投资者关系活动记录表 编号：2025-004 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： 投资者集体接待日 参与单位名称 及人员姓名 线上参与公司2025无锡上市公司投资者集体接待日活动 的投资者 时间 2025年11月4日（周二） 15:30-17:00 地点 全景网"投资者关系互动平台"（https://ir.p5w.net）网络互动 上市公司 接待人员姓名 副总经理、董事会秘书 陈 瑶 副总经理、财务总监 陈 平 投资者关系活动 主要内容介绍 主要内容如下： 1、在今年 5 月份的投资者关系活动中，公司明确说明并购是 今年的工作重点，请问今年的工作目标能实现吗？ 答：尊敬的投资者您好！并购事项存在复杂性且需要一定周 期，公司一直在持续推进，感谢您对公司的关心与支持！ 2、公司会收购哪类公司？ 答：您好，公司目前倾向于与公司有协同的高端精密加工、 新材料或新能源汽车领域类的标的，谢谢！ 3、公司打不打算转型了，转型有什么具体步骤？ 答：尊敬的投资者您好！转型工作按公司发展规划有序推进 1 证券代码：300694 证券简称： ...

Core Insights - The financial leasing industry in China is undergoing a transformation, shifting from scale-driven growth to quality-driven development, with a focus on "transformation" as a core objective [2][5] - The industry has seen significant growth in total assets and leasing assets, with a reported total asset of 4.58 trillion yuan and leasing assets of 4.38 trillion yuan by the end of 2024, reflecting year-on-year growth of 9.65% and 10.24% respectively [3] - Green leasing assets have also shown robust growth, reaching 1.07 trillion yuan, which is a year-on-year increase of 19.87% [3] Group 1: Industry Developments - The financial leasing sector has achieved several milestones, including the first SPV satellite leasing business and the first green financial bond certification [1] - Companies like交银金租 have made breakthroughs in green finance, completing the first transformation financial ship leasing business in the industry [1] - The industry is increasingly focusing on new production capacities, such as computing power and low-carbon transitions in sectors like steel [1][2] Group 2: Strategic Focus - Financial leasing companies are aligning their strategies with national goals, emphasizing high-quality development and industry empowerment [2][5] - The industry is expanding its reach into various sectors, including aerospace, new materials, and renewable energy, indicating a broadening of business scope [2][3] - Companies are adopting a "financing + asset" model to create a collaborative ecosystem, enhancing sensitivity to emerging industries [2] Group 3: Regulatory Environment - The regulatory framework is evolving, with policies in finance, taxation, and customs supporting the leasing industry, particularly in regions like Tianjin [4][5] - The industry anticipates a stricter and more unified regulatory environment in the upcoming "十五五" period, which is expected to support structural adjustments [5][6] Group 4: Future Outlook - The keywords for the financial leasing industry in the "十五五" period are expected to be green development, technological innovation, and high-end manufacturing [6] - Companies are encouraged to innovate their product and service models to better serve the real economy, focusing on high-end, intelligent, and green transformations [6] - Strategic directions include aligning with national strategies, expanding global markets, ensuring compliance, and leveraging technology for growth [6]

Financial Data and Key Metrics Changes - Company reported Q1 sales of $304 million, an 18% increase from $257 million in the prior year quarter [10] - Gross margin improved to 27.1% from 24.3% year-over-year, despite a $2.2 million purchase accounting charge related to inventory from Elgen [4][11] - Adjusted EBITDA for the quarter was $65 million, up from $48 million in Q1 of last year, with an adjusted EBITDA margin of 21.4% compared to 18.8% in the prior year [11] Business Line Data and Key Metrics Changes - Consumer products segment sales were $119 million, up 1% year-over-year, with adjusted EBITDA of $16 million and a margin of 13.6% [15] - Building products segment sales grew 32% year-over-year to $185 million, driven by higher volumes and contributions from Elgen, which added $21 million in sales [16][17] - Adjusted EBITDA for building products was $58 million, with a margin of 31.3%, compared to $40 million and 28.4% in Q1 last year [17] Market Data and Key Metrics Changes - The consumer environment remains cautious, with demand closely correlated to point-of-sale activities [15] - The building products segment is benefiting from a transition to more environmentally friendly refrigerants, contributing to growth in cooling and construction products [17] Company Strategy and Development Direction - Company is focused on building a sustainable growth platform through innovation, transformation, and acquisitions [6] - The acquisition of Elgen is seen as a strategic move to enhance capabilities in commercial HVAC and broaden market reach [7][74] - Company aims to leverage its culture and operational efficiencies to drive growth and improve margins [8][71] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds such as cautious consumer behavior and high interest rates impacting construction activity, yet remains optimistic about future growth [5][8] - The company is committed to maintaining a disciplined approach to capital allocation while pursuing growth opportunities through M&A [48][50] - Management believes that the ongoing initiatives will lead to improved free cash flow conversion as capital expenditures normalize [14] Other Important Information - Company reported a trailing 12-month free cash flow of $156 million, representing a 94% conversion rate relative to adjusted net earnings [12] - The Board of Directors declared a quarterly dividend of $0.19 per share payable in December 2025 [14] Q&A Session Summary Question: Can you elaborate on the margin improvements in the building products segment? - Management indicated that solid execution in normalized markets and growth in heating and cooking products contributed to margin improvements, with expectations of reaching 12-13% over time [22] Question: What are the drivers for WAVE's outperformance? - WAVE's strong performance is attributed to healthy end markets such as education and healthcare, which offset weaknesses in office and retail sectors [25] Question: How is the company addressing tariff impacts? - Management noted that tariffs have created complexities, but being a domestic manufacturer provides a competitive edge in pricing [28] Question: Can you discuss the M&A pipeline and capital allocation priorities? - The company is focused on balanced capital allocation with a bias towards growth, actively seeking high-margin, low-asset intensity businesses for acquisition [48][49] Question: How is the company managing operational efficiencies? - The company is implementing 80/20 initiatives to reduce complexity and improve results, with plans to expand these efforts across the portfolio [69][70]

