Summary of the Conference Call for Sichuang Electronics Industry and Company Overview - Sichuang Electronics is actively involved in the low-altitude economy, particularly focusing on the construction of pilot cities, with a specific emphasis on Hefei's project timelines and industrialization paths [2][4] - The company has established a demonstration site in Shuxihui Lake, Anhui, which has received recognition from relevant authorities [2] Core Insights and Arguments - **Subsidy and Funding**: Sichuang Electronics has received 90 million yuan in special funding from the Science and Technology Department for its low-altitude projects [4] - **Market Opportunities**: The company is pursuing various projects in the low-altitude sector, including radar systems for drone defense, with significant market potential anticipated in the anti-drone market [4][10] - **Competitive Landscape**: Sichuang Electronics holds a substantial market share in the BEST power supply sector, primarily competing with Anhui Jinyi, while also facing competition from other regional firms [2][7] - **Challenges in Expansion**: The company plans to expand to other cities like Chengdu and Shenzhen but faces challenges related to local policy environments, market acceptance, and supply chain integration [8][9] Financial and Operational Highlights - **Traditional Business Performance**: The traditional business segments, including perception products and applications, are expected to show stable growth, particularly in radar products and military supplies [10] - **Production Timeline**: Two models from the subsidiary are expected to enter mass production by the second half of 2025 or 2026 [10] - **Investment Expectations**: The government is expected to invest in low-altitude projects, potentially through bond issuance, although specific scales remain uncertain [14][15] Additional Important Points - **Product Development**: Sichuang Electronics has developed various integrated solutions for anti-drone and low-altitude monitoring, including radar and optical devices, with applications in different monitoring ranges [3][11][12] - **Collaboration within the Group**: The company emphasizes collaboration with other units within the group, particularly in the low-altitude air traffic management system [16] - **Military Involvement**: Both Sichuang Electronics and its subsidiary, 38 Institute, are involved in military anti-drone operations, albeit with different focuses [17] - **Future Planning**: The company is in the process of formulating its "14th Five-Year Plan," with a focus on urban air traffic and low-altitude applications [18]

Summary of the Conference Call for 深城交 Industry and Company Overview - The conference call focuses on 深城交, a company actively involved in the low-altitude economy and urban logistics, with a strong emphasis on technological innovation and digital transformation [2][4][32]. Key Points and Arguments Low-altitude Economy Projects - 深城交 is advancing low-altitude economy projects, including a low-altitude meteorological warning project valued at 30 million RMB [2][4]. - The company launched the "One Network Unified Flight" platform, integrating government data through drone algorithms for urban governance [2][4]. - The company is involved in low-altitude facility planning and regulatory platform construction in multiple cities, including Shenzhen, Chengdu, and Suzhou [4][10]. Core Product Development - Three core products are under development: 1. Integrated low-altitude tower, currently in the key component assembly stage [6]. 2. Indoor inspection drones, suitable for enclosed environments, have completed prototype testing [6]. 3. Station mobility robots, currently being tested at Bao'an Airport, intended for use in airports and high-speed rail stations [6][21]. International Market Expansion - The company has formed an overseas business team and is pursuing low-altitude planning consulting projects in Saudi Arabia and the UAE, valued at approximately 7-8 million RMB each [7]. - Tracking projects in Hong Kong worth around 60-70 million RMB related to low-altitude platform construction [7]. Digital Transformation Initiatives - 深城交 is actively pursuing digital transformation, applying for the establishment of a national technology innovation center focused on transportation and energy integration [8]. - The company is leading national key R&D plans, including an integrated emergency medical supply dispatch platform [8]. Infrastructure and Investment Plans - A joint venture with 福田区 aims to promote low-altitude aviation operations in the region [5][10]. - Plans to construct hub take-off and landing facilities in 大鹏新区 and pilot medical supply transport projects in 佛山, valued at 2-3 million RMB [10]. Smart City and Transportation Development - The company is involved in the development of smart city projects, including urban intelligent power grids and virtual power plants [14][15]. - The Shenzhen government is promoting smart roads and unmanned logistics, with plans to evaluate and upgrade existing road networks [18][19]. Future Growth and Market Potential - The company anticipates significant growth opportunities in the low-altitude economy, supported by national policies and urban infrastructure development [29][32]. - The expected order volume from smart city projects is substantial, with ongoing infrastructure projects in various districts [22]. Challenges and Strategic Adjustments - The company has undergone personnel optimization to adapt to product line transformations and aims to enter industrial production for its core products [17]. - The impact of smart road construction on business growth is expected to be significant, with numerous projects underway [20]. Other Important Insights - The company is collaborating with Huawei on a digital twin platform project, expected to be completed in 2025 [28]. - The low-altitude economy is anticipated to receive policy support, including a 15th Five-Year Plan and specific guidelines for urban low-altitude operations [29][30]. - The company has a strong foundation in low-altitude planning consulting, having provided services since 2018, which positions it well for future opportunities [30]. This summary encapsulates the key developments and strategic directions of 深城交 as discussed in the conference call, highlighting its focus on innovation, market expansion, and infrastructure development in the low-altitude economy and smart city initiatives.

