Source: Investor

Large company dynamics

Countdown to the mass production of Tesla's Optimus humanoid robot: gait upgrade + cost halved, Musk said 'cheaper than a car'

Recently, Tesla released the latest video of Optimus through its official Weibo, showing the significant improvement in its gait stability and swingarm lightness, and announced that the first production model has rolled off the assembly line. According to Musk's disclosure at the all-hands meeting, Optimus plans to trial produce 5,000 units in 2025, and the production capacity target will be increased to 50,000 units in 2026, and the cost of a single unit is expected to drop to 20,000-30,000 US dollars, which will be used in factory sorting, home services and other scenarios in the future. At the technical level, Optimus reuses Tesla's electric vehicle battery and autonomous driving algorithm, reducing the size of the joint module by 40%, and the AI's autonomous error correction ability improves the success rate of the task. At present, China's supply chain contributes 40% of the core components, and companies such as Nagasaka Technology have promoted a 60% reduction in the cost of planetary roller screws. (Finance).

In 2025, BYD or Tesla will top the global pure electric market

Recently, a Counterpoint Research report predicted that BYD may surpass Tesla (6.1%) for the first time with a 15.7% global pure electric market share. With 54.2 billion yuan of R&D investment, BYD has mass-produced blade batteries to achieve 1,300 kilometers of zero spontaneous combustion range, and the megawatt flash charging technology can replenish 400 kilometers of energy in 5 minutes, and the profit of a single vehicle under cost control has increased by 34% year-on-year. Tesla's deliveries fell 13% year-on-year in the first quarter, China's market share fell to 4%, and the European market shrank to 9.3%. BYD's overseas revenue exceeded 221.9 billion yuan, and the start of production of factories in Thailand and Hungary promoted the export target of 800,000 units in 2025. (IT House).

Samsung sues BOE again for stealing OLED trade secrets: Texas court accepted the allegations, and Apple's supply chain may be affected

Recently, Samsung Display (Samsung Display) filed a new lawsuit in the U.S. District Court for the Eastern District of Texas, accusing BOE of stealing its OLED core manufacturing equipment drawings through cooperative suppliers for mass production of micro OLED panels in the Chengdu factory, and allegedly supplying to Apple and other American customers. According to the lawsuit, Samsung seeks compensation for lost business profits and punitive damages caused by trade secret infringement. Previously, the ITC in the United States preliminarily ruled in November 2024 that BOE infringed Samsung's three OLED patents, but did not approve a sales ban. The patent war between the two sides continues to escalate, and Chinese panel manufacturers will have a global OLED market share of more than 50% in 2025, and Samsung intends to curb its expansion through legal means. (Sina Finance).

Meituan's organizational structure was readjusted: Zhang Chuan was transferred to the position of consultant, Dianping was merged into the core local business, and the post-85 executives were promoted

Recently, Wang Xing, the founder of Meituan, issued a letter to all employees, announcing that Zhang Chuan, senior vice president, was transferred to the company's consultant and was no longer in charge of Dianping, SaaS and other businesses. After the adjustment, the Dianping Division was merged into the "Core Local Business", and Li Shubin, the head of the Meituan platform, served as the director; Xiao Fei, the former head of the SaaS business department, was promoted to the head of "software and hardware services" and reported directly to Wang Xing. The purpose of this adjustment is to integrate resources, strengthen core business synergy, and cope with the local life competition of competitors such as Douyin and JD.com. Zhang Chuan joined Meituan in 2017 and has led the growth of the in-store business and cultivated a number of managers, focusing on strategic planning and overseas expansion in the future. Meituan has carried out seven organizational iterations in the past year, and this adjustment may be the end of the "centralization" strategy. (Securities Times).

When the IPO is in progress

Yunji Technology sprints to the IPO of Hong Kong stocks, and the gambling crisis and profit dilemma coexist

Recently, Beijing Yunji Technology officially submitted an application for listing on the Hong Kong Stock Exchange, intending to become the world's first listed company with robot service agents. According to the prospectus, the company will have a cumulative loss of 815 million yuan from 2022 to 2024, and its revenue in 2024 will be 245 million yuan, but the hotel scene revenue still accounts for 83%. At present, the company is facing the pressure of redeeming liabilities of 1.87 billion yuan, and if the listing is not completed within 18 months, it needs to repay the principal and interest of investors in cash. In order to alleviate the cash flow crisis, Yunji Technology has significantly reduced labor costs in recent years, with the proportion of R&D investment falling from 42% to 23%, and relying on price reduction strategies to maintain market share, with the average price of core products shrinking by more than 40% in three years. (Sina Finance).

