证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-19 2025 年至今，公司发行了四期科技创新债券，这是深入贯彻落实国家加 快实施创新驱动发展战略部署的具体表现，也是作为国家企业技术中心，强化 科技布局、推进战略新兴产业技术研发、提升科技竞争力的具体举措，亦是基 于自身优化债务结构、支持创新发展的综合考量。科技创新债券的发行，是公 司适应市场变化、拓宽融资渠道的新尝试，不仅对优化资本结构、降低融资成 本形成支撑，还为云南铜业持续高质量发展提供有力保障。 5. 公司目前的硫酸生产和销售情况如何？ 硫酸是公司铜冶炼生产环节的副产品，受区域因素影响价格有所不同。今 年以来，主要地区硫酸均价同比有较大幅度上涨，公司积极抢抓市场机遇，实 现了对业绩的积极贡献。 6. 大股东旗下秘鲁铜业今年的生产情况如何，是否存在注入上市公司的 可能性？ 据了解，大股东旗下的秘鲁铜业生产情况正常。2023 年 6 月，中国铜业 | 特定对象调研 | □分析师会议 | ☑ | 投资者关 | | | | | | --- | --- | --- | --- | --- | --- | -- ...

Summary of Beijing Renli's Conference Call Company Overview - **Company**: Beijing Renli - **Period**: First three quarters of 2025 Financial Performance - Excluding the impact of Huangsi Company, the actual net profit attributable to shareholders increased by approximately 14%-15% [2][3] - The company's asset-liability ratio, weighted return on equity, and earnings per share showed steady improvement, indicating a strong financial position [2][3] - For the first three quarters of 2025, the completion rate of net profit commitments reached 116%, while the completion rate of net profit excluding non-recurring items was about 74% [2][3] Business Segments - Revenue across various business segments showed a slight increase, with outsourcing business gross profit slightly rising, attributed to normal fluctuations rather than market improvements [2][4] - The gross profit margins for personnel management services and compensation benefits services remained stable without significant changes [2][4] Market Outlook - The company holds a pessimistic view on future market conditions, not perceiving any significant rebound in the economy or industry [5][6] - Clients exhibit caution regarding new business expansions, reflecting a lack of confidence in the market [5][6] Cost Control and Efficiency Measures - The company has implemented strict cost control and digital optimization measures to enhance efficiency, achieving significant cost reductions [8] - A digital platform has been launched to improve recruitment efficiency, with a matching accuracy rate of 80%-90% [8] - Continuous personnel optimization is underway, with an annual reduction of about 10% in staff over the past two years expected to continue in 2025 [9][10] International Expansion - Future focus will be on international business development, providing overseas labor services alongside state-owned enterprises [13] - Collaboration with Swiss company Adecco to explore business opportunities in Southeast Asia and Belt and Road countries [13] M&A Strategy - The company’s M&A strategy focuses on three areas: specialization, digitalization, and internationalization [15] - Plans to acquire firms in niche sectors to enhance expertise and expand rapidly [16] - Potential acquisitions of local HR service providers in international markets to facilitate market entry and service Chinese enterprises [16] Regulatory Impact - Stricter social security payment policies are expected to have a medium to long-term impact, enhancing compliance in the industry [17] - The policy change reflects a growing awareness of employee rights, which may benefit compliant companies like Beijing Renli in the long run [17]

