Xinbo Shares (003038.SZ): Initiation of Coverage

Accelerating Automotive Volume and Imminent Overseas PV Capacity Drive Turnaround

Date: December 22, 2025
Sector: Non-Ferrous Metals / Aluminum Processing
Rating: BUY (Initiation)
Target Price: Not Explicitly Stated (Valuation based on PE multiples)
Current Price: CNY 15.25 (as of Dec 19, 2025)

Executive Summary

We initiate coverage on Xinbo Shares (003038.SZ) with a BUY rating. The company stands at a pivotal inflection point, transitioning from a period of margin compression driven by domestic photovoltaic (PV) industry consolidation to a phase of robust growth fueled by two primary engines: the rapid expansion of its automotive lightweighting business and the strategic deployment of overseas production capacity for PV frames.

While the market has remained cautious due to intense competition in the domestic PV frame sector and volatile raw material costs, we believe this pessimism is overdone. Our analysis suggests that the PV industry is entering the final stage of its current downcycle, accelerating towards supply-demand rebalancing. Concurrently, Xinbo’s strategic acquisition of Wuhu Bida has deepened its ties with Chery Automobile, unlocking significant volume growth in the high-margin automotive aluminum profile segment. Furthermore, the company’s proactive layout in emerging sectors—specifically robotics and the low-altitude economy (eVTOL)—provides optional upside potential that is not yet fully priced in.

We forecast the company’s net profit attributable to shareholders to rebound sharply from an estimated CNY 14 million in 2025 to CNY 200 million in 2026 and CNY 302 million in 2027. This represents a year-on-year growth of 1,346% in 2026 and 50.7% in 2027. At the current price of CNY 15.25, the stock trades at an estimated Forward P/E of 18.5x for 2026 and 12.3x for 2027, which is below the average valuation of comparable peers in the PV and automotive components sectors. We view the current valuation as attractive given the anticipated earnings recovery and structural growth drivers.

Key Investment Thesis:
1. PV Sector Rebalancing & Overseas Arbitrage: The domestic PV frame market is stabilizing after a period of fierce price wars. Xinbo’s strategic move to establish overseas production capacity allows it to capture significantly higher processing fees abroad, serving as a critical profit driver.
2. Automotive Lightweighting Acceleration: The acquisition of Wuhu Bida secures a strategic partnership with Chery Automobile. With China’s New Energy Vehicle (NEV) production maintaining high growth rates and single-vehicle aluminum usage rising, this segment is poised for exponential revenue growth (estimated +55% in 2025, +120% in 2026).
3. New Growth Curves (Robotics & Low-Altitude Economy): Early-stage involvement in supplying components for leading flying car manufacturers and the establishment of a dedicated robotics subsidiary position Xinbo to benefit from next-generation industrial trends, offering long-term valuation elasticity.

Key Takeaways

1. Company Overview: Dual-Core Strategy with Emerging Options

Xinbo Shares is a leading manufacturer of aluminum profiles, primarily serving the New Energy Photovoltaic (PV) and Automotive Lightweighting sectors. The company’s business model is anchored in the processing of aluminum alloys into high-precision components.

• Core Business 1: PV Frames. Xinbo holds a significant market share in the PV frame industry (approx. 11% in 2022). As global PV installations continue to grow, demand for durable, cost-effective framing solutions remains robust. The company is currently expanding its footprint internationally to mitigate domestic margin pressure.
• Core Business 2: Automotive Aluminum Profiles. Leveraging the trend of vehicle lightweighting to enhance NEV range, Xinbo supplies aluminum extrusions for battery trays, body structures, and other components. The recent acquisition of Wuhu Bida is a transformative move, integrating the company deeper into the supply chain of major OEMs like Chery.
• Emerging Businesses: The company has established a subsidiary focused on robotics components, completing initial design phases. Additionally, it is in the sample delivery stage for components supplied to head-tier flying car (eVTOL) companies, targeting the nascent low-altitude economy.

