周大生珠宝股份有限公司 代码：002867 证券简称：周大生 编号：2025-042 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(电话会议) 参与单位名称 及人员姓名 共计 2 位投资者（排名不分先后）： 信达证券：骆峥 尚正基金：王惠民 时 间 2025 年 12 月 5 日 地 点 总部会议室 上市公司接待人员 姓名 证券事务代表：荣欢 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就行业情况、自营店规划、国家宝藏、产品结构、产品 毛利率情况、终端销售情况、分红规划等进行了交流，可参阅前次活动 记录表之问答和已披露公告。 接待过程中，公司严格按照《信息披露管理制度》等规定，保证信 息披露的真实、准确、完整、及时、公平，没有出现未公开重大信息泄 露等情况。同时，现场调研的投资者已按深交所要求签署承诺函。 附件清单（如有） 无 日期 2025 年 12 月 5 日 ...

江苏神通阀门股份有限公司投资者关系活动记录表 证券代码：002438 证券简称：江苏神通 编号：2025-022 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □√现场参观 | | | | □其他（电话调研） | | | 参与单位名称及 人员姓名 | Citi | | | 时间 | 2025 年 11 月 21 日 | | | 地点 | 公司会议室 | | | 上市公司接待人 员姓名 | 副总裁：章其强先生 | | | 投资者关系活动 | | 机构投资者就公司生产经营情况、未来发展规划和战略等进行沟 | | 主要内容介绍 | 通交流。 | | | 附件清单（如有） | 具体内容详见附件：2025 | 年 11 月 21 日投资者调研会议记录 | | 日期 | 2025 年 11 月 21 日 | | ...

Group 1: Market Position and Product Strategy - The company has established a price range for its pickled vegetable products between 2 RMB and 12 RMB, with the 60g and 70g products accounting for approximately 50% of total revenue [2] - The B-end channel, particularly in the catering sector, has shown growth, with sales expected to exceed 20% this year, and overall B-end sales surpassing 100 million RMB [2] - The company is focusing on maintaining brand exposure through promotional activities in offline channels, including supermarket displays and targeted marketing campaigns [2] Group 2: Product Development and Innovation - New products launched this year, such as the crispy series, have generated approximately 5 million RMB in sales since May, while other new items have collectively exceeded 10 million RMB in e-commerce sales [7] - The company plans to slow down the introduction of new products next year, focusing on optimizing existing offerings and adopting a flexible, small-batch production model to meet diverse consumer demands [9] Group 3: Supply Chain and Raw Material Management - The company has established a protection price mechanism for raw materials, agreeing to purchase green vegetable heads at a minimum price of 800 RMB per ton, which encourages local farmers to cultivate these materials [5] - The construction of the China Pickled Vegetable City project is progressing, with foundational structures completed and production lines set to be updated based on market demand [6] Group 4: Mergers and Acquisitions - The company is actively seeking suitable acquisition targets within the condiment and compound seasoning sectors, with ongoing evaluations of potential candidates [3] Group 5: Sales and Marketing Strategies - The company employs a dual-channel approach for sales, utilizing both online platforms (e.g., Tmall, JD.com) and offline channels, with dedicated teams for each segment [9] - New product promotions involve online trials followed by offline sales, supported by incentives for sales personnel to boost new product visibility and consumer adoption [4]

Group 1: Company Overview - The company specializes in the research, design, production, and sales of paper printing and packaging products, offering innovative R&D, creative design, color management, intelligent manufacturing, supply chain management, and marketing services [2] - Main products include folding cartons, gift boxes, color boxes, pulp molding, labels, promotional tools, paper bags, and paper-based flexible packaging, serving clients in cosmetics, oral care, personal and home care, food, health products, pharmaceuticals, consumer electronics, tobacco, and alcohol sectors [2] Group 2: Production and Market Strategy - The company has established production bases in South China (Zhongshan), North China (Tianjin, Shenyang), East China (Kunshan, Pinghu), Southwest (Chengdu), and overseas (Vietnam) [2] - Overseas orders are driven by major clients' capacity needs and include some locally developed orders [2] Group 3: Business Growth and Profitability - The company is entering the tobacco and alcohol packaging sectors, with profitability expected to improve as business scales up [3] - Future business growth is anticipated from maintaining leadership in personal care, food and health products, and consumer electronics, while also expanding into tobacco, alcohol packaging, and pulp molding [3] Group 4: Investor Relations and Dividends - The company emphasizes reasonable returns for investors, with cash dividends increasing annually from 2022 to 2024 [3] - The company is committed to sharing operational success with investors while ensuring normal operations and long-term development [3]

Group 1: Financial Performance - In the first half of 2025, the company reported a revenue of 1.489 billion CNY, a year-on-year decrease of 18.86% [2] - The net profit for the same period was 257 million CNY, down 42.90% compared to the previous year [2] - Basic earnings per share were 0.4813 CNY, reflecting a decline of 42.90% year-on-year [2] - The weighted average return on net assets was 5.99%, a decrease of 5.63% year-on-year [2] Group 2: Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - The refrigeration compressors are widely used in commercial buildings, food cold chain, and heating applications, catering to various customer needs [3] - The company has seen growth in screw and magnetic levitation centrifugal compressors used in data center cooling during the first half of the year [3] Air Compression Products - Air compressors serve as core equipment in engineering machinery and are crucial in various industries such as pharmaceuticals, chemicals, and electronics [3] - The company is expanding into oil-free air compressor markets, which have significant potential in industries requiring high air quality [3] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers, indicating a growing recognition of its vacuum products [3] - Although the current contribution of vacuum products to overall performance is limited, the accelerating domestic semiconductor industry presents a promising growth opportunity [3]

