Summary of Matsui Co., Ltd. Conference Call Company Overview - Matsui Co., Ltd. reported a revenue of approximately 200 million yuan in Q2, representing a 27% quarter-over-quarter increase. The automotive business showed exceptional performance, with revenue nearing 100 million yuan in the first half of the year, a year-over-year increase of 109.6%, accounting for 28.15% of total revenue. Q2 automotive revenue grew by 136% year-over-year [2][3] Key Points Industry Focus - Matsui Co., Ltd. is primarily engaged in the production of functional coating materials, including paints, inks, and adhesives, with applications in 3C, automotive, and emerging sectors [3][4] Solid-State Battery Developments - The company provides comprehensive solutions in the solid-state battery sector, including printing equipment and UV insulating adhesives, and has entered the pilot testing phase with leading downstream manufacturers. The solid-state battery production process requires isostatic pressing technology for insulation and support [2][5] - The solid-state battery coating process is a standard step to address insulation issues after electrode contact, and Matsui's solution integrates process, equipment, and materials, creating a system with significant technical barriers [2][8] Financial Performance - In the first half of 2025, Matsui's R&D expenses were approximately 50 million yuan, a year-over-year increase of 6.73%, accounting for about 14% of revenue. The management expense ratio, excluding depreciation and amortization, decreased by 0.9 percentage points year-over-year [2][7] Production Capacity and Equipment - The current production line is planned for a monthly output of 20 MWh, with a doubling of line speed. The new equipment's value has significantly increased, starting from several million yuan [4][18] - Customers are focused on line speed and precision, with ongoing efforts to meet acceptance criteria as they transition from experimental to mass production phases [12][27] Market Trends and Future Outlook - Full solid-state battery production is expected to commence in 2027, with small batch pilot production lines being established in 2026. There is anticipation of sample vehicles being used soon [4][23] - The company is strategically focused on the new energy sector and is extending its digital printing technology into high-end fields, including automotive glass printing in collaboration with Fuyao [4][26] Challenges and Competitive Landscape - The solid-state battery coating process has high equipment compatibility requirements, and while other companies are exploring UV adhesives, achieving full compatibility remains challenging due to various parameters affecting production costs and quality [11][10] - The industry is exploring alternatives to laser etching technology, but significant challenges remain, and current solutions are still reliant on laser etching processes [19] Material Costs and Pricing - Material prices are expected to decrease significantly once production processes stabilize and variability in material acquisition is reduced, although this may take time [28][29] Additional Insights - There is potential for large-scale bidding demands from downstream customers before the Spring Festival, with ongoing projects for sample lines and experimental lines [27] - The company is actively researching and developing in the PCB sector, with main solder inks entering small batch verification stages [26]

Summary of Sichuan Jiuzhou Conference Call Company Overview - Sichuan Jiuzhou operates in three main sectors: smart terminals, air traffic control (ATC) products, and microwave RF products, targeting both civilian and military markets [2][3] Key Business Segments Smart Terminals - Leading market share in wired set-top boxes with projected revenue growth of approximately 16-17% for 2023 and 2024, reaching 2.6 billion yuan in 2024 [2][5] - Major clients include telecom operators and automotive industry customers [2][4] Air Traffic Control Products - Primarily military-focused, including secondary radar, airborne collision avoidance systems, and low-altitude weather management systems [2][6] - Secondary radar has a monitoring range exceeding 470 kilometers and can handle 1,200 targets simultaneously, with stable revenue around 1 billion yuan over the past three years [2][6] Microwave RF Products - Involves both military and civilian applications, with significant revenue growth expected in 2024, reaching 350 million yuan, a year-on-year increase of over 60% [2][7] Financial Performance - Stable financial performance over the past three years, with total revenue projected at 4.2 billion yuan and net profit at 190 million yuan for 2024 [2][8] - Gross profit contributions: ATC products and smart terminals each contribute about 40%, while microwave RF contributes around 15% [2][9] - ATC products have a higher gross margin of 34%, compared to 14% for smart terminals [2][9] Low