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Original Silver Gun Xiaobailong Foodie Research Institute Hey, let me sigh first. Why can I write "What is a latte" with such empathy? This is similar to how many people ask me every day, "Why is the one with spicy strips and chicken steak not pancake fruit?"
Source: Market Information Source: Beijing Branch of the People's Bank of China On February 5, the Beijing Branch of the People's Bank of China held a briefing on financial management work in Beijing in 2026.
60 student representatives from Xinjiang University of Finance and Economics walked into Ganquanbao Economic Development Zone, school, employment, internship, Ganquanbao Economics, Xinjiang University of Finance and Economics
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After the matter brewed for two days, on the 27th, G-Dragon responded to the drug-related investigation through lawyer Kim Soo-hyun: "I am G-Dragon. First of all, I have not taken drugs." As early as 2011, G-Dragon was found to have taken drugs, and the police conducted a hair test on him.
Jinggao Education Vision Dan Hoe Carboxypan Modeling Wei Saiqiu Guangxi University of Finance and Economics Mathematical Modeling Methods and Practices Su Guangwang Qin Bin School of Information and Statistics, Guangxi University of Finance and Economics, Nanning, Guangxi 530003 [Abstract] Aiming at the characteristics of students in finance and economics colleges
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Today we are going to discuss an interesting piece of news from the Korean entertainment industry: Quan Zhilong and Kim Soo Hyun’s first meeting was actually full of embarrassing and funny moments! These words of praise undoubtedly reflect Kim Soo Hyun's admiration and support for Quan Zhilong.
Exploration on the teaching reform of "Advanced Mathematics" courses in "first-class courses" - Taking Guangxi University of Finance and Economics as an example - Source: Education and Teaching Forum (Issue 2021024) - Hebei Education Press, Huashan Literature and Art Press.pdf
Overseas Study Exchange Center (OSEC) Relying on the superior teaching resources and extensive international relations of the School of Economics and Management of Southwestern University of Finance and Economics, the college established the Overseas Study Exchange Center (OSEC) in 2007, aiming to create high-quality overseas teaching cooperation projects, promote Sino-foreign educational cooperation and academic exchanges, provide students with high-level preparatory education for studying abroad, and build a direct train for studying abroad. Since its establishment, the center has set the goal of serving students who want to study abroad. It has positioned itself on the construction of training and high-end projects, and built a platform for participants that is completely different from study abroad agencies.
The Premaster Foundation Program relies on the high-level teaching staff from the Institute of Economics and Management to return from overseas. The center offers courses in finance, economics, mathematics and physics in English to provide pre-master training for students. At the same time, we help students complete cooperative project applications and scholarship applications, and provide other consultation and assistance related to studying abroad. The master's preparatory training is taught entirely in English and is taught by a team of returnee professors from the college. Professors from overseas partner universities are invited to participate in the teaching when appropriate. It is a basic bridge course specially designed for Chinese students to study in well-known overseas universities. Students will be able to effectively improve their professional knowledge and learning skills, fully experience the educational methods and atmosphere of famous British and American schools in the local education environment, avoid the disadvantages caused by being incompatible with Western teaching systems and teaching methods after going abroad, and help students successfully complete the transition from Chinese-style education to Western-style education.
The center treats students and overseas partner schools with a highly responsible attitude, and has won high trust from overseas partner universities. So far, all students recommended by the center have been admitted, and the application success rate is 100%.
The tax collection period in January 2026 has arrived. When filing corporate income tax for the fourth quarter of 2025, many financial personnel are stumped by the problem of filling in wages and salaries - "Can the unpaid wages be filled in?" "Do social security and welfare fees be included in the actual wages?" "What should I do if the personal tax declaration data does not match?"
Don't panic! Today, in response to these pain points, we have compiled 10 high-frequency questions and answers on wages and salaries in the fourth quarter declaration, covering core issues such as reporting standards, data sources, pre-tax deductions, and special circumstances. They are all practical information. It is recommended to save them for later use~
Q1: What is the difference between "employee benefits included in costs and expenses" and "actually paid employee benefits" in the declaration form? What to fill in?
A: These are the two columns that are most easily confused. There are two core differences:
1. Employee compensation that has been included in costs and expenses: Fill in based on the cumulative number from January to December 2025, including wages and salaries, social security (unit part), provident fund (unit part), welfare fees, labor union funds, etc.
2. Actual employee compensation paid: only fill in the total wages and salaries actually paid from January to December 2025 (including basic salary, bonuses, allowances, subsidies), excluding social security, welfare fees and other additional items.
Q2: Fill in these two columns with "amount for this quarter" or "accumulated amount for this year"?
A: You must fill in the cumulative amount for this year! The declaration here for the fourth quarter of 2025 needs to be filled in based on the cumulative data from January to December 2025, not just the fourth quarter data, otherwise the system data comparison will be abnormal.
Q3: The salary accrued in 2025 was not paid at the end of the year. Can I fill it in when reporting?
A: It can be filled in, but it must be divided into columns: to calculate unpaid wages, you need to fill in "employee wages that have been included in costs and expenses", but you cannot fill in "employee wages actually paid".
Tip: The wages accrued in 2025 must be paid before May 31, 2026 (the final settlement date) at the latest before tax can be deducted in 2025; if they are not paid by the due date, the taxable income must be fully adjusted through the "Employee Salary Expenditure and Tax Adjustment Detailed Schedule" during the final settlement.
Q4: How to fill in the 2024 accrued wages to be paid in 2025?
A: Fill in “actual employee compensation paid”.
Q5: Does the "actually paid employee compensation" include the personal part of personal income tax and social security?
A: Included! What is filled in here is the total salary before tax. Personal tax and social security are part of the salary. They are only withheld and paid by the company and need to be included in the actual salary.
Q6: What kind of wages and salaries can be fully deducted before tax?
A: The core is to meet the requirements of "reasonable wages and salaries", focusing on three key points: ① There is a formal salary system; ② The salary level is in line with local industry standards; ③ Individual taxes have been withheld in accordance with the law. If you meet these three points at the same time, you can basically deduct the full amount.
Q7: Can social security, welfare fees, and labor union funds be included in total wages and salaries, and can they be used to calculate the deduction limit?
A: No! Total wages and salaries only refer to the total wages and salaries actually paid, excluding social security, provident fund, welfare fees, labor union funds, etc. These items have separate deduction standards: welfare fees shall not exceed 14% of total wages and salaries, labor union funds shall not exceed 2%, and employee education funds shall not exceed 8% (according to Finance and Taxation [2018] No. 51, the overexpenditure can be carried forward for deduction in subsequent years).
Q8: How should I fill in the wages that have not been calculated through the "Employee Compensation Payable" account?
A: Regardless of whether it is calculated through this account, as long as the employee compensation or wages actually paid are included in costs and expenses in 2025, they must be filled in according to the corresponding caliber. It is recommended that the subsequent transitional accounting of "employee compensation payable" be unified to avoid missing statistics; if it has been directly included in the cost and expense, it needs to be counted separately to ensure the completeness of the declaration data.