2. Industry Dynamics: PV Recovery and Auto Growth

Photovoltaic Sector: From Downcycle to Rebalancing
The global PV industry has experienced a prolonged period of oversupply and margin compression in 2023–2024. However, several indicators suggest a turning point:
* Demand Resilience: Despite short-term volatility, global cumulative PV installations have maintained an annual growth rate exceeding 20% since 2021. China’s domestic installations continue to rise, supported by policy mandates and declining levelized cost of energy (LCOE).
* Supply Side Clearing: The industry is undergoing a necessary consolidation. Less efficient capacity is being exited, and pricing power is beginning to stabilize. We believe the sector is in the "last stage" of the downcycle, with profitability expected to improve in Q4 2025 and beyond.
* Cost Structure: In TOPCon dual-glass module configurations, frames account for over 13% of the total cost. This makes frame efficiency and cost control critical for module makers, favoring scaled, efficient producers like Xinbo.

Automotive Sector: Lightweighting as a Imperative
* NEV Production Surge: China’s NEV production exceeded 13 million units in 2024, maintaining a high growth trajectory.
* Aluminum Intensity Increase: To offset the weight of batteries and extend driving range, automakers are aggressively increasing aluminum content.
* 2020: Avg. aluminum use per vehicle: ~190 kg.
* 2025 (Est.): Avg. aluminum use per vehicle: ~250 kg.
* 2030 (Est.): Avg. aluminum use per vehicle: ~350 kg.
* Market Share Shift: In 2024, PV and NEV applications combined accounted for nearly 25% of China’s aluminum extrusion consumption, up from negligible levels a decade ago. This structural shift ensures long-term demand visibility for Xinbo’s core products.

3. Financial Analysis & Performance Trends

Historical Performance Context
Xinbo’s financial performance in 2023 and 2024 reflected the broader challenges in the PV supply chain.
* 2023: Revenue grew 61.6% YoY to CNY 6.82 billion, with Net Profit rising 60.8% to CNY 302 million. Margins were healthy (Gross Margin: 12.5%).
* 2024: Revenue continued to grow to CNY 8.57 billion (+25.7%), but Net Profit declined by 44.3% to CNY 168 million. Gross Margin compressed to 7.4%, reflecting intense price competition in the PV frame market and higher raw material costs.

2025 Transition Year
We estimate 2025 to be a transition year where revenue stabilizes (slight -0.5% decline to CNY 8.53 billion) while profits bottom out (Net Profit est. CNY 14 million). This low base is due to continued domestic PV margin pressure and the integration costs of new capacities. However, we expect a sequential improvement in H2 2025 as the industry rebalances.

2026–2027 Recovery and Growth
Our forecasts indicate a strong V-shaped recovery:
* Revenue: Expected to reach CNY 10.65 billion in 2026 (+24.9%) and CNY 13.20 billion in 2027 (+23.9%).
* Net Profit: Projected to surge to CNY 200 million in 2026 and CNY 302 million in 2027.
* Margins: Gross Margin is forecast to expand from 6.6% in 2025 to 8.0% in 2026 and 8.7% in 2027. This expansion is driven by:
1. Higher-margin overseas PV sales.
2. Scale effects and improved product mix in the automotive segment.
3. Stabilization of domestic PV processing fees.

Segment Breakdown (Based on H1 2025 Data & Forecasts)

Note: H1 2025 data sourced from iFind; Full year forecasts derived from analyst models.

4. Strategic Catalysts

A. Overseas Capacity Expansion
Domestic PV frame processing fees have been squeezed to near-cost levels. In contrast, overseas markets (particularly Europe and emerging markets with local content requirements) offer substantially higher processing fees. Xinbo’s active construction of overseas production facilities is a direct arbitrage strategy. As these capacities come online in late 2025/2026, they will disproportionately contribute to net profit, acting as a key multiplier for earnings quality.

B. Deepening Tie with Chery Automobile via Wuhu Bida Acquisition
The acquisition of Wuhu Bida is not merely a capacity add; it is a strategic entry ticket.
* Customer Lock-in: It solidifies Xinbo’s position as a tier-1 supplier to Chery, one of China’s fastest-growing automakers, especially in the export and NEV segments.
* Synergy: Integration allows for shared R&D, optimized logistics, and joint bidding for new platforms.
* Volume Visibility: With Chery’s aggressive expansion plans, Xinbo’s automotive revenue is projected to grow by 120% in 2026. This high-visibility growth de-risks the top-line forecast.

C. Robotics and Low-Altitude Economy (Optionality)
* Robotics: The establishment of a dedicated robotics company signals a move into high-precision, high-value-added components. While currently in the design phase, this aligns with the national push for advanced manufacturing and humanoid/industrial robotics.
* Low-Altitude Economy: Xinbo is already supplying sample parts to leading eVTOL (electric Vertical Take-Off and Landing) manufacturers. Given the extreme weight sensitivity of flying vehicles, aluminum and composite lightweighting solutions are critical. Successful certification and mass adoption of eVTOLs could open a entirely new, high-margin revenue stream by 2027–2028.

