4 December 2025 | 6:51AM HKT Equity Research Wuliangye Yibin (000858.SZ): Investor Meeting: More dedicated product/channel reforms for domestic resilience and overseas We hosted Wuliangye mgmt for an investor meeting in Shenzhen on Dec 3rd. The 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 this report as ...

Summary of Hangyang Co., Ltd. Conference Call Company Overview - Hangyang Co., Ltd. is a leading industrial gas company in China, benefiting from the stability of pipeline gas business and the flexibility of retail gas business, with a projected performance of approximately 1 billion yuan in 2025, primarily driven by pipeline gas contributions [2][12] Core Business Segments - The company's revenue structure consists of 70% from pipeline gas and 30% from retail gas, with plans to gradually increase the retail gas proportion to enhance profitability [2][5] - Core business areas include industrial gas equipment, pipeline gas, and retail gas, with pipeline and retail gas being significant growth drivers [10] Industry Dynamics - The Chinese industrial gas market is highly concentrated, with the top five companies holding over 70% market share. Hangyang is among these leaders, and successful integration with Yingde Gas could significantly enhance market share and pricing power [2][6] - The investment logic for the industrial gas industry in 2026 is based on supply-side reforms and increased market concentration, with expected profit compound annual growth rate (CAGR) close to 20% over the next three years [4] Growth Opportunities - Hangyang is actively expanding into controllable nuclear fusion, commercial aerospace, and hydrogen energy sectors, aligning with national development priorities under the "14th Five-Year Plan," which will provide new growth momentum [2][8] - The controllable nuclear fusion sector is expected to create significant demand for low-temperature systems, with potential value contribution of 5% to 16% from this business [7] Competitive Positioning - Hangyang's current valuation is approximately 20 times earnings, lower than international peers like Linde and Air Liquide, which are valued at 25-30 times. The company’s valuation is expected to align more closely with these peers as it advances in nuclear fusion and industry consolidation [3][9][15] - The company possesses strong defensive attributes due to long-term contracts in pipeline gas, ensuring stable revenue even during economic downturns [11][12] Future Projections - Hangyang's performance is projected to grow by over 15% in 2025, with sustained growth of around 20% in 2026 and 2027. If the economic cycle reverses, growth rates could exceed 30% or even 50%, indicating potential for the market capitalization to double [2][9][15] Conclusion - Hangyang Co., Ltd. is well-positioned in the industrial gas sector with a robust growth strategy, strong market presence, and significant opportunities in emerging fields, making it a compelling investment opportunity in the context of industry consolidation and technological advancements [2][4][8]

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]

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 ...