Top 10 Companies Most Concerned by Institutions in 2023: Inovance Technology Becomes the "King of Institutional Research", and Yasui Food Becomes a New "Dark Horse"

Interface News Reporter | Pang Yu

Interface News Editor |

As an important bellwether in the market, institutional investors have always attracted much attention. In 2023, the market adjustment will not hinder the enthusiasm of institutional research, and the enthusiasm will not decrease in previous years, with nearly 6 percent of A-share listed companies receiving various institutional investors.

According to data from Oriental Wealth Choice, in 2023, a total of 3,067 companies will receive institutional surveys, accounting for about 57% of the total number of A-share companies, and the institutional coverage rate will further increase compared with last year.

Jiemian News has sorted out the listed companies that have been surveyed by institutions in 2023 and launched the "Top Ten Stocks Most Concerned by Institutions in 2023" for readers. Most of these companies have strong industry positions, excellent performance or growth potential, but there are also companies that are experiencing weakness after several years of high growth.

"Industrial Automation Leader" Inovance Technology (300124. SZ) became the "research king" of A-shares in 2023, with 3,099 institutions receiving it throughout the year. Mindray Medical (300760.HK) SZ), Yasui Foods (603345. SH) ranked second and third respectively, with 3,028 and 2,438 reception institutions respectively during the year.

Anjing Food, Haitai Xinguang (688677. SH) and Glodon (002410.SZ) are the "new faces" in the top 10, and last year's top 10 Gaotei shares (688556. SH), Ronbay Technology (688005. SH) and Hengdian East Magnetic (002056.SZ) were squeezed out of the list.

Overall, 64 companies received more than 1,000 institutions this year. From the perspective of industry distribution, these high-heat research targets come from the pharmaceutical and biological, mechanical equipment, semiconductor, and computer industries.

Inovance Technology became the "Institutional Research King": A total of 3,099 surveys were conducted

In 2023, Inovance Technology will replace Mindray Medical and become the "No. 1 Popular Stock in Institutional Research", with a total of 3,099 institutions received throughout the year.

According to Choice statistics, Inovance received a total of 1,549 joint surveys in 2023, including 164 private equity, 153 asset management, 146 funds, 73 brokerages, 38 insurance companies, and 946 other institutions.

As a leader in industrial automation, Inovance's market share growth space, industrial robot layout, and future performance growth points are the focus of institutional attention.

Inovance's technology business was originally a single integrated controller for inverters and elevators, and now it has developed into four major business segments: general automation (including industrial robots), elevators, new energy vehicles, and rail transit.

The general automation business is the foundation of Inovance, which accounts for more than 50% of its annual revenue and has maintained good growth in the past two years.

In a survey in December, Inovance Technology said that in the first three quarters of 2023, the overall performance of downstream industry demand was weak, and the company's automation business revenue still achieved a year-on-year growth of 20%, mainly due to seizing opportunities in photovoltaic, semiconductor, construction machinery and other industries. The company said that since the second quarter, from the perspective of downstream market segments, the performance of traditional industries such as air compressors, machine tools, and injection molding machines has recovered to a certain extent. Looking forward to next year, we are optimistic about the recovery of the traditional OEM industry.

In terms of the layout of industrial robots, Inovance's industrial robot products have been applied in large quantities in pan-3C, photovoltaic, lithium battery and other industries, and the company also said in the survey that it will increase its layout in various automation industries.

The new energy vehicle business has accounted for about half of Inovance's revenue. "The growth of the new energy vehicle business mainly depends on the OI (expected order size) generated by the past fixed points and the actual orders converted in the current period. In the past two years, the company has successfully harvested dozens of fixed-point projects. Inovance said, "The designated points of overseas car companies will begin to generate order contributions in 2023. ”

However, the new energy vehicle business is Inovance's low-margin business, and the gross profit margin of this business has been between 20% and 25% in recent years. This business volume has lowered the company's overall gross profit margin.

The elevator business, which also accounts for 20%, has become a shortcoming of Inovance, and its revenue growth rate has fallen to single digits in the past two years. "In recent years, the situation of the real estate industry has affected the demand of the elevator industry, and the external environment of the elevator business has certain pressure. ”

Overall, Inovance's profit growth continues to slow down. In 2020 and 2021, the company's net profit growth rate was as high as 120.62% and 70.15% respectively, 20.89% in 2022, and the growth rate in the first three quarters of 2023 will further decrease to 7.6%.

