Summary of Conference Call Records Company and Industry Overview - The conference call involved **Tian Di Technology** and **Tian Ma Intelligent Control**, both operating in the **coal mining and technology sector**. Tian Di Technology is a state-owned enterprise under the China Coal Technology Group, focusing on coal mining technology innovation. Tian Ma Intelligent Control specializes in unmanned intelligent mining control technology and equipment. Key Points and Arguments Tian Di Technology Performance - **2024 Performance Highlights**: The company reported a basic earnings per share of **0.633 yuan**, an increase of **11.1%** year-on-year [4] - **Market Position**: Ranked **6th** among global mining equipment manufacturers and **1st** among Chinese companies [3] - **Strategic Focus**: Emphasizes market-oriented and customer-centric strategies, with a push towards regional and international development [3] Industry Trends - **Coal's Role**: Coal remains a primary energy source in China's new energy system, with a stable position in energy security [4] - **Technological Advancements**: The focus on coal mine automation and intelligent systems is crucial for high-quality development in the coal industry [4][11] Research and Development - **R&D Investment**: The proportion of R&D personnel increased from **16%** to **25%** from 2020 to 2024, with significant advancements in coal mining technology [6] - **Innovation Achievements**: The company received over **200** awards and established **two national key laboratories** in 2024 [5] Financial Performance and Shareholder Returns - **Dividends**: The company plans to distribute a cash dividend of **3.17 yuan** per ten shares, totaling **1.3 billion yuan**, marking a **50.04%** payout ratio [8] - **Cash Flow Management**: The company has maintained a strong cash flow, with cumulative cash dividends of **5.34 billion yuan** since its listing [8] Tian Ma Intelligent Control Performance - **Company Overview**: Established in 2001, Tian Ma focuses on unmanned intelligent mining control technology and has been listed on the STAR Market since June 2023 [13] - **Market Share**: The company holds a **38.5%** market share in its primary SAC system, leading the industry [15] Future Outlook - **Market Growth**: The coal mining sector is expected to see continued growth, with a focus on intelligent mining solutions [14][15] - **Technological Integration**: The integration of AI and robotics is anticipated to enhance coal mining operations, pushing towards full automation [38][40] Governance and ESG Initiatives - **Corporate Governance**: The company has established a robust governance framework, enhancing transparency and accountability [7] - **ESG Commitment**: The company has initiated an ESG reporting mechanism, addressing stakeholder concerns and promoting sustainable practices [8] Challenges and Risks - **Market Volatility**: Fluctuations in coal prices and demand may impact financial performance, necessitating strategic adjustments [14] - **Regulatory Environment**: Compliance with national policies on energy and environmental standards is critical for operational continuity [44][45] Additional Important Information - **Investor Relations**: The company actively engages with investors, seeking feedback to improve operational performance and market recognition [2] - **Technological Leadership**: Tian Di Technology is recognized as a leader in coal mine automation, driving industry standards and innovations [11][12] This summary encapsulates the key discussions and insights from the conference call, highlighting the performance, strategies, and future outlook of both companies within the coal mining technology sector.

Group 1 - The core viewpoint of the article highlights the significant presence of large private equity firms in the A-share market, with 21 private equity firms holding shares in 51 A-share companies, totaling a market value of 20.2 billion yuan as of April 14 [2] - In the fourth quarter, 16 new stocks were added by private equity firms, 7 stocks were increased, 17 stocks remained unchanged, and 11 stocks were reduced [2] - The distribution of heavy holdings by private equity firms shows that the basic chemical industry had the highest number of stocks at 10, followed by the electronics industry with 9, and both machinery equipment and pharmaceutical biology industries with 6 each [2] Group 2 - Gao Yi Asset held 11 stocks in the fourth quarter, with a total market value of 10.194 billion yuan, including a new investment in Yangnong Chemical of 3.932 million shares valued at 2.275 billion yuan [2] - Gao Yi Asset increased its holdings in Tong Ren Tang, Zhongju High-tech, Zijin Mining, and Ruifeng New Materials, with respective increases of 8.5 million shares, 7.7 million shares, 7.2151 million shares, and 1 million shares, valued at 954 million yuan, 694 million yuan, 5.169 billion yuan, and 619 million yuan [2] - Gao Yi Asset maintained its holdings in Shengyi Technology and Tiandi Technology, with market values of 1.203 billion yuan and 104 million yuan respectively, while reducing its holdings in Yuntianhua, Angel Yeast, Dongcheng Pharmaceutical, and Health元 by 942,400 shares, 10 million shares, 1 million shares, and 1,854,640 shares respectively [3]

