300760 is trending! 356 institutions are "watching" these companies, with over 150 institutions "visiting" in person

The annual report season is here, and institutional research demand has surged sharply. This week (March 30—April 3), a total of 328 A-share listed companies accepted institutional research visits. Judging by the “money-making effect,” less than 30% of the stocks that institutions researched delivered positive returns. Haitai Xinguang rose 75.3% over the week; Tongda shares rose 30.2%; Leimei Pharmaceutical, Kailaiying, and DeckeLi rose more than 20%.

In terms of popular targets, this week 17 companies received more than 100 institutional research visits. Among them, Mindray Medical (300760) received 356 institutions; Shengbang shares and TaiLi Technology received more than 180 institutions; Lans Technology, JiJi XuChuang, and Tianshan Aluminum received more than 150 institutions for institutional research.

Mindray Medical receives 356 institutional research visits

“China’s top-one in domestic medical devices,” Mindray Medical, is the company most watched by institutions this week. Participating institutions include top-tier public and private funds such as Fuguo Fund, Xingzheng Global Fund, Bank of Communications Schroders Fund, Jingdong? Actually—(JPMorgan?), etc.—Jingdong? The company released its 2025 annual report on March 31. For all of 2025, it achieved operating revenue of RMB 33.282 billion, down 9.38% year over year; attributable net profit to shareholders was RMB 8.451 billion, down 28.01% year over year.

Institutions focused on the reasons behind the decline in 2025 net profit margin. Mindray Medical responded that this was because the gross margin rates of the company’s three major domestic business product lines declined to varying degrees due to product price decreases. The domestic product price declines were mainly affected by factors such as hospitals’ reduced procurement budgets, an increasingly fierce competitive environment, and the ongoing deepening of healthcare insurance reform; meanwhile, the gross margin rate in the international business remained stable.

Mindray Medical’s management disclosed that in 2026, as the tender procurement (DRG/DIP) of h? starts to be implemented, the gross margin is expected to be slightly affected as well. At the same time, under the global minimum tax rules in various countries, Mindray’s effective income tax rate must not be lower than 15%, and there will also be foreign exchange losses brought by potential USD depreciation. Considering these factors, the company expects its profit margin in 2026 to decline slightly, but the magnitude of the decline will be significantly narrowed.

“Mindray is no longer the equipment company people once thought of that mainly sells monitors and ventilators. We’ve been on the path of transforming into a more industrialized, standardized business for a long time.” Mindray Medical executives said during the research visit. In 2025, its IVD business (in vitro diagnostics) volume became the company’s largest product line for the second consecutive year. In China, the IVD business’s share of domestic revenue has reached nearly half. “Two major breakthroughs” (large customers, large output) is the decisive “make-or-break” factor for the future development of Mindray’s domestic IVD business.

Regarding the progress of the Hong Kong IPO, Mindray Medical said that the company’s H-share listing matters are currently under regulatory review. The proceeds from this offering of H-share stock, after deducting issuance expenses, will be used for global R&D investment, further improving the company’s global sales network and supply chain capabilities, and other purposes such as company operations. The company does not rule out distributing a one-time special cash dividend to existing shareholders before listing in Hong Kong, in order to increase the level of returns to existing shareholders.

More than 180 institutions focus on Shengbang shares and TaiLi Technology

Shengbang shares and TaiLi Technology received research visits from more than 180 institutions this week. Among them, Shengbang shares received research visits from 188 institutions during the week. The annual report shows that Shengbang shares focuses on the R&D and sales of high-performance analog and mixed-signal integrated circuits, covering areas such as signal chains, power management, and sensors. It has formed a matrix of 38 major categories and more than 6,800 sellable product offerings. In 2025, Shengbang shares newly disclosed four types of products: magnetic sensors, EEPROM, DIMM peripheral products, and auxiliary power chips (including APD Bias, TEC Driver, EML Bias, etc.). The products are widely used in industrial and energy, automotive, networking and computing, and consumer electronics, among other fields.

In 2025, Shengbang shares achieved operating revenue of RMB 3.889 billion, up 16.46% from the same period last year; attributable net profit to shareholders was RMB 547 million, up 9.36% from the same period last year. During the research, institutions asked how the company would adjust its pricing strategy if costs rise and some peers increase prices. Shengbang shares said that it has no plan to raise prices. It has many products, long product lifecycles, and broad application areas, with a large customer base. The total number of products and the number of high-end products continue to increase, and the average product price has remained relatively stable for many years.

Shengbang shares explained that because the unit price of analog chips is low, the quantities are large, and the number of suppliers is relatively high, the price of a single product typically declines gradually over its lifecycle, and generally does not rise or fall with changes in market demand. The company’s products are rich and application areas are broad, with diverse processes. Its business shows a certain degree of resilience and risk resistance. At the same time, based on its own development planning, it researches and promotes products that do not heavily overlap with those of international peers, fully participates in free-market competition, and adopts market-based pricing strategies.