From the perspective of the secondary market, in 2023, Inovance's share price experienced a wave of decline in May, and then rebounded rapidly, with a cumulative decline of about 9% for the whole year.

Mindray Medical retreated to the "second" on the list: 3,028 surveys were conducted

Mindray Medical has always been a gathering place for institutional research, and in 2023, it ranked second on the list with 3,028 institutional surveys. From 2020 to 2022, the company has been firmly in the position of "research king" for three consecutive years.

In 2023, Mindray received a joint survey of 1,665 institutions, including 320 private equity, 227 funds, 96 brokerages, 249 asset managers, 36 insurance, and 695 other institutions.

As a leading medical device company, Mindray Medical has always been the focus of institutional attention on the degree of influence of centralized procurement, potential future risk points, and performance growth expectations.

Mindray's main products cover three major areas: life information and support, in vitro diagnostics and medical imaging, accounting for about 50%, 30% and 20% of the revenue respectively.

"Centralized procurement has always been a potential risk point that most investors are worried about profit margins," Mindray said in an interview, "but from the perspective of the various centralized procurement carried out in 2023, whether it is the alliance centralized procurement of Ultherapy or the renewal of orthopedic trauma, the National Health Insurance Bureau has achieved the compression of the circulation space while ensuring the reasonable profits of manufacturers, and the company believes that centralized procurement is expected to continue this trend in the future." ”

In July 2023, ten national ministries and commissions held a video conference on the centralized rectification of problems in the national pharmaceutical field, and deployed a one-year centralized rectification of corruption in the national pharmaceutical field. This time it became a hot topic of discussion in the market.

Talking about the impact of the rectification of the pharmaceutical industry on the short-term performance, Mindray said frankly that public hospitals may temporarily reduce some equipment procurement, which makes this part of the bidding and procurement delayed, but these needs have not disappeared, and these activities will still resume after the normalization of the impact of rectification.

Regarding the growth expectation, Mindray said bluntly, "The company's goal is to return to the normal growth trajectory next year." The confidence to achieve growth is mainly based on two points, one is that the market share of the current layout is still low, especially in vitro diagnostics and minimally invasive surgery, the domestic market share is only about 10% and 2% respectively, and the revenue contribution of these two types of flow business will increase year by year;

In the past two years, Mindray's performance has maintained a growth rate of about 20%, but the growth rate has slowed down significantly compared with 2020 and previous years.

Due to the large market capitalization, Mindray's share price changes are relatively modest, and in 2023, the company's stock price will fall by 5% for the whole year after experiencing a wave of small troughs in August ~ October.

Anjing Food, the leading quick-frozen food, ranks among the "third": its performance continues to grow at a high rate

Yasui Food is one of the "dark horses" that have emerged in the 2023 institutional attention rankings, with a total of 2,438 institutions received throughout the year, ranking third on the list.

As a leader in quick-frozen food, Anjing Food's performance has continued to grow at a high rate in recent years, and after a year-on-year increase of 61% in net profit in 2022, net profit in the first three quarters of 2023 continued to rise by about 63%, a record high in the same period.

The main products of Anjing Food are divided into three sections: "Anjing" brand hot pot ingredients, rice and flour products and prefabricated dishes.

Prefabricated food is the tuyere industry in the field of food processing, Anjing Food has the B-end and C-end of prefabricated dishes with "Anjing Kitchen" and "Mr. Frozen Food" respectively, and the holding subsidiaries Xinhongye and Xinliuwu operate crayfish prefabricated dishes relatively independently.

In the survey, institutional investors focused on the cost of raw materials, expense control, and profit margin improvement of Yasui Food.

For quick-frozen food companies, the prices of major raw materials have risen and fallen in recent years. Yasui Foods said that the highest proportion of raw materials is still surimi, and the price of frozen surimi is relatively stable. In the past few years, the price of pork and chicken has fluctuated frequently, and the company has taken effective countermeasures, and the purchase price is generally lower than that of its competitors.

In addition to the cost of raw materials, Yasui Food's control of expenses is also relatively in place. When asked how to further improve the profit margin, the company said that the absolute value of sales expenses is not expected to have much room for decline, and the scale effect will also bring about a decline in the sales expense rate in the future. In the short term, the improvement of profit margin lies in the upgrading of product structure through the high gross profit and high net profit of the lock fresh packaging and Marunozun series products.

