Group 1 - Inner Mongolia is enhancing the integration of culture and tourism, leading to improved quality and brand influence in the industry [1] - Agricultural Bank of China (ABC) Inner Mongolia Branch is providing diverse financial products and professional services to support cultural and tourism projects in the region [1] - The Xiaozhuang River Cultural Tourism Leisure Street is a key national-level tourism project in Tongliao City, serving as an important platform for local economic and social development [1] Group 2 - The Xiaozhuang River Cultural Tourism Leisure Street project faced funding shortages for operational facilities by the end of 2024, prompting ABC Tongliao Branch to issue a short-term working capital loan of 10 million yuan to support its operations [1] - The street has become a popular destination for locals, enhancing its status as a cultural and tourism hub [1] Group 3 - Local entrepreneur Luo Gang has successfully expanded his business, including a car rental service and a farmhouse restaurant, with financial support from ABC since 2011, increasing his credit limit from 50,000 yuan to 500,000 yuan [2] Group 4 - ABC Inner Mongolia Branch has developed a comprehensive financial service plan to support the high-quality development of the cultural and tourism industry, focusing on various consumer scenarios such as dining, retail, parking, and accommodation [3] - As of June 2025, ABC Inner Mongolia Branch has issued a total of 1.603 billion yuan in loans to the cultural and tourism industry, supporting 164 clients and facilitating industry growth and upgrades [3]

警告 深 圳 市 新 國 都 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） 的申請版本 香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依 賴該等內容而引致的任何損失承擔任何責任。 XGD INC. 倘 在 適 當 時候 向 香 港 公 眾 人 士 提出 要 約 或 邀 請 ， 有 意投 資 者 務 請 僅 依 據 送呈 香 港 公 司 註 冊 處 處 長 登 記的 本 公 司 招 股 章 程 作出 投 資 決 定 ， 招 股 章程 的 文 本 將 於 發 售 期內 向 公 眾 人 士 派 發。 (a) 本文 件 僅為 向香 港 公眾 人 士提 供有 關 本公 司的 資 料， 概 無任 何其 他 目的 。投 資 者不 應 根據本文件所載資料作出投資決定； (b) 在聯 交 所網 站登 載 本文 件 或任 何補 充 、修 訂或 更 換附 頁 ，並 不會 引 致本 公司 、 其各 自 保薦 人 、整 體協 調 人、 顧 問或 承銷 團 成員 須於 香 港或 任 何其 他司 ...

Core Viewpoint - The People's Bank of China in the Inner Mongolia Autonomous Region is enhancing financial support for the autumn harvest, focusing on optimizing payment services to ensure smooth operations and safeguard national food security [1] Group 1: Optimizing Payment Environment - The People's Bank of China in Inner Mongolia is improving payment networks by upgrading payment acceptance environments at grain purchasing stations and agricultural cooperatives, ensuring timely payments for farmers [2] - The bank is promoting mobile banking and online payment tools in rural areas, facilitating easier access to financial services for farmers [2] - Mobile financial service teams are deployed to remote areas, providing on-site banking services and completing over 7,300 transactions during the harvest season [2] Group 2: Ensuring Smooth Fund Flow - The bank is extending business hours and prioritizing services for grain-related businesses to meet the increased demand during the harvest season [3] - Fee waivers for payment services related to the harvest have been implemented, with a total of 1.8326 million yuan in fees waived for 3,590 agricultural enterprises and individual businesses [3] - A merchant funding management system has been introduced to enhance transparency and efficiency in payments among multiple parties involved in grain collection [3] Group 3: Strengthening Security Measures - Regular inspections of payment environments are conducted to prevent fraud and ensure secure transactions during the harvest [4] - Training for personnel at cash withdrawal service points is emphasized to enhance risk identification and monitoring of unusual transactions [4] - Financial literacy programs are being implemented in rural areas to educate farmers on recognizing fraud and managing financial risks [4] - As of mid-October, the harvest progress in Inner Mongolia reached 40.98%, 9.39 percentage points ahead of the previous year, demonstrating the effectiveness of financial support in accelerating the harvest process [4]