5. Valuation and Peer Comparison

We compare Xinbo Shares against a peer group comprising PV material suppliers (Foster, Flat Glass) and automotive aluminum component makers (Hesheng, Yongzhen).

Valuation Metrics (as of Dec 19, 2025)

Source: iFind Consensus Estimates for peers; Analyst Estimates for Xinbo.

Interpretation:
* 2025 Distortion: The 268x P/E for 2025 is an artifact of the depressed earnings base (CNY 14 million) during the industry trough. It is not a meaningful valuation metric for long-term investors.
* 2026–2027 Attractiveness: Looking forward to 2026, Xinbo trades at 18.5x P/E, which is slightly below the peer average of 20.15x. For 2027, it trades at 12.3x P/E, significantly below the peer average of 15.32x.
* Growth-Adjusted Value: Given the projected net profit CAGR of over 100% from 2025 to 2027, the forward PEG ratio is highly attractive. The market is currently pricing Xinbo similarly to mature PV glass players, despite its higher growth profile in the automotive segment and the optionality of overseas margins.

Dividend Yield: The company offers a dividend yield of approximately 1.28%, providing a modest income cushion while investors await capital appreciation from earnings growth.

Risks / Headwinds

While our outlook is positive, investors must consider the following risks that could impact the investment thesis:

1. Intensified Market Competition

• PV Sector: The PV frame industry has low barriers to entry relative to cell/module manufacturing. If the industry rebalancing is slower than expected, or if new capacity floods the market, processing fees may remain suppressed, delaying margin recovery.
• Auto Sector: The automotive aluminum sector is also seeing increased participation from traditional steel suppliers and other aluminum processors. Price wars in the NEV supply chain could compress margins for Tier 1/2 suppliers.

2. Raw Material Price Volatility

• Aluminum Exposure: Aluminum constitutes the majority of Xinbo’s cost of goods sold. While the company employs pass-through mechanisms for some contracts, there is often a lag between raw material price changes and product price adjustments.
• Working Capital Pressure: Significant fluctuations in aluminum prices can strain working capital, especially given the company’s high accounts receivable and inventory levels. A sharp rise in aluminum prices without immediate downstream pass-through could negatively impact cash flows and gross margins.

3. International Trade Environment

• Tariffs and Barriers: Xinbo’s strategy relies heavily on overseas expansion to capture higher margins. However, increasing protectionism in key markets (e.g., EU anti-subsidy investigations, US tariffs, or local content requirements in India/Southeast Asia) could hinder the profitability or feasibility of its overseas projects.
• Geopolitical Risk: Trade tensions could lead to sudden regulatory changes, affecting export volumes or forcing localized production at higher costs than anticipated.

4. Downstream Demand Miss

• PV Installations: If global macroeconomic conditions worsen, leading to reduced subsidies or higher financing costs for solar projects, PV installation growth could slow below the expected 20%+ CAGR.
• NEV Sales: The NEV market is maturing. If consumer demand saturates or if policy support withdraws prematurely, NEV production growth could decelerate, directly impacting Xinbo’s fastest-growing segment.

5. Execution Risk in M&A and New Ventures

• Wuhu Bida Integration: Failure to effectively integrate Wuhu Bida’s operations, culture, and systems could result in synergies not being realized, or even operational disruptions.
• New Technologies: The robotics and eVTOL sectors are highly speculative. Technical failures, certification delays, or lack of commercial adoption could mean these "optionality" values never materialize into significant revenue.

Rating / Sector Outlook

Sector Outlook: Neutral to Positive (Turning Corner)
The broader Non-Ferrous Metals and PV Materials sector is emerging from a period of severe distress.
* PV Materials: We view the sector as being in the "late downcycle." Supply side clearing is evident, and demand remains structurally strong due to the global energy transition. We expect margins to normalize in 2026.
* Auto Components: The sector remains "Positive" due to the secular trend of lightweighting. However, selectivity is key. Suppliers with strong OEM bindings (like Xinbo with Chery) are preferred over generic commodity suppliers.