Sany Heavy Industry's H-share issuance plan was approved by the board of directors, and the globalization strategy was further upgraded

Sany Heavy Industry Co., Ltd. (600031. SH) announced that the board of directors deliberated and approved the H share issuance proposal, which intends to issue H shares of no more than 10% of the total share capital (about 847.5 million shares), and authorizes an over-allotment right of 15%, which is expected to raise more than HK $20 billion for global business development, R&D investment and replenishment of working capital. At the same time, the company launched the sixth phase of the employee stock ownership plan, with a scale of 535 million yuan, covering 5,552 employees, repurchasing shares at 16.09 yuan per share (84% off the current price), and planning to repurchase A shares of 1 billion to 2 billion yuan. The proposal will be submitted to the general meeting of shareholders for consideration on April 21. In the first three quarters of 2024, the company's overseas revenue accounted for 62.23%, and the overseas gross profit margin was 31.57%. (Securities Daily).

Three squirrels sprint to the IPO of Hong Kong stocks: revenue returned to 10 billion, pointing to the world's first A+H snack giant

Recently, three squirrels (300783. SZ) announced the launch of an H-share issuance plan to be listed on the main board of the Hong Kong Stock Exchange, aiming to become the first "A+H" dual-listed snack brand in China. According to the 2024 annual report, the company's revenue reached 10.622 billion yuan, a year-on-year increase of 49.3%; The net profit attributable to the parent company was 408 million yuan, a year-on-year increase of 85.51%, ending the decline in revenue for four consecutive years. The fundraising will be used to deepen the layout of the whole industrial chain of "manufacturing + brand + retail", strengthen the supply chain in Southeast Asia and build a global brand. The company's Douyin channel sales in 2024 will reach 2.188 billion yuan, accounting for more than 20%, but the overseas revenue will only be 696,800 yuan, and internationalization is still in its infancy. If successfully listed, Three Squirrels will accelerate the expansion of new businesses such as mass sales snacks and coffee, and deal with intensified competition in the industry and food safety risks. (Sina Finance).

Higold Group's IPO will finally meet: on April 11, the Shenzhen Stock Exchange broke through and raised 420 million yuan to expand the production of smart home hardware

Recently, the Shenzhen Stock Exchange announced that Higold Group Co., Ltd. will be listed on April 11 for the first time, and plans to raise 420 million yuan for smart home hardware automation manufacturing base (370 million yuan), R&D center and information construction project. The company is mainly engaged in home hardware and outdoor furniture, with revenue of 2.857 billion yuan in 2024 and non-net profit of 520 million yuan, an increase of 58.11% year-on-year. According to the prospectus, the compound growth rate of its revenue from 2021 to 2024 will reach 32.78%, but related party transactions, patent litigation and dealer management risks have attracted regulatory attention. The Shenzhen Stock Exchange has twice inquired about the reasonableness of its performance growth against the trend, and its gross profit margin of 35% in 2024 is significantly higher than the average of its peers of 26.52%. (Oriental Fortune Network).

Cargo Lala's fifth sprint to the Hong Kong stock IPO: revenue of 11.6 billion yuan in 2024, accelerating the global layout

Recently, the prospectus of the Hong Kong Stock Exchange updated by Cargo Lala shows that the global closed-loop freight GTV in 2024 will reach 11.137 billion US dollars (about 81.17 billion yuan), a year-on-year increase of 18.3%; Revenue was US$1.593 billion (about 11.61 billion yuan), and adjusted profit was US$500 million. The platform facilitated more than 779 million orders throughout the year, and the monthly active merchants and drivers increased to 16.7 million and 1.7 million respectively, accounting for the proportion of overseas revenue. The company's cash reserves are 2.12 billion US dollars, and the cumulative R&D investment exceeds 179 million US dollars

At the forefront of technology

CSPC Pharmaceutical Group will invest more than 5.1 billion yuan in R&D in 2024 to accelerate the international layout of innovative drugs

Recently, CSPC Pharmaceutical Group released an annual report showing that its R&D investment in 2024 will reach 5.191 billion yuan, accounting for 21.9% of the revenue of patent medicines, a record high. The company plans to submit 50 new drug and new indication marketing applications by the end of 2028, covering oncology, metabolic diseases and other fields. During the year, it completed three major external licenses, including Lp(a) inhibitors with AstraZeneca (with a potential transaction value of over RMB14.6 billion), MAT2A inhibitors with BeiGene (with a total transaction value of RMB13.3 billion), and ADC drugs SYS6005 overseas licensing to Radiance Biopharma. At present, CSPC has more than 200 pipelines under development, of which 6 drugs, including EGFR ADC and HER2 bispecific antibody, have entered phase III clinical trials, and the small molecule drugs produced by the AI pharmaceutical platform have been recognized by international giants. (Securities Star).

