Revenue Structure - Military electronics business accounts for approximately 80% of total revenue, with 2024 estimates showing military electronics at 76%, shipbuilding at 22%, and other businesses at 2% [2] - Revenue breakdown for the first half of the year: radar at 30%, missile systems at 15-20%, satellite systems at 15-20%, and electronic countermeasures at 20% [2] Asset Impairment - Previous impairments mainly related to ship assets and goodwill in the electronics sector, with a total goodwill impairment of 1.64 billion CNY from 2021 to 2024 [2] - Adjustments to expected credit loss rates for accounts receivable, increasing provisions for older receivables, resulting in an additional 41 million CNY provision for 2024 [2] Research and Development - Current key projects focus on high-density integrated microwave circuits (SIP) and high-power, broadband, high-linearity microwave circuit chips and components [3] Shipbuilding Business - The company has exited low-margin ship types, with a focus on disposing of idle assets and seeking partnerships with large state-owned enterprises [4] - Cash recovery of approximately 100 million CNY from the sale of two subsidiaries, with a disposal gain of over 40 million CNY [4] Production Capacity - Current production capacity is sufficient to meet research and production tasks, with no large-scale expansion plans at this time [5] Military Trade Business - Core products include microwave circuits and components, with ongoing efforts to track demand for key models to increase market share [6] Competition - Main competitors include large state-owned military groups and some private suppliers, with the company's advantages being flexibility, low costs, and strong service response [7] Financing and Incentives - Plans to diversify financing channels and potentially introduce long-term debt or equity funding to optimize capital structure [8] - No new equity incentive plans for 2025, following two rounds of incentives in 2020 and 2022 [9]

Group 1: Strategic Planning - The company will continue to adhere to the overall development strategy of "strategic guidance, innovation-driven, and collaborative development," focusing on high-quality development in automotive parts, aerospace components, and tooling business [1] - The company aims to achieve breakthroughs in new fields such as hot-formed components [1] Group 2: Drone Manufacturing - The drone fuselage manufacturing is a significant new development direction for the company, included in the "14th Five-Year Plan" [1] - A clear business plan has been established, and a dedicated team is advancing this initiative, although it is still in the exploratory cultivation phase with no specific timeline for industrialization [1] Group 3: Military Equipment Participation - The company participates in aircraft component manufacturing primarily under the Aviation Industry Corporation of China, focusing on collaboration with Chengdu Aircraft Industry Group and Xi'an Aircraft Industry Group [2] Group 4: Future Business Focus - In addition to automotive molds, the company will primarily focus on developing automotive parts and aerospace components, integrating new technology research and applications [2]

Group 1: Market Potential and Technology - The market for small to medium-sized OLED shipments is expected to exceed 1 billion units by mid-2025, covering devices such as smartphones, smartwatches, and AR/VR/MR headsets [2] - LIPO technology, as an innovative process related to OLED screens, has numerous advantages and has already achieved mass production in projects like wristbands and smartphones [2] - The demand for LIPO technology is anticipated to grow rapidly as products evolve towards higher precision, lighter weight, and greater integration [2] Group 2: Automotive Projects - The company has recently supplied its automotive backlight display technology for the new 17.3-inch rear ceiling entertainment screen in the new M7 and the 16-inch 3.5K Mini-LED central control screen in the Zeekr 9X [2] - The company aims to leverage its overall solution capabilities in smart cockpit displays and will increase market expansion efforts to drive faster business growth [2] Group 3: Investor Relations Activity - The investor relations activity was conducted on September 12, 2025, at Guanghao Industrial Park, Longhua District, Shenzhen [2] - The meeting was attended by Liu Junli, the Deputy General Manager and Board Secretary, and Li Shuhan, the Securities Affairs Representative [2] - The activity did not involve any undisclosed significant information [2]

