Group 1 - The company, Antai Technology (000969.SZ), is actively engaged in research and development of 3D printing metal powders, focusing on cobalt-based, stainless steel, and refractory metals [1] - The company has successfully achieved small batch supply of refractory metal 3D printing powders [1]

Core Viewpoint - The company, Antai Technology, has achieved significant milestones in the field of controllable nuclear fusion by securing major contracts for critical components, marking a breakthrough in this ultimate energy sector [1][3]. Group 1: Recent Achievements - On November 21, Antai Technology successfully won a bid for the BEST fusion device's divertor target plate and integration project, valued at approximately 69.9 million yuan [2][3]. - The company also completed the delivery of a 30 million yuan EAST (East Superconducting Tokamak) divertor target plate project, which passed expert review on November 19 [1][3]. - These achievements are seen as a key milestone in the company's journey within the controllable nuclear fusion sector [1][3]. Group 2: Technological Leadership - Antai Technology is recognized as a leader in the field of refractory metal materials, focusing on the research and development of key supporting materials for controllable nuclear fusion [3][9]. - The company has established a comprehensive industrial platform that integrates material development, product manufacturing, and system integration, providing lifecycle solutions for high-end users [8][9]. - Antai Technology's innovations have led to significant advancements in the performance and lifespan of fusion devices, particularly through the development of materials that can withstand extreme conditions [3][7]. Group 3: Market Position and Financial Performance - Antai Technology has positioned itself as a top supplier in the refractory metal sector, with a strong focus on tungsten and molybdenum materials [9]. - The company has reported continuous profitability since 2019, with net profits of 211 million yuan, 249 million yuan, and 372 million yuan from 2022 to 2024, respectively [10]. - In the first three quarters of 2025, the company achieved a net profit of 282 million yuan, indicating ongoing financial growth [10].

证券代码：000969 证券简称：安泰科技 公告编号：2025-050 安泰科技股份有限公司 关于转让其他权益工具投资中持有的启赋安泰（常州）新材 料产业基金合伙企业（有限合伙）18.6130%财产份额的 进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 释义： 嘉兴超亿：嘉兴超亿人工智能科技有限公司 常州鸣钒：常州鸣钒企业管理有限公司 一、交易概述 2016 年 4 月 25 日，公司召开第六届董事会第十七次会议，审议通过了《关 于对外合作设立投资管理公司和新材料行业并购基金的议案》，同意全资子公司 安泰创投对外投资设立"深圳市启赋安泰投资管理有限公司"，同时由启赋安泰作 为管理人和普通合伙人发起设立并购启赋安泰基金，公司作为基石投资者认缴出 资人民币 1 亿元，占出资比例的 18.613%。2017 年 11 月 22 日，并购基金在中国 证券投资基金业协会完成私募基金产品备案（基金编号 SW9084），并于 2018 年 5 月 16 日完成对德国高端碳纤维复合材料公司股权收购。具体内容详见公司 分别于 2016 年 4 月 27 日在巨潮资讯网 ...

Group 1 - The People's Bank of China announced a 1 trillion yuan MLF operation to maintain liquidity in the banking system, set to take place on November 25, 2025 [2] - The National Energy Administration reported that as of October, the total installed power generation capacity reached 3.75 billion kilowatts, a year-on-year increase of 17.3%, with solar power capacity growing by 43.8% [6] - The Shanghai Municipal Government issued measures to promote the digital transformation of the pharmaceutical industry, encouraging the integration of AI technology across the entire industry chain [4] Group 2 - Xiaomi Group's controlling shareholder Lei Jun invested approximately 100 million Hong Kong dollars to increase his stake in the company [6] - Alibaba's AI assistant Qianwen APP surpassed 10 million downloads within a week of its public testing [9] - Shanghai Port Bay's commercial space business and perovskite solar business accounted for less than 1% of the company's revenue [10] Group 3 - The stock of *ST Suwu has seen a continuous limit-up for four days, indicating potential market overheating and irrational speculation [12] - Longpan Technology signed a significant contract with a total sales amount exceeding 45 billion yuan [24] - The stock of Hualong Holdings is set to be suspended from trading due to the first major shareholder planning a change of control [25]

Group 1 - Trump signed an executive order to launch the "Genesis Program" for artificial intelligence [1] - The second batch of technology innovation bonds supported by risk-sharing tools for private enterprises is about to be issued [1] - Xiaomi Group's controlling shareholder Lei Jun invested approximately 100 million Hong Kong dollars to increase his stake in the company [1] Group 2 - Shanghai is promoting the integration of artificial intelligence technology with the entire pharmaceutical industry chain, accelerating the application of AI in drug discovery and design systems [1] - Antai Technology secured a significant contract worth nearly 70 million yuan related to controllable nuclear fusion [1]

