证券简称：宝丽迪 证券代码：300905 投资者关系活动记录表 编号： 2025-007 投资者活动类别 ☑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 参与单位名称及 人员姓名 上柿行 赵秋兰 重鼎资产 何金花 勤科资本 黄金兰 允朗资本 查桢伟 爱骏资本 王健康 （以上排名不分先后） 时间 2025 年 11 月 20 日 地点 苏州宝丽迪材料科技股份有限公司会议室 接待人员姓名 董事会秘书 袁晓锋 证券事务代表 尤心远 投资者关系活动 主要内容介绍 公司介绍了公司基本情况，并就调研机构及投资者关心的问题进行了问答 交流。 Q1：公司前三季度业绩增长的主要原因有哪些？ 答：这是综合因素影响下的结果，得益于行业的持续增长和国家产业升级 政策的支持以及民众环保意识的提高，中国色母粒市场保持平稳增长，公司业 务指数也保持稳定增长，另外因为公司进一步提升智能化和自动化水平，深度 优化 AI 等智能场景，更有益于成本控制以及产品结构优化。公司通过技术研 发巩固竞争优势，谨慎拓展关联业务，短期聚焦产能优化与成本管控，中长期 探索新材料应用场景，这些因素都是影响公司 ...

Core Viewpoint - The demand for copper tubes primarily comes from the refrigeration industry, with air conditioning being the main driver. The production scale of air conditioning products has expanded significantly, but market growth is slowing down due to economic conditions and changing consumer demands, leading to a saturation of the market. Consequently, the production of air conditioning copper tubes has not seen significant increases, with a projected production of 1.888 million tons in China by 2024, reflecting a year-on-year increase of 5.4% [1][7][8]. Industry Overview - Air conditioning copper tubes are essential components that connect indoor and outdoor units, primarily used for refrigerant transmission. They can be categorized into ordinary and degreased copper tubes based on usage and manufacturing processes, and further classified into oxygen-free copper, oxygen-containing copper, and special copper based on materials [3][4]. Industry Chain - The industry chain for air conditioning copper tubes consists of three segments: upstream (copper materials and production equipment), midstream (production and manufacturing of copper tubes), and downstream (application fields including residential, commercial, and industrial air conditioning) [4]. Production Trends - China's copper material production has shown an upward trend, increasing from 20.172 million tons in 2019 to a projected 23.503 million tons in 2024. In the first nine months of 2025, the production reached 18.575 million tons, marking a year-on-year increase of 9.6%. This growth provides ample raw materials for the air conditioning copper tube industry [5]. Current Market Situation - The air conditioning market has experienced fluctuations, with production declining in 2021 due to insufficient downstream consumption and rising upstream copper prices. However, production has gradually recovered, maintaining a slight growth trend, with a total production of 1.888 million tons expected in 2024, up 5.4% year-on-year [1][7]. Competitive Landscape - The competitive landscape of the air conditioning copper tube industry is characterized by leading companies leveraging scale, technology, and supply chain advantages to capture significant market shares. Smaller companies face challenges due to funding and technology limitations, often focusing on niche markets and regional segments [8][9]. Key Companies - Notable companies in the air conditioning copper tube industry include: - Jintian Copper Group Co., Ltd. - Zhejiang Hailiang Co., Ltd. - Guangdong Precision Metal Co., Ltd. - Zhongse Aobote Copper-Aluminum Industry Co., Ltd. - Ningbo Jintian Copper Industry (Group) Co., Ltd. - Jiangsu Jiangrun Copper Industry Co., Ltd. - Anhui Xingshengda Refrigeration Copper Tube Manufacturing Co., Ltd. - Qingdao Hongtai Copper Industry Co., Ltd. [2][10][11]. Future Development Trends - The future of the air conditioning copper tube industry is expected to focus on high-end copper tubes, driven by national energy efficiency standards that enhance the performance of air conditioning equipment. Companies will increase R&D investments to improve production processes and technology. Additionally, the industry will prioritize green and sustainable development, implementing low-carbon processes and automation to enhance production efficiency and reduce costs [12].

