Summary of the Conference Call for Chenan Technology Company Overview - **Company Name**: Chenan Technology - **Founded**: 2005 - **Current Major Shareholders**: Hefei Guotou (new controlling shareholder), China Telecom (second strategic shareholder) [2][3] - **Industry Focus**: Public safety, emergency management, and technological firefighting [4][5] Key Points and Arguments - **New Shareholder Structure**: Hefei Guotou has become the new controlling shareholder with a 28.85% stake after a capital increase of 1.42 billion yuan, while China Telecom remains a significant strategic partner [2][3][6] - **Funding Purpose**: The raised funds will be allocated to two main projects: - AI-enhanced public safety intelligence project (approximately 280 million yuan) - Development and industrialization of public safety intelligent equipment [2][6][10] - **AI Project Goals**: The AI project aims to upgrade existing models and capabilities for applications in emergency management, urban safety, and other scenarios, providing comprehensive services from pre-warning to recovery [7][10] - **Equipment Development**: The focus will be on developing unmanned equipment such as drones and firefighting robots, with existing products already leading in the domestic market [8][12] Strategic Collaboration - **Partnership with Anhui Province**: The collaboration is based on a strong existing relationship and the province's strategic focus on public safety and emergency management [2][9] - **Resource Synergy**: The partnership will leverage resources from China Telecom, Anhui Province's major projects, and support from state-owned enterprises and local governments [10][13] Financial Position - **Cash Flow**: The company currently has approximately 1.4 billion yuan in raised funds and over 1.2 billion yuan in accounts receivable, totaling over 2.6 billion yuan in cash flow, which will significantly enhance operational capabilities [4][11] - **Future Profitability**: The recovery of accounts receivable is expected to improve profit margins and overall financial health starting from the 2026 reporting period [11] Industry Leadership and Innovations - **Fire Safety Innovations**: Chenan Technology has developed advanced automatic firefighting equipment and robots, securing national awards and contracts for significant projects [12] - **Technological Advancements**: The company is innovating with products like automatic firefighting drones and robotic systems, which are being tested and have shown promising results [12][13] Future Development Plans - **Strategic Growth**: With Hefei Guotou as the controlling shareholder, the company aims to enhance its position as a core platform in the industrial chain within Anhui Province and expand its influence nationally and globally [13] - **Government Support**: The Anhui provincial government is committed to injecting more resources into the company, with significant infrastructure projects planned that could benefit Chenan Technology [13]

Summary of Zhongli Co., Ltd. Conference Call Company Overview - Zhongli Co., Ltd. maintains the largest market share in the domestic electric warehouse forklift market, driven by the "Little King Kong" product that promotes the replacement of manual forklifts with Class III vehicles [2][3] - The company benefits from the extensive overseas experience of its actual controller, He Jinhui, which enhances its commercial and overseas channel development capabilities [2][3] Key Points Industry Position and Advantages - Established in 2007, Zhongli Co., Ltd. has consistently held the top market share in the domestic electric warehouse forklift sector since 2013 [3] - The company has a strong commercial capability and a well-developed overseas channel and brand, primarily due to He Jinhui's experience [3] Overseas Revenue and Market Performance - Overseas revenue accounts for over 50% of total revenue, with the European and American markets contributing significantly [2][4] - The company expects new orders to turn positive by Q2 2025 as dealer inventories are cleared, aided by collaboration with KION Group's Linde to enhance market share in Europe [5] Smart Logistics and Automation - Zhongli Co., Ltd. is actively investing in smart logistics and system integration, providing standardized products and solutions to address labor replacement issues [2][6] - The company aims to leverage its competitive advantage in the transition to automation, particularly in energy-sensitive markets like China [2][6] Stock Price and Valuation - Recent stock price declines are attributed to a small float and a significant unlock period approaching on December 24, 2024, alongside anticipated revenue growth slowdown in 2024-2025 [7] - The estimated valuation for 2025 is around 16 times earnings, decreasing to 15-13 times in subsequent years, with a conservative profit compound growth rate of 10% [8][9] Profitability and Cost Management - Zhongli Co., Ltd. boasts a gross margin approximately 5 percentage points higher than its peers, benefiting from declining raw material prices and currency appreciation [10] - The company maintains stable expense ratios due to economies of scale, although increased investment in overseas channels and R&D is a consideration [10] Future Growth Drivers - Future growth is expected to be driven by the expansion of Class I electric vehicles, which currently hold a global market share of less than 7%, indicating significant growth potential [11] - The company’s overseas gross margins are notably higher than domestic margins, emphasizing the importance of high-end markets for profitability [11][12] Global Forklift Industry Trends - The global forklift industry is projected to grow at an annual rate of 3%-5%, with emerging markets such as the Belt and Road regions, South America, and Africa expected to become new growth points [14] - The domestic forklift industry is experiencing a recovery, supported by strong demand for Class III electric forklifts replacing manual hydraulic forklifts [15] Importance of High-End Markets - High-end markets are crucial for enhancing profitability, with significant price differences between domestic and overseas forklift sales [16] Rental and Aftermarket Business - The rental and aftermarket business is seen as a significant growth opportunity, particularly for lithium battery forklifts, which have lower maintenance costs [17] Automation Technology - The application of automation technology is viewed as a key development direction, with potential to reduce labor costs and improve operational efficiency [18] Smart Logistics Solutions - Smart logistics solutions are expected to grow, with a focus on software development as a core barrier to entry [21] Company Strategies for Global Expansion - Zhongli Co., Ltd. employs a strategy combining standardized products and solutions to address the needs of small and medium-sized B-end manufacturing clients [22] Future Outlook - The company is expected to maintain a profit growth rate of around 10%, with potential for higher growth if R&D expenses are managed effectively [27] - The overall outlook for the forklift industry remains positive, with Zhongli Co., Ltd. positioned for significant achievements post-December 24, 2024 [28]

