Core Viewpoint - Shandong Tengda Fasten Tech Co., Ltd. reported a 15.46% increase in revenue for the first half of 2025, reaching approximately 989.78 million yuan, while net profit decreased by 1.57% to about 39.33 million yuan, indicating a mixed performance amid market fluctuations [2][3][4]. Financial Performance - Revenue for the reporting period was 989,777,851.83 yuan, up from 857,256,503.86 yuan in the same period last year, reflecting a growth of 15.46% [3][4]. - Net profit attributable to shareholders was 39,328,287.73 yuan, a decrease of 1.57% compared to 39,956,811.37 yuan in the previous year [3][4]. - The net cash flow from operating activities surged by 414.95% to 54,093,807.72 yuan, compared to 10,504,685.52 yuan in the previous year [3][4]. - Total assets increased by 12.92% to 2,436,354,713.88 yuan from 2,157,668,309.03 yuan at the end of the previous year [3][4]. Business Overview - The company specializes in the research, production, and sales of stainless steel fasteners, including bolts, nuts, rods, and washers, and is recognized as a leading manufacturer in China's stainless steel fastener industry [3][4]. - The company has established a complete product line that meets various international standards such as DIN, ISO, GB, JIS, and IFI, and also customizes non-standard products based on customer needs [3][4]. Market Position and Sales - The company achieved a sales volume of over 48,000 tons in the first half of 2025, representing a 19.25% increase year-on-year [3][4]. - The revenue from fasteners accounted for 94.07% of total revenue, with significant contributions from bolts (55.52%) and nuts (18.33%) [3][4]. - Export sales reached 720,609,720.55 yuan, accounting for 72.81% of total revenue, with a year-on-year growth of 18.99% [3][4]. Competitive Advantages - The company has a strong R&D team and has established partnerships with academic institutions, enhancing its technological capabilities and product value [3][4]. - It has a robust quality management system that complies with international standards, ensuring high product quality and reliability [3][4]. - The company has a well-established distribution network with over 1,000 trade partners globally, facilitating its presence in more than 40 countries [3][4].

Group 1 - The implementation of a 20% "reciprocal tariff" by the US on Taiwan has led to significant distress in various industries, particularly in machine tools, molds, plastic products, and electronic components, collectively referred to as the "four major disasters" [1][2] - The average tariff rate for Taiwanese products exported to the US was previously 2.4%, but with the new tariffs, rates for specific products have surged, such as machine tools increasing from 4.7% to 24.7% [2][3] - The Taiwanese government estimates that between 42,000 to 59,000 jobs in industrial sectors will be affected, with at least 40,000 families facing economic hardship due to potential layoffs and reduced working hours [2][4] Group 2 - The Taiwanese machinery industry, which exported $14.921 billion in equipment in the first half of the year, is particularly vulnerable, with exports to the US amounting to $3.97 billion [4] - The recent tariff increases have led to a significant decline in competitiveness for Taiwanese exports, especially in the machine tool sector, which has seen a 30% reduction in competitiveness due to the combined effects of tariffs and currency appreciation [3][4] - There is a growing concern that other sectors, including pharmaceuticals, may face even steeper tariffs, potentially reaching 150% to 250%, which would severely impact Taiwan's pharmaceutical industry [4][5] Group 3 - The political response to the tariff situation has been critical, with accusations against the Taiwanese government for lack of transparency and effective negotiation strategies, leading to increased public dissatisfaction [5][6] - The current economic climate has prompted a wave of factory closures and relocations, with some manufacturing capacities shifting to countries like Vietnam, indicating a broader trend of industrial decline in Taiwan [4][7] - The overall sentiment in Taiwan's industrial sector is pessimistic, with many companies expressing that accepting new orders is akin to financial ruin due to rising costs and declining market prospects [4][5]

Core Insights - Guizhou High-tech Zone is focusing on high-quality development through innovation and the establishment of three major ecological circles in advanced equipment manufacturing and electronic information sectors [1][2] Group 1: Industry Development - The aviation engine industry ecosystem is a benchmark for strategic emerging industries in Guizhou High-tech Zone, emphasizing a "leading enterprise-driven, chain development" approach [2] - Guizhou High-tech Zone has formed a complete industrial chain from R&D to component manufacturing and complete machine matching, involving 23 related enterprises [2][3] - The ecosystem includes major enterprises like AVIC and smaller enterprises, creating a collaborative environment for innovation and resource sharing [2] Group 2: Company Performance - Guizhou Hangfei Precision Manufacturing Co., Ltd. has achieved significant growth, with its output value exceeding 100 million yuan within three years of joining the aviation engine ecosystem [1][2] - The company specializes in high-end standard parts and components for various sectors, including aviation and aerospace, and has expanded its layout to surrounding mainframe manufacturers [1] Group 3: Future Outlook - Guizhou High-tech Zone is transitioning from "single-point breakthroughs" to "systematic innovation," promoting efficient flow of innovation elements among universities, research institutions, and industrial parks [4] - The zone aims to continue enhancing its "high" and "new" characteristics while constructing a modern industrial system [4]

