Group 1 - The 2025 New Zealand International Construction Expo was organized by the New Zealand Chinese Construction Industry Association and attended by consuls from the Chinese consulate in Auckland [1] - During the event, it was highlighted that China is promoting green building and developing green building materials, while New Zealand is reforming its construction industry to allow various foreign building materials into the local market [2] - The expo lasted for two days, attracting over a hundred well-known companies and brands, with an expected attendance of more than 10,000 people [4] Group 2 - The event showcased products from Chinese manufacturers, including structural materials, decorative materials, smart home appliances, and kitchen and bathroom products [4] - There is an emphasis on mutual learning and collaboration between the industries of both countries to promote green and low-carbon transformation [2] - The meeting between President Xi Jinping and Prime Minister Luxon earlier in June underscored the importance of deepening trade and investment cooperation in areas such as technology innovation and infrastructure [2]

Group 1 - The company,兔宝宝, held its 16th meeting of the 8th Board of Directors on September 4, 2025, to discuss the election of audit committee members and the selection of a convener [1] - For the first half of 2025, the company's revenue composition was as follows: 82.13% from decorative materials sales, 17.08% from custom home furnishing, and 0.79% from other sources [1] - As of the report date, the market capitalization of 兔宝宝 was 8.9 billion yuan [1]

Core Viewpoint - A new individual business named Shengyixing Wood Trading Co., Ltd. has been established in Deyang City, Jingyang District, with a registered capital of 50,000 RMB, focusing on various wood-related activities and construction materials sales [1] Company Summary - The legal representative of the newly established company is Gong Xujia [1] - The business scope includes wood sales, wood acquisition, wood processing, sales of building materials, sales of decorative materials, retail of hardware products, machinery equipment leasing, installation services for ordinary machinery, and sales of engineered wood [1]

Group 1: Investment Activities - Dong Chengfei's private fund, Ruijun Asset, has newly invested in two companies: Yangjie Technology and Tubao, while reducing holdings in Chipon Micro [1][2][3] - Yangjie Technology was added to the top ten circulating shareholders list with a purchase of 2.5533 million shares, valued at approximately 133 million yuan, representing 0.47% of circulating shares [2] - Tubao was also newly acquired, with 6.068 million shares held, valued at around 59 million yuan, making it the ninth largest circulating shareholder [3] Group 2: Company Performance - Yangjie Technology reported a revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [2] - Tubao's revenue for the first half was 3.634 billion yuan, a decrease of 7.01%, while its net profit rose by 9.71% to 268 million yuan [3][4] - Chipon Micro achieved a revenue of 636 million yuan, a year-on-year increase of 40.32%, and a net profit of 90 million yuan, up 106.02% [4] Group 3: Market Performance - Yangjie Technology's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [2] - Tubao's stock price has decreased by about 8.8% year-to-date [4] - Chipon Micro's stock price has risen approximately 47% year-to-date [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next six months [6][17]. Core Insights - The company's revenue for the first half of 2025 (25H1) was 3.63 billion yuan, a year-on-year decline of 7.01%, while net profit attributable to shareholders increased by 9.71% to 268 million yuan [1]. - The company continues to implement a high dividend strategy, distributing 229 million yuan in cash dividends, which represents 95.13% of its distributable profits [1]. - The company is experiencing stable growth in its custom home business and rapid development in overseas markets, with overseas revenue increasing by 33.22% to 191 million yuan in 25H1 [2]. Financial Performance - The comprehensive gross profit margin for 25H1 was 18.27%, an increase of 0.80 percentage points year-on-year, while the net profit margin improved to 7.43%, up 1.07 percentage points [3]. - The company reported a decrease in operating cash flow, with a net inflow of 107 million yuan, down from 171 million yuan year-on-year [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 650 million, 760 million, and 870 million yuan respectively, reflecting a cautious outlook amid industry challenges [4]. Business Segments - In terms of product revenue, decorative materials accounted for 2.8 billion yuan, a decline of 8.58%, while cabinet business revenue grew by 5.72% to 441 million yuan [2]. - The company has successfully completed the recruitment of 847 township stores and has upgraded its retail model to adapt to market trends [4]. Valuation Metrics - The projected earnings per share (EPS) for 2025 is 0.79 yuan, with a price-to-earnings (P/E) ratio of 13.20 [5][11]. - The company’s total market capitalization is approximately 8.74 billion yuan, with a price-to-book (P/B) ratio of 2.83 [7][11].

