证券代码：300477 证券简称：ST 合纵 合纵科技股份有限公司 投资者关系活动记录表 编号：20250919-01 | 投资者关系活动 | □特定对象调研 分析师会议 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 路演活动 □ | | □ | 现场参观 | | ☑ | 其他：2025 年湖南辖区上市公司投资者网上集体接待日暨半 | | | 年度业绩说明会 | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 2025 | 年 月 日 (周五) 下午 9 19 15:30~17:00 | | 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 | 1、财务总监 张晓杰 | | 员姓名 | 2、董事会秘书 王萍 | | | 3、证券事务代表 钱金峰 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、张总，贵司目前财务状况如何？是否有市值管理打算？ | | | 您好，感谢您对公司的关心和支持。 ...

Group 1: Financial Performance - As of June 30, 2025, the company's debt-to-asset ratio is 37.11% [2] Group 2: Strategic Plans - The company is studying the injection of quality road assets to enhance the scale of its highway industry, based on experiences from peers in the industry [2] - There are currently no plans to acquire additional shares of Dongguan Securities [2] Group 3: Market Value Management - The company places high importance on market value management, focusing on improving operational performance and increasing dividend levels [2] - The company will continue to engage in investor relations activities through performance briefings and institutional communications, in accordance with regulatory guidelines [3]

Core Viewpoint - The company held a successful half-year performance briefing on September 19, 2025, with full interaction with investors, addressing 14 questions with a 100% response rate [1] Group 1: Product Development and R&D - The company focuses on industrial automation instruments and has launched several high-end products this year, including steam bypass control valves and high-temperature ultrasonic flow meters, but has not engaged in the development of vacuum gauges for lithography machines [2] - The company does not currently have plans to develop high-precision harmonic reducers for robotics, as its main business is industrial automation instruments [2] Group 2: Dividend and Financial Management - The company maintains a commitment to stable dividends, distributing no less than 30% of its distributable profits in cash each year, with the 2024 dividend already implemented [2] - The company is focused on improving profitability to create more value for investors, with future dividend plans to be determined based on actual conditions and development [2] Group 3: Market and Shareholder Concerns - The company acknowledges that its stock price is influenced by multiple factors and emphasizes the importance of value management as the foundation of market capitalization management [3] - The approval process for the transfer of control to the central enterprise has been lengthy, exceeding the normal timeframe, but the company assures that the matter is progressing [2][3] Group 4: Industry Outlook and Business Development - The company is actively tracking domestic coal chemical projects, anticipating an increase in related tender information in the second half of the year, and maintains close technical cooperation with leading enterprises in the coal chemical sector [2] - The company has secured contracts for its intelligent pressure transmitters and temperature instruments in the Saudi PP12 project and is involved in the thorium molten salt reactor project [2] - The company aims to achieve its 2025 operational targets of 8.08 billion in profit, although this is subject to various influencing factors [2]

Group 1 - The core viewpoint of the news is that China International Cargo Airlines (国货航) is actively engaging with investors to discuss its fleet, route network, utilization rates, the impact of China-US trade relations, market capitalization management, and dividend plans [1][2]. Group 2 - As of June 2025, the company operates a fleet of 25 cargo aircraft, including 13 B777, 5 A330, and 3 B747, focusing on long-haul markets in Europe and the US, with 25 operational routes [1][2]. - The average daily utilization of cargo aircraft from January to June 2025 is approximately 13.29 hours, showing a significant improvement compared to the same period in 2024 [2]. - The current China-US trade relations are in a "pause" phase, with ongoing negotiations, and the company is monitoring policy changes while expanding its route network under a "dual circulation" strategy [2]. - The company is focusing on its core business and implementing a "passenger and cargo" strategy to enhance communication with investors and explore market capitalization management tools [2]. - A shareholder return plan has been established, considering both corporate development and investor returns, with specific profit distribution details to be announced [2].

