（编辑 袁冠琳） 证券日报网1月8日讯 ，华阳智能在接受调研者提问时表示，从财务表现来看，公司2025年前三季度实 现营业收入3.18亿元，较上年同期下降14.52%；归属于上市公司股东净利润为2460万元，较上年同期下 降2.38%。其中第三季度单季归母净利润同比增长61.24%、扣非净利润同比增长107.84%。从主营业务 发展来看，公司聚焦微特电机及组件、精密给药装置两大板块。在微特电机及组件业务方面，公司深度 挖掘存量客户的同时积极开拓新客户群体，加大市场开拓力度，向行业更高端领域倾斜，并加快微特电 机自动化、智能化生产改造，降本增质以增强产品竞争力。在精密给药装置业务方面，公司持续深化与 现有战略客户的合作，客户合作粘性进一步增强，同时积极对接新客户，多个根据客户需求定制的在研 项目已进入检测、验证阶段。 ...

5.自动化生产：采用自动化流水线生产，提高精度和生产效率。 3.标准化与模块化：尺寸适应标准货架和集装箱，提高装载和运输效率。采用模块化设计，可快速组装 或拆卸，满足定制化需求，降低库存成本。 4.功能拓展：提升防护性能,增加防潮、防震、防火等处理，适应精密仪器、危险品等特殊货物。增加多 功能设计，如可折叠木箱（节省空间）、可展示式木箱（兼顾运输与零售陈列）。 木箱包装作为传统的包装方式，在工业、物流、仓储等领域仍有广泛应用，但随着环保、技术和市场需 求的变化，其发展趋势正呈现以下特点： 1.环保与可持续化：木箱结构趋向模块化，便于拆卸和重复使用，降低废弃率。使用水性涂料、无甲醛 胶粘剂等，减少化学污染。 2.强度优化：木箱与塑料或金属部件结合，提升强度。 6.符合法规与认证：适应ISPM 15（国际木质包装检疫标准）等要求，确保跨境运输安全。 未来木箱包装将更注重环保性、智能化和循环利用，通过技术创新与跨行业融合，在保留传统优势的同 时，向高效、低碳、智能的方向转型升级。企业需关注材料革新、数字化工具应用及可持续供应链建 设，以适应市场变化。 ...

Group 1: Company Overview and Market Position - The beverage industry in China is currently experiencing moderate overall prosperity, but the company has performed well in recent years due to its competitive advantages [2][3] - The company has identified a growing consumer demand for healthy, natural, low-sugar, and low-calorie beverages, which has driven market growth [2][3] - As of the first half of 2025, the company's overseas revenue was approximately CNY 441 million, accounting for 46.02% of total operating income [3] Group 2: Financial Performance and Orders - The significant increase in liabilities during the third quarter of 2025 is attributed to a rise in orders on hand and an increase in advance payments [3] - The company has a sufficient backlog of orders, indicating strong future revenue potential [4] - The growth rate of contract liabilities has outpaced revenue growth due to factors such as a substantial increase in orders and longer fulfillment cycles for non-standard manufacturing [4] Group 3: International Market Strategy - The company primarily exports to Southeast Asia, India, Africa, the Americas, and Europe [4] - The international sales model mainly relies on agency sales, supplemented by direct sales in certain regions [4] - The company aims to enhance its market presence by optimizing product and customer structures and improving brand image [3][4] Group 4: Production and Automation - The company's factory expansion project is progressing steadily, with plans to gradually introduce automation while maintaining skilled labor for complex production processes [4][5] - The typical production cycle after a contract is signed is approximately 3-6 months, followed by a 2-4 month period for transportation and installation [4] Group 5: Profitability and Cost Structure - The gross margin in international markets is higher than in domestic markets due to product cost advantages and differences in market competition [5] - The company’s packaging machinery typically has an economic lifespan of around 10 years, influenced by various factors including technological advancements and market demand [5]

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 西部证券股份有限公司：朱北岑 紫金矿业投资（上海）有限公司：王凯 时间 2025 年 11 月 12 日 15:00-16:30 地点 山东省枣庄市市中区十里泉东路 1 号 泰和科技 会议室 上市公司 接待人员 姓名 1、董事长、总工程师：程终发 2、董事会秘书、财务总监：石 卉 投资者关 系活动主 要内容介 绍 本次调研不涉及应披露的重大信息。 调研问题回复： 1、公司主业水处理药剂是否还有降本及盈利提升空间？ 回复：泰和科技这几年集中精力对十几个车间进行技改，基本 实现了自动化、连续化、无人化、智能化，原材料的利用率接近于 100%，费用也降到了行业的较低水平，比如 16 万吨 HEDP 车间， 算上车间主任、安全员、设备管理员共 20 人左右，人员成本降低， 后续降本空间不大。盈利主要靠给客户提供更优质服务和定制化产 品服务，来获取一定的溢价空间。 2、公司硫化锂项目目前进展如何？ 证券代码：300801 证券简称：泰和科技 山东泰和科技股份有限公司 2025 年 1 ...