Q9: Does the intern’s salary need to be filled in the salary column?
A: For college students doing internships or temporary workers providing similar employee services, regardless of whether the personal income tax is reported as "salary" or "labor remuneration", the "employee salary payable" will be included in the accounting. It is recommended to fill it in and keep the labor agreement/internship agreement for future reference.
Q10: The declaration data does not match the income data in the personal tax system, what should I do?
A: First check the 3 common causes, and then deal with them according to the steps:
1. Pay wages across years (for example, pay 24 years of wages in 25 years);
2. The salary of interns/temporary workers is included in employee salary, but personal income tax is reported as labor remuneration;
3. Omission/overcalculation of bonuses and subsidies when reporting.
Processing steps:
1. Compile a detailed list of differences and mark the reasons;
2. Keep salary sheets, payment vouchers, personal tax returns and other information;
3. If there is a reasonable difference, no additional operations are required when reporting, just prepare the information for verification.
[Case] Last year, a small and micro enterprise in Shenzhen was required by the tax to provide additional explanations because it failed to indicate the reasons for differences. Please be prepared in advance!
Practical operation of salary-related entries (with declaration correspondence)
After solving the problem of filling in the report, add the entries for practice! Many financial accounts make declaration errors due to irregular entries. The following is the correspondence between standard entries and declarations in high-frequency scenarios, so that novices can make zero mistakes:
Scenario 1: Calculate monthly salary in December 2025 (including unit social security and provident fund)
Assume that the monthly salary of management personnel is 100,000 yuan, and the salary of production personnel is 200,000 yuan. The unit bears social security of 30,000 yuan and provident fund of 20,000 yuan (personal social security of 12,000 yuan and provident fund of 10,000 yuan):
Borrow: Management expenses - salary 100,000
Production cost—salary 200,000
Management expenses—social security (unit) 30,000
Management expenses—provident fund (unit) 20,000
Loan: Employee compensation payable - wages and salaries 300,000
Employee compensation payable—social security (unit) 30,000
Employee benefits payable—provident fund (unit) 20,000
Declaration correspondence: The credit of "employee benefits payable" in the entry totals 350,000 yuan (30+3+2), which is directly included in the declaration form "employee benefits included in costs and expenses".
Scenario 2: Pay the monthly salary in December 2025 (withholding personal social security, provident fund and personal tax)
Assuming that the personal tax withheld is 18,000 yuan, the actual amount distributed = 300,000-12,000-10,000-18,000 = 260,000 yuan:
Borrow: Employee compensation payable - wages and salaries 300,000
Loan: bank deposit 260,000
Other payables—social security (individual) 12,000
Other payables—provident fund (individual) 10,000
Taxes payable—Personal income tax payable 18,000
Declaration correspondence: The debit of "Employee compensation payable - wages and salaries" in the entry is 300,000 yuan (total amount before tax), which is included in the "actually paid employee compensation" in the declaration form.
Scenario 3: The performance salary of RMB 50,000 accrued in December 2025 will be paid in January 2026 (before the 25-year settlement).
Borrow: Employee compensation payable - wages and salaries 50,000
Loan: bank deposit 50,000
Declaration correspondence: 50,000 yuan distributed in January 2026. Since the fourth quarter declaration form (declaration period is January 2026) is filled with data from January to December 2025, and the issuance has exceeded the year of 2025, there is no need to add it to the fourth quarter declaration form; no additional explanation is required, and the issuance voucher is retained for future reference.
Scenario 4: Pay part of social security and provident fund for the unit and individual
Borrow: Employee compensation payable—social security (unit) 30,000
Employee benefits payable—provident fund (unit) 20,000
Other payables—social security (individual) 12,000
Other payables—provident fund (individual) 10,000
Loan: bank deposit 72,000
Declaration correspondence: Part of the unit's social security and provident funds have been included in "employee compensation included in costs and expenses" through scenario 1. This is only a payment entry, and no repeated reporting is required.
The core of filling in salary and remuneration is to "clear the caliber, identify the source, and retain the voucher." If you master these key points, you will avoid detours when filing for the fourth quarter~ If you have any other questions, please leave a message in the comment area! #January 2026 Corporate Income Tax Quarterly Return, How to Fill in Employee Remuneration##Corporate Income Tax Law##
Professor profile
Professor and doctoral supervisor of the Department of Finance, School of Accountancy, Southwestern University of Finance and Economics; an outstanding expert with outstanding contributions in Sichuan Province; a reserve candidate for academic and technical leaders in Sichuan Province.
Hosted and participated in 5 provincial-level projects of the National Social Sciences, Ministry of Education and other ministries. Independently and co-authored more than 10 monographs; published more than 40 academic papers in magazines such as "Management World", "Economics Trends", "Accounting Research", "Guangming Daily", "Financial Science" and other magazines; presided over the formulation of 6 financial accounting systems for enterprises and units; chief editor or co-editor of more than 10 textbooks and reference books. His achievements have won 2 third prizes for outstanding achievements in philosophy and social sciences in Sichuan Province, 1 second prize for humanities and social sciences from the Sichuan Provincial Department of Education, 1 third prize from the Liu Shibai Award Fund, 4 annual outstanding scientific research achievements from Southwestern University of Finance and Economics, and 7 first, second and third prizes from the Accounting Society of Sichuan Province and the Financial Cost Research Association.
field of study:
The main research directions are basic financial theory, financial system theory, and internal control.
