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]

Summary of MicroGuide Nano's Conference Call Company Overview - **Company**: MicroGuide Nano - **Industry**: Semiconductor and Photovoltaic Equipment Key Points Semiconductor Equipment Growth - MicroGuide Nano's semiconductor equipment orders are expected to grow at over 50% in 2025 and 2026, driven by capacity expansion from storage manufacturers and increased capital expenditure from downstream clients [2][3] - New orders are projected to reach between 1.8 billion to 2 billion CNY in 2025, and conservatively estimated at 2.5 billion to 3 billion CNY in 2026, with optimistic estimates reaching 4 billion CNY [2][10] Management Team Expertise - The management team has extensive experience in the semiconductor industry, with founder Li Weiming having deep expertise in ALD technology, and other key members having backgrounds in CVD and photovoltaic sectors [2][4] ALD and PECVD Technology Advantages - MicroGuide Nano has a significant advantage in ALD technology, with a process coverage of 70%-80%, particularly in depositing HAKI materials like hafnium dioxide, achieving a market share of 70%-80% in advanced logic devices [2][6] - In PECVD, the company holds a 90% market share in high-temperature hard mask PECVD, effectively becoming a sole supplier [2][6] Market Demand for ALD and CVD Technologies - The complexity of 3D NAND structures is increasing, leading to higher demand for ALD technology due to its superior film quality, which is essential for advanced logic and memory devices [7] - ALD penetration is expected to rise from 10% to 20% as process nodes advance [6][7] Strategic Partnerships - MicroGuide Nano has formed strategic partnerships with leading battery manufacturers to advance ALD technology applications in solid-state batteries, enhancing performance metrics such as cycle life and charge capacity [3][11] Photovoltaic Business Performance - The photovoltaic business has seen fluctuations, with new orders dropping to less than 1 billion CNY in 2025 after reaching over 5 billion CNY in 2023. However, recovery is anticipated as industry policies stabilize [3][13] - The company has made significant investments in perovskite technology, positioning itself for future growth in the photovoltaic sector [14] Financial Performance and Projections - The company’s revenue from semiconductor equipment is approaching 20% of total revenue as of the first half of 2025, indicating a shift towards semiconductor reliance [5] - The photovoltaic sector's profitability is expected to improve as the market stabilizes, contributing positively to overall revenue [3][13] Future Outlook - MicroGuide Nano is poised to benefit significantly from the industrialization of solid-state batteries and the recovery of the photovoltaic market, with strategic investments and partnerships enhancing its competitive position [12][14]

Summary of Stone Technology Conference Call Company Overview - **Company**: Stone Technology - **Industry**: Home Cleaning Appliances Key Points Revenue Growth Projections - Stone Technology expects a 30% growth in revenue from robotic vacuum cleaners in 2026, with floor cleaning machines' revenue increasing from 3 billion yuan in 2025 to 5 billion yuan, leading to an overall revenue growth exceeding 30% [2][4][12] Market Performance - In Q4 2025, Stone Technology showed strong performance in both domestic and international markets, with GMV growth of approximately 40% on Amazon in the US and 50% in Europe during Black Friday, with Germany leading at over 60% [3] - Domestic GMV growth for robotic vacuum cleaners was around 30% during Double Eleven, while floor cleaning machines saw over 300% growth [3] Competitive Landscape - iRobot is facing severe financial difficulties, with its main creditor, Carlyle Group, deciding not to extend debt, leading to a potential bankruptcy scenario. This situation is expected to hinder iRobot's business progress significantly [2][6] - Cloud Whale is rumored to be considering a sale due to poor overseas market performance and unprofitability in the domestic market [6] - Pursue's diversification has led to a decrease in its market share from 20% to 7-8% [6] Competitive Strategies - Ecovacs is focusing on a simplified product strategy with a cost advantage, emphasizing roller technology, which is easier for consumers to understand [7] - Stone Technology plans to launch low-cost roller products in Q4 2025 to counter Ecovacs' pricing advantage and will continue to iterate on its dual-disc products to differentiate price points [8] Market Opportunities - Stone Technology is optimistic about its prospects in the US market, anticipating the ability to capture market share from iRobot and increase shelf space in retail channels [9][10] - The reduction of iRobot's non-core business will further free up shelf space for Chinese brands, with expectations of increased offline channel share in the US market by 2026 [9][10] Profitability Outlook - Stone Technology's overall profit margin is expected to maintain at least 10% by the end of 2026, with a projected market value exceeding 60 billion yuan [4][12][13] - Ecovacs is unlikely to engage in a price war due to its focus on maintaining profitability, despite facing pressure from Stone Technology's cost-effective products [14] Regional Market Dynamics - In Europe, competition has improved for Stone Technology, with a recovery in sales through increased marketing efforts and new product launches, leading to a rebound in market share [17] - The competitive pressure from Pursue has decreased, as it can no longer afford to aggressively capture market share without sufficient funding [17] Future Projections - By the end of 2026, Stone Technology's revenue is projected to exceed 24 billion yuan, with net profits around 2.5 billion yuan, assuming a 30% growth rate [12][13] Domestic Market Challenges - The reduction of government subsidies is expected to have a more significant impact on Ecovacs than on Stone Technology, which is adapting its product offerings to mitigate cost disadvantages [11][16] Additional Insights - Stone Technology's strategy includes maintaining stable pricing during promotional periods, which has helped reduce domestic losses compared to previous quarters [5] - The company is also focusing on expanding its SKU offerings to enhance competitiveness in both domestic and international markets [8][12]

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 ...