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **steel shell battery industry**, highlighting its growing adoption driven by **EU environmental regulations** that mandate all products meet lifecycle recyclability standards by **2027** [1][5][25]. - Major companies involved include **Zhuhai Guanyu**, **Lianying Laser**, and **Haopeng Technology**, which are positioned to benefit from the shift towards steel shell batteries in consumer electronics [1][6][24]. Core Insights and Arguments - **Advantages of Steel Shell Batteries**: Compared to traditional aluminum-plastic soft packs, steel shell batteries offer better heat dissipation, higher strength, and flexible structures, enhancing device safety, battery life, and design innovation [1][3][5]. - **Market Demand**: Apple has begun using steel shell batteries in its Pro series and plans to expand this to more models, including ultra-thin and foldable versions. Samsung is also adopting steel shell batteries in its new SS26 model [2][5]. - **Projected Growth**: - Lianying Laser expects new orders in consumer electronics to reach **1.2-1.5 billion yuan** in 2025, with potential to exceed **1.8 billion yuan** in 2026 [1][9]. - Zhuhai Guanyu anticipates its market share in Apple's steel shell battery segment to rise from **10%** in 2024 to over **20%** in 2025 and nearly **40%** in 2026, with revenues projected at **3.5 billion yuan** in 2025 and **5 billion yuan** in 2026 [1][16]. - Haopeng Technology is expected to generate over **6 billion yuan** in revenue in 2025, benefiting from growth in laptops, wearables, and AI products [1][20]. Additional Important Insights - **Impact of EU Regulations**: The EU's environmental legislation is a significant driver for companies like Apple and Samsung to transition to steel shell batteries, which meet the new recyclability standards [5][25]. - **Market Potential Beyond Smartphones**: Other Apple products, such as iPads, computers, headphones, and watches, are also expected to adopt steel shell batteries, potentially creating an additional **2 billion yuan** in demand [11][12]. - **Lianying Laser's Competitive Edge**: As Apple's exclusive supplier, Lianying Laser has a strong position in the laser welding sector, which is crucial for steel shell battery production [13][15]. - **Android Market Potential**: The demand for steel shell batteries among Android manufacturers is significant, with estimates suggesting that **50-60%** of the market could shift to steel shell batteries, representing a market space of **4-4.8 billion yuan** [3][14]. - **Zhuhai Guanyu's Performance**: The company is experiencing a recovery in the consumer electronics sector, with a projected revenue of **12.5 billion yuan** in 2025 and **16 billion yuan** in 2026, driven by new customer acquisitions and increased production capacity [17][18]. Conclusion The steel shell battery industry is poised for significant growth, driven by regulatory changes and technological advancements. Key players like Zhuhai Guanyu, Lianying Laser, and Haopeng Technology are well-positioned to capitalize on this trend, with substantial revenue and market share growth expected in the coming years.