Altitude Economy Initiatives - Sichuan Jiuzhou has entered the low-altitude aircraft testing sector, establishing a commercial closed loop and providing flight testing and certification services [2][10] - Significant contracts include a 20 million yuan project for low-altitude testing center equipment procurement in Jiangsu Province [2][11] - Collaborations with logistics companies like SF Express to develop drone logistics demonstration projects [2][11][13] Strategic Partnerships and Future Directions - Recent strategic agreements with various groups, including transportation service groups and telecommunications companies [2][14] - Focus on developing integrated solutions for low-altitude infrastructure and flight safety management [2][12][15] - Emphasis on drone countermeasures as a critical area of future growth due to increasing flight density in low-altitude airspace [2][15][16]

Summary of the Conference Call for Pengding Holdings Industry Overview - The PCB industry has reached a bottom and is recovering, driven by demand from AI and automotive sectors [2][5] - The industry is characterized by a fragmented market, with the top 10 companies (CR10) holding approximately 36% market share, leading to intense competition and low barriers to entry [8] - The shift of the supply chain from Europe and the US to Southeast Asia is noted, while high-difficulty products remain in mainland China, indicating an upgrade in the supply chain [7] Company Insights - Pengding Holdings primarily operates in two segments: flexible printed circuits (FPC) and rigid boards, with FPC accounting for 80% of revenue and rigid boards for 20% [2][5] - The company is heavily tied to Apple, benefiting from the anticipated growth in AI smartphones, particularly with the expected launch of foldable phones in 2026, which could see shipments exceeding 10 million units [3][10] - The company is increasing capital expenditures significantly to support the development of HDI technology for AI servers and SLP technology for AI smartphones [3][4] Financial Performance - Pengding Holdings is projected to achieve a profit of over 6 billion in 2026, with total profits potentially exceeding 7 billion when including contributions from AI business [4][13] - The company reported strong performance in the first half of 2025, making it a noteworthy investment opportunity [14] Technological Trends - Future PCB technology is expected to focus on high density and high performance, driven by customer demands, with multi-layer rigid boards and HDI technology becoming mainstream in server applications [9] - The flexible circuit boards will continue to be used in compact consumer electronics [9] Market Dynamics - The mobile phone industry is showing signs of recovery, particularly with the growth of foldable smartphones, which will increase the demand for FPCs [10] - The soft board market is dominated by foreign companies, but there is a trend of production shifting to domestic firms, with Apple being a key customer driving demand [11] Cost Structure - The cost structure of PCB production includes 30% for copper-clad laminates, 40% for labor, and 9% for copper foil, indicating significant cost sensitivity to raw material prices [6] Conclusion - The PCB industry is experiencing a cyclical recovery with stable demand, particularly in high-growth areas like AI and automotive sectors, while Pengding Holdings is well-positioned to capitalize on these trends through its strategic partnerships and technological advancements [2][4][7]

Summary of Yutong Bus Conference Call Company Overview - **Company**: Yutong Bus - **Industry**: Bus manufacturing, focusing on both traditional and new energy buses Key Points Sales Performance and Projections - Yutong Bus expects to achieve an export volume of 16,500 units and 3,300 units of new energy exports in 2025, potentially generating revenue between 4.8 billion to 5 billion CNY [2][3] - In the first eight months of 2025, Yutong exported over 8,000 units, with an anticipated additional 6,000 units in the second half of the year, leading to a market share of approximately 24% for medium and large buses [2][15] - The company aims for a clear export target of 20,000 units in 2026 and a long-term goal of 30,000 units [6] Financial Performance - Yutong reported a revenue of 4.12 billion CNY in the previous year, marking a year-on-year increase of 126.5%, with a per-unit profit exceeding 80,000 CNY [7] - The gross margin is approximately 30%, which is 10 percentage points higher than domestic levels, indicating strong profitability [15] - The overseas revenue reached 15.2 billion CNY last year, accounting for 46% of total revenue, with expectations for a higher proportion this year [7] Market Dynamics - The overseas market is identified as a key growth driver, with Yutong targeting a global market share of about 10% [4][8] - The demand for new energy buses in Europe is projected to be around 