了解本次路演活动，请点击：https://rs.p5w.net/html/176473293926229.shtml 路演现场，公司方在回复投资者提问时表示，凭借对散热器钎焊工艺的深刻理解和对市场发展趋势的敏 锐洞察，公司前瞻性布局新能源电池热管理业务，于2011年启动新能源汽车动力电池热管理产品立项， 2012年至2015年与宁德时代合作共同开发，2015年产品研制成功得到实车应用验证并在2016年成功配套 上汽大众的首款新能源汽车。同年，公司抓住与宁德时代成功合作的契机，以点带面全面进军新能源汽 车动力电池热管理市场，成为国内多家主流新能源车企的首批动力电池液冷板供应商。公司是首批与宁 德时代合作开发电池液冷板产品的供应商之一，且在新能源汽车电池液冷板产品研发和生产方面积累了 丰富的经验，并逐步切入储能热管理领域，取得了客户的高度评价。 纳百川新能源股份有限公司首次公开发行股票并在创业板上市网上路演于2025年12月5日（星期五） 14:00-17:00在全景路演成功举行。 ...

Core Viewpoint - The company, Instech (301622.SZ), has achieved steady growth in the rare earth permanent magnet materials application sector, leveraging its strong foundation in consumer electronics and proactive positioning in emerging markets [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company reported revenue of 1.027 billion yuan, representing a year-on-year increase of 20.94% [2]. - The net profit for the same period was 123 million yuan, with a gross margin maintained at 25.62%, which is above the industry average, indicating strong profitability [2]. Group 2: Research and Development - The company focuses on the research and production of rare earth permanent magnet materials, with core products including magnetic components (50.02% of revenue) and single magnetic application devices (40.23% of revenue) [2]. - Over the past three years, the compound annual growth rate of R&D expenses has exceeded 16%, with R&D investment reaching 52.9867 million yuan in the first three quarters of 2025 [2]. - The company holds over 300 domestic and international patents, with more than 95% of its products and key technologies supported by patents [2]. Group 3: Client Relationships and Market Expansion - The company has established deep ties with major clients such as Apple, Microsoft, Huawei, and Xiaomi, enhancing its stable revenue stream and rapid response capabilities to high-end manufacturing demands [3]. - The demand for small, high-performance magnetic devices in consumer electronics is increasing, driven by innovations like foldable smartphones and smart wearable devices [3]. - In the automotive sector, the company's products are already applied in safety control systems and sensors, with ongoing collaborations with domestic and international car manufacturers [3]. Group 4: Industry Trends and Future Outlook - The global demand for rare earth permanent magnet materials is expected to grow rigidly due to the "dual carbon" goals, with high-performance neodymium-iron-boron demand projected to exceed 200,000 tons by 2025, reflecting a compound annual growth rate of over 15% [4]. - The company is investing 650 million yuan in an integrated application project for rare earth permanent magnet materials, aiming to produce high-end drive motor magnetic materials and enhance its industry chain [4]. - The company plans to deepen its cooperation in the consumer electronics sector while also expanding into emerging markets like electric vehicles and robotics, leveraging its technological innovation and cost advantages [4].

Group 1 - In November, the company achieved a record high delivery of 51,706 vehicles, bringing the total cumulative delivery to over 900,000 units, indicating strong market recognition [1] - The AITO M9 model has delivered over 260,000 units, setting a new record for luxury vehicles in the 500,000 range, showcasing the company's commitment to user-centric values and high product quality [1] Group 2 - The company has upgraded its "Intelligent Enjoyment, Worry-Free Service" system, focusing on smart technology to create a comprehensive "new luxury service" throughout the vehicle lifecycle [2] - The introduction of a "central kitchen" model for dedicated service, a 24-hour online response system, and a big data diagnostic platform allows for proactive service and transparency in maintenance processes [2] - A purchase tax subsidy policy has been launched, offering up to 15,000 yuan for customers who complete their orders by December 31, ensuring user rights are protected [2] Group 3 - A case study highlighted the company's commitment to customer service, where a local care manager went above and beyond to ensure timely vehicle maintenance for a customer traveling from Shenzhen to Urumqi [3] - This reflects the company's philosophy of "wholeheartedly serving users," emphasizing the importance of customer satisfaction in their service model [3][4] Group 4 - The founder of the company emphasized that users are the foundation of the brand, reinforcing the idea that the company not only focuses on building quality vehicles but also on understanding and meeting user needs [4]

