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 参与单位名称 及人员姓名 投资者网上提问 时间 2025 年 5 月 15 日（周四）下午 15:00-16:30 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用 网络远程的方式召开业绩说明会 上市公司接待 人员姓名 董事会秘书 邓强 财务负责人 杜鹃 独立董事 朱玲、杨承磊、马得华 证券事务代表 王闯 证券事务经理 傅一鸣 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、您好！贵公司前三季度的业绩表现非常出色，但全年度利 润却出现了负增长，这种情况背后的原因是什么呢？ 尊敬的投资者您好！从财务表现来看，公司第四季度利润贡 献度相对较低，叠加年末集中性费用支出、预计负债计提等常规 财务安排，对全年利润形成阶段性压力。需要说明的是，2024 年 度公司各项业务运营稳健，业务结构呈现持续优化态势，经营指 标均属于合理波动，不存在对公司当期业绩产生重大影响的异常 不利因素 ...

Core Viewpoint - WanTong Intelligent Control (300643) has shown a positive trend in its profitability despite a slight decline in revenue, driven by high-margin product sales and strategic market positioning in the commercial vehicle sector [2][5]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 279 million yuan, with a notable performance in various product lines: sensors and digital information control devices generated 61.32 million yuan with a gross margin of 53.18%, metal hoses generated 167 million yuan with a gross margin of 28.36%, and tire valves and other products generated 49.18 million yuan with a gross margin of 22.81% [2]. - The company's main revenue for Q1 2025 was 268 million yuan, representing a year-on-year decline of 3.99%, while the net profit attributable to shareholders was 36.93 million yuan, an increase of 36.36% year-on-year [5]. - The company reported a net profit of 34.99 million yuan after deducting non-recurring items, reflecting a year-on-year increase of 42.96% [5]. Group 2: Market Position and Product Development - The growth of the company's NLP sensors in the commercial vehicle sector is significantly influenced by regulatory policies, such as the UN/ECE Regulation in Europe mandating TPMS for new heavy vehicles starting July 2024, and similar initiatives in the US and China [3]. - The company’s NLP sensors are characterized by low power consumption, miniaturization, and ease of installation, which have been patented and recognized by major fleets in Europe and the US, leading to bulk shipments [3]. Group 3: Corporate Governance and Strategic Initiatives - The company has implemented a market value management system aimed at enhancing investment value and maintaining shareholder rights, including a share buyback program that acquired 827,900 shares between February and May 2024 [4]. - Currently, there are no plans for mergers or acquisitions, but the company remains open to opportunities that align with its core business and strategic direction [5].

Group 1: Company Overview and Business Model - The company operates on a "sales-driven production" model, producing based on budget and order conditions [2] - In 2025, the expected domestic revenue share is 65%, with exports around 35% [2] Group 2: Financial Performance and Projections - The budgeted revenue for 2025 is approximately 150 million yuan, contingent on market conditions and team efforts [2] - The company's revenue and profit projections for 2025 are expected to remain stable compared to 2024, with significant growth anticipated in the first quarter [2] Group 3: Market Strategy and Product Focus - The company aims to expand its market share in the picosecond and femtosecond laser markets, focusing on products like LBO, Nd:YVO4 crystals, and acousto-optic products [2] - Current product applications include industrial measurement, life sciences, precision instruments, and smart equipment [2] Group 4: Investor Relations and Communication - The company emphasizes transparency in information disclosure and maintains strong communication with investors [2] - A high proportion of cash dividends has been consistently implemented in recent years to enhance investor returns [2] Group 5: Challenges and Risks - The company faces uncertainties regarding its U.S. business due to U.S.-China tariff issues, impacting export to other countries [2] - There are currently no plans for mergers or acquisitions to expand market scale or integrate the supply chain [2]