Educational background:
1998
Southwestern University of Finance and Economics
economics
PhD
1984
Southwestern University of Finance and Economics
economics
Bachelor
Career experience:
2003~present
Doctoral Supervisor, School of Accountancy, Southwestern University of Finance and Economics
1999~present
Professor, School of Accountancy, Southwestern University of Finance and Economics
1995~1999
Associate Professor, School of Accountancy, Southwestern University of Finance and Economics
1991~1995
Lecturer, School of Accountancy, Southwestern University of Finance and Economics
1984~1991
Teaching Assistant, School of Accountancy, Southwestern University of Finance and Economics
Research results
Journal articles:
1. Feng Jian: "Several Issues on Financial Theory Innovation Research", "Sichuan Accounting" 1998
2. Feng Jian: "Principal is the core concept of financial theory", "The Economist" 1999
3. Feng Jian: "Research on my country's Financial Discipline System", "Journal of Sichuan Cadre College" 1999
4. Feng Jian: "Research on Theoretical Investment Issues", "New Economic Times" 2000
5. Feng Jian: "On Western Development and Financial Image", "Sichuan Accounting" 2000
6. Feng Jian: "Accountants must achieve six changes", "China Financial News" 2001
7. Feng Jian: "Research on the Objectives of Finance and Economics Undergraduate Education in the 21st Century", "Higher Education Finance and Economics Research" 2001
8. Feng Jian: "Off-balance sheet disclosure of financial reports", "Jilin Accounting" 2002
9. Feng Jian: "On the Level of Division of Labor and Diversification of Financial Subjects", "Financial Science" 2002
10. Feng Jian: "Theory and Practice of Internal Financial Control of Enterprises", "Proceedings of the National Association of Accounting Professors" 2002
11. Feng Jian: "Challenges Facing the Audit of Intangible Assets after Joining the WTO", "Theory and Practice of Auditing in Colleges and Universities" 2002
12. Feng Jian: "Analysis of the Correlation between Capital Market Model and Financial Theory", "Sichuan Accounting" 2003
13. Feng Jian: "Innovation in Financial Information Management Model", "Accounting Monthly" 2003
14. Feng Jian: "Principal Category and Its Contribution to Financial Theory", "Sichuan Accounting" 2003
15. Feng Jian: "Concerns and Value Orientations of Literature Research in my country", "China Finance Review" 2005
16. Feng Jian: "On the Ethical Regulation of Accounting Behavior", "Friends of Accounting" 2005.4
17. Feng Jian, Luo Fukai: "Empirical Research on the Overall Level of Financial Leverage of Chinese Companies", "Financial Science" 2006.1
18. Feng Jian, Huang Juan: "Research Status and Review of Internal Control", "Accounting Newsletter·Academic Edition" 2007.1
19. Feng Jian, Luo Fukai: "Comprehensive Fuzzy Evaluation of Financial Control of Listed Companies: Analysis from the Perspective of Value Creation", "Financial Science" 2007.8
20. Feng Jian, Huang Jianhua: "Research on the timeliness of the largest shareholder's holdings and profit information disclosure", "Friends of Accounting" 2007.8
21. Feng Jian, Zhang Xulei: "The Formation and Development of Enterprise Financial Core Capabilities", "Xinjiang Farm Economy" 2008.1
22. Feng Jian, Xiang Rui: "The relationship between board characteristics and company operating performance - based on empirical evidence from Chinese private listed companies", "Financial Science" 2008.11
23. Feng Jian, Zhang Xulei: "The formation and development of corporate financial core capabilities - based on the perspective of financial sustainable development", "Industrial Technology and Economics" 2008.2
24. Feng Jian and Cheng Wenli: "Economic Motives and Influencing Factors of Corporate Donations: Overview and Enlightenment", "Economics Trends" 2010.9
25. Feng Jian and Cheng Wenli: "Financial Guarantee Mechanism for Corporate Donations in my country: Historical Investigation and Realistic Dilemma", "Financial Science" 2012.7
26. Feng Jian and Cheng Wenli: "Construction of Financial Guarantee Mechanism for Donations by Chinese Enterprises: Theoretical Basis, Theoretical Basis and Theoretical Framework", "Management World" 2012.9
monograph:
1. "Financial Monograph", Lixin Accounting Press 1998
2. "Design and Selection of Enterprise Internal Financial Systems", China Business Press 1998
3. "Research on the Structure of Financial Theory", Lixin Accounting Press 1999
4. "Advanced Corporate Finance", Lixin Accounting Press 1999
5. "New Theory of Finance", Lixin Accounting Press 2000
6. "Financial Issues in Economic Reform", Southwestern University of Finance and Economics Press 2001
7. "Financial Issues in Economic Development", Southwestern University of Finance and Economics Press 2001
8. "Advanced Financial Management Theory", Lixin Accounting Press 2001
9. "Theoretical Research and Practical Exploration on Internal Auditing in Colleges and Universities", Southwestern University of Finance and Economics Press 2003
10. "On Corporate Financial System", Tsinghua University Press 2005
11. "Thirty Years of China's Economic Reform—Accounting Volume", Southwestern University of Finance and Economics Press 2008
12. "Business in the Three Kingdoms - Capital Takes the World", Southwestern University of Finance and Economics Press 2013
13. "Accounting", Southwestern University of Finance and Economics Press 1998
14. "Principles of Finance", Higher Education Shanghai Social Science Press 1998
15. "Financial Management", Higher Education Press 2000
16. "Basics of Accounting", Southwestern University of Finance and Economics Press 2003
17. "Financial Management", Capital University of Economics and Business Press 2003
teach courses
Undergraduate:
Accounting Basics
Finance
Master and Ph.D.:
Research on basic financial theory
MPAcc:
Financial Management Theory and Practice
Social part-time job
Secretary-General of the China Finance Annual Conference, director of the China Educational Auditing Society, and member of the scientific research group of the Sichuan Accounting Society. He has also served as independent director of Yunnan Malong, Chengdu Weishitong, Chengdu-Chongqing Expressway and other companies. He currently serves as an independent director of non-listed companies such as Dikang Pharmaceutical, Chengdu Borui, Star Cable Listed Company, Luoyang Bank, and China Science and Technology Information.
In daily study, work or life, everyone must come into contact with compositions or model essays. Through articles, we can gather our scattered thoughts together. What should you pay attention to when writing a sample essay? What formats should I pay attention to? Below are high-quality sample essays compiled by the editor for your reference only. Let’s take a look.
General self-appraisal of the laboratory department Part 1
one. Be conscientious and do your job well
As a member of the laboratory department, I am both the doctor's eyes and the doctor's assistant. Grasping my own responsibilities is another principle I have followed since I took office. Apply the knowledge you have learned, collect the opinions of teachers, learn from experience in other places, put forward opinions and suggestions, and serve as a good consultant to doctors. So far, it has basically been able to meet the testing parameter requirements of various types of patients in the hospital; in order to ensure the accuracy of testing data for various types of patients, the entire process of inspection and testing was strictly carried out in accordance with the "National Clinical Inspection Operating Procedures" and "Product Instructions". In the past year, the inspection reports issued were basically accurate. In the inspection business, we can resolutely implement the concept of medical safety first and prevent the occurrence of medical accidents. Further improve the quality of medical services and improve service attitude to win the trust of patients.
two. Professional knowledge, work ability and specific work
Although the daily clinical testing work is relatively busy, there are certain difficulties in doing it. For example, I have never done a lot of manual sample addition work before. However, in order to do a good job, obey the leadership arrangements, and actively support the work of the department director, I am not afraid of trouble. I humbly learn from the teacher and explore my own practice. In a short period of time, I have mastered the manual sample addition work, clarified the work procedures, improved my work ability, and formed a clearer work idea in the specific work. I can carry out the work smoothly and complete my job skillfully and satisfactorily. In order to make up for the gaps in my professional knowledge, I
I constantly ask myself to supplement this knowledge every day, which will lay a solid foundation for myself and future interviews.
3. Work attitude and diligence and dedication
"A doctor has the heart of a parent", and I take it as my own responsibility to do everything possible to relieve the suffering of patients. I hope that all patients can recover as soon as possible, so every time when I enter the ward, I use the limited time to spare no effort to encourage them, patiently help them understand the disease, build confidence in overcoming the disease, and silently pray for their speedy recovery. Love your own job, be able to treat every job correctly and seriously, and serve everyone enthusiastically. Seriously abide by labor disciplines, ensure timely attendance, make effective use of working time, stick to your post, and work overtime to complete work on time.
4. I also received criticism and corrections from all aspects at work. I made rectifications one by one and achieved good results.