Core Insights - The Wanjie M8 has won two prestigious awards for its "range extender + pure electric" technology, showcasing its comprehensive strength in power technology [1] - The new generation of the Seris Super Range Extender System demonstrates industry-leading performance in fuel-to-electric conversion efficiency and NVH control [1][2] Group 1: Awards and Recognition - Wanjie M8 received the "First World’s Top Ten Range Extender Systems" and "Fifth World’s Top Ten Electric Drive Systems" awards, highlighting its dual technology path [1] - The Seris Super Range Extender System is recognized as a benchmark in range extender technology due to its outstanding performance in various technical indicators [1] Group 2: Technical Performance - The Seris Super Range Extender System achieves a 15% reduction in comprehensive fuel consumption, with an actual efficiency of 3.65 kWh/L, indicating that 1 liter of fuel can generate over 3.65 kWh of electricity [1] - The system has undergone over 120 NVH optimizations, reducing noise perception frequency by 90%, providing a library-level quiet travel experience [1] Group 3: Industry Leadership and R&D Investment - Seris has been a pioneer in range extender technology since 2016 and has established deep collaborations with 25 industry enterprises [2] - In the first half of 2025, Seris sold over 200,000 range extenders, maintaining a leading position in the market [2] - R&D investment reached 5.198 billion yuan in the first half of 2025, a year-on-year increase of 154.9%, indicating a strong commitment to technological advancement [2] Group 4: Future Developments - At the recent Guangzhou Auto Show, Seris showcased two significant innovations: a 2.0T range extender and a 14-in-1 super integrated range extender system, both achieving breakthroughs in integration, NVH control, and energy efficiency [2] - Seris aims to set new benchmarks in range extender technology, enhancing user experience and driving high-quality development in China's new energy vehicle industry [2]

Group 1 - The core viewpoint of the news is the significant growth and transformation of China's esports industry, moving from "high-speed growth" to "high-quality development" by 2025, with a projected revenue increase of 6.40% year-on-year and a user base exceeding 495 million people, reflecting a growth rate of 1.06% [1][2] - The report highlights that live streaming revenue constitutes the largest share of the esports industry's income, accounting for 80.81% of total revenue [1] - The event emphasized the need for a sustainable industry ecosystem and the unique role of esports in promoting socialist culture, as stated by Sun Shoushan, Chairman of the China Audio-Video and Digital Publishing Association [1] Group 2 - Perfect World is actively exploring the construction of a "pyramid esports ecosystem," which includes top-tier international events at the peak, professional advancement opportunities in the middle, and grassroots competitions at the base, thereby creating a comprehensive talent and value promotion system [2] - The company has formed a sponsorship alliance with industry leaders to enhance technology, precision marketing, and ecological co-construction, contributing to a healthy commercial ecosystem that supports sustainable high-quality development in the esports industry [2] - The event was organized by the China Audio-Video and Digital Publishing Association, with support from various governmental and industry bodies, indicating a collaborative effort to advance the esports sector [2]