Summary of Key Points from the Conference Call Company Overview - **Company**: 巨星科技 (Star Technology) - **Industry**: Tools and Manufacturing Core Insights and Arguments - The trade agreement between Vietnam and the United States is beneficial for Star Technology, eliminating uncertainties and allowing for optimization of global capacity distribution, particularly benefiting from its capacity layout in Vietnam, which enhances profitability [2][5][6] - Long-term performance growth expectations for Star Technology are optimistic, supported by its Southeast Asia capacity layout to respond to tariff policies, with market share expected to increase [2][7] - Current valuation is approximately 11 times earnings, with medium to long-term valuation potentially returning to above 15 times, indicating dual growth potential in performance and valuation [2][7][10] - Other companies with extensive overseas layouts, such as 涛涛车业 (TaoTao Automotive) and 航发集团 (Aero Engine Group), continue to grow despite high tariffs, highlighting the importance of global competitiveness and overseas presence in optimizing competitive landscape and enhancing profitability [2][8] Industry Outlook - The current situation suggests a positive outlook for Star Technology and its industry, despite some impacts in the second quarter. The completion of the trade agreement and accelerated capacity relocation is expected to optimize global capacity distribution and repair valuations [2][9][10] - Star Technology holds a leading asset ratio of 60% to 80% in the local tools industry, providing a competitive advantage in supply chain and market competition [2][11] - New tariffs primarily impact channels, which are expected to absorb the additional costs, thus having a limited short-term effect on profit margins [2][12] Long-term Market Dynamics - Policy changes are anticipated to enhance the scarcity of local production capacity, favoring companies that establish substantial manufacturing facilities while curbing gray market activities, leading to a more concentrated market structure [2][13][14] - The recent trends in the U.S. stock market reflect increased expectations for interest rate cuts, which are expected to benefit Star Technology, especially in relation to the real estate chain [3][15][16] Performance and Future Prospects - Since April 2, the overall export chain has seen significant average increases, but Star Technology has dropped about 20 points from its peak, indicating substantial recovery potential [2][17] - The second quarter performance outlook is relatively pessimistic, but improvements in capacity release are expected starting in the third quarter, suggesting strong annual growth potential [2][17]

Summary of the Conference Call for Rongsheng Petrochemical Industry Overview - The Chinese petrochemical industry is experiencing a slowdown in capacity growth, with refining capacity nearing the 1 billion tons threshold, limiting new capacity additions. [2][3] - The global refining industry is undergoing consolidation, with European and American companies gradually shutting down some refineries. It is projected that from 2025 to 2030, global new capacity additions will average only 400,000 barrels per day. [2][3] - Aromatics capacity growth is also slowing, with a domestic compound growth rate of approximately 3%. The supply structure remains healthy, but Japanese and Korean facilities are reducing their operating rates due to economic inefficiencies. [2][4] Key Insights on Company Performance - In Q1 2025, all segments of Rongsheng Petrochemical reported profits, with refining generating 1.2 billion yuan. The PTA and polyester segments also showed profitability. [11] - The company is transitioning from a focus on refined oil products to chemical products, aiming to reduce refined oil yield to below 20% and enhance sales and production flexibility. [2][7][8] - The company holds an export quota of 3.7 million tons and is actively pursuing integrated upgrades to improve operational efficiency. [7][8] Future Supply and Demand Dynamics - The demand for refined oil has peaked, particularly for diesel and gasoline, which are significantly impacted by the rise of electric vehicles. By 2030, refined oil consumption is expected to gradually decline. [7] - The aromatics market is optimistic, with stable demand from PTA and downstream polyester sectors. The breakeven point for PX to naphtha is around $100 per ton, significantly better than the global average of $300 per ton. [9][10] Challenges and Risks - The tightening of policies has made it difficult to obtain new approvals for olefins, with the possibility of new permits being extremely low. [5] - The operating rate of Shandong's local refineries has dropped from 60% to 40%, influenced by peak refined oil demand and tightening tax policies, leading to a gradual market exit. [6] - Geopolitical tensions, particularly in the Middle East, could impact raw material supply and pricing, although the company has maintained stable production and sales rates. [12] Strategic Initiatives - The company is investing in high-performance resins and high-temperature new materials, with projects expected to be completed by the end of 2025 and 2026, respectively. [15] - Capital expenditure plans for the polyester and PTA segments are being adjusted, with no new projects planned as existing capacities have been fully utilized. [16] - The company is also exploring coal chemical projects in Inner Mongolia, pending national approval. [20] Financial Management - The major shareholder has been actively increasing their stake since 2024, with a total investment of 1.7 billion yuan across three buyback phases, aimed at enhancing investor confidence. [21] - The company aims to reduce its debt ratio to below 70% by improving operational cash flow, with expectations of further cash flow enhancement as projects are implemented. [22] Conclusion - Rongsheng Petrochemical is navigating a challenging environment marked by capacity constraints and shifting demand dynamics. The company is strategically repositioning itself towards chemical production while managing risks associated with geopolitical tensions and regulatory changes. The outlook for the aromatics market remains positive, supported by strong domestic demand and competitive advantages in production costs. [2][9][10]

