Core Viewpoint - JinDun Co., Ltd. has successfully won the bid for the PPP project of the Xinjiang Wuwei Highway, which is significant for its application in the Tianshan Victory Tunnel, the world's longest highway tunnel, showcasing the company's capabilities in high-altitude and long-distance tunnel construction [1][2]. Group 1: Project and Technical Achievements - The Tianshan Victory Tunnel is approximately 22.1 km long, with a maximum burial depth of about 1120 m and a shaft depth of 707 m, presenting extreme environmental challenges that require high-performance and reliable products [1]. - JinDun Co., Ltd. has established a leading position in the high-end ventilation system equipment for subway tunnels, with products used in over 300 major engineering projects globally, maintaining a strong market share [2]. - The company has developed a new type of fan specifically for high-altitude areas, addressing the limitations of traditional construction fans, and has patented its intelligent ventilation system for long and large tunnels [2]. Group 2: Market Potential and Strategic Positioning - The market for tunnel ventilation systems is expected to grow from approximately $4.5 billion in 2025 to about $6.8 billion by 2030, with a compound annual growth rate (CAGR) of around 8.5% [5]. - In China, the demand for tunnel ventilation fans is projected to reach 17 million units by 2030, potentially accounting for about 56% of global demand [6]. - JinDun Co., Ltd. is well-positioned to benefit from the increasing infrastructure development in the southwest and northwest regions of China, with ongoing participation in major projects [2]. Group 3: Financial Health and Future Outlook - The company's market capitalization is around 5 billion yuan, with a low debt-to-asset ratio of about 30%, indicating strong cash flow and risk resilience [8]. - JinDun Co., Ltd. is expected to capture more market share in the upcoming infrastructure development wave, particularly in high-altitude and long-distance tunnel ventilation [2].

Group 1 - Guotai Haitong agreed to the absorption merger of Guotai Junan Asset Management and Haitong Asset Management [3] - Sanfeng Intelligent's director Chen Wei is under investigation, but company operations remain normal [4] - Shanghai Pharmaceuticals plans to acquire 10% equity in Shanghai Shiji Group Financial Company for 143 million yuan [5] - Western Gold intends to acquire 100% equity of Xinjiang Meisheng Mining for 1.655 billion yuan, with a premium rate of 1421.66% [6] - Hengrui Medicine plans to acquire minority shares in Chengdu Shengdi for 40.144 million yuan [7] - Dongshan Precision plans to invest up to 1 billion USD in high-end printed circuit board projects [8] - ST Wanfang and Ruibeka are under investigation by the CSRC for information disclosure violations [9][10] - GCL-Poly plans to transfer part of its fund investment shares to focus on photovoltaic business [12] - Shihua Securities intends to issue H-shares and list on the Hong Kong Stock Exchange [13] - Xiling Information's controlling shareholder is changing, and the stock will continue to be suspended [14] - ShenKai Co. plans to invest 15 million yuan in Shandong Future Robotics [15] - Fushun Special Steel received a takeover offer at 5.6 yuan per share for 5% of its shares [16][17] - Time Space Technology's controlling shareholder is planning a change in control [18] - Jindun Co. is establishing a wholly-owned subsidiary for ducted propeller projects [19] - Huitong Group clarified it is not involved in the Yarlung Tsangpo River downstream hydropower station project [20] Group 2 - China Duty Free Group reported a net profit of 2.6 billion yuan in the first half of 2025, a decrease of 20.81% [21] - Digital Certification expects a loss of 80 million to 96 million yuan in the first half of 2025 [22][23] - Western Mining reported a net profit of 1.869 billion yuan in the first half of 2025, an increase of 15% [24] - Qilu Bank achieved a net profit of 2.734 billion yuan in the first half of 2025, a growth of 16.48% [25] - Tapa Group reported a net profit of 435 million yuan in the first half of 2025, an increase of 92.47% [26] Group 3 - ST Dongyi signed new orders worth 215 million yuan in the second quarter for its decoration business [27] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [28] - Southeast Network signed new construction orders worth 3.411 billion yuan in the first half of 2025, a decrease of 36.89% [29] Group 4 - Huaqin Technology's employee stock ownership platform plans to reduce its stake by up to 4% [31] - Meikailong's shareholders plan to reduce their stake by up to 3.0011% [32] - Shengke Communication's national integrated circuit industry investment fund plans to reduce its stake by up to 3% [33] Group 5 - Liuyuan Group plans to repurchase shares worth between 100 million and 200 million yuan [34] - Chipsea Technology plans to reduce its repurchased shares by up to 142,060 shares [35]

