8 September 2025 | 8:25PM HKT Leaf Liu +852-3966-4169 | leaf.liu@gs.com Goldman Sachs (Asia) L.L.C. Christina Liu +852-2978-6983 | christina.liu@gs.com Goldman Sachs (Asia) L.L.C. Valerie Zhou +852-2978-0820 | valerie.zhou@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 that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider t ...

8 September 2025 | 12:11PM CST Innolight (300308.SZ): Update post 2Q result; reflecting better margins. Buy Margin expansion will be a key driver of earnings growth, in our view, driven by cost reduction on the back of SiPho expansion and production yield improvements, which has already contributed to a strong margin increase in 2Q25. We reflect 2Q results and update our margin estimates for 2025-27E. We maintain Buy on Innolight. In 2Q25 results, gross margin at 41.5% came above our pre-print estimate at 3 ...

摘要 富临精工通过风力集团控制，业务涵盖汽车精密零部件、智能电控、锂 电材料和矿业等。2024 年与宁德时代签署合作协议，并拓展机器人赛 道，与上海志远等合作。 公司 2018 年因子公司客户危机导致亏损，2019 年后快速发展，2022 年达到高位。2023 年因铁锂行业竞争加剧亏损，2024 年业绩随产业出 清和技术迭代明显改善。 汽零方面，公司从发动机零部件向新能源转型，拓展电驱三合一、电控 管理系统和悬架 CDC 产品，与广汽、吉利、奇瑞、华为赛力斯阿维塔等 车企有合作。 铁锂材料方面，公司采用草酸法生产高压实产品，满足动力电池和储能 需求。新一代铁锂在容量、快充和低温性能上提出更高要求，高压实铁 锂生产难度大，供给偏紧。 公司将继续推动传统发动机零部件扩张，加速新能源汽车转型，重点发 展电驱三合一、电控管理系统及悬架 CDC 产品，扩大终端客户项目储备。 Q&A 富临精工的核心业务及其发展历程是什么？ 富临精工最初主要聚焦于汽车零部件业务，2016 年收购湖南升华后开始延展 至锂电材料领域。随着新能源车产业的爆发增长，其主业从汽车零部件扩展到 铁锂材料，实现了业绩腾飞。2024 年 8 月，富临精工 ...

Summary of Aima Technology Conference Call Company Overview - Aima Technology is a leading player in the electric two-wheeler industry, holding a domestic market share of approximately 20%, ranking second after Yadea [3][13]. Key Points and Arguments Industry Dynamics - The electric two-wheeler industry is experiencing supply-side optimization driven by the implementation of new national standards and a global vehicle replacement policy, which encourages higher quality and higher-priced electric vehicles [2][7][8]. - The new national standards focus on enhancing safety and practicality, such as increasing vehicle weight limits and mandating the installation of safety systems [8]. Product and Technology Upgrades - Aima Technology has upgraded its products through advancements in battery, motor, and control technologies, leading to an increase in average product prices. The introduction of the Engine Max system and the Saber Tooth series exemplifies this [2][4]. - The company has adopted a strategy of integrating basic smart features into lower-priced models while offering advanced functionalities in mid-range models, allowing it to compete effectively against new entrants in the smart vehicle market [5]. Sales and Market Position - Aima's revenue for 2022, 2023, and 2024 is projected to be 20.8 billion, 21 billion, and 21.6 billion respectively, reflecting year-on-year growth of 35%, 1%, and 3% [3]. - The net profit margin is expected to improve to 9.2% by 2024 due to product structure optimization and cost control [3]. Consumer Base Expansion - Aima is optimizing its user profile by expanding its product line to include more male-oriented models and enhancing store structures by eliminating inefficient outlets and upgrading stores in first and second-tier cities [6]. - The company has over 30,000 stores, solidifying its presence in lower-tier markets while upgrading its offerings in urban areas [6]. Future Growth Directions - Aima's future growth strategies include launching the sub-brand "Zero Season" to target the high-end market, expanding its three-wheeler business, and exploring international markets in Southeast Asia and Europe [9][12]. - The company aims to strengthen its brand influence while enhancing store scale and quality in first and second-tier cities [9]. Production and Sales Trends - Aima's three-wheeler sales are projected to grow from 260,000 in 2022 to 550,000 in 2024, with year-on-year increases of 28%, 63%, and 29% respectively [10]. - The company is poised to capture market share as local governments phase out non-compliant models and promote vehicle replacements [10]. International Business Development - Aima's overseas business is in its early stages, with international revenue accounting for only 1% of total revenue in 2024. The company is focusing on Southeast Asia and select European markets [11]. - Aima has established over 100 offline stores in Indonesia and is collaborating with local distributors in Vietnam, while also participating in international exhibitions to enhance brand visibility [11]. Financial Outlook - Aima's dividend payout is expected to increase by 123% year-on-year in the first half of 2025, with a cash dividend of approximately 550 million yuan, reflecting a 45% payout ratio [12]. - The company anticipates continued improvement in cash flow and a reduction in capital expenditures, which will support further increases in dividend rates [12]. Additional Important Insights - Aima Technology's strategic focus on high-end product development, three-wheeler business expansion, and international market penetration positions it well for future growth amid evolving industry dynamics [9][12].

