证券日报网讯 雄韬股份（002733）11月25日在互动平台回答投资者提问时表示，公司致力于算力中心 和数据中心领域的锂离子电池、高性能铅酸蓄电池、氢燃料电池替代柴发等，是公司最核心的发展战 略。公司氢能业务始终保持与相关方的积极沟通与协同，共同探索发展新机，积极推进相关事项进度， 公司会依规适时予以披露。 ...

| | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | 其他 | （投资者网上说明会） | | 参与单位名称及 | | | 人员姓名 | 社会公众投资者 | | 时间 2025 | 年 11 月 20 日 15:40-17:00 | | 地点 | 全景网—2025 年投资者网上集体接待日（https://ir.p5w.net） | | 上市公司接待人 | 董事长、总经理 刘程宇先生 | | | 副总经理、董事会秘书 范涛先生 | | 员姓名 | 财务负责人 轩芳玉女士 | | | 1. 请问贵司，对未来储能的增长如何看待，贵司是否有扩大 | | | 产能的计划? | | | 答：你好，从公司产能布局来看，能够满足现阶段公司的生 | | | 产订单需求，且公司拥有自有工业园储备，如未来市场需求持续 | | | 增长，公司亦会扩大产能安排，具体还是要根据订单情况、行业 | | 投资者关系活动 | 需求等因素来制定计划。 | | 主要内容介绍 | | | | 2. 请介绍下咱 ...

Core Viewpoint - The company, Niuwei Co., Ltd. (603699.SH), engages in supplying water valve products for cooling systems in computing power centers, although it does not directly supply power valves to these centers [2]. Group 1 - The company confirmed its involvement in power projects but clarified that it does not directly supply power valves to computing power centers [2]. - The electricity for computing power centers primarily comes from thermal power plants or nuclear power stations [2]. - The company supplies water valve products directly to the cooling systems of computing power centers [2].

Core Viewpoint - Niuwei Co., Ltd. (603699.SH) provides water valve products to cooling systems of computing power centers, while its electricity supply involvement is indirect, primarily through power projects [1] Group 1 - The electricity for computing power centers comes from thermal power plants or nuclear power stations [1] - The company participates in power projects but does not directly supply power valves to computing power centers [1] - The company directly supplies water valve products to the cooling systems of computing power centers [1]

Core Viewpoint - Xiangxin Technology (002965.SZ) is actively engaging in business opportunities related to the supply of CNC sheet metal parts and precision metal structures for Super Fusion Digital Technology Co., Ltd, with applications in 5G base stations, IDC cabinets, and data centers [1] Group 1 - The company supplies products that are essential for the infrastructure of data centers and computing power centers [1] - There is an increasing demand for the company's offerings as downstream customers expand their data center layouts nationwide [1] - The company is proactively advancing collaborations on related projects to capitalize on these opportunities [1]

Group 1: Business Performance and Strategy - The company is focused on a strategic shift from "scale first" to "quality first," resulting in improved profitability and a clear path for value creation [3][4] - Despite challenges in the external environment, the company has optimized its product structure and customer mix, particularly in the AI sector, leading to a gradual recovery in profitability [2][3] - The company has established deep partnerships with leading global AI brands, which are expected to drive revenue growth through new technology mass production projects in 2026 [3][4] Group 2: Financial Metrics and Growth Drivers - The company reported a positive trend in financial indicators for the first three quarters of the year, indicating a shift towards quality improvement [2] - The storage business has achieved profitability, contributing to a second growth curve for the company [3][7] - The company anticipates further enhancement of overall profitability as the proportion of high-end AI products increases and the scale effects from its manufacturing bases are realized [3][4] Group 3: Product Development and Innovation - Continuous investment in innovative technologies such as solid-state, high-silicon, and sodium batteries ensures the company maintains a competitive edge and avoids price competition [4][5] - The company is actively developing energy solutions for data centers, having made significant breakthroughs in backup battery systems [8][9] - The company is positioned to meet the growing demand for AI-related products, including AI glasses and toys, which are expected to become market leaders [9][10] Group 4: Market Challenges and Responses - The company has implemented a three-pronged strategy to address rising raw material costs, including short-term pricing adjustments, mid-term product upgrades, and long-term technological advantages [5][6] - The company is focused on optimizing its product structure towards high-value, high-margin products to navigate through market cycles [5][6] - The storage market is viewed as a long-term opportunity, with the company leveraging its expertise in battery safety technology to build a competitive advantage [7][8] Group 5: Competitive Advantages - The company has built a robust competitive advantage through long-term relationships with major global brands, underpinned by a commitment to safety, quality, delivery, and cost (SQDC) [11][12] - The company’s forward-looking technology layout and product definition capabilities allow it to meet current market demands while ensuring sustainable competitive advantages [11][12] - Lean manufacturing capabilities and the successful operation of its production bases provide resilience against complex international trade environments [12]

