证券日报网讯三元生物11月25日发布公告，在公司回答调研者提问时表示，今年以来，受市场利率下调 等因素影响，公司投资收益同比显著减少。为了提升经营业绩，公司在成本管控、生产优化及市场布局 等方面持续推进多项举措：通过丰富产品结构以摊薄固定成本，增加新的利润来源；通过光伏发电和设 备节能改造等方式降低能耗成本；持续提升生产线自动化水平，优化人员配置，确保技术人员能够更好 地支持新产品的产业化；在基础研发和工艺优化方面取得阶段性进展，赤藓糖醇的转化率进一步提升， 并围绕新产品形成系统的专利布局；同时，积极拓展国内市场及东南亚、印度、中东等新兴市场，部分 地区的增量需求对欧美市场波动形成一定对冲作用。 （文章来源：证券日报） ...

证券代码：301187 证券简称：欧圣电气 苏州欧圣电气股份有限公司 投资者关系活动记录表 编号：2025-002 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 中信证券股份有限公司、中信建投证券股份有限公司、中 信证券资产管理有限公司、申万菱信基金管理有限公司、 平安养老保险股份有限公司、国海创新资本投资管理有限 公司、上海杉玺投资管理有限公司、深圳创富兆业金融管 理有限公司、山东国泰租赁有限公司、山东国惠基金管理 有限公司、东吴创新资本管理有限责任公司、上海宝弘景 资产管理有限公司 时间 2025年11月18日 10:00-12:00 地点 江苏省苏州市吴江区汾湖高新技术开发区来秀路888号公 司会议室 上市公司接待人员姓名 董事会秘书 罗刚 投资者关系活动主要 内容介绍 一、投资者交流主要问题： 1、公司的三季报数据利润有较大的下滑是什么原 因，明年能重新回到高速增长的轨道吗？ 今年一季度公司业绩维持高速增长，但自二季度起受 中美关税战影响，公司业务受到较大冲击。为提升竞争力 2025 年第三季度，受马来西亚 ...

Market Performance - The U.S. stock market experienced a strong rebound, with the Dow Jones Industrial Average rising by 1.29%, the Nasdaq increasing by 2.21%, and the S&P 500 gaining 1.56% [1] - Major technology stocks saw significant gains, with Broadcom up over 9%, Tesla and Oracle rising over 5%, Google increasing over 3%, and Nvidia gaining over 2% [2] Chinese Stocks - The Nasdaq China Golden Dragon Index rose by 3.21%, with notable increases in Chinese concept stocks such as Century Internet up over 10%, NIO up 7%, and Miniso up over 5% [2] - The Wande China Concept Technology Leaders Index increased by 2.78% year-to-date, reflecting a 45.84% rise [3] Oil Prices - International oil prices saw an increase, with light crude oil futures for November delivery rising by $0.59 to $59.49 per barrel, marking a 1% increase [3] - Brent crude oil futures for December delivery also rose by $0.59, closing at $63.32 per barrel, a 0.94% increase [3] A-Share Market - The A-share market opened lower but closed higher, with analysts suggesting that the current adjustment presents a good opportunity for positioning [3] - Despite short-term adjustments being inevitable, the market is expected to show resilience, with external shocks providing a good opportunity to increase holdings in the Chinese market [3]

Group 1 - The company held an investor reception day and mid-year performance briefing on September 19, 2023, with key management present [1] - Investors raised questions regarding new drug development, market expansion, and production capacity, to which the management provided detailed responses [2] - The company has established a commercial partnership with Sinovac Biotech for the overseas expansion of its drug, Anglatavir, in Macau and is actively pursuing international clinical applications and registrations [2] Group 2 - The company is the only domestic entity with innovative drugs for both COVID-19 and influenza, focusing on the commercialization of its products, Le Ruiling® and An Ruivei® [2] - The company is enhancing its marketing strategies through academic ecosystem development, data service upgrades, and key project practices to increase market share [2] - Ongoing clinical trials include RAY1225 for obesity, ZSP1601 for metabolic dysfunction-related fatty liver disease, and the commercialization of cyclosporine eye drops [2][3] Group 3 - Investors inquired about the company's overseas market development plans, traditional Chinese medicine growth, innovative drug insurance negotiations, stock performance, share buybacks, and executive shareholding [3] - The management assured compliance with relevant laws and regulations and emphasized timely information disclosure [3]