Core Viewpoint - The company is enhancing its production efficiency and precision by utilizing automated equipment such as welding robots and intelligent groove cutting robots [2] Group 1 - The company responded to investor inquiries on November 3 regarding its production processes [2] - The implementation of automation in production is aimed at improving work efficiency [2] - The use of advanced technology is expected to increase precision in manufacturing operations [2]

Summary of Yongchuan Intelligent Conference Call Industry and Company Overview - **Company**: Yongchuan Intelligent - **Industry**: Liquid food packaging, beer, dairy, and robotics Key Points and Arguments Liquid Food Packaging - Yongchuan Intelligent has secured over 1 billion yuan in orders for 2024 and 2025, capturing approximately 10% market share, primarily benefiting from the demand for sterile filling lines in the health beverage market [2][3] - The company’s products can produce low-sugar and sugar-free beverages, meeting ultra-clean filling standards, which is crucial for competing with foreign counterparts [3] Beer Industry - The company holds a 70% market share in glass bottle filling lines, with an annual market size of approximately 300-500 million yuan [4] - The growth in this sector is driven by the replacement cycle of production lines and capital expenditures from breweries, with potential for significant increases in order volume [5] - Collaboration with Budweiser to expand overseas markets, although current overseas business volume is limited [5] Dairy Industry - The market for ambient dairy equipment is approximately 5-6 billion yuan annually, historically dominated by Tetra Pak [6] - Yongchuan Intelligent has made significant advancements in technology, achieving a satisfactory defect rate in equipment, which is expected to enhance profitability with a gross margin of 35% [6] Robotics Business - The company entered the humanoid robotics sector in early 2025, iterating products multiple times and leveraging automation experience [7] - There is a substantial market potential with 500,000 customers in the carton industry, each potentially needing humanoid robots [7] - Standard machines are low-cost and quick to deliver, catering to small and medium-sized clients looking for automation upgrades [8] Financial Performance - Revenue is steadily increasing, primarily from long-term orders in liquid food packaging, with expected delivery of orders in 2026 driving revenue growth [10] - Net profit was suppressed in 2024 but is projected to recover in 2025, potentially reaching 300 million yuan in 2026 [10][11] Future Development Directions - Future growth is anticipated from the expansion of the robotics business and breakthroughs in ambient dairy equipment, targeting second and third-tier clients [12] - The company is focusing on improving order quality, avoiding unprofitable contracts, which will enhance overall performance [12] Additional Important Insights - The company has made significant progress in its robotics business, with expectations of increased production capacity and profitability by 2026 [9] - The integration of humanoid robots into existing automation solutions is expected to improve market share and operational efficiency [8]

Summary of Dinglong Technology Conference Call Company Overview - **Company**: Dinglong Technology - **Industry**: Telecommunications and Automotive Key Points Financial Performance - **Gross Margin**: Increased to 31.8% in Q3 2025, up from 27.4% in Q2 2025, attributed to product structure adjustments and high margins on telecommunications products, particularly the 122G product [2][12] - **Net Profit**: Q3 net profit was 61 million yuan, slightly down from 63 million yuan in Q2, indicating stable profitability [3] Telecommunications Business - **122G Product**: Monthly demand rose from 1.3 million units in Q2 to 1.5 million units in Q3, with expectations for year-end stockpiling [2][4][7] - **56G Product**: Demand decreased from 200-300 thousand units to 70-80 thousand units monthly, but remains stable [4][7] - **24G Product**: Expected to begin mass production in 2026, currently contributing minimally to revenue [4][7] Automotive Business - **Revenue Contribution**: Automotive business revenue share decreased to 10% due to rising metal material prices and adjustments to unprofitable products [2][5] - **BMS Aluminum Busbar Project**: Automatic line received customer approval, with mass production expected in Q1 2026 [2][5] - **Cost Pressures**: Rising metal prices have increased costs, particularly affecting automotive modules [8] Liquid Cooling Products - **Current Status**: In customer validation phase, with mass production expected to start by year-end or Q1 2026 [2][6] - **Production Facilities**: A cleanroom has been established to meet customer requirements [6][13] Future Growth Expectations - **New Projects**: Anticipated revenue growth from liquid cooling and BMS projects starting in 2026 [9] - **Market Adaptation**: Plans to optimize telecommunications and automotive business structures to mitigate raw material price fluctuations [9] Automation Investments - **Investment in Automation**: Significant investments made in automation equipment, expected to enhance production efficiency and reduce labor costs by Q1 2026 [19] - **Production Capacity**: Automation will allow for 24-hour continuous production, reducing quality risks associated with manual labor [19] Competitive Landscape - **Liquid Cooling Competition**: Two forms of competition exist; bundled delivery of liquid cooling plates and connectors is favorable for the company, while separate deliveries could pose challenges [20] - **Product Layout**: Focus on dual-layer cooling and liquid cooling products, with potential expansion into other product lines [21][25] Regional Expansion - **Vietnam Investment**: Ongoing registration and land acquisition for a new facility in Vietnam, expected to complete construction by the end of 2026 and begin production in early 2027 [24] - **Client Partnerships**: Collaborations with companies like Amphenol and Luxshare are progressing, with potential for increased production capacity in Vietnam [27] Market Demand and Pricing - **224G Product**: Anticipated rapid demand growth in 2026, with a price increase of approximately 20% due to EMI shielding factors, maintaining a profit margin of 33-35% [4][17] - **Price Adjustments**: The company is prepared for potential price reductions in the 122G product, estimated at 2-3% in 2026 [22] Revenue Projections - **Automotive Connector and BMS Revenue**: Expected revenue of 200-300 million yuan from automotive connectors and BMS projects in 2026, with a focus on high and low voltage connectors [23] Quarterly Trends - **Q4 Shipment Trends**: Positive shipment trends observed, with October demand at approximately 1.5 million units, expected to increase by year-end [28] Conclusion - **Strategic Focus**: The company aims to maintain profitability and adapt to market changes while expanding its product offerings and production capabilities in both telecommunications and automotive sectors [29]

