证券代码：000686 证券简称：东北证券 东北证券股份有限公司 2025 年 6 月 18 日投资者关系活动记录表 编号：2025-005 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑其他 （中信建投证券 2025 年中期资本市场投资峰会） 参与单位名称及 人员姓名 中信建投证券股份有限公司吴马涵旭先生，南方基金管理股份有 限公司蒋昭鹏先生，国信证券股份有限公司章耀先生。 时间 2025 年 6 月 18 日 10:00-11:00 地点 上海国际会议中心东方滨江大酒店 5H 会议室 方式 现场会议 上市公司 接待人员姓名 董事会秘书董曼女士，投资者关系管理工作人员。 投资者关系活动 主要内容介绍 1.公司自营业务的整体定位是什么？ 答：自营业务是公司四大业务板块中的核心业务之一，近年 来对公司营收和利润贡献持续增加，对公司业务结构完善、市场 竞争力和资本回报水平提升具有重要作用。 公司自营业务总体采取谨慎稳健的投资策略，权益自营业务 以绝对收益为目标，致力于构建多元化的盈利模式，通过审慎研 判市场，积极寻求结构性投资机 ...

司公开发行可转换公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【233】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 格产品占比，减少高端产品占比，同时降低产品销售价格，产品销量有所下滑，收入增长承压，业务 毛利下降。 ? 公司应收款项坏账准备计提比例增加，新增应收款减值拖累公司利润，且仍存回收风险。2024 年末 公司整体应收账款 坏账准备计提比例由 2023 年末的 45.59%升至 50.86%，对利润形成一定侵蚀。其中，公司风险房 地产客户仍有 2.65 亿 元的应收账款及合同资产未计提信用减值损失，相关款项仍存在回收风险。此外，公司对部分房地产 客户进行了应收 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观 ...

Core Viewpoint - The company is facing significant operational challenges, with a focus on improving its financial situation and operational efficiency while navigating a difficult market environment [6][10][22]. Meeting Agenda - The annual shareholder meeting is scheduled for June 27, 2025, to discuss the 2024 annual report, board work report, and other key proposals [4][5]. - The meeting will include a review of the independent director's annual report and a voting session on various proposals [4][5]. Company Performance - The company reported a revenue of 770 million yuan in 2024, a decrease of 10.59% year-on-year, with a net loss of 303 million yuan, which is a reduction in losses by 21.74% compared to the previous year [10][21][22]. - The average selling price of ethylene glycol increased by 12.69%, but the company still faced losses due to low market prices [6][10]. - The company implemented cost-saving measures that resulted in a reduction of expenses by approximately 40 million yuan [8]. Financial Condition - As of December 31, 2024, the company's total assets decreased by 19.15 million yuan, a decline of 13.07% from the previous year [16][19]. - The total liabilities increased by 20.66 million yuan, representing a 30.14% rise, primarily due to an increase in short-term borrowings and accounts payable [19][22]. - The company's asset-liability ratio stood at 46.80%, indicating a significant increase in financial leverage compared to the previous year [22]. Governance and Compliance - The company has adhered to legal and regulatory requirements for information disclosure, with 44 temporary announcements and 4 regular reports issued during the reporting period [10][11]. - The board of directors held 7 meetings, focusing on key operational and governance issues, ensuring compliance with relevant laws and regulations [12][11]. Future Plans - The company aims to optimize its product structure and expand its production capacity, particularly in oxalic acid, with plans to double its annual output from 100,000 tons to 200,000 tons [13]. - Management is committed to maintaining normal operations while seeking opportunities for growth and improvement in the coming years [13][10].

在降本增效方面，督察督办持续发力，刀刃向内，明确18项可控费用预算管控目标，细化59项成本费用 管控措施，并建立"五级市场"管理模式，将成本管控落实到生产最小单元和全流程。监督各部门积极开 展物资回收鉴定、清仓利库等活动，促使材料费、修理费、电费显著降低，商品煤单位成本同比减少70 元／吨，实现降本增效1350余万元，成功让成本"跑赢"煤价。 督察督办还通过正向激励，激发全员创效活力。鼓励各区队开展内部承揽、自主加工等创效活动，督导 创效奖励兑现到个人。在这一激励机制下，今年以来，该公司自主维修设备节省外委维修费101万元， 利用废旧物资加工和修复设备降本增效80余万元，员工们的积极性和创造力被充分调动起来。 三河口矿业公司督察督办有力推动了集团公司下达各项任务指标的完成，经营质效考核位居集团公司前 列，在市场"寒冬"中保证了发展质效。 （刘涛 梁锡洋） 督察督办工作紧盯产量核心指标，在23上36接续工作面安装期间，围绕人员、设备、管理、流程等关键 因素，实施日调度、周通报制度，及时协调解决各类问题，推动安装工期大幅缩短15天，采煤工作面实 现高效"无缝衔接"。在日常生产中，持续督促调整工作面推采层位和采高， ...