Core Insights - Guangdong Bomeida Technology Co., Ltd. has completed a C-round financing exceeding 200 million RMB, with participation from multiple investment institutions [1][2] Company Overview - Established in February 2010, Guangdong Bomeida Technology is recognized as a national high-tech enterprise and a "little giant" in specialized and innovative sectors [2] - The company serves various industries including automotive, industrial, medical, energy, consumer electronics, and semiconductors, with notable clients such as GE, Valeo, and Amazon [2] - Bomeida has obtained over 150 intellectual property rights and high-tech product certifications, and collaborates with several universities for research and talent exchange [2]

Core Insights - The report by CEOWORLD ranks Toronto as the wealthiest city in Canada, placing it 22nd globally with a GDP of $917.49 billion [3][5] - The ranking includes six Canadian cities, highlighting their economic significance and contribution to global GDP [1][5] - The report emphasizes that wealth in cities is not solely based on population or infrastructure but also on innovation, institutional strength, and capital mobility [1][10] Summary by Categories City Rankings - Toronto is the highest-ranked Canadian city at 22nd globally with a GDP of $917.49 billion [3] - Montreal ranks second among Canadian cities at 76th globally with a GDP of $556.36 billion [5] - Vancouver is ranked 107th with a GDP of $460.21 billion, Calgary at 159th with $321.85 billion, Edmonton at 190th with $254.01 billion, and Ottawa at 195th with $243.82 billion [5] Global Context - Tokyo is ranked first globally with a GDP of $2.55369 trillion, followed by New York and Los Angeles [5] - The report notes that cities like Tokyo balance tradition and progress, contributing to sustained economic vitality despite demographic challenges [5] Future City Characteristics - The report suggests that future wealthy cities will be those investing in human capital and digital infrastructure today [10] - It highlights the importance of adaptability in cities defined by AI, automation, and climate urgency [7][10]

11月8日，山东济南，2025上合组织青年交流营期间，上合组织国家青年代表参观山东重工集团，体验 航拍器模拟操控设备。主办方供图 11月11 日，新疆乌鲁木齐，2025上合组织青年交流营期间，上合组织国家青年代表在青年创业研讨会中进行交 流。主办方供图 中青报·中青网见习记者 王子露 记者 王梓 11月8日， 山东济南，上合组织国家青年代表参观山东高等技术研究院，听取研究员讲解宇宙线数据收集技术原 理。主办方供图 11月9日， 新疆乌鲁木齐，2025上合组织青年交流营期间，上合组织国家青年代表参观新疆国际大巴扎。主办方供 图 "非正式场合往往是催生新想法、促成合作的绝佳契机。"俄罗斯科迪基国际儿童编程学校负责人奥克萨 娜·赫拉布罗娃说，"当我们面对面交流时，不仅能展示自己的产品、介绍项目理念，还能深入了解其他 国家同行的实际需求。" "数字化技能的提升有助于青年创业成果落地""为应对全球挑战，区域合作平台必不可少，青年力量不 可或缺"……在为期8天的2025上合组织青年交流营活动中，围绕"提升青年数字技能，打造上合组织发 展新动能"主题，来自上合组织国家的青年代表访问山东青岛、济南和新疆乌鲁木齐，近距离感受中 ...