登康口腔 20250908 摘要 登康口腔 2025 年上半年线上占比显著提升至近四成，Q1 线上增长超 200%，虽 Q2 增速放缓，但整体营收仍保持增长，线下市场保持稳健， 收入占比约 60%，并有个位数增长。 登康口腔通过"推高卖新"策略调整产品结构，线上先行推广高价值产 品，带动线下渠道升级，提升经销商净利水平，长期来看具有较大潜力， 高端系列毛利率可达 60%以上。 公司与经销商签订三方合同，确保价格体系稳定，有效避免窜货和价格 混乱，经销商净利水平提高，动销量周期维持在一个月左右，构成难以 模仿的竞争壁垒。 登康口腔市场份额位列前三，线下渠道稳健，压货周期低于行业平均水 平，公司围绕抗敏感核心进行产品更新，推出角蛋白牙膏等高端产品， 并升级迭代抗敏感技术。 公司不断迭代升级抗敏技术，如丝研、双重抗敏及生物矿化抗敏技术， 并有华西医院背书，功效强劲，冷酸灵牙膏在价格上较舒适达劲速抗敏 牙膏具有显著优势。 Q&A 登康口腔在个护行业的线上化趋势中表现如何？ 登康口腔在个护行业的线上化趋势中表现非常亮眼。近年来，随着渠道变革和 兴趣电商的兴起，整个个护赛道的线上化水平显著提升。登康口腔通过扩展渠 道，特 ...

Summary of Pro Pharmaceutical Conference Call Company Overview - Pro Pharmaceutical is experiencing rapid expansion in its CDMO (Contract Development and Manufacturing Organization) business, with over 600 R&D personnel in Shanghai and Hengdian, expected to exceed 1,000 in the next two years [2][4] - The R&D pipeline has grown from 28 API (Active Pharmaceutical Ingredient) projects in 2021 to 79 expected by 2024, with 22 commercialized API projects and 15 in the validation stage [2][4] Core Insights and Arguments - The CDMO revenue primarily comes from overseas business, accounting for over half of the total revenue, providing stable income growth and supporting overall performance [2][4] - Domestic formulation business is anticipated to enter a rapid growth phase by 2026, with an integrated business model and a multi-product strategy expected to yield over 15 approvals annually [2][5] - The raw material drug segment is showing a stable upward trend, with prices of antibiotics like cephalosporins expected to rebound after reaching a low point, and expansion in chronic disease raw materials expected to sustain long-term growth [2][7] - Key products like florfenicol are nearing price stabilization, which may enhance profit margins; the aesthetic medicine raw materials sector is expected to grow rapidly through diversified layouts and partnerships with leading cosmetics companies [2][7] Additional Important Points - Pro Pharmaceutical is investing in high-tech modified new drugs to achieve differentiated competition [5][6] - The overall outlook for Pro Pharmaceutical suggests a projected P/E ratio of approximately 10 by 2027, indicating investment value [3][8] - The three main business segments (CDMO, formulation, and raw materials) are expected to enter a new growth cycle starting in 2026, with a compound annual growth rate (CAGR) of over 20% anticipated in the coming years [3][8]

