Group 1: Cost Reduction and Efficiency Improvement - The company is committed to cost reduction and efficiency improvement across the entire value chain, including R&D, procurement, production, and operations. Current initiatives are progressing as planned, benefiting from technological innovations and supply chain synergies, leading to preliminary results in cost reduction efforts [2][3]. Group 2: Competitive Advantages in the Industry - The company has established a robust and complete independent R&D system, covering key components from engines to complete vehicles. In the new energy sector, it has developed a comprehensive industrial ecosystem, including self-developed batteries and electric drive systems, enhancing its competitive edge [2][3]. - The marketing strategy is customer value-oriented, with nearly 1,000 dealers, over 1,800 service providers, and 230 spare parts suppliers, ensuring a nationwide service radius of 48.5 kilometers, which is industry-leading [3]. Group 3: International Expansion and Localization - The company is actively pursuing internationalization, with exports covering 100 countries and regions. In 2025, it plans to establish subsidiaries in eight countries, including Uzbekistan and Indonesia, to support its international strategy [3][4]. Group 4: New Energy Strategy and Future Plans - The company launched the "15333 Strategy" for new energy in 2021, focusing on a comprehensive layout across the entire supply chain. It aims to enhance product differentiation and competitive strength through technological advancements and marketing innovations [4][5]. - Future plans include increasing investment in new energy resources, continuously launching new products, and developing comprehensive solutions throughout the user lifecycle [4]. Group 5: Financial Performance and Market Challenges - The company reported improved profitability in Q3, driven by increased sales and optimized product structure, alongside strict cost control measures [4][5]. - Concerns about stock price performance are acknowledged, with the company emphasizing its commitment to value management and investor trust, despite external market pressures [5][6]. - The company has distributed approximately 6.29 billion yuan in dividends since its listing in 2020, aiming to enhance internal value and maximize shareholder returns [6][7].

投资者活动基本情况 活动类别及时空信息 2025年11月20日下午14:00-16:00，楚天科技股份有限公司（以下简称"楚天科技"）以"特定对象调研+现 场参观"形式接待了机构投资者调研。活动地点位于公司会议室，通过厂区参观与会议室座谈相结合的 方式，就公司经营发展等议题与机构代表展开交流。 参与机构及接待人员 本次调研参与机构包括康曼德资本、中泰证券、人保资产、国信证券共4家机构。楚天科技方面由董事 会秘书黄玉婷、证券事务代表周德伟负责接待并回应提问。 核心交流要点解读 海外市场拓展：五大区域布局显效 进入快速增长通道 在海外市场拓展策略方面，公司表示目前主要聚焦东南亚、中东非、欧洲、美洲、印度新澳五大区域， 依托行业稀缺的整体解决方案能力、高性价比服务及渠道优势推动高质量销售与服务落地。 据介绍，经过近3-5年的持续战略布局、资源投入与业务积淀，公司海外业务已进入快速增长通道。其 中，中东非、东南亚区域已取得阶段性突破性成果，欧洲、美洲区域后续订单与业绩有望实现逐步突 破。 毛利率展望：2025年预计维持30%左右 未来有望稳步提升 关于毛利率水平，公司披露2025年综合毛利率预计维持在30%左右。长期 ...

Core Viewpoint - The company has established a joint venture with Wilham to expand its oil and gas market presence, particularly in the Middle East, leveraging its extensive overseas experience and strong cash flow to support project development [1] Group 1: Joint Venture and Market Expansion - The joint venture is controlled by the company, with Wilham holding a minority stake [1] - The partnership aims to actively explore both domestic and overseas markets, with a focus on establishing manufacturing bases abroad [1] - The company has accumulated rich experience in connecting with overseas clients over many years [1] Group 2: Technological Development and Product Advantage - The company has invested in research and development in the field of metal composite pipes for several years, with ongoing technical validation [1] - The joint venture is expected to leverage both parties' strengths in technology, funding, and market resources for a synergistic effect [1] - The subsidiary's products have a cost advantage in the Middle East due to improved production efficiency [1] Group 3: Financial Position - The company has a strong cash flow, which provides robust support for project advancement [1]

编号：2025-011 | | 特定对象调研 □分析师会议 | | --- | --- | | | 媒体采访 □业绩说明会 | | 调研活动类别 | □新闻发布会 □路演活动 | | | 现场参观 其他 | | 参与单位名称 | 康曼德资本、中泰证券、人保资产、国信证券 | | 时 间 | 2025 年 11 月 20 日下午 14:00-16:00 | | 地 点 | 公司会议室 | | 上市公司接待 | 董事会秘书：黄玉婷 | | 人员姓名 | 证券事务代表：周德伟 | | | 一、内容提要： | | | 1、厂区参观 | | | 2、会议室座谈 | | | 二、主要关注的问题与回复如下： | | | 1、公司的海外市场拓展方向和策略介绍。 | | | 国际市场拓展，公司目前主要聚焦东南亚、中东非、欧洲、 | | | 美洲、印度新澳五大区域，推动高质量销售与服务落地，依托行 | | | 业稀缺的整体解决方案能力、高性价比服务及渠道优势拓展客户。 | | 交流内容 | 后续欧洲、美洲区域订单与业绩有望实现逐步突破，中东非、 | | | 东南亚区域已取得阶段性突破性成果，整体海外业务已进入快速 | | ...

