Core Viewpoint - The article highlights the growing investment and expansion of Taiwanese enterprises in Hubei, particularly in the biopharmaceutical and electronics sectors, driven by a favorable business environment and government support [3][11][19]. Company and Industry Summary 鼎康生物 (Dingkang Biopharmaceutical) - Dingkang Biopharmaceutical, a Taiwanese company specializing in monoclonal antibodies and recombinant proteins, has seen significant growth, with orders extending to 2027 and total investments exceeding $300 million in Wuhan [3][4]. - The company has established the world's first modular biopharmaceutical factory compliant with international GMP standards, meeting production requirements for China, the EU, and the US [4][6]. - Dingkang Biopharmaceutical has expanded its global presence with innovation centers in Shanghai and Basel, Switzerland, and plans to launch at least five commercial projects in Hubei over the next three years [4][6]. 超颖电子 (Chao Ying Electronics) - Chao Ying Electronics, a leading Taiwanese PCB manufacturer, has experienced rapid growth, with revenue increasing from over 1.9 billion yuan to over 3.2 billion yuan from 2022 to 2024 [8]. - The company has invested $600 million in an electronic information industrial park in Huangshi, which has become a key player in the PCB industry, with plans for an IPO to raise 660 million yuan for further expansion [9][10]. - The Huangshi industrial park has seen over 30% growth in the optical electronics information industry over the past three years, with projected output value reaching 300 billion yuan in 2024 [10]. Investment Environment in Hubei - Hubei has become an attractive destination for Taiwanese enterprises due to its open business environment, efficient government services, and supportive policies [11][19]. - The province has seen nearly 200 Taiwanese companies invest over $11 billion in the Hubei Straits Economic Cooperation Zone, accounting for about 30% of the province's total investment [3][19]. - Recent events, such as the signing of 35 Taiwanese investment projects worth 13.975 billion yuan during the Hubei-Wuhan Taiwan Week, indicate a strong commitment to enhancing industrial cooperation [19]. Government Support and Future Prospects - Local governments in Hubei have provided comprehensive support to Taiwanese companies, facilitating project approvals and addressing operational challenges [4][16]. - The article emphasizes the need for Hubei to continue improving its business environment and service efficiency to attract and retain Taiwanese investments, aiming to create a robust "magnetic field" for enterprises [20][21].

Summary of the Conference Call for Sanlian Forging Company Overview - **Company**: Sanlian Forging - **Industry**: Forging and manufacturing of automotive components Key Financial Performance - **2025 H1 Revenue**: 775 million RMB, a year-on-year increase of 6.86% [3] - **Net Profit**: 71 million RMB, with a non-recurring net profit of 69 million RMB, representing growth of 3.88% and 5.93% respectively [3] - **Full Year Growth Expectation**: Anticipated revenue and profit growth in the range of 5%-10% for the entire year [2] Customer Structure - **Top Customers**: - ZF Friedrichshafen (ZF) increased its share to 20%, potentially surpassing Schaeffler as the largest customer by year-end [2][5] - The top five customers account for 56%-57% of total revenue, maintaining stability in customer structure [5] Profitability and Margins - **Gross Margin Performance**: - Domestic gross margin under pressure due to new factory trials in Wuhu, with losses of approximately 10 million RMB expected to break even by year-end [6] - Export gross margin improved significantly due to product structure adjustments and reduced pricing pressure abroad [6] Business Segments and Growth Drivers - **Steering Knuckle and Fork Business**: - Growth driven by increased project volume from ZF [7] - New orders from Xinxiang Jinruiteng contributed to revenue growth in the fork business [7] - **New Projects**: - BMW Air Suspension and Ideal Motor Shaft projects have commenced supply, with IGBT copper plates gradually ramping up [8] - Focus on product development in robotics, with positive feedback on linear detectors [9] International Expansion - **Morocco Factory Plans**: - First overseas factory planned in Morocco with an initial investment of 120 million RMB, aimed at serving the European market [2][25] - Expected to begin construction by year-end or early next year, with a total investment of 600-700 million RMB over five years [25][28] - **Customer Commitment**: - While no formal commitments from customers, there are verbal assurances of prioritizing projects at the Moroccan facility [12][33] Future Revenue Projections - **2026 Revenue Expectations**: - Anticipated revenue of 1.8 to 1.9 billion RMB, driven by several key projects including the aluminum control arm for BMW and IGBT copper plate projects [4][19] R&D and Product Development - **New Product Development**: - RGBT cooling copper plates and thermal management systems expected to enter production in 2025 and 2026 [4][13] - Investment of 80 million RMB in precision forging components, focusing on robotics and aerospace parts [4][13] Challenges and Market Conditions - **Cost and Pricing**: - Higher costs in Morocco due to supply chain issues, with overseas pricing generally higher than domestic [29][30] - Customers are generally understanding of the price differences, seeking reasonable profit margins for long-term partnerships [30] Conclusion - **Overall Outlook**: - The company maintains a positive outlook for future growth, particularly in overseas markets, while continuing to enhance product quality and production efficiency [10][12]

芜湖三联锻造股份有限公司 Wuhu Sanlian Forging Co., Ltd. （芜湖市高新技术产业开发区天井山路 20 号） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 芜湖三联锻造股份有限公司 招股说明书 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 芜湖三联锻造股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | | --- | --- | --- | --- | --- | --- | | 发行股数 | 本次拟公开发行股票数量 2,838 | | | | 万 ...

芜湖三联锻造股份有限公司 Wuhu Sanlian Forging Co., Ltd. （芜湖市高新技术产业开发区天井山路 20 号） 首次公开发行股票并在主板上市 招股意向书 保荐人（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 芜湖三联锻造股份有限公司 招股意向书 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 芜湖三联锻造股份有限公司 招股意向书 本次发行概况 3 | 发行股票类型 | 人民币普通股（A 股） | | | | --- | --- | --- | --- | | 发行股数 | 本次拟公开发行股票数量 2,838 | | 万股，发行股票数量占本次 25.04% ...

芜湖三联锻造股份有限公司 Wuhu Sanlian Forging Co., Ltd. （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券监督管理委员 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全文作为做 出投资决定的依据。 保荐机构（主承销商） （芜湖市高新技术产业开发区天井山路 20 号） 首次公开发行股票并在主板上市 招股说明书 投资者若对本招股说明书存在任何疑问，应咨询自己的股票经纪人、律 师、会计师或其他专业顾问。 1-1-1 发行股票类型 人民币普通股（A 股） 发行股数 本次拟公开发行股票数量不超过 2,838 万股，发行股票数量 不低于本次发行后公司总股本的 25%，本次发行股票均为公 开发行的新股，公司原有股东不公开发售股份。最终发行数 量以中国证监会核准的数量为准 每股面值 人民币 1.00 元 每股发行价格 人民币【】元 预计发行日期 【】年【】月【】日 拟上市的证券交易所和板块 深交所主板 发行后总股本 不超过 11,336 万股 保荐人、主承销商 安信证券股份有限公司 招股说明书签署日期 【】 ...