Summary of Conference Call Notes Company Overview - The company discussed is 富宁 (Funing), which operates in three main business segments: high-pressure stone density, hydraulic components, and robotics [1][7]. Key Points and Arguments High-Pressure Stone Density - Funing has a leading advantage in high-pressure stone density, with significant production capacity expansion planned [1][3]. - The company aims to increase output from approximately 120,000 tons last year to over 250,000 tons this year, with a long-term goal of reaching 500,000 tons [3]. - The expected unit economics for this segment is projected to be above 2,000 RMB per ton, with potential for price increases depending on competitors' actions [4][20]. Hydraulic Components - The hydraulic components segment has a stable profit margin, with a market share of around 20% [5]. - The company is expanding into the electric vehicle (EV) market, focusing on components like electric drive systems and thermal management, which are expected to grow by over 30% [1][5]. Robotics - Funing has been developing its robotics segment for three years, focusing on components like gear reducers and planetary gear reducers [6]. - The company has a strong client base and significant R&D experience, positioning it well in the domestic humanoid robotics market [6][7]. - The robotics segment is currently undervalued in the market, with potential for substantial growth [6][14]. Market Dynamics - The overall demand for high-pressure stone products is expected to grow significantly, driven by the needs of major battery manufacturers like 宁德时代 (CATL) [17][18]. - Despite some downward adjustments in domestic energy storage demand, the overall impact on Funing's operations is minimal, with a projected growth in battery demand [15][16]. Financial Performance - The company's revenue from hydraulic components is expected to reach approximately 3.6 billion RMB in 2024, aligning closely with the revenue from high-pressure stone products [8]. - The profitability metrics, including gross and net margins, have shown volatility due to fluctuations in the high-pressure stone segment, but recovery is anticipated as prices stabilize [9]. Future Outlook - Funing's strategy includes expanding its robotics capabilities and enhancing its product offerings in the EV sector, which are expected to contribute significantly to future revenue [10][26]. - The company is also exploring partnerships and joint ventures to strengthen its market position in robotics [12]. Valuation - The current market valuation of Funing is considered low compared to peers in the robotics sector, with potential for revaluation as the company continues to grow [27]. Additional Important Information - The company is actively working on cost reduction strategies, including upstream material sourcing to lower production costs [20][23]. - Funing's unique production methods for high-pressure products are expected to yield better quality and strength compared to competitors [21]. This summary encapsulates the key insights from the conference call, highlighting Funing's strategic focus, market positioning, and financial outlook.

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。 证券代码：300432 证券简称：富临精工 公告编号：2025-005 富临精工股份有限公司 关于控股子公司通过国家高新技术企业认定的公告 特此公告。 富临精工股份有限公司 董事会 2025 年 2 月 11 日 富临精工股份有限公司（以下简称"公司"）控股子公司四川芯智热控技术 有限公司（以下简称"芯智热控"）于近日收到四川省科学技术厅、四川省财政 厅、国家税务总局四川省税务局批准核发的《高新技术企业证书》，证书编号： GR202451001487，有效期三年。 根据《中华人民共和国企业所得税法》及国家对高新技术企业税收优惠的相 关规定，芯智热控自获得高新技术企业认定起连续三年（2024年至2026年）可享 受高新技术企业所得税优惠政策，即按15%的税率缴纳企业所得税。 高新技术企业资格认定的通过是对芯智热控在技术研发和自主创新等方面 的肯定，有助于提升公司综合竞争力，对公司及控股子公司未来的经营发展将产 生积极影响。 ...

