Baoying Fund Conducts Research on Four Listed Companies Including Shenghong Co. and Sande Technology

Investment Research Record: Baoyin Fund Recently Investigated Four Stocks, Including Shenghong Co. and Sande Technology

On June 2, 2025, according to publicly available market information and institutional research disclosures on May 30, Baoyin Fund recently conducted research on four listed companies. The relevant list is as follows:

1. Shenghong Co. (Baoyin Fund participated in a specific targeted research of the company)

   Research Summary: Shenghong Co. believes that the ownership of new energy vehicles in China is gradually increasing, and the charging infrastructure is improving. The supply-demand conflict in the public charging sector is easing; however, the penetration rate in the fast-charging sector is expected to further increase. The charging pile market is shifting from focusing on construction speed to emphasizing high-quality development, with policy support for proactive construction likely to expand market share. The energy storage industry is developing rapidly, supported by strong policies, and the ongoing reform of the electricity market is creating more growth opportunities due to the price differences between peak and valley electricity rates. The company aims to enhance product energy efficiency and system reliability in its energy storage business, focusing on technological innovation to drive differentiated competition, increase product value, and deepen technological iteration and scenario integration capabilities. Its power quality products are applied in various industries with a diverse downstream customer base. The company maintains its leading edge through new product development and expanding sales channels, especially for data centers and intelligent computing centers, with sales growth aligned with industry developments.

2. Sande Technology (Baoyin Fund participated in a specific targeted research & on-site visit)

   Research Summary: Sande Technology has shown strong performance in its unmanned intelligent equipment business. New orders signed in 2024 meet expectations, and the backlog of orders is substantial. The company is one of the earliest manufacturers in China to develop coal quality analysis instruments and is one of only two companies in the industry capable of providing the entire unmanned intelligent equipment process from sampling to production to transportation and storage. The penetration rate of unmanned intelligent equipment varies by downstream industry, with the coal and electricity sectors being higher, while other sectors remain in pilot stages. The company currently has no plans to establish a separate subsidiary for the unmanned intelligent equipment business but is gradually implementing independent management internally. As of the end of Q1 2025, the backlog of orders increased by 43% year-on-year, with the new contract amount in the first quarter being the best for the same period. The company is also expanding into non-coal areas, with analysis instrument products having mature applications in coking, biomass, and solid hazardous waste sectors. The company has not yet received redemption funds for the Zhongrong Trust financial products and has fully provisioned for asset impairment. They are actively exploring various incentive mechanisms but currently lack a specific equity incentive plan.

3. Rifa Precision Machinery (Baoyin Fund Management Co., Ltd. participated in the company’s roadshow and on-site visit)

   Research Summary: Rifa Precision Machinery completed the development of a CNC thread grinding machine in 2023, which is used for processing lead screws and nuts in industries such as new energy vehicles, humanoid robots, and industrial mother machines. This product has received customer recognition. The company has signed contracts or established strategic cooperation with several clients, including Best and Wuzhou Xinchun. However, some downstream sectors, such as humanoid robots, are still in their early stages and have not yet achieved large-scale production, so CNC grinding equipment has not yet realized sustained capacity release. The company holds a leading technological advantage in the bearing equipment sector, ranking high in market share. Looking ahead, demand for machine tools in 2025 is expected to recover, with continued growth in demand for mid-to-high-end CNC machine tools. The wholly-owned subsidiary has been renamed Zhejiang Rifa Nippon Machine Tool Co., Ltd., focusing on the research and production of aerospace-specific processing equipment. Additionally, five aircraft from IRWORK remain detained, and the company is negotiating compensation with clients and insurance companies, but no agreement has been reached.

4. Haichuang Pharmaceutical (Baoyin Fund participated in a specific targeted research, analyst meeting, and conference call)

   Research Summary: Haichuang Pharmaceutical’s core product, Darenzalutamide soft capsules, has been approved for market release as a new Class I drug for treating mCRPC, significantly prolonging patients’ progression-free survival. The clinical trial for HP515 in treating MSH is ongoing in China, with preliminary data indicating good safety for the drug. The Phase II clinical trial for HP518 is also in progress in China and has received fast-track designation in the United States. The company is implementing a four-pronged commercialization strategy, combining self-built teams with external partnerships to comprehensively advance product commercialization preparations.

Founded in 2001, Baoyin Fund currently has an asset management scale of 80.072 billion yuan for all public funds, ranking 66 out of 210. The asset management scale for non-monetary public funds is 50.818 billion yuan, ranking 74 out of 210. They manage 122 public funds, ranking 63 out of 210, with 18 fund managers, ranking 73 out of 210. The best-performing public fund product in the past year is the Baoyin Semiconductor Industry Mixed Fund A, with a latest net value of 1.26 and a growth of 34.38% over the past year. The above content is compiled by Securities Star based on publicly available information and generated by AI algorithms. It does not constitute investment advice.