皖通高速主营安徽省内收费公路，截至 2024 年底运营里程 609 公里， 并托管 5,411 公里。2025 年 3 月并表复州、四许公司后，收费里程增 至 745 公里，通行费收入显著提升，2025 年上半年通行费收入达 24.5 亿元，同比增速 13.59%，位居行业首位。 2024 年皖通高速收入 70.92 亿元，同比增长 7%，通行费收入 38.9 亿 元。毛利率维持在 60%左右，2023 年达 63.18%。2016-2024 年归 母净利润复合增速 7.54%。2025 年上半年归母净利润 9.6 亿元，同比 增速 4%。 皖通高速财务结构稳健，2024 年底资产负债率仅 39.13%，ROE 为 12.84%，盈利质量高。单公里通行费收入 628.9 万元，高于行业平均 水平，仅次于东部沿海地区。 合宁高速、高界高速、宣宁高速为公司主要路产，收入和利润占比高。 这些核心路产已完成或正在进行改扩建，不存在到期影响后续收益的问 题。 Q&A 皖通高速的基本情况及其主营业务是什么？ 皖通高速成立于 1996 年 8 月，并在同年于香港联交所上市，2003 年在上交 所上市，是中国第一家在香港上市 ...

Summary of the Conference Call for Miao Exhibition Industry and Company Overview - The conference call pertains to Miao Exhibition, a company involved in organizing trade shows and exhibitions, particularly in Southeast Asia and the Middle East [2][3]. Key Points and Arguments 1. **Revenue and Profit Trends**: In the first half of 2025, Miao Exhibition experienced a revenue decline of approximately 7% and a significant profit drop of over 60%, primarily due to the challenging operating conditions faced by participating companies [4][4]. 2. **Record Orders in Vietnam**: The company secured a record order of $90 million from a Vietnam exhibition, marking a significant achievement in recent years [2][4]. 3. **"Wolf-Sheep Theory" Implementation**: The "Wolf-Sheep Theory" was introduced to enhance audience targeting, resulting in improved quality of industrial machinery professional attendees at the Indonesian industrial exhibition, despite a decrease in overall attendance [2][7]. 4. **Future Growth Plans**: Miao Exhibition plans to reduce U.S. exhibitions and increase new shows in Osaka, Tokyo, Saudi Arabia, and India in the second half of 2025, anticipating a significant revenue boost in Q4, which is expected to contribute 60% to 70% of annual performance [5][9]. 5. **Exhibition Discounts**: Discounts are determined at the contract signing stage and are tailored to specific customer needs, leading to an average revenue decline of 7% due to increased discount frequency in the first half of 2025 [12][12]. 6. **Government Support for SMEs**: The government has improved subsidies for small and medium enterprises (SMEs) going abroad, particularly related to the Belt and Road Initiative, which is expected to positively impact Miao Exhibition [13][15]. 7. **AI Exhibition Product Impact**: The introduction of AI exhibition products, including AI glasses, has had a temporary negative impact on sales revenue but is expected to lay a solid foundation for future growth [8][16]. 8. **India Market Potential**: The opening of business visas in India is seen as a critical growth point, with the potential to organize 1,500 to 2,000 exhibition booths if the situation improves [18][18]. 9. **Trade War Effects**: The U.S.-China trade war has led to a reduction in projects in the U.S. market, with only three projects in Q3 2025 compared to four in the previous year, affecting Chinese companies' willingness to participate [22][23]. 10. **Market Expansion Strategy**: In response to trade uncertainties, Miao Exhibition is actively exploring Southeast Asian and Middle Eastern markets, which are viewed as having good growth prospects [24][24]. 11. **Future M&A Plans**: The company is committed to pursuing mergers and acquisitions, particularly in Southeast Asia and the Middle East, which is seen as a key strategy for long-term growth without straining cash flow [25][25]. Other Important Insights - The overall number of exhibition booths is expected to be around 18,000 for the year, potentially increasing to nearly 19,000 if the Indian exhibition proceeds successfully [11][11]. - The company aims to achieve an annual sales target of $100 million, with plans to enhance the structure of existing conferences and introduce new international large-scale meetings [9][9]. - The competitive landscape in Dubai and other regions is characterized by established local exhibitions, with Miao Exhibition positioning itself based on service quality rather than price competition [24][24].

