Group 1 - The company announced on September 18 that it has established a factory in Vietnam in 2018, which currently handles the majority of its orders exported to the United States [2] - The company aims to continuously build its global production capacity to mitigate risks associated with production location issues [2]

证券代码：300787 证券简称：海能实业 债券代码：123193 债券简称：海能转债 安福县海能实业股份有限公司 投资者关系活动记录表 编号：2025-004 | | ☐ 特定对象调研 ☐ 分析师会议 | | --- | --- | | | ☐ 媒体采访 ☐ 业绩说明会 | | 投资者关系活动类别 | 新闻发布会 路演活动 ☐ ☐ | | | 现场参观 | | | 其他 理性投资伴我行 走进上市公司活动 | | 参与单位名称及人员姓名 | 参加中信建投证券组织的 "理性投资伴我行 走进上市公司活动" | | | 的个人投资者11人，中信建投证券专员5人 | | 时间 | 2025年9月18日 (周四) 上午09:30-11:30 | | 地点 | 江西省吉安市安福县工业园 | | 上市公司接待人员姓名 | 董事、董事会秘书 韩双；证券事务专员 殷倩雯 | | 投资者关系活动主要内容 | 一、投资者参观了部分车间和产品展厅 | | 介绍 | | | | 二、投资者提出的主要问题及公司回复情况 | | | 问题一，海能今年上半年业绩增长60%主要是哪些产品在增加收入？ | | | 回复：公司传统的优势产品信 ...

Core Viewpoint - Sailun Tire is acquiring Bridgestone (Shenyang) Tire Co., Ltd. to rapidly expand its production capacity amid a backdrop of overseas manufacturers reducing output, presenting an opportunity for domestic tire companies to capture global market share [1][2]. Group 1: Acquisition Details - Sailun Tire plans to purchase 100% of Bridgestone Shenyang for 265 million yuan, which previously had an annual production capacity of 1.7 million radial tires [2]. - Bridgestone Shenyang ceased operations on January 26, 2024, marking Bridgestone's exit from the commercial vehicle tire market in China [2][3]. - The acquisition price represents a 20% discount compared to Bridgestone Shenyang's equity of 337 million yuan as of June 30, 2025 [4]. Group 2: Financial Performance - In 2024, Bridgestone Shenyang reported revenue of 140 million yuan but incurred a net loss of 480 million yuan [4]. - For the first half of 2025, after ceasing operations, the company generated revenue of 943,200 yuan and recorded a loss of 564 million yuan [4]. Group 3: Market Context - The global tire market is expected to grow by 1.8% in 2024, reaching 1.854 billion tires [5]. - Sailun Tire is one of the few domestic listed tire companies to achieve both revenue and profit growth in 2024, with profit growth outpacing revenue growth [5]. - The company is actively expanding its global production capacity, with ongoing projects in Cambodia, Indonesia, and Mexico [6]. Group 4: Strategic Outlook - Sailun Tire aims to enhance its competitiveness by leveraging the existing assets of Bridgestone Shenyang and adjusting its management [4]. - The company is focusing on global production layout and increasing R&D investment to drive stable growth [6]. - Domestic tire companies are positioned to seize opportunities in the global market as many overseas competitors announce factory closures and production cuts [6].

Group 1 - The core point of the news is that Sailun Tire plans to acquire Bridgestone (Shenyang) Tire Co., Ltd. to rapidly expand its production capacity amid a backdrop of overseas manufacturers reducing output, allowing domestic tire companies to seize global market share opportunities [1][2][6] Group 2 - Sailun Tire intends to purchase 100% of Bridgestone Shenyang for 265 million yuan, which previously had an annual production capacity of 1.7 million radial tires [2] - Bridgestone Shenyang ceased operations on January 26, 2024, marking Bridgestone's exit from the commercial vehicle tire market in China, focusing instead on high-end passenger car tires [2][3] - The acquisition will allow Sailun Tire to utilize existing assets of Bridgestone Shenyang, including land and facilities, to enhance its production capacity and competitiveness [4] Group 3 - In 2024, Bridgestone Shenyang reported revenue of 140 million yuan but incurred a net loss of 480 million yuan, with a projected loss of 564 million yuan in the first half of 2025 due to accounting treatment [4] - Sailun Tire's acquisition price represents a 20% discount compared to Bridgestone Shenyang's equity of 337 million yuan as of June 30, 2025 [4] Group 4 - The global tire market is expected to grow by 1.8% in 2024, reaching 1.854 billion units, with Sailun Tire being one of the few domestic companies to achieve both revenue and profit growth [5] - Sailun Tire's chairman noted challenges such as raw material price fluctuations and international trade barriers, but the company aims to stabilize growth through global production expansion and increased R&D investment [5][6] - Unlike many overseas tire companies reducing production, domestic tire companies like Sailun Tire are positioned to capture global market share amid these challenges [6]