Company Rating: BUY
We assign a BUY rating to Xinbo Shares (003038.SZ).
* Rationale: The risk-reward profile is favorable. The downside is limited by the current low valuation (1.2x P/B) and the tangible asset base. The upside is driven by the high-probability recovery in PV margins, the high-certainty volume growth in automotive, and the low-probability but high-impact potential of robotics/eVTOL.
* Time Horizon: 12–18 months. We expect the market to re-rate the stock as quarterly earnings demonstrate the margin expansion and profit recovery in 2026.

Investment View

1. Contrarian Play on PV Margin Recovery

The market consensus is still wary of the PV supply chain, remembering the brutal price wars of 2023–2024. However, our analysis indicates that the worst is behind us. Xinbo serves as an efficient proxy for this recovery. Unlike pure-play module makers who face brand and technology risks, Xinbo’s frame business is a "pick-and-shovel" play. As long as modules are shipped, frames are needed. The addition of overseas capacity provides a unique alpha generator, allowing Xinbo to decouple its margin trajectory from the saturated domestic market. Investors should view the low 2025 earnings not as a structural decline, but as a cyclical trough.

2. Structural Growth via Automotive Lightweighting

The automotive segment is the second pillar of our thesis. The acquisition of Wuhu Bida is a catalyst that transforms Xinbo from a participant to a key partner in the Chery ecosystem.
* Volume Certainty: Chery’s export success and domestic NEV growth provide a visible order book.
* Margin Accretion: Automotive aluminum profiles typically command higher and more stable processing fees than PV frames. As the revenue mix shifts towards automotive (from ~8% in H1 2025 to potentially 15–20% in 2027), the blended gross margin of the company will structurally improve.
* Lightweighting Trend: The increase in aluminum content per vehicle from 190kg to 250kg+ is a multi-year tailwind that is independent of short-term auto sales fluctuations. Even if unit sales grow moderately, the value per unit sold increases.

3. Valuation Disconnect and Re-rating Potential

At a market capitalization of ~CNY 3.7 billion, Xinbo is valued at just 1.2x Book Value. This is inexpensive for a growing manufacturing franchise with clear market leadership in niche segments.
* Peer Comparison: Trading at 12.3x 2027E P/E, it is cheaper than Foster (14.0x) and Flat Glass (15.3x), despite having higher projected earnings growth rates in the near term.
* Re-rating Trigger: As 2026 earnings materialize, the P/E will compress rapidly. If the market begins to assign value to the robotics/eVTOL options, the multiple could expand further. We anticipate a re-rating towards the 15–18x P/E range as confidence in the turnaround grows, implying significant upside from current levels.

4. Monitoring Key Indicators

Investors should track the following metrics to validate the thesis:
* Quarterly Gross Margin: Look for sequential improvement in H2 2025 and throughout 2026, specifically targeting a return to >8%.
* Overseas Revenue Contribution: Monitor the ramp-up of overseas facilities. An increase in the proportion of overseas revenue will signal successful execution of the high-margin strategy.
* Chery Production Data: Correlate Xinbo’s automotive revenue growth with Chery’s monthly production and sales figures, particularly for NEV models.
* Aluminum Prices (LME/SHFE): Watch for stability in raw material costs. Sharp spikes may temporarily disrupt margins, while stable prices aid planning.

5. Conclusion

Xinbo Shares represents a compelling opportunity for institutional investors seeking exposure to the green energy transition with a focus on earnings recovery and structural growth. The company is navigating the transition from a volume-driven, low-margin domestic PV player to a diversified, globally integrated manufacturer with higher-margin automotive and overseas businesses.

The convergence of three factors—PV industry rebalancing, automotive volume acceleration, and attractive valuation—creates a strong buy signal. While risks regarding trade policies and raw material costs persist, they are largely priced in at current levels. We recommend accumulating positions on weakness, with a target horizon of 12–18 months to capture the full realization of the 2026–2027 earnings recovery.

Appendix: Detailed Financial Forecasts & Assumptions

A. Revenue Forecast Breakdown

1. New Energy Photovoltaic (PV) Segment
* Assumption: Global PV installations continue to grow, but domestic Chinese processing fees remain competitive. Overseas capacity begins to contribute meaningfully in 2026.
* 2025E: Revenue decline of 5% YoY due to lower domestic processing fees and destocking. Est. Revenue: ~CNY 7.0 billion (implied from total mix).
* 2026E: Revenue growth of 16% YoY driven by overseas volume and stabilized domestic prices.
* 2027E: Revenue growth of 14% YoY, tracking global installation growth.
* Margin Trajectory: Gross Margin improves from 5.0% (2025) to 5.7% (2026) and 5.5% (2027) as overseas high-margin sales offset domestic pressure.

