Summary of AnTai Technology Conference Call Company Overview - AnTai Technology has successfully completed its 14th Five-Year Plan strategic goals in 2024, with a solid foundation for future development despite market cycle impacts on gross margins [2][5] - The company operates in four main sectors: advanced refractory metal materials, high-performance magnetic materials, special powder metallurgy products, and high-end equipment with special alloys [2][6] Core Business Achievements - AnTai's tungsten alloy medical linear accelerators and multi-leaf collimators hold over 70% market share in the global radiation therapy equipment market [2][6] - The company has established China's first 10,000-ton production line for amorphous strip materials [2][6] - AnTai has built a national intelligent manufacturing demonstration factory and several green factories, focusing on hydrogen energy key materials and advanced manufacturing technologies [2][7] Technological Innovation - AnTai has developed a unified and collaborative technological innovation system, with 5 national and 23 provincial-level innovation platforms [2][8] - The company has received 107 provincial-level and above awards and holds 706 effective patents, enhancing its technological strength and market competitiveness [2][9] Market Environment and Strategic Response - In 2024, AnTai faces a complex market environment characterized by intensified competition and rapid technological changes [3] - The company is focusing on innovation-driven strategies, industry upgrades, and product structure adjustments to navigate these challenges [3] Financial Performance - AnTai's overall scale remained stable in 2024, with a steady growth in net profit attributable to shareholders [11] - Operating cash flow has been stable since 2018, supporting significant investments and sustainable development [11] Future Projects and Revenue Expectations - In 2025, AnTai plans to launch multiple new projects with a total investment of 560 million yuan, expected to generate over 1.4 billion yuan in revenue [4][18] - New projects include upgrades in magnetic materials and high-performance tungsten-molybdenum materials [18][19] Cost Control and Efficiency Improvements - AnTai is implementing cost control measures through process improvements and the application of intelligent manufacturing technologies [21][22] - The company aims to reduce production costs significantly by optimizing production line configurations and increasing equipment utilization [21][22] Industry Challenges and Opportunities - The global metal new materials industry faces low gross margins, influenced by market cycles [24] - AnTai is enhancing its gross margins through technological advancements and market expansion [24] Market Expansion and International Strategy - AnTai is actively expanding into non-U.S. markets, including the Middle East and Southeast Asia, to mitigate risks from changes in the U.S. market [12][13] Future Development Focus - The company will continue to focus on military, powder high-speed steel, soft magnetic materials, and amorphous strip markets for future growth [16] - AnTai aims to enhance efficiency and effectiveness through digital transformation and green development initiatives [16][15] Conclusion - AnTai Technology is well-positioned for future growth, with a strong focus on innovation, market expansion, and sustainable practices, while navigating the challenges of the global metal new materials industry [32]

Group 1: Company Overview and Market Position - Antai Technology is the only domestic supplier capable of producing tungsten-copper divertors for nuclear fusion projects, with a complete technology chain from raw materials to component delivery [1][2]. - The company has successfully applied its products in major projects such as China's "artificial sun" EAST and the international ITER project [1]. Group 2: 2025 New Projects and Expected Revenue - Four projects entering production in 2025 include: - Antai Aike's 1,000-ton rare earth permanent magnet project, achieving a total capacity of 3,000 tons [2]. - Antai Northern's 5,000-ton high-end rare earth permanent magnet product project, completed in 2024 and entering operation this year [2]. - High-performance tungsten-molybdenum material deep processing project in Weihai, entering production in 2025 [2]. - He Ye Technology's thousand-ton powder high-speed steel production line, with sales revenue nearing 100 million [2]. Group 3: New Projects Under Construction - Two new projects initiated in 2025: - A 2,000-ton high-performance special powder project, increasing Antai Special Powder's capacity from over 5,000 tons to 7,000 tons [3]. - A 10,000-ton amorphous strip project, raising capacity from 40,000 tons to 50,000 tons to meet high-end energy-saving transformer market demands [3]. Group 4: Cost Reduction and Production Efficiency - The release of amorphous strip capacity has been driven by increased demand due to new energy efficiency standards, with amorphous transformers now comprising over 50% of bids [4]. - Cost reductions are achieved through improved production efficiency and technology upgrades, with potential for further reductions by enhancing process capabilities [4]. Group 5: Market Trends and Future Directions - The market is increasingly focusing on amorphous motors, which represent a significant application area for amorphous materials, competing primarily with non-oriented silicon steel [5]. - The development of amorphous motors requires collaboration across various sectors, including manufacturing processes and material compatibility [5]. Group 6: Financial Performance and Industry Comparison - Antai Technology's gross margin is relatively low compared to global peers due to the nature of metal new materials businesses, which often have varying profit margins based on market cycles [6]. - The company emphasizes the importance of technological innovation and internal management improvements to enhance competitiveness and profitability [6]. Group 7: Nuclear Fusion Project Insights - Key nuclear fusion projects in China, led by China National Nuclear Corporation and the Chinese Academy of Sciences, aim for commercial demonstration by 2035 [6]. - Antai Technology plans to enhance its core technology for fusion products and improve its competitive edge in the industry [6].

