Group 1: Company Overview and Market Position - The company is one of the few integrated companies in the wool textile industry, possessing a complete industrial chain from wool to finished garments, demonstrating strong market competitiveness and risk resistance [2] - The wool textile business is stable, with a solid market share and consistent revenue, providing a strong foundation for overall business performance [2] Group 2: Future Growth Areas - New materials are expected to become the company's second growth curve, with a focus on lightweight materials for the robotics sector [3][5] - The ultra-high molecular weight polyethylene (UHMWPE) fiber production capacity is 3,600 tons, with 12 production lines operating at a balanced production and sales state [3] Group 3: Robotics Market Development - The robotics market is still in its early development stage, with significant uncertainties in downstream market demand, highlighting investment risks [3][5] - The company is actively collaborating with domestic robot manufacturers to adapt product performance parameters and technical standards, aiming for deeper cooperation and potential order conversions [4][7] Group 4: Product Applications and Innovations - UHMWPE fiber is suitable for various applications, including special protection, marine industries, safety protection, functional textiles, and robotics [5][9] - The company is focusing on developing applications for nylon 66 and nylon 6 in robotics, leveraging their high strength and lightweight characteristics [6][8] Group 5: Strategic Partnerships and Collaborations - The company has signed patent cooperation and strategic agreements with Wuhan University and Shouzhihua Innovation, enhancing its research and development capabilities in the robotics field [4][7] - Ongoing projects are in the product verification and technical optimization stages, with plans for further collaboration to accelerate product industrialization [5][9] Group 6: Financial and Investment Updates - The company is progressing steadily with its private placement matters, with updates to be provided in future announcements [3][9]

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（ http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演APP,参与本次互动交流。活动时间为2025年5月15日（周四）15:00-16:30。 届时公司董事、副总经理兼董事会秘书赵厚杰先生；财务总监徐晓青女士将在 线就公司2024年度业绩、公司治理、发展战略、经营状况、融资计划、股权激 励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与。 特此公告。 山东南山智尚科技股份有限公司董事会 2025年5月13日 山东南山智尚科技股份有限公司 关于参加 2025 年山东辖区上市公司投资者网上集体 接待日活动的公告 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。 为进一步加强与投资者的互动交流，山东南山智尚科技股份有限公司（以 下简称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络 有限公司联合举办的"2025年山东辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： 证券代码：300918 证券简称：南山智尚 ...

Market Overview - The Shanghai Composite Index fell by 0.30% on May 9, with 7 industries experiencing gains, led by the beauty and personal care sector and banking, which rose by 1.41% and 1.36% respectively. The textile and apparel industry ranked third in terms of gains [1] - The electronic and computer industries faced the largest declines, with drops of 2.07% and 1.96% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 47.4 billion yuan across the two markets, with only 4 industries seeing net inflows. The textile and apparel sector led with a net inflow of 226 million yuan, while the coal industry followed with a slight increase of 0.10% and a net inflow of 186 million yuan [1] - A total of 27 industries experienced net capital outflows, with the electronic industry leading at a net outflow of 9.164 billion yuan, followed by the computer industry with a net outflow of 6.486 billion yuan [1] Textile and Apparel Sector Performance - The textile and apparel industry rose by 0.72% with a total net inflow of 226 million yuan. Out of 104 stocks in this sector, 68 saw gains, including 10 that hit the daily limit [2] - The top stocks by net inflow included Wanshili with 113 million yuan, Huamao Shares with 93.7 million yuan, and Feiyada with 72.7 million yuan [2] - The sector also had stocks with significant net outflows, with the largest being Tanshizhe at 190 million yuan, followed by Nanshan Zhishang and Xunxing Shares with outflows of 79.1 million yuan and 23.3 million yuan respectively [3] Top Gainers and Losers in Textile and Apparel - **Top Gainers**: - Wanshili: +20.03%, turnover rate 15.16%, net inflow 112.7 million yuan - Huamao Shares: +9.90%, turnover rate 10.62%, net inflow 93.7 million yuan - Feiyada: +10.04%, turnover rate 6.16%, net inflow 72.7 million yuan [2] - **Top Losers**: - Tanshizhe: -7.02%, turnover rate 17.38%, net outflow 190.4 million yuan - Nanshan Zhishang: -4.45%, turnover rate 10.08%, net outflow 79.1 million yuan - Xunxing Shares: +2.16%, turnover rate 11.10%, net outflow 23.3 million yuan [3]

