| | √特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系 | □媒体采访 | | □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | | | √现场参观 | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 财通证券轻工行业分析师 | | | | 及人员姓名 | | | | | 时间 | 年 月 日（星期二）上午 11 25 | 2025 | 11:00-14:00 | | 地点/形式 | 公司现场交流 | | | | 上市公司接待 | 董事会秘书陈彬海、财务负责人赵琪、证券事务代表林贵华 | | | | 人员姓名 | | | | | | 1、简单介绍公司经营业务情况 | | | | | 回复：公司主要业务包括纸制印刷包装产品的研发、设计、生产 | | | | | 和销售，为客户提供创新研发、创意设计、色彩管理、智能化生 | | | | | 产、供应链管理、终端营销服务及其他个性化需求配套解决方案 | | | | | 服务。 | | | | | 公司主要产品包括折叠彩盒、礼盒、彩箱、纸浆模塑、标签、促 | | | ...

每经记者｜张虹蕾 每经编辑｜魏官红 4月16日，杉金光电启动仪式暨战略发布会在北京召开。杉杉股份通过增资方式收购了LG化学旗下部分 地区LCD偏光片业务及相关资产70%的股权，杉金光电成为全球最大的偏光片供应商。 "收购偏光片是杉杉的第三次跨界，也是我60岁以后的又一次重大创业。我从20多岁接手资不抵债的甬 港服装厂，做成中国西服第一品牌；1996年上市，成为中国服装第一股；在服装如日中天的时候转型新 能源，用20年时间成为全球最大的锂电池正极、负极、电解液综合材料供应商。现在开始，做好偏光片 业务将是我最重要的工作。我再次出任杉杉股份董事长，就是要全力以赴，强势推动，以持续的投入、 持久的耐心再造一个新杉杉。"郑永刚表示，偏光片国产化顺应了国家战略需求，也是杉杉股份的重要 机遇。 封面图片来源：摄图网 杉杉控股董事局主席郑永刚在发布会现场表示，杉杉通过并购，拿到了世界上最顶尖的资产、最顶尖的 技术，实现了我国在光电材料领域这项卡脖子技术的突破，打破了国外企业对这项重要技术的垄断和封 锁，为显示产业的全面超越补齐了短板。 提及此次并购的原因，郑永刚表示，杉杉之所以能够拿下LG偏光片，一是背靠强大的中国力量。多 ...

Core Viewpoint - The company is actively exploring merger and acquisition opportunities within its industry, emphasizing a cautious approach to decision-making based on various strategic factors [2] Group 1: Mergers and Acquisitions - The company is paying close attention to beneficial merger and acquisition opportunities that align with its development goals, but acknowledges the complexity and need for suitable timing in such processes [2] - Decisions regarding mergers and acquisitions will be made after a comprehensive evaluation of strategic planning, industry prospects, business synergies, and acquisition costs [2] Group 2: Production Capacity and Market Demand - By mid-next year, the company will have over 30 imported foam core line extruders to match market demand [2] - The company’s power products, including cable accessories and various insulation protection products across voltage levels of 1-500kV, hold a leading position in the industry, serving major clients such as State Grid, Southern Power Grid, and local power bureaus [2] Group 3: Nuclear Power Products - The company’s nuclear-grade cable accessory products have been successfully applied in multiple domestic and international nuclear power projects, achieving a leading bid rate in the industry [2] - Collaborations exist with major nuclear power companies, including China National Nuclear Corporation, China General Nuclear Power Group, and State Power Investment Corporation [2] Group 4: Research and Development Investment - To align with the development needs of its various business segments and seize industry opportunities, the company is increasing its investment in research and development and capacity layout [2] - Currently, there are no plans for share buybacks, but the company will adhere to legal disclosure requirements if such plans arise in the future [2]