Core Viewpoint - Dong Chengfei, the chief research officer of Ruijun Asset, has made new investments in Yangjie Technology and Tubao, while reducing holdings in Chipon Micro [1][2]. Group 1: Investment Activities - Dong Chengfei's Ruijun Youfu No.1 private fund has newly invested in Yangjie Technology, acquiring 2.5533 million shares with a market value of 133 million yuan, accounting for 0.47% of the circulating shares [3][5]. - The fund also purchased 6.068 million shares of Tubao, with a market value of 59 million yuan, making it the ninth largest circulating shareholder [7][9]. - Holdings in Chipon Micro were reduced by 420,000 shares, bringing the total to 2.4158 million shares, with a market value of 135 million yuan [10]. Group 2: Company Performance - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [5]. - Tubao achieved a revenue of 3.634 billion yuan, a decline of 7.01%, but net profit rose by 9.71% to 268 million yuan [9]. - Chipon Micro's revenue for the first half of the year was 636 million yuan, reflecting a growth of 40.32%, with a net profit of 90 million yuan, up 106.02% [11]. Group 3: Market Trends - Yangjie Technology's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April [5]. - Tubao's stock has decreased by about 8.8% since the beginning of the year [9]. - Chipon Micro's stock price has risen by around 47% year-to-date [11].

Summary of Key Points Core Viewpoint - Dong Chengfei, Chief Research Officer of Ruijun Asset, has made new investments in Yangjie Technology and Tubao, while reducing holdings in Chipeng Microelectronics as of August 20, 2025 [1]. Group 1: Yangjie Technology - Dong Chengfei's Ruijun Youfu No. 1 private equity fund has newly entered the top ten circulating shareholders of Yangjie Technology, acquiring 2.5533 million shares with a reference market value of 133 million yuan, accounting for 0.47% of circulating shares [3][4]. - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, representing a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% [5]. - The company's stock price has risen approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [6]. Group 2: Tubao - Ruijun Youfu No. 1 private equity fund has also newly invested in Tubao, holding 6.068 million shares with a reference market value of 59 million yuan, making it the ninth largest circulating shareholder [8][9]. - Tubao reported a total revenue of 3.634 billion yuan in the first half of the year, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders was 268 million yuan, an increase of 9.71% [10]. - The stock price of Tubao has decreased by approximately 8.8% year-to-date [11]. Group 3: Chipeng Microelectronics - Ruijun Youfu No. 1 and No. 3 funds have reduced their holdings in Chipeng Microelectronics by 420,000 shares, bringing the total holdings down to 2.4158 million shares, with a reference market value of 135 million yuan [13]. - Chipeng Microelectronics achieved a revenue of 636 million yuan in the first half of the year, a year-on-year increase of 40.32%, and a net profit attributable to shareholders of 90 million yuan, up 106.02% [14].