TaiLi Technology received research visits from 182 institutions this week. The annual report shows that the company’s 2025 operating revenue was RMB 1.044 billion, up 2.36% year over year; attributable net profit to shareholders was RMB 61.4481 million, down 29.88% year over year. Institutional questions mainly focused on TaiLi Technology’s overall layout in robotics and commercial aerospace and its future plans.

According to introductions from TaiLi Technology executives, in the robotics field, the company leverages its advantages in core material technology, focusing on technical platforms such as intelligent nanofluid materials, functional textile composites, and flame-retardant materials. It actively expands customer cooperation in key areas such as safety protection for complete robot systems and wear-resistant parts (such as biomimetic tendon ropes). It is currently in the stage of docking technologies with multiple upstream core robot manufacturers and participating in verification and development of supporting solutions.

In commercial aerospace, TaiLi Technology relies on core technologies such as aerospace-grade high-performance barrier packaging and multifunctional surface coating materials to firmly occupy the position of a core supplier of vacuum packaging products specifically for aerospace applications. At the same time, it makes full use of the unique performance of coating materials in preventing icing and resisting scratching, continues to explore and develop diverse applications of these materials in commercial aerospace scenarios, and keeps widening the boundaries of industrial services. In the future, it will take a business expansion model centered on “materials + customized solutions,” actively promote the civilian commercialization of aerospace technologies, and continue to build a long-cycle, high-gross-margin B-end business system.

More than 150 institutions focus on hot targets Lans Technology and JiJi XuChuang

Worth noting is that the market’s hot companies, Lans Technology and JiJi XuChuang, received more than 150 institutional research visits this week.

Lans Technology received research visits from 157 institutions during the week. According to financial reports, Lans Technology’s full-year operating revenue was RMB 74.41 billion, up 6.46% year over year; attributable net profit to shareholders was RMB 4.018 billion, up 10.87% year over year. Institutions mainly focused on the progress and plans of Lans Intelligent Robots, progress on assembling complete intelligent glasses with North American customers, and expected wearable-related performance for 2026.

Regarding embodied intelligence business, Lans Technology responded that it has built a vertical integration manufacturing platform from core component production to complete system assembly. Products range from complete system assembly to core components and modules such as liquid metal, aluminum-magnesium alloy structural parts, six-axis force sensors, head modules, joint modules, and dexterous hands. The company has already delivered in batches to multiple leading robot customers domestically and internationally, including complete systems of humanoid robots, four-legged robots, and head modules, joint modules, dexterous hands, structural parts, and more. Its assembly shipment scale is among the top in the industry.

“In 2026, Lans Technology will also work with customers to strengthen secondary application development, widely apply robot products across the company’s own production processes, and promote automation upgrades in scenarios such as sorting, assembly, and inspection, so that embodied intelligence robots can truly be deployed in industrial applications.” Lans Technology emphasized.

Regarding the progress of assembling complete intelligent glasses for North American customers and expected wearable performance for 2026, Lans Technology said that it is a long-term partner of major North American customers. The company has already carried out supplies for assembling the glasses charging cases and relevant structural components and functional modules. Leveraging Rokid’s complete-system manufacturing experience and its vertical integration advantages, it is expected to achieve complete-system assembly deployment. Looking ahead to 2026, the penetration rate of the AI/AR glasses market will rise rapidly. The company’s shipments from both domestic and overseas customers will continue to grow at a fast pace. AI/AR glasses will become an important growth point for the company’s AI-end hardware.

At the same time, Lans Technology has achieved a technological breakthrough in mass production of waveguide lens sheets. In the second half of the year, it will achieve batch deliveries. By continuing to introduce its own structural components and functional modules, it will further enhance unit value and profitability at the single-device level.

JiJi XuChuang received research visits from 153 institutions this week. The company achieved operating revenue of RMB 38.24 billion in 2025, up 60.25% year over year; and attributable net profit to shareholders was RMB 10.797 billion, up 108.78% year over year. According to JiJi XuChuang, its market share in 800G and 1.6T remains firmly in place, and the competitive landscape of its main customers has not changed.

At present, upstream materials such as optical chips and Faraday rotation chips are still in short supply. Overall, JiJi XuChuang is well prepared: it has increased procurement efforts, signed supply assurance agreements with suppliers, and also introduced some new suppliers, and the overall results are still good. However, shortages remain in certain stages, mainly because downstream demand growth has been too rapid, causing the materials shortages to persist. JiJi XuChuang said the company will do its best to manage its supply chain and materials procurement. It is confident in maintaining improvements in shipment volume and delivery capacity, and maintaining revenue growth.

According to introductions from JiJi XuChuang executives, in 2026—2027, JiJi XuChuang will further increase capacity expansion. Its annualized capacity in 2025 already reaches more than 28 million units, and capacity in 2026 will have a significant increase to meet the shares and orders provided by customers. On R&D in 2026, investment will continue. The absolute amount of R&D spending will still grow, including many new technology directions and new products.

（Source: Securities Times Net）