Core Viewpoint - JinDun Co., Ltd. is advancing its "ducted fan" project by establishing a wholly-owned subsidiary, Zhejiang Hanying Intelligent Propulsion Technology Co., Ltd., to focus on low-altitude economy development [1][2]. Group 1: Company Strategy - The establishment of Zhejiang Hanying is a strategic move to enhance the company's presence in the low-altitude economy sector [1]. - The registered capital of Zhejiang Hanying is 10 million yuan, and it will engage in various activities including AI hardware sales and intelligent control system integration [1]. - JinDun Co., Ltd. aims to leverage its technological and market advantages to consolidate R&D efforts and develop the "ducted fan" series products [3]. Group 2: Product Development - The "ducted fan" project aims to provide steering thrust for flying cars, featuring high thrust-to-weight ratio, low weight, and high reliability [2]. - The project plans to develop eight prototypes, with three already completing the pilot test phase [2]. - The technology integrates electromechanical thermal magnetic coupling and high-integration design to enhance propulsion efficiency and address heat dissipation challenges [2][3]. Group 3: Market Opportunities - The successful development of the "ducted fan" is expected to open new markets in the low-altitude economy, particularly in flying cars and industrial drones [2]. - JinDun Co., Ltd. is in discussions with several manufacturers of low-altitude vehicles for potential collaborations [3]. - The applications of the "ducted fan" extend to various special purposes, including firefighting, rescue, seeding, and logistics [3].

金盾股份（300411）公告，公司使用自有资金1000万元设立全资子公司浙江涵翼智能推进科技有限公 司，并已完成工商登记。该子公司将专注于"涵道推进器"项目的研发及产业化。此举是公司布局低空经 济领域产业赛道的核心战略举措，旨在整合公司技术、人才、市场等优势资源，推动"涵道推进器"系列 产品的研发、生产及销售，为后续商业化奠定基础。 ...

编号：2025-001 | | □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 | | | --- | --- | --- | | 投资者关系活 | | | | | □新闻发布会 □路演活动 | | | 动类别 | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称 及人员姓名 | 参与金盾股份 2024 年度业绩说明会的线上投资者 | | | 时间 | 2025 年 5 月 13 日（星期二）下午 15:00-17:00 | | | 地点 | 公 司 通 过 全 景 网 " 资 者 关 系 互 动 平 台 " | 投 | | | （https://ir.p5w.net）采用网络远程的方式召开业绩说明会 | | | 人员姓名 | | | | | 独立董事：朱建先生 | | | | 1、问：同风源的业绩对赌完成了吗？需要计提商誉吗？ | | | | 答：尊敬的投资者您好，子公司四川同风源在 2020 年对赌期 | | | | 已结束，对赌期业绩未完成，四川同风源原股东已于 2021 年 | | | 投资者关系活 | 4 月按照收购协议的约定，完成了业绩补偿。公司每年 ...

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local government policies, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various companies showcasing eVTOL products at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfu Ovi (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The first low-altitude economic fund in Sichuan province has been registered, focusing on eVTOL manufacturing [34] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - Xinnengda has partnered with Aerospace Feipeng to enhance drone performance with high-performance batteries [37] - Jinfeng Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - Yinheng has delivered a prototype electric propulsion system for EHang's new model [41] - Jifeng Technology's controlling shareholder has changed to the actual controller of Shenzhen United Aircraft Technology Co., which specializes in drone development [43]