In the environment of the high-end trend in 2023, it is relatively general, and some investors are worried about whether the company's current product upgrade ideas can continue. Yasui Foods replied that this idea will not change, and will be adjusted in a timely manner according to changes in market demand, and products will be launched for competing products or regional markets in the future.

It is worth mentioning that despite the excellent performance, the share price of Yasui Foods has still shown a downward parabolic trend since the beginning of 2023, and the stock price has fallen by about 35% for the year.

Endoscope company Haitai Xinguang: the pressure in the second half of the year will be greater

Like Anjing Food, Haitai Xinguang is also the "new face" of the list of the top ten research stocks of institutions, and in 2023, the company will usher in a total of 2,348 institutional surveys, ranking fourth on the list.

The data shows that there is an endless stream of institutional investors who come to investigate in 1~9 months, especially in June and July, Haitai Xinguang receives institutional research frequency as high as 9 times a month.

From the perspective of performance, in the first quarter of 2023, Haitai Xinguang maintained a high performance growth rate, while the performance in the second and third quarters declined one after another, and the net profit in the third quarter was directly cut in half compared with last year.

In the first three quarters of 2023, Haitai Xinguang's revenue was about 376 million yuan, an increase of 10.77% year-on-year, and the net profit attributable to shareholders of listed companies was about 118 million yuan, a year-on-year decrease of 15.5%.

Haitai Xinguang said that in the first three quarters, the sales growth of medical endoscope products led to revenue growth, while the decline in net profit was mainly affected by share-based payments and investment losses of associates.

In the institutional survey in October, Haitai Xinguang further explained that the investment profit and loss of the joint venture is mainly reflected in the investment in Sinopharm Xinguang. In 2023, the main task of Sinopharm Shin Kong is the construction of product registration and sales network, which has basically reached the phased goal, and with the realization of Sinopharm Shin Kong's product sales and the increase of business volume, the investment profit and loss will gradually narrow.

Haitai Xinguang is a Sino-foreign joint venture established in 2003, mainly engaged in the research and development, production and sales of medical endoscopic instruments and optical products. Among them, the medical endoscope business occupies a major position, covering gastroenterology, respiratory, general surgery, otolaryngology, orthopedics and other departments.

As a medical device company, Haitai Xinguang's order progress, sales expectations, product registration and promotion, and R&D iteration capabilities have attracted institutional attention.

In a recent survey on December 8, some institutions asked Haitai Xinguang about its sales expectations for 2024, and the company replied that the new generation of endoscope systems for American customers has been officially mass-produced and marketed, and with the increase in product sales, the customer's inventory will gradually drop to a reasonable level, and the company's fluorescence laparoscope shipments will return to a normal state. The company's second-generation products have been registered in November, and the market and sales are being carried out in an orderly manner, and we are very confident in the market performance of the second-generation products.

In terms of optical business, Haitai Xinguang said in a survey in October that from the perspective of 2023, the medical industry is relatively stable, while other industries are more affected by the economic environment, including biometrics, industrial lasers and other industries. The focus of the company's optics business will also be on the life sciences and medical sectors.

It is worth mentioning that in the earlier September survey, some investors asked whether Haitai Xinguang proposed that the annual performance would increase by 30% at the beginning of the year, can this promise be completed?

In this regard, Haitai Xinguang said frankly that from the first half of the year, the completion was basically in line with expectations. But the market situation in the second half of the year will be more complicated and the pressure will be greater. On the one hand, the overall international and domestic situation is not optimistic, and the demand of many industries has tightened. On the other hand, the new generation system 1788 of the American customer was launched a few months later than originally planned, which affected the marketing and shipment of new products to a certain extent.

The weakening of Haitai Xinguang's profitability is simultaneously reflected in the downward trajectory of its stock price movement. Since October 2022, the company's share price has continued to fall from a high of 101.49 yuan/share, and the latest closing price of 53.23 yuan/share has fallen by more than 47%.

Factory automation parts Yiheda: downstream demand is facing a phased contraction

"FA (factory automation) parts leader" Yiheda is a perennial "sweet spot" for institutional research, and in 2023, a total of 2,292 "knocks" will be harvested from institutions.

Yiheda specializes in R&D, production and sales of automation parts, providing one-stop supply of FA parts.

After maintaining two years of rapid growth, in the first three quarters of 2023, the company's performance growth slowed down significantly, with revenue increasing by 20% year-on-year and net profit increasing by 8%. In the same period of 2022, the growth rate of revenue and net profit will be above 30%, and in the same period of 2021, it will be above 60%.