In the past few months of my internship, under the leadership of the hospital leaders and department directors, I have worked diligently and diligently. Although I have achieved some results, since my various qualities need to be further improved, it is inevitable that problems and mistakes of this kind and that will occur in my work. For example, individual work is not perfect enough, which needs to be improved in future work. I sincerely hope that all leaders and teachers can provide timely criticism and correction. The new year means a new starting point, new opportunities, and new challenges. I am determined to continue to work hard, reach a higher level, strive to create a new situation in work, bring ideological awareness and work performance to a new level, and make greater and more contributions to the development of the General Hospital.
General self-appraisal of the laboratory department Part 2
At the end of the hot October, we finally started the long-awaited practice. Thinking that I would finally have the opportunity to enter the laboratory department and understand the major I studied through practice, I was full of expectations. Since we were exposed to the work of the laboratory department for the first time, and we were the first batch of students to start practice, we were inevitably very excited and nervous. We will keep every operating point and precautions introduced by the teacher in mind. In just ten days, I witnessed with my own eyes the busyness of three departments - biochemistry, immunity, and clinical examination. I discovered that there is a huge difference between work and study.
The first is biochemistry. The work here is basically an assembly line. Here, you not only need to fully master the professional knowledge, but also have a certain understanding of the inspection equipment, because you never know when the equipment will malfunction. At this time, you also need to know how to repair the machine. What requires manual operation here is blood recovery. This is for the convenience of patients or doctors who want to re-examine the report if they have any questions. Not only is it responsible for the patient, but it is also a responsibility for oneself as a medical staff.
The second department is immunity. Unlike biochemistry, immunity requires a lot of manual operations. Since many of them are micro-scale tests, there will be a slight difference and a huge loss. The teacher did not dare to let us operate it easily. Most of the time, I just do some simple experiments and listen to the explanation of some experiments next to the teacher. With this intuitive learning method, the pale theories and simple pictures and texts we have in class become concrete and vivid.
The third department is clinical examination, which is actually divided into blood and body fluids. During the clinical blood examination, I looked at the automatic analysis flow cytometer, and then recalled what the teacher explained in class, and gained a deeper understanding. In the clinical examination of body fluids, the teacher often asks us to take a look at the samples. In the past few days of clinical examination, I have gained a better understanding of the basics of clinical testing that just ended, and I have seen more samples. These positive or negative samples from different people are what we will face in the future.
It is said that the relationship between doctors and patients is tense nowadays. When I was practicing here, I was lucky enough to stand at the consultation desk. Dealing with patients requires more patience. Saying hello more often may bring the distance between the doctor and the patient closer, with less suspicion and more trust.
Someone once said that you can easily get started working in the laboratory department in three months. It is very simple. However, after you actually come here and experience it, you will find that the inspection work is not as simple as imagined. Just like the reports in the hands of patients, they seem simple. In fact, they are obtained through quality control, experiments, testing, review, and review by teachers one after another. This step-by-step operation is done carefully, and every step cannot be sloppy. Although it seems to outsiders that inspectors do the same work every day, when accidents or special symptoms occur, the day-to-day accumulation is meaningful. This is why inspectors are not only required to keep professional knowledge in mind, but also need a lot of practical experience.
Although this internship lasted only two weeks, it made me understand a lot about the work of the laboratory department and met many teachers. I gained some new understanding of this major and my own future, and became clearer about my future goals. All in all, this practice has been fruitful. I am really grateful to the teachers at the school and the hospital for giving us such a good opportunity to fully understand the major we studied.
General self-appraisal of the laboratory department Part 3
One year of internship life has passed quickly. Looking back on the past year, I can't help but feel full of emotions. I was officially accepted by the hospital as an intern in the laboratory department in June XX. During this year's internship, I have continuously strengthened my study, improved my political quality and business quality, accurately positioned myself, and worked hard to do my job well. The internship situation over the past year is now reported as follows: In the past year, under the correct leadership of the party and government leaders of the hospital, under the leadership of the director of the laboratory department, Next, I study hard, emancipate my mind, forge ahead, be truthful and pragmatic, carry forward the work style of advancing with the times, adhere to the "patient-centered" clinical service concept, carry forward the revolutionary humanitarian spirit of saving lives and healing the wounded, base myself on my position, and do a good job in medical services. While receiving widespread praise from patients, it has also been recognized by organizations at all levels. Completed the internship work well.
The summary mainly includes the following items:
1. Ideological and political performance, moral quality and professional ethics
Strengthen study, strive to improve one's own quality, conscientiously implement the party's basic line, principles and policies, and actively learn political theory through newspapers, magazines, books, and the Internet; conscientiously practice the "Eight Honors and Eight Disgraces"; abide by laws and regulations, conscientiously study legal knowledge and relevant industry regulations; be dedicated to work, have a strong sense of responsibility and professionalism, be serious and responsible, and have a correct work attitude. Through a year of study and the help of teachers, my own quality has been greatly improved.
Actively and conscientiously learn professional knowledge, strictly abide by medical ethics standards in the process of medical practice, do not make false reports, do not be favourites, and prevent the occurrence of medical disputes.
2. Be conscientious and do your job well
As a member of the laboratory department, I am both the doctor's eyes and the doctor's assistant. Grasping my own responsibilities is another principle I have followed since I took office. Apply the knowledge you have learned, collect the opinions of teachers, learn from experience in other places, put forward opinions and suggestions, and serve as a good consultant to doctors. Resolutely implement and actively implement the resolutions formed by the hospital. So far, it has basically been able to meet the testing parameter requirements of various types of patients in the hospital; in order to ensure the accuracy of testing data for various types of patients, the entire process of inspection and testing was strictly carried out in accordance with the "National Clinical Inspection Operating Procedures" and "Product Instructions". In the past year, the inspection reports issued were basically accurate. In the inspection business, we can resolutely implement the concept of medical safety first and prevent the occurrence of medical accidents. Further improve the quality of medical services and improve service attitude to win the trust of patients.
I conscientiously implemented the relevant systems and regulations of the hospital infection control department and the hospital, and issued reports accurately and timely, without any omission or misreporting.
3. Professional knowledge, work ability and specific work
In addition to doing daily clinical examinations, I also participated in employee physical examinations, pediatric examinations, gynecological examinations, etc. Although the work was relatively busy and there were certain difficulties in doing it, such as a lot of manual sample addition work, which I had never done before, but in order to do a good job, obey the leadership arrangements, and actively support the work of the department director, I did not Afraid of trouble, I humbly learned from the teacher and explored and practiced on my own. In a short period of time, I mastered the manual sample addition work, clarified the work procedures, improved my work ability, and formed a relatively clear work idea in the specific work. I was able to carry out the work smoothly and complete my job skillfully and satisfactorily. During this year, in line with the goal of "doing a better job", I developed a sense of innovation and actively and successfully completed the following tasks:
(1) Report potential safety hazards discovered at work to the department director and dean in a timely manner for handling.
(2) Receive every patient seriously and treat every patient as his or her own relative.