10,000 units, providing Yutong with opportunities to increase its market share [4][10] - The global trend towards new energy vehicles, particularly in the bus sector, is creating structural opportunities for Yutong [9] Competitive Advantages - Yutong has established itself as a leader in the global new energy bus market, with a penetration rate of approximately 50%, expected to rise to 80% in the future [11] - The company benefits from strong technical capabilities and product competitiveness, with significant R&D investments that exceed those of other listed bus manufacturers [12] - Yutong has optimized its after-sales service network through direct sales and service models, enhancing customer experience and satisfaction [13][14] Dividend and Shareholder Returns - Yutong maintains a stable and relatively high dividend, with a payout of 1.5 CNY per share and a dividend yield of 5-6% [3][4][15] Future Outlook - The domestic market remains stable, with significant growth in new energy buses and high sales levels for seat buses [16] - The overseas market is expected to nearly double, with a projected annual growth rate of 15%-20%, supported by high profitability [16] - The strong performance in new energy exports is anticipated to improve market sentiment further in the latter half of 2025 [16]

Summary of the Conference Call on Jinfa Technology and the Modified Plastics Industry Industry Overview - The global modified plastics market size is approximately $428.5 billion in 2023, with a year-on-year growth of 4.6% [2][6] - North America accounts for over 30% of the market share, while China's market size is close to 300 billion RMB, growing by 12.1% year-on-year, significantly outpacing GDP growth [2][6] - China's modification rate is currently at 26%, which is still below the overseas average of 50%, indicating substantial room for improvement [2][6] Key Trends and Developments - Future trends in China's modified plastics sector include an increase in the proportion of specialty engineering plastics and improvements in the quality of general plastics [2][7] - The steel-plastic ratio globally is approximately 1:1, while in China, the ratio for quick-drying pens is 3:7, indicating a significant gap compared to the U.S. (7:3) and Germany (63:37) [2][8] Demand Drivers - The demand for modified plastics in the new energy vehicle (NEV) sector is driven by both sales volume and per-vehicle usage [2][9] - Global NEV sales are projected to reach 17.3 million units in 2024, with China's production expected to be 11.71 million units, reflecting a year-on-year growth of 43.69% [2][10] - The household appliance industry is the largest application field for modified plastics, with an expected sales volume of 180 million units in 2024, growing by 5.41% year-on-year [2][11] Company Insights: Jinfa Technology - Jinfa Technology is one of the largest modified plastics producers globally, with a total capacity of 3.72 million tons and an additional 505,000 tons under construction [3][12] - The company has diversified into specialty engineering plastics, including high-temperature nylon, LCP, and PPSU, and has reduced external dependencies through acquisitions [3][13] - Jinfa's automotive materials sales reached 560,300 tons in 2025, a 21% increase year-on-year, benefiting from the rising penetration of NEVs and weight reduction demands [3][17] - The household appliance materials business grew by 20% in the first half of 2025, driven by customized high-performance ABS products [3][18] Technological Barriers - The modified plastics industry faces technological barriers, particularly in the complexity of modification processes and formulation development [5] - Physical and chemical modifications require precise control over the distribution of additives and specific formulations, which are core competencies of companies in the sector [5] Future Outlook - Jinfa Technology is actively investing in the robotics sector and has established partnerships to provide material solutions, indicating a strategic move towards high-growth industries [3][26] - The company is also focusing on environmental sustainability through the development of high-performance recycled plastics and expanding its recycling capabilities [3][22] Conclusion - The modified plastics industry, particularly in China, presents significant growth opportunities driven by advancements in technology, increasing demand in key sectors like NEVs and household appliances, and the strategic positioning of leading companies like Jinfa Technology [2][3][7][11]