活动中，深圳证券交易所专家就资本市场服务新消费产业发展进行了政策解读。深交所科融通V-Next专 家分享了大消费行业投融资数据洞察与深圳上市公司并购重组服务专区升级建设情况；同创伟业分享了 基于大消费产业洞察的投资逻辑与整合实践。来自稳健医疗（300888）、富安娜（002327）、八马茶 业、百果园、北鼎股份（300824）的嘉宾，就消费行业趋势、品牌升级、供应链整合、场景创新、产业 整合与资本策略等热点议题展开了富有前瞻性的讨论。路演环节展示了新消费的创新活力。 12月5日，香蜜湖金融+系列活动之"星耀鹏城"20+8产业沙龙——大消费投融资并购专场在深圳福田国 际创新中心成功举办。活动紧扣消费市场从"规模扩张"向"价值共创"转型的核心趋势，搭建高效的产融 对接平台，推动深圳大消费产业高质量发展。现场汇聚了境内外大消费行业头部上市公司、投资机构及 科创企业代表逾80人，共探消费发展新机遇。 在深交所、中共深圳市委金融办、市中小企业服务局、福田区政府等有关部门指导下，深圳上市公司协 会逐步形成了"产业沙龙前端链接-CVC中心孵化赋能-并购专区服务整合-加速器辅导上市-深港培育生态 共建"的全周期服务体系，助力 ...

Core Viewpoint - The event organized by China Merchants Securities aimed to enhance investor understanding of the capital market and identify long-term investment opportunities, showcasing Ningbo Yunsheng's achievements and technological innovations in the rare earth permanent magnet materials sector [1][7]. Company Overview - Ningbo Yunsheng has been a leader in the rare earth permanent magnet industry for 30 years, establishing five differentiated advantages: stable industrial layout, technological innovation, wide product applications, excellent manufacturing capabilities, and distinct corporate culture [2]. - The company is the first private rare earth permanent magnet materials company listed in China and has played a significant role in formulating national standards for magnetic materials and permanent motors [2]. Production Process - Investors witnessed the entire production process at Ningbo Yunsheng's factory, from raw material processing to finished product delivery, highlighting advanced production techniques and strict quality control [3]. - The company has achieved significant technological breakthroughs in NdFeB permanent magnet materials, enhancing product magnetic performance and high-temperature resistance, particularly with its innovative spliced magnetic steel components [3]. Industry Interaction - Investors engaged in discussions with the management regarding the company's overseas market expansion strategies, emerging field layouts, and future development plans, gaining clearer insights into the company's operational strategies [4]. - Ningbo Yunsheng is actively pursuing international strategies, establishing a comprehensive global supply chain, with production bases in Ningbo and Baotou, and sales subsidiaries in Germany and the USA to expand its international market presence [4]. - The company has a broad overseas business layout, with clients across multiple countries, effectively managing challenges posed by geopolitical and trade policy complexities through diversified market strategies [4]. Future Developments - In the humanoid robot sector, Ningbo Yunsheng began developing relevant magnetic materials in 2023, collaborating closely with downstream customers to optimize product performance and quality [5]. - The company is also monitoring developments in the low-altitude economy, anticipating sustained demand for high-performance magnetic materials as applications for drones and general aviation expand [5]. Conclusion - The event facilitated a deep understanding of Ningbo Yunsheng's operational status and development strategies, emphasizing the company's commitment to sustainable development and the transition of the magnetic materials industry towards high-end applications and green transformation [7].

Core Insights - The article highlights the strong performance of Jianfa Real Estate in the land acquisition market, ranking 6th in land acquisition amount with 40.8 billion yuan and 8th in land area with 1.88 million square meters from January to November 2025, amidst a cautious investment environment in the real estate sector [1][3] - Jianfa Real Estate's strategy reflects a commitment to long-term growth and prudent investment, focusing on high-quality core areas such as Beijing, Shanghai, Hangzhou, and Chengdu, which are characterized by population inflow and solid housing demand [1][3] Group 1 - Jianfa Real Estate's land acquisition amount of 40.8 billion yuan represents a significant investment in a market where overall land acquisition by the top 100 real estate companies has increased by 14.1% year-on-year, although the growth rate has slowed considerably [1] - The company is part of a trend where resources are increasingly concentrated among leading state-owned enterprises, with the top 10 real estate companies accounting for 47.1% of the new value added among the top 100 [3] - Jianfa Real Estate's approach combines maintaining market share with optimizing inventory structure and enhancing brand influence for sustainable growth [3] Group 2 - The company's "Lighthouse Strategy" is closely tied to its land reserves, emphasizing value creation rather than mere scale [2] - Jianfa Real Estate has successfully launched products like Shanghai Haichen and Beijing Haiyan, achieving high sales rates, with Shanghai Haichen recording a subscription rate of 128% and Beijing Haiyan exceeding 7 billion yuan in sales [2] - The positive cycle of land acquisition, product development, and sales success demonstrates Jianfa Real Estate's deep understanding of land value [2]

