证券代码：000603 证券简称：盛达资源 盛达金属资源股份有限公司投资者关系活动记录表 编号：2025-009 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 活动参与人员 中信证券（陈剑凡）、中信资管（焦天枨） 时间 2025 年 12 月 1 日 地点 公司会议室 形式 现场会议 上市公司接待 人员姓名 董事会秘书 王薇 证券事务代表 孙梦瀛 投资者关系经理 丛鹏 交流内容及具 体问答记录 一、公司董事会秘书王薇向投资者介绍了公司基本情况 二、问答交流环节 问：未来三年白银产量预计？ 东晟矿业巴彦乌拉银多金属矿 25 万吨/年采矿项目正在建设中， 建成投产后会给公司银金属产量带来增长。金山矿业生产能力将逐 渐递增至采矿许可证核准的生产规模 48 万吨/年，并将进一步根据 资源情况申请扩大生产规模。银都矿业目前正在做采矿权与外围 1.43 平方公里探矿权的整合工作，矿业权整合完成后，银都矿业的 银金属产量亦可得到一定的补充。 问：鸿林矿业试生产产品的金属品位？ 目前试运行生产的铜金混合精粉中，每吨含金金属 90-100 克。 问： ...

证券日报网讯12月1日，迈为股份（300751）在互动平台回答投资者提问时表示，公司坚定看好HJT电 池技术的发展并积极推动少银、无银和薄片化等多个方向降本增效的措施落地，目前相关技术进展顺 利。海外光伏产业持续发展，这将为公司海外订单带来积极支撑。公司会持续加大海外市场开拓力度， 预计未来海外业务占比将稳步提升。 ...

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (00855.HK) [1] Core Views - The company demonstrates resilient core operations with a focus on cost reduction and efficiency improvements, despite a decline in revenue and net profit [7] - Capital expenditures continue to decrease, and the company is expected to enhance its free cash flow and dividend capacity [7] Financial Performance Summary - For FY2026, total revenue is projected at HKD 10,026 million, reflecting a year-on-year decline of 13.98% [1] - The net profit attributable to shareholders is estimated at HKD 1,136 million, showing a year-on-year increase of 5.70% [1] - The latest diluted EPS is forecasted to be HKD 0.70, with a P/E ratio of 8.44 [1] Segment Performance - The urban water supply segment reported revenue of HKD 32.71 billion, down 13.1% year-on-year, with segment profit decreasing by 17.4% [7] - The environmental protection segment saw revenue growth of 8.7% year-on-year, with a segment profit increase of 29.7% [7] - The direct drinking water segment experienced a significant revenue decline of 28.3% year-on-year [7] Capital Expenditure and Dividends - Capital expenditures for FY26H1 were HKD 12.43 billion, down 31.8% year-on-year [7] - The total dividend per share remains stable at HKD 0.13, with a dividend yield of 4.8% [7] Earnings Forecast Adjustments - The forecast for net profit attributable to shareholders for FY2026-2028 has been revised down to HKD 11.36 billion, HKD 12.06 billion, and HKD 12.32 billion respectively [7] - Corresponding P/E ratios are projected at 8.4, 7.9, and 7.8 for FY2026, FY2027, and FY2028 [7]

Group 1: Overseas Business Expansion - The company has established subsidiaries in 6 locations, including the USA, Vietnam, and Thailand, with a significant increase in overseas revenue share in 2024 [2] - The Mexican factory enhances delivery capabilities and local operations are showing initial success [2] - Future plans include deepening overseas expansion as domestic capacity constraints are alleviated [2] Group 2: New Business Development - The company is focusing on major downstream clients and has successfully transitioned to a dual product matrix of "electronic assembly materials + reliability materials" [2] - Increased investments in overseas markets aim to enhance local production and delivery capabilities [2] - A complete international sales system is being established to support long-term growth [2] Group 3: Shareholder Actions - The controlling shareholder's planned reduction of holdings is the first since the company went public, driven by personal funding needs [2] - The company reported a 24% year-on-year revenue growth and a 15.98% increase in net profit for Q3 [2] Group 4: Domestic Substitution Progress - Domestic substitution is becoming essential for industrial upgrades, with increasing acceptance of domestic materials by downstream clients [3] - The company has achieved performance levels of core products that meet international standards, facilitating the replacement of foreign products [3] Group 5: Core Technology Barriers - The company has broken through technical barriers in several fields, including ultra-fine welding materials and low-temperature high-reliability welding materials [4] - A comprehensive product matrix has been established, focusing on reliability materials to provide modular solutions for global clients [4] Group 6: Profit Margin Improvement Plans - The company aims to optimize customer and order structures while systematically reducing costs to enhance overall operational efficiency and profitability [5] - Strategies include optimizing business processes and improving management capabilities to lower operational costs [6] Group 7: Operational Strategies - The company is addressing cost control challenges through process optimization and effective management of funds and expenses [6] - Focus on strategic emerging sectors, product premiumization, cost refinement, and digital operations to ensure sustainable growth [6]