Financial Data and Key Metrics Changes - The company's Q3 2025 revenue was $5.0 million, down from $5.4 million in Q3 2024, a decrease of $0.4 million primarily due to $0.8 million from discontinued services with two proactive customers [7][10] - Gross profit increased to $2.1 million in Q3 2025 from $1.9 million in Q3 2024, with gross margin improving to 41% from 35% [8][10] - The net loss for Q3 2025 was $3.4 million, or $0.26 per diluted share, compared to a net loss of $2.9 million, or $0.23 per diluted share in Q3 2024 [10][11] - Adjusted EBITDA improved to $0.8 million in Q3 2025 from $0.2 million in Q3 2024 [11] Business Line Data and Key Metrics Changes - PeriShip revenue decreased approximately 14% in Q2 2025 compared to the previous year, but Q3 2025 saw a smaller decline of about 7% due to sales and marketing efforts [4][5] - Operating expenses decreased to $1.7 million in Q3 2025 from $2.5 million in Q3 2024, attributed to the divestiture of the TrustCodes business and cost-cutting measures [10][11] Market Data and Key Metrics Changes - The transition to a new proactive shipping partner is expected to impact Q4 2025 and Q1 2026 revenues, with no specific guidance provided for 2026 at this time [5][9] - The company anticipates remaining cash flow positive for the full year of 2025 despite the transitional revenue impact [12][13] Company Strategy and Development Direction - The company is focused on transitioning to a new proactive shipping partner, which is believed to provide a better platform for sustained organic growth in the long term [5][13] - The management emphasizes the importance of maintaining customer loyalty during the transition and is actively working to facilitate customer shifts to the new partner [19][30] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the transition from the previous shipping partner and the impact on revenue, but expressed optimism about future growth and operational efficiencies [3][13] - The company plans to provide specific guidance for 2026 in the next earnings call, indicating a commitment to transparency and strategic planning [5][30] Other Important Information - The company recognized a one-time non-cash impairment expense of $3.9 million in Q3 2025 related to goodwill and intangible assets in the PeriShip business [9][10] - The cash balance as of September 30, 2025, was $4.0 million, with $1 million available under a line of credit and no outstanding borrowings [11][12] Q&A Session Summary Question: What was the revenue contribution of the proactive business that ended in September? - Management indicated that they do not have a precise figure for the revenue contribution from the proactive business, as it is a dynamic situation with ongoing customer transitions [17][21] Question: Can you provide last year's Q4 revenue contribution from the FedEx business? - Management stated that all proactive customers used FedEx last year, but they cannot provide a specific percentage of Q4 revenue from that business due to customer turnover and ongoing transitions [20][22] Question: What is the status of potential M&A discussions? - Management confirmed ongoing conversations regarding potential acquisitions but noted that timing is difficult to predict [25] Question: How much of the operating expense improvement was due to TrustCodes? - Approximately $500,000 of operating expenses in Q3 2024 were associated with TrustCodes, indicating significant cost reductions in the current period [27]

Core Viewpoint - The recent "gambling buyback dilemma" is a common challenge faced by PE/VC and startup companies, with the Supreme People's Court's draft opinion addressing frequent disputes related to buyback agreements [1][2] Group 1: Legal Framework and Implications - The draft opinion confirms the validity of gambling agreements with non-listed companies but imposes special restrictions on their enforcement, while denying the validity of such agreements with listed companies [2][5] - The new judicial interpretation aims to clarify disputes in the gambling buyback sector, particularly regarding valuation adjustment agreements and market value adjustment clauses [3][5] - The draft opinion states that any gambling agreements tied to listed companies, such as those linked to price-to-earnings ratios or stock prices, will generally be deemed invalid [5][6] Group 2: Market Conditions and Trends - The current venture capital market remains a "buyer's market," with limited funding supply and many startups signing gambling agreements due to their weaker financing position [1][10] - As of November 6, the number of IPOs in A-shares for the year was only 90, indicating a significant decrease compared to nearly 400 in 2020, with expectations of around 100 IPOs annually in the future [10][11] - The merger and acquisition market has seen increased activity, with 230 major asset restructuring deals disclosed since the introduction of new policies, although it still does not meet the demand of numerous companies that have received equity investments [10][11] Group 3: Recommendations and Future Directions - Suggestions include improving the assessment error tolerance mechanism for state-owned capital, establishing effective exit mechanisms, and developing S funds to alleviate exit bottlenecks [2][10] - The draft opinion provides a legal basis for resolving gambling buyback disputes, emphasizing the importance of protecting the stability of companies, especially public ones [8][11] - To address the gambling buyback dilemma, there is a need for further judicial improvements and the introduction of more commercial perspectives in litigation, alongside enhancing the marketization of IPOs, mergers, and S funds [11]