Core Viewpoint - The company is in the early stages of its overseas business and plans to increase investment in overseas market marketing, brand promotion, and customer development [1] Group 1 - The company aims to establish a professional overseas team and optimize its overseas supply chain [1] - The focus will remain on the core condiment business while gradually expanding into overseas markets [1] - This strategy is intended to create a second growth curve for long-term growth [1]

Core Viewpoint - The company, Dongfang Yuhong, is advancing its internationalization strategy by acquiring a 60% stake in Brazilian company Novakem, aiming to expand its presence in the Latin American market and enhance its overseas business operations [1][3]. Group 1: Acquisition Details - Dongfang Yuhong's wholly-owned subsidiary in Brazil plans to invest approximately 108 million Brazilian Reais (around 144 million RMB) to acquire the stake in Novakem, with the final transaction amount subject to adjustments based on operational capital and net debt at the time of closing [1]. - The acquisition agreement was signed on November 19, 2025, in Brazil, involving several individual sellers [1]. Group 2: Market Context - Brazil is the largest economy in Latin America, characterized by a stable political environment and a well-established legal system, making it an attractive destination for foreign investment, particularly from Chinese enterprises [2]. - The construction and infrastructure market in Brazil is rapidly developing, with strong and sustained demand for cement additives and high-performance concrete admixtures [2]. Group 3: Strategic Objectives - The acquisition aligns with the company's vision to become the most valuable enterprise in the global construction materials industry, leveraging Novakem's strengths in the additives sector to enhance its market position in Brazil and Latin America [3]. - The company aims to deepen its industry moat and create new profit growth points by capitalizing on Brazil's vast construction market, mineral resources, and economic growth prospects [3]. - The transaction is expected to synergize Novakem's brand influence, experienced management, and customer resources with the company's core competencies in technology research and development, product expansion, and supply chain integration [3].

Group 1 - The company held an earnings briefing on November 20, 2025, to address investor concerns regarding overseas market expansion, major project progress, and performance-related issues [1][2] - The company is focusing its overseas business primarily in Southeast Asia while also accelerating its expansion into the Middle East and other regions, considering the establishment of branches to enhance localized service capabilities [3] - A significant project in Thailand, valued at over 300 million RMB, is currently in the construction phase, with one major business segment having gone live in October 2025, receiving high recognition from the client [3] Group 2 - The company has not disclosed specific performance information for 2025 due to the sensitivity of the data and the current business not reaching the end-of-year stage, but will announce any relevant updates in accordance with disclosure regulations [3] - The company emphasized its commitment to focusing on core business development and leveraging both domestic and international markets to steadily improve operational performance [3]

| 投资者关 | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 系活动类 | □媒体采访 | □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | | | 参与单位 | 民生证券 | | | 名称 | | | | 时间 | 11 月 19 日 | | | 地点 | 线上沟通 | | | 上市公司 | 证券事务代表 宋伟女士 | | | 接待人员 | | | | 姓名 | | | | | 1、公司业绩增长的主要驱动因素？ | | | | 公司前三季度业绩增长主要源于三方面：一是核心膜业务收入的稳健 | | | | 提升；二是国内与国际市场的双轮驱动，收入同步增长；三是产品结 | | | | 构持续优化，高附加值产品销量攀升，成为提升盈利能力的核心动能。 | | | 投资者关 | 2、在海外市场拓展中，公司采取了哪些具体措施来保障海外业务的 | | | 系活动主 | 持续健康发展？ | | | 要内容 | 公司通过构建均衡的全球市场布局，以多元化的渠道与本地化运营降 | | | | 低对单一市场的依赖；同时，凭借持续的 ...

【#王传福和李书福为海外市场站台#，发生了什么？】#明年国内汽车市场竞争预期加剧#今年10月，较 少公开露面的比亚迪和吉利"掌门人"王传福和李书福，接连为自己的海外市场站台。先是王传福出现在 当月10日出现在比亚迪巴西工厂，随后李书福又现身马来西亚东盟峰会。 步入11月，两家公司又先后在第三季度财报投资者沟通会上，给明年的海外市场销量定下了一个高速增 长的目标。其中，吉利2026年预计海外销量增长50%~80%，整体规模将达到60万辆级别。而比亚迪 2026年海外销量规模预计将达到150万辆，同比增速预计和吉利相当。 随着新能源汽车补贴政策的进一步退坡，市场对明年的竞争态势预期会进一步加剧。11月6日，比亚迪 在一场投资者电话会议中表示，公司预计明年中国电动汽车市场将面临更大的竞争压力，车辆购置税优 惠幅度从10%降至5%会导致车企每辆车的利润减少约千元。 ...

浙江美大（002677.SZ）11月20日在投资者互动平台表示，公司产品自2009年出口马来西亚、越南等国 外市场以来，持续在新品研发上寻求突破，努力拓展国外市场。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司有没有产品销往海外？是否研发新品开拓海 外市场？ （文章来源：每日经济新闻） ...