Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

通过天眼查大数据分析，宝胜科技创新股份有限公司共对外投资了24家企业，参与招投标项目5000次， 知识产权方面有商标信息11条，专利信息441条，此外企业还拥有行政许可126个。 宝胜股份最新一期业绩显示，截至2025一季报，公司营业总收入120.49亿元、同比增长19.98%，归属净 利润2264.76万元，同比增长10.32%，扣非净利润1798.96万元，同比减少3.39%，流动比率1.080、速动 比率0.888、资产负债率81.48%。 天眼查商业履历信息显示，宝胜科技创新股份有限公司，成立于2000年，位于扬州市，是一家以从事专 用设备制造业为主的企业。企业注册资本137136.6248万人民币，实缴资本43740.6433万人民币。公司法 定代表人为生长山。 金融界消息 截至2025年6月16日收盘，宝胜股份（600973）报收于5.18元，上涨2.37%，换手率5.68%， 成交量77.93万手，成交金额4.02亿元。 资金流向方面，今日主力资金净流入2482.24万元，占比成交额6.17%。其中，超大单净流入687.37万 元、占成交额1.71%，大单净流入1794.87万元、占成交额4.4 ...

证券代码：600973 证券简称：宝胜股份 公告编号：2025-025 宝胜科技创新股份有限公司 作为公司 2018 年度向特定对象发行 A 股股票项目的保荐机构，国泰海通原 指定袁业辰先生和杨可意女士为公司持续督导保荐代表人，因募集资金尚未使用 完毕，国泰海通需要继续履行持续督导义务。现因杨可意女士工作变动，不再担 任公司非公开发行股票持续督导期间的保荐代表人，为保证持续督导工作有序进 行，国泰海通委派王靓先生（王靓先生的简历详见附件）接替杨可意女士担任持 续督导期间的保荐代表人。 本次保荐代表人变更后，公司向特定对象发行股票的持续督导保荐代表人为 袁业辰先生和王靓先生，持续督导期限至中国证券监督管理委员会和上海证券交 易所规定的持续督导义务结束为止。 公司董事会对保荐代表人杨可意女士在公司持续督导期间所做出的杰出贡 献表示衷心感谢！ 特此公告。 宝胜科技创新股份有限公司董事会 2025 年 5 月 15 日 附件：王靓先生简历 王靓先生，保荐代表人，硕士研究生。从事投资银行业务多年，曾参与或负 责多个投资银行项目，包括：内蒙华电 41.56 亿元定向增发、国电电力 40 亿元 定向增发、湘电股份 25 亿 ...

Group 1 - The article provides a comprehensive overview of the wire and cable industry, highlighting key listed companies and their business layouts [1][2][3] - Major listed companies in the wire and cable sector include Baosheng Co., Far East Co., Qifan Cable, and others, with a focus on their business operations and financial performance [2][3][6] - The industry is characterized by a significant presence in Jiangsu and Zhejiang provinces, with Baosheng Co. being a representative enterprise [3] Group 2 - Baosheng Co. leads the industry with a revenue of 354.44 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 5.36% [6][9] - Other companies like Far East Co. and Qifan Cable reported revenues ranging from 106 billion to 185 billion yuan, with Jingda Co. showing a notable growth rate of 22.38% [6][9] - The profitability of these companies varies, with Baosheng Co. having a relatively low net profit of 0.25 billion yuan despite its large revenue [6][9] Group 3 - The article discusses the business performance of various companies, indicating that Baosheng Co. has a dominant market position with 96.22% of its revenue coming from wire and cable operations [9][10] - Companies like Jingda Co. and Dongfang Cable have shown strong revenue growth rates of 27.35% and 24.27%, respectively, indicating robust development [9][10] - The article also notes that some companies, such as Qifan Cable and Sun Cable, experienced revenue declines of -3.55% and -14.38%, respectively, suggesting operational challenges [10] Group 4 - The article outlines the business plans of major companies in the wire and cable industry for 2024, emphasizing innovation and market expansion [14][16] - Baosheng Co. focuses on technological and business model innovation to enhance competitiveness, while Far East Co. is investing in smart manufacturing and digital production systems [14][16] - Other companies like Qifan Cable and Jingda Co. are also adapting their strategies to address market changes and explore new opportunities in clean energy and other sectors [14][16]

