证券代码：002250 证券简称：联化科技 编号：20260302 联化科技股份有限公司投资者关系活动记录表 | 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 | 兴业基金 周彦明、刘文婷、陈旭 长江证券 | | | | 王明、万梦蝶 平安证券 曹艳凯 | | | | 国金证券 王明辉 交银基金 张明晓 | | | | 光大证券 蔡嘉豪、李晓琳、陆悦晨 | | | | 野村资管 民水投资 程兰博 | 王道 | | | 国海证券 中信建投 陈俊新 | 王鹏辉 | | | 弘洛基金 招商基金 李佳存 | 吴雅春 | | 时间 | 2026 年 3 月 | 2 日 | | 地点 | 上海办会议室 | | | 上市公司接待人员姓 | 高级副总裁、董秘 陈飞彪 | | | 名 | 证券事务代表 戴依依 | | | | 投资者关系经理 郑天怡 1、公司植保业务情况如何？ | | | | 公司植保板块去库存情况已经见底， ...

格隆汇2月26日丨星凯控股(01166.HK)公告，截至2025年12月31日止6个月，集团录得总营业额约2.38亿 港元，同比减少20.6%。回顾期内，公司拥有人应占亏损约为1512.1万港元，而去年同期公司拥有人应 占亏损约为2622.6万港元。回顾期的每股亏损约为0.13港元(2024年╱2025年中期每股亏损：0.21港元(经 重列))。董事会议决建议不派付截至2025年12月31日止6个月任何中期股息(2024年12月31日中期：无)。 集团将聚焦主营业务，巩固电源线与家电线传统优势，积极拓展电动车、机器人及新能源应用线缆领 域，实现产品升级与技术突破，以适应快速变化的市场环境。同时，公司将实施大客户战略，与核心客 户深化合作，配合其产品布局，共同探索行业转型路径，实现合作共赢。 电线电缆、铜杆加工等基础配套制造业，受家电、电力设备等行业需求萎缩影响，订单量大幅减少，且 铜价高位波动进一步加剧了行业经营难度，企业采购、生产及定价策略均受严重制约。为增强核心竞争 力，公司将健全技术团队，加大自主研发投入，提升新产品开发能力。通过技术创新，不仅满足客户多 样化需求，还将进一步拓展市场份额。 此外，公司将 ...

公司2025年三季报显示，前三季度营收27.3亿元，同比增长17.94%，但归母净利润3748.41万元，同比 大幅下降80.24%，主要因产能建设、研发等投入集中导致费用阶段性增加。2025年全年业绩预告预计 归母净利润亏损1200万元至600万元，亏损原因与此前战略投入相关。 经济观察网富创精密在2026年2月2日至6日集中接待了淡水泉、中信资管、南方基金等24家机构调研， 公司强调坚持大客户战略，并加速全球化产能布局，南通、北京及新加坡基地已陆续投产。股东方面， 国投(上海)基金计划于2026年3月至6月减持股份，而第一大股东沈阳先进制造自2025年5月实施增持计 划，截至2025年12月16日已增持约1.77亿元。 股票近期走势 截至2026年2月12日收盘，富创精密股价报87.68元，当日下跌1.11%，近5日累计跌幅达4.28%。资金面 显示短期承压，2月11日主力资金净流出3985.62万元，2月12日主力净流出进一步扩大至1767.45万元， 换手率维持在1%左右。 财报分析 机构观点 中邮证券于2026年2月9日发布研报，维持富创精密"买入"评级，认为随着产能释放，公司2026年盈利有 望改 ...

Core Viewpoint - The company emphasizes a large customer strategy and aims to enhance its comprehensive service capabilities for leading global semiconductor equipment companies through platform-based and international collaborative layouts [2] Group 1: Strategic Focus - The company is committed to a large customer strategy, focusing on enhancing its service capabilities for major global semiconductor equipment firms [2] - The company aims to accelerate its global layout while strengthening product and technology research and development [2] Group 2: Technological Innovation - The company continues to invest in research and innovation to maintain technological leadership [2] - It utilizes a common technology platform to achieve process integration and intelligent production [2] Group 3: Capacity and Market Position - The company has preemptively reserved capacity to serve both domestic and international leading semiconductor equipment companies [2] - By focusing on large customers and enhancing its full-chain response capability, the company aims to provide efficient and precise solutions, thereby strengthening its competitiveness in both domestic and international markets [2] - The business scale continues to grow, solidifying the company's leading position in the semiconductor equipment components market [2]

Company and Industry Summary Company: 依米康 (Yimikang) Key Financial Performance - The company expects to achieve a net profit attributable to shareholders of 25 million to 37 million yuan for the year, representing a year-on-year growth of 128.69% to 142.46%, marking a turnaround from losses to profitability [1][2] Core Drivers of Performance - **Key Client Strategy**: The significant success of the "key client" strategy is highlighted, with major orders from ByteDance and Alibaba driving growth. Orders for 2025 from both companies are expected to increase substantially, with 270 million yuan from ByteDance and nearly 100 million yuan from Alibaba already secured for 2024 [1][2] - **International Expansion**: By the first three quarters of 2025, overseas orders are projected to reach nearly 80 million yuan, surpassing the total of over 40 million yuan for the entire year of 2024. The company has entered the supply chains of Microsoft and Oracle, and a subsidiary in Malaysia has been established [2] - **Liquid Cooling Technology Breakthrough**: The company has won a bid for the first phase of the Guangzhou Tianhe Intelligent Computing Center, valued at approximately 90 million yuan, utilizing its liquid cooling solution, which validates its full-stack capabilities [2] - **State-Owned Enterprise Empowerment**: The introduction of strategic investment from Sichuan Development is expected to enhance resource synergy by 2026 [2]