看好人形机器人主升浪 20250908 摘要 正裕科技在北美大客户供应商资质导入取得进展，并推出反向行星滚柱 丝杠、线性执行器、高度集成仿生臂等新产品，预计下半年陆续进入 SOP 或系统性推出阶段，同时国内市场与头部港股上市本体公司等进行 样品小批量出货。 科达利通过与伟创合资公司向英伟达和北美大客户送测人形机器人谐波 相关产品样品，有望进入供应商序列。公司主业受益于锂电产业链，预 计下半年景气度较高，机器人零部件进展值得关注。 浙江荣泰作为潜在执行器总成供应商，有望在 Tier 1 结构中获得更多关 注。松胜股份与国内准 Tier 1 公司合作开发谐波相关产品，储能逆变器 业务预计明年利润占比过半，与 Tier 1 公司合作显示发展潜力。 金华新材作为电子皮肤赛道企业，与北美战略大客户合作取得进展，客 户拜访交流显示未来成长潜力较大，值得持续关注和推荐。 肇民科技 PIX 四杠照明系统在下游测试验证通过，单机价值量预计提升 至小几千元级别，机器人单机价值量有望从 2-3 千元提升至 5-6 千元， 与国内外大客户对接有望提升单机 ASP，机器人业务 ASP 接近翻倍。 Q&A 今年（2025 年）下半年机器 ...

Summary of Lixun Precision's Conference Call Company Overview - Lixun Precision is a leading enterprise in the consumer electronics industry, evolving through both internal growth and external acquisitions, providing integrated smart manufacturing solutions from core components to system assembly [5][5][5] - The company’s revenue is primarily from consumer electronics, but starting in 2023, the share of communications and automotive businesses is expected to gradually increase, aiming for a balanced business structure [5][5][5] - The company has a stable shareholding structure, with core controllers Wang Laichun and Wang Laisheng positively influencing management [5][5][5] Industry Dynamics - The rapid development of AI is significantly benefiting Lixun Precision, especially with Apple's plans to invest over $500 billion in AI infrastructure in the U.S. over the next four years, along with an additional $100 billion investment [2][3][3] - The automotive electronics sector is a crucial growth area for Lixun, driven by trends in electrification and intelligence in the automotive industry [4][12][12] Key Points and Arguments - Lixun Precision's deep ties with major North American clients, particularly Apple, are a core reason for its recommendation as a top stock for September [3][3][3] - The company is expanding its product lines and has penetrated key Apple products such as iPhone, AirPods, and Apple Watch, while also actively exploring opportunities in communications and automotive sectors [2][3][7] - The acquisition of Wentai is expected to enhance Lixun's ODM business, aiming for breakeven by 2025 and significant profit contributions by 2026 [8][8][8] Financial Performance and Projections - The company is projected to achieve a profit growth rate of over 20% annually, supporting a valuation of over 20 times PE by 2026 [13][13][13] - The integration of recent acquisitions will take time, with profit contributions expected to be more pronounced in the following years [13][13][13] Market Opportunities - The demand for AI computing power is driving the expansion of the data center optical module market, which Lixun is well-positioned to benefit from due to its extensive technology reserves in high-speed cables, connectors, and power supply [4][11][11] - In the communications sector, the ASIC market is experiencing a boom, with significant opportunities arising from increased capital expenditures by CSP manufacturers [10][10][10] Additional Insights - Apple's advancements in AI, including the development of self-developed ASIC chips expected to be mass-produced by the second half of 2026, are anticipated to positively impact Lixun's business [6][6][6] - The automotive electronics segment is expected to see substantial growth, with Lixun's comprehensive layout in harnesses, connectors, and smart cockpit technologies [12][12][12]