Summary of Conference Call for Yiheda Company Overview - Yiheda's 2025 stock incentive plan covers 90 employees, aimed at enhancing product quality, digital transformation, and supply chain management to address revenue and gross margin declines, thereby strengthening core competitiveness [2][5][6] Key Points and Arguments - **Stock Incentive Plan**: The plan uses revenue and gross margin as performance metrics, allowing for 100% unlocking upon achieving targets, 80% for partial achievement, and no unlocking if below the baseline, reflecting the company's commitment to improving product quality and profitability [2][7] - **June 2025 Orders**: Orders in June showed a slight decrease compared to May, with the automotive sector maintaining stable growth and a shift from client hesitation to proactive production preparation [2][9][10] - **Lithium Battery Sector**: Significant recovery in the lithium battery sector, with a 48% year-on-year growth, and stable gross margins expected to outperform last year due to a focus on order quality [4][11] - **Solar Energy Sector**: Solar revenue accounted for approximately 4% in the first half of the year, with manageable impairment risks due to strict accounts receivable management [2][12] - **Collaboration with Huawei Cloud**: The partnership focuses on data visualization and predictive analytics to optimize supply chain management and improve customer experience [2][13][14] Industry Insights - **Automotive Industry**: The automotive sector shows stable growth, with major clients performing well and a positive outlook for the second half of the year [4][10] - **Semiconductor Sector**: Despite a small market share, the semiconductor sector maintains a year-on-year growth rate of over 20% [4] - **Overseas Expansion**: Yiheda is expanding its overseas business, with a focus on Japan, Southeast Asia, and Europe, aiming to capture global opportunities for long-term growth [2][19] Additional Important Information - **Management Efficiency**: The collaboration with Huawei Cloud is expected to enhance internal management efficiency and operational processes [2][13] - **Executive Shareholding**: Executives and venture capitalists have reduced their holdings in the first half of 2025, but no significant reduction plans are anticipated for the second half [2][16] - **Supply Chain Management**: The company maintains a self-manufacturing ratio of over 50%, with outsourcing for specialized products [20] - **Online Sales Impact**: The increase in gross margin is not solely dependent on online sales, but also on improving existing customer purchase frequency and attracting new clients [22] - **Robot Industry Outlook**: Yiheda sees potential in the robot industry, anticipating that successful mass production could lead to significant growth opportunities [24] - **Third Quarter Outlook**: The company expects continued growth in Q3 2025, particularly in the lithium battery and PC tablet sectors, although specific numerical guidance is not available due to short order cycles [3][25]

Summary of the Conference Call for 英集芯 Company Overview - 英集芯 is focused on high-performance, high-quality analog-digital mixed chips, primarily in power management and fast charging protocol sectors [3][4]. Financial Performance - In 2020, 英集芯 achieved revenue of 1.43 billion CNY and a net profit of 124 million CNY [2][3]. - For Q1 2025, revenue was 306 million CNY with a net profit of 20 million CNY, with expectations for Q2 revenue to grow both year-on-year and quarter-on-quarter, targeting an annual growth rate of around 20% [2][3]. Product Structure - The product structure includes: - Mobile power products: ~30% - Fast charging protocol chips: ~26%-27% - TWS wireless Bluetooth earphone cases: ~10% - Automotive-grade products: ~11%-12% - BMS: ~7%-8% - Wireless charging: ~5%-6% [2][6]. Market Trends and Regulations - The new 3C certification for power banks is expected to drive a significant market refresh, enhancing average selling prices (ASP) and sales volume [5][10][26]. - The market for power banks is projected to see a surge in demand due to the new regulations, with a potential increase in orders and a shift towards higher-priced products [11][26]. Competitive Position - 英集芯 holds a competitive edge in the TWS earphone charging case market and is exploring opportunities in the AI glasses sector, although the market is not yet fully developed [4][12]. - The company has made significant progress in automotive-grade products, with revenue exceeding 100 million CNY and partnerships with major automotive brands [14][15]. Future Outlook - The company is optimistic about performance in the second half of 2025, driven by new product launches and increased production capacity expected to come online by Q3 or Q4 [27][28]. - 英集芯 is not migrating production overseas but is expanding domestic capacity to reduce costs and improve margins [28]. Industry Dynamics - The smartphone industry is undergoing changes, with fast charging technology and power management being critical areas for user experience improvement [25]. - The 3C certification is expected to enhance consumer focus on safety and quality in the power bank market, potentially leading to a shift towards higher-quality products [26]. Investment Considerations - 英集芯 is positioned as a leader in its niche market, with a positive outlook for future growth amid improving semiconductor demand [29]. Investors are encouraged to monitor the company's developments closely.