Core Viewpoint - The gaming industry is facing intensified competition due to high R&D and marketing costs, leading to revenue declines for many projects, but Perfect World has shown strong recovery and profitability in 2025 after a challenging 2024 [1][6]. Financial Performance - In the first three quarters of 2025, Perfect World achieved a revenue of 5.417 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 666 million yuan, marking a turnaround from losses in the previous year [1][3]. - The company reported a net cash inflow from operating activities of 889 million yuan in the first nine months, compared to a cash outflow in the same period last year, driven by revenue growth in the gaming sector and cost reduction measures [4]. Business Growth Drivers - The recovery in performance is primarily attributed to new games such as "Zhu Xian World," "Zhu Xian 2," and "Persona 5: The Phantom X," along with growth in esports and film sectors [3][5]. - The esports ecosystem has expanded significantly, with events for "DOTA2" and "CS:GO" contributing to revenue growth, and the establishment of the "Perfect Esports Partner Alliance" in August 2025 to strengthen competitive barriers [4]. Strategic Adjustments - The company has focused on cost control and operational efficiency, emphasizing the importance of concentrating resources on core projects with blockbuster potential, which has led to a transformation in its business model [4][7]. - Perfect World is leveraging AI technologies in game development, integrating AI content production tools to enhance efficiency and content quality [7]. Future Outlook - Future growth is heavily reliant on the success of upcoming products, particularly the anticipated urban-themed open-world game "Yihuan," which is currently in testing and set for a public experience event in December [8]. - Although the public testing results of "Yihuan" remain to be seen, the company has successfully navigated out of its performance low point and is on a focused growth trajectory, which is crucial for its long-term development [8].

Summary of the Conference Call for Bear Electric (小熊电器) Company Overview - **Company**: Bear Electric (小熊电器) - **Industry**: Small home appliances Key Points and Arguments Financial Performance - **Fourth Quarter Performance**: Despite benefiting from the release of national subsidies, the demand improvement was insufficient compared to last year, leading to pressure on annual revenue targets. The performance during the Double Eleven shopping festival did not meet expectations, necessitating adjustments in November and December sales [2][4][5] - **Revenue Pressure**: The Double Eleven event has impacted the annual revenue target, particularly as the fourth quarter is crucial for sales and revenue realization. The third quarter's operational status deviated from expectations due to external factors like tax, government subsidies, and reduced financial income [5] Market Dynamics - **Overseas Market Challenges**: The small home appliance export market has declined due to policy fluctuations, with cross-border e-commerce, OEM, and self-owned brands each accounting for about one-third of the business, showing a slight overall decline [2][6] - **Domestic Sales Channels**: The revenue structure shows that Taobao and JD.com each account for 30%, while Douyin accounts for 8-9% with a growth rate of 30-40%. The overseas market has declined, and the company has capitalized on Douyin's support to significantly improve profitability [10][11] Product Strategy - **Focus on High-Margin Products**: The company is shifting its strategic focus towards maintaining profits by optimizing the sales expense ratio and increasing the proportion of high-margin, high-priced products such as coffee machines and baby products, while phasing out low-margin SKUs [3][20] - **Kitchen Business**: The kitchen segment accounts for 60% of the business, with a goal to maintain profitability without aggressive expansion. Resources will be allocated to emerging categories like baby and pet products, which have shown rapid growth [12][15] M&A Strategy - **Acquisition Focus**: The company prefers to acquire brands with market influence, particularly in overseas markets like North America and Europe, to empower its overseas division. Domestic acquisitions will focus on market share and synergy post-integration [13][14][26] Competitive Landscape - **Market Competition**: The competitive landscape has intensified due to reduced national subsidies, leading to a phenomenon of self-subsidization among brands. However, the overall competition has not significantly worsened compared to last year [17][18] - **Price Strategy**: The company is focusing on high-margin products in its pricing strategy, leading to a year-on-year increase in prices, with expectations of a less aggressive price war compared to the previous year [19] Future Outlook - **Growth in Baby Products**: The baby product category is expected to grow significantly, driven by upgrades in product materials and designs, aiming to capture a larger market share in the future [15][16] - **Southeast Asia Expansion**: The company is establishing a local team in Indonesia, viewing it as a key market with significant potential, and aims to match its performance in Vietnam through local brand agency models [21] Operational Improvements - **Production Efficiency**: The company has implemented measures to enhance cost control and production yield, resulting in significant improvements expected in 2024 compared to the previous year [9] Conclusion - **Strategic Direction**: The company is committed to external acquisitions as a major strategic direction, aiming to break through revenue ceilings and enhance its market position while maintaining a focus on profitability and operational efficiency [26]

Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Date of Call**: Q3 2025 Key Points Industry and Financial Performance - **Net Interest Margin**: Q3 net interest margin was 1.83%, a decrease of 3 basis points quarter-on-quarter, but the year-on-year decline is narrowing. The bank expects improvement in net interest margin if no further rate cuts occur [2][3][4] - **Loan and Deposit Growth**: Total loans grew by 3.6% and total deposits by 4.6% in the first three quarters. Demand for credit remains weak, particularly in retail loans due to real estate market adjustments and sluggish offline consumption [2][4] - **Wealth Management Growth**: Wealth management income increased by 19% year-on-year, with significant growth in sales of trust products (47%) and funds (39%). Retail AUM reached 16.6 trillion, an 11% increase from the previous year [3][8] Risk Management and Asset Quality - **Mortgage Loan Quality**: As of Q3, mortgage loans accounted for approximately 22%-23% of total loans, with a scale of about 1.4 trillion. The non-performing loan (NPL) ratio is 0.45%, with a focus rate of 1.49% and overdue rate of 0.83% [2][5][6] - **Risk Management Measures**: The bank employs strict customer admission criteria and ongoing monitoring of collateral. Loans overdue by more than 60 days are classified as non-performing, and the bank closely monitors market price trends to adjust risk control strategies [6][7] Investment Strategy - **Bond Investment**: The bank has increased its bond investment, which now constitutes nearly 30% of total assets. The strategy includes maintaining a high proportion of debt investments and a neutral stance on interest rates [3][10] - **Cost Management**: Management expenses totaled 75 billion, with a cost-to-income ratio of 29.85%. The bank is focused on cost reduction through refined management and strategic investments in fintech and AI [11][12] Future Outlook - **Economic Policy and Budgeting**: The bank anticipates a positive economic policy environment in the new five-year plan, which will influence budgeting for the upcoming year [2][4] - **Dividend Policy**: The bank aims to maintain a cash dividend payout ratio above 30%, with a current target of 35%. Future adjustments will depend on overall profitability [14][15] Additional Insights - **Market Trends**: There is a shift in customer wealth management preferences towards equity-related products, driven by market conditions. The bank expects this trend to continue if capital market reforms deepen and market conditions stabilize [8][13] - **Floating Profit Realization**: The bank has seen a decrease in other comprehensive income due to the realization of floating profits, with future realizations dependent on market conditions [9] This summary encapsulates the key insights from the conference call, highlighting the financial performance, risk management strategies, investment approaches, and future outlook of China Merchants Bank.

邮储银行 20251128 摘要 邮储银行坚持零售业务根本战略，未来五年将深耕强县富镇市场，强调 业务均衡发展，并着力提升城市业务、网点效能和手机银行服务，同时 推进五大行动和七大改革，以提升服务质效和风险管控能力。 预计 2026 年总资产增速平稳，信贷增量与 2025 年相当，保持稳健态 势，同时注重量价险平衡和资本回报。前三季度对公贷款增量显著高于 零售贷款，未来信贷投放比例和结构将视市场需求恢复情况而定。 邮储银行三季度不良率为 0.94%，处于行业优秀水平。零售领域资产质 量面临压力，但消费类贷款不良率有所改善，经营贷不良生成保持稳定， 未来改善趋势仍需观察，宏观经济复苏是关键。 邮储银行存款和负债成本处于行业低位，前三季度息差为 1.68%，同比 下降 19 个 BP，但降幅趋缓。在政策支持和行业共识下，对未来息差走 势持积极态度，已叫停高息高返车贷等业务。 邮储银行将重点提升对公客户综合服务能力，尤其是在产业园区、城市 更新等新兴领域。通过机构改革，将人员从中后台向一线扩充，提高单 个网点产能，同时维持整体数量稳定。 Q&A 邮储银行在 2026 年的增长规划是什么？在"十五五"开局之年，邮储银 ...