Core Viewpoint - Tian Tie Technology has successfully completed a capital increase of 300 million RMB in Xin Jie Energy, marking a significant step in its strategic entry into the solid-state battery sector [1][3]. Group 1: Investment and Partnerships - Tian Tie Technology's wholly-owned subsidiary has established a partnership to invest in Xin Jie Energy, acquiring a 5.7692% stake [1]. - The partnership includes state-owned entities, providing stable financial support and demonstrating government confidence in the solid-state battery industry [1]. - Previous collaborations between Tian Tie Technology and Xin Jie Energy include a strategic cooperation agreement for long-term supply of lithium metal anode materials [2]. Group 2: Industry Context and Market Demand - The solid-state battery market is experiencing rapid growth, driven by increasing demand in sectors such as electric vehicles, consumer electronics, and low-altitude economy [4]. - Solid-state batteries are recognized for their high energy density, safety, and long cycle life, making them a promising next-generation battery technology [3]. - The recent policy from the Ministry of Industry and Information Technology supports the development of smart connected new energy vehicles and consumer electronics, aligning with Tian Tie Technology's investment strategy [2][3]. Group 3: Technological Advancements - The 300 million RMB investment will be directed towards the construction of a 2 GWh solid-state battery production base, focusing on high-potential markets such as eVTOL and robotics [3]. - Tian Tie Technology's Anhui factory is set to begin trial production of lithium metal, with plans for an annual output of 3,000 tons, enhancing its supply chain for solid-state battery materials [4]. - The collaboration with Xin Jie Energy aims to create a synergistic closed-loop system, leveraging both companies' strengths in solid-state battery technology and lithium metal supply [5].

Core Viewpoint - The company is strengthening its capital base by investing 100 million RMB into its wholly-owned subsidiary, Deqing Fangzheng, to support its strategic development in the electric drive business for new energy vehicles [1] Group 1: Investment and Strategic Development - The investment aims to enhance the capital strength of Deqing Fangzheng, which is a core strategic asset for the company [1] - Deqing Fangzheng focuses on the electric drive sector for new energy vehicles, with a project to produce 3 million drive motors annually [1] Group 2: Revenue and Market Growth - The new energy vehicle-related business has become a key pillar for the company's revenue growth, contributing 6.00 billion RMB in the first half of 2025, accounting for 47.43% of total revenue [2] - The market for new energy drive motors and electric drive systems is rapidly expanding, driven by increasing penetration rates of new energy vehicles [2] Group 3: Production Capacity and Technological Advancements - The company is actively expanding production capacity, with a project in Lishui expected to partially commence production in 2024, and the Deqing base construction progressing steadily [2] - In the first half of 2025, the company shipped 463,600 drive motors, with cumulative shipments exceeding 3.5636 million units, indicating growing market recognition [3] Group 4: Research and Development - The company is focusing on key technologies such as 800V high-voltage motors and flat wire motors, achieving international leading levels in certain technical indicators [3] - The company has obtained 56 authorized patents, including 6 invention patents and 1 international patent, enhancing its technological foundation for business growth [3] Group 5: Expansion into New Markets - The company is also exploring emerging sectors such as robotics and low-altitude economy, with joint development of humanoid robot joint products and a project for electric aircraft drive systems underway [4] - The recent capital injection into Deqing Fangzheng is expected to solidify the company's production capacity and capital foundation in the new energy electric drive business [4]