Initiation of Coverage: Yongzhen Shares (603381.SH) – Strategic Pivot to High-Growth Robotics & Thermal Management; Overseas PV Frame Expansion Drives Margin Recovery

Date: December 5, 2025
Sector: Power Equipment / Photovoltaics / Advanced Manufacturing
Rating: BUY (Initiation)
Current Price: CNY 19.68
Target Price Implied Upside: Significant upside driven by earnings inflection in 2026-2027
Market Cap: CNY 4.67 Billion

Executive Summary

We initiate coverage on Yongzhen Shares (603381.SH) with a BUY rating. While the company has historically been recognized as a leading manufacturer of photovoltaic (PV) aluminum frames, our analysis highlights a fundamental transformation in its business model. Yongzhen is successfully leveraging its core competencies in aluminum extrusion and supply chain management to diversify into three high-growth, high-margin sectors: thermal management systems for new energy vehicles (NEVs) and energy storage, grid-side energy storage operations, and robotic structural components.

The investment thesis rests on three pillars:
1. Overseas Profitability Arbitrage: The company’s Vietnam production base is strategically positioned to serve the booming US and Indian PV markets. By bypassing trade barriers and capitalizing on higher processing fees abroad, Yongzhen is reversing the margin compression seen in the domestic Chinese market. We project overseas operations to become the primary profit driver, with order books extending into 2026.
2. Technological Moat in New Businesses: Through the acquisition of Jienowei, Yongzhen has secured a unique position in the thermal management sector as the only industrialized producer of wide, thin-walled aluminum profiles using flat extrusion technology. This technical advantage lowers comprehensive costs for clients in NEV and energy storage sectors, providing a competitive edge in a crowded market.
3. Exponential Growth from Robotics & Storage: The company has already achieved batch deliveries of core structural components to Zhiyuan Robot (Agibot), a leader in the humanoid robot space. Coupled with a 1.8GWh grid-side storage project in Baotou with guaranteed policy subsidies, these new ventures are poised to contribute significant earnings elasticity starting in 2026 and accelerating in 2027.

Financially, we anticipate a "J-curve" recovery. After a challenging 2025 marked by intense domestic competition and transitional costs (estimated Net Profit: CNY 60 million), we forecast a robust rebound in 2026 (Net Profit: CNY 373 million) and strong growth in 2027 (Net Profit: CNY 692 million). At current valuations, the stock trades at an attractive 13x 2026E P/E, significantly below the average of comparable companies in the broader power equipment sector, offering a compelling risk-reward profile for long-term institutional investors.

Key Takeaways

1. Core Business Resilience: The Overseas Pivot

The global PV industry is undergoing a structural shift. While domestic Chinese manufacturing faces severe overcapacity and price wars, international markets—particularly the United States and India—are experiencing rapid capacity expansion driven by local content requirements and energy security policies. Yongzhen’s early establishment of a manufacturing base in Vietnam allows it to effectively serve these markets.

• Market Access: The Vietnam facility anchors the company’s export strategy, targeting high-margin customers in the US and India.
• Margin Differential: Overseas processing fees and profit margins are substantially higher than domestic levels. As shown in our analysis, overseas gross margins significantly outperform domestic counterparts, making this segment the key contributor to overall profitability.
• Order Visibility: The company has secured contracts with top-tier global module manufacturers. Order schedules are robust, covering production capacity well into 2026, providing revenue visibility and stability amidst global macroeconomic uncertainty.

2. New Growth Engines: Diversification Beyond PV

Yongzhen is not merely a PV component supplier; it is evolving into a platform for advanced aluminum alloy applications.

• Thermal Management (Jienowei Acquisition): The acquisition of Jienowei provides immediate access to the NEV and energy storage thermal management supply chain. The key differentiator is Yongzhen’s mastery of flat extrusion technology for wide, thin-walled profiles (width >800mm, thickness <3mm). This capability is critical for next-generation battery trays and liquid cooling systems, where weight reduction and thermal efficiency are paramount.
• Robotics (Strategic Partnership with Zhiyuan Robot): The company has entered into a strategic cooperation with Zhiyuan Robot, a prominent player in the humanoid robotics sector. Yongzhen is already supplying multiple core structural components for Zhiyuan’s main models. As the robotics industry moves from prototype to mass production, Yongzhen stands to benefit from volume scaling.
• Energy Storage (Asset-Light + Asset-Heavy Mix): Beyond supplying components, Yongzhen is investing in a 1.8GWh grid-side storage station in Baotou. This project benefits from clear policy subsidies and predictable arbitrage spreads (charge/discharge price differences), offering a stable, recurring revenue stream that complements the cyclical nature of manufacturing.