Core Insights - The company, JianKe Intelligent Equipment Manufacturing (Tianjin) Co., Ltd., plays a crucial role in major engineering projects with its intelligent rebar processing robots, contributing to projects like the Hong Kong-Zhuhai-Macao Bridge and the Three Gorges Project [1] Group 1: Innovation and Product Development - JianKe Intelligent has developed a robust technological system in AI, big data, and equipment integration, which accelerates product iteration [2] - The company launched several new robotic products in November, including the GWCAK4000-3 intelligent rebar hole-welding robot, featuring innovations such as a modular structure and precise synchronization of wire feeding speed and rotor speed [2] - The integration of a digital hub allows for maximum utilization of materials and improved inventory management, leading to cost reduction and efficiency enhancement [2] Group 2: Market Expansion and Customer Satisfaction - The company has successfully entered international markets, including Russia, South Korea, Italy, Thailand, Indonesia, and Malaysia, since its initial entry into the Russian market in 2006 [1] - A European client expressed satisfaction with a robot designed to reduce labor costs and enhance efficiency, highlighting the company's ability to provide comprehensive efficiency solutions [1] Group 3: Technological Leadership - JianKe Intelligent maintains a leading position in technology by continuously observing market changes and adapting its R&D direction and product structure [3] - The company’s products fill technological gaps in the industry, leveraging a combination of various technologies such as computer software, mechatronics, intelligent control, and rebar connection technology [3] - The accumulation of proprietary technology and ongoing innovation are key to maintaining the company's core competitiveness, significantly improving processing efficiency and reducing costs [3]

Core Viewpoint - The article discusses the recent share reduction plan by the actual controller of Perfect World, Chi Yufeng, amid the company's fluctuating financial performance and market reactions. The company has shown some recovery in recent quarters, but its long-term performance has been declining since 2021, raising concerns about its future prospects and the impact of Chi's actions on investor sentiment [4][10][12]. Group 1: Share Reduction Plan - On November 27, Perfect World announced that Chi Yufeng plans to reduce his holdings by up to 32.98 million shares, equivalent to 1.7% of the total share capital, potentially cashing out around 500 million yuan at the closing price of 15.17 yuan per share [4][8][9]. - Following the announcement, Perfect World's stock price dropped by 6.59% on November 28, reflecting immediate market reaction to the news [5][10]. - Since 2019, Chi has reportedly cashed out approximately 8.5 billion yuan through various means, including secondary market sales and agreements [5][9]. Group 2: Financial Performance - In the first three quarters of 2023, Perfect World reported revenue of 5.417 billion yuan, a 33% year-on-year increase, and a net profit of 666 million yuan, marking a return to profitability [5][10]. - However, the company's performance has been declining since 2021, with revenue dropping from 10.225 billion yuan in 2020 to 5.57 billion yuan in 2022, and a net loss of 1.288 billion yuan recorded last year [6][14]. - The company’s cash flow from operating activities improved significantly, reaching 889 million yuan, a 943.44% increase year-on-year, despite a decline in cash received from sales and services [10][12]. Group 3: Market Position and Challenges - The gaming sector remains the backbone of Perfect World, but it heavily relies on two MMORPG titles, "Zhu Xian World" and "Zhu Xian 2," while facing stiff competition from major players like Tencent and NetEase [18]. - The company has experienced challenges with several projects underperforming, leading to significant layoffs and project cancellations, which have raised concerns about talent retention [19][20]. - Perfect World is focusing on enhancing its game development capabilities and expanding its global reach, with plans for new game releases and a commitment to long-term operations of existing titles [20][21]. Group 4: Chi Yufeng's Wealth and Company Strategy - Chi Yufeng's net worth has decreased from a peak of 31.5 billion yuan in 2020 to 21 billion yuan in the latest Hurun report, reflecting a loss of 10.5 billion yuan [7][30]. - Despite recent financial struggles, Perfect World has maintained a high dividend policy, distributing a total of 5.543 billion yuan in cash dividends over 13 occasions, indicating a commitment to returning value to shareholders [30].