Group 1: Domestic Wind Power Market - In the first half of 2025, the total bidding volume in the domestic market reached 71.93 GW, a year-on-year increase of 8.8% [2] - Onshore bidding volume was 66.95 GW, while offshore bidding volume was 4.99 GW [2] - Northern region accounted for 77.2% of the bidding capacity, while the southern region accounted for 22.8% [2] - The bidding volume for wind turbines of 6 MW and above maintained a high proportion [2] Group 2: International Market Expansion - As of mid-2025, the company has expanded its business to 47 countries across 6 continents, with a cumulative installed capacity of 10,025.53 MW in international markets [3] - Installed capacity in Asia (excluding China) and South America exceeded 2 GW, while North America, Africa, and Oceania each surpassed 1 GW [3] - The company had external orders totaling 7,359.82 MW in overseas markets as of June 30, 2025 [3] Group 3: Mixed Tower Business - In the first half of 2025, new orders for mixed towers in the domestic market increased by 50%, and delivery volume grew by 59% year-on-year [4] - The company secured 3 GW of international project orders [4] - A precast plant for independent concrete production has been established, enhancing the quality and reducing costs of mixed towers [4] Group 4: Wind Power Service Development - The company participated in electricity market trading for renewable energy projects, increasing demand for related products and services [4] - In the first half of 2025, the company’s wind power service revenue reached 289,620.71 million CNY, with after-service revenue of 175,470.72 million CNY, a year-on-year increase of 9.56% [4] - The operational capacity of domestic and international after-service projects approached 45.95 GW, reflecting a year-on-year growth of 37.0% [4] Group 5: Climate Change and Low-Carbon Products - The company emphasizes low-carbon attributes in its products, integrating environmental considerations throughout the product lifecycle [4] - Twelve models of wind turbines have undergone lifecycle assessments to enhance Environmental Product Declaration (EPD) certification coverage [4] - The company is identifying opportunities to improve the environmental performance of wind turbines and reduce carbon emissions [4]

Group 1: Company Overview and Strategy - Sichuan Haowu Electromechanical Co., Ltd. is focusing on the development of new energy and intelligent automotive sectors to enhance performance growth [3] - The company adheres to the "one body, two wings, three new" strategic layout to explore new paths for industry chain extension [3] Group 2: Acquisition and Investment Insights - The company is advised to acquire a controlling stake in Sichuan Meifeng, which has a strong balance sheet with a cash reserve of 2.3 billion and a debt ratio of around 20% [3] - There are no current plans to acquire Tianjin Rongcheng Material Group [4] Group 3: Business Development and Future Plans - The company is actively monitoring developments in the robotics sector but has not yet initiated related business [3] - The focus for the second half of the year includes solidifying industry layout and enhancing existing business operations [3] Group 4: Investor Relations and Communication - The investor relations activity was conducted online on September 12, 2025, with key personnel including the General Manager and Financial Director present [2] - Responses to investor inquiries emphasized the importance of following official announcements for company updates [3][4]

Group 1: Company Overview - The company specializes in material handling equipment, applicable in various industries such as cement, coal, and food, with a strong brand reputation built over 30 years [2][3]. - The company is expanding its market share beyond the cement industry into ports, steel, chemicals, and food sectors [3]. Group 2: Product and Technology - The chain, a core product, has an average lifespan of about 3 years, with the company’s chains designed to withstand harsh environments, thus reducing maintenance costs and downtime for clients [3][4]. - The company emphasizes innovation and has improved chain manufacturing processes and smart manufacturing capabilities, enhancing product quality and production efficiency [4]. Group 3: Investment Projects - The "Annual Production of 3 Million Large-Pitch Conveyor Chains Intelligent Manufacturing Project" aims to create a smart factory, with systematic planning for digital transformation [4]. - The first phase of the project achieved small-batch production in 2024, while the second phase is currently under installation and debugging [4].

Group 1: Company Performance and Financials - The company reported a decline in both revenue and net profit in the 2025 mid-year report, affecting key business segments such as aerospace components manufacturing and roller presses [2] - Accounts receivable as of mid-2025 represented 183.98% of the latest annual net profit, indicating a significant concern regarding cash flow management [2] - The company’s accounts receivable balance slightly decreased compared to the previous year, with approximately 63% of the receivables being due within one year, suggesting a manageable risk profile [2] Group 2: Strategic Focus and Market Position - The company aims to leverage its technological advantages in grinding systems and aerospace components manufacturing to enhance product competitiveness and expand market share [2] - There are no current plans for share buybacks, but the company commits to timely disclosures if such plans arise in the future [2] - The company is actively pursuing opportunities in the aerospace sector to enhance its core competitiveness and expand market development efforts [3] Group 3: Risk Management and Investor Relations - The company has implemented measures to manage accounts receivable, including improving sales policies, establishing a customer credit evaluation system, and enhancing collection efforts [2] - The management emphasizes the importance of rational investment decisions and encourages investors to be aware of potential risks [3] - The company is closely monitoring developments in the low-altitude economy and plans to align its capabilities with market opportunities [3]