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances, specifically focusing on air conditioning, refrigerators, and washing machines Key Points and Arguments Market Conditions - The central air conditioning business is under pressure in the real estate market, particularly in the refined decoration sector, with a potential decline of 15-20% expected [2][5] - Domestic sales (C-end and public construction) are anticipated to see slight growth, while external sales of refrigerators and washing machines are projected to grow in double digits [2][4] - Orders for processing products are expected to show a turning point in December, with a return to positive growth by the end of 2026 or early 2027 [2][3][5] Financial Performance and Projections - The company faces challenges in achieving its annual performance targets, aiming to unlock nearly 100% of its equity incentive goals [2][5] - For 2026, domestic sales will focus on enhancing product strength and cost competitiveness, while external sales are expected to grow by over 10% with improved profit margins [2][5] - The net profit margin for the central air conditioning business is stable, estimated between 6-10% [4][12] Strategic Initiatives - The company plans to enhance its foundational capabilities by reducing SKU counts, integrating R&D platforms, and improving procurement efficiency to boost single product profitability [2][6] - Expansion of proprietary channel stores and strengthening of lower-tier channel construction are key strategies [2][7] - The company is optimistic about long-term growth in emerging markets, driven by increasing appliance penetration and favorable demographic trends [4][10] External Market Dynamics - The impact of national subsidy policy reduction on price competition is not straightforward; the company does not expect significant price increases despite subsidy reductions [6] - The company is focusing on structural products that benefit from subsidies, such as high-end air conditioning and fresh air systems [7] Profitability and Cost Management - External sales profitability recovery is primarily driven by gross margin improvements, with a 0.5 percentage point increase in profit margin expected, of which 0.3 percentage points come from cost reduction and efficiency improvements [8] - The processing product orders are gradually reducing inventory, indicating a potential recovery in sales [9] Regional Performance - The European market accounts for over 30% of the overall structure for air conditioning and refrigerators, with emerging markets like ASEAN and Central-South America showing significant growth potential despite seasonal fluctuations [10][11] - The company aims to increase overseas revenue contribution to over 20% within 3 to 5 years, leveraging new production capabilities [11] Future Outlook - The company anticipates a modest growth in the C-end market for new housing and second-hand demand, with a projected growth of around 10% in 2025 and single-digit growth in 2026 [18] - The new fresh air conditioning products are expected to have a gross margin advantage of at least 10 percentage points over non-fresh air products [21] Shareholder Returns - The company plans to maintain a minimum dividend payout ratio of 50% and will consider increasing this ratio in the future [17] Additional Important Insights - The company is actively working on balancing cooperation and competition with Midea, focusing on resource optimization and market penetration strategies [15][16] - The integration of logistics and procurement strategies with Midea is progressing well, although details on overseas collaborations remain limited [14]

Summary of Changhong Meiling Conference Call Industry Overview - The home appliance industry is facing increased sales pressure due to the gradual reduction of subsidies starting from Q3 2025, with a complete cancellation expected in Q4 2025. This has posed challenges for air conditioners, refrigerators, and washing machines [2][3][4] Company Performance - In Q4 2025, overall performance was subpar, with significant pressure on domestic sales due to high comparison bases from the previous year when subsidies were at their peak [3][4] - For external sales, refrigerators and washing machines are projected to maintain a growth rate of 10% to 20% for the year, but growth is slowing in Q4, stabilizing overall [2][3] - Air conditioning sales are primarily driven by orders and production concentrated in Q3 and Q4 of the previous year [3] Strategic Focus - Changhong Meiling adheres to a "profitable scale growth" strategy, emphasizing both scale and profit amidst fierce price competition [2][5] - The company is focused on resource integration and centralized procurement to reduce costs, with plans to enhance product line collaboration to unlock more potential [2][7] Market Dynamics - The impact of Xiaomi's self-built factories on Changhong Meiling is expected to be limited, with stable order expectations for the following year [2][6] - The overseas market for washing and refrigeration products is primarily in Europe (over 30% of revenue), with other regions like Africa and the Middle East contributing around 10% each [2][8] Production Capacity and Investment - Changhong Meiling plans to build new production lines to increase overseas air conditioning output due to insufficient capacity [3][11] - A new production line is being established in Mianyang to supplement the Hefei factory's annual capacity by 2 million units for washing machines [12] - A new base for large-capacity refrigerators is planned to meet overseas market demand [12] Product Development - High-end products, such as the M series, currently have a low market share but are gradually increasing. The company is introducing new products with enhanced preservation features [13] - Future investments will focus on health technology and innovation to improve the mid-to-high-end product structure [13] Challenges and Future Directions - The company faces challenges in both domestic and international markets but remains committed to developing its white goods matrix [17] - Future strategies include increasing R&D investment, enhancing brand recognition through industrial and channel collaboration, and steadily advancing market development to provide better returns for investors [17]

