Group 1: Business Planning and Development - The company has established a subsidiary, Wuxi Suneng Superconducting Materials Technology Co., Ltd., to leverage its technological expertise for the industrialization of superconducting materials research results [1] - The company is focusing on the production and market promotion of superconducting materials, utilizing its advantages in engineering capabilities [1] Group 2: Product Sales and Market Position - The multilayer composite welding strip is a pioneering product for the company, maintaining a high market share in its competitive landscape [1] - The R&D team is actively engaged in further technical research and application of multilayer composite welding strips [1] Group 3: Project Progress and Future Plans - The construction of the Anhui Yubang welding strip production project has been completed, laying the foundation for capacity expansion [1] - Anhui Yubang is implementing an orderly expansion plan in response to market changes in the photovoltaic industry and product technological developments [1] - The company is integrating an information system to transform Anhui Yubang into an intelligent factory, enhancing overall operational management efficiency [1] Group 4: Disclosure Information - The activity did not involve any undisclosed significant information [2]

目前，IPC智能控制系统已在云南石化、辽阳石化、大庆石化、兰州石化等29家石油化工企业的236套 生产装置得到广泛应用，推动智能化工厂建设驶向快车道。 据专利发明人王文新博士介绍，IPC智能控制是以生产大数据为基础，将信息化和工业化深度融合的新 一代智能控制系统，能有效解决生产过程控制难题，使全装置所有控制回路都实现精准控制。解决生产 装置中存在的多变量、非线性、强耦合、纯滞后、间歇式和连续式控制并存、多约束和多目标调控等技 术难题，突破传统先进控制技术难以长期应用的瓶颈，实现生产装置高精度平稳控制，使生产装置更加 稳定、可靠。IPC在中石油云南石化的成功实践和应用，也为其它炼化企业做出了示范。（李春文） 编辑：穆皓 目前，云南石化全厂17套生产装置的22个生产单元均使用了世纪隆博IPC全流程智能控制技术，相当于 为炼化装置装上了"智慧大脑"。 中石油云南石化规划和科技信息部副主任谢皆群表示，IPC系统把装置上下游变化全部纳入自控范围， 一体化全流程优化，极大地减轻了操作压力。如生产装置发生波动，就会自动调整平衡。 据了解，连续重整装置自去年11月在云南石化投运以来，能耗大幅下降，解决了以前因原料性质负荷的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Views - The company has shown steady revenue growth with a year-on-year increase of 7.10% in H1 2025, achieving a total revenue of 7.876 billion yuan and a net profit attributable to shareholders of 554 million yuan, reflecting an 11.42% increase [5] - The company's overseas business has been a significant growth driver, with international revenue increasing by 27.21% year-on-year, while domestic revenue slightly declined by 1.59% [5] - The company has implemented effective cost control measures, resulting in a slight improvement in profitability, with a net profit margin increase of 0.27 percentage points to 7.03% [5] Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 15,223 million yuan, with a projected growth rate of 13% for 2024, reaching 17,157 million yuan [3] - The net profit attributable to shareholders for 2023 was 1,438 million yuan, with an expected increase of 17% in 2025, reaching 1,646 million yuan [3] - The earnings per share (EPS) for 2023 was 1.56 yuan, projected to rise to 1.79 yuan in 2025 [3] Cash Flow and Dividend Policy - The company reported a net cash flow from operating activities of 1.571 billion yuan in H1 2025, representing a year-on-year increase of 21.61% [5] - The company plans to distribute a cash dividend of 4.3 yuan per 10 shares, totaling 389 million yuan, which constitutes 70.2% of the net profit attributable to shareholders, indicating an increase in the dividend payout ratio compared to previous years [5] Employee Incentives - The company has initiated an employee stock ownership plan with a total fundraising amount not exceeding 208 million yuan, aimed at binding core employees and enhancing internal motivation [5]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 14, 2025, via an online platform [4] - Participants included the company's chairman, general manager, financial officer, and board secretary [4] Group 2: Technical Barriers and Cost Structure - The technical barriers for flexible bearings include material and heat treatment processes, thin-walled structure design, and fatigue life verification [6] - The cost of foreign bearings accounts for approximately 15%-25% of the total cost of harmonic reducers, with expectations for domestic costs to drop below 10% in the future [6] Group 3: 2025 Performance Improvement Measures - The company plans to focus on capital market and product market development, aiming for a dual approach to growth [7] - Management reforms will be driven by innovation and strategic planning [7] - Talent development and performance-based compensation systems will be optimized to enhance competitiveness [7] - The company will adjust product structures to meet market demands, particularly in high-end bearing sectors [7] - Smart factory initiatives will be a key focus, including the implementation of AGV logistics and MES systems [7] Group 4: Current Orders and Production Capacity - The company has a saturated order book and operates at full capacity due to long-term supply agreements with clients [8] Group 5: Product Applications and Market Development - The double-row angular contact bearings can be applied in automated equipment, with initial production for a client in Guangdong [9] - The company is developing bearings for humanoid robots, currently in the internal trial phase, with no revenue generated yet [10] - Collaboration with companies like UBTECH and Tesla has not yet resulted in order agreements, but product trials are ongoing [10]