证券代码：300432 证券简称：富临精工 公告编号：2025-004 富临精工股份有限公司 关于签署《人形机器人应用项目投资合作协议》的公告 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。 一、协议签署概况 （一）协议签署背景 富临精工股份有限公司（以下简称"公司"）与上海智元新创技术有限公司 （以下简称"智元机器人"）、巨星新材料有限公司（以下简称"巨星新材料"）、 文宏杰、四川安努创想智能科技合伙企业（有限合伙）（以下简称"安努创想"）、 四川安努创和智能科技合伙企业（有限合伙）于2024年10月签订《人形机器人应 用项目合作框架协议》。各方本着平等互利、优势互补的原则，经友好协商，在 共同看好人形机器人应用项目赛道的基础上，投资组建项目公司，整合各方资源 开展项目建设。详见公司于2024年10月10日披露的《关于签署<人形机器人应用 项目合作框架协议>的公告》（公告编号：2024-059）。 （二）本次协议签署情况 为进一步发挥各自在产业领域的专业与资源优势，深化人形机器人应用项目 投资合作，公司与智元机器人、巨星新材料、文宏杰、安努创想经友好协商，签 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 22 CNY based on a 25x PE for 2025 [9]. Core Insights - The company is a leader in high-density lithium iron phosphate (LiFePO4) batteries, with a strong demand for its products and a stable growth trajectory in its automotive parts business [9]. - The report highlights the company's unique oxalic acid iron process, which provides significant advantages in product density and performance compared to competitors [9]. - The automotive parts segment is expected to grow rapidly, driven by partnerships with leading automotive manufacturers [9]. Summary by Sections Company Overview - The company specializes in automotive engine components, new energy vehicle intelligent control systems, and lithium iron phosphate cathode materials, being a pioneer in the oxalic acid iron technology route [12][17]. - The company has seen rapid growth in its lithium battery cathode materials business, with a significant increase in market share [18][21]. Lithium Iron Phosphate Market - The demand for lithium iron phosphate is expected to grow significantly, with a projected demand of 2.52 million tons in 2024, up 52% year-on-year, and 3.47 million tons in 2025 [30][32]. - The high-density products are in short supply, with only a few companies, including the report's subject, capable of meeting the demand [37]. Financial Performance - The company experienced rapid revenue growth from 2020 to 2022, but faced a decline in 2023 due to falling prices of lithium iron phosphate [21][23]. - The report forecasts a recovery in profitability, with net profits expected to reach 4.1 billion CNY in 2024, 10.8 billion CNY in 2025, and 15 billion CNY in 2026 [9][21]. Automotive Parts Business - The company holds a 20% market share in traditional automotive parts and is expanding its new energy components, with expected revenues of 50 billion CNY in 2025 [9][12]. - The report emphasizes the company's strong relationships with major automotive manufacturers, which will drive growth in this segment [9]. Robotics and Future Prospects - The company is also venturing into robotics, with a projected market potential of 150 to 250 billion CNY by 2035 [9][12]. - The report indicates that the company's strategic positioning in high-density lithium iron phosphate and automotive parts will provide a dual growth engine moving forward [9].

Financial Performance Expectations - The company expects a net profit attributable to shareholders of between 370 million and 450 million CNY for the year 2024, a significant recovery from a loss of 542.725 million CNY in the same period last year [4]. - The net profit after deducting non-recurring gains and losses is projected to be between 290 million and 370 million CNY, compared to a loss of 648.1805 million CNY in the previous year [4]. - The company anticipates achieving a turnaround from loss to profit in its operational performance for the year 2024 [7]. - The performance forecast has not been audited by an accounting firm but has been preliminarily assessed by the company's finance department [9]. Business Growth and Market Trends - The automotive parts business has shown steady growth in revenue and profit, particularly in the new energy components sector, which is experiencing rapid growth [7]. - The market share of incremental components is steadily increasing, and the thermal management systems and new energy electric drive systems are entering a phase of rapid growth [7]. - The lithium battery cathode materials business has seen a significant increase in shipment volume and revenue, driven by the rising demand for differentiated and high-end products in the terminal market [7].

中德证券有限责任公司 关于富临精工股份有限公司 2024年度持续督导定期现场检查报告 | 保荐机构名称：中德证券有限责任公司 被保荐公司简称：富临精工 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：缪兴旺 联系电话：010-59026928 | | | | | 保荐代表人姓名：张少伟 联系电话：010-59026829 | | | | | 现场检查人员姓名：张少伟、许颖 | | | | | 现场检查对应期间：2024年1月1日至2024年12月31日 | | | | | 现场检查时间：2024年12月30日至2024年12月31日 | | | | | 一、现场检查事项 | | 现场检查意见 | | | （一）公司治理 | 是 | 否 | 不适用 | | 现场检查手段： （1）查阅公司三会会议材料，包括会议通知、会议决议、会议记录、签到表、公告等； | | | | | （2）查阅公司章程及各项规章管理制度； | | | | | （3）了解公司治理制度的执行情况，了解公司董事、监事和高级管理人员履行职务勤勉尽责情 | | | | | 况及变动情况； | | | | | （ ...