Summary of Nenghui Technology Conference Call Company Overview - **Company**: Nenghui Technology - **Industry**: Renewable Energy, AI, Robotics Key Points 2025 Goals and Business Focus - Nenghui Technology aims for a **50% revenue growth** and **30% net profit growth** in 2025, with a target of **600 MW** of connected photovoltaic (PV) power station capacity [2][5] - The company will focus on developing PV power stations, new energy, energy storage system integration, commercial vehicle charging and swapping, and power engineering consulting and design [2][5] Strategic Partnerships - A strategic partnership with Ant Group focuses on developing **AI energy intelligence systems** covering investment, operation, management, and exit stages [2][6] - Plans to explore the establishment of a joint venture to leverage AI design, large model predictions, and trusted asset aggregation technologies [2][6] Robotics Development - Nenghui Technology has developed the **Xiaoyu untracked intelligent charging and swapping robot**, which utilizes AI visual recognition and SLAM laser positioning technology to replace heavy truck battery packs in **3 minutes** [2][7] - The company plans to collaborate with leading manufacturers to expand its robotics business [2][8] Solid-State Battery Market Entry - Nenghui Technology intends to enter the solid-state battery market, having identified a pure silicon-based anode material company for potential acquisition [2][9] Financial Performance and Business Segments - In the first half of 2025, approximately **97%** of the company's revenue came from PV power station system integration, with other segments contributing about **3.55%** [3] - Significant growth was reported in various segments: - **44.80%** increase in PV power station system integration revenue - Over **100%** growth in power engineering design revenue - Nearly **77%** growth in PV power station operations - Operating cash flow turned positive with a **180%** year-on-year increase [3] Battery Bank Model - The company is exploring a **"battery bank" model** in collaboration with financial leasing companies to lease energy storage equipment to transport companies, securing approximately **40 million yuan** in orders [4][11] AI and Energy Integration - Nenghui Technology plans to establish an AI or robotics research institute focusing on humanoid robot collaboration and applying AGV robots in new energy operational scenarios [10] - The market potential for these applications is estimated to reach **hundreds of billions** [10] Future Developments - The company is set to deploy a **spatiotemporal model and power auxiliary trading system** in Guangdong Province by October 2025, with plans to expand to other provinces [14][15] - The partnership with Ant Group may deepen, focusing on optimizing operational management processes and enhancing project profitability [12][13] Solid-State Battery Development - The company is in the process of acquiring a pure silicon-based anode material company, with plans to invest in a pilot production line to enhance product performance [19] Conclusion - Nenghui Technology is strategically positioned to leverage its expertise in renewable energy, AI, and robotics to achieve significant growth and innovation in the coming years, with a strong focus on partnerships and technological advancements [2][5][12]

Summary of Shanxi Coal International Conference Call Company Overview - **Company**: Shanxi Coal International - **Period**: June to August 2025 Key Points Industry and Market Dynamics - **Sales Growth**: Significant sales growth from June to August, averaging approximately 3 million tons per month, but demand weakened in September leading to a slight price drop and uncertain sales outlook [2][4] - **Coal Pricing**: The pricing for thermal coal is higher than market prices, while metallurgical coal prices follow market trends [2][4] - **Production and Sales Structure**: Monthly production and sales are around 3 million tons, with metallurgical coal accounting for approximately 600,000 to 700,000 tons per month, the remainder being thermal coal [2][5] Financial Performance - **Cost Management**: The company aims to maintain coal production costs around 300 RMB per ton, although there may be risks of cost increases in the second half of the year due to seasonal factors and project expenses [2][6] - **Sales Cost Decline**: A notable decrease in sales costs was observed in the first half of the year, attributed to lower self-produced coal sales [6] Inventory and Supply Chain - **Inventory Levels**: As of August 2025, inventory stands at approximately 2 million tons, which is higher than the previous year due to accumulation in the first two quarters [2][11] - **Inventory Management**: The company employs a "coal supermarket" model to provide customized coal blending services, aiming to reduce inventory through enhanced sales efforts, particularly in newly developed markets in Hubei and Jiangsu [3][17][18] Trade and Import Activities - **Import Strategy**: The company plans to maintain its trade coal scale, with imports expected to be slightly lower than the previous year, primarily sourced from Indonesia and sold to coastal power plants in South China [2][7][9] - **Pricing Model for Imports**: Imported coal is priced based on a competitive