Group 1 - The company held an online investor meeting on September 12, 2025, to address investor concerns regarding its performance and strategies [1] - Investors showed strong interest in the company's R&D progress and market strategies, particularly regarding the flagship store sales of eye drops on platforms like Alibaba Health and JD Pharmacy, which the company currently has no plans for [2] - The company is advancing its I-class new drug, KH110, for Alzheimer's treatment, which is in clinical phase III, but the commercialization timeline remains uncertain due to various factors [2] Group 2 - The company emphasizes shareholder interests and market performance in its value management strategy, focusing on core business, operational quality, and competitive strength [3] - The company is committed to international cooperation and market expansion, with its product, Conbercept, already sold in Mongolia, Pakistan, and Macau, and participating in international medical aid [3] - R&D investment has increased, with a year-on-year growth of 11.27% in the first half of 2025, and the company is focusing on key technology and treatment areas to enhance its R&D capabilities [4] Group 3 - Conbercept remains a core product, maintaining its leadership in the Chinese ophthalmology anti-VEGF market despite new competition [4] - The company anticipates the launch of high-concentration Conbercept by 2028 and gene therapy products around 2030, aiming to create a product array that includes fusion proteins, high-concentration, and gene therapy [4]

Summary of Baolong Chuangyuan Conference Call Company Overview - Baolong Chuangyuan specializes in dietary fibers (resistant dextrin, polydextrose), prebiotics, and allulose, with a growing proportion of export revenue and high acceptance in overseas markets. North America holds the largest market share, while Europe shows significant growth potential, with plans to focus on this market in the next two years [2][3][5]. Key Products and Market Position - The company is the third globally to produce allulose and maintains the leading position in production and sales. Resistant dextrin is primarily sold overseas, with only five companies globally capable of production, while polydextrose is mainly for domestic sales [2][3][8]. - Future growth rates for resistant dextrin and allulose are expected to be between 30-40%, as application coverage and penetration remain low, indicating a broad industry outlook [2][10]. Market Dynamics - The revenue structure is heavily reliant on exports, with North America accounting for 60-70% of export revenue, while Japan, Europe, West Asia, and South Africa contribute 30-40% [3]. - The company plans to invest approximately 1-1.3 billion yuan in projects in China, Thailand, and the U.S. over the next few years, with profit growth expected to be no less than 30%, slightly faster than revenue growth [4][21]. Competitive Landscape - The competitive landscape for allulose is limited, with few manufacturers globally. The company has a technological edge, focusing on product quality in overseas markets, while relying on cost advantages in the domestic market [12][8]. - The dietary fiber segment is characterized by a fragmented market, with resistant dextrin primarily exported and polydextrose focused on domestic sales [9]. Production and Capacity Expansion - The Thai project is under construction, expected to be operational by the end of 2026, which will enhance production capacity and potentially increase gross margins by 10 percentage points [4][24]. - The company has achieved nearly full capacity utilization with an additional 45,000 tons expected to be operational soon, with no concerns about absorbing new capacity [19][25]. Research and Development - R&D focuses on technology enhancement, cost reduction, and quality improvement, ensuring continuous optimization of products [18]. - The company plans to establish a research center in the U.S. if regulations allow, with a total capital expenditure of 1-1.3 billion yuan planned for various projects [21][22]. Customer Base and Risks - The company does not face significant single customer risk, with the largest customer accounting for about 30% of total revenue. Major clients include well-known global brands [26]. - Emerging categories like allulose and konjac flour show potential for growth, with existing clients expanding their product lines [28]. Conclusion - Baolong Chuangyuan is well-positioned for growth in both domestic and international markets, with strategic investments and a focus on product quality and technological advancement. The company anticipates robust profit growth driven by expanding market opportunities and a diverse customer base.

Core Viewpoint - The company, Jinshiyuan, has experienced a significant decline in performance, with a 9.46% decrease in net profit for the first half of the year and a 37.06% drop in the second quarter, indicating a halt in its growth momentum [1][2]. Financial Performance - For the first half of 2025, Jinshiyuan reported a revenue of 6.95 billion yuan, down 4.84% year-on-year, and a net profit of 2.229 billion yuan, down 9.46% year-on-year [2]. - In the second quarter, the company achieved a revenue of 1.852 billion yuan, a decline of 29.69% year-on-year, and a net profit of 585 million yuan, reflecting a decrease of approximately 37% [2]. Contract Liabilities - As of June 30, 2025, Jinshiyuan's contract liabilities were approximately 600 million yuan, a significant decrease of 62.35% year-on-year, suggesting a potentially pessimistic market outlook for its products [1][3]. Market Challenges - The company has faced intensified competition in the liquor industry and limitations in consumer scenarios, contributing to the poor performance of many liquor companies, including Jinshiyuan [2]. - The management has indicated a notable change in the consumption environment since late May, with high-end product sales being particularly affected [4][5]. Strategic Outlook - Jinshiyuan's management has set a 2025 operational target of achieving a revenue growth of 5% to 12% year-on-year, with net profit growth slightly lower than revenue growth [5]. - The company is focusing on maintaining market share in the short term while ensuring price stability and brand image in the long term, which poses a significant challenge in the current competitive landscape [5].

