Core Viewpoint - The company, Siwei Technology (01202.HK), plans to sell its wholly-owned subsidiary, Putian New Materials, through a public listing on the Chongqing Property Exchange due to the nature of the asset being considered state-owned under Chinese laws [1] Group 1: Sale Details - The public listing announcement for the sale will be published on August 28, 2025, with the initial public listing period starting on August 29, 2025, lasting for 20 working days [1] - The preliminary public listing price for the sale is approximately RMB 117,659,500 [1] Group 2: Business Operations - Putian New Materials is a limited company registered in China, primarily engaged in the manufacturing and sale of heat shrinkable tubes, cold shrinkable tubes, wires and cables, plastic pipes, and related accessories, as well as providing irradiation processing services [1] Group 3: Financial Implications - The board believes that selling the equity at a reasonable price in the current market conditions represents a good opportunity to realize asset value [1] - The cash flow and profits generated from the potential sale will enhance the company's overall financial condition and working capital, allowing for investment in new product development at an appropriate time [1]

Investment Rating - The report upgrades the investment rating of China General Nuclear Power Technology Co., Ltd. to "Strongly Recommended" [5][11]. Core Viewpoints - The company's performance is under short-term pressure but is strategically positioning for future growth, particularly in high-tech materials and accelerator businesses [1][2][3][4]. - The revenue for 2024 is projected at 6.168 billion yuan, a decrease of 2.9% year-on-year, while the net profit attributable to shareholders is expected to be -362 million yuan, an increase of 50.87% year-on-year [1][12]. - The company is focusing on enhancing the sales of high-margin products and expanding into new markets such as humanoid robots and nuclear fusion technology [2][3]. Summary by Sections Financial Performance - In 2024, the company expects to achieve a revenue of 6.168 billion yuan, with a net profit of -362 million yuan and a net profit margin of -6.92% [12]. - The projected net profits for 2025, 2026, and 2027 are 29.37 million yuan, 87.22 million yuan, and 123.24 million yuan, respectively, indicating a significant recovery [11][12]. Business Segments - The modified polymer materials segment is expected to generate 4.856 billion yuan in revenue for 2024, with a slight decline of 0.9% year-on-year [1]. - The accelerator and irradiation processing segment is projected to achieve a revenue of 519 million yuan, reflecting a growth of 23.11% year-on-year [1][3]. - The medical health segment has completed the construction of a proton industry park, with plans for further development in medical isotopes [4]. Market Opportunities - The company is targeting high-growth markets such as humanoid robots and nuclear fusion technology, with ongoing projects expected to conclude in April 2024 [2]. - The accelerator business is expanding its network with 18 irradiation centers and 62 operational electron accelerators, positioning itself as a leader in the domestic market [3]. Future Outlook - The company aims to increase the sales proportion of high-margin products above 15% by reducing material and management costs [2]. - The projected revenue growth rates for 2025, 2026, and 2027 are 8.08%, 10.96%, and 13.73%, respectively, indicating a positive growth trajectory [12].