Summary of Quartz Co., Ltd. Conference Call Company and Industry Overview - Quartz Co., Ltd. is a leading domestic supplier of quartz materials and the only domestic supplier certified for semiconductor sand, benefiting from accelerated domestic substitution of semiconductor materials and increased supply chain security demands [2][5][12] - The semiconductor quartz materials industry exceeds 10 billion and continues to expand, with significant barriers in manufacturing and certification [2][12] Key Points and Arguments - The company's self-supply capability for semiconductor sand is expected to increase from 0% to 100%, potentially enhancing profitability by 2.9% to 18% [2][11] - The high-purity sand market for photovoltaics has stabilized at around 30,000 yuan per ton, with expectations for future shipments to recover to over 20,000 tons annually [2][15] - If the U.S. implements export controls on high-purity sand, it could accelerate Quartz Co., Ltd.'s replacement in the semiconductor sand sector and raise prices for photovoltaic high-purity sand, providing additional performance elasticity [2][17] - The demand for high-purity sand is approximately 25,000 tons, corresponding to a market space of about 4 to 5 billion yuan, previously dominated by overseas operators [2][6] Industry Dynamics - The semiconductor sand purification process is critical and involves long-term accumulation, requiring matching with different mineral source characteristics and ensuring product stability [3][7] - The industry is characterized by high barriers to entry, with most companies struggling to meet the stringent requirements for certification and manufacturing [12][10] Future Outlook - The semiconductor materials industry is projected to continue expanding, with significant growth potential as domestic substitution accelerates [4][12][18] - Quartz Co., Ltd. has a competitive edge due to its established certification and ability to adapt to customer needs, positioning it favorably against traditional foreign enterprises [13][18] - The company is focusing on three core business areas: semiconductor high-purity sand, semiconductor production materials, and photovoltaic high-layer sand, all of which have promising development prospects [18] Additional Insights - The company’s shipment volume was 34,000 tons in 2023, with a projected volume of only over 5,000 tons in 2024, indicating a bottoming phase [15] - The purification process for semiconductor sand is a significant challenge, with few companies able to supply stable products, highlighting the high barriers in the industry [7][10] - The current supply-demand balance in the high-purity sand market is expected to stabilize, with potential price increases if supply-side controls are implemented [14][17]

Summary of the Conference Call for Yingjie Electric Industry and Company Overview - **Company**: Yingjie Electric - **Industry**: Nuclear Fusion Power, Semiconductor, Charging Piles, Energy Storage, Photovoltaics Key Points and Arguments 1. **Nuclear Fusion Market Potential**: Yingjie Electric has been deeply involved in the nuclear fusion power sector for 20 years, collaborating with research institutions like the Southwest Institute of Physics and the Chinese Academy of Sciences. The company expects to achieve over 100 million in revenue in 2024 from this sector, indicating significant market potential [2][6][10]. 2. **Technological Advantages**: The company has a strong technological edge in heating power and magnetic field power control, with current fluctuation rates controlled within 1/10,000. They have achieved long pulse continuous waves lasting 1,066 seconds, showcasing their technical capabilities [2][19][31]. 3. **Competition**: Yingjie Electric faces competition from companies like Anshan Tongchuang and Tianjin Mingwei, but its IGBT technology and flexible production capabilities position it well to capture market opportunities in nuclear fusion projects, which are expected to attract hundreds of billions in investment [2][7][10]. 4. **Impact of Photovoltaic Industry Decline**: The downturn in the photovoltaic industry has significantly affected Yingjie Electric, with domestic orders dropping sharply. The company has proactively expanded into semiconductors, charging piles, and energy storage, with semiconductor revenue expected to exceed 400 million this year, marking a growth of over 30% [2][22][34]. 5. **Response to Bad Debt Risks**: The company has taken measures to address bad debt risks in its photovoltaic business, including a provision of over 50 million for losses and strategies to recover customized power products through legal means [2][27]. 