Core Viewpoint - The report from Tianfeng Securities highlights that Xiongtao Co., Ltd. is a veteran in the power supply industry, with its computing center and data center UPS power supply business contributing significantly to its profits. [1] Revenue Contribution - In the first half of 2025, revenue from the computing center and data center UPS power supply business is expected to account for 47% of the company's total revenue, contributing 75% of its profits. [1] Market Trends - The demand for AI computing power is rapidly increasing, leading data centers to evolve towards large-scale, high-density, and high-power configurations. [1] Product Advantages - Lithium battery products offer advantages such as long lifespan, high energy density, and environmental benefits. Compared to lead-acid batteries, lithium batteries have a significant cost advantage over their entire lifecycle, potentially saving over 40% in total ownership costs within 10 years. [1] Strategic Positioning - The company is deeply engaged in the UPS business for computing centers and data centers, with a diversified product line including lithium, lead-acid, and hydrogen energy solutions. [1] Investment Outlook - Given the company's strong positioning in the UPS business, it is expected to benefit from investments in AI data centers, leading to an initial coverage rating of "Buy." [1]

Group 1 - The 15th China-Northeast Asia Expo concluded in Changchun, showcasing the deepening and broadening of cooperation among participating countries [1][2] - The expo is the only international comprehensive exhibition involving six Northeast Asian countries, promoting trade and investment cooperation in the region for 20 years [1] - A total of 20,733 guests from 45 countries and regions attended, including executives from 44 Fortune Global 500 companies, indicating a rising level of international participation [1] Group 2 - The expo emphasized the concept of "exhibition promotes trade, conference promotes investment," focusing on industry and project matching, and facilitating economic and cultural exchanges [2] - A total of 34 main and thematic activities were held, creating a multi-level and wide-ranging communication mechanism [2] - Successful events included the Russia Business Day and China-Japan Economic and Trade Exchange, enhancing cooperation in sectors like hydrogen energy [2]

Financial Performance - In the first half of 2025, the company achieved total revenue of 1.884 billion, a year-on-year increase of 36.39% [1] - The net profit attributable to shareholders was 243 million, reflecting a year-on-year growth of 56.79% [1] - The net profit after deducting non-recurring gains and losses was 228 million, up 40.11% year-on-year [1] - The net cash flow from operating activities was -173 million, compared to -96.05 million in the same period last year [1] Business Segments - The new energy control segment remains the largest revenue source, generating 1.524 billion, a year-on-year increase of 44.97%, accounting for over 80% of total revenue [1] - The engineering transmission business reported revenue of 226 million, with a year-on-year growth of 11.5% and a gross margin increase to 47.71% [1] - Revenue from overseas markets reached 148 million, marking a year-on-year increase of 54.46%, with a gross margin of 54.65% [1] Competitive Position and Market Strategy - The company has established a solid competitive barrier in the wind power converter sector, achieving technological breakthroughs in offshore wind power protection and reliability [2] - The company’s product shipment capacity and sales in the photovoltaic inverter sector continue to rise steadily [2] - Revenue from energy storage and transmission businesses is growing annually, with ongoing expansion in hydrogen energy product sales [2] - Leveraging core technologies and product platforms, the company is extending its product lines into new fields, supporting the development of integrated wind-solar-storage, hydrogen energy, and large-capacity power supply sectors [2] - The company contributes to the achievement of carbon peak and carbon neutrality goals, aiding various industries in transitioning to high-quality development [2]

Core Viewpoint - The company is responding to the Shanghai Stock Exchange's inquiry regarding its application for a specific issuance of A-shares, detailing the share transfer agreements and the implications for control and governance [1][4][10]. Group 1: Share Transfer and Pricing - On March 14, 2025, Shanghai Hamao and Yang Lei signed share transfer agreements, acquiring a total of 19.67% of the company's shares, with Hamao becoming the controlling shareholder and Yang the actual controller [1][4]. - The total amount raised from this issuance is capped at 840.2871 million yuan, with a share price set at 11.70 yuan, subject to a 36-month lock-up period [1][4]. - The share transfer price for Hamao was set at 90% of the closing price prior to the agreement, while Yang Lei's price matched the closing price, indicating no significant pricing discrepancies [5][6][7]. Group 2: Shareholding Structure Post-Issuance - The maximum number of shares to be issued is 71,819,411, with Hamao intending to subscribe to this full amount [10][11]. - Post-issuance, Hamao and Yang Lei's combined shareholding is projected to increase from 19.57% to 38.06%, enhancing their voting rights from 22.85% to 38.25% [12][11]. Group 3: Control and Governance - The arrangement for Yang Lei to control voting rights while allowing Sun Jisheng to retain some rights under specific conditions aims to stabilize the company's governance during the transition [13][14]. - The agreement includes a clause for Sun Jisheng to potentially regain control under certain conditions, but the likelihood of this occurring is deemed low due to the parties' commitment to maintaining Hamao's control [22][20]. Group 4: Performance Commitments - Sun Jisheng has committed to ensuring the company's net profit does not fall below -200 million yuan for the years 2025 to 2027, with no provisions for changes or waivers to this commitment [23][24]. - The new shareholders are expected to leverage their industry resources to enhance the company's operational capabilities and market position, thereby supporting the achievement of performance commitments [24][23].