Core Viewpoint - The company anticipates that the main factors affecting its net profit growth in the first three quarters of 2025 will be rising raw material prices and reduced foreign exchange gains, alongside increased investments in R&D and marketing [1] Group 1: Financial Performance - The company is facing challenges in net profit growth due to rising raw material costs and decreased foreign exchange income [1] - Increased investments in research and development, as well as marketing, are expected to impact profitability in the near term [1] Group 2: Strategic Initiatives - The company plans to deepen its large customer strategy to enhance the share of high-end products [1] - There is a focus on exploring new products and technologies, particularly in high-value areas such as intelligent driving, smart cockpits, vehicle electronics, and wireless communication [1] Group 3: Operational Efficiency - The company aims to improve operational efficiency and gross margin through refined management, process optimization, and cost control measures [1]

Core Viewpoint - The company emphasizes a customer-centric strategy, focusing on serving existing clients while actively seeking new customers across various sectors such as crop protection, pharmaceuticals, and renewable energy [1] Group 1: Customer Strategy - The company implements a major client strategy across all segments, prioritizing the service of existing customers [1] - The company believes that focusing on serving existing clients and continuously expanding the customer base fosters mutual trust and long-term cooperation [1] Group 2: Market Expansion - The company is actively exploring new clients in the crop protection, pharmaceutical, and renewable energy sectors [1] - The company aims to enhance its technical capabilities and market reach as part of its growth strategy [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is a leader in corporate management training, demonstrating strong growth resilience with a revenue scale that continues to increase, and a net profit margin consistently above 30% since 2023 [9] - The industry benefits from the development of the private economy, with long-term quality leaders having opportunities to increase market share despite short-term macroeconomic pressures [9] - The company leverages a differentiated product strategy and an excellent business team to create a competitive advantage, focusing on practical management training courses and a strong faculty with real-world experience [9] - The strategic focus on large clients, the "Hundred Schools Plan," and AI empowerment are expected to enhance growth flexibility and drive future expansion [9] - Profit forecasts indicate a net profit of 300 million, 350 million, and 400 million RMB for 2025, 2026, and 2027 respectively, with a target price of 52.53 RMB per share based on a 2026 P/E ratio of 18x [9] Summary by Sections Company Overview - The company has been deeply engaged in corporate management training for over 20 years, providing a full lifecycle of management education services, with management training revenue accounting for over 80% of total revenue [14] Industry Analysis - The corporate training industry is experiencing continuous growth, with the market size expected to reach 1.3194 trillion RMB by 2025, driven by an increasing number of enterprises and a growing awareness of training needs [45][46] Product and Team Strength - The company emphasizes research and development to create effective and comprehensive course offerings, utilizing a "factory model" for systematic course development [55] - The faculty includes a mix of local practitioners and international experts, ensuring high-quality course delivery [60] Growth Strategies - The company has successfully implemented a large client strategy, significantly increasing its client base and revenue from major enterprises [72] - AI initiatives are enhancing operational efficiency across various business processes, contributing to improved performance metrics [77][78]

Sales Model - The company employs a "direct sales + distribution" model, primarily using direct sales for domestic clients such as dental technicians, hospitals, and dental clinics, while combining direct sales and distribution for international clients, focusing on large dental technician clients [1] Competitive Landscape - The competitive landscape has evolved from single product and niche market competition to multi-category and solution-based competition, transitioning from localized to global competition. The company aims to become a leading global digital dental comprehensive service provider while exploring transformation and creating differentiated value for customers [2] Product Procurement - The company's products, specifically the Woland implants, have been included in the domestic centralized procurement list for dental implant systems, and the supply to cooperating medical institutions is proceeding as per the procurement agreement [3] Revenue Fluctuations - Historical data indicates that the company's revenue experiences seasonal fluctuations, particularly in the first quarter due to public holidays like Spring Festival and Christmas, which affect business activity and lead to lower revenue contributions during this period [4] Overseas Growth Drivers - The company’s rapid overseas growth is attributed to product and product mix advantages, employing a differentiated product strategy for various market segments, maintaining product leadership, and establishing solid partnerships through competitive pricing and quality [5] - Additionally, the company has implemented a major client strategy by setting up localized sales teams, storage centers, service networks, and training bases in key overseas markets, creating a comprehensive market service system [5] - Brand building in overseas markets is emphasized through exhibitions, training, social media, and model customer development to enhance brand awareness and customer coverage [6]

Core Viewpoint - The company is focusing on a major client strategy in its pharmaceutical business, primarily through a CDMO business model, and has established partnerships with several leading global pharmaceutical companies [1] Group 1: Business Strategy - The company has adopted a CDMO (Contract Development and Manufacturing Organization) business model as its main approach in the pharmaceutical sector [1] - The company is actively expanding its client base by targeting strategic and high-viscosity clients [1] Group 2: Client Relationships - The pharmaceutical division has established stable commercial relationships with a number of high-quality domestic and international clients [1] - The scope of business cooperation is continuously expanding, and the depth of collaboration is increasing [1] Group 3: Future Growth Potential - The company is aligning its product pipeline with the business pipelines of its clients, which will enhance its technical capabilities [1] - Long-term growth in the pharmaceutical business is anticipated as the company continues to promote products during the patent periods of its clients [1]