Tetherlight has won 11 global patent licenses: the mass production of 800G optical connectors is imminent, and the CPO technology has added another bargaining chip

Taichenguang (300570.HK) SZ) announced that it has signed a global patent license agreement for MDC connectors with US Conec, a global leader in high-density fiber optic interconnect technology, to obtain a non-exclusive license to 11 of its core patents. Based on the protocol, T&S can manufacture and sell MDC high-density fiber optic connectors and adapters globally, providing key components for 800G/1.6T Ethernet deployment, and high-density optical connectivity solutions for co-packaged optics (CPO). This cooperation will also support the mass production of MMC optical fiber connectors by Tetherson, further consolidating its technical advantages in the field of optical interconnection. The company said that the market prospect of the product is affected by the progress of technology iteration and implementation, and there is uncertainty. (Finance Associated Press).

Alibaba Cloud announced that some historical models of the Bailian platform will be offline, and enterprises will need to complete the migration within 90 days

Recently, Alibaba Cloud announced that it will take down a number of historical models of Bailian, a large model service platform, on July 2, 2025, including some snapshot versions and early iteration models. From now on, the call throttling of the relevant model will be gradually lowered to the default value (such as the initial threshold for QPM/TPM recovery), and customers who have already expanded the capacity will need to re-plan the service load. After the model is taken offline, the inference and fine-tuning functions will be stopped, and applications that rely on these models will not be able to return results, and Alibaba Cloud has made it clear that there is no direct replacement model. We recommend that you adjust the application logic or migrate to the mainline model (for example, qwen-max-latest) as soon as possible to avoid the risk of business interruption. (Finance).

Zhongguancun naloxone hydrochloride injection 0.99 yuan/branch was selected for the tenth batch of centralized procurement: covering 5 provinces + 5 backup provinces, and locking the market before 2027

Recently, Zhongguancun (000931. SZ) announced that its subsidiary, Beijing Huasu Pharmaceutical, selected the tenth batch of national drug centralized procurement at a price of 0.99 yuan per piece, and the supply provinces include 5 provinces such as Inner Mongolia and Liaoning, and the supply area covers 5 places including Beijing and Tianjin. The drug is a Class A product of the national medical insurance, which is used for the treatment of postoperative antagonistic opioid respiratory depression and acute ethanol poisoning, and the procurement cycle is until December 31, 2027. Zhongguancun said that the coverage rate of hospitals will be improved after the implementation of centralized procurement, but there is uncertainty in drug sales affected by policies and market competition. In the first three quarters of 2024, the company's revenue was 1.930 billion yuan, and the net profit attributable to the parent company was 51.63 million yuan. (Finance Associated Press).

Intel TSMC Technology Co-Ltd. shares swap to build a joint venture company TSMC holds a 20% stake to help the United States revive chip manufacturing

Recently, Intel and TSMC reached a preliminary agreement to establish a joint venture to operate some of Intel's U.S. chip manufacturing plants. Under the agreement, TSMC will hold a 20% stake in the form of a technology-for-share swap, with no cash investment, only sharing advanced process technology and training Intel employees. The joint venture will consolidate Intel's existing plant assets, with the remaining shares held by Intel and other U.S. semiconductor companies. The U.S. government is deeply involved in promoting cooperation, aiming to solve Intel's $18.8 billion net loss crisis in 2024 and increase local chip production capacity. However, Intel's internal executives are concerned that the cooperation may lead to large-scale layoffs and the marginalization of its own technology, and the two sides need to coordinate equipment procurement and technology integration challenges. After the announcement, Intel's stock price rose 2.05% against the market, while TSMC's U.S. stock fell 6%. (Finance Associated Press).

At the forefront of consumption

The domestic gold jewelry price exceeded 960 yuan/gram, and the international gold price set a new record at the same time

Recently, the price of pure gold jewelry of Chow Tai Fook, Luk Fook Jewelry, Chao Hongji and other brands reached 962 yuan/gram, and Laomiao Gold reported 961 yuan/gram, a record high. International gold prices soared simultaneously, and New York gold futures hit $3,196 per ounce intraday, approaching the $3,200 mark. The rise was driven by the implementation of U.S. tariffs, intensifying geopolitical conflicts and expectations of the Federal Reserve's interest rate cuts, and risk aversion continued to rise. The Shanghai Gold Exchange issued a risk warning to remind investors to be wary of price fluctuations. The retail value of Chow Tai Fook in the third quarter of fiscal 2025 fell by 14.2% year-on-year, but the annual revenue of Laopu Gold increased by 166% year-on-year due to its high-end positioning. Experts suggest that it is necessary to guard against the risk of a pullback in the short term, and is still optimistic about the value of gold allocation in the long term. (Shanghai Securities News).

