Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.12 billion CNY, a year-on-year decline of 7% [5] - The net profit attributable to shareholders was 266 million CNY, down 20% year-on-year [5] - Revenue in the second quarter showed a year-on-year increase, with total revenue reaching 2.1 billion CNY [5] - The overseas business grew significantly by 30%, reaching 1.02 billion CNY [5] Group 2: Business Segments and Products - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with key products including compressors and heat exchangers [5] - The low-temperature refrigeration segment generated revenue of 1.73 billion CNY, accounting for 55% of total revenue, while the HVAC segment contributed 1.2 billion CNY, making up 39% [5] - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages [5] Group 3: Applications and Innovations - The company’s products are widely used in various sectors, including food processing, cold chain logistics, industrial cooling systems, and data centers [5] - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, with products recognized in the national green data center technology directory [6] - Recent innovations include a series of nuclear cooling technologies aimed at enhancing safety and efficiency in nuclear power plants [6] Group 4: Strategic Initiatives - The company is enhancing its overseas business by deploying skilled engineers and expanding its sales network [7] - A focus on industrial heat management aligns with national carbon reduction strategies, promoting clean and efficient energy systems [7]

Company Overview - Zhengzhou Suda Industrial Machinery Service Co., Ltd. was established in July 2009 and listed on the Shenzhen Stock Exchange in September 2024 with a registered capital of 76 million yuan [2] - The company specializes in comprehensive aftermarket services for industrial machinery, focusing on hydraulic supports for coal mining equipment [2] - It employs over 800 staff and has a service network covering all major coal production bases in China [2] Business Performance - The company has seen steady growth in its shield tunneling machinery pipeline component business, with revenues of approximately 28 million yuan in 2022 (2.6% of total revenue), 60 million yuan in 2023 (5.3%), and projected 60 million yuan in 2024 (5.3%) [2] - The revenue for the subsidiary Saifu Fluid is expected to be around 200 million yuan in 2024 [7] Strategic Development - The company aims to enhance the quality of its repair and remanufacturing services, expand repair center layouts, and establish industry standards to increase market share [3] - Plans include developing a marketing strategy to explore new markets and improve market share among existing customers [3] - The company intends to expand its fluid connection business into non-coal industries such as engineering machinery and agriculture [3] Mergers and Acquisitions - The company is considering two types of acquisitions: restructuring hydraulic fluid connection channels and factories, and forming joint ventures with state-owned enterprises for remanufacturing centers [4] Market Dynamics - The company's profitability is linked to the coal industry's performance; demand for aftermarket services may be delayed during downturns but will rebound as market conditions improve [5][6] - The aftermarket service sector is a stable market as long as coal production continues [5] Service Model - The company utilizes a competitive bidding process for its services, with pricing based on agreements for repair, remanufacturing, and parts supply [14] - It has established six repair centers within 300-500 km of major coal production areas to ensure timely service delivery [15] Financial Insights - The gross margin for spare parts is high, with a complete supply chain and efficient inventory system in place [15] - The company is actively seeking suitable acquisition targets and will disclose any significant progress in accordance with regulations [16]

Financial Performance - In the first half of 2025, the company achieved total revenue of 3.057 billion CNY, a year-on-year increase of 20.42% [2] - The net profit attributable to shareholders was 113 million CNY, a year-on-year decrease of 24.39% [2] - Basic earnings per share were 0.14 CNY, down 22.22% year-on-year [2] - Total assets amounted to 8.664 billion CNY, a decrease of 1.27% year-on-year [2] - Net assets were 3.901 billion CNY, down 1.28% year-on-year [2] Market Dynamics - The company focused on quality revenue and high-quality growth, optimizing product and customer structures [2] - In Q1, operational efficiency improved significantly, while Q2 faced pressure on profitability due to international trade environment changes and intensified domestic competition [2][3] - The company’s overseas business showed significant recovery, with export shipment volume increasing year-on-year [3] Product Application and Sales - High-performance NdFeB permanent magnetic materials are primarily used in high-end applications in new energy, energy-saving, and intelligent sectors [4] - Product shipment volume increased by over 20% year-on-year, with shipments in the energy-saving and new energy vehicle market growing by over 30% [4] - The company shipped 2.9 million sets of energy-saving and new energy vehicle motors [4] Technology and Innovation - The coverage of grain optimization technology (TOPS) in products remained above 90%, while diffusion technology (THRED) coverage was about 80% [4] - The production of non-rare earth magnets increased by 55% year-on-year, and ultra-light rare earth magnet shipments grew by 82% [4][5] - The company maintains a dual strategy of "leading edge" and "rare earth resource balance" in R&D to reduce costs and enhance technology [8] Customer Base - The customer base includes Fortune 500 companies and leading enterprises in various sectors, with 100% coverage of top brands in energy-saving and new energy vehicles [7] - The company has established extensive business relationships with leading users in wind power generation, energy-saving motors, humanoid robots, and smart consumer electronics [7] Investor Relations - The investor relations activity was conducted via a conference call on August 20, 2025, with participation from various financial institutions [9][10]