Financial Data and Key Metrics Changes - Company reported Q1 fiscal 2026 earnings of $0.70 per share, up from $0.48 per share in the prior year quarter, with adjusted earnings at $0.74 per share compared to $0.50 per share last year [10][11] - Consolidated sales for the quarter were $304 million, an 18% increase from $257 million in the prior year quarter, driven by higher volumes in the building product segment and the inclusion of Elgin Manufacturing [10][11] - Gross margin improved to 27.1% from 24.3% year-over-year, despite a $2.2 million purchase accounting charge related to Elgin [4][11] Business Line Data and Key Metrics Changes - Consumer products sales in Q1 were $119 million, up 1% year-over-year, with adjusted EBITDA of $16 million and a margin of 13.6%, down from $18 million and 15.1% last year [15] - Building products sales grew 32% year-over-year to $185 million, with adjusted EBITDA of $58 million and a margin of 31.3%, compared to $40 million and 28.4% in Q1 last year [16][17] Market Data and Key Metrics Changes - The consumer environment remains cautious, with demand closely correlated to point-of-sale activities, while the building products segment showed strength in cooling and construction products [15][16] - Elgin Manufacturing contributed $21 million in sales for Q1, enhancing the company's position in commercial HVAC [16][17] Company Strategy and Development Direction - Company is focused on building a sustainable growth platform through innovation, transformation, and acquisitions, with recent product launches driving market share growth [6][7] - The acquisition of Elgin Manufacturing is seen as a strategic move to enhance capabilities in commercial HVAC and broaden market reach [7][76] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds such as cautious consumer behavior and high interest rates but expressed confidence in the company's growth trajectory and ability to capture market opportunities [5][8] - The company is optimistic about future performance, believing that its best days are ahead despite ongoing challenges in various end markets [8][9] Other Important Information - The company invested $13 million in capital expenditures during the quarter, with $9 million related to facility modernization projects [12][14] - The board declared a quarterly dividend of $0.19 per share payable in December 2025 [14] Q&A Session Summary Question: What drove the margin in the building product segment? - Management indicated that solid execution in normalized markets and growth in heating, cooking, and cooling products contributed to improved margins, with expectations of reaching 12-13% over time [22][23] Question: What are the drivers for WAVE's outperformance? - WAVE continues to perform well, driven by strong end markets in education, healthcare, and transportation, with expectations of steady performance moving forward [25] Question: How is the company addressing tariff impacts? - Management noted that tariffs have created complexities, but being a domestic manufacturer provides a competitive edge, allowing for better pricing strategies [26][28] Question: What is the outlook for the M&A pipeline? - The company remains optimistic about M&A opportunities, focusing on high-margin, low-asset intensity businesses in niche markets [49][50] Question: How does seasonality affect the business? - Management explained that Q1 and Q2 are typically weaker due to seasonality, with expectations for stronger performance in Q3 and Q4 [90]