Tong Ren Tang's net profit in 2024 will fall by 8.5%, and the price increase of natural bezoars will drag down the gross profit margin, and it is planned to distribute 10 distributions of 5 yuan

Recently, Tong Ren Tang (600085. SH) released an annual report showing that its operating income in 2024 will be 18.597 billion yuan, a year-on-year increase of 4.12%; The net profit attributable to the parent company was 1.526 billion yuan, a year-on-year decrease of 8.54%, and the non-net profit decreased by 10.55%. Affected by the year-on-year increase in the price of natural bezoars, the gross profit margin decreased by 3.33 percentage points to 43.96%, a new low in five years. The company plans to distribute 5 yuan (tax included) for every 10 shares, with a cumulative dividend of 1.371 billion yuan for the whole year, accounting for 89.86% of the net profit. During the reporting period, 250 new retail stores were added, but sales expenses climbed to 3.595 billion yuan, and R&D expenses fell by 3.72%, and the imbalance between marketing investment and innovation investment attracted attention. (Shenzhen Business Daily).

Changan Automobile sold 268,000 units in March: its own brands accounted for more than 80%, and the dark blue S7 exceeded 10,000 in a single month to lead the new energy

Changan Automobile(000625. SZ) announced that the total sales volume in March was 268,100 units, a year-on-year increase of 3.48%; Among them, the sales volume of independent brands was 217,500 units, accounting for 81.13%, and the sales volume of new energy vehicles such as Deep Blue and AVATR reached 56,000 units, an increase of 28% year-on-year. The Deep Blue S7 topped the list of new energy SUVs with monthly sales of 12,000 units, and overseas exports increased by 15% to 23,000 units. According to the company, the cumulative sales volume in the first quarter exceeded 780,000 units, and the annual new energy penetration target was raised to 40%. Affected by price wars and supply chain fluctuations, gross profit margin may be under pressure. (Interface News).

Laomiao Gold responded to the dispute over the recycling of old gold in Yanjiao stores, and the stores involved rectified and strengthened training

Recently, Shanghai Yuyuan Jewelry and Fashion Group, the parent company of Laomiao Gold, issued a statement confirming that the Yanjiao store in Hebei Province caused consumer complaints due to improper operation and expression of the clerk [Download Black Cat Complaint Client], and has ordered the store involved to rectify and strengthen staff training. Previously, consumers complained that there was a controversy over the gram weight deduction when the store recycled the old gold, for example, the 43.4-gram necklace was only priced at 34.4 grams, with a price difference of more than 6,000 yuan. Laomiao Gold emphasized that such behavior is a violation of the rules of individual employees and does not represent the brand system. In addition, consumers in many places have recently reported that the depreciation fee in the "trade-in" is not informed in advance, and the gram weight calculation is not transparent, and the company said that it will standardize the recycling process, but the implementation effect needs to observe market feedback. (The Paper).

Investment and financing dynamics

The U.S. tax hike on China triggered a huge earthquake in the A-share general equipment sector

Recently, affected by the Trump administration's announcement of a 10%-49% tariff policy on many countries, the A-share general equipment sector suffered a heavy setback, with 12 stocks falling by more than 5%. Among them, Huali Group (300979. SZ) fell 7.8% in a single day, and Chunfeng Power (603129. SH) fell 7.3%, leading the decliners. The market is worried that the tariff policy will impact the profits of export-dependent enterprises, and the risk of a global trade war will heat up, and funds will accelerate the withdrawal of funds from areas with a high proportion of export sales such as machinery manufacturing. Const (300445. SZ) and other companies urgently adjusted their strategies, planning to respond to the impact by raising prices in non-US markets and optimizing product structure. (Finance).

