Company Overview - Jiangsu Baoxin Technology Co., Ltd. was established in 2001 and listed on the Shenzhen Stock Exchange in 2010. The company has undergone two strategic transformations and has a focus on "new energy + intelligent manufacturing" as its development strategy [2][3]. - The company is currently developing a 2GW heterojunction solar cell and module production project, expected to commence production in mid-2023 [2][3]. Production Capacity and Projects - The first phase of the Huaiyuan heterojunction battery project has a capacity of 2GW, with construction expected to be completed by March 2023 and production to start mid-year [4]. - The second phase of the Huaiyuan project aims for a capacity of 6GW and is currently in the preparatory stage [4]. - The company plans to reach a total production capacity of 4GW by the end of 2023 and aims for 10GW in 2024, contingent on financing [4]. Technological Developments - The company is collaborating with Professor Zhang Chunfu and Professor Zhu Weidong on perovskite technology, which is seen as a next-generation core technology in the photovoltaic industry. The goal is to achieve a conversion efficiency of over 30% for perovskite/heterojunction stacked batteries by the end of 2023 [3][4]. - The company has established a new entity, Xi'an Baoxin Solar Technology Co., Ltd., to focus on the development of perovskite-heterojunction technology [3]. Energy Storage and Charging Infrastructure - The company has initiated its energy storage and battery swapping business, with the first battery swapping station in Huaibei now operational [3][4]. - A joint venture was formed with Huai Bei Jiaokong New Energy Technology Co., Ltd. to provide charging and battery swapping network services in Huai Bei, with plans to expand to 2-3 cities annually over the next 3-5 years [5]. Market Strategy and Sales - The company has established a Green Energy Division to manage domestic and international sales of photovoltaic products, leveraging local green energy resources to enhance sales and profitability [4]. - The company is actively engaging with major energy groups and enterprises in the photovoltaic sector to secure orders and ensure product absorption over the next 2-3 years [4].

Group 1: Company Strategy and Market Position - The company recognizes the importance of environmental responsibility and aims to invest in the environmental protection industry, aligning with national policies [3] - Following its listing in 2010, the company has sought transformation due to a slowdown in traditional sheet metal manufacturing [3] - The acquisition of Nanjing Youzhi in 2013 marks the company's entry into the energy-saving and environmental protection sector [3] Group 2: Acquisition and Project Development - The acquisition of Shanghai Apani focuses on high-pressure electrode boilers, which are expected to replace coal-fired heating in northern China, aligning with the national "13th Five-Year" energy plan [3][4] - The company anticipates significant market potential in environmental governance, particularly through the projects undertaken by Shanghai Apani [4] - The company is optimistic about the expansion of Apani's domestic business, which will drive demand for high-pressure electrode boilers [4] Group 3: Financial Outlook and Performance Expectations - The company expects a positive impact on its 2015 performance due to the anticipated growth from projects undertaken by Shanghai Apani [5] - The operational performance of Nanjing Youzhi in 2014 met expectations, contributing to a favorable market outlook for 2015 [5] - The establishment of a complete manufacturing center for high-pressure electrode boilers is projected to enhance the company's performance [5] Group 4: Future Plans and Market Monitoring - The company plans to continuously monitor environmental policies and explore potential acquisitions in the environmental sector [6] - There is a strategic intention to gradually shift focus from traditional sheet metal business to environmental and new energy equipment as market conditions evolve [6]

苏州宝馨科技实业股份有限公司 投资者关系活动记录表 证券代码：002514 证券简称：宝馨科技 苏州宝馨科技实业股份有限公司 投资者关系活动记录表 编号：20150121 | --- | --- | --- | --- | --- | |---------------------------|--------------------------------------------------------|-------------------------------------|-------|-------| | | ■ 特定对象调研 | □ 分析师会议 | | | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | | | | □ 现场参观 | | | | | | □ 其他 | （请文字说明其他活动内容） | | | | | 东北证券股份有限公司：庄重 | | | | | 参与单位名称及 人员姓名 | 兴业证券：熊彬正、汪洋 上投摩根基金：朱晓龙 | | | | | | | | | | | | 太平资产管理有限公司：王晓辉 | | ...