Group 1 - The article highlights a total of 102 financing events in the domestic primary market this week, an increase of 13 events compared to the previous week, with a total disclosed financing amount of 5.895 billion RMB [7] - The most active sectors in terms of financing events are intelligent manufacturing, healthcare, and artificial intelligence, with 26, 17, and 16 events respectively [8] - In terms of disclosed financing amounts, the artificial intelligence sector leads with a total financing scale of approximately 2.39 billion RMB, including a nearly 200 million USD Series C financing for the surgical robot developer "康诺思腾" [10] Group 2 - The regional distribution of disclosed financing events is primarily concentrated in Guangdong, Jiangsu, and Zhejiang, with 26, 19, and 14 events respectively [14] - The early-stage companies dominate the financing events with 74 occurrences, while 27 are in the growth stage and only 1 in the late stage [18] Group 3 - This week, there were 8 disclosed completed M&A events in the domestic market, a decrease of 9 compared to the previous week, with notable transactions in the automotive, healthcare, and artificial intelligence sectors [36] - Hainan Airlines Holdings acquired 100% of the aviation training service company Tianyu Fei Training for 799 million RMB, which focuses on high-quality training services for aviation personnel [37]

Core Viewpoint - TianTong Co., Ltd. (600330) is currently facing challenges in its photovoltaic equipment segment, while opportunities lie in piezoelectric crystal materials and integrated inductors. The electronic materials business is developing steadily. The company has maintained a dividend payout of at least 30% of its net profit attributable to shareholders annually [1][4]. Group 1: Business Challenges and Opportunities - The company is experiencing phase-specific difficulties in the photovoltaic equipment sector, with future opportunities primarily in piezoelectric crystal materials and integrated inductors [1]. - The electronic materials segment is showing stable growth, indicating a balanced portfolio despite challenges in other areas [1]. - The company has made significant investments in piezoelectric crystal materials, positioning itself among the top players in this field domestically [3]. Group 2: Technological Advancements - TianTong has achieved multiple technological breakthroughs in C-axis sapphire crystal growth, including the successful industrialization of 400 kg C-axis crystals and the development of 1000 kg crystals, enhancing material utilization and production capacity [2]. - The company employs an improved KY method and proprietary crystal growth furnaces, resulting in significantly lower energy consumption compared to traditional methods [2]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 2.459 billion yuan, a year-on-year decrease of 3.96%, and a net profit attributable to shareholders of 57.32 million yuan, down 53.85% [6]. - The third quarter alone saw a main revenue of 875 million yuan, a decline of 11.8%, and a net profit of 4.71 million yuan, down 89.61% [6]. - The company has a debt ratio of 30.61% and a gross margin of 19.82%, indicating financial pressure and the need for cost reduction measures [6][4]. Group 4: Strategic Outlook - The company is focused on the new materials and intelligent equipment sectors and is open to evaluating potential mergers and acquisitions to enhance its business capabilities [5].

Summary of PHINIA Conference Call Company Overview - PHINIA is a diversified industrial company with approximately $3.4 billion in revenue and 12,000 employees globally [3][4] - The company operates in various markets including aftermarket, light vehicles, off-highway construction, and commercial vehicles, primarily under the Delphi brand [3][4] Financial Performance - In Q3, PHINIA reported sales of $908 million, an 8% increase year-over-year, with adjusted EBITDA of $133 million, representing a margin of 14.6% [11][12] - The company expects an average organic growth rate of 2%-4% from 2021 to 2023, with strong margins in the 14%-15% range and a net leverage of about 1.4% [6][7] - Free cash flow for the previous year was over $240 million, with a target of approximately $190 million for the current year [7][12] Market Dynamics - The company has a diversified customer base, with 34% of sales coming from service portions, including independent aftermarket and original equipment service [4] - PHINIA has a balanced geographical presence, with around 40% of sales from the Americas and Europe, and a joint venture in India contributing over $200 million [4][5] Tariffs and FX Impact - The company anticipates a total tariff impact of $40-$50 million for the year, which is expected to be offset by customer agreements [21][22] - PHINIA has been proactive in ensuring compliance with USMCA regulations and is evaluating its manufacturing footprint in response to tariff impacts [22][24] Competitive Landscape - PHINIA has gained market share by continuing to invest in combustion technologies while competitors have exited the market [37][38] - The company aims to increase its market share in gasoline direct injection (GDI) from low teens to over 20% by the end of the decade [38] Aerospace Opportunities - PHINIA has recently entered the aerospace market, having won contracts and completed quality certifications, with expectations for further business growth [47][48] M&A Strategy - The company completed a tuck-in acquisition of SEM, an ignition company, for about $50 million, which aligns with its focus on commercial vehicle and alternative fuels [10][50] - Future acquisitions will focus on companies with significant exposure to commercial vehicles and aftermarket services, with a preference for lower multiples compared to PHINIA's current valuation [51][56] Capital Allocation - PHINIA prioritizes organic growth, maintaining a strong dividend, and evaluating M&A opportunities against share buybacks [63] Conclusion - PHINIA is positioned for stable growth with a focus on alternative fuels, electronics, and strategic acquisitions, while navigating challenges from tariffs and market dynamics [8][9][60]