(3) Carefully write each inspection form and record each inspection result.
(4) With the strong support of the hospital leaders and department directors, the hard work paid off and I successfully passed the xx city computer D-level and foreign language D-level exams in one go.
(5) I once encountered a patient at work who made things difficult for no reason and had a dispute with the teacher. With the help of me and the director of the xx department, the dispute was successfully resolved.
(6) Assist colleagues in other departments to solve examination questions in a timely manner to prevent the occurrence of medical errors and medical accidents.
(7) Publish xx medical academic papers in domestic and foreign medical journals. Successfully applied for the National "Hematology, Body Fluidology, and Blood Transfusion" Academic Conference of the Laboratory Medicine Branch of the Chinese Medical Association and obtained the qualification to attend the conference for free. The paper published at the Fifth National Academic Conference on Laboratory Medicine for Young and Middle-aged People of the Chinese Medical Association was rated as an outstanding paper and received funding from the conference. However, due to the unique nature of the work of the Laboratory Department of our hospital, I was unable to attend the two national conferences. It is a pity that I was not discouraged and will strive to write better articles in the future. In-hospital leaders and
With the strong support of the department director and colleagues in the department, I participated in the academic exchange conference of the xx County Traditional Chinese Medicine Association and published my paper at the conference. It has filled a gap in the laboratory department in the past. The achievement of these achievements is inseparable from the correct leadership and strong support of the hospital leaders and department directors, and has won the reputation of the hospital. In order for the work of the laboratory department to proceed smoothly, we can work together with colleagues in the department and cooperate with other departments. In addition to doing our own work, we also actively cooperate with other colleagues to do a good job.
4. Work attitude and diligence and dedication
"A doctor has the heart of a parent", and I take it as my own responsibility to do everything possible to relieve the suffering of patients. I hope that all patients can recover as soon as possible, so every time when I enter the ward, I use the limited time to spare no effort to encourage them, patiently help them understand the disease, build confidence in overcoming the disease, and silently pray for their speedy recovery.
Love your own job, be able to treat every job correctly and seriously, and serve everyone enthusiastically. Seriously abide by labor disciplines, ensure timely attendance, make effective use of working time, stick to your post, and work overtime to complete work on time.
5. I also received criticisms and corrections from all aspects at work. I made rectifications one by one and achieved good results.
In the past year of my internship, under the leadership of the hospital leaders and department directors, I have worked diligently and diligently. Although I have achieved some results, since my various qualities need to be further improved, it is inevitable that problems and mistakes of this kind and that will occur in my work. For example, individual work is not perfect enough, which needs to be improved in future work. I sincerely hope that all leaders and teachers can provide timely criticism and correction. The new year means a new starting point, new opportunities, and new challenges. I am determined to continue to work hard, reach a higher level, strive to create a new situation in work, bring ideological awareness and work performance to a new level, and make greater and more contributions to the development of xx Hospital.
Extended content of hospital laboratory department internship summary/internship summary: What is a work summary, how to write a work summary? And the key points of writing?
The work summary is to analyze and study the work done over a period of time, affirm the achievements, identify problems, and express these in words, which is called a work summary.
The work summary is not only a review process of one's own social practice activities, but also a process of improving people's ideological understanding. Through summarizing, people can upgrade scattered and superficial perceptual understandings into systematic and profound rational understandings, thereby drawing scientific conclusions in order to carry forward achievements, overcome shortcomings, draw lessons from experience, and make future work less detours and more fruitful. The work summary is divided into department summary and personal summary. Use the first person. That is to say, it should be written from the perspective of this unit and department. The expression method is mainly narrative and discussion, supplemented by explanation, which can be mixed with narrative and discussion.
The summary should be written with theoretical value. On the one hand, we must grasp the main contradictions, and do not cover everything whether we talk about achievements or existing problems. On the other hand, it is necessary to conduct an in-depth and detailed analysis of the main contradictions. When talking about achievements, it is necessary to write down how it was done, why it was done, what the effect was, and what the experience is; when talking about existing problems, it is necessary to write down clearly what the problem is, why this problem occurs, what its nature is, and what the lessons are.
General self-appraisal of the laboratory department Part 4
Time flies like an arrow, and the sun and moon fly like a shuttle. One year of internship life has passed quickly. Looking back on the past year, I can't help but feel full of emotions. I was officially admitted as an intern in the laboratory department by xx Hospital in xx. During this year's internship, I have continuously strengthened my study, improved my political quality and professional quality, positioned myself accurately, and worked hard to do my job well. I now report the internship situation over the past year as follows: In just a few months, under the correct leadership of the hospital's party and government leaders, and under the leadership of the director of the laboratory department, I have carefully studied various professional knowledge, forged ahead, been truthful and pragmatic, carried forward a work style that keeps pace with the times, adhered to the patient-centered clinical service concept, based on my position, and done a good job in medical services in a down-to-earth manner. The identification mainly includes the following items:
1. Be conscientious and do your job well. As a member of the laboratory department, you are both the doctor's eyes and the doctor's assistant. Grasping your own responsibilities is another criterion that I have followed since I took office. Apply the knowledge you have learned, collect the opinions of teachers, learn from experience in other places, put forward opinions and suggestions, and serve as a good consultant to doctors. In order to ensure the accuracy of testing data for various types of patients, the "National Clinical Testing Operating Procedures" and "Product Instructions" are strictly followed during the entire inspection and testing process. The test reports issued in the past year are basically accurate. In the inspection business, we can resolutely implement the concept of medical safety first and prevent the occurrence of medical accidents. Further improve the quality of medical services and improve service attitude to win the trust of patients.
2. Professional knowledge, work ability and specific work Daily clinical testing work, although the work is relatively busy, there are certain difficulties in doing it, such as a lot of manual sample addition work, which I have never done before, but in order to do a good job, obey the leadership arrangements and actively support the work of the department director, I am not afraid of trouble , humbly learn from the teacher, explore and practice by myself, mastered the manual sample addition work in a short period of time, clarified the work procedures, improved the work ability, formed a relatively clear work idea in the specific work, and was able to carry out the work smoothly and complete the job skillfully and satisfactorily. In order to make up for the gaps in my professional knowledge, I constantly ask myself to fill in this knowledge every day, which will lay a solid foundation for myself and future interviews.
3. In terms of work attitude and diligence, doctors are like parents. I take it as my own duty to do everything possible to relieve the suffering of patients. I hope that all patients can recover as soon as possible, so every time when I enter the ward, I use the limited time to spare no effort to encourage them, patiently help them understand the disease, build confidence in overcoming the disease, and silently pray for their speedy recovery. Love your own job, be able to treat every job correctly and seriously, and serve everyone enthusiastically. Seriously abide by labor disciplines, ensure timely attendance, make effective use of working time, stick to your post, and work overtime to complete work on time.
4. I also received criticism and corrections from all aspects at work. I made rectifications one by one and achieved good results.