Core Viewpoint - The company has announced the completion of the first unlock period for its restricted stock incentive plan, allowing 221 eligible participants to unlock a total of 7,665,900 shares, which represents 0.73% of the company's total share capital, effective from May 13, 2025 [2][12]. Summary by Sections Incentive Plan Details - The first unlock period for the restricted stock incentive plan has been achieved, with 221 eligible participants and 7,665,900 shares available for unlocking [2][10]. - The unlock date for these shares is set for May 13, 2025 [3][12]. Approval Process - The company held multiple board and supervisory meetings to approve the incentive plan and its related documents, including the management methods and assessment criteria [4][6]. - The plan received approval from the State-owned Assets Supervision and Administration Commission in February 2023 [4][5]. Historical Context - The initial grant of restricted stocks was completed on May 5, 2023, with a total of 23.3 million shares granted to 222 participants [7][10]. - Adjustments were made to the incentive plan, including the removal of certain benchmark companies and the repurchase of shares due to the death of one participant [11][12]. Unlock Conditions - The first unlock period lasts from May 5, 2023, to May 4, 2025, with the first unlock date being May 6, 2025 [9][10]. - The board confirmed that all conditions for unlocking the shares have been met [10]. Share Structure Changes - Following the unlocking of shares, the company's total share capital will be adjusted accordingly, with the current total being 1,050,718,097 shares after previous repurchases [8][12].

证券代码：000969 证券简称：安泰科技 公告编号：2025-019 安泰科技股份有限公司 关于限制性股票激励计划首次授予部分第一个解除限售期解除 限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、公司 2023 年实施的限制性股票激励计划首次授予部分第一个解除限售 期解除限售条件已经成就，符合解除限售条件的激励对象共计 221 名，可解除限 售的限制性股票数量为 7,665,900 股，占公司最新总股本的 0.73%。 2、本次解除限售股份可上市流通的日期为：2025 年 5 月 13 日。 安泰科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第九 届董事会第四次会议及第九届监事会第四次会议，审议通过了《关于限制性股票 激励计划首次授予部分第一个解除限售期解除限售条件成就的议案》，根据《安 泰科技股份有限公司限制性股票激励计划（草案修订稿）》（以下简称"本次激 励计划"）的规定，本次激励计划首次授予部分第一个解除限售期解除限售条件 已经成就。根据公司 2023 年第一次临时股东大会对董事 ...

Core Viewpoint - The aviation engine concept sector has shown a positive performance, with a 2.86% increase, ranking 7th among various concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of May 8, the aviation engine concept saw 74 stocks rise, with notable gainers including Chenxi Aviation and Huarun Co., both reaching a 20% limit up. Other significant performers included Aileda, Rifa Precision Machinery, and Xiling Power, which rose by 9.76%, 7.75%, and 7.37% respectively [1]. - Conversely, stocks such as Maixinlin, Julun Intelligent, and Jizhi Co. experienced declines of 2.64%, 2.55%, and 1.27% respectively [1]. Capital Flow - The aviation engine concept sector experienced a net outflow of 678 million yuan from major funds, with 38 stocks receiving net inflows. Seven stocks saw net inflows exceeding 30 million yuan, led by Haoneng Co. with a net inflow of 136 million yuan [2][3]. - Other notable net inflows included Hangfa Power, Rifa Precision Machinery, and AVIC Heavy Machinery, with net inflows of 81.44 million yuan, 62.90 million yuan, and 56.73 million yuan respectively [2]. Fund Inflow Ratios - Haoneng Co. led the fund inflow ratio with 48.12%, followed by New Dazhou A and Antai Technology at 11.99% and 10.86% respectively [3].

