Group 1 - The core viewpoint of the article highlights the recent research conducted by Pengyang Fund on Zhuhua Co., Ltd. (603067), focusing on the company's performance and market dynamics [1] - Zhuhua Co., Ltd. has seen a double-digit annual growth in exports, with the majority of the increase coming from domestic markets [1] - The company's pricing strategy is based on cost-plus, and management has adopted a cautious approach [1] Group 2 - In the second quarter, Zhuhua Co., Ltd. achieved a historical high in gross margin, with limited capacity expansion from competitors [1] - The company is facing reduced cash flow due to accounts receivable and inventory occupation, while expanding the production of ultra-fine aluminum hydroxide [1] - The lithium-ion electrolyte production is low but maintains stable gross margins, with no significant capacity increases observed in the industry [1] Group 3 - Pengyang Fund, established in 2016, has an asset management scale of 143.7 billion yuan, ranking 48th out of 210 in total public funds [1] - The fund's non-monetary public fund asset management scale is 124.753 billion yuan, ranking 41st out of 210 [1] - The best-performing public fund product in the past year is Pengyang North Certificate 50 Index A, with a latest net value of 1.46 and a growth of 90.21% over the past year [1]

调研纪要：中宠股份2025年上半年实现营收24.32亿，同比增长24.32%，净利润2.03亿，同比增长 42.56%。公司全球布局22个生产基地，北美三国工厂协同运营，2026年美国第二工厂将建成。墨西哥 工厂投资1亿，占地1万平米，覆盖宠物零食品类。公司产品符合《美墨加协定》，未受关税调整影响。 出海品牌包括WNPY顽皮、TOPTREES领先等，WNPY顽皮是核心力量。国内市场规模扩大，但集中度 低，品牌集中度逐步提升。WNPY顽皮通过品牌建设、产品研发、品牌文化等多方面提升品牌力。公司 坚持自主品牌建设，聚焦国内市场，加速海外市场拓展。 1)中宠股份（002891）(鹏扬基金管理有限公司参与公司业绩说明会&线上会议) 证券之星消息，根据市场公开信息及8月6日披露的机构调研信息，鹏扬基金近期对1家上市公司进行了 调研，相关名单如下： 鹏扬基金成立于2016年，截至目前，资产管理规模(全部公募基金)1437.31亿元，排名48/210；资产管理 规模(非货币公募基金)1247.84亿元，排名41/210；管理公募基金数183只，排名37/210；旗下公募基金经 理24人，排名58/210。旗下最近一年表现最 ...

Group 1: Shijia Photon - Shijia Photon has made progress in multiple business segments, including the mass production of MT-F products for 800G/1.6T optical modules [1] - The company has completed the R&D and verification of WG chips and components for 1.6T optical modules, and is advancing its MPO product expansion plan [1] - Inventory growth is attributed to strategic stocking of key raw materials and increased reserves of general materials and semi-finished products [1] Group 2: Hongfa Co., Ltd. - Hongfa Co., Ltd. achieved high-quality growth in the first half of 2025, with a per capita revenue of 654,000 yuan, an increase of 8.9% year-on-year [2] - The company has strengthened its market position with high-quality automotive relays and has expanded its customer base to include major domestic automakers and battery manufacturers [2] - The company is expected to benefit from the increasing penetration of electric vehicles in Europe, with its production bases in Indonesia and Germany now operational [2] Group 3: Pengyang Fund - Pengyang Fund, established in 2016, has an asset management scale of 141.92 billion yuan, ranking 48th out of 210 in total public funds [3] - The fund has 183 public funds under management, ranking 37th out of 210, and has 24 public fund managers, ranking 58th out of 210 [3] - The best-performing public fund product in the past year is Pengyang Beizheng 50 Index A, with a net value of 1.41 and a growth of 74.31% over the past year [3]

Group 1 - The company Fengyuan Pharmaceutical (601089) is focusing on research and development, planning to increase R&D investment continuously [1] - The company's self-developed innovative drug FY101 injection is currently in Phase I clinical trials, with a target enrollment of 62 participants, of which 6 have been enrolled so far [1] - The company has received approval for 11 formulation varieties and 1 raw material drug this year, with 40 varieties under review by the National Medical Products Administration as of June 13, 2025 [1] - The failure to win the bid for the tenth batch of collective procurement of compound α-keto acid will have some impact on future sales, but it will not significantly affect the company's production and operations [1] - The company aims to expand sales in retail markets and other channels, leveraging continuous R&D to launch new products [1] - The retail market coverage includes top 100 chain pharmacies, regional chains, independent pharmacies, and community clinics nationwide [1] Group 2 - Pengyang Fund, established in 2016, has an asset management scale of 119.899 billion yuan, ranking 53rd out of 210 [2] - The asset management scale for non-monetary public funds is 106.687 billion yuan, ranking 45th out of 210 [2] - The fund manages 179 public funds, ranking 37th out of 210, with 24 fund managers, ranking 59th out of 210 [2] - The best-performing public fund product in the past year is Pengyang Beizheng 50 Index A, with a latest net value of 1.4 and a growth of 67.13% over the past year [2] - The latest public fund product raised by the company is Pengyang Heli Bond A, which is a mixed secondary bond type, with a subscription period from June 3, 2025, to September 2, 2025 [2]