Group 1: Financial Performance - The company achieved a revenue of 1,455.5652 million yuan in the first half of 2025, an increase of 231.9514 million yuan, representing a growth of 18.96% compared to the same period last year [2] - The net profit attributable to the parent company was 177.7291 million yuan, reflecting a growth of 42.30% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 173.6897 million yuan, which is a 52.52% increase compared to the previous year [2] Group 2: Market and Operational Insights - The increase in profitability is attributed to the recovery in demand from downstream sectors such as wind power, electronics, and home appliances, alongside a steady rise in fiberglass product prices [3] - The company has effectively released new production capacity, enhancing production and sales coordination efficiency [3] - The company maintains an inventory level of approximately 40 days [3] Group 3: Strategic Outlook - The company plans to continue investing in the research and development of chemical products, particularly to enhance the self-sufficiency of wetting agents, which will lower raw material costs for fiberglass production [4] - The company is strategically adjusting its product structure and sales strategy to expand the sales scale of its products starting from the second quarter of 2025 [3] - The company aims to ensure that new production capacity aligns with market demand and its development pace through careful evaluation and planning [3] Group 4: Dividend and Shareholder Considerations - The decision to distribute dividends in the first half of 2025 was based on multiple factors, including shareholder returns, confidence transmission, financial status, and future development prospects [4] - The company emphasizes the importance of sharing operational results with shareholders while balancing immediate and long-term interests [4]

Financial Performance - Total assets increased from CNY 92.65 billion at the end of 2024 to CNY 104.08 billion by the end of May 2025, representing a growth of 12.34% [2] - Net assets rose from CNY 62.65 billion at the end of 2024 to CNY 65.28 billion by the end of May 2025, showing a growth of 4.19% [2] - Sales volume of anode materials surged from 83,800 tons in the first half of 2024 to 141,200 tons in the first half of 2025, a year-on-year increase of 68.49% [2] - Revenue increased from CNY 20.93 billion in the first half of 2024 to CNY 33.88 billion in the first half of 2025, reflecting a growth of 61.83% [2] - Net profit attributable to the listed company rose from CNY 3.57 billion in the first half of 2024 to CNY 4.79 billion in the first half of 2025, a year-on-year increase of 34.37% [2] Production and Capacity Expansion - The company completed the high-quality construction of the North Su Phase II project, achieving production capacity and quickly converting new capacity into sales orders [2] - New production capacity projects include a 50,000-ton lithium battery anode material project in Malaysia and a 200,000-ton integrated lithium-ion battery anode material project in Shanxi, expected to start production in Q2 and Q3 of 2026, respectively [5][6] Market Outlook and Demand - The company anticipates a significant increase in shipment volume in Q3 2025, driven by optimistic market demand and favorable factors such as trade-in programs and increased share of renewable energy generation [3] - The market for solid-state batteries is gaining attention, with the company focusing on the development of silicon-based and lithium metal anodes, although challenges remain in achieving commercial viability [4][5] Inventory and Raw Material Management - The company's inventory balance increased significantly in the first half of 2025 due to rapid production scale-up, but the inventory level is aligned with sales and production scale, indicating no significant surplus [3] - The company maintains a tight balance in inventory levels, with high inventory turnover limiting excess stock [3] International Sales and Customer Development - The company has made substantial progress in expanding its overseas customer base, with a notable increase in international sales revenue in the first half of 2025 [6][7] - Continuous technical exchanges and business negotiations with overseas clients are expected to lead to further breakthroughs in international sales [7]

