Group 1 - Mingyuan Investment recently conducted research on Huazi Technology, a listed company, which has been involved in lithium battery equipment since 2017 through the acquisition of Jingshi Electromechanical [1] - Huazi Technology's major clients include leading lithium battery manufacturers such as CTL, Ganfeng, and XINWANDA, with new orders exceeding 2 billion yuan from the end of 2020 to 2021 [1] - Although orders declined from 2022 to 2024, the company has secured nearly 1 billion yuan in new orders since December of last year [1] - The company has successfully expanded into the European market and has received orders in this region [1] - In the solid-state battery sector, Huazi Technology is developing high-temperature fixtures, increasing pressure levels from 3-5 tons to 60-80 tons [1] - The company's competitive advantages include stable, safe, and efficient equipment, with the charging and discharging precision of its formation and capacity power supply system exceeding industry standards [1] - In the hydropower sector, Huazi Technology leads the global market for small and medium-sized hydropower automation control equipment and is actively involved in key projects, including the Yarlung Tsangpo River hydropower station construction [1] Group 2 - Mingyuan Investment Management Co., Ltd. was established in 2014 in Shanghai and has a registered capital of 10 million yuan [2] - The company specializes in quantitative investment, leveraging strong data mining, statistical analysis, and software development capabilities to build a programmatic trading system and asset management platform [2] - Mingyuan Investment has a diverse strategy development team and a robust strategy library, focusing on various investment strategies including quantitative stock selection, CTA, and arbitrage [2] - The firm has a deep understanding of the financial securities market, with a team experienced in domestic and international asset management and quantitative fund investment [2] - Mingyuan Investment aims to explore and research quantitative investment strategies suitable for the characteristics of the Chinese capital market, incorporating mature experiences and technologies from leading global financial institutions [2]

Group 1: Lithium Battery Equipment Development - The company has seen significant growth in lithium battery equipment orders, exceeding 2 billion CNY from late 2020 to 2021, but faced a decline in 2022 due to increased industry competition [2][3] - Since December last year, new orders have surged to nearly 1 billion CNY, with expectations for more orders in the second half of the year [3] - Future orders are projected to stabilize around 1 billion CNY annually due to ongoing technological upgrades and efficiency demands [3] Group 2: Solid-State Battery Progress - Domestic solid-state battery production lines are still in the experimental phase, with mass production not yet achieved [4] - The company is developing high-temperature fixtures to meet the increased pressure requirements for solid-state batteries, with pressure levels expected to rise from 3-5 tons to 60-80 tons [4] Group 3: Hydropower Business Overview - The company leads the global market for automation control equipment in small and medium-sized hydropower, with a market share of approximately 60% in its early years [6] - Currently, hydropower accounts for about 10% of total revenue, down from previous years due to growth in other sectors like wind, solar, and lithium battery equipment [6] - The company is actively pursuing opportunities in the Yarlung Tsangpo River hydropower project, having previously participated in multiple hydropower and transmission projects in Tibet [7] Group 4: Future Opportunities and Market Engagement - The company anticipates quick engagement in the Yarlung Tsangpo project, as it involves various auxiliary construction projects that require electrical and distribution systems [7][8] - The timeline for bidding and operational commencement for the Yarlung Tsangpo project remains uncertain, but the company is optimistic about potential orders and benefits [7]