2. Automotive Lightweighting Segment
* Assumption: Full consolidation of Wuhu Bida and ramp-up of supply to Chery and other NEV OEMs.
* 2025E: Revenue growth of 55% YoY. Est. Revenue: ~CNY 0.5 billion (implied).
* 2026E: Revenue growth of 120% YoY as new platforms launch.
* 2027E: Revenue growth of 80% YoY, maintaining high momentum.
* Margin Trajectory: Gross Margin expands from 13.5% (2025) to 15.5% (2026) and 16.0% (2027) due to economies of scale and operational efficiency.

3. Other Business
* Assumption: Steady growth aligned with general industrial activity. Includes contributions from robotics and other industrial profiles.
* Growth: Moderate single-digit to low-double-digit growth assumed.
* Margin: Stable around 11%.

B. Profit & Loss Forecast Logic

C. Balance Sheet & Cash Flow Highlights

• Assets: Total assets are projected to grow from CNY 10.1 billion in 2024 to CNY 17.3 billion in 2027, driven by fixed asset investments in overseas plants and automotive capacity.
• Liabilities: The debt-to-asset ratio is expected to rise from 70.2% in 2024 to 79.5% in 2027. This reflects the capital-intensive nature of the expansion phase. Short-term borrowings are projected to increase significantly to fund working capital needs associated with higher revenue volumes.
• Cash Flow:
  • Operating Cash Flow (OCF): Expected to turn positive in 2025 (CNY 1.26 billion) due to working capital management, despite low net income. However, OCF may fluctuate in 2026–2027 due to increased inventory and receivables associated with rapid growth.
  • Investing Cash Flow: Significant negative cash flow continues (approx. -CNY 1.0 billion annually) due to ongoing CapEx for new production lines.
  • Financing Cash Flow: Positive, relying on bank borrowings to fund the gap between operating cash generation and capital expenditure.

D. Sensitivity Analysis

To assess the robustness of our forecast, we consider the following sensitivities:

1. Aluminum Price Sensitivity:

   • Base Case: Aluminum prices remain stable within +/- 5% range.
   • Bear Case: Aluminum prices rise by 15% without full pass-through. This could reduce Gross Margin by 1–1.5%, impacting 2026 Net Profit by approx. CNY 30–40 million.
   • Bull Case: Aluminum prices drop by 10%, improving working capital and potentially boosting margins if selling prices are sticky.

2. PV Processing Fee Sensitivity:

   • Base Case: Domestic fees stabilize; overseas fees remain premium.
   • Bear Case: Domestic price war resumes, pushing margins back to 3–4%. This would delay the breakeven in the PV segment, reducing 2026 Net Profit by approx. CNY 20–30 million.
   • Bull Case: Faster industry consolidation leads to fee hikes in H2 2025. This could accelerate margin recovery, adding CNY 20–30 million to 2026 Net Profit.

3. Automotive Volume Sensitivity:

   • Base Case: Chery and other clients meet production targets.
   • Bear Case: NEV sales growth slows to <10%. Automotive revenue growth misses by 20%. Impact: 2026 Net Profit reduced by CNY 15–20 million.
   • Bull Case: NEV sales exceed expectations, and Xinbo gains share from competitors. Impact: 2026 Net Profit increased by CNY 15–20 million.

Detailed Sector Context: The Aluminum Extrusion Landscape

To fully appreciate Xinbo’s position, it is essential to understand the broader context of the aluminum extrusion industry in China.

1. Supply Side: Fragmentation and Consolidation
China is the world’s largest producer of aluminum extrusion profiles, with output exceeding 21 million tons in 2024. However, the industry is highly fragmented, with thousands of small-scale processors.
* Barriers to Entry: While basic extrusion has low barriers, high-precision profiles for automotive and PV require significant technical expertise, certification (especially for automotive safety components), and scale.
* Consolidation Trend: Environmental regulations and energy consumption caps are forcing smaller, inefficient players to exit. This benefits large, compliant players like Xinbo, who can achieve economies of scale and secure long-term contracts with top-tier OEMs.