Investment Rating - The report maintains a positive outlook on the industry, suggesting an "Increase" rating for the sector [8]. Core Insights - The market for robotic tendons is expected to grow significantly, with projections indicating a market size of 10 trillion yuan by 2045 as humanoid robots advance to Level 5 capabilities [1][27]. - The adoption of tendon transmission systems in robotic hands is increasing due to their advantages in flexibility, lightweight design, and efficiency compared to traditional mechanisms [10][18]. - The report emphasizes the importance of ultra-high molecular weight polyethylene (UHMWPE) as a key material for robotic tendons, highlighting its superior strength-to-weight ratio and cost-effectiveness [3][39]. Summary by Sections 1. Robotic Tendons: Accelerating Penetration and Focus on UHMWPE - Robotic tendons enhance dexterity and lightweight design, with a significant market potential as humanoid robots evolve [1]. - The tendon transmission mechanism mimics human muscle structure, improving speed and precision in robotic applications [10][18]. 2. Market Potential for Robotic Tendons - The introduction of Tesla's Optimus GEN-3 robot, featuring a tendon-based hand with 22 degrees of freedom, indicates a market size of 35.2 billion yuan for tendon systems based on projected sales of 10 million units [2][31]. - The report anticipates further applications of tendons beyond robotic hands, including joints and other structural components [32]. 3. Material Opportunities: Focus on UHMWPE - UHMWPE fibers are recognized for their high strength and low density, making them ideal for robotic tendons [3][39]. - The report notes that domestic manufacturers are rapidly advancing in UHMWPE production, potentially disrupting the current market dominated by foreign companies [40][41]. 4. Key Companies - **Tongyi Zhong**: Leading in UHMWPE fiber production with a capacity of 7,960 tons, focusing on high-strength materials [4][42]. - **Nanshan Zhishang**: Producing 3,600 tons of UHMWPE fibers, with applications in robotic tendons [45]. - **Henghui Security**: Expected to increase its UHMWPE capacity by 4,800 tons, targeting the robotic tendon market [46].

Summary of Nanshan Zhishang Conference Call Company and Industry Overview - **Company**: Nanshan Zhishang - **Industry**: New Materials, specifically focusing on high-performance polymers for robotics and other applications Key Points and Arguments - Nanshan Zhishang has established a unique competitive advantage by connecting with Tesla through Nanshan Aluminum, enabling potential collaboration in material research and new material introduction [2][4] - The Jian Sheng technology route is favored due to its application of bionics and high-performance polyethylene materials, which, despite high processing difficulty, hold significant value comparable to key components like motors [2][5] - Despite deflation risks, companies in the new energy materials sector, including Jian Sheng, are performing well in the A-share market, indicating a stable market structure [2][6] - High-performance polyethylene must meet military-grade standards, creating technical barriers that only a few companies, such as Nanshan Zhishang and Tongyi, can meet [2][7] - Nanshan Zhishang's new materials platform includes not only high-performance polyethylene but also aramid and nylon, which are widely used in humanoid robotics and offer cost advantages [2][12] Additional Important Insights - Nanshan Zhishang is actively expanding its new materials research and customer base, aiming for high-level orders and addressing common issues in robotics with proprietary anti-creep and flame-retardant spinning solutions [3][23] - The company plans to raise 1 billion yuan to advance research and new material development, which is expected to enhance profitability and valuation [2][14] - The market for humanoid robotics may follow a growth pattern similar to that of the photovoltaic or lithium battery industries, with potential risks in the later stages [8][9] - The company has established connections with leading robotics firms and has secured five major orders, indicating strong market demand [12][24] - Nanshan Group's resources, including Nanshan Aluminum, provide significant advantages for Nanshan Zhishang in accessing top-tier clients like Tesla [2][13] - The company’s stock price has faced downward adjustments due to external pressures, but these have largely subsided, positioning the company for potential growth [30] Financial Projections and Market Position - Nanshan Zhishang's current market value is approximately 10 billion yuan, with projected profits of 260 million yuan this year and potential growth to 400 million yuan next year [14][26] - The company’s traditional textile business is expected to contribute around 190 million yuan in profit, while new materials are projected to add approximately 40 million yuan [26][27] - The anticipated market opportunities in robotics could lead to significant revenue, with estimates suggesting a combined valuation exceeding 15 billion yuan across various sectors [28] Future Catalysts - Key catalysts for future growth include progress in sample submissions to Tesla, large order placements expected in the second quarter, and new product launches [29] This summary encapsulates the essential insights from the conference call, highlighting Nanshan Zhishang's strategic positioning, market dynamics, and future growth potential in the new materials sector.