Core Viewpoint - Longlide (300883) is leveraging a significant number of industrial robots in its automated production lines to enhance efficiency and reduce costs through automation and intelligence [1] Group 1: Automation and Robotics - The company utilizes industrial robots primarily for repetitive tasks such as material handling, stacking, and product transportation (e.g., AGV/AMR) [1] - The implementation of these robots is fundamental to achieving automation and smart manufacturing [1] Group 2: Future Developments - As the company continues to grow, it plans to consider the application of humanoid robots in the future [1]

Core Insights - Foreign executives, including Ford's CEO, expressed astonishment at China's technological advancements during their visit to smart manufacturing factories [1][3] - The visit highlighted China's superior production costs and automotive quality compared to Western factories, prompting some executives to reconsider their internal production plans [3][5] Group 1: Technological Advancements - Ford's CEO Jim Farley was impressed by innovations in autonomous driving, artificial intelligence, and facial recognition technology in Chinese factories [3] - The president of Fortescue Metals Group, Andrew Forrest, noted the efficiency of Chinese assembly lines, which are largely automated and operated by robots [3] Group 2: Workforce and Innovation - The CEO of Octopus Energy, Greg Jackson, remarked on the shift from reliance on government subsidies and cheap labor to a workforce of highly skilled engineers driving innovation in China [5] - The International Federation of Robotics reported a significant increase in the number of industrial robots in China, from 189,000 in 2014 to over 2 million by 2024 [5] Group 3: Global Competitiveness - Despite the large population being cited as a reason for China's achievements, data shows that China's robot usage per capita surpasses that of the US, Germany, and the UK [5] - The chief economist of the European Centre for Reform emphasized the need for the West to invest in robotics technology to keep pace with China's innovation [5]

Core Insights - The production efficiency of ceramic mugs is significantly influenced by the manufacturing process of the handle, with automation being a key solution to enhance productivity [1][3] - The ceramic industry in Hunan Liling is experiencing a revival through the adoption of automation technologies, including robotic arms and 3D printing, leading to improved production capabilities [3][5] - Liling's ceramic industry is not only focused on daily-use ceramics but also plays a crucial role in the electrical porcelain sector, contributing to a substantial share of national production [3][5] Group 1: Automation and Production Efficiency - Hunan Taoer Ceramic Technology Co., Ltd. showcased an automated ceramic handle production machine that can mold a handle in under a minute, significantly reducing manufacturing time and improving cleanliness in the production environment [1][3] - The traditional method of producing handles through pouring liquid clay into molds is less efficient and requires skilled labor, highlighting the advantages of automation [1][3] Group 2: Industry Growth and Technological Advancements - Liling has seen nearly 100 ceramic manufacturers invest approximately 400 million yuan in automation and intelligent upgrades, installing around 1,100 sets of automated production equipment [3][5] - The electrical porcelain sector in Liling is projected to account for nearly 30% of the national output in 2024, with high-voltage insulators making up over 40% of the national production [3][5] Group 3: Integration with Tourism and Employment - The ceramic industry in Liling is a significant driver of local employment, directly supporting around 200,000 jobs across various sectors, including research, manufacturing, and sales [7] - The integration of ceramics with tourism has created experiential opportunities for visitors, enhancing the region's appeal and contributing to economic growth [7]