Group 1 - The enthusiasm for public fund licenses among securities asset management companies has significantly cooled, with three institutions withdrawing their applications this year, leaving only Guojin Asset Management in the queue for approval [1] - This trend reflects a rational return to the industry regarding public fund licenses, potentially leading to a greater focus on active management capabilities and promoting differentiated competition among firms [1] - The reduction in new entrants may alleviate homogenization pressure in the public fund industry, prompting existing institutions to strengthen their core competitiveness [1] Group 2 - The total scale of cross-border mergers and acquisitions (M&A) has doubled year-on-year, with Chinese enterprises disclosing 182 outbound M&A events totaling 177.25 billion, of which 142 events occurred in 2025 alone, amounting to 156.85 billion [2] - Major securities firms are actively seizing opportunities in cross-border M&A, with firms like CICC and CITIC Securities enhancing their service offerings and team structures to capture market share [2] - Despite the growth, many Chinese securities firms still lack the capability to handle complex cross-border transactions, which remains a shortcoming in the industry [2] Group 3 - The number of newly established index-enhanced funds has surged over 400% year-on-year, with 160 new products launched this year, driven by policy support, improved index systems, and increased investor demand [3] - This explosive growth indicates a strong market preference for passive investment strategies, leading to intensified competition among public fund institutions [3] - The trend may reshape the asset management industry landscape, concentrating funds further into leading index products and enhancing overall market pricing efficiency [3] Group 4 - Several fund companies have begun to abolish their supervisory boards, following Yingda Fund's lead, with firms like Yimin Fund and Fangzheng Fubang Fund also making this move to streamline operations and reduce costs [4] - The decision to eliminate supervisory boards reflects an internal optimization strategy within the legal framework, aimed at enhancing efficiency and lowering operational costs [4] - This trend may support stock prices of small and medium-sized public companies and accelerate industry consolidation, indicating a shift towards more refined operational practices in the financial sector [4]

Group 1 - The company plans to list on the Hong Kong stock exchange, which is a key step in its global development strategy, providing funding to support supply chain and brand expansion, as well as facilitating overseas acquisitions and enhancing global brand image and recognition [1] - The company experienced short-term performance pressure in Q3 due to adjustment periods and promotional activities, with Q3 revenue at 1.736 billion, down 11.63%, and net profit at 227 million, down 23.64% [2] - Despite the short-term challenges, the company expects a sequential improvement in Q4, maintaining stable overall operations for the year, with projected net profits of 1.6 billion and 1.79 billion for 2025 and 2026, respectively, corresponding to PE ratios of 18x and 16x [3] Group 2 - In Q3, the company's gross margin was 74.68%, up 4 percentage points, driven by product mix optimization and cost reduction efforts, including lower freight rates and improved procurement negotiation capabilities [2] - The sales expense ratio in Q3 was 49.91%, up 4.5 percentage points, attributed to the early promotional activities for the Double 11 shopping festival and increased brand promotion expenses [2] - The company is currently in a steady adjustment phase, focusing on improving operational performance after the adjustment period [3]

Core Viewpoint - Several small and medium-sized public fund companies in China, including Yimin Fund, Founder Fubon Fund, and China Merchants Securities Asset Management, have followed Yingda Fund in abolishing their supervisory boards, allowing the audit committee of the board to assume the supervisory functions. This trend is seen as a move towards internal optimization within the legal framework, aimed at reducing operational costs and streamlining processes [1][2][4]. Group 1: Company Actions - On November 26, China Merchants Securities Asset Management announced the establishment of an audit committee within its board to take over the functions of the supervisory board, thereby abolishing the position of employee supervisors [2]. - Yimin Fund also announced on November 22 the abolition of its supervisory board, with the audit committee taking over the supervisory functions [2]. - Yingda Fund was the first in the public fund industry to abolish its supervisory board in July, indicating a shift in operational structure [2][3]. Group 2: Legal Framework and Implications - The new Company Law, effective from July 1, 2024, allows limited liability companies and joint-stock companies to establish an audit committee within the board to perform the functions of the supervisory board, thus eliminating the need for a supervisory board [3][6]. - The supervisory board's primary functions include financial inspection, supervision of directors and senior management, and proposing the convening of temporary shareholder meetings, among others [4]. Group 3: Industry Trends and Future Outlook - The trend of abolishing supervisory boards is expected to continue, with more fund companies likely to follow suit, especially as major shareholders like banks and securities firms also move in this direction [6][7]. - The decision to abolish supervisory boards is seen as a way to simplify workflows and reduce operational costs, particularly for personal and state-controlled fund companies [7].