Core Viewpoint - Antai Technology's stock has experienced fluctuations, with a year-to-date increase of 61.10% but a recent decline of 8.03% over the past five trading days, indicating potential volatility in investor sentiment [1]. Financial Performance - For the period from January to September 2025, Antai Technology reported revenue of 5.818 billion yuan, a year-on-year decrease of 0.60%, and a net profit attributable to shareholders of 282 million yuan, down 17.19% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.159 billion yuan, with 420 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Antai Technology is 78,400, a decrease of 6.66% from the previous period, while the average circulating shares per person increased by 7.14% to 13,181 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.7311 million shares, an increase of 4.3096 million shares from the previous period [3].

Market Overview - The metal new materials sector experienced a slight decline of 0.06% on November 20, with Alloy Investment leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Alloy Investment (000633) closed at 7.98, down 6.67% with a trading volume of 701,500 shares and a transaction value of 561 million [1] - Other notable declines included: - Zhongke Magnetic (301141) down 3.44% to 55.07 with a transaction value of 220 million [1] - Bowei Taijin (601137) down 2.58% to 21.18 with a transaction value of 258 million [1] - Jinli Yongci (300748) down 2.32% to 34.50 with a transaction value of 1.22 billion [1] Capital Flow Analysis - The metal new materials sector saw a net outflow of 151 million from main funds, while retail investors contributed a net inflow of 75.99 million [1] - Specific stock capital flows included: - Shenzhen New Star (603978) with a main fund net inflow of 1.05 billion, but a net outflow from retail investors of 46.47 million [2] - Tunan Co. (300855) with a main fund net inflow of 41.86 million, but a significant retail outflow of 3.44 million [2] - Bowei Alloy (601137) recorded a main fund net inflow of 3.88 million, while retail investors saw a net outflow of 2.06 million [2]

Summary of Antai Technology Conference Call Company Overview - Antai Technology reported a year-on-year increase in net profit attributable to shareholders in 2025, with significant contributions from three main business segments: Nanrong Wumu Industry, Amorphous Nanocrystalline, and Powder High-Speed Steel, particularly noting that the Nanrong Wumu Industry's net profit increased by over 50% [2][3][4] Key Business Segments - **Nanrong Wumu Industry**: Achieved over 50% year-on-year growth in net profit [2][3] - **Amorphous Nanocrystalline**: Focused on energy-efficient and lightweight materials, with applications in new energy vehicles and low-altitude economic aircraft [11] - **Powder High-Speed Steel**: Continued development and enhancement of industrial manufacturing products [10] Technological Developments - **Controlled Nuclear Fusion**: Antai Technology specializes in structural materials for controlled nuclear fusion, particularly tungsten-copper divertors, which, despite their small proportion (1%-1.5%) of overall investment, are critical materials in the reaction process [5][6] - **Welding and Processing**: The company has advanced capabilities in complex shape processing and welding technology, achieving third-generation technology in brazing processes, ensuring stability and reliability of materials under high temperatures [8] Market Position and Competitive Advantage - Antai Technology has established a strong first-mover advantage in the controlled nuclear fusion sector, having won multiple bids for complex divertors in significant projects like EAST and HL-2M [9] - The company plans to continue leveraging its experience and resources to contribute to national major projects [9] Future Strategic Focus - Over the next five years, Antai Technology will prioritize new material applications, including those required in the semiconductor industry and other downstream sectors [10] - The company aims to enhance the development of energy-efficient amorphous nanocrystalline materials, which are expected to play a crucial role in future industrial advancements [10] Financial Performance and Shareholder Returns - Antai Technology expressed confidence in meeting its equity incentive targets for 2025, with overall positive performance noted from January to October, indicating a favorable experience for investors [14]

Core Viewpoint - Antai Technology (000969) emphasizes the importance of market value performance and investor relations management, actively engaging with investors through various channels [1] Group 1 - The company is committed to maintaining normal operational status and aims to deliver excellent performance to reward investors [1] - Management has implemented multiple communication strategies, including broker strategy meetings, institutional reverse roadshows, investor phone calls, and the interactive platform [1]

Core Insights - Antai Technology reported that as of September 30, 2025, the number of shareholders reached 78,380 [2] Summary by Category - **Company Performance** - The company disclosed its third-quarter report for 2025, indicating a significant shareholder base of 78,380 [2]