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][6]. Core Views - The company demonstrated revenue resilience with Q1 2025 revenue of 362 million, a year-on-year increase of 0.72%, and a net profit of 37 million, up 0.86% year-on-year [1]. - The gross margin stands at 32%, a slight decrease of 0.36 percentage points year-on-year, while the gross margin for ultra-high molecular weight polyethylene fiber increased by 17 percentage points to 28% [2]. - The company has established a vertically integrated business model, controlling the entire supply chain from raw wool processing to retail, with an annual production capacity of 16 million meters of high-end wool fabric and 750,000 suits [3]. Financial Performance - The company reported a net cash flow from operating activities of -80 million, a significant decline of 4417% year-on-year, primarily due to increased material purchases for new projects [2]. - The financing activities generated a net cash flow of 110 million, a year-on-year increase of 6543%, mainly from increased borrowings [2]. - The company expects revenues of 2 billion, 2.6 billion, and 3.3 billion for 2025, 2026, and 2027 respectively, with net profits projected at 260 million, 340 million, and 450 million for the same years [6][11]. Product Development - The company has successfully launched an 8,000-ton nylon filament project, marking a significant breakthrough in high-performance differentiated nylon, with applications in various industries including sportswear and aerospace [5]. - The ultra-high molecular weight polyethylene fiber project has achieved full operational capacity, with a strength range of 26cN/dtex to 42cN/dtex, placing it among the top tier in China and close to international leaders [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [7][18]. Core Views - The company demonstrated revenue resilience with Q1 2025 revenue of 362 million, a year-on-year increase of 0.72%, and a net profit of 37 million, up 0.86% year-on-year [1]. - The gross margin stands at 32%, slightly down by 0.36 percentage points year-on-year, while the gross margin for ultra-high molecular weight polyethylene fiber increased by 17 percentage points year-on-year to 28% [2]. - The company has established a vertically integrated business model, controlling the entire supply chain from raw wool processing to retail, with an annual production capacity of 16 million meters of fine woolen fabric and 750,000 suits [3]. Financial Performance - The company reported a net cash flow from operating activities of -80 million, a significant decline of 4417% year-on-year, primarily due to increased material purchases for new projects [2]. - The company forecasts revenues of 2 billion, 2.6 billion, and 3.3 billion for 2025, 2026, and 2027 respectively, with net profits projected at 260 million, 340 million, and 450 million for the same years [6][11]. Product Development - The company has successfully launched a project producing 3,600 tons of ultra-high molecular weight polyethylene fiber, achieving breakthroughs in key fiber preparation technologies [4]. - An 80,000-ton nylon filament project has commenced trial production, marking a significant advancement in high-performance differentiated nylon materials [5]. Market Position - The company is recognized as a core supplier of high-end suit fabrics globally, with a strong focus on innovation and technology, holding multiple patents and achieving an 80% penetration rate of intelligent equipment [3][4].