微导纳米 20251203 摘要 微导纳米半导体设备订单高速增长，预计 2025 年和 2026 年增速将保 持在 50%以上，主要受益于存储厂商的产能扩张和下游资本开支上行， 2025 年新签订单预计达 18-20 亿元，2026 年保守估计 25-30 亿元， 乐观情况下可达 40 亿元。 公司管理团队具备深厚的半导体行业经验，创始人黎伟明在 ALD 技术领 域有深厚积累，周仁在 CVD 和薄膜沉积领域经验丰富，胡斌对光伏业务 有深入了解，为公司在半导体和光伏两大领域的发展奠定了坚实基础。 微导纳米在 ALD 技术方面具有显著优势，工艺覆盖度达到 70%-80%， 尤其擅长沉积 HAKI 材料，如二氧化铪，在一些先进逻辑器件中市占率 已达 70%-80%。在 PECVD 方面，其高温硬掩膜 PECVD 市占率达到 90%，基本实现独供。 随着 3D NAND 结构复杂性增加，对叠层沉积、自限填充提出更高要求， ALD 技术需求增加。高深宽比结构如 DRAM 也需要精确控制薄膜质量， 不论是先进逻辑还是存储器件，对 ALD 用量都会显著增加。 Q&A 微导纳米在半导体设备领域的增长逻辑是什么？ 微导纳米在半 ...

石头科技 20251203 摘要 石头科技预计 2026 年扫地机收入保持 30%增长，洗地机收入从 2025 年的 30 亿元增至 50 亿元，整体收入增速超 30%。受益于黑五期间亚 马逊免费流量和双十一期间 P20 Ultra Plus 价格稳定，四季度内销亏损 有望收窄。 iRobot 面临财务困境，凯雷集团不再展期债务，山川收购其债权但不会 大规模投入，预计业务无显著进展。云鲸传言可能出售，追觅因多元化 业务导致清洁板块资源减少，市占率下降。 科沃斯 2025 年专注于滚筒技术路径，成本低于石头科技，营销卖点易 于理解，具有竞争优势。但石头计划在 2025 年四季度推出低价滚筒产 品，并在 2026 年初扩展 SKU，以压制科沃斯的价格优势。 2025 年三季度，科沃斯通过自补策略保持盈利，石头国内市场亏损。 石头计划通过低价滚筒产品对抗科沃斯，并迭代双圆盘产品以区分价格 差距。 石头科技在美国市场前景乐观，有望抢占 iRobot 的市场份额和线下货 架位置。iRobot 缩减非核心区域业务，将进一步让出货架空间给中国品 牌，预计 2026 年美国市场线下渠道占比将提高。 Q&A 石头科技在 202 ...

Summary of ZTE (0763.HK) Conference Call Company Overview - **Company**: ZTE Corporation - **Ticker**: 0763.HK - **Industry**: Telecommunications and Consumer Electronics Key Points Product Launch and Innovation - ZTE has launched the Nubia M153 AI smartphone, priced at Rmb3,499 (US$489), in partnership with Bytedance, featuring advanced AI capabilities [1][11] - The Nubia M153 includes an operating system level AI assistant, Doubao, which offers features like multi-modal capabilities, smart task execution, and AI photo editing [9][10][12] - The phone will receive bi-weekly software updates through Q1 2026 to enhance user experience [1] Market Position and Growth - ZTE's smartphone business is experiencing rapid growth, with overseas smartphone activations increasing by over 25% year-on-year in the first nine months of 2025 [12] - The collaboration with Bytedance is expected to enhance the attractiveness of ZTE's smartphone products, potentially boosting demand for Nubia smartphones globally [1][12] Financial Performance and Valuation - ZTE maintains a neutral rating with a fair valuation, supported by solid growth opportunities in AI devices and data center computing infrastructure [1][17] - The target price for ZTE's H-share is set at HK$43.6, based on a 19.2x 2026E P/E ratio, while the A-share target price is Rmb67.6, reflecting a 32.4x 2026E P/E [24] Competitive Landscape - The Nubia M153 competes with other mid-high end smartphones, offering larger RAM (16GB) and ROM (512GB) compared to peers, but with less emphasis on camera specifications [11][13] - The global smartphone market is projected to see a 1% shipment growth in 2026 and 2027, with foldable phone shipments expected to reach 46 million and 66 million respectively [22] Risks and Considerations - Key risks include fluctuations in demand for telecom infrastructure and 5G BTS building in China, as well as potential non-operating gains or losses affecting financial estimates [25] Conclusion - ZTE is positioned as an early mover in AI smartphone innovation, leveraging its design and manufacturing capabilities to capture growth in the evolving smartphone market [1][12]