Core Viewpoint - The company is focusing on the development of various hardware products and aims to achieve breakthroughs in domestic chip technology for ultrasonic fluid measurement applications [1] Group 1: Product Development - The company is developing a range of hardware products, including smart POS systems, IoT terminals, and smart sensors, utilizing a wide variety of chips [1] - The performance of the chips used in these products shows significant variation, with a primary focus on procuring mature and general chip solutions for application development [1] Group 2: Technological Innovation - The company possesses proprietary core algorithms for ultrasonic fluid measurement, emphasizing a commitment to independent domestic technology paths [1] - The company is actively engaging with several capable domestic chip teams to evaluate the feasibility of joint research and development for custom ultrasonic measurement chips [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Viewpoints - The company reported a revenue of 4.02 billion yuan for the first half of 2025, representing a year-on-year increase of 10.54%, and a net profit attributable to shareholders of 595 million yuan, up 12.36% year-on-year [1]. - The overseas business has become a new growth engine, with significant expansion in various fields, particularly in the digital payment sector, where the transaction volume has shown a quarterly increase [2]. - The company is actively pursuing opportunities in the digital identity and cross-border payment sectors, positioning itself to benefit from regulatory changes and market demands [3]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 4.02 billion yuan, with a net profit of 595 million yuan, reflecting growth rates of 10.54% and 12.36% respectively [1]. - The second quarter of 2025 saw a revenue of 2.12 billion yuan, marking a 12.03% increase year-on-year, and a net profit of 284 million yuan, which is a 1.06% increase [1]. Business Segments - The smart terminal cluster generated 1.90 billion yuan in revenue for the first half of 2025, a 24.90% increase year-on-year, with overseas business accounting for over 76% of total revenue [2]. - The company sold over 4.3 million digital payment terminals, with significant growth in the European and Latin American markets, where revenue increased by over 90% and 20% respectively [2]. - The industry digitalization cluster reported a revenue of 2.12 billion yuan, a slight increase of 0.36% year-on-year, with a payment service transaction volume of 10.5 trillion yuan, showing a consistent quarterly growth trend since Q3 2024 [2]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to 1.25 billion yuan and 1.55 billion yuan, respectively, reflecting a downward revision of 18% and 15% from previous estimates [3]. - The company is expected to benefit from ongoing financial innovations and the clearing of the payment industry, with projected P/E ratios of 25x, 20x, and 17x for 2025, 2026, and 2027 respectively [3].

Summary of Key Points from Conference Call Records Industry and Company Involvement - **Companies Involved**: Huawei, UBTECH, Tianqi Co., Yongyi Co., Chaoyang Technology, and others - **Industries**: Robotics, Consumer Electronics, Textile, Light Industry, Cross-border E-commerce, Military Communication, and Office Furniture Core Insights and Arguments 1. **Huawei and UBTECH Collaboration**: Huawei signed a comprehensive cooperation agreement with UBTECH to innovate in humanoid robots and intelligent manufacturing, leveraging Huawei's AI infrastructure to support UBTECH's innovation center [1] 2. **Industrial Application of Humanoid Robots**: UBTECH has successfully implemented humanoid robots in over 12 automotive factories, saving over 300,000 CNY in labor costs per unit annually [1] 3. **US-China Tariff Reduction**: A significant reduction in tariffs was announced, with the US cutting tariffs from a maximum of 145% to 34%, which is expected to alleviate profit losses in export-oriented industries [5][10] 4. **Beneficiary Industries**: The reduction in tariffs is anticipated to benefit sectors such as home appliances, electronics, and machinery, with specific companies like Rongtai Health and Stone Technology highlighted for their export exposure [5][10] 5. **Consumer Electronics**: Chaoyang Technology, with 79% of its business overseas, primarily supplies Apple, indicating strong reliance on major clients [3][15] 6. **Cross-border E-commerce Growth**: Companies like Saiwei Times and Chuangyuan Co. are positioned to benefit from the growing cross-border e-commerce market, with significant revenue from North America [7] 7. **Military Communication**: A company identified as a core supplier for military communication systems is expanding its market share, particularly in wireless communication for various military platforms [7][8] 8. **Acquisition of SMS Business**: A company announced the acquisition of SMS, a leading manufacturer of grinding machines, which is expected to enhance its capabilities in producing precision components for humanoid robots [9] 9. **Office Furniture Market**: Yongyi Co. is poised to benefit from tariff reductions, with a significant portion of its revenue derived from the US market [13] Other Important but Potentially Overlooked Content 1. **Emerging Technologies**: Companies are increasingly focusing on AI integration and smart manufacturing, with partnerships like that of Newland and Alibaba Cloud to enhance digital payment solutions [14] 2. **Market Dynamics**: The conference highlighted the importance of adapting to changing market conditions, particularly in light of US-China trade relations and tariff adjustments [5][10] 3. **Product Diversification**: Companies are diversifying their product offerings to include biodegradable materials and advanced manufacturing technologies, reflecting a trend towards sustainability [10][13] 4. **Investment in R&D**: Companies are investing in research and development for advanced robotics and AI technologies, indicating a shift towards more intelligent manufacturing solutions [11][17] This summary encapsulates the key points from the conference call records, providing insights into industry trends, company strategies, and market dynamics.