bidding model, following market trends [8] Production and Operational Insights - **Production Model**: The production strategy is a mix of sales-driven and planned production, with a noted weakness in sales-driven production [12] - **New Mines Performance**: The Zhuangzi River mine is on track to meet its production target, while the Xinxing mine faces challenges due to complex geological conditions [13] Regulatory and Policy Environment - **Regulatory Impact**: The company is monitoring the regulatory environment in Shanxi, where data collection is ongoing, and no new policies have been announced that would significantly impact operations [10] Future Outlook - **Resource Acquisition**: The company is cautious about resource acquisition due to a slowdown in the release of new resources in Shanxi, with plans to continue monitoring for suitable opportunities [20] - **Capital Expenditure**: Expected capital expenditure for the year is projected to be between 1.2 billion to 1.5 billion RMB, focused on daily operations and maintenance [21] Technological Advancements - **Intelligent Mining Initiatives**: Progress is being made on the intelligent transformation of coal mines, with a target completion date set for the end of 2027 [22]

Summary of the Conference Call for Dongfang Electronics Industry and Company Overview - **Company**: Dongfang Electronics - **Industry**: Smart Grid, Renewable Energy, and Intelligent City Solutions Key Points and Arguments 1. **Smart Grid Breakthroughs**: Dongfang Electronics has made significant advancements in the smart grid sector, with new generation dispatch systems, centralized control station monitoring systems, and intelligent substation inspection systems applied in multiple provinces and cities. The intelligent distribution and utilization business generated revenue of 1.748 billion yuan, a year-on-year increase of 12.78% [2][4] 2. **Revenue Growth**: In the first half of 2025, the company achieved operating revenue of 3.162 billion yuan, a year-on-year increase of 12.18%, and a net profit attributable to shareholders of 302 million yuan, up 19.65%. The company maintained high-quality development amid increasing competition [3] 3. **R&D Investment**: R&D investment reached 304 million yuan, a staggering year-on-year increase of 1,518.5%, accounting for 9.62% of operating revenue. Key R&D focuses include new power systems, grid-type technologies, and intelligent microgrids [3] 4. **Renewable Energy and Storage**: The renewable energy and storage business generated revenue of 148 million yuan, up 23.07%, while comprehensive energy and virtual power plant business revenue was 117 million yuan, a growth of 11.12% [2][7] 5. **Profit Growth Drivers**: Profit growth is attributed to deep engagement in the grid sector, innovation-driven development, and high R&D investment. The company’s influence in the southern market has increased, and AI has enhanced market share in the distribution and automation business [8] 6. **Energy Storage Business**: The company has developed its own PCS since 2019, with improved order conditions despite fierce market competition. A 1 GW project in Yantai was completed using self-developed 2000 kW liquid-cooled storage PCS and EMS core technology [9] 7. **Virtual Power Plant Performance**: The virtual power plant business has performed well due to national policy support and a clear profit model. For instance, the Yantai Public Transport Group saved over 1 million yuan annually by participating in electricity spot trading [12] 8. **International Market Expansion**: The company’s overseas strategy follows the "Belt and Road" initiative, covering over 60 countries. In Malaysia, the market share for substation automation systems is 60%, while in Saudi Arabia, it is about 40% [5][24] 9. **Challenges in Profit Pursuit**: The company faces challenges in maintaining orderly growth and avoiding reckless expansion. The profitability of the energy storage business has improved, but increased competition may impact future profitability [17] 10. **Market Structure and Procurement Impact**: The market is becoming more concentrated due to regional joint procurement, benefiting larger enterprises while increasing pressure on smaller firms. The future of regional procurement will depend on the policies of the State Grid [19] Other Important Insights - **Technological Advancements**: The company has made progress in applying AI in the power sector, with positive feedback from the Southern Power Grid [5][22] - **Focus on Quality**: The company emphasizes quality over quantity in project bidding, particularly in the energy storage sector, to avoid low-margin contracts [10] - **Future Growth Potential**: New businesses like virtual power plants and energy storage are seen as future growth areas, although they currently face challenges in market penetration [15] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and market dynamics.