December 2, 2025 09:00 PM GMT Humanoids | Asia Pacific China Humanoids Survey: High Willingness to Adopt Meets Premature Products M This is our first AlphaWise survey with C-suites across various industries in China. In this report, we share the key findings, which are interesting and in some cases surprising to us. Key Takeaways Data Analyst Mavis.Ng@morganstanley.com +852 2239-7840 Tim Hsiao Equity Analyst Tim.Hsiao@morganstanley.com +852 2848-1982 Carlos Chai Research Associate Carlos.Chai@morganstanley. ...

2 December 2025 | 10:07PM HKT Equity Research Kingsoft Office (688111.SS): New WPS 365 for enterprise; collaborative and digital employee new features rolling out; Buy +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Ting Song +852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware ...

杰瑞股份主要集中在北美洲的数据中心订单，并在北美和中东这两个电 力需求大的市场有所布局，预计明年（2026 年）将在中东展开相应业 务，同时聚焦于配电、储能、液冷及热管理等解决方案的研发。 杰瑞股份认为现有资源储备丰富，可以支撑未来发展，计划未来五年内 使电力板块成为公司的支柱板块之一，与造完井设备及天然气设备形成 三足鼎立之势，通过不断获取高端客户订单来证明其深厚的业务布局。 杰瑞股份在美国拥有接近 300 兆瓦租赁容量，还有 100 多兆瓦产能， 并计划明年新增 100~200 兆瓦产量，将平衡发电租赁服务市场，同时 负责后市场运维服务，提升盈利能力。 一领域的深耕布局。例如，今年从美国获取到发电租赁服务和燃气轮机组销售 合同，总金额预计达到 2.5 亿至 3 亿美元。这些订单显示出公司在电力业务板 块的重要地位。 杰瑞股份计划将电力板块发展为第三增长曲线，目标五年内达到与钻井 板块相当的规模和盈利能力，通过持续落地的大额订单展示了在电力领 域的深耕布局，如今年从美国获取的 2.5 亿至 3 亿美元发电租赁服务和 燃气轮机组销售合同。 杰瑞公司通过一体化解决方案解决数据中心面临的电力获取、高密度供 电和散 ...

鼎泰高科 20251202 摘要 鼎泰高科受益于 AI 算力服务器需求爆发，2025 年前三季度收入同比增 长 29%，归母净利润同比增长 64%，显示出强劲的增长势头。AI 服务 器中 HDI 板和高多层板需求激增，头部 PCB 厂商资本开支同比增速接近 70%，预示着新一轮扩产周期。 公司 PCB 钻针是核心收入来源，占比约 75%，研磨抛光材料毛利率高 达 61%，显著高于主业钻针的 35%。AI PCB 使用的图层钻针和高长径 比钻针对毛利率提升贡献显著，产能利用率提高也对盈利能力改善有积 极影响。 服务器架构迭代显著提高了 PCB 的重要性，例如 Ruby Ultra 方案采用 正交背板替代铜缆，增加了 PCB 的使用量和价值量。每个 computer tree 新增的 CPX 芯片也需要相应的封装基板和 PCB，芯片数量翻倍意 味着对 PCB 需求翻倍增长。 板厚提升显著增加了钻针消耗，从 GB200 到 Ruby Ultra 方案，单孔加 工所需钻针数量从一根增加到四根，消耗量成倍增长。同时，麻九 Q 布 材料的使用虽然提高了电信号传输速率，但也因其硬度增大导致单针加 工孔数明显下降。 Q&A ...

安琪酵母 20251202 摘要 安琪酵母预计未来五年产能将超过 60 万吨，超越乐斯福成为行业第一， 年收入增速预计维持 10%左右。海外市场是增长关键，过去五年增速维 持在 20%-30%，占比约 40%，目标是中长期超过 50%。 公司积极开发酵母衍生品和创新型产品，特别是酵母抽提物（YE），目 前是全球最大生产商，产能 15 万吨。国内 YE 替代味精有 2-3 倍成长空 间。同时，酵母蛋白作为植物蛋白替代品，未来有望达到 5-10 亿元规 模。 利润端受糖蜜和折旧费用影响。糖蜜价格预计保持下行趋势，折旧费用 在 25、26 年影响减小。运费、政府补助及汇兑损益等因素影响逐渐降 低。净利润率有望从 2025 年的 9%左右提升至 10%以上，乐观情况下 可达 11%-12%。 公司是国内食用酵母市场占有率第一（55%），全球第二（20%）。行 业进入壁垒高，集中度高，重资产低回报。2025 年产能将达到 50 万吨， 与乐斯福 60 万吨相比还有差距，但将在十五期间加速补齐。 Q&A 安琪酵母在过去五年的收入和业绩表现如何？未来的增长预期是什么？ 过去五年，安琪酵母的收入每年保持接近 10%的增长，但 ...