Group 1: Market Strategy - The company plans to focus on both "deepening advantages" and "forward-looking layout" in its market expansion strategy over the next three to five years, targeting high-growth sectors such as gaming, smart wearables, and automotive displays [3] - The company aims to enhance its comprehensive service capabilities for global top clients by concentrating resources and fostering cross-departmental innovation [3] Group 2: R&D Investment - The cumulative R&D investment over the past three years accounts for 6.39% of the company's revenue, reflecting its commitment to technological innovation [4] - Future R&D efforts will focus on optimizing high-value product lines and advancing new display technologies like Mini LED and Micro LED [4] Group 3: Revenue from Overseas Markets - In the first half of 2025, overseas market sales accounted for 69.81% of the company's total revenue, becoming a core growth driver [4] - The company is optimistic about scaling production for several emerging overseas projects, which are currently in the stages of technical validation and sample testing [4] Group 4: Technology Development - The company is actively pursuing breakthroughs in new display technologies and has made substantial progress in Mini LED backlighting, with customer samples already delivered [4] - The upcoming "Mini/Micro-LED display module production line" is a key focus for future R&D investments [4] Group 5: Investor Relations Activity - The investor relations activity took place from August 19 to August 20, 2025, at the company's conference room in Shenzhen [2][5] - The event involved discussions with various investment firms and individual investors, focusing on the company's strategic direction and market performance [2]

Financial Performance - The company achieved a revenue of 924,564.50 million CNY in the first half of 2025, representing a 42.14% increase compared to the same period last year [4] - Operating profit reached 231,548.26 million CNY, up by 48.14% year-on-year [4] - Net profit attributable to shareholders was 159,573.31 million CNY, reflecting a growth of 48.43% compared to the previous year [4] Resource Development - The company added 3.85 tons of gold metal with a grade of 5.79 g/t through geological exploration in the first half of 2025 [4] - Acquired 52.0709% equity in Yunnan Western Mining Co., gaining exploration rights over an area of 35.6 square kilometers [4] - The company is advancing the Osino project in Namibia, with production expected to commence in the first half of 2027, projected to yield an annual average of 5 tons of gold [6] Production and Operations - Gold production for the first half of 2025 was 3.72 tons, with expectations to recover production in the second half of the year [5] - The company is integrating two newly acquired exploration rights in Yunnan with the Huasheng project for unified development [5] - The cost of gold sales increased by 3.02% year-on-year, attributed to changes in mining methods and ore grades [6] Strategic Planning - The company's strategic plan aims to enhance existing mining operations while pursuing high-margin mineral resource projects [6] - Future growth in gold production is anticipated to come from the Osino project and potential acquisitions [6] - The company maintains a commitment to high cash dividends, aiming for stable dividend policies to reward shareholders [6] Profit Contribution - Gold products contributed 95.87% to the net profit attributable to shareholders, with silver, lead, and zinc making up the remainder [7]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.507 billion CNY, a year-on-year increase of 4.33% [2] - Main business revenue reached 3.226 billion CNY, growing by 11.08% year-on-year [2] - Net profit attributable to shareholders was 305 million CNY, up 154.81% year-on-year [2] - Net profit excluding non-recurring gains and losses was 234 million CNY, a significant increase of 588.18% [2] Export and Sales - Overseas sales revenue for the first half of 2025 was 513 million CNY, a decrease of 13.58% [3] - Sales revenue from exports to the United States was 217 million CNY, an increase of 45.10% [3] Production Capacity and Revenue Structure - The actual production capacity for rare earth permanent magnet materials reached 32,000 tons in 2024, with a target of 60,000 tons by 2027 [4] - Revenue from the new energy vehicle and auto parts sector was 1.675 billion CNY, with a sales volume increase of 28.14% [4] - Revenue from the variable frequency air conditioning sector was 1.050 billion CNY, with a sales volume increase of 19.85% [4] - Other sectors included wind power (214 million CNY), robotics and industrial servo motors (133 million CNY), and 3C products (101 million CNY) [4] Raw Material Supply and Inventory - The company has established large-scale magnetic material factories in key production areas and maintains strategic partnerships with major suppliers, accounting for 70% of total procurement [6] - Raw material inventory was 1.158 billion CNY, a 107.02% increase from the end of 2024 [6] Cash Reserves - The company reported cash reserves of 1.653 billion CNY and large deposits totaling 1.209 billion CNY [9] - The company completed a bond issuance in August 2025, raising a net amount of 115 million USD [9] Dividend Policy - Since its listing in 2018, the company has distributed over 1.2 billion CNY in cash dividends, accounting for over 47% of the cumulative net profit attributable to shareholders [10] - For the first half of 2025, the proposed cash dividend is 1.80 CNY per share, totaling 247 million CNY, which represents 81% of the net profit for the period [10]