2. Demand Side: The Green Transition
The demand structure for aluminum extrusions is undergoing a historic shift.
* Traditional Construction: Historically, real estate and construction accounted for the majority of demand. This sector is now stagnant or declining.
* New Energy Drivers:
* PV Frames: As solar becomes the cheapest source of electricity in many regions, installation volumes are decoupling from subsidies and driven by economics. This creates a steady, high-volume demand for frames.
* NEV Lightweighting: The physics of electric vehicles dictates that weight reduction is paramount for battery efficiency. Aluminum is the most viable mass-production material for this purpose. The shift from Internal Combustion Engines (ICE) to NEVs increases aluminum content per vehicle by 30–50%.

3. Competitive Moat of Xinbo
Xinbo has built a moat through:
* Integrated Production: From aluminum rod casting to extrusion, surface treatment, and deep processing. This vertical integration allows for better quality control and cost management.
* Customer Stickiness: In the automotive sector, once a supplier is certified for a platform, switching costs are high. The Wuhu Bida acquisition locks in this relationship.
* Scale: Being a top-5 player in PV frames gives Xinbo bargaining power with aluminum suppliers and logistics providers.

Corporate Governance and Management

Management Team:
The company is led by an experienced management team with deep roots in the aluminum processing industry. Their strategic decisions, such as the early entry into PV frames and the recent pivot to automotive and overseas markets, demonstrate agility and foresight.

Capital Allocation:
* CapEx Discipline: The company has maintained a high level of capital expenditure to support growth. While this increases leverage, it is necessary to capture market share in high-growth segments.
* Dividend Policy: The company maintains a consistent dividend policy (1.28% yield), signaling confidence in cash flow generation despite heavy reinvestment.

ESG Considerations:
* Environmental: Aluminum production is energy-intensive. Xinbo is increasingly focusing on using recycled aluminum and green energy in its production processes to meet the ESG requirements of international customers (especially in Europe).
* Social: The company provides stable employment in its manufacturing bases.
* Governance: As a listed entity, Xinbo adheres to strict disclosure standards. The transparency of its financial reporting has improved over time.

Final Investment Recommendation

Summary of Arguments for BUY:

1. Cyclical Bottom: The PV sector is at the bottom of its cycle. Buying now allows investors to capture the full upside of the inevitable margin recovery.
2. Structural Growth: The automotive lightweighting story is a multi-year secular trend, not a cyclical blip. Xinbo is well-positioned to ride this wave.
3. Valuation Safety Margin: At 1.2x P/B and <13x Forward P/E (2027), the stock is cheap relative to its growth prospects and asset base.
4. Optionality: The robotics and eVTOL ventures provide free call options on future technological breakthroughs.

Actionable Advice:
Institutional investors should consider initiating or adding to positions in Xinbo Shares (003038.SZ) in the current price range of CNY 15.00–15.50. The stock is suitable for portfolios with a medium-to-long-term horizon (12–24 months) that can tolerate short-term volatility associated with raw material prices and quarterly earnings fluctuations.

Price Targets (Implied):
Based on a 2027E EPS of CNY 1.24 and applying a conservative peer-average P/E of 15x, the implied target price is CNY 18.60. Applying a more optimistic P/E of 18x (reflecting higher growth and overseas premium), the target price rises to CNY 22.32. This represents a potential upside of 22% to 46% from the current price of CNY 15.25, excluding dividend returns.

Disclaimer and Legal Information

Analyst Certification:
The analysts named in this report, Zhu Pan and Lu Jiayi, certify that all of the views expressed in this report accurately reflect their personal views about the subject securities or issuers. They also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Important Disclosures:
* Investment Rating Definitions:
* Buy: Expected relative return > 15% vs. benchmark (CSI 300) over next 6 months.
* Outperform: Expected relative return 5%–15%.
* Hold: Expected relative return -5% to 5%.
* Sell: Expected relative return < -5%.
* Benchmark: CSI 300 Index (000300.SH) for A-share market.

Risk Warning:
This report is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information contained herein is derived from sources believed to be reliable, but AJZQ (Ai Jian Securities) does not guarantee its accuracy or completeness. Past performance is not indicative of future results. Investors should conduct their own independent research and consult with financial advisors before making investment decisions.

Copyright:
© 2025 Ai Jian Securities Co., Ltd. All rights reserved. No part of this report may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

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