Core Insights - The stock price of Sichuang Medical has plummeted due to a criminal investigation initiated by the Hangzhou Public Security Bureau regarding fraudulent securities issuance, marking another significant crisis for the company after a hefty fine of 85.7 million yuan imposed by the Zhejiang Securities Regulatory Bureau last year [1][2]. Financial Fraud - Regulatory investigations have uncovered a chain of fraud involving Sichuang Medical, where in 2020, the company inflated profits by 83.94 million yuan, accounting for 67% of the total profit for that period, through its wholly-owned subsidiary, Yihui Technology [2]. Business Impact - The repercussions of the fraud have severely affected the core business of Yihui Technology, which has faced repeated failures in public hospital tenders due to reputational damage. The company's revenue is projected to drop to 169 million yuan in 2024, with a net loss of 320 million yuan, representing a nearly 60% decline from 417 million yuan in 2022 [3]. Strategic Restructuring - On May 30, Sichuang Medical announced the sale of Yihui Technology to a state-owned enterprise for nearly 300 million yuan, marking a complete exit from the smart healthcare sector. The company stated that the divestiture was necessary to concentrate resources on developing business intelligence [4]. Transition Challenges - Following the focus shift to business intelligence, Sichuang Medical aims to leverage its leading global EAS hard tag production capacity and RFID technology. However, the business intelligence segment is expected to see a revenue decline of 15% in 2024, with a gross margin drop of 4.83 percentage points to 21.54%. Despite an increase in revenue share to 72.5%, growth momentum remains insufficient [5].

Core Viewpoint - Lu Kang Pharmaceutical is facing significant challenges with a projected net profit decline of over 50% year-on-year for the first half of 2025, while its main business revenue growth continues to slow down and profit margins are further compressed [2] Group 1: Financial Performance - The company has experienced a continuous slowdown in revenue growth since 2022, with net profit showing a fluctuating downward trend [2] - In 2024, factors such as raw material price fluctuations, rigid cost increases, and ongoing domestic procurement policies have further squeezed the company's profit margins [2] Group 2: Fundraising and Expansion Plans - Lu Kang Pharmaceutical is advancing a targeted fundraising plan of up to 1.2 billion yuan for the expansion of multiple production bases and new product research and development [2] - The fundraising projects include high-end anti-infection formulation industrialization, the establishment of a biopharmaceutical CDMO platform, and the reserve of innovative drug varieties, all of which are encouraged by current policies and market trends [2][3] - The feasibility and market absorption capacity of these projects have been questioned, particularly regarding the company's current technical capabilities and market development strength [2][3] Group 3: Market Position and Strategy - The company is attempting to enter the innovative drug and CDMO business to create new growth opportunities, with high hopes for its proposed biopharmaceutical CDMO platform [3] - However, the domestic CDMO market is highly competitive, with established players like WuXi AppTec and Kelun already having strong customer loyalty and technical barriers [3] - The company's transformation narrative lacks continuity, with previous investments in various areas yielding low returns and diminishing market confidence in its ability to deliver [4] Group 4: Market Reaction and Future Outlook - Following the announcement of the fundraising plan, the company's stock price initially rose but weakened after the profit forecast was released, indicating market caution regarding its ability to achieve internal recovery and external support [4] - Despite the challenges, the company still possesses a certain level of defensive value in the raw material and formulation sectors, and is seen as a key player in the regional pharmaceutical innovation ecosystem [5] - The company stands at a crossroads between stagnation and bold breakthroughs, with the success of its fundraising efforts dependent on its strategic execution and ability to adapt to competitive pressures [5]

Group 1 - The article reflects on the life journey of an individual who has moved through various cities, highlighting the importance of adaptability and seizing opportunities in different environments [9][10][11] - The narrative emphasizes the transformative experiences in the individual's career, from working in Shanghai to relocating to Hong Kong and eventually to Auckland, showcasing a continuous pursuit of personal and professional growth [7][9][12] - The discussion includes the evolution of workspaces and industries, illustrating how traditional spaces can be repurposed to meet modern needs, as seen in the transformation of a historical building into a VR experience center [13][14][15] Group 2 - The article mentions the broader context of industry changes, where many individuals and businesses are undergoing transformations to adapt to new market conditions, indicating a trend of innovation and resilience [12][17][19] - It highlights the significance of collaboration and teamwork in achieving success, suggesting that individual efforts alone are insufficient in navigating complex challenges [20] - The narrative also touches on the personal stories of individuals in various fields, such as publishing and media, who are redefining their careers amidst industry shifts, reflecting a common theme of reinvention and perseverance [21][27][30]