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is actively integrating AI technologies into its products, enhancing capabilities in payment solutions and machine vision [1]. Financial Summary - The company’s total revenue is projected to grow from 8.250 billion RMB in 2023 to 10.431 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.8% [2]. - The net profit attributable to shareholders is expected to increase from 1.004 billion RMB in 2023 to 1.671 billion RMB in 2027, reflecting a CAGR of 15.7% [2]. - The earnings per share (EPS) are forecasted to rise from 0.97 RMB in 2023 to 1.62 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 27.47 to 16.50 [2][3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is leveraging AI technology in its payment solutions, enhancing its product offerings and operational efficiency [1]. Financial Summary - The total revenue for 2023 was 8.250 billion RMB, with a projected increase to 8.500 billion RMB in 2025, reflecting a growth rate of 9.7% [2]. - The net profit attributable to shareholders is expected to grow from 1.010 billion RMB in 2024 to 1.227 billion RMB in 2025, marking a year-on-year increase of 21.5% [2]. - The gross margin is projected to improve from 36.5% in 2024 to 37.2% in 2025 [2]. - The earnings per share (EPS) are forecasted to rise from 0.98 RMB in 2024 to 1.19 RMB in 2025, with corresponding price-to-earnings (P/E) ratios of 27.31 and 22.47 respectively [2].

Core Viewpoint - The company reported a total revenue of 77.45 billion yuan and a net profit of 10.10 billion yuan for the year 2024, reflecting a 10% year-on-year growth in net profit, while maintaining a cash dividend distribution of 5.50 yuan per 10 shares [7][8][9]. Company Overview - The company is a digital service provider integrating smart terminals, big data processing, and data scenario operation capabilities, focusing on empowering the digital economy through technological innovation [6][8]. - The company operates in over 120 countries and regions, contributing to the digital transformation of countries along the Belt and Road Initiative [6][8]. Business Segments Smart Terminal Cluster - The smart terminal cluster generated a total revenue of 35.95 billion yuan, with a year-on-year growth of 12.36% and a gross margin of 38.53% [10]. - The digital payment terminal business saw significant growth, with over 700 million units sold, and overseas sales volume exceeding 4 million units, accounting for nearly 84% of total revenue [12][14]. - The intelligent recognition terminal business strengthened its technology integration with AI, achieving a 37% year-on-year revenue growth in the medical sector [16]. Industry Digitalization Cluster - The industry digitalization cluster reported a revenue of 41.33 billion yuan, a decline of 17.96% year-on-year, primarily due to accelerated industry regulation [17]. - The company maintained its leading position in payment services, achieving a transaction scale exceeding 2 trillion yuan [18]. - The company provided digital financial services to over 100,000 small and micro enterprises, with a total loan issuance of 420,000 [19]. Financial Performance - The company achieved a total revenue of 18.96 billion yuan in the first quarter of 2025, marking an 8.92% year-on-year increase, with a net profit of 3.11 billion yuan, a 25.16% increase [24]. - The operating cash flow reached 370 million yuan, reflecting a significant increase of 422.55% year-on-year [24]. Strategic Initiatives - The company is actively pursuing a globalization strategy, enhancing local operations in Europe and North America, and focusing on compliance and sustainable development in the third-party payment industry [8][9]. - The company is leveraging AI technology to enhance operational efficiency and reduce costs, with significant advancements in product intelligence and value enhancement [9][21].