The new energy lithium battery industry accounts for 35% of Yiheda's revenue, followed by the 3C industry, which accounts for about 2%. After the expansion of downstream lithium battery, photovoltaic and other industries slowed down, the source of Yiheda's growth driver has become one of the issues that investors are more worried about.

In the institutional survey on December 11, Yiheda replied that this year, the downstream lithium battery industry was affected by the expansion cycle, resulting in a phased contraction of external demand. However, in the long run, machine substitution is a long-term development trend, and the parts market will continue to grow with the gradual expansion of the market size of domestic automation equipment. In addition, the company will also expand new growth space from several aspects such as overseas business, FB non-standard business, and increasing the proportion of customer BOM.

In addition, institutional investors are also more concerned about Yiheda's overseas business and fixed growth.

For the planning of overseas business, Yiheda said frankly that there were not many export orders involved in the past, because the factor considered by customers was whether they could quickly find suitable parts on the spot. With the spillover of China's advantageous industries such as new energy lithium batteries and 3C mobile phones, and the reconstruction of overseas production capacity, new regions, including Southeast Asia and South America, are experiencing a period of industrial upgrading. Therefore, the company's overseas layout is very necessary.

Specifically, combined with the consideration of factors such as the supply chain security of overseas customers, the company mainly intends to carry out in the form of local agents + warehouses in Southeast Asia, and in fast-growing markets such as Vietnam, it is planned to carry out the model of self-built subsidiaries or offices + self-built warehouses.

Yiheda released a fixed increase plan as early as the beginning of 2023, and it was approved by the Shenzhen Stock Exchange in July. "At present, the private placement project is waiting for the approval of the China Securities Regulatory Commission. ”

In the secondary market, Yiheda's share price has continued to fall from a high of about 65 yuan since November 2022, and the latest closing price of 25.78 yuan per share has fallen by more than 60%.

Thunderda, a player in the Internet of Things track: large models have attracted much attention

Thunderda, one of the important players in the Internet of Things track, has been favored by institutions in recent years, and will be surveyed by 2,116 institutions in 2023.

In the past year, as the AI boom continues to heat up, the large-scale model AI launched by Thundersoft has become a hot topic of discussion and tracking in the market.

Thunderda's main business is divided into three major sectors: intelligent software, intelligent vehicles and intelligent Internet of Things.

In May 2023, Thundersoft released the Thundersoft Rubik Rubik large model, covering a series of large models from the edge, language model, multimodality, and robot. The hybrid AI capabilities of the Rubik's Cube model have promoted the development of intelligent vehicles and robots.

Judging from the record of research activities, the deployment of Thundertech's large model in various fields, the company's future investment in the field of AI, and the planning of the latest layout of the robot field have become topics that institutions are keen to talk about. The company's layout in terms of large models has attracted continuous attention.

In terms of the specific landing scenarios of large models, Thundersoft said in its latest survey in December that in the automotive field, the Rubik's Cube automotive AI product series includes four product modules: Rubik Creator, Octopus, VPA and Genius Canvas, with five core capabilities: anthropomorphism, knowledge Xi, multimodal perception, scene recommendation, and device-cloud integration, to improve the user experience of intelligent driving and intelligent cockpit. In addition, the large model is loaded into the vehicle system. Through the language model, multi-modal model, environmental interaction in the cockpit and the collaboration of motion models in the field of intelligent vehicles, the linkage between the entire cockpit and the driving domain is formed, and the vehicle operating system platform is built.

In the field of robotics, Thundersoft said in a research meeting in September that the company's large model + robot is mainly oriented to the field of AMR (autonomous mobile robot), in the multi-scene of the factory, there are all kinds of robots together, whether the efficiency can be optimized, how to reduce the cost of delivery and maintenance in the factory and improve the level of operation, etc., these are the problems that need to be solved in human-computer interaction.

From the perspective of performance, in the past two years, benefiting from the rapid development of the Internet of Things, Thundersoft has achieved outstanding results, with a compound growth rate of over 40% from 2020 to 2022, which is really rare among the entire A-share companies.

However, this year, Thunderda's performance has declined, with revenue of 3.876 billion yuan in the first three quarters of 2023, basically the same as the same period last year, with a net profit of 600 million yuan, a year-on-year decrease of 5.18%, and a year-on-year decrease of 12.65% in net profit after deducting non-profits.