Fleet and Route Distribution - As of June 2025, the company operates a fleet of 25 cargo aircraft, including 13 B777, 5 A330, and 3 B747, with 4 retired aircraft pending transfer [2][3] - The company has 25 cargo routes, with 23 international and 2 domestic, covering 14 countries and 23 cities [2][3] - In the first half of 2025, the company launched 6 new long-haul cargo routes, including Shanghai-Hanoi and Chengdu-Amsterdam, marking the first flights to several international destinations [3] Fleet Utilization - The average daily utilization of cargo aircraft from January to June 2025 was approximately 13.29 hours, showing a significant improvement compared to the same period in 2024 [3] - The company has been optimizing capacity deployment and market layout, leading to a steady increase in overall aircraft utilization [3] Impact of Trade Relations - Current US-China tariffs are in a "suspension period," with ongoing negotiations; the company is closely monitoring external factors affecting the logistics industry [3] - China's economy grew by 5.3% year-on-year in the first half of 2025, demonstrating resilience and potential for growth [3] - The company plans to leverage the "dual circulation" strategy to support the innovation and growth of Chinese manufacturing and enhance its logistics capabilities [3] Market Value Management - The company emphasizes market value management as a key strategic focus, aiming to enhance investor returns and confidence [4] - It has developed a value management plan to align with its strategic goals and actively engages with investors to gather feedback [4] Dividend Plans - The company has established a three-year shareholder return plan post-IPO, focusing on enhancing the stability and predictability of cash dividends [4]

Group 1: Strategic Framework - The company has established a "11445" strategic framework aimed at becoming an internationally recognized, domestically leading financial service provider, focusing on "innovation, market, service, and green" strategies [1] - The framework includes four major platforms: financial asset supervision, financial business integration, financial equity investment, and financial risk management, targeting high-quality development across five key businesses: banking, finance companies, trusts, financial leasing, and insurance [1] Group 2: Business Focus Areas - Kunlun Bank is advancing its industrial-financial strategy, expanding its customer base, and developing a unique product system that integrates online and offline services [2] - Zhongyou Finance serves as the internal bank and treasury platform for China National Petroleum Corporation, recognized for its efficient and professional services in treasury, industrial finance, and international business [2] - Kunlun Financial Leasing is implementing a differentiated and internationalized development strategy, maintaining stable asset growth and good asset quality [2] - Kunlun Trust is focusing on the energy and chemical industry chain, aiming to become a leading energy trust company while adhering to its core mission of serving the real economy [2] - The insurance segment is enhancing its support for core business capabilities, providing robust insurance coverage for assets, liabilities, and employee health [2] Group 3: Market Value Management - The company has developed a market value management approach that incorporates performance indicators into the annual contracts of management [3] - A "Quality Return Dual Improvement" action plan has been established, focusing on seven areas: party building, industrial-financial integration, business development, risk control, market value management, information disclosure, and shareholder returns [3] - Future efforts will include the implementation of regulatory requirements and the introduction of long-term patient capital to enhance investment value [3]

Group 1: Company Performance and Financials - The company reported a net asset value of over 7 yuan per share and has maintained strong profitability with annual dividends [1] - In the first half of 2025, the subsidiary achieved a revenue of 2.166 billion yuan and a profit of 22.2648 million yuan [2] - The company holds 3.8 billion yuan in cash and is encouraging share buybacks to boost stock prices [1][2] Group 2: Market Management and Stock Performance - The company has announced a valuation enhancement plan on April 3, 2025, which includes seven measures that are being gradually implemented [1][2] - The stock price has been stagnant for over seven years, with a decline from 4.36 yuan in 2019 to 4.12 yuan on September 19, 2025 [2][3] - The company attributes stock price fluctuations to macroeconomic conditions, industry policies, market sentiment, and funding preferences [2] Group 3: Future Plans and Shareholder Engagement - The company is actively pursuing opportunities for major shareholder asset injections and will announce progress as it occurs [2] - There are currently no plans for stock buybacks, despite investor inquiries regarding potential buybacks to enhance investor confidence [3]