Group 1 - The Industrial and Commercial Bank of China (ICBC) Dingxi Branch focuses on supporting the local economy through innovative credit products and deepening cooperation with government and enterprises, having disbursed a total of 2.1 billion yuan in loans this year [1] - Dingxi is recognized as the largest base for virus-free seed potato breeding in China and a significant production area for commercial potatoes, with the potato industry being a key sector for the local economy [1] - The Gansu Shuxiangyuan Agricultural Technology Co., Ltd. has established a deep processing system for potato products, supported by a 9.8 million yuan revolving loan from ICBC to address seasonal liquidity needs [2] Group 2 - The ICBC Dingxi Branch has also extended its services to the traditional Chinese medicine industry, providing 2.6 million yuan in emergency loans to the Mincounty Yuanxiang Medicinal Material Cooperative to prevent order losses due to liquidity issues [2] - In the manufacturing sector, ICBC Dingxi Branch has supported the Dingxi High-Strength Fastener Co., Ltd. with a total loan of 260 million yuan, contributing to its recognition as a national specialized and innovative enterprise [4] - The ICBC Dingxi Branch emphasizes a customer-centric approach and aims to enhance financial service quality to contribute to the high-quality development of the local economy [5]

Macro Strategy - The report highlights that China's consumption rate is only 37.2%, significantly lower than the average of 53.8% across 38 countries, indicating a need to improve the income of the middle and low-income groups to boost consumption [1][16][17] - It is noted that the low consumption rate is primarily due to a low consumption propensity, with China's consumption propensity at 62% compared to the average of 92.3% for the 38 countries [1][16] - The report suggests that increasing the tax burden on high-income earners and redistributing the revenue to lower-income groups could potentially increase total consumption by 1.6 trillion yuan, raising the consumption rate by 1.3 percentage points [1][17] Macro Commentary - The Federal Reserve maintained its interest rate at the May FOMC meeting, expressing concerns about economic uncertainty and stagflation risks, which complicates the decision-making process regarding interest rate cuts [2][18] - The commentary indicates that the market's expectation of three interest rate cuts this year may be overly optimistic, with potential upward pressure on U.S. Treasury yields [2][18] Industry Insights - The report on the AI and automotive industry emphasizes the growing opportunities for leading third-party autonomous driving suppliers, driven by the demand for equal access to intelligent driving technology and performance validation [6] - It is projected that leading autonomous driving suppliers could capture about 50% of the market share in new car sales, particularly benefiting second and third-tier automakers [6] - The report also discusses the competitive landscape for domestic chip manufacturers, noting that they have made significant progress in performance and production validation, positioning themselves to compete with established players like NVIDIA [6] Real Estate Industry - The real estate sector is expected to stabilize gradually due to the introduction of incremental policies and a reduction in housing loan interest rates, with a focus on quality developers in core cities [9] - Recommendations include developers like China Resources Land and Yuexiu Property, as well as property management companies such as China Resources Vientiane Life and Greentown Service [9] Construction Materials Industry - The report indicates that public fund holdings in the residential industry chain remain low, with a slight increase in construction and building materials allocations [8] - The concentration of holdings in the construction materials sector has increased, with 27% of stocks in this sector held by public funds [8]

（山东省济南市市中区经七路 86 号） 投资者应当以正式公告的招股说明书作为作出投资决定的依据。 山东腾达紧固科技股份有限公司 Shandong Tengda Fasten Tech. Co., Ltd. （山东省枣庄市滕州市经济开发区鲁班大道北路 1999 号） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应 程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 保荐人（主承销商） 山东腾达紧固科技股份有限公司 首次公开发行股票招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1-1 山东腾达 ...

山东腾达紧固科技股份有限公司 Shandong Tengda Fasten Tech. Co., Ltd. （山东省枣庄市滕州市经济开发区鲁班大道北路 1999 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应 程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书作为作出投资决定的依据。 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1-1 山东腾达紧固科技股份有限公司 首次公开发行股票招股说明书 保荐人（主承销商） （山东省济南市市中区经七路 86 号） 山东腾达 ...

（山东省枣庄市滕州市经济开发区鲁班大道北路 1999 号） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 山东腾达紧固科技股份有限公司 Shandong Tengda Fasten Tech. Co., Ltd. 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 （山东省济南市市中区经七路 86 号） 山东腾达紧固科技股份有限公司 首次公开发行股票招股说明书 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应 程序。本招股说明书（申报稿）不具有据以发行股票的法律效力，仅供预先 披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依据。 保荐人（主承销商） 发行人声明 目 录 1 ...

山东腾达紧固科技股份有限公司 Shandong Tengda Fasten Tech. Co., Ltd. （山东省枣庄市滕州市经济开发区鲁班大道北路 1999 号） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应 程序。本招股说明书（申报稿）不具有据以发行股票的法律效力，仅供预先 披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依据。 保荐人（主承销商） （山东省济南市市中区经七路 86 号） 山东腾达紧固科技股份有限公司 首次公开发行股票招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1-1 ...