With the decline in performance, Thunderda's stock price has continued to fluctuate in 2023, maintaining a downward trend as a whole, with a cumulative decline of about 20%.

Eston, a leading stock of industrial robots: predicts that the downstream boom will rebound in 2024

Estun, which is active in the industrial robot track, will usher in a total of 2,102 institutional surveys in 2023, ranking eighth on the list. In 2022, the company will be second only to Mindray Medical in popularity, ranking second among the popular stocks surveyed by institutions with 4,144 surveys.

Estun is mainly engaged in industrial robots and intelligent manufacturing systems, automation core components and motion control systems. The company has 74 industrial robot products, which are mainly used in photovoltaic, lithium battery, welding, sheet metal bending, stamping, etc.

Benefiting from the opportunities in the new energy industry, since 2022, Estun's industrial robot and intelligent manufacturing business has maintained rapid growth, with net profit growth of 36% and 16% in 2022 and the first three quarters of 2023, respectively, but a slight year-on-year decline in the third quarter of this year.

For the growth of the downstream industry in 2024, Eston said that the prosperity of the automation industry is closely related to the capital expenditure of the downstream industry, and the overall general industry is showing a gradual upward trend, and the company hopes to increase its market share in some general industries and traditional industries with low market share.

Subdivided into downstream industries, Estun believes that the field of new energy vehicles is expected to maintain stable growth next year; the photovoltaic and lithium battery industries have grown steadily since the second half of this year; the fields of steel structure and ship welding are expected to achieve greater growth next year; and the automobile and auto parts and electronics industries are the downstream industries that the company will focus on developing next year and will continue to optimize products.

Looking at the prosperity of the photovoltaic industry in 2024, Eston said frankly that the photovoltaic industry maintained a rapid growth trend in the first half of this year, and the growth slowed down in the second half of the year. The photovoltaic industry has a long industrial chain, rapid technology iteration, and different construction cycles of each link, so there may be structural adjustments at a certain stage. Relying on the layout of the whole industry chain and the independence of the core technology of robots, the company supports photovoltaic enterprises to carry out industrial upgrading and further improves the penetration rate in different process links.

In the secondary market, Eston's stock price trend has been relatively stable in the past year, with an overall cumulative decline of about 14%.

Opt in the field of machine vision: deep learning Xi (industrial AI) technology becomes the "focus"

As an early enterprise to enter the field of machine vision in China, Optimum is also one of the targets that institutions have paid close attention to in recent years, and a total of 2,106 institutional surveys will be ushered in in 2023.

It is understood that the downstream applications of machine vision are very extensive. Compared with the human eye, machine vision has the characteristics of high precision, fast speed, stable and reliable detection effect, etc., which can help end customers increase the quality of products and reduce costs.

At present, Optimum has covered vision algorithm library, intelligent vision platform, deep Xi (industrial AI), light source, light source controller, industrial lens, industrial camera, etc. Machine vision solutions have been applied to 3C electronics, new energy, semiconductor, automotive, photovoltaic and other industries.

Under the AI boom, Opt's layout in deep learning Xi technology has become the focus of institutional attention.

It is understood that the technology of deep Xi applied to image analysis belongs to a subset of artificial intelligence and machine Xi, but it is only used in the field of industrial machine vision.

In terms of the layout of deep learning Xi technology, Opt said in a structural survey on December 22 that deep learning Xi (industrial AI)-related technologies have improved the ability of machine vision technology to solve industrial problems. At present, the deep Xi model for industrial use still requires the accumulation of professional data and domain knowledge, and the image analysis task it focuses on still needs to be based on the image accumulated by high imaging technology. Since 2023, the company has set up a dedicated deep Xi (industrial AI) application development team and set up a dedicated laboratory to fully support the development of projects such as appearance defect detection for core customers.

In previous research activities, Optimum also said that it will continue to pay attention to the development of industry technology, actively explore the possibility of large models for specific industries and application scenarios, and increase investment in industrial AI software.

Machine vision holds great promise. GGII data shows that in 2022, the size of China's machine vision market will be 17.065 billion yuan (the data does not include the scale of automation integrated equipment), a year-on-year increase of 23.51%. It is predicted that by 2027, the size of the mainland machine vision market will exceed 56 billion yuan.

In 2022, the company achieved a net profit of 325 million yuan, a year-on-year increase of about 7%, and 205 million yuan in the first three quarters of 2023, a year-on-year decrease of about 27%, which was far lower than market expectations.