3. Financial Inflection Point

Our financial modeling indicates that 2025 represents the trough in profitability due to one-time integration costs, R&D investments in new sectors, and lingering domestic price pressure. However, the convergence of full-capacity utilization in Vietnam, ramp-up of thermal management shipments, and initial contributions from robotics and storage projects will drive a sharp earnings recovery in 2026.

• 2025E: Net Profit CNY 60 million (Transition Year)
• 2026E: Net Profit CNY 373 million (+523% YoY)
• 2027E: Net Profit CNY 692 million (+85.6% YoY)

4. Valuation Appeal

Despite the near-term earnings dip, the forward-looking valuation is attractive. The stock currently trades at approximately 12.5x 2026E P/E and 6.8x 2027E P/E. Compared to peers such as Foster (603806.SH), Flat Glass (601865.SH), and Polymer Materials (688503.SH), which trade at average 2026E P/Es of ~22x, Yongzhen offers a significant discount despite its higher projected growth rate in the 2026-2027 period.

Company Overview & Strategic Positioning

Business Profile

Yongzhen Shares specializes in the research, development, production, and sales of aluminum alloy products. Historically, its core revenue driver has been photovoltaic aluminum frames, where it holds a leading market share in China. The company leverages a dual advantage: deep integration within the PV industry chain and expertise in the aluminum processing chain.

Recently, the company has executed a strategic diversification plan, expanding into:
1. Thermal Management Systems: Battery trays, liquid cooling plates for NEVs and energy storage.
2. Energy Storage: Grid-side storage station operation and component supply.
3. Robotics: Structural components for humanoid and industrial robots.

Competitive Landscape & Market Position

In the PV frame sector, the domestic market is characterized by homogenization and intense price competition. However, Yongzhen has differentiated itself through:
* Global Supply Chain Integration: Successful entry into the supply chains of leading domestic and overseas module manufacturers.
* Geographic Diversification: The Vietnam base serves as a hedge against trade tariffs and a gateway to premium markets.
* Technical Leadership in New Materials: In the thermal management sector, Yongzhen is the only manufacturer to have industrialized flat extrusion for wide, thin-walled profiles. This technological barrier reduces client costs and enhances product performance, creating a sticky customer relationship.

Customer Base

The company has built a robust portfolio of high-quality clients, particularly in the overseas market. Key partnerships include:

Source: Company Reports, PV Magazine, iFind, Aijian Securities Research Institute

These partnerships underscore Yongzhen’s ability to meet the stringent quality and compliance standards required by top-tier international energy firms. The combined capacity of these key overseas clients exceeds 55GW, implying a potential frame demand of over 275,000 tons, providing a substantial addressable market for Yongzhen’s Vietnam output.

Industry Analysis: Drivers of Growth

1. Photovoltaic Frames: The Overseas Opportunity

Global Demand Trends

The global transition to renewable energy continues to accelerate. Since 2021, the annual growth rate of global cumulative PV installations has exceeded 20%. This sustained growth creates a steady baseline demand for PV frames.

The US Market: High Margins & Local Content

The United States represents a critical high-margin market for Yongzhen.
* Installation Growth: PV’s share of new power generation installations in the US is rising steadily.
* Frame Demand: In 2024, US PV installations corresponded to a frame demand of approximately 250,000 tons (based on 50GW installations * 0.5 tons/GW).
* Local Manufacturing Boom: To comply with the Inflation Reduction Act (IRA) and other policy incentives, there is a surge in local module manufacturing. Potential expanded module capacity in the US is estimated at 40GW, which translates to an additional 200,000 tons of frame demand.
* Competitive Advantage: Yongzhen’s Vietnam base allows it to serve US clients without being subject to certain direct tariffs applicable to Chinese mainland exports, while benefiting from lower labor costs compared to US domestic production.

