Group 1: Company Insights - Yuanfei Pet achieved a revenue of 792 million yuan in the first half of 2025, representing a year-on-year growth of 45.52%, with significant growth in pet snacks and domestic revenue [1] - The net profit attributable to the parent company slightly increased by 0.37%, while the gross profit margin decreased by 0.93%, and sales expenses surged by 97.13% [1] - The company’s two factories in Cambodia are operating at near full capacity, with new production capacity expected to be launched next year [1] Group 2: Market Trends - Wald's revenue for the first half of 2025 was 106.95 million yuan, a year-on-year decrease of 1.79%, while its subsidiary, Jia Ying Company, reported a revenue of 17.19 million yuan, with a year-on-year growth of 14% [2] - The company is facing pressure from rising raw material costs but is developing products in the humanoid robot sector, including specialized equipment and high-precision tools [2] - The demand for tools may increase if leading companies launch foldable screen smartphones next year [2] Group 3: Asset Management Overview - Xizang Yuanlesheng Asset Management Co., Ltd. is a parallel company to Beijing Yuanlesheng Asset Management Co., Ltd., sharing the same shareholder structure and governance [3] - The company manages assets totaling 7 billion yuan and has been recognized for its strong long-term performance, achieving over 500% cumulative returns since the launch of its first product in 2008 [3] - Yuanlesheng has received multiple awards in the private equity industry, including the "Golden Bull" award for three consecutive years from 2011 to 2013 [3]

Core Viewpoint - The company has achieved significant technological advancements in the processing of key components for planetary roller screws, including lead screws, nuts, rollers, and internal gears [1] Group 1: Technological Developments - The company has developed proprietary PCBN milling inserts and tool holders capable of processing multi-start thread lead screws and rollers with a precision of ±1μm [1] - Specialized PCBN turning and milling inserts have been created to meet the specific requirements for nut processing, such as multi-start threads, high-precision pitches, and slender structures [1] - The company has developed multiple hard alloy milling inserts for trapezoidal lead screw processing, ensuring that the machining precision meets customer requirements [1] Group 2: Market Expansion and Revenue - The company's ball screw processing tools are actively expanding in the market, generating some revenue in the fiscal year 2024 [1] - The processing tools for planetary roller screws and trapezoidal lead screws are currently in the customer sample testing phase, with minimal revenue expected in the fiscal year 2024 [1]