Group 1: Company Performance and Financials - In the first half of 2025, the company achieved revenue of RMB 334.55 million, a 7.28% increase from RMB 311.86 million in the same period last year [3][5] - The net profit attributable to shareholders decreased by 40.31% to RMB 72.03 million from RMB 120.68 million year-on-year [5] - The net profit excluding non-recurring gains and losses was RMB 69.11 million, an 8.76% increase from RMB 63.55 million in the previous year [5] Group 2: Business Strategy and Development - The company plans to enhance core competitiveness through increased R&D investment, capacity expansion, improved marketing, and after-sales service [3][4] - A new manufacturing project for multi-station precision warm forging equipment and integrated large-scale die-casting equipment is under construction on a 63.818-acre site, expected to be completed in 2025 [4][12] - The company aims to maintain a focus on its main business while exploring new product development in intelligent, high-station, large-diameter, and environmentally friendly cold forming equipment [9][11] Group 3: Market Expansion and Sales - As of the first half of 2025, overseas sales accounted for 17.64% of total sales, with key markets including India, Thailand, Turkey, and Brazil [8] - The company is actively participating in international exhibitions and industry conferences to strengthen its presence in overseas markets [8] Group 4: Product Development and Innovation - The SJHF series of multi-station precision warm forging equipment has entered the trial production phase, with successful testing of the SJHBF-502L prototype [6][13] - The company has produced high-strength hexagonal bolts (M42×420) weighing approximately 5.5 kg using the new equipment [7][13] - Revenue from applications in the new energy and traditional automotive sectors was approximately RMB 289.78 million in 2024, accounting for 46.28% of total revenue [8] Group 5: Challenges and Future Outlook - The company faces challenges in expanding production capacity to meet the growing demand for customized heavy equipment [12] - As of June 30, 2025, the company had an order backlog of approximately RMB 360 million, indicating strong future revenue potential [10][12]

Group 1: Overseas Business Strategy - The company has not adjusted its plan to enhance overseas business, which remains a key strategy for this year, with continued resource investment to expand market share in international markets [1]. Group 2: Product Development and Future Outlook - The photovoltaic tin soldering strip is a critical auxiliary material that can enhance the output power of components through quality improvements. The company will focus on technological iteration and rapid industrialization while developing differentiated products [1]. - The company is actively seeking new business directions in the new materials and new energy sectors, exemplified by its recent investment in Wuxi Sun Energy Superconducting Materials Technology Co., Ltd., which showcases a new direction in superconducting materials [1]. Group 3: Industry Trends and Policies - The "anti-involution" policy is expected to help reshape supply-demand balance, improve product quality, and accelerate technological upgrades in the photovoltaic industry. The transition from policy introduction to implementation will be gradual [1]. - The photovoltaic industry is anticipated to gradually return to rational competition following a cyclical adjustment [2].

Financial Performance - In the first half of 2025, the company achieved total revenue of 593.03 million RMB, a year-on-year increase of 15.43% [3] - Net profit attributable to shareholders was 54.98 million RMB, up 11.82% year-on-year [3] - Total assets as of June 30, 2025, were 2.58 billion RMB, reflecting a growth of 3.10% [3] - Shareholder equity reached 1.46 billion RMB, an increase of 20.29% year-on-year [3] - The profit distribution plan for 2025 proposes a cash dividend of 0.8 RMB per 10 shares, totaling 13.67 million RMB, which accounts for 29.65% of the distributable profits [3] Production Capacity and Projects - The annual production capacity of the functional safety protective gloves project is 72 million pairs, with approximately 4.5 million pairs contributed in the first half of 2025 [4] - The company aims to achieve a total production and sales target of 10 million pairs for the year [4] - The Vietnam factory's project for 16 million pairs of gloves has entered the mass production phase, with the first batch successfully delivered [5][11] Market and Sales Strategy - North America accounted for 37.85% of total sales revenue, with the U.S. specifically contributing 31.24% [4] - To mitigate tariff pressures, the company is enhancing production capacity in Vietnam and diversifying its market strategy to include Europe, South America, Africa, and Australia [4] - The company is also focusing on domestic market penetration by leveraging its core advantages of high quality, fast delivery, and low cost [4] Product Development and Innovation - The biodegradable polyester rubber project is progressing with the first phase of 10,000 tons expected to stabilize production soon [7] - The company is actively developing applications for ultra-high molecular weight polyethylene fibers in the robotics sector, with several products already delivered [10][12] - The company has established a dedicated R&D team for robotics applications, ensuring alignment with market needs [12] Customer Engagement and Orders - The company is experiencing a mixed order situation, with U.S. orders slowing due to tariff policies, while orders from other regions remain on target [6] - The company is closely monitoring U.S. market conditions and adjusting its order structure accordingly [6] Shareholder Information - As of September 10, 2025, the total number of shareholders is 13,409 [12]