The Indian Market: Explosive Growth

India is emerging as the second major pillar of Yongzhen’s overseas strategy.
* Import Surge: High imports of PV cells into India are driving downstream module and frame assembly.
* Capacity Expansion: India’s local PV module capacity is projected to reach 100GW+ by 2025.
* Frame Demand: This capacity expansion corresponds to a frame demand of over 500,000 tons annually. With India aiming for 50-100GW of annual installations, the recurring demand for frames remains exceptionally strong.
* Key Clients: Partnerships with Waaree, Goldi Solar, and ReNew position Yongzhen to capture a significant share of this growing pie.

2. Thermal Management: Technological Disruption

The rise of NEVs and large-scale energy storage systems has intensified the demand for efficient thermal management.
* Technical Requirements: Modern battery packs require wider (800mm+) and thinner (<3mm) aluminum profiles for liquid cooling plates and structural trays. This poses significant challenges for traditional extrusion equipment and alloy formulations.
* Yongzhen’s Solution: Through Jienowei, Yongzhen utilizes flat extrusion technology. This method allows for the production of complex, wide, thin-walled structures with high precision and strength.
* Market Position: As the only industrialized producer of such profiles, Yongzhen offers a unique value proposition: lower comprehensive costs for customers. By integrating structural and cooling functions into single components, clients can reduce assembly steps and material usage.
* Capacity Ramp-up: Jienowei currently has a capacity of 10,000 tons. The company plans to expand this to 100,000 tons by the end of 2026, with expected shipments of 30,000 tons in 2026. This rapid scaling aligns with the anticipated surge in NEV and storage adoption.

3. Robotics: The Next Frontier

The humanoid robot industry is transitioning from R&D to commercialization.
* Partner: Zhiyuan Robot (Agibot) is a leading innovator in this space.
* Status: Yongzhen has already achieved batch delivery of core components for Zhiyuan’s main models.
* Material Innovation: The company is actively researching aluminum-magnesium alloys to further reduce weight while maintaining structural integrity—a critical requirement for mobile robotics.
* Growth Trajectory: While current volumes are small, the potential for exponential growth exists as robot production scales. We estimate robot component sales to grow from 10,000 units in 2025 to 500,000 units in 2027 in our base case.

4. Energy Storage: Stable Cash Flow

• Project: 1.8GWh Grid-side Storage Station in Baotou.
• Investment: ~CNY 1.31 billion.
• Status: Completed filing and preliminary work by September 2025.
• Economics: The project benefits from policy subsidies and operates in a region with favorable electricity price spreads. The call frequency and price differential are relatively deterministic, ensuring a stable profit contribution starting in the second half of 2026.

Financial Analysis & Forecasts

Historical Performance Review

• 2023: The company demonstrated strong performance with Revenue of CNY 5.39 billion and Net Profit of CNY 371 million. ROE stood at a healthy 16.9%.
• 2024: Revenue grew by 51.8% to CNY 8.18 billion, driven by volume expansion. However, Net Profit declined by 27.7% to CNY 268 million due to falling processing fees in the domestic market and increased competition. Gross margin compressed to 5.1%.
• 2025 (Estimated): We expect revenue to continue growing (+50.7% to CNY 12.33 billion) as overseas volumes ramp up. However, net profit is projected to dip to CNY 60 million. This decline reflects:
  1. Continued pressure on domestic processing fees.
  2. One-time costs associated with the Jienowei acquisition and integration.
  3. Initial R&D and setup costs for robotics and storage projects.
  4. Higher financial expenses due to increased borrowing for capacity expansion.

Forward-Looking Projections (2026-2027)

We project a sharp turnaround in profitability starting in 2026, driven by the factors outlined in the investment thesis.

Revenue Forecast

• 2026E: CNY 17.14 billion (+39.0% YoY). Growth driven by full-year contribution from Vietnam base, ramp-up of thermal management shipments, and initial storage revenue.
• 2027E: CNY 23.16 billion (+35.2% YoY). Sustained growth from all segments, with robotics becoming a meaningful contributor.

Profitability Forecast

• Gross Margin: Expected to improve from 4.2% in 2025E to 5.9% in 2026E and 6.5% in 2027E. This improvement is primarily due to the higher margin mix from overseas PV frames and value-added thermal management/robotics products.
• Net Profit:
  • 2026E: CNY 373 million (+523.1% YoY).
  • 2027E: CNY 692 million (+85.6% YoY).
• EPS:
  • 2026E: CNY 1.57/share.
  • 2027E: CNY 2.92/share.