Financial Data and Key Metrics Changes - In Q4, the company reported a revenue increase of 14% year-over-year, excluding the deconsolidation of SCS, and an 8% increase when excluding both SCS and revenues at Bradesco [5] - Gross margin improved to 29.3% from 24.8% year-over-year, while adjusted EBITDA margin rose to 26.8% from 19.8% [5][16] - Adjusted earnings from continuing operations were $1.06 per share, up from $0.74 per share in the prior year quarter [15] Business Line Data and Key Metrics Changes - Consumer Products Q4 net sales were $126 million, essentially flat compared to the prior year, with adjusted EBITDA of $21 million and a margin of 16.6%, up from 13.6% [20] - Building Products Q4 net sales grew 25% year-over-year to $192 million, with adjusted EBITDA of $71 million, representing a margin of 37% compared to 33.6% in the prior year [21][22] Market Data and Key Metrics Changes - The company noted that volumes in the consumer segment remain closely tied to point of sale activity, with cautious consumer behavior impacting overall demand [20] - The building products segment experienced a strong seasonal quarter, with volumes up 19% both sequentially and year-over-year [21] Company Strategy and Development Direction - The company continues to leverage its business system focusing on innovation, transformation, and M&A to drive growth [5][8] - The recent acquisition of LG Manufacturing is seen as a strategic fit that complements the existing building products business and is expected to enhance margins and cash flows [9][50] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future growth, citing ongoing tariff and economic uncertainties but emphasizing a strong focus on customer care and operational efficiency [12][44] - The company aims to achieve a gross margin over 30% and maintain SG&A as a percentage of sales at 20% or less in the coming years [29] Other Important Information - The company announced a quarterly dividend increase of 12% to $0.19 per share, reflecting strong earnings and a commitment to returning capital to shareholders [19] - Free cash flow for the full fiscal year totaled $159 million, representing a 103% conversion rate relative to adjusted net earnings [18] Q&A Session Summary Question: Can you break down margin growth? - Management indicated that half of the margin expansion was due to the deconsolidation of SES, with the rest driven by volume growth and product mix improvements [26][27] Question: What were the drivers for Wave's contributions? - Contributions were attributed to a mix of volume demand, project timing, and pricing, with steady performance expected moving forward [30][32] Question: What are the expectations for organic growth? - Management noted that while visibility is limited due to macroeconomic factors, they remain cautiously optimistic about organic growth in both consumer and building products [44][49] Question: How does the company approach pricing amid input cost inflation? - The company is actively working on price risk mitigation strategies and hedging to manage input cost volatility, particularly in steel [59] Question: What are the objectives for the next year? - Management emphasized a focus on long-term growth, investing in culture, automation, and strategic M&A while navigating economic uncertainties [99]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report mainly presents the questions raised by investors during the analyst meeting of Fuxing Co., Ltd. and the company's responses, reflecting the company's current business situation, development plans, and future strategic directions. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Fuxing Co., Ltd., belonging to the real estate development industry. The reception time was on June 12, 2025, and the company's reception personnel included the board secretary Xiao Yongchao and the securities affairs representative Chang Yong [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Question about wire rope business**: The company will increase research on the industry and market, adjust product structure according to market supply - demand changes, adhere to production based on sales, reduce and compress inventory, strengthen quality management, and improve service levels to expand sales and achieve economic benefits [24]. - **Company's development and transformation plans**: The company's transformation is being actively promoted, and announcements will be made in a timely manner if there is progress [25]. - **Acquisition of property company**: The project has no progress for the time being [27]. - **Institutional investors among circulating shareholders**: There are many institutional investors among the company's current circulating shareholders, including fund companies [27]. - **Main business after real - estate inventory development**: The company's real - estate projects are still under development, and announcements will be made if the main business changes [28]. - **Reorganization progress and market - value improvement plan**: The company will adhere to stable operations, actively explore fields such as biomedicine, new energy, and new materials. In terms of market - value management, it will enhance internal value and promote the resonance of internal value and brand value in the capital market [29]. - **Implementation of equity incentive in 2025**: Announcements will be made if there are relevant plans [30]. - **Stock repurchase plan**: As of now, the company has no such plan, and announcements will be made if there are changes [33]. - **Acquisition progress of Yueming Optics**: As of now, the project has no progress [34]. - **Number of shareholders as of June 10**: There were 43,100 shareholders as of June 10, 2025 [35]. - **Solution to the stock price being lower than the net asset value**: The company attaches great importance to market - value management, explores ways of shareholder returns, enhances internal value, and promotes the resonance of internal value and brand value in the capital market [36][37].

Group 1: Business Performance and Challenges - The steel wire rope business has been consistently losing money, and the company plans to enhance market research and adjust product structure to improve sales and economic benefits [1] - The company is currently developing real estate projects, and any changes to its main business will be announced in a timely manner [2] - As of June 10, the number of shareholders is 43,100 [4] Group 2: Future Development and Strategic Plans - The company is actively pursuing transformation in sectors such as biomedicine, new energy, and new materials, aligning with its industrial upgrade and transformation needs [3][4] - There are no current plans for stock buybacks, but any future plans will be announced promptly [4] - The company emphasizes the importance of market value management and is exploring shareholder return methods while maintaining strategic focus [5] Group 3: Investor Relations and Communication - The company values communication with investors to enhance recognition of its brand in the capital market [5] - Any developments regarding stock options or acquisitions will be announced as they arise [3][4]