Summary of Ding Tai Gao Ke Conference Call Company Overview - **Company**: Ding Tai Gao Ke - **Industry**: PCB (Printed Circuit Board) manufacturing, specifically focusing on drilling tools and materials for PCB production Key Points and Arguments Financial Performance - In the first three quarters of 2025, Ding Tai Gao Ke reported a **29% year-on-year revenue growth** and a **64% increase in net profit attributable to shareholders**, driven by the surge in demand for AI computing servers [2][5] - Revenue increased from **1.219 billion CNY in 2022** to **1.58 billion CNY in 2024** [5] Product Structure and Profitability - PCB drilling tools account for approximately **75% of the company's revenue**, with grinding and polishing materials achieving a gross margin of **61%**, significantly higher than the **35%** margin from drilling tools [2][6] - The introduction of high aspect ratio drilling tools and layer drilling tools has notably contributed to margin improvements [2][6] Market Dynamics - The demand for HDI boards and high-layer count boards is rapidly increasing, with leading PCB manufacturers' capital expenditures rising by nearly **70% year-on-year** in 2025 [2][7][8] - The evolution of server architecture, such as the Ruby Ultra solution, has increased the importance and value of PCBs, leading to a doubling of PCB demand due to the increased number of chips per server [2][10] Future Outlook - The PCB drilling tool market is expected to reach a market size of **13 to 15 billion CNY** by 2027, with Ding Tai Gao Ke's market share potentially increasing from **30% to 40%**, leading to a projected profit of **2 billion CNY** [3][22][23] - The company plans to expand its monthly production capacity from **120 million units by the end of 2024** to **180 million units by 2026** [3][16] Competitive Advantages - Ding Tai Gao Ke holds a **30% market share** and has a strong competitive edge due to its rapid expansion capabilities and in-house production of equipment, which reduces costs significantly [3][16] - The company’s self-manufactured equipment costs only **30% of imported equipment**, enhancing profit margins [16] Industry Trends - The PCB industry is anticipated to peak in 2027, driven by changes in server architecture and increased shipment volumes [22] - The shift to high-frequency and high-speed signal transmission materials, such as the new 麻九 Q fabric, is expected to further increase the demand for drilling tools [11][13] Challenges and Considerations - The increase in board thickness has led to a significant rise in drilling tool consumption, with the number of tools required per hole increasing from **one to four** as board thickness increases [12] - Material changes, while improving signal transmission, have also resulted in a decrease in the number of holes a single drill can process, impacting overall efficiency [13] Strategic Initiatives - The company is expanding its overseas presence through acquisitions, such as the purchase of the German MPK company, and establishing a factory in Thailand [20] - Ding Tai Gao Ke is also advancing in high-end product development, with a focus on high aspect ratio drilling tools [19] Conclusion - Ding Tai Gao Ke is well-positioned to capitalize on the growing demand for PCBs driven by AI computing needs, with strong financial performance, competitive advantages in production, and a strategic focus on high-end product development and international expansion [22][23]