Core Insights - The article emphasizes the importance of the WeChat SCRM intelligent solution as a crucial bridge connecting customers and businesses in the context of accelerated digital transformation [2][16] - The system integrates various capabilities within the WeChat ecosystem, addressing the full spectrum of customer engagement from outreach to conversion [2][16] Functionality and Advantages - The solution addresses traditional SCRM pain points by providing cross-platform aggregation and real-time customer behavior tracking, improving classification efficiency by over 300% [3][6] - AI-driven demand prediction models achieve a 92% accuracy rate in identifying high-intent customers, allowing sales teams to prioritize leads with over 80% conversion probability [3][8] - The system's automated tagging engine utilizes 18 customer behavior recognition models, enabling real-time generation of dynamic customer profiles [7][8] Operational Efficiency - The integration of WeChat with short video platforms like Douyin and Video Accounts allows for seamless data capture and customer profiling, reducing customer acquisition costs by an average of 35% [3][9] - The intelligent management system enhances service efficiency by over 40% through automated resource allocation and cross-department collaboration [7][10] - The system's automated response capabilities significantly reduce customer service response times, with one case showing a reduction from 8 minutes to 28 seconds [8][12] Customer Engagement and Conversion - The SCRM system enables personalized customer engagement through dynamic tagging and tailored communication strategies, resulting in a 37% increase in first-order conversion rates [14][16] - The solution's ability to analyze customer interactions and sentiment allows for proactive engagement, improving customer satisfaction rates to over 92% [12][16] - The system supports a "content-driven" approach, optimizing video content distribution and enhancing lead conversion efficiency by over 200% [9][16] Data Management and Analysis - The system provides a visual data dashboard for non-technical users, allowing easy access to key performance indicators and decision-making support [17] - It supports seamless data migration from existing CRM systems, ensuring a 99.6% information integrity rate during the transition [17] - The intelligent tagging system maintains a stable accuracy rate of 92%-95% through dynamic learning algorithms and manual calibration [17]

Group 1 - The 2025 China Langfang International Economic and Trade Fair commenced on June 16, featuring four main sections: integrated import and export goods exhibition, smart logistics technology and equipment exhibition, new energy vehicle exhibition, and a multi-format consumer market [1] - The fair attracted over 550 enterprises from nearly 30 countries and regions, showcasing thousands of agricultural products, food items, and handicrafts, promoting deeper economic and trade cooperation [1] - The smart logistics technology and equipment exhibition included over 120 quality enterprises demonstrating new equipment and solutions aimed at reducing logistics costs and increasing efficiency, with a focus on transportation, warehousing, and management [2] Group 2 - The integrated import and export goods exhibition featured over 50 enterprises from 25 countries, showcasing nearly 30 new products, while the export exhibition organized over 260 enterprises displaying more than 3,000 specialty products [4] - The new energy vehicle exhibition included 28 enterprises such as Great Wall and Changan, presenting over 50 vehicle models, and promoting consumer incentives through trade-in policies [8] - The event aims to enhance trade transactions by inviting nearly 8,000 buyers and implementing a comprehensive matching process through pre-event roadshows and professional buyer invitations [8]

Group 1 - Lithium prices have been continuously declining this year, leading to efficiency improvement becoming the main theme of the industry [1][2] - Yahua Group announced the establishment of Yahua Lithium Industry Group to integrate its lithium business, aiming to enhance operational efficiency and reduce coordination costs [1][2] - The integration involves five subsidiaries, including major lithium salt production bases, which accounted for nearly half of Yahua Group's revenue last year [1] Group 2 - The stock integration is intended to expand the development space of the lithium business and promote rapid and high-quality growth [2] - Lithium prices have been fluctuating around 60,000 yuan/ton since breaking below that threshold in late May, down from a high of 77,000 yuan/ton earlier this year [2] - Lithium companies are under pressure to improve efficiency, with Yahua Group implementing measures to optimize customer structure and manage procurement [3] Group 3 - Ganfeng Lithium has multiple self-owned resource projects that are cost-advantaged in the long term, which helps mitigate the impact of declining lithium prices [4] - The lithium market is expected to remain in a bottoming phase, with potential for price rebounds but also risks of further declines [4] - Industry experts suggest that a turnaround may require key catalysts such as production cuts from large mines or increased downstream demand [4]