Group 1 - The stock price of Chuangmeng Tiandi (01119.HK) closed at HKD 0.730 on April 7, down 21.5% from the previous trading day, reaching a new low of HKD 0.720 during the day [1] - The net capital outflow on that day was HKD 255.11 million, with inflows of HKD 4.90928 million and outflows of HKD 7.46040 million [1] - Chuangmeng Tiandi Technology Co., Ltd. was established in 2009 and listed on the Hong Kong Stock Exchange in 2018, aiming to become the most creative technology company [1] Group 2 - The company focuses on the development and operation of premium IPs, with popular games such as "Dream Garden," "Dream Home," "Subway Surfers," and "Temple Run," which have long lifecycles and high user engagement [1] - Chuangmeng Tiandi is committed to self-developed games, having launched titles like "Honor All-Stars" and "Karabichu" for PC, with plans to release mobile and console versions in 2024 [1] - The company has deployed a community user management tool called Fanbook, which aims to enhance brand-user management and community growth [2] Group 3 - Chuangmeng Tiandi is recognized as a national high-tech enterprise, with over 1,000 intellectual property rights, including nearly 30 invention patents [2] - The company has participated in the formulation of five national technical cultural standards and has undertaken nearly 20 government-funded R&D projects at various levels [2]

中信建投证券股份有限公司 关于天地科技股份有限公司分拆所属子公司 北京天玛智控科技股份有限公司至科创板上市 2024 年持续督导核查意见暨持续督导总结报告 天地科技股份有限公司（以下简称"公司""上市公司""天地科技"）将其 所属子公司北京天玛智控科技股份有限公司（以下简称"天玛智控"）分拆至上 海证券交易所（以下简称"上交所"）科创板上市（以下简称"本次分拆上市" "本次分拆"），中信建投证券股份有限公司（以下简称"中信建投证券""独立 财务顾问"）作为本次分拆上市的独立财务顾问，根据中国证监会《上市公司分 拆规则（试行）》（以下简称"《分拆规则》"），对本次分拆后上市公司核心资产与 业务的独立经营状况及持续经营能力、天玛智控是否发生对上市公司权益有重要 影响的资产和财务状况变化、天玛智控是否存在其他对上市公司股票价格产生较 大影响的重要信息以及上市公司是否依法履行相关信息披露义务等持续督导事 项进行了专项核查，发表核查意见如下： 一、本次分拆上市概况 2021 年 11 月 5 日，天地科技召开第六届董事会第二十三次会议，审议通过 《关于<天地科技股份有限公司关于分拆所属子公司北京天玛智控科技股份有限 公 ...

Core Viewpoint - The company is set to hold its 2024 annual general meeting on April 18, 2025, utilizing a combination of on-site and online voting methods to enhance participation among small and medium investors [1][2]. Group 1 - The company announced the date and time for the 2024 annual general meeting, which will take place on April 18, 2025, at 9:30 AM [1]. - The meeting will employ both on-site voting and online voting to facilitate shareholder participation [1]. - To better serve small and medium investors, the company will use a reminder service provided by Shanghai Stock Exchange Information Co., Ltd. to notify shareholders about the meeting and voting [1]. Group 2 - Shareholders will receive notifications via smart SMS, which will include invitations to the meeting and details about the agenda [1]. - Investors can vote directly through the instructions provided in the SMS or continue to use existing voting platforms in case of congestion [1]. - The company encourages feedback from investors regarding the new service through email or investor hotlines [2].

天地科技股份有限公司 二〇二四年年度股东大会 会议资料 2025 年 4 月 18 日 会议议程 现场会议时间：2025 年 4 月 18 日上午 9:30 现场会议地点：北京市朝阳区青年沟路煤炭大厦 15 层会议室 网络投票时间：2025 年 4 月 18 日上海证券交易所交易时间 一、介绍参加现场会议的股东代表及参会人员 二、宣读议案 1、关于审议《公司 2024 年度董事会工作报告》的议案 （注：独立董事将向本次股东大会汇报 2024 年度履职情况。有 关独立董事 2024 年度履职情况详见上海证券交易所网站。） 三、审议议案、回答股东提问 四、宣读表决办法 五、现场会议表决 六、宣布现场会议表决结果 七、律师宣读法律意见书 2、关于审议《公司 2024 年度监事会工作报告》的议案 3、关于审议《公司 2024 年度财务决算报告》的议案 4、关于审议《公司 2024 年年度报告》及其摘要的议案 5、关于审议公司 2024 年年度利润分配预案的议案 6、关于审议公司 2025 年度日常关联交易预计的议案 7、关于审议公司续聘会计师事务所的议案 8、关于审议公司董事薪酬方案的议案 9、关于审议公司监事薪酬方 ...

