Core Viewpoint - The company Sanyou Lianzhong, led by Chairman Song Chaoyang, focuses on innovation and investment in high-value relay sectors such as new energy and automotive, aiming for high-quality development and breaking monopolies in the industry [2][10]. Group 1: Company Background and Development - Sanyou Lianzhong was founded in 2008 by Song Chaoyang and two university classmates, specializing in relay production and self-developed automation equipment [3]. - The company initially aimed to provide domestic brands for the home appliance industry, successfully producing relays that matched the quality of imported brands at a lower price [4]. - Sanyou Lianzhong faced challenges entering the white goods market due to procurement standards favoring imported brands, leading to a partnership with Japanese brand DEC to gain market access [5][6]. Group 2: Market Position and Product Expansion - The company has expanded its product range from general power relays to include magnetic latching relays, automotive relays, new energy relays, and signal relays, penetrating various sectors such as smart meters and industrial control [6][8]. - Sanyou Lianzhong ranked second in domestic relay sales for eight consecutive years from 2014 to 2021, indicating a strong market presence [6]. Group 3: Investment and R&D Focus - After going public on the Shenzhen Stock Exchange in 2021, Sanyou Lianzhong allocated significant funds to expand production lines for automotive and new energy relays, recognizing these as growth markets with higher technical demands [7]. - The company maintains a research and development investment ratio of over 5% of revenue, with a growing R&D team from 470 in 2022 to a projected 668 by the end of 2024 [7][8]. Group 4: Future Strategy and Market Trends - Sanyou Lianzhong is preparing for a shift towards automation and intelligent manufacturing in the relay industry, moving from mass production to customized production [9]. - The company aims to increase its self-manufacturing of core components and has developed fully automated production lines to enhance competitiveness [9]. - Sanyou Lianzhong is also expanding internationally, establishing subsidiaries in North America, South Korea, Germany, and Vietnam to enhance its global footprint [9].

Core Viewpoint - The company is actively expanding its international operations while addressing various risks associated with overseas markets, labor costs, and product diversification. Group 1: Overseas Operations - The company has established subsidiaries in North America, South Korea, Germany, and Vietnam to manage sales and production in these regions, acknowledging the risks posed by differing political, legal, and market environments [2] - As of the first half of 2025, domestic revenue accounted for 71.92% while overseas revenue made up 28.08%, with significant contributions from general and electric power products [6] Group 2: Labor Cost Management - The company faces rising labor costs due to increased competition in the labor market, but it aims to mitigate this by enhancing automation and production efficiency [3] Group 3: Product Development and Market Expansion - The company has a strong foundation in relay technology, which allows it to adapt to various applications, particularly in emerging fields like low-altitude economy and robotics [4] - The company is focusing on core business consolidation, breakthroughs in emerging fields, and strategic layout in forward-looking sectors, although specific revenue targets for each division were not disclosed [5] Group 4: Risk Mitigation Strategies - To address the concentration risk in product segments, the company is optimizing its product structure and diversifying into related industries through acquisitions and mergers [7] Group 5: Operational Efficiency - The company is committed to lean production and intelligent manufacturing, continuously upgrading automation levels to enhance production efficiency and flexibility [9]

Group 1: Company Operations and Risks - The company has established subsidiaries in North America, South Korea, Germany, and Vietnam to manage overseas sales and production, facing potential investment and operational risks due to varying political, legal, and market environments [2] - The company is closely monitoring international political and economic changes to manage overseas operational risks effectively [2] - Rising labor costs in China are a concern, with the company focusing on automation and efficiency improvements to mitigate the impact on profit margins [3] Group 2: Product Development and Market Expansion - The company has a strong technical foundation in relay technology, enabling it to adapt to emerging fields such as low-altitude economy and robotics [3] - Future revenue plans include strengthening core business segments while expanding into high-growth areas like renewable energy and smart grids [4] - The company aims to balance its product portfolio by enhancing revenue growth in automotive, renewable energy, and energy storage applications [5] Group 3: Financial Performance and Market Share - As of mid-2025, domestic revenue accounted for 71.92% while overseas revenue made up 28.08%, with significant contributions from general and power sector products [5] - The company is actively expanding its overseas market presence, particularly in India, Europe, Central Asia, and Southeast Asia [5] - The company is implementing strategies to diversify its product offerings and reduce risks associated with concentrated product segments through acquisitions and mergers [5]

Core Viewpoint - The company reported that overseas orders remained sufficient in July and August, and production operations are in good condition [1] Group 1: Production and Orders - The company stated that the production lines for high value-added products, such as electric relays, are operating at full capacity, maintaining a high utilization rate [1] - The general power relay production was affected by seasonal fluctuations in the domestic air conditioning industry, resulting in a lower utilization rate, which is considered a normal adjustment in production operations [1] Group 2: Market Strategy - The company emphasizes a market demand-oriented approach, utilizing flexible and scientific production scheduling to optimize resource allocation and ensure timely delivery of various products [1] - The company plans to continue seizing opportunities in overseas markets and actively optimize its product structure to provide sustained momentum for performance growth [1]