Group 1 - The global industry chain and supply chain are undergoing deep adjustments due to a new round of technological revolution and industrial transformation, prompting A-share listed companies to accelerate mergers and acquisitions (M&A) as a key strategy for enhancing productivity [1][3] - The Chinese government has introduced a series of supportive policies for the M&A market, including optimizing restructuring conditions and establishing industrial M&A funds, reflecting a strategic direction to promote innovation-driven development and enhance market efficiency [1][3] - The China Securities Regulatory Commission is revising the "Major Asset Restructuring Management Measures" to further support listed companies in M&A activities, aiming to improve innovation capabilities and risk resistance [1][3] Group 2 - A new wave of M&A is emerging in the A-share market, driven by the need for traditional industries to upgrade and new industries to accelerate development, with a strong demand for capital market optimization [2][3] - M&A is seen as a crucial path for companies in the new productivity sector to achieve rapid industrial breakthroughs, especially in the biopharmaceutical sector, where companies are seeking to acquire innovative drug development platforms and technologies [2][3] - Since the introduction of the "Six M&A Guidelines," nearly 1,400 restructuring projects have been disclosed in the Shanghai and Shenzhen markets, marking a 40% year-on-year increase, with significant growth in major asset restructurings [3][4] Group 3 - The "Six M&A Guidelines" have led to a mainstream trend of M&A among companies focused on new productivity, facilitating the integration of emerging industries with existing sectors [4][5] - As of September 24, 2024, over 760 M&A transactions have been disclosed in the Shenzhen market, totaling more than 290 billion yuan, indicating a vibrant M&A environment [4][5] - The Science and Technology Innovation Board has also seen significant M&A activity, with 100 new industry mergers disclosed since the release of the "Eight Guidelines," reflecting a focus on resource integration and synergy [4][5] Group 4 - Companies are increasingly targeting hot sectors such as semiconductors, AI computing, and robotics for external growth opportunities through M&A [6][7] - Notable transactions include the acquisition of minority stakes in semiconductor companies by Hu Silicon Industry and investments in humanoid robotics by Macro Technology, showcasing strategic expansions into high-demand markets [6][7] - Analysts believe that M&A activities are driving technological upgrades and industry transformations, contributing to the healthy development of the capital market [7]

郭晨凯 制图 ◎记者 王子霖 央企控股上市公司是中央企业开展生产经营、参与市场竞争的主要载体，也是稳定资本市场的重要力 量。近期，部分长期受破净问题困扰的央企控股上市公司拿出估值提升计划，在进一步提升公司价值创 造能力的同时，充分向市场传递公司投资价值，增强投资者信心。 破净，即上市公司的股价低于其每股净资产。这一现象在基建、钢铁、银行等行业板块出现频率较高。 国务院国资委2024年12月发布的《关于改进和加强中央企业控股上市公司市值管理工作的若干意见》明 确，要高度重视控股上市公司破净问题，将解决长期破净问题纳入年度重点工作，指导长期破净上市公 司制定披露估值提升计划并监督执行。 据上海证券报记者统计，今年以来已有27家破净央企控股上市公司有针对性地披露估值提升计划，还有 超50家央企控股上市公司披露市值管理制度。记者了解到，多数央企已经完成市值管理专班的组建，相 关工作机制和流程已初步建立。 夯实价值创造根基 "公司将以改善、解决破净问题为核心目标，按照已经制定的《市值管理制度》要求，围绕《估值提升 计划》的'价值创造—价值经营—价值传递'三大环节，系统性推进落实市值管理举措。"中国电建总经 理王斌在5月 ...