Core Viewpoint - The article discusses the recent investment activities of Dong Chengfei, the Chief Research Officer of Ruijun Asset, highlighting new positions in Yangjie Technology and Rabbit Baby, while reducing holdings in Chipeng Micro [2][9]. Group 1: Yangjie Technology - Dong Chengfei's Ruijun Youfu No. 1 private equity fund has newly entered the top ten circulating shareholders of Yangjie Technology, acquiring 2.5533 million shares with a reference market value of 133 million yuan, accounting for 0.47% of the circulating shares [5][6]. - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% [7]. - The company's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [7]. Group 2: Rabbit Baby - Ruijun Youfu No. 1 private equity fund has also newly invested in Rabbit Baby, holding 6.068 million shares with a reference market value of 59 million yuan, making it the ninth largest circulating shareholder [10][11]. - Rabbit Baby reported a revenue of 3.634 billion yuan in the first half of the year, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders was 268 million yuan, an increase of 9.71% [12]. - The stock price of Rabbit Baby has declined approximately 8.8% year-to-date [13]. Group 3: Chipeng Micro - Ruijun Youfu No. 1 and No. 3 funds have reduced their holdings in Chipeng Micro by 420,000 shares, bringing the total holdings down to 2.4158 million shares, with a reference market value of 135 million yuan [15]. - Chipeng Micro achieved a revenue of 636 million yuan in the first half of the year, a year-on-year increase of 40.32%, and a net profit attributable to shareholders of 90 million yuan, up 106.02% [14].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.75 CNY over the next six months [4]. Core Views - The company reported a revenue of 3.634 billion CNY for H1 2025, a decrease of 7.01% year-on-year, while the net profit attributable to shareholders increased by 9.71% to 268 million CNY [2][3]. - The decline in revenue is attributed to a combination of decreasing demand and a high base from the previous year, where H1 2024 revenue grew by 19.77% [2]. - Despite the revenue drop, the company managed to improve its gross margin, which contributed to the net profit growth [2][3]. Summary by Sections Financial Performance - In H1 2025, the company achieved a gross margin of 18.27%, an increase of 0.8 percentage points year-on-year [3]. - The net profit margin for H1 2025 was 7.43%, up by 1.07 percentage points compared to the previous year [3]. - The company’s operating cash flow decreased by 61.39% year-on-year to 107 million CNY, primarily due to a significant drop in cash received from sales [9]. Business Segments - The decorative materials segment generated revenue of 2.985 billion CNY, down 9.05% year-on-year, with a notable decline in board revenue [2]. - The custom home segment saw a revenue increase of 4.46% to 621 million CNY, with retail sales of full-house customization growing by 3% [2]. Future Outlook - The company is expected to achieve revenues of 9.981 billion CNY, 10.779 billion CNY, and 11.688 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.62%, 8.00%, and 8.43% [11]. - The projected net profits for the same years are 709 million CNY, 856 million CNY, and 1.032 billion CNY, reflecting growth rates of 21.16%, 20.74%, and 20.50% respectively [11].

Core Insights - The article emphasizes the importance of preparation and strategic planning for private companies considering an IPO, as illustrated by Jesse Singh's experience with AZEK [1][7] Group 1: Preparation and Flexibility - Companies should be prepared and flexible, as timing cannot be chosen; thorough preparation is essential for a successful IPO [3] - AZEK's IPO journey began in 2019, with meticulous preparations including forming an active board and audit committee, and operating in a public company mode to identify and resolve issues [3] - Despite initially abandoning the IPO plan, AZEK quickly adapted to market opportunities, completing the transition to public status in under a month [3] Group 2: Governance and Compliance - Transitioning to a public company involves heightened scrutiny and governance, with significant changes in audit processes and compensation structures [4] - The shift to PCAOB audits represents a new level of compliance, providing opportunities for adjusting compensation that were not available as a private company [4] Group 3: Team Selection - The roles of the Chief Financial Officer and General Counsel are critical during the IPO process, with the latter being more significant than initially anticipated [5] - Hiring a CFO with public company experience is essential, as is selecting the right investment banks and advisors to effectively represent the company [5] Group 4: Building Credibility - Companies should establish credibility through conservative financial projections during the IPO to gain investor trust [5] - AZEK's strategy included releasing conservative numbers at the IPO, which led to stock sales at prices significantly above the initial offering three months later [5] Group 5: Managing Distractions - The IPO process can distract from daily operations, necessitating internal resilience and a solid business foundation [6] - Companies should ensure they have experienced personnel in place to navigate the IPO process effectively [6]