March 12 Financial Morning Brief

1. The CPC Committee of the China Securities Regulatory Commission (CSRC) convened an expanded meeting to study and deploy concrete measures for implementing policies in the capital market. The meeting emphasized consolidating the market’s stabilization and recovery momentum, strengthening strategic capacity reserves and market-stabilizing mechanisms. It called for intensified support for scientific and technological innovation and the development of new-quality productive forces, and for the prudent resumption of the application of the Fifth Listing Standard on the STAR Market. Taking comprehensive investment and financing reform as the driver, a new round of capital market reform will be fully launched. A master plan for opening up the capital market will be formulated, and cross-border connectivity will be steadily expanded. Regulatory enforcement efficiency will be enhanced, and a highly competent, disciplined, and professional regulatory force—the 'Three-Hard' regulatory iron army—will be acceleratedly built. 2. Jinglin Asset Management has fully pivoted to Chinese assets. Gao Yuncheng, partner and fund manager at Jinglin Asset Management, revealed that starting from last July–August—when Chinese assets were still in a downturn—the firm made a major strategic adjustment to its global asset allocation, gradually shifting investment positions back to Chinese assets; this reallocation is now largely complete. IV. Industry Dynamics (A) TMT Sector 1. Manus Platform announced a strategic partnership with Alibaba’s Tongyi Qwen team. The two parties will implement all Manus functionalities on domestic AI models and computing platforms, based on the open-source Tongyi Qwen series models. 2. The 'Cloud Intelligence Converges Energy, Jointly Building a New Future for the AI Industry—AI and Controllable Cloud Computing Industrial Ecosystem Conference' will be held in Hangzhou on March 13. Alibaba Cloud, Huawei, and Hyper-Compute will deliver keynote speeches. (B) Manufacturing Sector 1. From January to February this year, China’s automobile production and sales totaled 4.553 million and 4.552 million units respectively, up 16.2% and 13.1% year-on-year. Among them, new-energy vehicle (NEV) production and sales reached 1.903 million and 1.835 million units respectively, with exports of 282,000 units—both production and sales growth exceeding 50% year-on-year. 2. In February, China’s power battery sales amounted to 66.9 GWh, accounting for 74.3% of total battery sales, rising 6.4% month-on-month and surging 98.8% year-on-year.

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Huayan Precision Machinery: Revenue up 24% to RMB 484 million; net profit up 31% to RMB 70.76 million. Star-net Ruijie: Revenue up 19% to RMB 14.17 billion; net profit up 31% to RMB 344 million. Zhejiang Huayuan: Revenue up 18% to RMB 541 million; net profit up 29% to RMB 78.95 million. Guangdian Metrology: Revenue up 11% to RMB 2.416 billion; net profit up 26% to RMB 239 million. Dalian Heavy Industry: Revenue up 8% to RMB 10.98 billion; net profit up 23% to RMB 490 million. Stanley: Revenue up 17% to RMB 9.29 billion; net profit up 22% to RMB 815 million. Xi’an High-voltage Electrical Apparatus Research Institute (XIGAO): Revenue up 15% to RMB 651 million; net profit up 21% to RMB 198 million. Companies reporting net profit growth of up to 20% as of the evening of October 21: China XD Electric: Revenue up 11% to RMB 17.00 billion; net profit up 19% to RMB 939 million. Huaxin New Materials: Revenue up 16% to RMB 265 million; net profit up 18% to RMB 40.81 million. Pinggao Electric: Revenue up 7% to RMB 8.436 billion; net profit up 14% to RMB 982 million. Western Regions Tourism: Revenue up 6% to RMB 286 million; net profit down 14% to RMB 98.58 million. Dongshan Precision: Revenue up 2% to RMB 27.07 billion; net profit up 14% to RMB 1.223 billion. Shiyida: Revenue up 7% to RMB 485 million; net profit up 12% to RMB 30.31 million. Hongjing Optoelectronics: Revenue up 51% to RMB 1.198 billion; net profit up 12% to RMB 142 million. Sealing Technology: Revenue up 8% to RMB 425 million; net profit up 10% to RMB 73.47 million. Feilong Auto Parts: Revenue down 7% to RMB 3.237 billion; net profit up 7% to RMB 287 million. Ketuo Biotech: Revenue up 22% to RMB 267 million; net profit up 7% to RMB 76.23 million. China Telecom: Revenue up 1% to RMB 394.3 billion; net profit up 5% to RMB 30.77 billion. CNOOC Energy Development: Revenue up 1% to RMB 33.95 billion; net profit up 6% to RMB 2.853 billion. Platinum New Materials: Revenue up 6% to RMB 1.301 billion; net profit up 2% to RMB 294 million. Best: Revenue up 7% to RMB 1.121 billion; net profit up 5% to RMB 236 million. Donghua Testing: Revenue up 8% to RMB 385 million; net profit up 2% to RMB 101 million. Gaomeng New Materials: Revenue up 5% to RMB 952 million; net profit up 3% to RMB 114 million. Kaipu Testing: Revenue unchanged at RMB 163 million; net profit up 3% to RMB 57.85 million. Baia Co., Ltd.: Revenue up 12% to RMB 2.623 billion; net profit up 2% to RMB 245 million. Haisen Pharmaceutical: Revenue up 12% to RMB 359 million; net profit up 1% to RMB 88.21 million. Xin Qianglian: Q3 revenue up 84% to RMB 3.6 billion; net profit surged 1,939% to RMB 664 million. Xin Qianglian’s extraordinary growth was driven by three factors: explosive demand in the wind-power industry (new installations in H1 rose 98.88% YoY); rapid ramp-up of high-value-added products (e.g., TRB bearings), boosting gross margin by over 12 percentage points; and highly efficient cost control (supply-chain integration reduced costs, and expense ratio fell 4.5 percentage points). Wanchen Group: Revenue for the first three quarters rose 77% to RMB 36.6 billion; net profit soared 917% to RMB 855 million. Wanchen Group’s exceptional performance stems primarily from its ready-to-cook meal business becoming a key growth engine. Its brands—including 'Ding Ding Lazy Chef'—cover diverse product categories; in the first half of 2025, ready-to-cook meal revenue surged 112% YoY. Meanwhile, deepened omnichannel expansion—online via Douyin and Tmall, offline through over 3,000 supermarkets and community group-buying channels—combined with economies of scale (bulk procurement lowering costs, standardized production improving efficiency) lifted gross margin by 5.8 percentage points to 32.5% and reduced expense ratio by 3.2 percentage points YoY, collectively driving revenue up 77% to RMB 36.56 billion and net profit up 917% to RMB 855 million.

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