a gross margin of 40.09%, down 4.28 percentage points [2] - Revenue from maintenance parts was 23 million yuan, up 16.14% year-on-year, with a gross margin of 46.34%, down 21.87 percentage points [2] - Kitchen engineering equipment revenue was 4 million yuan, up 14.46% year-on-year, with a gross margin of 10.24%, down 10.54 percentage points [2] Group 2: Production Capacity and Strategy - The company's production base in Thailand has completed the main construction and is entering the capacity ramp-up phase, with initial production meeting expectations [2] - The company has identified "equipment intelligence" as a key strategic direction, focusing on integrating automation and intelligence into its product development [3] - The company is actively recruiting high-end technical talent to enhance innovation in the fields of equipment intelligence and automation [3] Group 3: Short-term Challenges and Outlook - The company's gross margin for the first half of 2025 was 43.1%, down 3.4 percentage points, with a sales expense ratio of 14.9%, up 1.8 percentage points [3] - Short-term profitability has been impacted by tariff disturbances, but improvements are expected as tariff policies are implemented and overseas production capacity increases [3] - Profit forecasts for 2025-2027 are estimated at 610 million, 698 million, and 785 million yuan respectively, maintaining a "recommended" rating [4]

Group 1 - The core viewpoint of the news is that Yindu Co., Ltd. has seen a significant stock price increase of 5.65%, reaching 19.45 CNY per share, with a total market capitalization of 11.936 billion CNY as of the report date [1] - Yindu Co., Ltd. specializes in the research, production, sales, and service of commercial catering equipment, with its main business revenue composition being 76.50% from commercial refrigeration equipment, 17.37% from Western kitchen equipment, and 3.63% from self-service equipment [1] - The company is located in Hangzhou, Zhejiang Province, and was established on April 10, 2003, with its listing date on September 11, 2017 [1] Group 2 - In terms of fund holdings, Invesco Great Wall Fund has a significant position in Yindu Co., Ltd., with its Core Competitiveness Mixed A Fund (260116) increasing its holdings by 1.1 million shares in the second quarter, bringing the total to 2.9 million shares, which constitutes 3.46% of the fund's net value [2] - The fund has achieved a year-to-date return of 15.91% and a one-year return of 25.07%, ranking 4936 out of 8244 and 5584 out of 8066 in its category, respectively [2] - The fund manager, Yu Guang, has a tenure of 15 years and 121 days, with the fund's total asset size being 8.481 billion CNY [3]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [33]. Core Insights - The manufacturing PMI for May 2025 improved to 49.5%, up by 0.5 percentage points from the previous month, with large enterprises performing better than smaller ones [9][10]. - The equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing PMIs were all in the expansion zone, indicating positive growth trends in these sectors [9]. - The robot industry is seeing strategic collaborations, such as the partnership between Yujian Technology and Yaoshi Bang to develop intelligent robots for the pharmaceutical sector [13]. - Dazhu CNC has submitted an application for H-share listing in Hong Kong, focusing on PCB production equipment, with a global market share of 6.5% as of 2024 [18][19]. Summary by Sections 1. Macro Data Tracking - The manufacturing PMI for May 2025 is 49.5%, with large enterprises above the critical point and small enterprises showing slight improvement [9]. - Equipment manufacturing PMI is at 51.2%, indicating expansion, while high-energy-consuming industries are below the critical point [9][10]. 2. Robot Industry Dynamics - Yujian Technology and Yaoshi Bang signed a strategic cooperation agreement to develop intelligent robots for various pharmaceutical applications [13]. - Galaxy General has opened seven unmanned pharmacies in Beijing, utilizing humanoid robots for 24-hour service [13]. 3. Hong Kong Listing Dynamics - Dazhu CNC has applied for H-share listing, focusing on PCB production equipment, with significant revenue growth expected in 2024 [18][19]. 4. Focus on Export Chain Enterprises - Companies with proactive overseas capacity layouts may gain market share amid changing competition dynamics due to tariffs [21]. 4.1. Jiechang Drive - Jiechang Drive reported a 20.4% increase in revenue in 2024, with significant growth in medical and home products [22][24]. - The company is expanding its overseas production bases to mitigate tariff risks [24]. 4.2. Yindu Co., Ltd. - Yindu Co., Ltd. achieved a 7.8% increase in overseas sales in 2024, focusing on building a robust overseas warehouse network [28][29]. 5. Market Review - The CSI 300 index rose by 0.88%, while the machinery equipment sector outperformed with a 0.93% increase [30].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [33]. Core Insights - The manufacturing PMI for May 2025 improved to 49.5%, up by 0.5 percentage points from the previous month, with large enterprises showing better performance [9][10]. - The equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing PMIs were all in the expansion zone, indicating positive growth trends in these sectors [9][11]. - The robot industry is seeing strategic collaborations, such as the partnership between Yujian Technology and Yaoshi Bang to develop intelligent robots for the pharmaceutical sector [13][18]. - Dazhu CNC has submitted an application for H-share listing in Hong Kong, focusing on PCB production equipment, with a global market share of 6.5% as of 2024 [18][19]. Summary by Sections 1. Macro Data Tracking - The manufacturing PMI for May 2025 is 49.5%, with large enterprises above the critical point and small enterprises showing a slight improvement [9]. - The production index and new orders index increased by 0.9 percentage points and 0.6 percentage points, respectively, with the production index at 50.7% [9][10]. - Equipment manufacturing PMI was 51.2%, high-tech manufacturing PMI was 50.9%, and consumer goods manufacturing PMI was 50.2%, all indicating expansion [9][11]. 2. Robot Industry Dynamics - Yujian Technology and Yaoshi Bang signed a strategic cooperation agreement to develop intelligent robots for various pharmaceutical applications [13]. - Galaxy General has opened seven unmanned pharmacies in Beijing, utilizing humanoid robots for 24-hour service [13][18]. 3. Hong Kong Listing Application - Dazhu CNC submitted an application for H-share listing on May 30, 2025, focusing on PCB production equipment with a significant market presence [18][19]. 4. Focus on Export Chain Enterprises - Companies with proactive overseas capacity layouts may gain market share amid changing competition dynamics due to tariffs [21]. - Jiechang Drive has established subsidiaries in multiple countries and is expanding its overseas production capabilities [22][24]. 5. Market Review - The CSI 300 index increased by 0.88%, while the machinery equipment sector rose by 0.93%, outperforming the CSI 300 by 0.05 percentage points [30].