Company and Industry Summary of 盛德鑫泰 Company Overview - 盛德鑫泰新材料股份有限公司 was established on October 15, 2001, and is headquartered in Changzhou, Jiangsu Province. It was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 1, 2020. The company focuses on the research, production, and sales of high-performance seamless steel pipes, including alloy steel pipes and stainless steel pipes, which are widely used in ultra-supercritical power station boilers and petroleum refining sectors. The ownership structure is highly concentrated, with the actual controllers holding 63.75% of the voting rights [3][4]. Financial Performance - In 2024, the company's revenue reached 2.663 billion yuan, a year-on-year increase of 34.4%, primarily driven by a significant increase in stainless steel seamless pipe revenue, which grew by 110.5% [2][4]. - For the first three quarters of 2025, the company reported revenue of 2.325 billion yuan, a year-on-year increase of 19.01%. However, net profit attributable to shareholders decreased by 21.4% due to rising raw material prices for stainless steel pipes, resulting in a profit of 152 million yuan [2][4]. Product Structure and Market Strategy - The company has developed a dual-driven product structure of alloy steel pipes and stainless steel pipes. By mid-2025, alloy seamless steel pipes accounted for approximately 45.54% of revenue, while stainless steel seamless pipes accounted for 29.38%. The company has also expanded into the automotive motor shaft product line, increasing automotive parts revenue from 6.36% to 16.53% in 2024 [2][5]. Cost Control and Profitability - The company has demonstrated good cost control, with R&D expenses accounting for 44.9% of total expenses in 2024. However, accounts receivable increased by 58.58% to 850 million yuan, raising concerns about cash flow efficiency [2][6]. Future Outlook - The company anticipates a recovery in gross margin and profitability in the fourth quarter, supported by orders from high-end stainless steel product exports and upgrades in downstream thermal power boiler equipment. The company expects steady revenue growth from 2025 to 2027, with net profit continuing to improve, although potential risks from the recovery of the U.S. economy and nuclear power renovations could impact growth [2][7][20]. International Market Expansion - Starting in 2024, the company began generating overseas sales revenue, reaching 28 million yuan in the first half of 2025. The company is actively participating in international project tenders to reduce reliance on domestic markets [2][8]. Industry Context - China is the world's largest producer of seamless steel pipes, accounting for 66% of global production as of the end of 2023. The domestic self-sufficiency rate for seamless steel pipes has been steadily increasing, with the company leveraging its high-performance, high-value-added products to break international monopolies [2][9]. Raw Material Prices and Predictions - As of October 2025, the average monthly price for seamless steel pipe (108×45 model) was approximately 4,261.35 yuan per ton, a year-on-year decrease of 7.3%. The company predicts that the average price of stainless steel raw materials will fluctuate between 25,000 and 28,000 yuan per ton from 2025 to 2030 [2][13][14]. Power Demand and Equipment Installation - As of August 2025, China's electricity demand was approximately 1,014.49 terawatt-hours, with a year-on-year growth of 5%. The demand for small-diameter thermal power boiler pipes is expected to continue increasing due to ongoing upgrades in power generation equipment [2][15]. Competitive Landscape and Future Trends - The competitive landscape for thermal power remains strong, with thermal power accounting for 64% of total power generation competition as of mid-2025. The company’s small-diameter T91 and T92 high-pressure boiler seamless pipes are expected to maintain high growth rates in the coming years [2][17]. Response to New Energy Development - The rapid development of new energy sources poses challenges to traditional thermal power. However, the company anticipates a trend of collaborative development between new energy and traditional coal power in the coming years [2][18][19].

Summary of Anqi Yeast Conference Call Company Overview - Anqi Yeast is a leading yeast producer in China with a market share of 55% domestically and 20% globally, second only to Lesaffre [doc id='7']. - The company was established in 1984 and is expected to increase its production capacity to 600,000 tons in the next five years, surpassing Lesaffre [doc id='2']. Industry Insights - The yeast industry has high entry barriers due to significant initial capital investment, long construction periods, and strict environmental regulations [doc id='7']. - The industry is characterized by low returns on heavy assets, leading to significant profit volatility and a concentrated competitive landscape [doc id='7']. Financial Performance - Anqi Yeast has maintained a revenue growth rate of approximately 10% annually over the past five years, but net profit has shown significant volatility due to raw material costs, depreciation, and freight fluctuations [doc id='3']. - The company expects a profit growth rate of about 20% in 2025, attributed to declining molasses costs [doc id='3']. - The net profit margin is projected to improve from around 9% in 2025 to over 10%, with optimistic scenarios reaching 11%-12% [doc id='6']. Product Development - Anqi Yeast is actively developing yeast derivatives and innovative products, particularly yeast extract (YE), where it is the largest global producer with a capacity of 150,000 tons [doc id='5']. - YE has a growth potential of 2-3 times in the domestic market as a substitute for MSG [doc id='5']. - Yeast protein is also being developed as a plant protein alternative, with a potential market size of 500-1,000 million yuan [doc id='5']. Market Dynamics - The overseas market is crucial for growth, with a historical growth rate of 20%-30% over the past five years, currently accounting for about 40% of revenue [doc id='2']. - The company aims to increase its overseas market share from 10%-15% to a long-term target of over 50% [doc id='2']. Cost and Profitability Challenges - Molasses prices have fluctuated significantly, impacting gross margins. Prices rose from 800-900 yuan to 1,500 yuan, but are expected to decrease to around 850 yuan in 2025 [doc id='16']. - Depreciation costs have been high due to delays in project completions during the pandemic, but are expected to stabilize in 2025 and 2026 [doc id='17']. - Freight costs have also impacted financial performance, with significant fluctuations observed in recent years [doc id='18']. Future Outlook - The company anticipates a continued revenue growth rate of around 10% for the next few years, with potential for higher growth if molasses prices decline further [doc id='21']. - The gross margin is expected to improve with a decrease in costs, potentially leading to a net profit growth of over 20% in 2026 [doc id='21']. - Anqi Yeast is positioned to benefit from expanding its overseas operations and enhancing its product offerings in the yeast and deep processing segments [doc id='12']. Conclusion - Anqi Yeast is well-positioned for future growth with a strong market presence, innovative product development, and a focus on improving profitability through cost management and market expansion strategies [doc id='21'].