Financial Performance - In the first half of 2025, the company's operating revenue was approximately 亿元, a year-on-year decrease of about 12.39% [3] - The net profit attributable to shareholders was approximately 21.88 million yuan, down about 71.32% year-on-year [3] - In Q2 2025, the company achieved an operating revenue of approximately 亿元, with a quarter-on-quarter growth of about 4.32% [3] - The net profit for Q2 2025 was 11.17 million yuan, reflecting a quarter-on-quarter growth of about 4.19% [3] R&D Investment - R&D investment in the first half of 2025 was approximately 71.88 million yuan, accounting for about 9.96% of the company's operating revenue [10] - R&D efforts focused on various product categories, including data center switches, automotive electronic products, and wireless communication devices [10] Market and Customer Structure - The top five customers accounted for approximately 96.77% of the company's operating revenue in the first half of 2025, with Xinhua San being the largest customer [5] - The company achieved overseas sales revenue of approximately 15.18 million yuan, primarily from projects with clients in Japan and South Korea [11] Product Development and Progress - The company has expanded its product offerings to include domestic solutions for switches, servers, and IoT gateways, among others [7] - Sales of data center switches increased by approximately 67% year-on-year in the first half of 2025 [6] - The Zhejiang Haining subsidiary achieved operating revenue of approximately 171 million yuan and a net profit of about 2.86 million yuan in the first half of 2025 [12] Future Outlook - The company aims to enhance its operational efficiency and product quality while focusing on strategic layout and new business development [15] - The digital economy is expected to grow, driven by advancements in cloud computing, big data, and artificial intelligence, presenting opportunities for the company [15]

Financial Performance - In the first half of 2025, the company achieved revenue of approximately 479 million CNY, a year-on-year increase of 31.67% [2] - The net profit for the same period was approximately 95 million CNY, reflecting a year-on-year growth of 17.70% [2] - In Q2 2025, the company reported revenue of approximately 249 million CNY and a net profit of about 47.5 million CNY, showing a slight increase compared to the previous quarter [2] Revenue Breakdown - Functional protective sleeves generated revenue of approximately 1.23 billion CNY, a year-on-year increase of 22.97% [2] - Other products accounted for approximately 356 million CNY in revenue, marking a significant year-on-year growth of 65.65% [2] - Domestic revenue reached approximately 395 million CNY, up 38.38% year-on-year, while overseas revenue was about 83.95 million CNY, growing by 7.23% [2] Industry and Market Insights - The automotive sector is the primary application area, contributing approximately 324.4 million CNY in revenue, a year-on-year increase of 43.32%, accounting for 67.79% of total revenue [2] - Revenue from the new energy vehicle sector reached approximately 144.74 million CNY, reflecting a growth of 54.70% [2] - The company’s products are also applied in engineering machinery, communications electronics, and rail transit, with respective revenue contributions of about 10%, 12%, and 3% [4] Competitive Landscape - The market for functional protective sleeves is fragmented, with competition from multinational corporations, domestic leaders, and small-scale manufacturers [6] - The company is recognized as a leading domestic enterprise in the polymer modified protective materials sector, with product performance comparable to foreign competitors [10] Production and Capacity - Major manufacturing capacities are located in Dongguan, Jiangmen, and Suzhou, with additional bases in Shenzhen, Wuhan, Chongqing, and Mexico [8] - The company plans to expand its production capacity with a new project in Dongguan, covering approximately 68,000 square meters, expected to be operational by mid-next year [12] Pricing and Cost Structure - Material costs constitute 65.20% of the main business costs, influenced by fluctuations in upstream prices of raw materials [15] - The company employs a flexible pricing strategy based on customer requirements and market competition, leading to variations in pricing across different industries [8] Research and Development - The company is exploring applications in emerging fields such as humanoid robotics, with ongoing product testing and validation [5] - The R&D efforts are characterized by high uncertainty, with no significant impact on current operations expected from these projects [5] Customer Base and Growth - Revenue growth is primarily driven by existing customers, with stable relationships leading to increased procurement volumes [9] - New customer acquisitions include Stellantis, contributing a minor proportion to overall revenue [9]