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 1.551 billion yuan, a year-on-year growth of 41.64%, and a net profit attributable to shareholders of 134 million yuan, up 46.65% [1] - The third quarter alone saw a remarkable revenue of 568 million yuan, representing a 57.57% increase year-on-year, and a net profit of 56.6887 million yuan, which is a staggering 195.42% growth compared to the same period last year [1] - The company is actively investing in new projects, including a capital increase plan to raise 984 million yuan for cloud terminal computing centers, IoT terminal upgrades, and the development of SoC chips, which are expected to enhance its core competitiveness and market share [2] Financial Performance - For the first three quarters of 2025, the company achieved a gross profit margin recovery, with a gross margin of 21.30% in Q3, an increase of 2.93 percentage points year-on-year [1] - The company effectively controlled its expense ratios, with sales, management, and R&D expense ratios at 2.08%, 1.80%, and 3.74%, respectively, showing a decrease of 0.66, 0.56, and an increase of 0.31 percentage points year-on-year [1] - The operating cash flow significantly improved due to better management of accounts receivable and a reduction in credit impairment losses [1] Strategic Initiatives - The company plans to invest in a cloud terminal computing center, which has already initiated the construction of approximately 700 cabinets, significantly reducing computing costs compared to leasing [2] - The IoT upgrade project aims to create an "edge intelligence + cloud computing" architecture, applicable to smart speakers and other terminals, facilitating a strategic shift towards an intelligent service ecosystem [2] - The development of SoC chips through in-house R&D is intended to empower AI terminal manufacturers by providing comprehensive solutions in computing power, algorithms, and services [2] Investment Outlook - The company forecasts revenue growth for 2025 to 2027, estimating revenues of 2.011 billion yuan, 2.564 billion yuan, and 3.188 billion yuan, respectively, with net profits projected at 202 million yuan, 274 million yuan, and 344 million yuan [3] - The investment rating is maintained at "Buy" based on the anticipated growth trajectory and strategic initiatives [3]

Core Viewpoint - Hubei Broadcasting's stock price surged due to favorable news regarding the provincial government's push for state-owned enterprise reform, despite the company reporting significant losses in its latest financial results [2][3][4]. Financial Performance - For the first three quarters of 2025, Hubei Broadcasting reported revenue of 1.136 billion yuan, a year-on-year decline of 13.27%, and a net loss of 388 million yuan [2][7]. - The company has experienced continuous losses since 2020, with a cumulative loss of 3.178 billion yuan from 2020 to 2024 [6][7]. - In the third quarter of 2025, revenue was 314 million yuan, down 18.42% year-on-year, with a net loss of 142 million yuan [7]. Business Transformation - Hubei Broadcasting is attempting to transition from traditional media to a technology-driven service provider by investing in the Guanggu Intelligent Computing Center, aiming to create a leading digital economy ecosystem in Central China [2][4][6]. - The company is focusing on optimizing resource allocation, shedding inefficient assets, and concentrating on core businesses such as broadcasting 5G and cultural digitization [4][5]. Market Context - The stock price volatility of Hubei Broadcasting is influenced by market sentiment and funding, with the recent surge linked to the provincial government's reform initiatives [3][4]. - The broader trend of state-owned enterprise reform in Hubei is expected to enhance operational efficiency and support Hubei Broadcasting's strategic adjustments [3][4]. Future Prospects - Analysts predict that Hubei Broadcasting will adopt a dual strategy, advancing in both streaming media and hardware computing sectors [4][5]. - The company is expected to leverage its existing infrastructure to support new business lines, including AI and big data services, which are increasingly reliant on computing power [7][8]. - Hubei Broadcasting's initiatives in cultural big data and digital economy projects are anticipated to create new revenue streams and enhance market confidence [5][8].

Core Viewpoint - Company is focusing on the application of its lithium battery products in the power supply field of computing centers, indicating a strategic development for future growth [1] Industry Summary - The computing center industry chain is divided into upstream, midstream, and downstream segments, with the company positioned as an upstream cell manufacturer [1] - Upstream includes cell, battery, and power supply manufacturing, while midstream involves server integration, and downstream consists of CSP cloud service providers and other terminal applications [1] - The company currently serves battery (PACK) manufacturers as its direct clients, highlighting its role in the supply chain [1]

Core Viewpoint - The company is currently focusing on the application of its lithium battery products in the backup power supply (BBU) sector for data centers, which is still in the early stages of ramp-up [2]. Group 1: Company Strategy - The company is exploring the application of its lithium battery products in the BBU field, indicating a strategic layout for future development [2]. - Currently, the company operates as a manufacturer of battery cells, primarily serving battery pack manufacturers as direct clients [2]. Group 2: Industry Context - The data center industry supply chain is categorized into upstream, midstream, and downstream segments, with the company positioned in the upstream segment as a cell manufacturer [2].