Core Viewpoint - The article emphasizes the importance of tax compliance and integrity in business operations as a foundation for sustainable development, highlighting Shandong Zhangqiu Blower Co., Ltd.'s achievement of being recognized as an "A-level taxpayer" for the eighth consecutive time [1][3]. Group 1: Company Achievements - Shandong Zhangqiu Blower Co., Ltd. has maintained an annual tax payment exceeding 80 million yuan and has been recognized as a national high-tech enterprise with over 50 years of experience in blower design and manufacturing [1]. - The company has received multiple honors, including "Shandong Province Technology Innovation Demonstration Enterprise" and "Shandong Province Manufacturing Industry Single Champion," reflecting its commitment to compliance and corporate responsibility [1][3]. Group 2: Management Philosophy - The company's management, led by General Manager Fang Shupeng, believes that compliance is essential for long-term development, enhancing brand value and market competitiveness [1][4]. - The company prioritizes quality over speed, as demonstrated by its response to a tight order deadline, where it maintained strict quality standards instead of compromising for faster delivery [1][2]. Group 3: Tax Compliance and Support - The company has consistently achieved "A-level taxpayer" status, which serves as a critical factor in supplier selection during bidding processes [3]. - The local tax authority provides tailored support and training to enhance tax compliance awareness among businesses, helping them identify and mitigate tax risks [3][4]. Group 4: Digital Transformation - The company is undergoing a digital transformation, particularly in its 710 workshop, which has been redesigned to enhance operational efficiency through automation and information technology [5][6]. - The financial department is focused on ensuring tax compliance while managing increased R&D investments, particularly in relation to tax deductions for R&D expenses [6][7].

Core Viewpoint - The credit rating agency maintains the credit rating of Shandong Zhangqiu Blower Co., Ltd. at A+ with a stable outlook, reflecting the company's strong position in the Roots blower industry and its robust technical capabilities, despite potential risks related to project capacity absorption and accounts receivable expansion [2][3][31]. Financial Overview - Total assets of the company are projected to grow from 25.50 billion in 2022 to 31.48 billion by 2025 [6]. - Owner's equity is expected to increase from 11.06 billion in 2022 to 13.60 billion by 2025 [6]. - Total liabilities are anticipated to rise from 14.45 billion in 2022 to 18.10 billion by 2025 [6]. - Total revenue is forecasted to grow from 18.75 billion in 2022 to 20.87 billion by 2025 [6]. - Net profit is expected to remain stable, with figures of 1.14 billion in 2022 and 0.78 billion in 2025 [6]. Industry Position - The company maintains a leading position in the Roots blower sector, with a strong technical foundation and continuous revenue growth [7]. - The competitive landscape in the blower market is characterized by intense competition in the low-end segment, while the mid-to-high-end market remains relatively stable with fewer players [10][11]. - The company is focusing on expanding its industrial pump market, which has positively impacted the sales volume of slurry pumps [11][14]. Risks and Challenges - There are potential risks related to the absorption of capacity from fundraising projects and the increasing scale of accounts receivable, which may affect the company's operational and credit status [3][7]. - The high pledge ratio of shares held by the controlling shareholder raises concerns about the stability of the company's control [12]. Future Outlook - The company is expected to maintain a stable credit level over the next 12 months, with a focus on enhancing capital strength and improving asset quality [4][5]. - The company plans to continue its investment in R&D, with a budget of 1.06 billion in 2024, representing 5.10% of its revenue [14]. - The company has a significant order backlog of approximately 6 billion, providing a certain level of revenue assurance for the future [14].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report The report focuses on the investor questions and company responses during the analyst meeting of Shandong Zhanggu, covering various aspects of the company's business, including its subsidiaries' operations, product applications, and market performance [24]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Shandong Zhanggu, belonging to the general equipment industry [17]. - The reception time was on May 15, 2025, and the listed company's reception personnel included the CFO Zhao Xiaofen, the securities affairs representative Zhang Hong, and the board secretary Chen Chao [17]. 3.2. Detailed Research Institutions The reception objects include investors' online questions and others, but specific details about the institutions are not fully provided [20]. 3.3. Research Institution Proportion No information provided about the research institution proportion. 3.4. Main Content Materials - **Subsidiary Business**: Ningbo Squirrel Power Technology Co., Ltd., a joint - venture subsidiary, focuses on fan motors, frequency converters, high - speed bearings, etc. [24]. - **Drone Business**: In June 2024, Shandong Zhanggu and its subsidiary Zhanggu Liporui jointly invested in Haili Tianmeng, a drone - related enterprise with various civilian and military drone products, and its production and operation are currently in good condition with sufficient orders [24][26]. - **Market Value Management**: The company attaches importance to market value management, and will strengthen communication with investors and improve information disclosure [25]. - **Magnetic Levitation Product**: The company is actively exploring and optimizing the design and manufacturing process of magnetic levitation products, aiming to improve their comprehensive performance and applicability in various scenarios [25]. - **Product Application and Market**: The company's magnetic levitation products cover a wide range of power and are widely used in multiple key industries, providing customized solutions [27]. - **Leading Products and Technologies**: Shandong Zhanggu is a national high - tech enterprise, leading in the R & D of Roots blowers in China with the highest domestic market share. It also ranks first in products in other fields such as industrial ceramic slurry pumps [28]. - **Nuclear Power Orders**: The company has obtained 3 new nuclear power orders in 2025, and its order scale and market competitiveness in the nuclear power field are expected to increase [29]. - **Data Center Application**: The company's magnetic levitation compressor has the potential for large - scale application in data centers, but it is not yet clear if it has been used, and the company is closely monitoring the industry [29].