Core Insights - The Taiyuan Second Thermal Power Plant achieved its "single loss" target in May, marking the highest operational performance in nearly five years, focusing on "efficiency improvement, cost leadership, quality enhancement, and upgrading" [1] Group 1: Reform and Development - The plant emphasizes proactive and comprehensive reforms to enhance its foundation, advantages, and address weaknesses, including changes in systems, mechanisms, and talent [3] - Historical issues were addressed by eliminating outdated facilities and optimizing human resources, reducing the workforce from 223 to 62 in the comprehensive service center, and saving 20 million yuan in labor costs [3] Group 2: Cost Control and Fuel Management - By the end of May, the plant achieved a coal delivery progress rate of 237.64%, saving 46.42 yuan/ton in entry costs and a total of 46.43 million yuan in fuel costs [5] - The plant optimized fuel management, resulting in a cumulative cost reduction of 75.43 million yuan from January to May through better procurement and coal blending strategies [5] Group 3: Power Generation and Revenue - From January to May, the plant generated 24.37 billion kWh of electricity, an increase of 0.85 billion kWh year-on-year, with an average settlement price of 418.01 yuan/MWh, exceeding the regional average by 17.57 yuan/MWh [7] - The plant implemented flexible operational strategies, generating additional revenue of 12.05 million yuan from strategic downtime and 5.245 million yuan from capacity fees [8] Group 4: Financial Management - The plant adopted a detailed financial strategy, coordinating over 50 meetings with banks, managing over 5 billion yuan in funds, and reducing financial costs by 14.4 million yuan [10] - The comprehensive financing cost rate decreased from 2.75% at the beginning of the year to 2.45%, achieving a reduction of over 100 million yuan in financial expenses over three years [10] Group 5: New Energy Development - The plant views new energy projects as critical for transformation, aiming for significant breakthroughs in project completion and profitability, with a target of generating 30 million yuan from new energy this year [11] - The plant has successfully implemented a management system for new energy projects, achieving a total generation of 28.87 million kWh to support its cash flow goals [11] Group 6: Overall Strategy and Future Outlook - The Taiyuan Second Thermal Power Plant is committed to continuous reform and development, aiming to achieve a "no cash flow loss" target while navigating the dual challenges of energy supply and transformation [12]

Core Insights - The Chinese film industry is currently facing significant challenges, with box office performance declining compared to previous years, leading to a search for new growth opportunities [1][3][4] - Industry leaders emphasize the need for cost reduction and a reevaluation of profit-sharing models to improve financial sustainability [1][4][6] Industry Challenges - The number of high-grossing films has decreased, impacting market confidence, with many films failing to meet audience expectations [3][4] - The current profit-sharing model is deemed unreasonable, with filmmakers receiving only 33% of box office revenue, which is insufficient to cover production costs [3][4] - The industry has been experiencing losses amounting to hundreds of millions annually, with a long-term trend of financial deficits [4] Financial and Operational Strategies - Companies are exploring new technologies, such as virtual filming and AI, to lower production costs and improve efficiency [1][6] - There is a push to diversify revenue streams beyond box office sales, with examples from successful international models like Disney, where non-ticket revenue constitutes a significant portion of income [6][7] Talent Development - The industry recognizes a critical shortage of talent, which is hindering the production of quality content [4][5] - Initiatives like the "Time Youth Leap Plan" by Wanda Film aim to nurture young directors and facilitate their transition from short films to feature films [7] Market Opportunities - The development of the IP (Intellectual Property) market presents a significant opportunity, with China becoming the fourth largest IP retail market globally [6][7] - There is substantial potential for growth in individual IP consumption in China, which currently lags behind other leading markets [6]

Core Viewpoint - The insurance industry is facing significant regulatory scrutiny, highlighted by a substantial fine imposed on Zijin Property Insurance's Luoyang branch for multiple violations, indicating a pressing need for compliance and governance improvements within the company [1][4][5]. Group 1: Regulatory Actions and Compliance - Zijin Insurance's Luoyang branch was fined a total of 1.15 million yuan for three violations, which is notable as such large fines are uncommon in the insurance sector [1][4]. - The violations included the preparation of false reports and documents, improper use of approved insurance terms and rates, and fabricating intermediary business to extract fees [4][5]. - The company has initiated corrective measures in response to regulatory feedback, focusing on enhancing branch management and integrating compliance metrics into performance assessments [3][10]. Group 2: Financial Performance - Zijin Insurance reported a premium income of 12.831 billion yuan in 2024, reflecting a year-on-year growth of 10.56%, and a net profit of 483 million yuan, which is a remarkable increase of 110% [7]. - The company's comprehensive cost ratio was reported at 100.70% for 2024, indicating that premium income barely covered expenses, which poses a risk of underwriting losses [8]. Group 3: Management Changes and Future Strategy - The company is undergoing significant management changes, with a new temporary leader appointed to oversee operations following the departure of the previous general manager [9]. - Zijin Insurance aims to double its business revenue to over 20 billion yuan by 2029, with a focus on enhancing its competitive position within the industry [9][10]. - The company is also committed to improving its governance structure and compliance mechanisms to prevent future violations and enhance operational efficiency [11].