Core Viewpoint - The "M&A Six Guidelines" policy has led to increased activity in mergers and acquisitions (M&A) in the Shenzhen market, with a focus on industrial integration, acquisition of quality unprofitable assets, and cross-industry mergers to promote transformation and upgrading [1][4]. Group 1: M&A Activity Overview - Since the release of the "M&A Six Guidelines" on September 24, 2024, there have been 767 newly disclosed M&A transactions in the Shenzhen market, totaling 294 billion yuan, with 89 major asset restructurings amounting to 114.9 billion yuan [1]. - The majority of these M&A transactions are characterized by industrial integration, with notable cases of state-owned enterprises enhancing internal asset integration and private companies optimizing their industrial chain layouts [2][3]. Group 2: Industrial Integration - Industrial integration remains the dominant type of M&A, with state-owned enterprises and private companies actively engaging in asset restructuring to enhance their competitive positions [2]. - A significant example includes the major asset restructuring by Electric Power Investment Corporation, which plans to acquire 100% of Electric Power Nuclear for 57.1 billion yuan, facilitating the integration of nuclear power assets [2]. Group 3: Cross-Industry Mergers - Cross-industry mergers are becoming a trend, with companies seeking new growth points in high-tech and high-value sectors, such as semiconductors and advanced equipment [4]. - For instance, Youa Co., primarily in retail, plans to acquire 100% of Shangyang Tong, entering the power semiconductor sector [4]. Group 4: Acquisition of Unprofitable Assets - The policy encourages companies to acquire quality unprofitable assets to strengthen their industrial chains, with 10 transactions involving such acquisitions since the policy's implementation [4][5]. - An example includes Jingrui Electric Materials' acquisition of 76.1% of Hubei Jingrui, which focuses on high-purity chemicals essential for the semiconductor industry [5]. Group 5: IPO-Related M&A - M&A has become a significant channel for companies planning IPOs to achieve asset securitization, with over 20 such cases reported [6]. - Companies like Zhongke Technology and Chunhui Intelligent Control are leveraging M&A to enhance their competitiveness and facilitate their IPO processes [6]. Group 6: Regulatory Support and Future Outlook - The China Securities Regulatory Commission is revising regulations to further support M&A activities, indicating a potential historical opportunity for the M&A market [6]. - Analysts predict that M&A in the new productive forces sector will remain active, driven by policy support and capital empowerment [6].

以下为晚报正文： 1、七部门：设立"国家创业投资引导基金" 重要程度：★★★★★ 科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、国务院国资委印发《加快构建科技金融体制 有力支撑高水平科技自立自 强的若干政策举措》，设立"国家创业投资引导基金"。 其中提到，发挥国家创业投资引导基金支持科技创新的重要作用，将促进科技型企业成长作为重要方向，培育发展战略性新兴产业特别是未来产业，推动重 大科技成果向现实生产力转化，加快实现高水平科技自立自强，培育发展新质生产力。 拓宽创业投资资金来源。将金融资产投资公司（AIC）股权投资试点范围扩大到18个城市所在省份，支持保险资金参与金融资产投资公司股权投资试点。鼓 励社保基金会在自身业务范围和风险防控要求下开展股权基金投资，支持科技创新。 2、前4个月社融增量16.34万亿，4月M2同比增8%！业内解读 重要程度：★★★★ 央行5月14日发布的数据显示，4月末，广义货币（M2）余额同比增长8%，增速均较3月末时明显加快；人民币贷款余额同比增长7.2%，还原地方债务置换 影响后增速超过8%；前4个月，社会融资规模增量累计为16.34万亿元，比上年同期多3 ...

为推动陕西上市公司高质量发展，加深辖区上市公司高管对并购重组最新政策的理解，服务上市公司用 好并购重组工具，5月13日，在陕西证监局和深圳证券交易所指导下，陕西上市公司协会联合陕西资本 市场服务中心成功举办"加快推动陕西企业运用并购重组实现高质量发展"培训会。辖区上市公司董事 长、总经理及投融资负责人200余人参加此次培训。 陕西证监局党委委员、副局长李国强在培训会上指出，上市公司要紧紧围绕高质量发展的核心目标，认 真做好各项工作：一是要主动把握政策窗口红利期，积极运用并购重组实现产业链优化升级，不断培养 上市公司核心竞争力；二是要严防财务造假、资金占用等违法违规行为，筑牢信息披露根基，特别是防 范信息披露低级错误发生，争做"优等生"；三是健全投资者回报机制，在积极主动落实好常态化分红、 增持、回购等各项工作要求的同时，积极运用交易所互动平台，搭建与投资者的良好互动；四是要坚守 合规经营底线，持续提高内部管理水平，不断增强应对外部冲击的韧性。 陕西证监局公司监管处处长张峰传达了最新的并购重组及信息披露监管要求。他指出，自"并购六条"实 施以来，全市场并购活跃度明显提升，政策包容度提高。强调辖区上市公司要审时度 ...