Group 1: Investor Relations Activity - The investor relations activity included a site visit to Suning Max Nanjing Huaihai Road store [1] - Participants included representatives from Debang Fund and Western Securities [1] - The meeting took place on October 14, 2025, at 15:00 [1] Group 2: Store Overview and Insights - Investors observed the store's basic conditions, customer flow, and user demographics [1] - Marketing strategies and sales performance of various brands were discussed [1] - User perceptions of brands and services such as Suning Bangke and Suning Friend were shared [1] Group 3: Compliance and Information Disclosure - The company adhered to the "Information Disclosure Management System" to ensure accurate and timely information disclosure [1] - No significant undisclosed information leaks occurred during the meeting [1] - A commitment letter was signed in accordance with the Shenzhen Stock Exchange requirements [1]

中密控股股份有限公司投资者关系活动记录表 编号：2025-011 证券代码：300470 证券简称：中密控股 |  | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 四川发展证券投资基金管理有限公司：刘惠春；中信建投： | | | 李长鸿；泓德基金：赵永建、李昕阳；国信证券：年亚颂； | | 人员姓名 | 华夏基金：张俊 | | 时 间 | 2025 年 9 月 17 日 | | 地 点 | 公司五楼会议室、线上会议 | | 上市公司接待人 | 董事会办公室主任兼证券事务代表 梁玉韬 | | 员姓名 | | | | 1、公司 2025 年上半年经营活动产生的现金流量净额同 | | | 比下降较明显，是什么原因？ | | | 答：今年上半年公司经营活动产生的现金流量净额同比 | | | 下降较明显主要是以下几个方面的综合影响，一是公司国际 | | | 项目的增加带来以电汇结算为主的高精度仪器仪表采购的增 ...

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with 11 participating investors from various institutions [2] - The event took place on September 12, 2025, at the company's headquarters [2] Group 2: Key Discussion Topics - Investors inquired about industry conditions, the company's performance in the first half of 2025, product structure, brand matrix, collaboration with Wuyou Media, and dividend policies [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [2] Group 3: Compliance and Documentation - During the reception, investors signed a commitment letter as required by the Shenzhen Stock Exchange [2] - No significant undisclosed information was leaked during the event, adhering to the company's information disclosure management system [2]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on September 3, 2025, with a total of 4 investors participating [2] - The meeting was held in the headquarters conference room, attended by the securities affairs representative, Rong Huan [2] Group 2: Key Discussion Topics - Investors inquired about the performance in the first half of 2025, including revenue and gross margin details [2] - Topics discussed included gold leasing conditions, the collaboration between Zhou Dashing and the National Treasure project, and product structure [2] - The company ensured compliance with the information disclosure management system, maintaining the accuracy and completeness of disclosed information [2]

Group 1: Company Branding and Market Positioning - The brand "Tianyoude" now accounts for over 50% of the company's proprietary Qingke liquor, leading to the name change to "Tianyoude Liquor" for consistency across branding and securities [3] - The company remains the largest producer of Qingke liquor, focusing on regional perceptions of Qingke and Qingke liquor for promotional strategies [3] Group 2: Market Expansion Strategies - The company is increasing its presence in markets outside Qinghai and Tibet, particularly in Gansu and Sichuan, by enhancing sales channels for products priced below 100 yuan [4] - New product development targets younger consumers, with recent launches including a 28-degree lemon Qingke liquor and a snow pear liquor to cater to diverse taste preferences [4] Group 3: Cost Management and Raw Material Sourcing - Fluctuations in raw material prices have been ongoing, but they do not significantly impact overall costs due to the low percentage of raw materials in total costs [5] - The company has established long-term agreements with farms to secure raw material supply and maintain market balance [5] Group 4: Product Sales Performance - Products priced above 100 yuan constitute approximately 50% of total sales, with a specific focus on the 500 yuan segment that has gained market recognition [6] - The company plans to invest 160 million yuan in expanding its winery in Tibet, leveraging tourism and unique cultural resources to enhance brand visibility [7][8] Group 5: Sales Channels and Profitability - The primary sales channels include direct sales and distribution, with online sales accounting for over 4% in 2024 [9] - In 2024, the company reported a revenue of 1,254.84 million yuan, a 3.69% increase, but a net profit decline of 52.96% to 42.14 million yuan due to increased market expenses and stock incentive plan impacts [10] - To improve profitability in 2025, the company is focusing on revenue growth and precise expense management, particularly in expanding lower-priced product channels [10] Group 6: Future Product Development - The company intends to maintain its focus on Qingke and explore new product lines such as fruit-flavored products and potentially Qingke champagne, responding to emerging consumer trends [11]