Core Insights - The electric power operation and maintenance (O&M) market in China is experiencing rapid growth, with the market size projected to increase from 5.42 billion yuan in 2017 to 48.83 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 27.67% [1][9] - The industry is transitioning towards intelligent, automated, and visualized operation and maintenance practices, driven by advancements in big data, cloud computing, IoT, and artificial intelligence [1][9] - The increasing complexity of power systems and the need for high reliability and efficiency are pushing the industry to adopt new technologies and improve operational standards [1][9] Industry Overview - Electric power operation and maintenance (O&M) involves systematic management of power lines, equipment, and supply systems to ensure safe and stable operation [3] - Key activities include equipment inspection, maintenance, fault handling, data monitoring, safety management, and user support [3] Market Growth - The market size for electric power O&M in China is expected to grow significantly, from 5.42 billion yuan in 2017 to 48.83 billion yuan in 2024, with a CAGR of 27.67% [1][9] - The investment in power construction has also increased, with the total investment in power construction rising from 270 billion yuan in 2017 to 1,168.7 billion yuan in 2024, a CAGR of 23.28% [6][7] Policy Support - The electric power O&M sector has received increased attention from the government, with various regulations and guidelines aimed at promoting standardization, professionalism, and intelligence in the industry [5] - Recent policies include the establishment of a database for major accident hazards and the promotion of intelligent inspection systems [5][6] Industry Chain - The electric power O&M industry chain consists of three main segments: upstream equipment manufacturing, midstream O&M service integration, and downstream application by power generation companies [6] - Collaboration between equipment manufacturers and power generation companies is deepening, driving the evolution of O&M systems towards greater intelligence and efficiency [6] Key Companies - Notable companies in the electric power O&M sector include Zhiguang Electric, Guodian NARI, and Siyuan Electric, among others [2][10] - These companies are leveraging innovative technologies in intelligent monitoring and data analysis to enhance their market competitiveness [10] Future Trends - The industry is expected to evolve towards greater intelligence, with the integration of big data, AI, and digital twin technologies to create smart O&M platforms [13] - Automation will reshape operational models, with drones and robots gradually replacing traditional manual operations [14] - Green development will become a core focus, emphasizing low-carbon practices and the integration of renewable energy sources [15][16]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 39.00 CNY, based on a current price of 24.51 CNY and a target timeframe of 12 months [1][11]. Core Insights - The company has shown steady revenue growth, with a 17.21% year-on-year increase in revenue for the first three quarters, reaching 4.306 billion CNY. The net profit attributable to shareholders also increased by 17.45% to 564 million CNY during the same period [8][11]. - The company is actively expanding its overseas market presence, with injection molding machine exports growing faster than the industry average, particularly in emerging markets like Vietnam and Brazil [8][11]. - The establishment of industry standards for semi-solid magnesium alloy injection molding machines highlights the company's technological leadership and commitment to industry development [6][11]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.306 billion CNY, with a net profit of 564 million CNY, reflecting a solid growth trajectory [8]. - The gross profit margin for the first three quarters was 31.87%, a decrease of 2.23 percentage points year-on-year, while the net profit margin was 13.36%, down by 0.07 percentage points [8]. - The company is expected to continue its growth, with projected revenues of 5.940 billion CNY in 2025, 7.281 billion CNY in 2026, and 8.612 billion CNY in 2027, alongside net profits of 719 million CNY, 912 million CNY, and 1.084 billion CNY respectively [10][11]. Strategic Initiatives - The company is enhancing its production capabilities through the establishment of smart manufacturing facilities, aiming to improve efficiency and reduce operational costs [9][11]. - A new manufacturing base is being developed in Shunde, with an investment of 374 million CNY to further increase production capacity and responsiveness to orders [9][11]. - The company is also focusing on automation and intelligent production lines to meet customer demands and enhance core competitiveness [9][11].

Financial Data and Key Metrics Changes - GoHealth reported a cash balance of approximately $32 million at the end of Q3 2025, with access to an additional $40 million from a new super-priority term loan facility [44][47]. - The company emphasized cash management and maintaining liquidity to support operations and strategic opportunities [45][48]. Business Line Data and Key Metrics Changes - The company shifted focus from Medicare Advantage (MA) to GoHealth Protect, prioritizing retention and stable member profiles over volume growth due to tightening health plan economics [5][9]. - GoHealth Protect has been instrumental in retaining business, with a strategy to enhance consumer peace of mind through complementary product offerings [19][20]. Market Data and Key Metrics Changes - The Medicare Advantage market is experiencing strong demand, but health plans are prioritizing retention and stable member profiles rather than broad expansion [5][9]. - The total available non-special needs plan products are declining for 2026, while special needs plan options are increasing, indicating a shift in industry priorities [9]. Company Strategy and Development Direction - The company is focusing on quality over quantity, retention over short-term submissions, and cash preservation to maintain strategic flexibility [7][8]. - GoHealth aims to lead consolidation in a fragmented broker landscape, leveraging its strong balance sheet and governance structure to create long-term value [10][11]. Management's Comments on Operating Environment and Future Outlook - Management believes that the current actions taken by health plans are justified and prudent, reflecting a focus on retention and quality [6][9]. - The company expects the Medicare Advantage market to stabilize over the next 12-24 months, allowing for potential revenue growth with improved margins and cash profiles [12][17]. Other Important Information - GoHealth has retained its highest-quality agents and adjusted compensation structures to reinforce retention strategies [8][53]. - The company has invested in AI and automation to improve agent effectiveness and consumer experience [8][58]. Q&A Session Summary Question: What is the growth trajectory for Medicare Advantage over the next 12 to 24 months? - Management indicated that growth will depend on health plans stabilizing their cost structures and focusing on retention, with expectations for a return to growth as the market rationalizes [15][17]. Question: Can you discuss the key drivers of growth for GoHealth Protect? - The growth of GoHealth Protect is driven by enhancing consumer peace of mind and serving both existing and new customers effectively [19][20]. Question: Why did the company decide to pull back on Medicare Advantage? - The decision was based on feedback from health plans prioritizing retention and stability over new enrollments, as well as the need to focus on existing members [25][26]. Question: What are the implications of the company's current strategy if the market conditions change? - If the assessment proves correct, the company retains its capabilities and cash position, but if wrong, it may need to ramp up operations quickly [28][30]. Question: Why should the industry consolidate, and how is GoHealth positioned to lead? - The company believes that consolidation can reduce duplicative costs and enhance efficiency, positioning GoHealth as a leader due to its strong consumer base and technology investments [31][32].

