证券代码：300019 证券简称：硅宝科技 成都硅宝科技股份有限公司投资者关系活动记录表 编号：2025-009 | 投资者关系 | 特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 活动类别 | □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 | 博时基金、国金证券、中信建投证券等 | | | | 及人员姓名 | | | | | 时间 2025 | 年 12 月 10 日 | | | | 地点 | 现场调研 | | | | 接待人员 董事长 | 王有治，总经理 李媛媛等 | 黄强，副总经理兼董事会秘书 | | | | 公司与分析师及投资者就公司相关经营情况进行了交流。 | | | | | 主要内容如下： | | | | | 一、公司目前的产能布局情况及未来扩产规划？ | | | | | 回复：公司生产实力雄厚，产能规模位居行业第一，目前已建成西南、华 | | | | | 东两大生产中心，拥有 9 大生产基地，位于四川成都、四川眉山、江苏南通、 | | | | | 安徽马鞍山、上海等地，具 ...

Group 1: Business Strategy and Investment - The company has established a dual business model focusing on medical health operations and large asset allocation investments, aiming for stable profits and cash flow [2][3] - The asset allocation strategy is inspired by Yale University's endowment model, targeting a long-term return of 6%-10% per year [3] - As of mid-2025, the company's private equity assets accounted for 12.6% of its total assets, with significant investments in hard technology and healthcare sectors [3][4] Group 2: Product Development and Market Expansion - The company plans to launch a four-in-one respiratory test product, currently in clinical trials, to address seasonal respiratory diseases [5] - The three-in-one test product has achieved stable sales in the consumer market, with a focus on expanding sales channels [8] - The company is actively developing AIoT diabetes management tools, aiming to enhance chronic disease management through technology [12][23] Group 3: Financial Performance and Shareholder Value - The company has conducted five share buyback programs since 2021, totaling approximately ¥2.88 billion, with a sixth program currently underway [7][20] - As of Q3 2025, the company reported a revenue of ¥3.04 billion, a 17.8% increase from the previous quarter, driven by iHealth products and internet medical services [24][25] - The company has committed to distributing at least 30% of its cumulative net profit as dividends over the next three years [20][21] Group 4: Market Challenges and Future Outlook - The company faces challenges in the U.S. market due to tariff issues, but has established overseas production capabilities to mitigate these impacts [29] - The diabetes care service model has expanded to approximately 50 cities and 424 hospitals, managing over 366,000 patients in China [10][22] - The company anticipates significant growth in the diabetes care market, with a target of managing 1 million patients within three years [22]

Core Insights - The core observation is that despite a significant decline in revenue, Jiuan Medical has managed to achieve a growth in net profit, indicating a fundamental shift in its profit structure [1][3]. Financial Performance - Jiuan Medical reported a revenue of 1.069 billion yuan for the first three quarters, a year-on-year decrease of 48.89% [2][4]. - The net profit attributable to shareholders was 668.89 million yuan, reflecting a year-on-year increase of 16.11% [2][5]. - The company experienced a negative cash flow of 34.07 million yuan, a decline of 104.90% compared to the previous year [4]. - Investment income reached 937 million yuan, up 84.99% year-on-year, contributing significantly to the net profit growth [5][6]. Business Transformation - Jiuan Medical is transitioning from a reliance on traditional medical device sales to a dual business model that includes both healthcare operations and large asset investment [6][7]. - The company is focusing on expanding its internet healthcare and chronic disease management sectors, particularly through a new diabetes care model [7][8]. - The firm has increased its investment in research and development, with management expenses rising by 26.66% and R&D expenses by 25.91% [5][6]. Investment Strategy - Jiuan Medical has engaged in significant investments in various sectors, including technology and healthcare, and has established partnerships with venture capital firms [8][9]. - The company has launched a new venture capital fund with a total scale of 701 million yuan, aiming to make financial investments [10]. - Jiuan Medical's investment activities are primarily conducted through its wholly-owned subsidiary, Jiuan Hong Kong, focusing on long-term returns in emerging technology fields [8][9].

Core Viewpoint - Chengdu Silica Technology Co., Ltd. (Silica Technology) has demonstrated strong operational performance in the first three quarters of 2025, achieving record highs in revenue and net profit, driven by growth in its main business segments [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, Silica Technology reported revenue of 2.651 billion yuan and a net profit attributable to shareholders of 229 million yuan, representing year-on-year increases of 24.3% and 44.63%, respectively [1]. - The company's overall performance has reached new highs for the same period, reflecting a positive trend in its business operations [1]. Group 2: Business Segments - Silica Technology maintains its leading position in the construction adhesive sector, while its industrial adhesive business is experiencing rapid growth, and the hot melt adhesive business is steadily improving [1]. - The company has been actively developing new products and expanding applications in the industrial adhesive sector, enhancing its market share with major clients such as BYD, CATL, ZTE, and others [1]. Group 3: Strategic Acquisitions - In 2024, Silica Technology successfully acquired Jiangsu Jiahua Hot Melt Adhesive Co., Ltd., a leading player in the hot melt adhesive industry, which has positively impacted its business performance [2]. - The acquisition is expected to contribute to Silica Technology's revenue growth and help it move closer to its goal of achieving a "100 billion yuan" production value [2]. Group 4: Future Outlook - The company is focusing on expanding production capacity and establishing three major production centers in Southwest, East China, and South China to better serve the market [3]. - Silica Technology aims to strengthen its position in the construction adhesive market, increase its market share in industrial adhesives, and actively develop its silicon-carbon negative material business, transitioning towards a "dual main business" development model [3].