Haitaike (301022) Exchange Meeting on March 17

The company emphasized that its core competitiveness lies in mold manufacturing—particularly in accumulating extensive experience in mold flow analysis. Haitaike plans to enhance customer stickiness and solve client challenges by offering differentiated services, such as its ‘Magic Integrated’ mold solutions, and by supplying plastic granules to shared customers. Additionally, the company is making strategic moves upstream in the materials segment: developing proprietary materials and potentially investing in domestic production capacity to support its long-term development goals. ● 28:49 Haitaike plans to develop a 150,000-ton modified plastics project and provide customized plastic granule services. Haitaike plans to develop a 150,000-ton modified plastics project to deliver customized plastic granules and complementary mold services—reducing project development time and cost, and eliminating friction between mold manufacturers and plastic granule suppliers. This project is located near Hefei, Anhui Province. Equipment installation and commissioning are expected in July–August this year; trial production will begin by year-end; pilot-scale production is scheduled for mid-2026; and full capacity is projected for 2027. The modified plastics project targets the high-end plastic granule market, with an estimated annual revenue of RMB 1.7 billion. Formula development for modified plastics will be primarily conducted in-house, leveraging Haitaike’s collaboration with Qingdao University of Science and Technology and its own R&D capabilities. ● 34:58 Discussion on R&D and Application of Humanoid Robots and New Materials The dialogue centered on R&D and application of humanoid robots and new materials. On one hand, it explored potential applications of P-materials and modified plastics in humanoid robots—especially for lightweighting, aligning with future trends. On the other hand, it highlighted growing interest in biomimetic humanoid robots featuring more human-like appearance and emotional expression—including ongoing research into electronic or humanoid skin. Simultaneously, the company expressed its proactive strategy of exploring cutting-edge fields in new materials and advanced technologies—and potentially acquiring relevant projects via M&A—to overcome limitations inherent in the traditional mold industry and pursue higher-tech growth paths. ● 39:47 Three-Year Performance Plan and Targets The company forecasts mold revenue of RMB 700 million in 2025, plastic component revenue of approximately RMB 120 million, and negligible modified plastics revenue—resulting in total revenue of about RMB 850 million and net profit between RMB 55 million and RMB 60 million. In 2026, financial expenses are expected to decline following possible conversion of convertible bonds; mold revenue is projected at RMB 800 million, plastic components at RMB 150 million, and modified plastics at RMB 300–400 million—yielding total revenue of ~RMB 1.3 billion and net profit of ~RMB 90 million. In 2027, mold revenue is forecast at RMB 900 million, plastic components at RMB 200–300 million, and modified plastics at an optimistic estimate of RMB 1 billion (conservative estimate: RMB 600–700 million), resulting in total revenue in the tens of hundreds of millions of RMB and net profit of ~RMB 150 million. ● 43:48 Impairment Losses in Financial Statements and Gross Margin Outlook The discussion focused on volatility in asset impairment losses and credit impairment losses reported in financial statements—and how to manage them. Credit impairment losses stem mainly from full provisioning against accounts receivable and inventory related to HiPhi Automobile, as well as increased bad debt ratios due to extended payment terms in overseas operations. These losses are expected to remain relatively stable over the next few years. Additionally, the conversation addressed reasons behind declining gross margins for plastic parts and injection molds—possibly linked to order mix and capacity constraints—and explored short-term margin improvement strategies, as well as long-term outlook for material-segment gross margins.

One Quarter’s Earnings Equal Half a Year’s! Zhenyu Technology: Energy Storage Drives Explosive Performance Growth

Leveraging its deep expertise in precision manufacturing, Zhenyu Technology successfully entered the supply chains of leading battery manufacturers—including CATL, EVE Energy, and Sunwoda—securing a critical position in the industrial chain. This deep integration laid the groundwork for its subsequent explosive growth. Energy storage demand explosion triggers performance doubling Zhenyu Technology’s recent performance surge stems directly from an industry-wide boom ignited by surging energy storage demand. Globally, the energy storage market is currently experiencing a ‘high-demand, low-supply’ golden era. As the share of renewable power generation rises, supporting energy storage systems have become indispensable. The stabilization and rebound of lithium carbonate prices also signal a shift in industry pricing logic—from ‘cost-driven’ to ‘supply-and-demand-driven’—unlocking profitability across the entire value chain. Take the energy storage cell segment, for example: orders from leading players are already booked through Q1 2027. Spot cell prices have rebounded sharply from their 2025 lows, reflecting a reversal in bargaining power. Fueled by this supply-demand gap, a new wave of large-scale capacity expansions has swept China’s energy storage cell sector, with multiple companies announcing ambitious expansion plans. Against this backdrop, Zhenyu Technology—as a key upstream supplier—has naturally reaped substantial benefits. In the first three quarters of 2025, its lithium battery structural component revenue surged nearly 50% year-on-year, with capacity utilization reaching 92.73%, up 20 percentage points versus the prior full-year level. For the full year 2025, the company achieved revenue of RMB 9.776 billion (up 37.13% YoY) and attributable net profit of RMB 520 million (up 100% YoY). In Q1 2026, attributable net profit is projected at RMB 275–305 million—nearly tripling year-on-year—attributed squarely to surging demand in the energy storage battery market. (Source: Zhenyu Technology Announcement No. 20260120) Faced with overwhelming order inflows, existing capacity is nearing its limit—evidenced by the 92.73% utilization rate. To address this, Zhenyu Technology has launched a new round of fundraising for capacity expansion, targeting RMB 1.88 billion. Of this, RMB 752 million is earmarked for expanding lithium battery precision structural component production. (Source: Zhenyu Technology Announcement No. 20260403) Moreover, the company is proactively exploring emerging areas such as humanoid robots—leveraging its precision manufacturing strengths to develop core components like planetary roller screws. However, this business remains nascent and has only limited impact on overall performance so far. In the near term, the fundamentals underpinning Zhenyu Technology’s high growth remain robust. The strong momentum in the energy storage sector is expected to continue into 2026—and some institutions even forecast industry growth exceeding 60%.