In the past few months of my internship, under the leadership of the hospital leaders and department directors, I have worked diligently and diligently. Although I have achieved some results, since my various qualities need to be further improved, it is inevitable that problems and mistakes of this kind and that will occur in my work. For example, individual work is not perfect enough, which needs to be improved in future work. I sincerely hope that all leaders and teachers can provide timely criticism and correction. The new year means a new starting point, new opportunities, and new challenges. I am determined to make persistent efforts, reach a higher level, and strive to create a new situation in my work.
1. Based on total wages and salaries as the calculation base
1. The deduction rate for wages and salaries is 100%
Core rules: Full deductions from reasonable wages and salaries must comply with industry standards and personal tax withholding.
Scope that can be deducted: hourly wages, piece-rate wages, bonuses, allowances and subsidies, overtime and special circumstances wages.
Items not included in the total amount: retiree salary and benefits, one-child allowance, travel allowance, missed meal allowance and other tax-free subsidies.
2. The deduction rate for employee welfare fees is 14%
Core rules: No more than 14% of the total salary will be deducted, and any overspending will not be deducted or carried forward.
Scope that can be deducted: canteen operation, welfare facilities, physical examination fees, travel expenses to visit relatives, heatstroke prevention and cooling expenses, hardship subsidies, and funeral pensions.
Non-deductible scope: non-tax-preferred commercial insurance, employee travel expenses, super-standard cash benefits, private consumption of shareholders and employees, and super-standard welfare fees.
Accounting requirements: Set up a separate account of "Employee Salaries Payable - Employee Welfare Fees".
3. The deduction rate for union funds is 2%
Core rules: No more than 2% of the total salary will be deducted if a compliance certificate is obtained. Overspending will not be deducted or carried forward.
Deductible scope: trade union cultural and sports activities, training, and office expenses.
Requirements for deduction: It is necessary to obtain a "Special Receipt for Trade Union Fund Income" or a receipt for the tax authority to collect trade union funds.
4. The deduction rate for employee education funds is 8%
Core rules: no more than 8% of total salary can be deducted, and overspending can be carried forward indefinitely.
Deductible scope: job training, professional and technical training, continuing education, special training for R&D personnel, and purchase of teaching materials and equipment.
Non-deductible scope: social education tuition fees, executive EMBA tuition fees, and training expenses unrelated to the position.
Special discounts: Staff training fees for qualified software, integrated circuit design, technologically advanced services, and animation companies will be calculated separately and fully deducted; aviation company aircrew training fees and nuclear power generation company operator training fees will be fully included in the cost.
5. The deduction rate for supplementary pension insurance and supplementary medical insurance is 5%
Core rules: No deductions will be made if the amount exceeds 5% of the total salary, and no deduction will be made if the overspending is exceeded.
Deductible scope: Fees paid uniformly by qualified institutions for all employees.
Non-deductible scope: the portion of fees paid by only senior executives or a few individuals that does not comply with relevant national policies.
6. The deduction rate for party organization work funds is 1%
Core rules: State-owned enterprises and collective enterprises shall deduct within 1%, and the balance can be carried forward. The accumulated amount exceeding 2% of the total salary of the previous year shall not be deducted; non-public enterprises shall deduct within 1%, and there is no carryover provision.
Deductible scope: party organization learning and education, organizational life, theme activities, commendations and awards, and position construction expenses.
Accounting requirements: separate accounts should be set up, and the voucher should indicate "party organization work funds" (state-owned enterprises should first retain party dues expenses).
2. Based on sales (operating) income
7. Business entertainment expense deduction ratio 60% vs 5‰
Core rules: 60% of the actual amount incurred and the double limit of 5‰ of income, whichever is lower, will be deducted. Overspending will not be deducted or carried forward; during the preparation period, 60% of the actual amount incurred will be included in the preparation fee.
Deductible scope: customer negotiations, business banquets, and out-of-town customer reception expenses directly related to production and operations.
Non-deductible scope: private entertainment unrelated to business operations, entertainment expenses for shareholders’ personal consumption.
8. The deduction rate for advertising and business promotion expenses is 15% or 30%
Core rules: 15% for general enterprises; 30% for cosmetics manufacturing or sales, pharmaceutical manufacturing, and beverage manufacturing (excluding alcohol); overspending can be carried forward; the full amount of tobacco advertising expenses for tobacco enterprises shall not be deducted; and 15% shall be applied for beverage sales enterprises.
Special rules: If shared by related enterprises, the deduction limit of the grouped party is not limited, and the agreement must be submitted for tax filing.
Deductible scope: media advertising, promotional materials, promotion meetings, customized gift promotions with corporate logos, etc. that have advertising or promotional attributes.
9. General enterprise fee and commission deduction rate is 5%
Core rules: No deduction will be made for 5% of the revenue recognized in the service agreement or contract, and no deduction will be made for overexpenditure; excluding both parties to the transaction and their employees, agents and representatives.
Deductible scope: sales agency fees and handling fees of legal intermediaries or individuals.
Non-deductible scope: internal staff rebates, commissions, handling fees and commissions paid in cash (except for entrusted personal agents).
3. Use other specific bases as the calculation base
10. The deduction rate for public welfare donations is 12%
Core rules: No more than 12% of the annual total profit will be deducted, and overspending can be carried forward for 3 years.
Deductible scope: monetary/non-monetary donations recognized at fair value through government departments at or above the county level or public welfare social organizations announced by the Ministry of Finance, the State Administration of Taxation, and the Ministry of Civil Affairs.
Requirements for non-monetary donations: Provide legal certificates of fair value, which will be regarded as sales at the corporate income tax level; value-added tax may be exempted if the conditions are met.
Non-deductible scope: direct donations to recipients and donations to non-public welfare undertakings.
11. The deduction rate for insurance companies’ handling fees and commissions is 18%
Core rule: No more than 18% of the net premium income can be deducted, and excess expenses can be carried forward for deduction in subsequent years.
Net premium income: premium income-ceded premium-surrender fee
Deductible scope: fees and commissions from legal insurance agencies or individuals.
Non-deductible scope: illegal intermediaries, employee commissions of the company, and handling fees unrelated to premium income.
12. R&D expense deduction ratio 100%/200%; 120%/220%
Core rules: For non-negative list companies, R&D expenses that have not formed intangible assets and are included in current profits and losses will be deducted at 100% of the actual amount; those that have formed intangible assets will be amortized at 200% of cost. For qualified integrated circuit and industrial motherboard enterprises (2023-2027), R&D expenses that have not formed intangible assets and are included in current profits and losses will be deducted at 120% of the actual amount; those that have formed intangible assets will be amortized at 220% of the cost.
Deductible scope: direct R&D personnel labor, direct investment in R&D, depreciation of special instruments and equipment, amortization of intangible assets, etc.
Non-deductible scope: non-R&D activity expenditures, operating expenses unrelated to R&D, and depreciation of non-R&D-specific assets.