Core Viewpoint - The company is undergoing a significant change in control, with Shanghai Hamao becoming the new controlling shareholder and Yang Lei as the actual controller, following a series of share transfer agreements and a planned issuance of A-shares to specific investors [3][10][12]. Group 1: Share Transfer and Issuance Details - On March 14, 2025, Shanghai Hamao signed a share transfer agreement to acquire 13.67% of the company's shares, while Yang Lei acquired 6.00% [3][4]. - The total amount to be raised from the issuance of A-shares is capped at 840.2871 million yuan, with a share price set at 11.70 yuan [3][4]. - The issuance will involve a lock-up period of 36 months for the newly issued shares [3][4]. Group 2: Pricing and Valuation - The share transfer price for Shanghai Hamao was set at 13.76 yuan per share, which is based on 90% of the closing price prior to the agreement, while Yang Lei's acquisition price was 15.28 yuan per share [5][6]. - The issuance price of 11.70 yuan per share is determined to be in compliance with relevant regulations, being 80% of the average trading price over the previous 20 trading days [7][10]. Group 3: Control and Governance - The control structure of the company is expected to stabilize, with Yang Lei and Shanghai Hamao holding a combined voting power of approximately 38.25% post-issuance, significantly higher than the previous controlling shareholder, Sun Jisheng [12][24]. - The agreement includes a provision for Sun Jisheng to relinquish voting rights for a specified period, ensuring a clear control transition to Yang Lei and Shanghai Hamao [13][15]. Group 4: Performance Commitments - Sun Jisheng has committed to ensuring that the company's net profit does not fall below a certain threshold during the performance commitment period, with a total loss limit set at 200 million yuan [20][22]. - The company anticipates that the new controlling shareholders will leverage their industry resources to enhance operational efficiency and market competitiveness, thereby supporting the achievement of performance commitments [21][22].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has made significant breakthroughs in the fields of energy storage and hydrogen energy, paving new paths for future growth [4] - The company is expected to benefit from its penetration into emerging fields such as clean energy and energy conservation, despite challenges from lithium battery construction slowdown and rising aluminum prices [4] - The company has established business cooperation with several well-known clients in the energy storage and hydrogen energy sectors, leading to substantial business volume growth [4] Financial Summary - In Q1 2025, the company achieved revenue of 74.46 million yuan, a year-on-year increase of 21% [4] - The company’s revenue for 2024 is projected to be 347 million yuan, a growth of 1.1% year-on-year, while the net profit attributable to the parent company is expected to decline by 52.39% to 29.81 million yuan [4] - The company’s revenue is forecasted to grow significantly in the coming years, with estimates of 439 million yuan in 2025, 546 million yuan in 2026, and 659 million yuan in 2027, representing year-on-year growth rates of 26.5%, 24.3%, and 20.8% respectively [7][8] - The projected net profit attributable to the parent company for 2025 is 44 million yuan, with an expected increase to 57 million yuan in 2026 and 70 million yuan in 2027 [7][8] - The company has a total market capitalization of 2.141 billion yuan and a circulating market capitalization of 601 million yuan [2] Research and Development - The company has obtained 105 patent certificates, including 19 invention patents and 81 utility model patents, indicating a strong focus on innovation [5] - In 2024, the company increased its R&D expenditure to 15.26 million yuan, a year-on-year growth of 9% [5]

