Company Overview - Delong Laser Technology Co., Ltd. is located in Suzhou, Jiangsu, China, and was established on April 4, 2005. The company went public on April 29, 2022. Its main business involves the research, development, production, and sales of precision laser processing equipment and lasers, as well as providing laser processing services to customers [1]. Stock Performance - On September 3, Delong Laser's stock fell by 5.22%, closing at 37.07 CNY per share, with a trading volume of 62.22 million CNY and a turnover rate of 1.57%. The total market capitalization is 3.832 billion CNY [1]. Fund Holdings - According to data from major funds, Huazhang Fund holds a significant position in Delong Laser. The Huazhang Carbon Neutral Mixed A Fund (015989) maintained its holding of 418,000 shares in the second quarter, unchanged from the previous period, representing 5% of the fund's net asset value and ranking as the third-largest holding. The estimated floating loss today is approximately 852,800 CNY [2]. Fund Performance - The Huazhang Carbon Neutral Mixed A Fund was established on February 7, 2023, with a current size of 173 million CNY. Year-to-date, it has achieved a return of 31.65%, ranking 2002 out of 8180 in its category. Over the past year, it has returned 66.52%, ranking 1367 out of 7967. Since inception, the fund has returned 0.58% [2]. Fund Manager - The fund manager of Huazhang Carbon Neutral Mixed A is Jiang Qiu, who has a cumulative tenure of 10 years and 83 days. The total asset size under his management is 5.253 billion CNY, with the best fund return during his tenure being 246.14% and the worst being -30.23% [2].

关于苏州德龙激光股份有限公司 已投私募基金减资、参与投资新设私募基金暨关联交易的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"）作 为苏州德龙激光股份有限公司（以下简称"德龙激光"、"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》等相关规定履行持续督导职责，对德龙激光 已投私募基金减资、参与投资新设私募基金暨关联交易事项进行了审慎核查，具 体情况如下： 一、本次关联交易概述 （一）苏州沃衍减资 公司于 2022 年 9 月 5 日召开第四届董事会第十一次会议审议通过了《关于 参与投资私募基金暨关联交易的议案》，同意公司作为有限合伙人使用自有资金 向苏州沃衍认缴出资 3,000 万元。具体情况详见 2022 年 9 月 7 日在上海证券交 易所官网（www.sse.com.cn）披露的《苏州德龙激光股份有限公司关于参与投资 私募基金暨关联交易的公告》（公告编号：2022-020）。 中信建投证券股份有限公司 为进一步优化基金结构，结合基金实际运作情况，基金管理人北京沃衍资本 管理中心（有限合伙）（以下简称 ...

? 本次关联交易内容： 证券代码：688170 证券简称：德龙激光 公告编号：2025-025 苏州德龙激光股份有限公司 关于已投私募基金减资、参与投资新设私募基金暨关 联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司作为基金有限合伙人认缴出资 3,000 万元，认缴比例 2.5%，实缴出资 2,100 万元，本次减资完成后，认缴出资 2,100 万元，认缴比例和实缴出资保持不变。 本次减资涉及的出资额尚未实缴，苏州沃衍无需向公司支付本次减资对价。 (二) 参与投资湖南沃衍 业投资合伙企业（有限合伙）（曾用名：苏州沃衍绿色专精创业投资合 伙企业（有限合伙），以下简称"苏州沃衍"）拟进行减资。本次减资 是拟减少基金全体合伙人认缴但未实缴部分，基金规模拟由120,000万元 减少至84,000万元，基金全体合伙人出资比例不变。其中公司作为基金 有限合伙人认缴出资3,000万元，认缴比例2.50%，实缴出资2,100万元， 本次减资完成后，认缴出资2,100万元，认缴比例和实缴出资保持不变。 本 ...

Core Viewpoint - The company reported a nearly 40% increase in net profit for the first half of 2025, but the market reacted negatively, with a stock price drop of 4.92% despite the strong financial results [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.17 billion yuan, a year-on-year increase of 29.20%, and a net profit of 327 million yuan, up 38.27% year-on-year [1]. - For the second quarter of 2025, revenue reached 609 million yuan, reflecting a 33.81% year-on-year increase, while net profit was 164 million yuan, marking a 61.91% increase year-on-year [1]. - The gross margin for Q2 2025 was 47.4%, remaining stable quarter-on-quarter, while the net margin was 26.9%, down 2.2 percentage points [2]. - The operating cash flow for Q2 2025 was 37.02 million yuan, showing a positive turnaround [2]. - The company's debt-to-asset ratio was 44.3% at the end of the first half of 2025, a decrease of 3.3 percentage points from the end of 2024 [2]. Business Operations - The company operates under a "sales-driven production" model, allowing for flexible capacity utilization [2]. - The company is currently fulfilling orders normally, despite the overall losses in the photovoltaic industry [2]. Market Risks - The company has expressed concerns about potential market demand fluctuations, international procurement issues, and inventory risks [1][2]. - The solar cell production industry faces uncertainties that could impact the company's performance and accounts receivable if equipment purchases decrease or operational risks arise [2]. - The company relies heavily on international procurement for its main raw materials, and any disruptions in supply or changes in import/export policies could adversely affect operations [2]. Inventory Management - The company's inventory value was reported at 1.753 billion yuan, accounting for 26.29% of total assets, which is relatively high due to long product acceptance cycles [3]. - High inventory levels can tie up working capital and pose risks of inventory write-downs if products fail to meet acceptance standards [3]. Strategic Initiatives - To mitigate the impact of cyclical fluctuations in the photovoltaic industry, the company is expanding into new areas such as consumer electronics, new displays, and semiconductors [3]. - The company is actively developing laser processing equipment for these new sectors, which may open up a second growth curve [3].