Group 1 - The company announced the date for the 2024 annual shareholders' meeting, which is scheduled for April 18, 2025, at 9:30 AM [1] - The meeting will utilize a combination of on-site voting and online voting methods [1] - The company has disclosed the notice of the shareholders' meeting on the Shanghai Stock Exchange [1] Group 2 - To enhance service for small and medium investors, the company will use a reminder service provided by Shanghai Stock Exchange Information Co., Ltd. [2] - The reminder service will actively notify shareholders about the meeting and voting details through smart SMS based on the shareholder registry [2] - Investors can vote directly through the provided manual or use existing trading and internet voting platforms if they encounter congestion [2]

证券代码：600582 证券简称：天地科技 公告编号：临 2025-012 号 天地科技股份有限公司 关于使用股东大会召开信息推送服务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏并对其内容的真实性、准确性和完整性承担个别及连带责任。 天地科技股份有限公司（以下简称"公司"）于 2025 年 3 月 21 日披 露关于召开 2024 年年度股东大会的通知，公司拟于 2025 年 4 月 18 日 9:30 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表 决方式。详见公司披露于上海证券交易所的公告《天地科技股份有限公司 关于召开 2024 年年度股东大会的通知》（公告编号：临 2025-011 号）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及 时参会、及时投票，公司拟使用上证所信息网络有限公司(以下简称"上证 信息")提供的股东大会提醒服务，委托上证信息通过智能短信等形式，根 据股权登记日的股东名册主动提醒股东参会投票，向每一位投资者主动推 送股东大会参会邀请、议案情况等信息。投资者在收到智能短信后，可根 据使用手册（下载链 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][14]. Core Views - The company has shown steady growth in revenue and profit, with 2024 revenue reaching 30.53 billion yuan (+2.0%) and net profit attributable to shareholders at 2.62 billion yuan (+11.2%) [1][7]. - The main growth drivers are safety technology and equipment, as well as mining production technology services, with significant revenue contributions from these segments [1][7]. - The company has improved its return on equity (ROE) to 10.7% in 2024, up by 0.45 percentage points year-on-year, and has successfully reduced the proportion of accounts receivable to total assets [2][9]. - The company has increased its dividend payout ratio to over 50%, with a cash dividend of 3.17 yuan per 10 shares, reflecting a strong commitment to shareholder returns [2][12]. Revenue and Profit Growth - In 2024, the company achieved a revenue of 30.53 billion yuan, with a net profit of 2.62 billion yuan, and a significant increase in net profit in Q4 2024 of 4.5 billion yuan (+15.4%) [1][7]. - The revenue growth in 2024 was primarily driven by safety technology and equipment (+5.1%) and mining production technology services (+22.2%) [1][7]. Financial Metrics - The company’s financial forecasts indicate a slight decline in profit expectations for 2025-2027, with projected net profits of 2.73 billion yuan, 2.80 billion yuan, and 2.87 billion yuan respectively [3][14]. - The earnings per share (EPS) are expected to be 0.66 yuan, 0.68 yuan, and 0.69 yuan for the years 2025-2027 [3][14]. - The company maintains a strong financial position with a projected ROE of around 10% over the next few years [4][16].

证券研究报告 公司研究 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 净现金&高分红夯实安全边际，强壁垒&低估值牵引 价值重估 [Table_ReportDate] 2025 年 3 月 21 日 [Table_S 事件：2025 ummar年y]3 月 20 日 ，天地科技发布年度报告，2024 年公司实现营业 收入 305.27 亿元，同比上涨 2.00%，实现归母净利润 26.22 亿元，同比上 涨 11.17%；扣非后净利润 24.47 亿元，同比上涨 12.09%。经营活动现金 流量净额 51.06 亿元，同比下降 11.50%；基本每股收益 0.63 元/股，同比 上涨 11.05%。资产负债率为 ...