Core Viewpoint - Youon Technology Co., Ltd. plans to issue up to 71,819,411 shares of RMB ordinary stock (A shares) to specific investors, with China International Capital Corporation (CICC) acting as the sponsor for this issuance [1][16]. Group 1: Issuance Details - The issuance will involve a total of 71,819,411 shares, which includes the shares being issued [1]. - The company has complied with relevant laws and regulations, including the Company Law and Securities Law, in preparing for this issuance [1][19]. - The issuance is intended for specific investors and will not be conducted through public solicitation [19]. Group 2: Company Overview - Youon Technology Co., Ltd. was established on August 24, 2010, and is registered in Changzhou, Jiangsu Province [1]. - The company specializes in the development, manufacturing, integration, installation, debugging, sales, and information technology services related to public bicycle systems [1][2]. - The company also engages in the development and sales of various electronic devices, including electric bicycles and artificial intelligence equipment [2]. Group 3: Financial Performance - As of March 31, 2025, the company's total assets were RMB 436,379.52 million, with total liabilities of RMB 120,974.70 million, resulting in shareholders' equity of RMB 315,404.82 million [3]. - The company's revenue for the first quarter of 2025 was RMB 8,339.92 million, while the operating profit was a loss of RMB 2,194.77 million [3][4]. - The net profit attributable to the parent company for the first quarter of 2025 was a loss of RMB 2,462.50 million [4]. Group 4: Shareholder Structure - As of April 30, 2025, the total share capital of the company was 240,601,181 shares, with the top ten shareholders holding significant portions of the equity [2]. - The largest shareholder, Youon Technology Co., Ltd., holds 57.65% of the total shares [2]. Group 5: Regulatory Compliance - CICC has conducted thorough due diligence and confirmed that Youon Technology meets the basic conditions for issuing A shares to specific investors [11][16]. - The company has followed the necessary decision-making procedures as required by law, including board meetings and shareholder approvals [17][18].

Core Viewpoint - Wolong Real Estate is transitioning towards the new energy sector in response to national "dual carbon" policies, aiming to create new profit growth points and inject new momentum into future development [1][2]. Group 1: Company Strategy and Changes - The company plans to change its stock name to "Wolong New Energy" to reflect its strategic shift towards the new energy industry [1]. - Wolong Real Estate is selling 90% of its stake in Shanghai Mining to its controlling shareholder, Wolong Holdings, which will eliminate competition with its subsidiary and allow the company to focus on new energy [2]. - The sale of the mining stake will provide cash flow to support the expansion of new energy projects, promoting sustainable development [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of 3.611 billion yuan, a decrease of 24.08% year-on-year, and a net profit of 41 million yuan, down 75.15%, primarily due to a provision for inventory impairment of 175 million yuan [1]. - For the first quarter of 2025, the company achieved a revenue of 1.105 billion yuan, an increase of 97.53% year-on-year, while net profit was 36.086 million yuan, a decline of 22.22% [1]. Group 3: New Energy Initiatives - The company is actively pursuing projects in wind energy, solar energy, energy storage, and hydrogen energy, focusing on enhancing market share and technological capabilities [3]. - In the wind energy sector, the company is promoting the construction of a pilot project in Baotou [3]. - In the solar energy sector, the company aims to secure orders for distributed solar power stations [3]. - The company is leveraging core technologies in energy storage and hydrogen production to enhance product competitiveness [3].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][7]. Core Insights - The company achieved a revenue of 1161.86 billion CNY in 2024, a year-on-year increase of 1.21%, while the net profit attributable to shareholders was 7.52 billion CNY, down 6.33% year-on-year [1]. - In Q1 2025, the company reported a revenue of 222.45 billion CNY, up 8.06% year-on-year, and a net profit of 2.92 billion CNY, a significant increase of 145.69% year-on-year, marking a return to profitability [1]. - The energy equipment segment saw a revenue increase of 5.30% to 617.58 billion CNY, benefiting from the continued delivery of coal-fired and nuclear power units [2]. - The company’s new order intake reached a four-year high of 1536.0 billion CNY in 2024, representing an 11.9% year-on-year growth, with the energy equipment segment orders increasing by 18.5% [3]. - The company is focusing on green and low-carbon transformation, making progress in energy storage, hydrogen energy, and robotics [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1161.86 billion CNY and a net profit of 7.52 billion CNY, with a projected revenue growth of 3.52% in 2025 [6]. - The gross profit margin improved to 19.7% in the energy equipment segment, reflecting a 2.0 percentage point increase year-on-year [2]. Order Intake and Market Position - The company’s new orders in the energy equipment segment reached 891.0 billion CNY, a five-year high, with wind power orders increasing by 150.4% to 173.8 billion CNY [3]. - The company is expected to leverage its leading position to enhance market share in traditional business areas while exploring new growth points in technology-driven sectors [4]. Future Outlook - The report projects net profits for 2025-2027 to be 14 billion CNY, 27 billion CNY, and 32 billion CNY respectively, with a downward adjustment of 16% and 10% for the first two years [4]. - The current A/H share price corresponds to a PE ratio of 81 and 27 for 2025, indicating potential for future growth [4].