Core Viewpoint - The founder of Yingshi Innovation, Liu Jingkang, celebrated the launch of their new drone product by distributing 200,000 cash to employees, signaling a strong market entry against DJI in the drone industry [1][2]. Group 1: Company Developments - Yingshi Innovation's panoramic drone brand "Yingling Antigravity" announced its public testing on August 14, with plans for a formal launch in January 2026 [2]. - Following the announcement, Yingshi Innovation's stock price surged by 20% on August 15, closing at 224.42 yuan per share, resulting in a market capitalization of 89.992 billion yuan [2]. - The company's market value continued to rise, reaching 107.9 billion yuan on August 18 and 120.3 billion yuan on August 19 [3]. Group 2: Competitive Landscape - Yingshi Innovation and DJI are positioned as key competitors in their respective markets, with Yingshi holding a 67% market share in the global panoramic camera market as of 2024, while DJI commands over 70% of the global consumer drone market [4][5]. - In response to DJI's launch of the Osmo360 panoramic camera, Liu Jingkang announced a price reduction of 500 yuan for Yingshi's new product Insta360 X5, indicating aggressive competition [4][5]. - Both companies are seeking new business avenues to sustain high growth expectations, as they have dominated their respective fields [5].

Group 1 - The company, Shengnuo Group, has entered into a subscription agreement to acquire additional shares in M DK Holdings ApS, increasing its stake from 45% to 55% [1][3] - The total consideration for the acquisition is €5 million, equivalent to approximately HKD 45.9 million, with the subscription price set at about €247.5 per share [1] - The target group primarily engages in the research, design, procurement, trade, and quality assurance of sleep products, furniture, and home decor, focusing on markets in Denmark, the EU, and the US [2][3] Group 2 - The acquisition is expected to enhance the existing business relationship and create operational synergies, thereby consolidating long-term strategic cooperation and expanding the customer base [3] - By obtaining controlling interest, the company anticipates streamlining decision-making processes and improving tailored service offerings for the target group [3] - The target group plans to expand its business into the US market by the end of 2024, which represents a significant growth opportunity beyond its previous focus on the European market [3]

1. Reported Industry Investment Rating - No information provided 2. Core View of the Report - The company's performance in the first half of 2025 increased year - on - year due to the rise in sales volume and price of some products and the effectiveness of cost - reduction and efficiency - improvement measures. The supply - demand situation of some products in the pesticide industry has improved, but the competition for many pesticide products remains fierce and prices are still low, so the industry development trend needs close observation [20] - The company is optimistic about the future development of glufosinate - ammonium and refined glufosinate - ammonium. The market demand for refined glufosinate - ammonium will continue to grow, and the company will expand its market share [22] - The company is positive about the market prospects of chlorantraniliprole and is building production facilities [23] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Lier Chemical, belonging to the pesticide and veterinary medicine industry. The reception time was July 25, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Liu Jun, and Director of the Board Office and Securities Affairs Representative Jin Yongheng [16] 3.2 Detailed Research Institutions - The research institutions include securities companies such as Changjiang Securities, CITIC Securities, and Industrial Securities, and fund management companies such as Huatai - PineBridge Fund, China Europe Fund, and Shibei Investment, along with their relevant personnel [17] 3.3 Main Content Data - **Measures to improve performance**: Ensure the completion of key projects on schedule, optimize existing process technologies, strengthen cooperation with strategic customers, establish international trade subsidiaries, develop the formulation business, increase R & D investment, and ensure safety production [21] - **Glufosinate - ammonium price trend**: The company is optimistic about the future of glufosinate - ammonium and refined glufosinate - ammonium. Although the price is falling, the market demand is growing, and the company will expand its market share [22] - **Refined glufosinate - ammonium project**: The 20,000 - ton/year enzymatic refined glufosinate - ammonium project in Hunan Jinshi has been put into production and is operating normally. The company is accelerating the registration and market layout of refined glufosinate - ammonium overseas [22] - **International market plan**: Strengthen cooperation with strategic customers, establish international trade subsidiaries, develop the international formulation business, and build a market intelligence network in core global markets [22] - **Cyanide project in Jingzhou Base**: The project is in the preliminary stage, and the specific situation is subject to the approval of the company's board of directors [22] - **Chlorantraniliprole project**: The company is optimistic about its market prospects. The production facilities (including key intermediates) are under construction [23] - **Change of controlling shareholder and actual controller**: The company is notified by the controlling shareholder, and the matter needs to go through a series of operations and state - owned asset approval processes. The company will disclose information as required [24]