Key Assumptions

Note: Thermal management unit price assumed per set/unit equivalent for modeling consistency; actual metrics may vary by specific component type.

Balance Sheet & Cash Flow Analysis

• Assets: Total assets are projected to grow from CNY 11.14 billion in 2025E to CNY 19.76 billion in 2027E, reflecting heavy capital expenditure in Vietnam, Baotou storage, and Jienowei expansion.
• Liabilities: The debt-to-asset ratio is expected to rise to 77.2% in 2026E before stabilizing at 75.6% in 2027E. This leverage is necessary to fund rapid expansion but requires careful monitoring of interest coverage.
• Cash Flow:
  • Operating Cash Flow (OCF): Expected to turn positive in 2025E (CNY 1.74 billion) after negative flows in prior years, indicating improved working capital management and earnings quality. However, 2026E OCF is modeled as negative (-CNY 4.23 billion) due to significant inventory buildup and receivables growth associated with rapid sales expansion. OCF recovers strongly in 2027E (CNY 1.98 billion).
  • Investing Cash Flow: Consistently negative due to ongoing CapEx (CNY 1.1-1.4 billion annually).
  • Financing Cash Flow: Positive inflows expected in 2026E (CNY 6.0 billion) to support expansion, primarily through bank borrowings.

Financial Ratios Summary

Valuation & Peer Comparison

Relative Valuation

We compare Yongzhen Shares against a peer group of leading companies in the PV auxiliary materials and power equipment sector: Foster (603806.SH), Flat Glass (601865.SH), and Polymer Materials (688503.SH).

Source: iFind Consensus Estimates, Aijian Securities Research Institute. Data as of Dec 4, 2025.

Analysis:
* 2025E Distortion: Yongzhen’s 2025E P/E of 78x appears elevated. However, this is an artifact of the temporary earnings trough (CNY 60 million net profit) caused by transition costs and domestic margin pressure. It does not reflect the company’s long-term earning power.
* 2026E-2027E Attractiveness: Looking forward to 2026, Yongzhen’s P/E compresses to 12.5x, and to 6.8x in 2027. This is a significant discount to the peer average of 22.0x (2026E) and 16.7x (2027E).
* Growth-Adjusted Valuation: Given Yongzhen’s projected net profit CAGR of over 100% from 2025 to 2027, compared to more moderate growth rates for mature peers like Foster and Flat Glass, the discount is unjustified. The market has not yet fully priced in the success of the diversification strategy and the margin recovery from overseas operations.

Absolute Valuation Considerations

• PB Ratio: The company trades at a P/B of 1.3x (current) and is projected to trade at 1.13x (2026E) and 0.97x (2027E). A sub-1.0x P/B in 2027 suggests the stock may be undervalued relative to its asset base, especially considering the improving ROE trajectory (14.3% in 2027E).
• EV/EBITDA: The EV/EBITDA multiple drops from 19.3x in 2025E to 11.5x in 2027E, aligning with or beating industry norms for high-growth manufacturing firms.

Investment View: Why Buy Now?

1. Contrarian Play on Margin Recovery

The market consensus is overly pessimistic about the PV frame sector, assuming perpetual price wars. We argue that Yongzhen’s geographic arbitrage (Vietnam -> US/India) decouples it from domestic margin compression. The Vietnam base is not just a capacity addition; it is a profit center with structurally higher returns. As Vietnam reaches full capacity in late 2025, Q4 2025 and Q1 2026 will likely show sequential margin improvement, serving as a catalyst for re-rating.

2. Optionality on High-Beta Themes

Yongzhen provides exposure to two of the most exciting themes in modern manufacturing: Humanoid Robots and NEV Thermal Management.
* Unlike pure-play robot stocks that are often pre-revenue, Yongzhen is already delivering batches. This de-risks the investment while retaining upside optionality.
* The partnership with Zhiyuan Robot is a strong signal of technical competence. As the robot industry scales, Yongzhen’s role as a core structural supplier could lead to a reclassification of the stock from a "PV Material" company to a "Advanced Robotics/AI Hardware" company, commanding a higher valuation multiple.

3. Visible Catalysts

Investors should monitor the following near-term catalysts:
* Q4 2025 Earnings: Expectation of improved profits from Vietnam full production.
* Jienowei Capacity Expansion: Progress updates on the ramp-up to 100k tons.
* Baotou Storage Commissioning: Official start of operations in 2H 2026.
* New Robot Orders: Announcements of expanded supply agreements with Zhiyuan or other robotics firms.