Group 1: Business Performance and Market Trends - The demand for flue gas treatment in the industry continues to grow due to tightening environmental policies, with expectations for 2015 performance to exceed forecasts [1][2] - The main product, the flue gas flow monitoring instrument, has improved accuracy from approximately 20% error to around 1.5% error, receiving environmental product certification in February 2014 [2] - The company anticipates that the flue gas flow monitoring product will contribute positively to the performance in 2015, with no risks associated with performance guarantees [2] Group 2: Strategic Acquisitions and New Technologies - The acquisition of Shanghai Apani, the only designated partner of Swedish Apani in China, is aimed at enhancing the production and project transformation of high-pressure electrode boilers [3] - High-pressure electrode boilers utilize low-cost off-peak electricity, significantly reducing heating costs and improving efficiency compared to low-pressure electrode boilers [3] - The company expects strong demand for high-pressure electrode boiler projects, which will positively impact overall performance in 2015 [3] Group 3: Business Transformation and Future Outlook - The traditional sheet metal business is transitioning from low-end processing to high-end manufacturing, with stable cash flow despite some profit shrinkage due to industry fluctuations [4] - The acquisition of Shanghai Apani is expected to drive growth in the existing business, enhancing overall performance [4] - Recent equity changes have stabilized the company's ownership structure, with the largest shareholder holding 27.61% and management remaining focused on strategic development [4]

Company Overview - Baoxin Technology was founded in 2001, restructured into a joint-stock company in 2007, and listed on the SME board in 2010 [3] - The company specializes in CNC sheet metal technology, producing precision metal structural components for industries such as power, communication, finance, medical, and new energy equipment [3] - Since 2012, the company has transitioned into the energy-saving and environmental protection industry, acquiring Nanjing Youzhi Technology and Shanghai Apani, and is currently acquiring Jiechi Technology [3] Subsidiaries and Acquisitions Youzhi Technology - Focuses on gas flow measurement, with strong R&D capabilities and multiple patents [3] - Specializes in matrix gas flow measurement technology, solving issues in dusty and slurry environments, and providing solutions for power industry applications [3] Shanghai Apani - High-power, energy-efficient, and environmentally friendly high-voltage electrode boilers [3] - Utilizes off-peak electricity and heat storage technology for centralized heating, offering significant economic benefits [3] Jiechi Technology (Proposed Acquisition) - Specializes in PCB etching liquid recycling systems, reducing waste and environmental risks [3] - Owns core technologies such as PCB copper-containing waste liquid treatment and resource recovery [3] - Has a stable customer base in the PCB industry, with potential for expansion into industries like printing and dyeing, and chemicals [4] Market and Technology Insights - Jiechi Technology's BOO contracts typically last 5-10 years, with no instances of customers building their own recycling systems [4] - Alkaline etching liquid accounts for 30% of the market, while acidic etching liquid accounts for 70%, with similar copper content in both [4] - Apani's market advantage lies in using off-peak electricity for heating, which is more cost-effective compared to gas boilers [4] Challenges and Solutions - Delays in Apani's projects were due to unclear government policies on external power supply, but local governments are now addressing these issues [4] - Baoxin Technology, Youzhi Technology, and Jiechi Technology have synergies in the environmental protection industry, with Baoxin providing manufacturing support for various environmental equipment [4]

苏州宝馨科技实业股份有限公司 投资者关系活动记录表 证券代码：002514 证券简称：宝馨科技 苏州宝馨科技实业股份有限公司 投资者关系活动记录表 编号：2016002 | --- | --- | --- | |--------------------------------|-----------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ■ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投 ...

苏州宝馨科技实业股份有限公司 投资者关系活动记录表 证券代码：002514 证券简称：宝馨科技 苏州宝馨科技实业股份有限公司 投资者关系活动记录表 编号：2016003 | --- | --- | --- | |--------------------------|-------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ■ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系 活动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称及 人员姓 ...

苏州宝馨科技实业股份有限公司 投资者关系活动记录表 1 证券代码：002514 证券简称：宝馨科技 苏州宝馨科技实业股份有限公司 编号：2016004 | --- | --- | --- | |-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

苏州宝馨科技实业股份有限公司 投资者关系活动记录表 证券代码：002514 证券简称：宝馨科技 苏州宝馨科技实业股份有限公司 投资者关系活动记录表 编号：2018001 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

苏州宝馨科技实业股份有限公司 投资者关系活动记录表 证券代码：002514 证券简称：宝馨科技 苏州宝馨科技实业股份有限公司 投资者关系活动记录表 编号：2018002 | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 特定对象调研 □ 分析师会议 | | | □ 业绩说明会 | | 投资者关系 活动类别 | 新闻发布会 □ 路演活动 | | | | | | | | 参与单位名称及 人员姓名 | 安信证券：王书伟、邵琳琳、周喆 华安基金：刘畅畅 建信基金：于振家 熙玥投资：陈岚静 中信建投基金：周紫光 | | 时间 2018 | 日 | | 地点 | 友智科技会议室 ...