Valuation Analysis of Fiberglass Leaders: A Brief Review of International Composites Performance and Institutional Forecasts
As of April 6, 2026, the stock price of International Composites was 11.06 yuan, with a total market value of 41.71 billion yuan. As a leading enterprise in the field of domestic glass fiber and products and a core pillar enterprise of glass fiber and composite materials under Yuntianhua Group, it focuses on high-performance glass fiber and The core business of composite materials has built a full industrial chain layout of "electronic yarn-electronic cloth-composite materials", while promoting technology research and development and global production capacity layout. The products cover electronic yarn, electronic cloth, twistless roving, chopped fiber, etc., and are widely used in electronic communications, new energy Source wind power, basic building materials, AI servers, high-end PCB and other downstream fields, relying on significant technical barriers, cost advantages throughout the industry chain, large-scale production capacity advantages and state-owned assets empowerment advantages, benefiting from the explosion of demand for AI electronic cloth, the high prosperity of the wind power industry, and the glass fiber industry With the improvement of supply and demand and the dividend of domestic substitution, the performance in 2025 will turn losses into profits. The operating fundamentals will continue to improve, and the long-term growth logic is clear. In the next four years, high-quality growth will be achieved by relying on the release of high-end electronic cloth production capacity, wind power material upgrades, global layout and technology iteration. The first part of this article briefly summarizes core performance, future growth and valuation. The second part summarizes institutional forecasts, analyzes investment value, and focuses on Niu Xiaowu.
Part One: Performance Review, Growth Outlook and Valuation Calculation in the Next Four Years 1. Core Performance in 2025
In 2025, International Composites seized the development opportunities arising from the explosion of demand for AI electronic cloth and the improvement of the supply and demand structure of the fiberglass industry. Relying on the empowerment of state-owned assets and technological upgrading, it achieved steady growth in operating income and a turnaround in net profit. The competitiveness of its core business continued to improve, and its leading position in the domestic fiberglass industry was further consolidated: the annual operating income was approximately 8.55 billion yuan, a steady growth year-on-year; the net profit attributable to the parent company was approximately 380 million yuan, a year-on-year turnaround, and a net loss attributable to the parent company in 2024. The loss was significantly improved to 354 million yuan. Net profit after deducting non-attributed profits was about 370 million yuan. Basic earnings per share were 0.10 yuan. The profit scale and profit quality were both improved. The core was due to the release of high-end electronic cloth production capacity and the optimization of product structure. The revenue of AI electronic cloth business increased significantly year-on-year. At the same time, the company promoted refined management, cost reduction and efficiency improvement and technological transformation and upgrading. Production technology and economic indicators were significantly improved compared with the same period last year. Production capacity utilization remained high and comprehensive profitability continued to improve. The company's performance has shown steady growth quarter by quarter and outstanding profitability resilience. In the first three quarters of 2025, it achieved operating income of 6.413 billion yuan and net profit attributable to shareholders of 273 million yuan, a year-on-year increase of 19.01% and 273.53% respectively, highlighting the stability of profitability. The company's asset scale remains stable. As of the end of 2025, the total assets are approximately 22.05 billion yuan, the total liabilities are 12.86 billion yuan, the total shareholders' equity is 9.19 billion yuan, the asset-liability ratio is 58.3%, and the financial structure continues to be optimized. Net cash flow from operating activities is abundant, reaching 1.463 billion yuan in the first three quarters of 2025, supporting resource exploration, production capacity expansion and technology research and development; its core advantages are outstanding, it has been deeply involved in the fiberglass field for more than 30 years, and has a national-level technology center and postdoctoral workstation , masters the full-process independent controllable technology such as tank kiln design and platinum leakage plates. It is the only domestic enterprise that achieves full spectrum coverage of the first to third generations of Low-Dk cloth. The annual production capacity of fiberglass yarn exceeds 1.2 million tons, the annual production capacity of fiberglass cloth reaches 220 million meters, and the annual production capacity of wind power The global market share of high-modulus yarn exceeds 25%. It has overseas production bases in Brazil and Bahrain, and overseas revenue will account for 34.9% in 2025. At the same time, relying on the holding background of the Yunnan Provincial State-owned Assets Supervision and Administration Commission, financing channels are smooth, providing a solid guarantee for the expansion of high-end production capacity.
2. Performance growth prospects in the next four years (2026-2029)
Relying on the continued explosion of demand for AI electronic fabrics, the high prosperity of the wind power industry, the continuous improvement of supply and demand in the fiberglass industry, the domestic substitution dividend and the company's technology and production capacity advantages, international composite materials will achieve steady growth from 2026 to 2029, showing a high-quality growth trend of growth and cycle resonance: 2026 will benefit from the continued production capacity of second-generation Low-Dk cloth Release, increase in demand for AI servers, and growth in demand for wind power materials, the net profit attributable to the parent company is expected to reach 550-650 million yuan, a year-on-year increase of 44.7%-71.1%, in line with the average consensus expected by institutions. The core is that institutions are generally optimistic about its AI electronics distribution track potential and the advantages of the entire industry chain; global AI server demand will continue to increase in 2027. There is a significant gap between supply and demand for high-end electronic fabrics. The company's third-generation Q fabric is gradually mass-produced, and the wind power high-modulus yarn business continues to develop. The net profit attributable to the parent company is expected to reach 800-920 million yuan, a year-on-year increase of 45.5%-41.5%. In 2028, the company's entire industry chain synergy will be fully demonstrated, the product structure of high-end electronic fabrics will continue to be optimized, and the production capacity of overseas bases will be further released. Open, benefiting from the high prosperity of the global new materials industry, the net profit attributable to the parent company is expected to reach 1.15-1.28 billion yuan; in 2029, the company's AI electronic cloth leading position will be further consolidated, the three generations of high-end products will achieve large-scale profits, the global layout will continue to deepen, and a multi-field coordinated development pattern will be formed, and the net profit attributable to the parent company is expected to reach 1.50-1.65 billion yuan. The core growth drivers are the release of high-end electronic cloth production capacity, domestic substitution of AI electronic cloth, upgrading of wind power materials and expansion of global layout.
3. Valuation and target price calculation
The core logic of the valuation of the fiberglass and new materials industry: taking into account the dual attributes of industry cycle attributes (relying on price fluctuations of fiberglass products, industry supply and demand patterns, and changes in downstream demand) and growth attributes (relying on domestic substitution of AI electronic cloth, technology upgrades, production capacity expansion, global layout, and state-owned assets empowerment), the core adopts P E (price-to-earnings ratio) valuation is calculated based on industry status, technological advantages, state-owned assets background and valuation levels of comparable companies. The reasonable PE range (2026) is 35.0-40.0 times, which is in line with the current high boom trend of AI new materials and the characteristics of the company's glass fiber faucet, and adapts to the characteristics of rapid performance growth. The current static PE of International Composite Materials (calculated based on net profit attributable to the parent company of 380 million yuan in 2025) is approximately 109.8 times; the dynamic PE in 2026 is approximately 32.1-39.5 times. Combined with the compound growth rate of net profit in the next four years of approximately 45.0%-50.0%, the corresponding PEG is approximately 0.64-0.88. The valuation is within the reasonable range of the industry, fully reflecting the market’s optimistic expectations for the AI electronics distribution track and the company’s growth potential.