中德证券有限责任公司 关于富临精工股份有限公司 2024年度持续督导培训情况报告 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号—创业板上市公司规范运作》《深圳证券交易所上市公司自律 监管指引第 13 号—保荐业务》等有关规定，中德证券有限责任公司（以下简称 "中德证券"）作为富临精工股份有限公司（以下简称"公司"或"富临精工"） 2021 年度向特定对象发行股票持续督导工作的保荐机构，于 2024 年 12 月 31 日 对富临精工相关人员进行了培训，现将培训情况报告如下： 一、培训基本情况 培训时间：2024 年 12 月 31 日 培训地点：富临精工会议室 三、培训效果 1 通过本次培训，富临精工董事、监事、高级管理人员、中层以上管理人员及 控股股东、实际控制人等相关人员加深了对中国证券监督管理委员会和深圳证券 交易所相关法律、法规以及业务规则的了解和认识，促使上述对象增强了上市公 司规范运作理念和股票交易合规意识，参训人员均表示在日常经营过程中要严格 遵守相关法律法规，本次培训达到了预期效果。 （以下无正文） 2 （此页无正文，为《中德证券有限责任公司关于富临 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3][15]. Core Insights - The company is extending its research and manufacturing capabilities in mechatronics into the robotics field, having developed robot electric joint assembly products that have been validated by customers and are beginning small-scale production, with expectations for mass supply next year, which could open up long-term growth opportunities [3]. - The company plans to establish a joint venture with Zhiyuan Robotics to jointly develop the humanoid robot market [3]. - Revenue forecasts for 2024-2026 are projected at 85.00 billion, 128.63 billion, and 157.19 billion yuan, respectively, with EPS of 0.38, 0.81, and 1.00 yuan, leading to corresponding PE ratios of 40.1, 19.0, and 15.4 times [3]. Financial Projections - The company's main revenue for 2023 is projected at 5,761 million yuan, with a growth rate of -21.6%, followed by 8,500 million yuan in 2024 (47.5% growth), 12,863 million yuan in 2025 (51.3% growth), and 15,719 million yuan in 2026 (22.2% growth) [4]. - The net profit attributable to shareholders is expected to recover from -543 million yuan in 2023 to 469 million yuan in 2024, 986 million yuan in 2025, and 1,218 million yuan in 2026, with growth rates of -184.1%, 110.4%, and 23.5%, respectively [4]. - The diluted EPS is forecasted to improve from -0.44 yuan in 2023 to 0.38 yuan in 2024, 0.81 yuan in 2025, and 1.00 yuan in 2026 [4]. - The company's ROE is expected to turn positive, from -13.5% in 2023 to 9.9% in 2024, 15.7% in 2025, and 14.8% in 2026 [4].

第五届监事会第十七次会议决议公告 证券代码：300432 证券简称：富临精工 公告编号：2024-083 富临精工股份有限公司 监事会 本公司及监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。 2024 年 12 月 30 日 富临精工股份有限公司（以下简称"公司"）第五届监事会第十七次会议通 知于 2024 年 12 月 20 日以通讯方式向各位监事发出，并于 2024 年 12 月 24 日以 现场方式召开。应出席会议的监事 3 人，实际出席会议的监事 3 人。会议由监事 会主席胡国英女士主持。会议的召集、召开符合《公司法》及《公司章程》规定。 - 1 - 具体内容详见公司在巨潮资讯网披露的《关于以债转股方式对江西升华新材 料有限公司增资的公告》（公告编号：2024-084）。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 特此公告。 富临精工股份有限公司 一、审议通过了《关于以债转股方式对江西升华新材料有限公司增资的议案》 监事会认为，公司本次将所持有的控股子公司江西升华新材料有限公司（以 下简称"江西升华"）73,450 万元债权转作对其增资，主要是为优 ...

证券代码：300432 证券简称：富临精工 公告编号：2024-082 富临精工股份有限公司 第五届董事会第二十一次会议决议公告 富临精工股份有限公司 董事会 2024 年 12 月 30 日 - 1 - 一、审议通过了《关于以债转股方式对江西升华新材料有限公司增资的议案》 为优化控股子公司江西升华新材料有限公司（以下简称"江西升华"）的资产 负债结构，满足其业务拓展及生产运营的资金需求，同意公司将所持有的江西升 华 73,450 万元债权转作对其增资，本次增资价格以北方亚事资产评估有限责任公 司出具的资产评估报告为基础，增资价格为 1.13 元/注册资本，增加江西升华注 册资本 65,000 万元。江西升华少数股东不进行同比例增资。本次增资完成后，江 西升华的注册资本将由 82,000 万元增加至 147,000 万元，公司持有江西升华的股 权比例将由 96.27%增加至 97.92%，江西升华仍为公司控股子公司，不会导致公司 合并报表范围发生变化。 具体内容详见公司在巨潮资讯网披露的《关于以债转股方式对江西升华新材 料有限公司增资的公告》（公告编号：2024-084）。 表决结果：同意 9 票；反对 0 ...