Core Viewpoint - The recent trend of fund companies in China, including Yimin Fund, Founder Fubon Fund, and China Merchants Securities Asset Management, to abolish their supervisory boards reflects a broader industry shift towards internal optimization and cost reduction, following the lead of Yingda Fund, which was the first to do so [1][2][6]. Group 1: Company Actions - Yingda Fund was the first public fund company to abolish its supervisory board in July 2023, stating that this decision was a normal operational matter [2]. - On November 22, 2023, Yimin Fund announced the abolition of its supervisory board, with the audit committee of the board taking over its responsibilities [1]. - China Merchants Securities Asset Management also announced on November 26, 2023, that it would no longer have a supervisory board, delegating its functions to the audit committee [1]. Group 2: Legal Framework - The new Company Law, effective from July 1, 2024, allows limited liability companies and joint-stock companies to establish an audit committee within the board to perform the functions of a supervisory board [2][5]. - The China Securities Regulatory Commission has set a transition period until January 1, 2026, for securities and fund companies to choose between maintaining a supervisory board or an audit committee [5]. Group 3: Reasons for Abolishing Supervisory Boards - The decision to abolish supervisory boards is primarily driven by the need to reduce costs and improve efficiency, as the functions of the audit committee overlap significantly with those of the supervisory board [3][4]. - The effectiveness of supervisory board members has been questioned, with many internal supervisors lacking the professional capacity to contribute meaningfully to corporate governance [3][4]. Group 4: Future Trends - There is an expectation that more fund companies will follow suit in abolishing their supervisory boards, particularly as major shareholders like banks and brokerages also move in this direction [6][7]. - The trend is likely to continue, especially among personal-owned fund companies, which aim to streamline operations and reduce costs [7].

Core Viewpoint - Vitasoy International reported a 6% decline in revenue for the first half of the 2025/2026 fiscal year, primarily due to a weak market and intensified competition in the plant-based milk sector, posing challenges for the company's growth [2] Revenue Performance - The company's revenue for the first half of the fiscal year was HKD 3.227 billion, down from the previous year [2] - Revenue from mainland China decreased by 9.19% to HKD 1.778 billion, while net profit fell by 12.45% to HKD 192 million [3] - Mainland China accounts for approximately 55% of Vitasoy's total revenue and 63.07% of its net profit [3] Strategic Initiatives - To counteract declining sales, Vitasoy implemented cost optimization measures, maintaining an operating profit margin of 11% in mainland China [3] - The company introduced innovative products like the "Vitasoy Lemon Tea" to enhance its market share in the ready-to-drink tea category [3] - A price reduction of 10%-15% for Vitasoy Lemon Tea was attempted to respond to industry price wars, resulting in increased market share [3] Market Challenges - Vitasoy's business in Hong Kong also faced growth pressures, with a 4% revenue decline attributed to weak performance in its Vitasoy Tian Di business and adverse weather conditions affecting sales [4] - The company continues to hold a leading position in the non-alcoholic beverage market in Hong Kong, supported by successful product launches [4] Long-term Outlook - Despite short-term challenges, the company remains confident in its long-term growth potential, aiming to increase the proportion of low-sugar or no-added-sugar products to 80% by the 2030/2031 fiscal year [5] - The company is focusing on expanding its presence in southern China and Southeast Asia to capture growth opportunities [6]

Core Viewpoint - Vitasoy International reported a 6% decline in revenue for the first half of the 2025/2026 fiscal year, totaling HKD 3.227 billion, primarily due to a weak market and intensified competition in the plant-based milk sector [1] Revenue Performance - Revenue from mainland China decreased by 9.19% to HKD 1.778 billion, while net profit fell by 12.45% to HKD 192 million, with mainland China accounting for approximately 55% of total revenue and 63.07% of net profit [3] - The overall revenue decline was attributed to a contraction in traditional retail channels, despite maintaining an operating profit margin of 11% through cost optimization measures [4] Product Strategy - Vitasoy introduced innovative products like the "Vitasoy Lemon Tea" to enhance market share in the ready-to-drink tea category amid slowing growth in plant-based and tea products [4] - A price reduction of approximately 10%-15% for Vitasoy Lemon Tea was implemented to respond to industry price wars, resulting in increased market share [4] Market Challenges - The Hong Kong business also faced growth pressures, with a 4% revenue decline attributed to weak performance in Vitasoy's subsidiary, Macau, and export markets [5] - Adverse weather conditions during the typhoon season negatively impacted business operations, particularly in the Vitasoy subsidiary [5] Competitive Landscape - Vitasoy faces significant competition from companies like Mengniu, Yili, and DaLi Foods, which have launched their own soy milk products, as well as the rise of sugar-free tea and ready-to-drink brands that compete with Vitasoy's offerings [6] - The company plans to increase the proportion of low-sugar or no-added-sugar products to 80% by the 2030/2031 fiscal year to align with health-conscious consumer trends [6] Future Outlook - Analysts suggest that Vitasoy's focus on cost reduction and efficiency improvements, along with potential market opportunities in southern China and Southeast Asia, could support future growth [7]