Based on calculations based on industry trends, the advantages of glass fiber leaders and performance growth potential, the reasonable valuation corresponds to a dynamic PE of approximately 35.0-40.0 times in 2026, corresponding to a reasonable valuation range of 19.25-26.0 billion yuan; the neutral target price is 13.5-17.8 yuan, which is 22.0 times higher than the current stock price. 1%-61.0% fluctuation space; the conservative target price is 11.5 yuan, and the optimistic target price is 20.0 yuan, which is in line with the expectations of recent institutional research reports. The short-term target price is affected by the pace of AI electronic cloth production capacity release, glass fiber price fluctuations, and long-term driven by AI server demand, domestic replacement progress and global layout. The current valuation has fully reflected the growth expectations of the AI electronic fabric track, coupled with the continued release of dividends from the new material industry. As performance is steadily realized and high-end production capacity is implemented, the valuation will gradually return to a reasonable center. We need to be alert to the callback risks of lower-than-expected high-end electronic fabric yield rates, concentrated release of industry production capacity triggering price wars, slow progress in international customer certification, deterioration of the supply and demand pattern of the fiberglass industry, and fluctuations in raw material prices.
Part 2: Domestic and foreign research institutions’ forecasts for the company
As of April 6, 2026, the attention of domestic and foreign research institutions on international composite materials focuses on the pace of AI electronic cloth production capacity release, the improvement of second-generation Low-Dk cloth yield, the demand for wind power materials and the certainty of performance growth. Most institutions have given a "buy/overweight" rating. The differences focus on the explosion of AI electronic cloth demand and performance growth rate. The details are summarized as follows.
1. Forecasts by domestic research institutions
Domestic institutions, mainly brokerage research reports and financial platforms, are generally optimistic about the company's leading position in glass fiber, AI electronic cloth track advantages, cost advantages in the entire industry chain, and state-owned assets empowerment dividends. The core predictions and opinions are as follows:
1. Southwest Securities: Give a "buy" rating, optimistic about the domestic substitution and performance recovery of AI electronic cloth. It predicts that the net profit attributable to the parent company from 2026 to 2028 will be 580 million yuan, 830 million yuan, and 1.18 billion yuan respectively. The corresponding PEs are 36.0 times, 25.2 times, and 17.8 times respectively, and the target price is 17.5 yuan.
2. Minsheng Securities: Give a "buy" rating, focusing on the release of second-generation Low-Dk cloth production capacity and the explosion of AI demand. It predicts that the net profit attributable to the parent company from 2026 to 2028 will be 620 million yuan, 880 million yuan, and 1.23 billion yuan respectively. The corresponding PEs are 34.4 times, 24.0 times, and 17.1 times respectively, and the target price is 18.8 yuan.
3. Sinolink Securities: Give an "overweight" rating, pay attention to the improvement of electronic fabrication yield rate and industry competition risks. It predicts that the net profit attributable to the parent company from 2026 to 2028 will be 550 million yuan, 800 million yuan, and 1.15 billion yuan respectively, and gives a target price of 16.0 yuan.
In addition, in the past 90 days, a number of securities firms have issued research reports, most of which have given a buy rating. The company has attracted a lot of attention. The institutions unanimously predict that the net profit in 2026 will reach 550-650 million yuan, a significant year-on-year increase. It is predicted that the net profit attributable to the parent company in 2029 will generally be around 15 In the range of .0-1.68 billion yuan, the average target price of institutions is about 17.2 yuan (the highest is 20.0 yuan, the lowest is 11.5 yuan). It also reminds risks such as lower-than-expected electronic fabrication yield rates and industry price wars. Some institutions are optimistic about the long-term growth space brought by its AI electronic fabrication track.
2. Forecasts by foreign research institutions
Foreign institutions focus on the global fiberglass industry trends, the technological advantages of international composite AI electronic cloth, the progress of production capacity expansion and global layout, and generally give a "buy/overweight" rating. The core predictions and opinions are as follows:
1. UBS: Gives a "buy" rating, optimistic about the explosive demand for AI electronic cloth and the company's cost advantage. It predicts that the net profit attributable to the parent company from 2026 to 2028 will be 570 million yuan, 820 million yuan, and 1.16 billion yuan respectively, and gives a target price of 17.0 yuan (equivalent to RMB).
2. Goldman Sachs Group: Gives a "buy" rating, focusing on the potential of domestic substitution of high-end electronic cloth and wind power materials. It predicts that the net profit attributable to the parent company from 2026 to 2028 will be 560 million yuan, 810 million yuan, and 1.14 billion yuan respectively, and gives a target price of 16.5 yuan (equivalent to RMB).
3. Morgan Stanley: Gives an "overweight" rating, pays attention to industry capacity release and competition risks, predicts net profits attributable to shareholders from 2026 to 2028 to be 540 million yuan, 790 million yuan, and 1.12 billion yuan respectively, and gives a target price of 15.0 yuan (equivalent to RMB).
3. Consensus and Disagreement on Institutional Forecasts
The core consensus of the organization: As a leading enterprise in the domestic fiberglass industry and a core target of the AI electronic cloth track, International Composites has significant technical barriers, cost advantages across the entire industry chain, large-scale production capacity advantages and state-owned assets empowerment advantages. It has deeply benefited from the explosion of demand for AI electronic cloth, the high prosperity of the wind power industry, and the supply and demand of the fiberglass industry. Improvement and domestic substitution dividends, performance in 2025 will turn losses into profits, operating fundamentals will continue to improve, and performance will rise rapidly in the next four years. The release of high-end electronic cloth production capacity, domestic substitution of AI electronic cloth, wind power material upgrades and global layout expansion have become core growth engines, with outstanding long-term investment value.
Core differences among institutions: First, there are differences in performance growth rates. Domestic institutions’ predictions of performance growth in 2027 are concentrated at 41.5%-45.5%, while overseas institutions are concentrated at 44.6%-48.1%. The differences are mainly due to differences in judgments on the explosion of demand for AI electronic fabrics and the improvement progress of second-generation Low-Dk fabrication yields; second, differences in valuation judgments, with some institutions believing that the current valuation In line with the growth characteristics of the AI new material track, Davis will usher in a double-click on valuation and profitability as the performance is realized. A few institutions have warned of the suppression of valuations caused by the concentrated release of industry production capacity; third, there are differences in risk concerns. Domestic institutions are concerned about electronic fabrication yield rates that are lower than expected, industry price wars, and the slow progress of international customer certification. Overseas institutions are more concerned about the global fiberglass industry cycle, exchange rate fluctuations, and overseas base operation risks.
Risk warning: This article is based on calculations based on public data and consistent expectations of institutions. High-end electronic fabrication yields are lower than expected, the concentrated release of industry production capacity has triggered a price war, international customer certification progress is slow, the supply and demand pattern of the fiberglass industry has deteriorated, raw material prices fluctuate, overseas base operations are less than expected, macroeconomic fluctuations and intensified industry competition may affect performance and do not constitute investment advice.
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