Financial Data and Key Metrics Changes - Total revenues increased by 21% quarter-over-quarter to $64.1 million, with adjusted EBITDA growing by 45% to $17 million, resulting in a margin expansion of 430 basis points to 26.5% [2][4][6] - Written premium rose by $67.6 million, or 16.9%, year-over-year to $467.7 million, with strong growth in both insurance services and MGA [4][5] - Net income was $9.6 million, up 40% year-over-year, with an adjusted net income increase of 55% to $13 million, equating to an adjusted net income margin of 20% [7][8] Business Line Data and Key Metrics Changes - Insurance services grew by $56 million, or 16.5%, while MGA experienced a growth spike of $11.7 million, or 19.2% [4][5] - Organic revenues increased by $5 million, reaching $54.2 million, demonstrating a solid organic growth rate of 10.2% [6] Market Data and Key Metrics Changes - The personal lines market is normalizing, with carrier appetite returning and rate increases moderating, which is positively impacting retention and new business growth [2][3] - The market is transitioning from hard to soft, affecting renewal rates and premium retention, with expectations of stabilization by the second quarter of 2026 [20][21] Company Strategy and Development Direction - The company is focused on investing in technology initiatives, executing accretive M&A goals, and expanding retail and MGA distribution channels [3][10] - The strategic priorities remain unchanged, emphasizing profitable growth and deepening relationships with carriers and agencies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year 2025 targets, citing a strong balance sheet and ongoing recruiting and acquisition initiatives [8][10] - The company anticipates executing more M&A deals in 2026 compared to 2025, with a focus on cultural fit and portfolio quality [16][50] Other Important Information - The company ended the quarter with $151 million in cash and no draws on its revolver, positioning itself well for organic initiatives and potential M&A [8] - The company has tightened its guidance for total revenues to between $240 million and $245 million for the full year 2025 [8] Q&A Session Summary Question: Clarification on $10 million attributed to other investments - Management clarified that this is related to their Premium Finance operations, which have been funded internally for higher yields [12][15] Question: Expectations for M&A pipeline in 2026 - Management expects to execute M&A earlier in the cycle in 2026 compared to 2025, with a robust pipeline [16] Question: Insights on market environment and organic growth - Management discussed the impact of the market transitioning from hard to soft, affecting renewal rates and premium retention, with growth in exposure offsetting reduced premiums [20][21] Question: Impact of new agents on growth rate - Newly recruited agents are expected to contribute to organic growth over a multi-year process, with their impact factored into forecasts [22][24] Question: Trends in MGA channel performance - The MGA channel saw strong premium growth, with commission income growing faster due to a new program launched in Florida [27][28] Question: Comparison of EBITDA margins between Corporate and Agency-in-a-Box - Corporate locations have greater margins than Agency-in-a-Box due to retaining 100% of renewal commissions [38]

（来源：IPO热点） 香港资本市场迎来强势复苏，IPO市场交出三年来最亮眼成绩单。 来源：市场资讯 中金公司资本市场部执行负责人施琦近日披露，截至目前香港IPO融资规模已突破300亿美元，较去年 的100亿美元和前年的不足60亿美元实现跨越式增长。更值得关注的是，国际长线资金加速入场，主权 基金等罕见跻身基石投资者阵营，叠加超百家储备项目加持，市场对2026年IPO热潮延续形成强烈预 期。 A+H股成绝对主力：20%项目贡献60%融资额 100家储备项目打底：2026增长确定性拉满 IPO强势表现的可持续性得到扎实储备项目的支撑。施琦透露，目前中金在手的IPO储备项目已超100 家，其中不乏A股头部企业的港股上市计划。"尽管A股IPO节奏逐步放开，但仍有大量头部企业计划赴 港上市，A+H上市热潮有望持续。"她强调，充足的项目储备将确保2026年本港IPO市场保持强劲势 头。 对于此前引发市场热议的未盈利生物医药股"数千倍超购"现象，施琦提示理性风险。她指出，生物医药 赛道国际竞争力提升推动估值重估是重要原因，但行业内企业多处于早期阶段，存在"鱼龙混杂"的情 况，中金对此类项目的内部审核已显著收紧，市场认购情绪 ...