4. Risk-Reward Profile

The downside is limited by the company’s established cash flow from the PV business and its tangible asset base (P/B ~1.3x). The upside is significant, driven by the successful execution of the new business strategy. The current price of CNY 19.68 offers an attractive entry point before the 2026 earnings inflection becomes widely recognized.

Risks / Headwinds

While we are bullish on Yongzhen Shares, investors must consider the following risks:

1. Geopolitical & Trade Barrier Risks

• Description: The company’s overseas strategy relies heavily on exports from Vietnam to the US and India. Any tightening of trade rules, such as the US Department of Commerce investigating Vietnamese solar exports for circumvention of Chinese tariffs, or India imposing new restrictions on imported components, could severely impact margins and volume.
• Impact: High. Could negate the margin advantage of the Vietnam base.

2. Raw Material Price Volatility

• Description: Aluminum ingots, scrap aluminum, and aluminum rods constitute a significant portion of COGS. Fluctuations in global aluminum prices (driven by energy costs, supply disruptions, or macroeconomic factors) can squeeze margins if the company cannot pass these costs onto customers quickly.
• Impact: Medium. The company uses some hedging strategies, but significant spikes can affect working capital and short-term profitability.

3. Execution Risk in New Businesses

• Description: The thermal management, storage, and robotics segments are new to Yongzhen.
  • Thermal: Failure to scale Jienowei’s production efficiently or loss of key NEV customers.
  • Robotics: Delays in the mass production timeline of humanoid robots or failure to secure additional clients beyond Zhiyuan.
  • Storage: Regulatory changes affecting subsidy levels or electricity price spreads in Inner Mongolia.
• Impact: Medium to High. If these businesses fail to meet revenue targets, the projected earnings growth for 2026-2027 will not materialize, and the stock will remain valued as a low-margin PV manufacturer.

4. Domestic Competition & Processing Fee Pressure

• Description: If the domestic PV market remains oversupplied for longer than expected, processing fees may stay depressed, dragging down the overall blended margin despite overseas strength.
• Impact: Medium. Affects the "base" business profitability.

5. Financial Leverage & Liquidity

• Description: The company’s debt-to-asset ratio is projected to rise to over 77% in 2026. High leverage increases financial expenses and vulnerability to interest rate hikes or credit tightening.
• Impact: Medium. Requires disciplined cash flow management.

Detailed Sector & Company Deep Dive

The Photovoltaic Frame Industry: From Commodity to Strategic Asset

Market Dynamics

The PV frame industry has traditionally been viewed as a low-barrier, commodity-like segment of the solar supply chain. However, recent geopolitical shifts have transformed it into a strategic bottleneck.
* US Inflation Reduction Act (IRA): The IRA provides tax credits for domestically manufactured solar components. This has spurred a wave of module factory announcements in the US. However, building upstream supply chains (like aluminum extrusion) takes time. In the interim, US module makers need reliable, tariff-compliant frame suppliers. Yongzhen’s Vietnam facility fills this gap.
* India’s PLI Scheme: India’s Production Linked Incentive scheme aims to boost domestic manufacturing. Similar to the US, this creates a surge in demand for high-quality frames that local suppliers may struggle to meet immediately in terms of volume and consistency.

Yongzhen’s Competitive Edge in PV

1. Scale & Cost Control: As a top-tier supplier, Yongzhen benefits from economies of scale in aluminum procurement and processing.
2. Quality Consistency: Overseas clients like REC and Canadian Solar have rigorous quality standards. Yongzhen’s track record of zero major quality incidents builds trust, which is hard for new entrants to replicate.
3. Integrated Service: The company offers not just frames but also logistical support and inventory management, sticking closer to clients.

Thermal Management: The "Hidden Gem"

Technology Breakdown: Flat Extrusion

Traditional aluminum extrusion produces profiles with uniform wall thickness. However, battery cooling plates require channels that are very wide but extremely thin to maximize surface area for heat dissipation while minimizing weight and material cost.
* Challenge: Extruding such thin walls over a wide span is technically difficult. It requires precise temperature control, high-pressure dies, and specialized alloy formulations to prevent tearing or deformation.
* Yongzhen’s Solution: The acquired Jienowei technology allows for flat extrusion. This process enables the production of profiles with widths exceeding 800mm and thicknesses under 3mm.
* Benefit: This technology allows for the integration of structural support and cooling into a single component (Cell-to-Pack or Cell-to-Chassis designs). This reduces the number of parts, assembly time, and overall weight of the battery pack, directly enhancing the vehicle’s range and efficiency.