Group 1: Company Overview - The company is a high-tech enterprise specializing in the R&D, manufacturing, and sales of relays and transformers, ranking among the top in China's electronic components industry [2] - The product range includes six major categories of relays and transformers, with plans to strengthen core areas while exploring diversification based on market demand [2] Group 2: Financial Guidance for 2025 - The company aims for high-quality growth driven by technology, focusing on increasing market share in core businesses and expanding into high-value overseas markets [3] - Specific financial targets will be dynamically optimized based on market conditions and reported regularly [3] Group 3: Revenue Planning and Strategic Focus - The company plans to enhance its core business while breaking into emerging sectors like new energy and smart grids, aiming for sustainable organic growth across all divisions [3] - The "42+" strategy focuses on four core businesses, deepening engagement in inductors and signal relays, and exploring horizontal mergers to create more value [4] Group 4: International Expansion and Production - The company has established subsidiaries in North America, South Korea, Germany, and Vietnam, with the Vietnam base already in production for magnetic relays [3][4] - Future production increases are planned for general power relays and transformers at the Vietnam facility [3] Group 5: Raw Material Management - Raw materials constitute a significant portion of production costs, and the company faces challenges from price fluctuations in commodities like copper and silver [4] - Strategies to mitigate risks include cost-sharing through scale effects, optimizing supply chain management, and engaging in futures hedging to control market risks [4]

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）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五） 15:30-17:00。 届时公司高管将在线就 2025 年半年度业绩、公司治理、发展战略、经营状 况等投资者关心的问题，与投资者进行沟通与交流，并在信息披露允许的范围内 就投资者普遍关注的问题进行回答。欢迎广大投资者踊跃参与！ 三友联众集团股份有限公司 关于参加广东辖区 2025 年投资者 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，三友联众集团股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"2025 年投资者集 体接待日暨广东辖区上市公司中报业绩说明会活动"，现将相关事项公告如下： 证券代码：300932 证券简称：三友联众 公告编号：2025-039 特此公告！ 三友联众集团股份有限公司董事会 2025 年 9 月 16 日 ...

Core Viewpoint - The company, Sanyou Lianzhong (300932.SZ), is currently not directly applying its products in the chip sector but is focusing on high-end intelligent manufacturing solutions [1] Group 1: Product Applications - The company's core products, including general power relays, signal relays, industrial control relays, and high-voltage DC relays, are widely applicable in industrial automation equipment, precision control, energy management, and intelligent equipment [1] - These products provide high reliability in connection, control, and protection solutions for intelligent manufacturing systems [1] Group 2: Market Opportunities - The company is committed to continuously monitoring the development trends in intelligent manufacturing technology [1] - It aims to promote product innovation and industrial application to seize market opportunities arising from the transformation and upgrading of the manufacturing industry [1] - The company seeks to assist clients in enhancing their automation and intelligence levels [1]

Core Viewpoint - The company currently does not have its products directly applied in the chip industry, but its core products are essential for high-end intelligent manufacturing applications [1] Group 1: Product Applications - The company's general power relays, signal relays, industrial control relays, and high-voltage DC relays are widely applicable in industrial automation equipment, precision control, energy management, and intelligent equipment [1] - These products provide high reliability in connection, control, and protection solutions for intelligent manufacturing systems [1]

Core Viewpoint - The company, Sanyou Lianzhong, is currently not directly applying its products in the chip sector but is focusing on high-end intelligent manufacturing solutions [1] Group 1: Product Applications - The company's core products, including general power relays, signal relays, industrial control relays, and high-voltage DC relays, are widely applicable in industrial automation equipment, precision control, energy management, and intelligent equipment [1] - These products provide high reliability in connection, control, and protection solutions for intelligent manufacturing systems [1] Group 2: Market Opportunities - The company is committed to continuously monitoring the development trends in intelligent manufacturing technology [1] - It aims to promote product innovation and industrial application to seize market opportunities arising from the transformation and upgrading of the manufacturing industry [1] - The company seeks to assist clients in enhancing their automation and intelligence levels [1]

Group 1 - Company Sanyou Lianzhong (SZ 300932) announced that it will accept a research visit from Century Securities Shenzhen Branch on September 10, 2025, from 10:00 to 12:00, with participation from Chairman and General Manager Song Chaoyang and Board Secretary Kuang Meiyan [1] - For the year 2024, the revenue composition of Sanyou Lianzhong is 100.0% from industrial operations [2] - As of the time of reporting, the market capitalization of Sanyou Lianzhong is 3.7 billion yuan [3]