Group 1: Anji Technology - Anji Technology continues to research and develop in the fields of electroplating solutions and additives, with smooth progress in local production for 2024 [1] - Significant growth in functional wet electronic chemicals, particularly in post-etch cleaning and post-polishing cleaning solutions, with an increase in the proportion of advanced process products [1] - The company adheres to a globalization strategy, with normal development of overseas customer cooperation projects [1] - The gross margin is expected to improve in 2024 due to product diversification and enhanced production efficiency [1] - Revenue in Q1 2025 may not align with some customers' performance due to broad business scope and low customer concentration, leading to cautious demand outlook in the second half of the year [1] - The company is strengthening its core raw material supply capabilities to ensure stability and competitiveness [1] Group 2: Haineng Industrial - Haineng Industrial has established a factory in Vietnam since 2018 to mitigate the impact of US tariffs, primarily handling export orders to the US [2] - The company focuses on technological innovation in mid-to-high-end fully functional sweeping and mopping robots, addressing issues like hair entanglement and smart cleaning [2] - To improve profitability, the company plans to enhance the scale of its incubated product lines and pursue vertical integration [2] - Projected revenue for 2024 is 2.213 billion yuan, representing a year-on-year growth of 16.26%, while Q1 2025 revenue is expected to reach 679 million yuan, a 66.60% increase [2] - New product categories such as cleaning robots, smart security products, and energy storage systems have achieved initial breakthroughs [2] - Future profit growth will depend on product line expansion and achieving scale, particularly in gaming power supplies, smart security, cleaning robots, and energy storage systems [2] - The chairman believes that faster speeds, higher power, and smarter technological breakthroughs will drive the development of the electronics industry [2] Group 3: Company Overview - Shenzhen Kaifeng Investment Management Co., Ltd. is a macro-hedge fund management company investing in global commodities, bonds, equity assets, and derivatives [3] - The company is a member of the China Fund Industry Association and the China Futures Association, with private fund management qualifications approved by the China Securities Investment Fund Association [3] - Kaifeng Investment has received multiple awards for its performance and scale in the domestic market, including "2014 Golden Bull Private Fund Management Company (Macro Futures Strategy)" [3] - The company emphasizes the investment philosophy of "details hide industrial codes, research discovers value core," focusing on macro and industrial fundamental research [3] - The research covers major trading varieties in domestic and international futures markets, utilizing in-depth industry chain research and quantitative methods to assist trading decisions [3] - In 2016, the company aimed to strengthen communication and cooperation with real enterprises, providing comprehensive solutions including industry consulting and cooperative hedging [3]

Core Viewpoint - The successful IPO of ZERUN New Energy, a leading photovoltaic junction box company, brings a positive signal to the currently cooling photovoltaic IPO market [1] Financial Performance - ZERUN New Energy expects to achieve a revenue of approximately 876 million yuan in 2024, representing a year-on-year growth of 3.75% [2] - The company anticipates a net profit attributable to shareholders of 131 million yuan in 2024, reflecting a year-on-year increase of 9.30% [2] - The growth is attributed to deepening cooperation with existing clients and the development of new customers [2] Customer Base and Concentration - ZERUN's major customers include well-known photovoltaic module manufacturers, with the top five customers accounting for 58.72% of total sales in 2024 [3] - Customer A alone contributes 29.80% of sales, but the company has a lower customer concentration compared to industry peers [3] - ZERUN expresses confidence in the stability of its relationship with Customer A, having signed a framework agreement for future collaboration [3] Product Development and Market Strategy - The company plans to enhance the development of both general and smart junction boxes, focusing on new materials and technologies [4] - ZERUN has made progress in developing auxiliary power battery boxes for electric vehicles, with products already in mass production for certain models [5] - The company aims to capture opportunities in energy storage and hydrogen energy sectors, expanding its product line [5] R&D and Global Expansion - ZERUN maintains an R&D investment ratio of over 3.5% of revenue annually, focusing on self-developed products [6] - The company is expanding its production capacity for junction boxes and plans to establish global manufacturing bases to align with the production layouts of downstream clients [6] - As of 2024, ZERUN's overseas revenue accounted for 36.69% of its main business income, with a focus on Asia and North America [6]

Group 1: Financial Performance - In 2024, the company's revenue reached 2.213 billion CNY, representing a year-on-year growth of 16.26% [3] - The net profit attributable to shareholders was 76.69 million CNY, a decline of 40.45% compared to the previous year [3] - In Q1 2025, revenue was 679 million CNY, showing a significant year-on-year increase of 66.60% [3] Group 2: Research and Development - The R&D investment for 2024 was 197.76 million CNY, an increase of 12.33% from 2023, accounting for 8.94% of total revenue [2] - In Q1 2025, R&D expenses were 55.99 million CNY, which is 8.24% of revenue [2] - The company achieved 20 utility model patents and has 8 invention patents under review in 2024 [2] Group 3: Cost Management and Strategy - The decline in net profit is attributed to increased R&D and management expenses due to product line expansion and sales promotion efforts [3] - The company is implementing cost reduction and efficiency enhancement plans, optimizing raw material inventory management, and maintaining stable relationships with suppliers [3] - The company aims to improve net profit margins by scaling up emerging product lines and achieving vertical integration [4] Group 4: Market Expansion and Future Outlook - The company is focusing on expanding product lines, including gaming power supplies, smart security, and energy storage systems, to achieve scale and profitability [4] - The establishment of a factory in Vietnam has helped mitigate risks associated with U.S. tariffs on exports [3] - Future growth drivers include technological advancements leading to higher speed, power, and intelligence in products [4]