Group 1 - The core point of the article highlights the cost structure of the wire and cable industry, emphasizing that raw materials constitute the largest cost component in production [1][6] - The upstream sector provides essential raw materials such as copper, aluminum, rubber, and various chemicals, while the midstream focuses on manufacturing different types of cables [1][6] - The downstream sector includes industries that demand wire and cable products, such as construction, telecommunications, and power [1] Group 2 - In the power cable sector, raw material costs account for over 95% of the total production costs for companies like Dongfang Cable, Yuancheng Co., and Baosheng Co., with manufacturing costs ranging from 1% to 3% [2] - For electronic equipment cables, raw material costs are around 90%, which is lower than that of power cables, but still represents the primary cost source [5] - The overall raw material cost in the wire and cable industry is approximately 71%, with labor costs at about 14% and facility costs around 10% [6] Group 3 - The pricing in the wire and cable industry is influenced by supply-side costs, manufacturing costs, and consumer demand elasticity, creating a multi-tiered price transmission mechanism [10] - The value chain in the wire and cable industry is shifting towards higher value-added services, driven by digital transformation and innovation [12]

Group 1 - The A-share copper cable sector is experiencing active trading, with notable stocks such as Wolong Nuclear Materials hitting the daily limit up, while Changfei Optical Fiber and Shenyu Co. have increased by over 6% [1] - Other companies in the sector, including Baosheng Co., Xinke Materials, Dingtong Technology, Ruikeda, and Jingda Co., are also seeing upward movement in their stock prices [1]

Industry Overview - The domestic wire and cable industry chain is mature, with a wide range of downstream applications including engineering machinery, telecommunications, power, and construction [1] - The upstream materials for wire and cable production include copper, aluminum, and their alloys, as well as rubber and chemical industries for insulation materials [1][2] Key Companies - Major upstream suppliers include Tongling Nonferrous Metals Group, Chuanjiang New Materials, and Hailiang Co., Ltd. [2] - Key midstream manufacturers of power cables include TBEA and Qingdao Hancable, while major manufacturers of communication cables include Zhongtian Technology and Hengtong Group [2] Regional Distribution - The wire and cable companies are primarily located in economically developed eastern coastal regions, with Hebei, Guangdong, Zhejiang, and Shandong being the main provinces [5] - As of March 31, 2025, Hebei has 3,944 related wire and cable companies, while Guangdong and Zhejiang have 3,507 and 2,464 respectively [5] Market Dynamics - The industry has formed a coastal wire and cable equipment industrial circle, particularly in Jiangsu and Zhejiang, reflecting strong manufacturing capabilities and developed capital markets in these regions [8] - A total of 38 publicly listed companies in the wire and cable sector are distributed across 14 provinces, with Jiangsu having the highest number at 9 [7]

证券代码：600973 证券简称：宝胜股份 公告编号：2025-023 一、会议以 5 票同意、0 票反对、0 票弃权，审议并通过了《关于审议<公司 2025 年第一季度报告>的议案》。 公司监事会对董事会编制的公司 2025 年第一季度报告进行了认真审核，并 提出如下的审核意见： 1、公司 2025 年第一季度报告的编制和审议程序符合法律、法规和《公司章 程》以及公司内部管理制度的相关规定； 2、公司 2025 年第一季度报告的内容和格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息能从各方面真实地反映出公司当年度的经营管理和 财务状况等事项； 3、监事会在提出本意见前，未发现参与 2025 年第一季度报告编制和审议的 人员有违反保密规定的行为。 宝胜科技创新股份有限公司 第八届监事会第十四次会议决议公告 本公司监事会及全体监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。 宝胜科技创新股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以传 真、电子邮件及专人送达等方式向公司全体监事发出了召开第八届监事会第十四 次 ...