The tender offer for 44.18% equity of Chengda Biotechnology ended: the pricing of 25.51 yuan per share was settled, and the stock was suspended on April 7 to wait for the results

Recently, Chengda Biology (688739. SH) announced that the general tender offer initiated by Shaoguan Gaoteng Enterprise Management Co., Ltd. has expired, and the acquisition target is 184 million shares (accounting for 44.18% of the total share capital) held by shareholders other than the controlling shareholder Liaoning Chengda, with an offer price of 25.51 yuan per share, corresponding to the highest capital scale of 4.693 billion yuan. The company's shares will be suspended for one trading day on April 7 and will resume trading after the acquisition results are confirmed. The acquisition was triggered by Shaoguan Gaoteng's indirect control of 54.67% of Chengda Biotech through Liaoning Chengda, aiming to consolidate control rather than delisting. If the public shareholding is less than 10% after the acquisition, the company may need to initiate measures to maintain the listing. (Sina Finance).

Bairen Medical increased the construction of industrial base, and 19,300 square meters of industrial land was officially signed

Recently, Bairen Medical (688198. SH) announced that the company signed the "State-owned Construction Land Use Right Transfer Contract" with the Changping Branch of the Beijing Municipal Planning and Natural Resources Commission, and bid for 19,300 square meters of M1 industrial land in the eastern area of Changping New Town for 55.2368 million yuan for the construction of the "Bairen Medical-Aibairui Industrial Base Project". The total investment of the first phase of the project does not exceed 250 million yuan, and it is planned to be promoted through its own funds and financing, aiming to expand the production capacity of implantable interventional devices such as artificial heart valves. The company said that the project is in line with the long-term strategic plan, but the implementation still needs to complete the environmental impact assessment, construction permit and other approvals, and there are policy and market risks. In the first three quarters of 2024, the company's revenue was 292 million yuan, and the net profit attributable to the parent company was 58.69 million yuan. (Viewpoint.com).

Huasheng Lithium Battery expanded the production of vinylene carbonate by 950 million yuan: the first phase of 30,000 tons of production capacity landed in Hubei, pointing to the leading lithium battery additives

Huasheng Lithium Battery(688353. SH) announced that it plans to invest 950 million yuan to build an "annual output of 60,000 tons of vinylene carbonate (VC) project (30,000 tons in the first phase)" in Yunmeng County, Hubei Province through its holding subsidiary, Hubei Huasheng Xianghe New Energy Materials Co., Ltd., with a land area of about 230 acres and a construction period of 18 months, with funds from self-owned and self-raised. The project aims to respond to the explosive demand for lithium battery electrolyte additives in the new energy vehicle and energy storage markets, and is expected to increase the company's VC production capacity and strengthen the stability of the supply chain after it is put into production. The company said that its subsidiary's chlorinated ethylene carbonate intermediates production line has been put into trial production, which can provide raw material support for new projects and reduce marginal costs. (Sina Finance).

LP fundraising intelligence

The return ratio of Changsha Science and Technology Innovation Fund of Funds has dropped to 0.4 times, the lowest in the country, and the loss tolerance rate of 60% is the relaxation of 'patient capital'

Recently, Changsha Economic and Technological Development Zone announced that its long-term scale of 10 billion yuan of science and technology fund has completed the filing, with an initial scale of 1 billion yuan, and the proportion of sub-fund return has dropped to 0.4 times, the lowest in the country. The fund adopts the "parent and sub-fund + direct investment" model, focusing on investing in hard technology fields such as new generation information technology and high-end equipment manufacturing, and relaxes the criteria for reinvestment - allowing projects to be implemented through relocation, establishment of subsidiaries, etc. The supporting fault-tolerant mechanism allows the fund to lose up to 60% of the overall loss, and exempts the decision-making compliance responsibility according to the principle of "encouraging innovation and tolerating failure". The move aims to attract leading venture capital institutions to jointly build a science and technology innovation ecosystem and help Changsha build a global R&D center city, and the first batch of funds will give priority to supporting college students' entrepreneurial projects and the transformation of scientific and technological achievements. (Securities Times).

Hebei's first advanced manufacturing science and technology innovation sub-fund was launched, with a scale of 300 million yuan to help industrial upgrading

In 2025, the first sub-fund of Hebei Science and Technology Investment Guidance Fund, "Handan Advanced Manufacturing Technology Venture Capital Fund", was officially established, with a total scale of 300 million yuan and 60 million yuan from the provincial guidance fund. The fund focuses on supporting angel-stage and early-to-mid-term technology enterprises, promoting the transformation of equipment manufacturing to intelligence and greening, and plans to introduce high-quality projects in the fields of new energy and new materials. As of March 2025, the Hebei Provincial Guidance Fund has set up 37 sub-funds, with a total scale of 20.4 billion yuan, and has cultivated a total of 15 listed companies and 1 unicorn. (Hebei Economic Daily) MACD golden cross signal formed, these stocks rose well!