Financial Performance - In 2024, the company achieved a revenue of CNY 7.573 billion, with a new contract amount of CNY 8.11 billion and a net profit of CNY 372 million, resulting in a cash flow from operations of CNY 770 million and a debt-to-asset ratio of 42.68% [1] - In Q1 2025, the company reported a revenue of CNY 1.782 billion, a year-on-year decrease of 5.76%, while the net profit was CNY 82.55 million, an increase of 4.95% [2] - The total sales, management, and financial expenses amounted to CNY 110 million, accounting for 6.17% of revenue, a decrease of 13.3% year-on-year [2] Business Segments - The advanced functional materials and devices segment generated CNY 2.803 billion, accounting for 37.01% of total revenue [1] - The special powder metallurgy materials and products segment contributed CNY 2.962 billion, representing 39.10% of total revenue [1] - The high-quality special steel and welding materials segment earned CNY 1.651 billion, making up 21.80% of total revenue [1] - The environmental and high-end technology services segment generated CNY 158 million, accounting for 2.09% of total revenue [1] Non-Crystalline Nanocrystalline Materials - In 2024, the non-crystalline segment signed contracts worth CNY 1.17 billion, a 33% increase year-on-year, with revenue reaching CNY 974 million, up 31.63% [2] - The production and sales volume exceeded 33,000 tons, marking a 65% year-on-year growth [2] - The company is investing in a new project for 10,000 tons of non-crystalline strip material to meet high-end energy-saving transformer market demands [2] Powder High-Speed Steel Project - In 2024, the company signed contracts worth CNY 1.585 billion, with revenue of CNY 1.43 billion, reflecting a year-on-year growth of 5% and 6.89% respectively [4] - The newly built powder high-speed steel production line achieved an output of over 1,000 tons, generating nearly CNY 100 million in sales [4] Nuclear Power and Fusion Technology - The company is actively involved in the nuclear power sector, with 36 nuclear power units approved in the first four years of the 14th Five-Year Plan [5] - The company has developed advanced materials for various nuclear technologies, including tungsten-molybdenum and nickel-based high-temperature alloy strips [5] - The company is the first in China to produce fusion tungsten-copper filters, with a complete technology chain from raw materials to component delivery [6] Export and Market Impact - In 2024, overseas business accounted for 27.26% of total revenue, with approximately 7% of revenue coming from the U.S. market [7] - The recent U.S. tariff policy has had some impact on exports, but the overall effect is manageable [7]

Group 1 - The company, Antai Technology Co., Ltd., is planning to hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 13, 2025, from 11:00 to 12:00 [1] - The meeting will be conducted both in-person and via an online conference call, with key personnel including the Chairman, General Manager, Independent Directors, and Financial Director in attendance [1] - Investors are encouraged to submit questions in advance through a designated website or WeChat mini-program by May 12, 2025, to enhance the relevance of the discussion [1] Group 2 - The company aims to provide a comprehensive understanding of its operational performance and development strategy during the briefing [1] - The meeting will take place at the company's Yongfeng Industrial Park [1] - Contact information for investor participation includes designated representatives and a registration phone number [1]

