First-half profits surged by 263%; Tostem’s self-sustaining commercial closed-loop effect is highly evident.

The high-elasticity growth in profitability stems from two main factors: First, revenue across Tostem’s three core business segments grew at varying rates, while the low-margin Intelligent Energy and Environmental Management Systems segment shrank year-on-year by 79.61%, significantly improving the company’s overall revenue mix. Second, the company achieved notable progress in accounts receivable collection, resulting in a year-on-year reduction in credit impairment losses. Overall, the strategic adjustments undertaken by the company have yielded remarkable results, reinforcing its product-centric, technology-driven foundation. All three business segments advanced in tandem, with outstanding performance in overseas markets. Industrial Robotics and Automation Application Systems: Revenue reached RMB 707 million, up 121.62% year-on-year, with a gross margin of 30.75%, making it the core engine driving the company’s growth. In the first half, Tostem signed contracts for approximately 6,800 industrial robots and shipped around 5,500 units. As product competitiveness continues to improve and the key-customer strategy delivers strong results, revenue from the company’s in-house multi-joint robots rose 22.21% year-on-year, and order volume increased 42.29%. Meanwhile, cooperation with leading clients in the consumer electronics (3C) sector deepened both in scope and intensity, sustaining growth in automation application systems. Injection Molding Equipment: Revenue totaled RMB 258 million, up 12.86% year-on-year, with a gross margin of 35.93%. Injection molding auxiliary equipment and automated material feeding systems—key products in this segment—hold prominent market positions. Optimized sales strategies, enhanced product quality, and notably successful overseas expansion collectively drove revenue growth of 17.80%. CNC Machine Tools: Revenue amounted to RMB 209 million, up 27.60% year-on-year, with a gross margin of 23.72%. Notably, surging demand for machining components used in humanoid robots boosted CNC machine tool orders to approximately 270 units—a 34.34% increase year-on-year—and shipments to about 200 units—a 42.55% increase year-on-year. Overseas Markets: During the reporting period, overseas revenue reached RMB 427 million, up 28.20% year-on-year, accounting for 33.12% of total revenue; gross margin stood at 30.78%, a substantial 15.07 percentage-point improvement year-on-year, reflecting continuously strengthening overseas profitability. This outstanding overseas performance not only highlights the effectiveness of the company’s international market expansion but also signals that its global layout is entering a fruitful phase. Currently, Tostem’s products are exported to over 50 countries and regions, with overseas markets emerging as a vital second growth curve. Embodied Intelligence Products Achieve Multi-Scenario Deployment—Truly “Working on the Factory Floor” According to Frost & Sullivan, Tostem’s humanoid robot “Xiao Tuo” is China’s first embodied intelligence robot deployed in injection molding applications. Its quadruped robot “Xing Zai” performs diverse tasks across multiple scenarios—including autonomous inspection and specialized operations in complex environments. Moreover, the company has developed several embodied intelligence robot workstations, such as flexible sorting and loading/unloading stations and embodied intelligence palletizing stations. These integrate perception, recognition, and adaptive decision-making capabilities, enabling them to operate effectively in more complex, dynamic, and unstructured environments. Tostem continues advancing the deployment of embodied intelligence robots in downstream manufacturing settings, collaborating with clients across various industries to conduct small-batch validations for diversified use cases.

Global Index Series | Introduction to the Dow Jones U.S. Oil & Gas Exploration & Production Index (DJSO)

Selection Methodology and Weighting Approach: Stocks belonging to the 'Exploration & Production' sub-industry, as classified under the DJICS system, are selected for inclusion in the index. The index employs a modified market-capitalization weighting methodology, with caps on individual stock weights—no single constituent may exceed 22.5% weight, and the combined weight of constituents exceeding 4% each must not surpass 45%. Rebalancing Schedule: Quarterly rebalancing occurs in March, June, September, and December. III. Constituent Composition Number of Constituents: Approximately 45–50 stocks. Top Ten Constituents (as of August 7, 2026; data sourced from IEO, the ETF tracking this index): Rank — Constituent — Weight 1 — ConocoPhillips (COP) — 17.95% World’s largest independent upstream company, focused exclusively on exploration and production. 2 — Valero Energy (VLO) — 11.10% One of the world’s largest independent refiners, primarily engaged in fuel manufacturing. 3 — Marathon Petroleum (MPC) — 10.91% Fourth-largest U.S. refiner, covering the full downstream value chain. 4 — EOG Resources (EOG) — 6.26% A leading independent oil & gas producer, with primary operations in the Permian Basin. 5 — Phillips 66 (PSX) — 4.94% Spun off from ConocoPhillips’ downstream business; activities include refining, midstream, and marketing. 6 — EQT Corporation (EQT) — 4.33% Largest pure-play natural gas producer in the U.S., with assets concentrated in the Appalachian region. 7 — Diamondback Energy (FANG) — 4.22% Pure-play Permian upstream operator; expanded significantly through recent acquisitions. 8 — Devon Energy (DVN) — 4.06% Operates across multiple shale plays, with a major focus on the Permian Basin. 9 — Expand Energy (EXE) — 3.84% Largest independent natural gas producer, formed via the merger of Chesapeake Energy and Southwestern Energy. 10 — Texas Pacific Land (TPL) — 3.41% Non-traditional producer earning revenue primarily from land royalties and water resources in the Permian Basin. Collectively, the top ten constituents account for approximately 71.03% of the index, indicating high concentration at the top. The top four holdings (COP, VLO, MPC, and EOG) alone represent over 46% of the index. Sector Distribution: Constituents are highly concentrated within the single sub-industry of oil & gas exploration and production. Compared with broader U.S. oil indices—such as the S&P 500 Energy Sector—this index is far more narrowly focused on upstream producers. Valuation Metrics (based on ETF IEO data, as of July 6, 2026): Price-to-Earnings (P/E) ratio ≈ 16.21x; Price-to-Book (P/B) ratio ≈ 1.88x. IV. Historical Performance (Backtested Returns) Annual Returns (Index Price Return): Performance by Period (Index Price Return): Risk–Return Profile: The index exhibits extremely high volatility—returning +71.63% in 2021 and +52.09% in 2022, but plunging −34.65% in 2020. Correlations: The index shows negative correlation with the CSI 300 across multiple timeframes, and exhibits very high correlations with WTI crude oil prices (0.94) and Brent crude oil prices (0.96). V. Tracking Instrument An ETF tracks this index: iShares U.S. Oil & Gas Exploration & Production ETF (Ticker: IEO), launched on May 1, 2006, with an expense ratio of 0.38%.

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Expand Energy exceeded second-quarter profit expectations as increased production compensated for lower natural gas prices. The leading U.S. natural gas producer reduced debt significantly while outlining substantial future investment plans for capacity expansion.

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Expand Energy tops profit estimates as higher output offsets lower gas prices

Expand Energy tops profit estimates as higher output offsets lower gas prices

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