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [2] - The registered capital of the company is RMB 544.111391 million [3] - The company is a permanent joint-stock limited company [3] - The company's articles of association serve as a legally binding document for the organization and behavior of the company, shareholders, directors, supervisors, and senior management [3] Business Objectives and Scope - The company's business objective is to provide customer-satisfactory products and services through continuous market-oriented reform and development, returning good economic benefits to shareholders and benefiting society and employees [4] - The company's business scope includes research and development of laser application technology, manufacturing and sales of laser equipment and related components, and providing automation solutions in intelligent manufacturing [4] Shares - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [5] - The total number of shares issued by the company is 544.111391 million, all of which are ordinary shares [6] - The company cannot provide any financial assistance to individuals or entities purchasing or intending to purchase its shares [6] Shareholders and Shareholder Meetings - Shareholders have rights to dividends, participate in shareholder meetings, supervise the company's operations, and transfer their shares according to the law [12] - The company must hold an annual general meeting within six months after the end of the previous fiscal year [20] - Shareholders holding more than 10% of the shares can request the board to convene a temporary shareholder meeting [22] Board of Directors - The board of directors is responsible for the company's overall management and decision-making [16] - The board must report to the shareholders at the annual general meeting regarding its work over the past year [30] - The chairman of the board presides over the shareholder meetings, and if the chairman is unable to perform their duties, a vice-chairman or another director will preside [29]

Summary of Yawey Co., Ltd. Conference Call Company Overview - **Company**: Yawey Co., Ltd. - **Industry**: Metal forming machine tools and laser processing equipment Key Financial Performance - **2024 Performance**: - Revenue reached 2.07 billion yuan, a year-on-year increase of 6.7% - Operating profit approximately 75 million yuan, a decline due to investment impairment [2][3] - **Q1 2025 Performance**: - Revenue of 467 million yuan, net profit attributable to shareholders of 35.9 million yuan, a year-on-year decrease - Stable order volume with a gross margin improvement of 2 percentage points [2][4] Business Segment Highlights - **Metal Forming Machine Tools**: - Revenue of 1.325 billion yuan, up 11.8% year-on-year - Order volume increased over 20%, with bending machines and sheet metal automation lines growing over 60% [2][3][5] - **Laser Processing Equipment**: - Revenue of 576 million yuan, an 8.12% increase - Order volume for flat laser cutting machines grew over 30% [2][5] - **New Jinlu Pressure Machines**: - New contracts close to 200 million yuan, with order volume growth exceeding 80% [2][3] Market Dynamics - **Industry Trends**: - Increased demand in new energy and energy storage sectors, while demand in elevator and related industries has declined [3][8] - **Delivery Cycles**: - Short delivery cycles for standard machines domestically, while customized production lines have longer cycles [9] Strategic Goals and Future Outlook - **2025 Contract Goals**: - Aim to increase contracts by over 10% - Focus on strengthening mature businesses like bending machines and laser cutting machines while investing in emerging businesses like pressure machines [2][6] - **Global Market Development**: - Plans to enhance cooperation with international agents and provide personalized strategies to improve market share [6][7] Shareholder Changes - **Major Shareholder Update**: - Yangzhou State-owned Assets Supervision and Administration Commission is set to become the major shareholder, expected to complete by mid-2026, with no immediate impact on operating profit [12][14] Investment and Impairment Issues - **Asset Impairment**: - Continuous challenges with asset impairments, with 50 million yuan impairment reported in 2024 [16][17] - **Future Impairment Outlook**: - Expected gradual resolution of impairments, with a focus on core business performance in 2025 [18] Product and Market Strategy - **Product Development**: - Emphasis on optimizing production efficiency and cost management to maintain stable gross margins [20][24] - **Market Positioning**: - Targeting high-end markets while also considering the needs of small and medium-sized clients [7][8] International Sales and Revenue Structure - **Export Markets**: - Major overseas sales concentrated in Southeast Asia and Europe, contributing approximately 30% of total export revenue [25] Overall Strategic Direction - **Long-term Strategy**: - Commitment to core business in metal forming machine tools while expanding into laser processing and pressure machine sectors to enhance market position [26]