Group 1: Company Insights - BGI Genomics faces challenges such as declining demand, operational complexity, and high prices in the genetic testing industry, but is enhancing efficiency through automation and AI, while expanding into reproductive health and cancer prevention [1] - Nanshan Zhishang reported a 12.84% year-on-year increase in net profit for Q1, driven by new materials business, particularly ultra-high molecular weight polyethylene fibers [2] - Jizhi Co. saw a 54.89% increase in revenue year-on-year in Q1, benefiting from stable growth in balancing machine sales and automation line revenue [3] - Huangma Technology's export sales grew over 30% in Q1 2025, with improved gross margins due to increased production and lower raw material costs [4] - Proya Cosmetics aims to become the first beauty company in China to exceed 10 billion in revenue by 2024, focusing on expanding its product matrix and enhancing online and offline channels [5] - Daotong Technology is advancing its "embrace AI" strategy, significantly enhancing its digital repair and energy products, with a 60% growth in its TPMS series [6] - Lianchuang Optoelectronics experienced significant revenue growth in Q1 2025, with a focus on optimizing asset quality in the backlight source industry [7] - Hengshuai Co. reported a 16.04% decline in revenue for Q1 2025, facing challenges in traditional cleaning and motor businesses, but is expanding its ADAS cleaning system business [8] - Weifeng Electronics achieved a 9.77% revenue growth in 2024, despite a decline in net profit due to reduced non-operating income and increased expenses [9] - Perfect World continues to enhance its gaming portfolio with successful updates and expansions, including the launch of new titles and esports initiatives [11] - Xiangsheng Medical invested 80 million in R&D in 2024, focusing on AI technology in ultrasound products and maintaining a strong dividend policy [12] - Jiuhua Tourism reported a 30.13% revenue increase in Q1 2025, driven by a rise in tourist visits and ongoing infrastructure projects [13] - Jingzhida's semiconductor business line saw a revenue share increase to over 70% in Q1 2025, with ongoing efforts to localize core components [14] - Teruid's management outlined plans for international expansion and the development of a virtual power plant platform to enhance service offerings [15] Group 2: Industry Trends - The genetic testing industry is experiencing increased competition and cost pressures, prompting companies to innovate and optimize operations [1] - The new materials sector is becoming a key growth driver, particularly in high-performance fibers used in various applications [2] - Automation and AI are reshaping traditional manufacturing and service sectors, enhancing efficiency and product offerings [3][6] - The beauty and cosmetics industry is focusing on market expansion and product diversification to capture a larger share of the global market [5] - The gaming industry is evolving with continuous updates and new releases, indicating a strong demand for innovative gaming experiences [11] - The tourism sector is recovering with increased visitor numbers, highlighting the importance of infrastructure development and service enhancement [13]

Core Viewpoint - The company demonstrates resilience in its operations, with a positive outlook on revenue and profit growth in the new materials sector, maintaining a "Buy" rating. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 362 million yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 37 million yuan, up 0.9% year-on-year [1] - The company's gross profit margin for Q1 2025 was 32.5%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 10.3%, an increase of 0.01 percentage points year-on-year [3] - The company expects net profits for 2025-2027 to be 273 million, 336 million, and 409 million yuan, respectively, with corresponding EPS of 0.66, 0.81, and 0.99 yuan [1] Group 2: Business Segments - The fine woolen fabric and apparel segments generated revenues of 175 million and 131 million yuan, respectively, with the fine woolen fabric segment down 7% and the apparel segment up 19% year-on-year [2] - The UHMWPE segment achieved a net profit of over 7 million yuan in Q1 2025, significantly up from about 1 million yuan in Q1 2024, driven by higher export revenues due to better price-performance ratios compared to overseas products [2] - The company has made technological breakthroughs in UHMWPE, making it an ideal material for robotic tendons, and is collaborating with several well-known robotics companies for various applications [2] Group 3: Production Capacity and Outlook - The company’s nylon production lines began operations in Q1 2025, with sales exceeding 500 tons, and expects to reach a production capacity of approximately 5,000 tons for nylon 66 and 20,000 tons for nylon 6 by mid-2025 [2] - The company anticipates that increasing capacity utilization of the new nylon production lines will dilute costs and enhance overall profitability [3] - Inventory at the end of Q1 2025 was 708 million yuan, a year-on-year increase of 9.3%, with inventory turnover days at 257.4 days, up 9 days year-on-year [3]