Core Viewpoint - The recent merger and acquisition activities in the Shenzhen Stock Exchange (SZSE) are being driven by policy support, capital empowerment, and industrial upgrades, leading to a significant increase in the number of disclosed projects and total transaction value since the introduction of the "Six Guidelines" by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Merger and Acquisition Trends - The SZSE has seen a total of 767 disclosed merger and acquisition projects since the "Six Guidelines" were released, with a combined value of 2,940 billion yuan, including 89 major asset restructurings valued at 1,149 billion yuan [1]. - Companies are increasingly focusing on synergistic effects through mergers and acquisitions, enhancing industrial integration and improving supply chain layouts [2]. - Notable examples include State Power Investment Corporation's acquisition of 100% of China National Nuclear Power Co., which aims to consolidate nuclear power assets, and Beijing Huada Jiutian's acquisition of a leading EDA company to strengthen its position in the integrated circuit industry [2]. Group 2: Transformation and Upgrading - Many companies are pursuing cross-industry acquisitions to accelerate structural adjustments and technological innovations, such as Shandong Yanggu Huatai's acquisition of a company specializing in polyimide materials for semiconductor applications [3]. - Companies are also focusing on strengthening weak links in their supply chains by acquiring quality but unprofitable assets, as seen in Jingrui Electronic Materials' acquisition of a majority stake in a microelectronics materials company [3]. - Mergers and acquisitions are becoming a vital channel for companies planning to go public to achieve asset securitization, exemplified by China Nuclear Suval's acquisition of a nuclear instrument company that previously withdrew its IPO application [3]. Group 3: Regulatory Support and Efficiency - The CSRC is actively reforming the merger and acquisition environment to enhance efficiency, including simplifying review processes and allowing flexible payment methods for transactions [6][7]. - Since the implementation of the "Six Guidelines," two companies in the SZSE have utilized targeted convertible bonds to improve the flexibility and efficiency of their mergers and acquisitions [6]. - Future regulatory measures are expected to further support mergers and acquisitions for technology-driven companies, enhancing review efficiency and payment flexibility [7].

华夏时报（www.chinatimes.net.cn）记者 刘昱汝 徐芸茜 北京报道 2025年的A股市场，并购重组正以超预期的速度掀起新一轮浪潮。 据Wind数据显示，截至5月12日，年内A股上市公司新增66单重大资产重组，同比增长144.44%。这一数据不仅反 映了市场并购活动的活跃程度，也预示着企业转型升级、产业整合的步伐正在加快。 值得一提的是，上述66单重大资产重组中，有7单为央企控股上市公司重组，8单为地方国有上市公司重组。 湖南汽车工程职业大学产教融合研究院执行副院长、中国企业联合会特约高级研究员刘兴国在接受《华夏时报》 记者采访时表示，今年以来，资本市场重大重组事项显著增加，这和当前发展环境和企业发展战略调整有关。一 方面，多年增长缓慢导致的经营压力，使得不少企业寻求通过重组整合寻求新机遇，为市场提供了丰富的重组机 会与空间；另一方面，随着"十四五"规划收官与"十五五"规划布局交替，企业战略调整步伐加快，并购重组需求 激增，双向推动之下，资本市场迎来了重大重组整合的新高潮。 "重组整合具有周期性波动特征，特殊事件往往能加速其增长，但浪潮过后，市场或将进入并购重组相对沉寂的阶 段。"刘兴国表示。 ...