Market Potential

• NEV Penetration: With NEV penetration rates rising globally, the demand for advanced thermal management is secular.
• Energy Storage: Large-scale storage systems also require sophisticated liquid cooling to maintain battery life and safety. Yongzhen’s technology is applicable here as well.
• Capacity Utilization: The planned expansion to 100,000 tons by 2026 is aggressive but justified by the pipeline of inquiries from major NEV and storage integrators.

Robotics: Early Mover Advantage

The Humanoid Robot Supply Chain

Humanoid robots require lightweight, high-strength structural components to maximize payload and battery life. Aluminum and magnesium alloys are preferred materials.
* Yongzhen’s Role: Supplying core structural parts (e.g., limb frames, torso chassis).
* Partnership with Zhiyuan: Zhiyuan Robot is one of the most well-funded and technologically advanced humanoid robot startups in China. By securing a supply role early, Yongzhen gains valuable feedback loops for product iteration.
* Scalability: As Zhiyuan and other players move from pilot runs to mass production (targeting thousands to millions of units), the volume demand for these components will explode. Yongzhen’s existing aluminum processing infrastructure allows it to scale up quickly compared to specialized machine shops.

Energy Storage: The Cash Cow

Baotou 1.8GWh Project

• Strategic Logic: This project diversifies Yongzhen’s revenue from purely manufacturing (cyclical) to include energy operations (stable).
• Economics: Grid-side storage earns money through arbitrage (charging when electricity is cheap, discharging when expensive) and ancillary services. In Inner Mongolia, where renewable energy curtailment has been an issue, storage is highly valued. Policy subsidies further enhance the IRR.
• Contribution: While not a high-growth segment, it provides a predictable cash flow floor, supporting the company’s debt service and funding further R&D.

Conclusion

Yongzhen Shares is at a pivotal juncture. The market currently values it as a struggling PV frame manufacturer, weighed down by domestic competition. However, our analysis reveals a company that is successfully executing a multi-pronged transformation:
1. Geographic Arbitrage: Capturing high margins in the US and India via Vietnam.
2. Technological Diversification: Leveraging unique flat extrusion capabilities to dominate niche high-value segments in thermal management.
3. Future-Proofing: Establishing a foothold in the nascent but explosive humanoid robotics industry.

The financial data supports this narrative, with a clear inflection point expected in 2026. The stock’s current valuation fails to reflect the growth potential of these new engines and the margin recovery from overseas operations. We believe the market will re-rate Yongzhen as earnings visibility improves in the coming quarters.

Recommendation: We initiate coverage with a BUY rating. Institutional investors should consider accumulating positions ahead of the 2026 earnings recovery, using any near-term volatility related to domestic PV sentiment as a buying opportunity.

Appendix: Financial Statements Detail

Income Statement Forecast (CNY Million)

Balance Sheet Forecast (CNY Million)

Cash Flow Forecast (CNY Million)

Analyst Certification & Disclaimer

Analyst Certification:
The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Important Disclosures:
* Rating System: Our ratings are based on expected total return (price appreciation plus dividends) over the next 6-12 months relative to the relevant broad market index.
* Buy: Expected return > 15%
* Outperform: Expected return 5% - 15%
* Hold: Expected return -5% - 5%
* Sell: Expected return < -5%
* Conflict of Interest: Aijian Securities may have investment banking relationships with the companies mentioned in this report. Investors should assume that Aijian Securities seeks or has sought compensation for investment banking services from these companies.
* 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. Past performance is not indicative of future results. Investors should conduct their own independent research and consult with financial advisors before making investment decisions.

Contact Information:
* Lead Analyst: Zhu Pan (S0820525070001) | zhupan@ajzq.com
* Contact: Lu Jiayi (S0820124120008) | lujiayi@ajzq.com
* Aijian Securities Co., Ltd.
* Address: No. 5, Lane 199, Qiantan Avenue, Pudong New Area, Shanghai, 200126
* Phone: 021-32229888

(End of Report)