证券代码：600973 证券简称：宝胜股份 公告编号：2025-022 宝胜科技创新股份有限公司 第八届董事会第十九次会议决议公告 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。 宝胜科技创新股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以传 真、电子邮件及专人送达等方式向公司全体董事、监事及高级管理人员发出了召 开第八届董事会第十九次会议的通知。2025 年 4 月 29 日上午 9:00，第八届董事 会第十九次会议在宝胜会议中心 1 号接待室召开。会议应到董事 11 名，实到董 事 11 名，董事马永胜先生、张航先生、卢之翔先生，独立董事王跃堂先生、路 国平先生、王益民先生和裴力先生以通讯方式参加表决。公司监事及部分高级管 理人员列席了会议。会议由公司董事长生长山先生主持。会议的召集和召开符合 《公司法》等有关法律、法规和《公司章程》的规定。 会议就以下事项进行审议： 一、会议以 11 票同意，0 票反对、0 票弃权，审议通过了《关于审议<公司 2025 年第一季度报告>的议案》。 本议案已由董事 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 12,049,225,566.66, representing a 19.98% increase compared to CNY 10,043,079,939.25 in the same period last year[4] - Net profit attributable to shareholders was CNY 22,647,639.88, up 10.32% from CNY 20,528,226.26 year-on-year[4] - The basic earnings per share increased by 13.33% to CNY 0.017 from CNY 0.015 in the previous year[4] - Net profit for Q1 2025 was CNY 28,092,447.29, up 118% from CNY 12,909,456.73 in Q1 2024[19] - Operating profit for Q1 2025 was CNY 37,737,899.42, compared to CNY 20,370,202.96 in Q1 2024, reflecting an increase of 85%[19] - The company reported a decrease of 3.39% in net profit after deducting non-recurring gains and losses, amounting to CNY 17,989,599.27 compared to CNY 18,621,201.14 in the previous year[4] Assets and Liabilities - The total assets at the end of the reporting period were CNY 22,726,625,608.58, a 9.05% increase from CNY 20,841,283,738.05 at the end of the previous year[5] - As of March 31, 2025, the company's total assets reached CNY 22.73 billion, an increase from CNY 20.84 billion as of December 31, 2024, representing a growth of approximately 9.1%[14] - The company's current assets totaled CNY 16.74 billion, up from CNY 14.73 billion, indicating a growth of about 13.6%[14] - The company's total liabilities amounted to CNY 18.52 billion, up from CNY 16.72 billion, which is an increase of about 10.8%[16] - Short-term borrowings increased to CNY 9.53 billion from CNY 8.22 billion, representing a growth of approximately 16%[16] Cash Flow - The net cash flow from operating activities improved to -CNY 932,112,345.45, compared to -CNY 1,082,480,006.30 in the same period last year[4] - The company reported a net cash outflow from operating activities of CNY -932,112,345.45 in Q1 2025, an improvement from CNY -1,082,480,006.30 in Q1 2024[23] - Cash and cash equivalents increased significantly to CNY 4.01 billion from CNY 2.83 billion, marking a rise of approximately 41.9%[14] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 2,842,611,996.44, up from CNY 1,460,302,720.33 at the end of Q1 2024[24] - Total cash inflow from financing activities in Q1 2025 was CNY 5,936,259,494.45, compared to CNY 4,627,440,000.00 in Q1 2024[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 78,793[9] - The largest shareholder, Baosheng Group Co., Ltd., holds 31.90% of the shares, totaling 437,406,433 shares[9] - The company's equity attributable to shareholders reached CNY 3.49 billion, compared to CNY 3.41 billion, indicating an increase of about 2.3%[16] Operational Costs and Expenses - The total operating costs for Q1 2025 were CNY 10,048,561,792.95, reflecting an increase from CNY 9,560,088,315.60 in Q1 2024[19] - The company incurred research and development expenses of CNY 174,132,104.30 in Q1 2025, up from CNY 159,286,799.77 in Q1 2024[19] Other Information - Non-recurring gains and losses totaled CNY 4,658,040.61 for the period[7] - The company reported a decrease in inventory from CNY 3.34 billion to CNY 2.98 billion, a decline of approximately 10.8%[14] - The company has not disclosed any new product developments or market expansion strategies during the reporting period[12] - There are no significant changes in the shareholding structure or related party transactions reported for the period[12] - The company experienced a significant increase in other comprehensive income, totaling CNY 52,585,095.00 in Q1 2025, compared to CNY 34,582,282.50 in Q1 2024[20] - The weighted average return on net assets rose to 0.66%, an increase of 0.14 percentage points compared to 0.54% last year[5]