6. **Revenue Goals**: Yingjie Electric aims to achieve 5 billion in revenue within three to four years, leveraging growth in semiconductor, charging pile, energy storage, and overseas markets [4][42]. 7. **Nuclear Fusion Project Clients**: The company is involved in several domestic nuclear fusion projects, including those at the Southwest Institute of Physics and the Chinese Academy of Sciences, indicating a strong client base in the sector [4][5]. 8. **Market Share in Magnetic Field Power**: Yingjie Electric holds a market share of over 50% in the magnetic field power and cyclotron power sectors, reflecting its strong position in the industry [29]. 9. **Future Development Directions**: The company plans to focus on semiconductor, charging pile, energy storage, and photovoltaic sectors, with significant potential for growth in these areas [38][40]. 10. **International Market Challenges**: Yingjie Electric faces challenges in expanding into international markets due to geopolitical uncertainties and tariffs but continues to seek solutions and opportunities for growth [39]. Other Important but Possibly Overlooked Content - **Production Flexibility**: The company has strong flexible production capabilities, allowing it to quickly adapt to new industry demands despite current low photovoltaic orders [9][16]. - **R&D in Nuclear Fusion**: Yingjie Electric does not anticipate the need for new product development for nuclear fusion projects, as existing technologies can meet most requirements [12][31]. - **Sales Performance**: The company has signed contracts worth several million in 2025, indicating a positive trend in securing new orders despite challenges in the photovoltaic sector [21][24]. - **Long-term Outlook**: The company expresses confidence in a gradual recovery of the photovoltaic market and anticipates significant contributions from nuclear fusion projects in the coming years [43].

Summary of Key Points from the Conference Call Company Overview - **Company**: 阳光诺和 (Sunshine Nuohe) - **Key Product**: 007 product, a non-controlled, non-addictive opioid receptor drug for moderate to severe pain management Industry Insights - **Market Potential**: The 007 product is expected to reach peak sales of approximately 4 billion yuan, with over 80 million surgeries requiring abdominal pain relief annually in China [2][4] - **Competitive Advantage**: The 007 product shows significant advantages over competitors due to its non-controlled nature and effective pain relief, with about 40% of clinical cases achieving a pain relief score of over 6 [4] Product Development and Clinical Trials - **Clinical Trials**: The company plans to complete Phase III trials for the 007 product by Q1 2026 and submit an NDA application [2][5] - **NDA Submissions**: The 007 product is expected to enter NDA stage by the end of this year, while another product, 505B, is also anticipated to enter NDA in Q3 [2][7] - **Pipeline**: The company has multiple products in various stages of clinical trials, including two modified drugs in Phase III and two new drugs in Phase I [2][7] Financial Performance and Investment - **Revenue Growth**: The company reported a revenue and profit growth of 25%-30% in the first half of the year [9] - **Investment Strategy**: The company has increased its investment in innovative drug development, with a significant rise in Phase III capitalized investments compared to last year [10] - **Collaboration**: Sunshine Nuohe has partnered with Shanghai Lekuang to develop the 007 product, selling 20% equity at a valuation of 1 billion yuan, expecting 30-40 billion yuan in revenue during the patent period [2][16] Research and Development Strategy - **R&D Focus**: The company is focusing on pain management products, including the 007 oral formulation and other related products, while also exploring RNA and nucleic acid drug development [11][12] - **Global Expansion**: Plans to pursue overseas registration and business development (BD) for both the 007 and 008 products simultaneously to alleviate financial pressure [12][13] Sales and Marketing Strategy - **Sales Approach**: The company collaborates with commercial partners for sales, focusing on profit rights rather than direct involvement in sales expenses [19][20] - **Sales Team Expertise**: The core sales team has extensive experience in pain management, enhancing the company's market entry and sales execution capabilities [20] Future Outlook - **Impact of 007 Product**: The 007 product is crucial for the company's transition from biotech to clinical and future CDMO transformation, expected to enhance cash flow and stabilize net profit and revenue [3][21]