Group 1: Company Strategy and AI Integration - The company focuses on AI applications in the electricity sector, emphasizing scenario-based intelligence and smart energy solutions [2][3] - Key areas of AI development include: 1. Q&A consulting assistant for energy policies and market rules 2. Intelligent analysis reports for power trading and energy scheduling 3. Specialized intelligent applications for real-time monitoring and diagnostics 4. Development of smart devices like self-developed rapid disconnect switches [3] Group 2: Market Position and Challenges - The company has encountered growth bottlenecks, with its main business stagnating [3] - The market capitalization has remained around 10 billion RMB for the past three to four years, with recent stock performance near the exercise price of equity incentives [6] Group 3: Investor Relations and Communication - The company has conducted over 20 investor communication events in 2025, attracting more than 200 investors and analysts [6] - There is a focus on enhancing market communication and proactive engagement with investors to improve market expectations and company visibility [6] Group 4: Financial Performance and Market Confidence - The company is committed to improving operational capabilities and profitability, actively managing its market value [5][6] - The management acknowledges the impact of macroeconomic factors and market sentiment on stock performance, emphasizing ongoing efforts in value communication and information disclosure [6]

Core Viewpoint - The financial assistance provided by Shenzhen Metro Group (深铁) to Vanke (万科) is substantial, yet Vanke continues to face significant challenges despite this support [2][3][6]. Financial Assistance and Management - Shenzhen Metro has provided Vanke with 26 billion yuan in loans for 2025, along with ongoing credit guarantees and asset acquisitions, positioning itself as a supportive major shareholder [2]. - An investor suggested that Shenzhen Metro should engage in market value management for Vanke, given the low price-to-book ratio and the high premium paid during the initial acquisition [3]. - Despite the financial support, Shenzhen Metro's ability to manage Vanke's market value is limited due to its own financial constraints [3][6]. Business Performance - Shenzhen Metro's subway operations generated 5.592 billion yuan in revenue in the first half of the year, a 16.34% increase year-on-year, but incurred costs of 6.86 billion yuan, leading to a gross loss [4]. - The real estate development segment, which historically supported the subway operations, saw a 63% decline in revenue to 1.625 billion yuan, dropping its contribution to total revenue below 30% for the first time [4][6]. - Overall, Shenzhen Metro reported a net loss of 3.3 billion yuan in the first half of the year, primarily due to the underperformance of its real estate segment and losses from Vanke [6]. Cash Flow and Financing - Cash flow from sales decreased by 13% year-on-year, indicating a decline in overall cash inflow despite increased subway ridership [5]. - Shenzhen Metro's fixed asset investment reached 44.282 billion yuan, a 34% increase, reflecting ongoing commitments to subway construction [6]. - The company received 7.6 billion yuan in government subsidies in 2023 and 9.8 billion yuan in 2024, which significantly bolstered its capital reserves [7][9]. Debt and Financial Structure - Shenzhen Metro's total liabilities amounted to approximately 479.62 billion yuan, with non-current liabilities at 355.04 billion yuan [10]. - The company increased its external borrowing to 20.3 billion yuan in the first half of the year, a significant rise compared to the previous year [11]. - Concerns have been raised regarding the sustainability of Shenzhen Metro's financial support for Vanke, as the company holds 27.18% of Vanke's shares, and further increases could trigger mandatory takeover obligations [11][12]. Long-term Outlook - Despite current challenges, Vanke remains a long-term investment for Shenzhen Metro, with the potential for recovery as the real estate market stabilizes [15].

Core Viewpoint - Tongbao Energy's stock price has decreased by 1.87% to 5.78 yuan, with a market capitalization of 6.627 billion yuan, ranking 66th in the power sector and 2651st in the A-share market [1] Group 1: Company Development and Strategy - The company currently has no plans for energy storage projects but will evaluate future opportunities based on national policy and project feasibility [1] - The company has experienced rapid revenue and net profit growth since 2022, doubling its market value, but has seen a decline in market value by the end of 2023. It follows the CSRC's guidelines for market value management [1][3] - The company prioritizes local resource development for renewable energy projects, focusing on wind and solar energy within its home province [1][3] Group 2: ESG and Corporate Governance - The company is committed to green energy and sustainable development, focusing on energy transition, environmental protection, and employee welfare [2] - There are currently no plans for an equity incentive program to attract and retain core talent [2] - The company did not distribute dividends in 2024 to ensure funding for new clean energy projects, but it will consider future dividend plans based on profitability and funding needs [2][3] Group 3: Financial Management and Capital Expenditure - The company has sufficient cash reserves due to effective fund management and plans to allocate future capital expenditures primarily for new project investments and technological upgrades [4]