Summary of 佛燃能源 Conference Call Company Overview - 佛燃能源 is a natural gas supply company with a significant focus on energy management services, including distributed energy solutions and renewable energy initiatives. [2][4] Key Financial Metrics - From 2018 to 2024, the company's revenue compound annual growth rate (CAGR) is projected to be 35.54%, while profit CAGR is expected to be 15.36%. [2][8] - In 2023, the net profit attributable to shareholders increased significantly by 29%, driven by investment income and performance compensation from the Nansha storage business. [2][8] - Forecasted net profits for 2025, 2026, and 2027 are expected to be 872 million, 922 million, and 976 million yuan respectively, with year-on-year growth rates of 2.2%, 5.7%, and 5.9%. [5][16] Business Segments - Natural gas supply accounts for 77.5% of gross profit, while supply chain and extended services contribute 22.5%. The technology research and equipment manufacturing segment has a low contribution to gross profit. [2][7] - The city gas business maintains a stable gross margin of around 10%, while the supply chain business has seen its gross margin decline to below 3%. [2][7] - The company has secured 13 regional pipeline gas operating rights, achieving regional monopolies. [10] User Demographics and Market Dynamics - The user base consists of 80% industrial and commercial users, 15% power plants, and 5% residential users, indicating a strong cyclical nature tied to macroeconomic conditions. [10][11] - The natural gas consumption in 佛山市 is expected to grow at a CAGR of 8.9% from 2025 to 2035, with gas-electric consumption projected to grow at 8.5%. [11] Investment Highlights - The company has a high dividend safety margin, with an average dividend payout ratio of 70% over the past five years. The expected dividend yield for 2025 is 4.1%. [3][9] - The company is exploring new business avenues, such as solid oxide fuel cells (SOFC) and hydrogen equipment manufacturing, indicating a strategy for growth beyond its core operations. [3][14] Strategic Partnerships and Resource Management - 佛燃能源 has stakes in two LNG receiving stations in Guangdong and collaborates with major suppliers like PetroChina and CNOOC to expand international resource channels. [13] - By 2028, the company anticipates that its overseas long-term contract volume will reach 1.09 million tons, covering 30%-40% of its demand. [13] Future Outlook - The company is expected to maintain a balanced approach between safety margins, dividend characteristics, and growth potential, with a buy rating suggested for investors. [16][17]

Summary of Haohai Biology Conference Call Company Overview - **Company**: Haohai Biology - **Date**: September 18, 2025 Key Points Industry and Company Performance - **Revenue Decline**: Haohai Biology's revenue for the first half of 2025 decreased by 34% year-on-year, primarily due to changes in VAT policy affecting hyaluronic acid products, resulting in a profit reduction of approximately 30 million yuan [2][3] - **Overall Revenue**: The company achieved a revenue of 1.304 billion yuan in the first half of 2025, a year-on-year decline of 7% but a quarter-on-quarter increase of about 11% [3] - **Net Profit**: The net profit attributable to shareholders was 210 million yuan, down 10% year-on-year, but up 34% quarter-on-quarter [3] Business Segment Performance - **Aesthetic Medicine Segment**: - Revenue decreased by 9% year-on-year, with hyaluronic acid sales down 17% [2][4] - Human epidermal growth factor sales increased by 14% [2] - High-end hyaluronic acid product "Haimi" saw sales growth exceeding double digits, now accounting for over 40% of the segment [2][7] - **Ophthalmology Segment**: - Revenue decreased by 20% year-on-year, but sales of preloaded aspheric intraocular lenses increased by 74% [2][4] - High oxygen permeability orthokeratology lenses saw an 86% increase in sales [2][5] - **Surgical Segment**: - Revenue grew by 60%, with innovative hemostatic product "Kangrui Gel" contributing 44 million yuan [2][5] - New anti-adhesion surgical products performed well, achieving 40 million yuan in sales shortly after launch [2][24] Product Development and Market Strategy - **High-End Product Focus**: The company is focusing on exporting high-end products, with preparations for "Haimi" and "Haimi Yuebai" underway [10] - **New Product Lines**: The company is expanding its aesthetic medicine offerings, including dermal fillers and light therapy devices, with some products receiving FDA certification [11][12] - **Technological Advantages**: "Haimi" utilizes a unique cross-linking process for smooth injection, while "Haimi Yuebai" employs amino acid cross-linking for safety and effectiveness [9] Market Challenges and Responses - **Impact of VAT Policy**: The adjustment of VAT from 3% to 13% on hyaluronic acid and chitosan products is expected to impact profits throughout 2025, but no similar effects are anticipated in 2026 [2][5] - **Competitive Landscape**: The OK lens segment faced challenges due to competition from new products like defocus frame glasses, leading to a decline in sales [20][21] - **Price Pressure**: The company is increasing R&D investment in mid-to-high-end products to counteract potential price pressures from upcoming procurement policies [15] Future Outlook - **Performance Expectations**: The company remains optimistic about future growth despite current economic uncertainties, focusing on steady marketing efforts and product development [26] - **Market Share Potential**: The domestic multifocal intraocular lens market share is expected to increase due to price adjustments in procurement policies [16] Additional Insights - **Sales of Human Epidermal Growth Factor**: This product has seen significant growth due to its application in aesthetic medicine, with sales increasing since 2024 [13] - **Surgical Product Innovations**: The innovative hemostatic product "Kangrui Gel" has entered the Shanghai medical insurance directory, with plans to expand into other provinces [25] This summary encapsulates the key insights from Haohai Biology's conference call, highlighting the company's performance, strategic focus, and market challenges.