Or affected by this, after the stock price of Opt rose by 25% in the first half of 2023, it continued to fall by more than 31% in the second half of the year, and the stock price fell by about 15% for the whole year.

"The King of African Mobile Phones" Transsion Holdings: 2023 Performance "Soaring"

As the "king of mobile phones in Africa", Transsion Holdings has been among the top ten research stocks of institutions all year round. In 2023, the company will continue to maintain the frequency of 1~2 institutional receptions per month, with 2,099 institutional receptions throughout the year.

2023 is the year when Transsion Holdings restarts its hurricane momentum.

After experiencing a decline in performance in 2022, the company expects to achieve operating income of 62.122 billion yuan in 2023, a year-on-year increase of 33.32%, and net profit attributable to the parent company of 5.493 billion yuan, a year-on-year increase of 121.15%. This will be the company's best performance since going public in 2019.

In terms of performance improvement, Transsion Holdings said in the performance forecast that the company continued to explore emerging markets and promote product upgrades, resulting in an increase in overall shipments and sales revenue, while benefiting from product structure upgrades and cost optimization, the overall gross profit margin increased and the corresponding gross profit increased.

In this year's institutional survey, Transsion Holdings was asked the most frequently asked questions about the company's mobile phone business development space, performance growth points, and mid-to-high-end product layout. In addition, the layout of artificial intelligence has also attracted attention, but the company has not revealed more confidence in the survey.

When talking about the pattern of emerging markets and the development potential of the mobile phone business, Transsion Holdings has repeatedly expressed its optimism about the future smart phone market space in emerging markets.

Transsion Holdings explained that at present, emerging market countries are still in the market development trend of "switching from feature phones to smart phones", and in the future, the replacement of feature phones with smart phones will still be an important factor driving the growth of the smart phone market in emerging markets. At present, Transsion has a market share of more than 40% in the smartphone market in Africa. This is also one of the logics for its soaring performance in 2023.

Driven by sales, Transsion Holdings has also set off a strong rebound in the capital market, and the stock has continued to climb since the beginning of 2023, with a cumulative increase of more than 80% in the annual stock price.

Glodon, a digital construction platform service provider: facing certain operating pressures

Glodon, a digital construction platform service provider, is a "rookie" of popular stocks in institutional research, and will receive 1,926 "visits" from institutions in 2023, ranking tenth on the list.

Glodon's performance growth rate in the past few years has been very impressive, with net profit growth rates of 40%, 100% and 46% year-on-year from 2020 to 2022, respectively.

At the beginning of the year, Glodon put forward the goal of 2023 total revenue and net profit attributable to the parent company increasing by 30% year-on-year, doubling the operating income in 2025 compared with 2022, and the net profit margin being higher than 15%.

However, the company's performance suffered a significant setback that year, and the net profit in the first quarter was still able to maintain a 10% growth, while the second and third quarters fell by 55% and 94% one after another. The total net profit in the first three quarters was 967 million yuan, a year-on-year decrease of nearly 6%.

Glodon said that the decline in performance was mainly due to the slowdown in macroeconomic growth, the decline in real estate investment, the decline in construction projects and other factors, and the construction industry-related customers served by the company faced certain operating pressure.

Glodon has three major businesses: digital cost, digital construction and digital design. The main scenario of the cost business is in the bidding process and process settlement, the construction business mainly focuses on the construction process of the project, and the design business provides 3D forward design platform products and services for the customers of the design institute.

In the current environment, Glodon's business strategy adjustments in various businesses are issues that the market is more concerned about.

In terms of construction business, Glodon admitted in a survey in November that since the beginning of this year, the business expansion effect has not met expectations under the condition that customers are more cautious in investment and the number of large projects has decreased. The company said that since the second half of the year, it has gradually adjusted its customer business strategy, further focused on and slimmed down on products, and for those products that can effectively help customers save costs and improve efficiency.

In terms of cost business, Glodon said that at present, it is mainly based on the national standard quota, and the state provides industry quota and guidance value as cost budget guidance. In terms of professional coverage, it is further expanding from housing construction to municipal, highway and other infrastructure construction fields.

In the secondary market, with the decline in performance, Glodon's share price experienced a slight increase at the beginning of the year, and since April, the stock price has begun to fall continuously, and after many declines, the cumulative decline has been as high as about 60%.