Core Viewpoint - The company is focusing on integrating digitalization and automation into its product development, with an emphasis on enhancing operational efficiency through advanced technologies [2]. Group 1: Product Development - The company's current product research and development is primarily directed towards digitalization and automation [2]. - The full range of products is advancing stepper drive technology, enabling digital parameter control for functions such as cutting, lifting, and sewing [2]. - The company is also developing and mass-producing automated products, including bagging machines, opening machines, cutting machines, and automatic shuttle template machines [2]. Group 2: Technology Integration - The company is advancing the application of its IoT platform, which includes mobile apps and PC interfaces for managing sewing equipment and data collection [2]. - This initiative aims to enhance the information technology infrastructure of garment factories [2]. - Research and development efforts are also being directed towards material handling, collaborative sewing, and intelligent detection technologies [2].

Group 1 - The article discusses the significant population transition in China during the reform and opening-up period, which has led to notable demographic dividends and challenges, particularly aging and the unique phenomenon of "getting old before getting rich" [1][5][6] - The main employment contradiction in China has shifted from a total quantity issue to a structural one, influenced by both labor supply and demand factors, including a slowdown in the growth of the working-age population and rapid technological advancements [1][9] - The article emphasizes the need for a theoretical framework that aligns with China's national conditions to address the urgent and long-term challenges posed by employment contradictions, particularly in the context of artificial intelligence [2][4] Group 2 - The article outlines the evolution of employment contradictions in China, highlighting the transition from a surplus labor supply to structural employment issues, particularly in the context of technological changes and demographic shifts [4][5][10] - It identifies key factors contributing to structural employment contradictions, including technological changes, the impact of the COVID-19 pandemic, and systemic barriers in labor market allocation [10][12] - The article discusses the role of the household registration system (hukou) as a fundamental factor causing structural employment contradictions, affecting access to public services and job opportunities for migrant workers and other disadvantaged groups [14][18][19] Group 3 - The article presents data indicating that the proportion of non-local registered residents in urban areas is significant, with 37.6% of the urban population lacking local hukou, which exacerbates employment challenges [14][16] - It highlights the increasing trend of informal employment in urban areas, with the non-formal employment index rising from 49.8% in 2000 to 65.2% in 2023, indicating a growing issue of job insecurity and inequality [21][23] - The article suggests that the structural employment contradictions are self-reinforcing, making it difficult to address these issues effectively, particularly for marginalized groups facing systemic barriers [19][24] Group 4 - The article discusses the impact of artificial intelligence on employment, noting that the rapid advancement of technology may lead to unprecedented job displacement and changes in labor market dynamics [30][33] - It emphasizes the need for policy adjustments to guide the development of artificial intelligence in a way that creates productive jobs rather than exacerbating income inequality [46][47] - The article concludes that understanding the relationship between technological change and labor market outcomes is crucial for formulating effective employment policies in the face of rapid technological advancements [49][51]