Core Insights - The controllable nuclear fusion industry chain is characterized by high technical content, with downstream applications not yet commercialized [1] Group 1: Industry Chain Overview - The upstream of the controllable nuclear fusion industry includes various raw materials such as superconducting magnet materials, rare metals like tungsten and tantalum, special steel, and fuels like deuterium and tritium [1] - The midstream involves equipment and reactor engineering construction, with common devices including tokamak fusion experimental devices, magnetic systems, vacuum systems, heating and current drive systems, and other essential equipment [1] - The downstream primarily focuses on nuclear power plant operations for research and power generation [1] Group 2: Key Enterprises in Upstream and Midstream - Key upstream companies providing superconducting magnet materials include Jiuli New Materials, Shanghai Superconductor, and Lianchuang Superconductor; companies producing cladding materials include Zhangyuan Tungsten and Chujian New Materials [2] - In the midstream equipment manufacturing sector, West Superconductor's Nb3Sn superconducting wire is widely adopted; Antai Technology's low-noise antenna tungsten string limiter is used in the EAST superconducting tokamak fusion experimental device [2] - China National Nuclear Corporation is a major player in the engineering construction of controllable nuclear fusion, with significant advancements in its fusion device, "China Circulation No. 3" [2] Group 3: Downstream Applications and Current Status - Controllable nuclear fusion is still in the critical technology research phase and has not yet achieved commercial power generation; current projects include the China Fusion Engineering Test Reactor (CFETR) and the Compact Fusion Energy Experimental Device (BEST) [3] - Ongoing technological breakthroughs and experimental validations are expected to provide solid technical support for future clean energy supply and enhance the industry chain layout [3] Group 4: Regional Distribution of the Industry - As of March 25, 2025, there are 170 institutions related to controllable nuclear fusion in China, with the highest concentration in Anhui Province (24 institutions), followed by Guangdong (19) and Beijing (17) [7] - The distribution of listed companies related to controllable nuclear fusion includes 47 companies across 15 provinces, with Jiangsu Province having the most at 8 companies, including Yongding Co., Ltd. [9] - A significant industrial cluster is forming around Hefei and Shanghai, with a focus on the Jiangsu-Zhejiang-Shanghai-Huai region and Chengdu and Xi'an as key areas for fusion equipment [10]

Summary of Antai Technology's Conference Call Company Overview - **Company**: Antai Technology - **Industry**: Advanced materials and manufacturing Key Financial Performance - **Q1 2025 Revenue**: Increased by 0.2% year-on-year, 3% quarter-on-quarter, with a scale growth of 15% despite challenges [2][3] - **Contract Value**: Slight increase of 0.2% compared to last year, with a quarter-on-quarter revenue growth of 3% [3] Business Segment Performance Contact Pool and Amorphous Materials - **Contract Value**: Decreased by 5% year-on-year, with revenue slightly increasing by 2% [2][5] - **Capacity Release**: Insufficient capacity release impacted profits, but market share remained stable [5] Amorphous and Nanocrystalline Materials - **Contract Value**: Grew by 8%, with revenue exceeding 20% growth [2][5] - **Profit Growth**: Significant profit increase due to low base [2] High-end Powder Business - **Tungsten-Molybdenum Alloys**: Contract value decreased by 2% year-on-year due to export impacts, but domestic semiconductor and aerospace demand provided support [6] - **Powder Steel**: Both revenue and contract value decreased by 20% due to export impacts [6] High-speed Steel Tools - **Performance**: Contract value increased by over 10% year-on-year, with revenue growth between 15%-20% and profit growth exceeding 30% [2][7] - **Drivers**: Increased sales from powder steel and structural adjustments in product offerings [7] Market Trends and Strategic Focus - **Domestic Market Growth**: Contract value increased by over 8% year-on-year and over 20% quarter-on-quarter, driven by domestic substitution [9] - **Export Challenges**: Decrease in exports to the U.S., but strategic products remain unchanged; the company is expanding into non-U.S. markets [9] Future Outlook - **Confidence in Growth**: The company remains optimistic about future operations, with a focus on domestic substitution trends providing new opportunities [8] - **Controlled Nuclear Fusion**: The company has been involved in this field for over a decade, with plans to become a major supplier of specific materials as market interest grows [4][10] - **Nuclear Power Sector**: Anticipates stable new orders from the approval of ten nuclear reactors valued at approximately 200 billion [4][11] Production and Capacity Goals - **System Materials Production**: Aiming to increase production capacity by 3,000 tons in 2025, targeting a total output of 9,000 to 10,000 tons [4][13] - **Focus Areas**: Development in industrial motors, servo motors, and micro-special motors, with plans to gradually ramp up production after customer certifications [13] Additional Insights - **Investment in Infrastructure**: The company relies on tungsten-molybdenum platforms and has significant infrastructure in place for production [12] - **Market Adaptation**: The company is actively adapting to market changes and customer demands, particularly in emerging sectors like electric vehicles and robotics [13]