Investor Day June 10, 2025 Forward-looking statements and other references Certain statements and information set forth in this presentation contains "forward-looking statements" and "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of future plans and operations and are based on current internal ex ...

冰轮环境：公司中标逾1.9亿元冷链物流园项目，约占公司2024年度经审计营业收入的2.9%。 ...

中信建投 大消费联合会议 20250608 摘要 老铺黄金计划 2025 年开设 7-8 家新店，预计贡献当年 1/3 收入，剩余 部分在 2026 年体现，显著提升未来两年收入。目标到 2026 年底总门 店数达 33 家，虽未及 50 家目标，但增长潜力巨大，单店贡献 10 亿元 收入可期。 黄金镶嵌品类在高端市场仍受欢迎，客单价超万元市场规模约 1,000 亿 元。老铺黄金与周大福在该细分市场竞争优势明显，新锐品牌短期内难 以构成威胁，公司未来业绩增长具备较强竞争力。 618 大促期间快递揽收量同比增 12%，派件量增 15.26%，月度滚动平 均增速约 20%。大促日常化利于快递行业资源利用，但前期为抢占份额 增加成本投入，或致前三季度业绩承压。 快递行业面临增速放缓和价格竞争加剧的双重挑战。5 月增速环比下降， 预计 6、7 月增速维持在 15%左右。应重点关注头部公司价格战动态及 市场份额变化，以便及时调整策略。 国补暂停或因额度消耗过快及支付系统升级，预计未来恢复。全国已使 用国补约 1,600 亿元，全年预算约 3,000 亿元，后续恢复可期，政策调 整或提供买入良机。关注消费券形式的可能性。 ...

Group 1 - Jiangsu Province's Ministry of Industry and Information Technology announced the list of advanced intelligent factories for 2025, with three companies from Suzhou High-tech Zone's Xushuguan successfully selected: Suzhou Xingye Material Technology Co., Ltd., China Nuclear Valve Technology Co., Ltd., and Carel Electronics (Suzhou) Co., Ltd. [1] - Suzhou Xingye Material Technology Co., Ltd. was established in 1996 and has developed into a high-tech enterprise occupying 286 acres, a publicly listed company, and a national "specialized, refined, and innovative" small giant enterprise. The company has a 4,543 square meter R&D center and offers over 200 specifications and varieties of products, with its main products ranking first in the domestic market for cold core box resin and self-hardening furan resin. [1] - China Nuclear Valve Technology Co., Ltd. integrates R&D, design, manufacturing, and sales of industrial valves, providing solutions for various industries including oil, natural gas, nuclear power, and pharmaceuticals. It was listed on the Shenzhen Stock Exchange in 1997 and is the first listed company in China's valve industry and under China National Nuclear Corporation. [1] Group 2 - Carel Group, founded in 1973 and headquartered in Padova, Italy, focuses on providing commercial air conditioning, refrigeration, and humidification control solutions. Carel Electronics (Suzhou) Co., Ltd. was established in 2005 as the Asia-Pacific headquarters and has developed a diversified product matrix covering commercial refrigeration and industrial humidification, achieving a digital intelligent factory status and recognized as a provincial green benchmark. [2] - China Nuclear Technology has focused on self-reliance in technology, enhancing its independent innovation capabilities in R&D, technical services, and equipment manufacturing. The company utilizes 5G networks for real-time interconnection of devices and cloud platforms for dynamic data collection and analysis, forming a closed-loop intelligent management system covering production, equipment, quality management, and supply chain collaboration. [2] Group 3 - The Xushuguan area has established a tiered cultivation system of "smart workshops - smart factories - lighthouse factories," promoting the deep integration of new-generation information technology and manufacturing. Currently, the area has built five provincial benchmark factories and advanced intelligent factories, along with 34 smart workshops, forming industrial clusters in high-end equipment, new-generation information technology, and biomedicine. [3]

Core Viewpoint - The company Sanhua Intelligent Control is accelerating its listing in Hong Kong, establishing an "A+H" share structure, and is recognized as a leading manufacturer in the refrigeration and automotive thermal management sectors [1][2]. Financial Performance - Sanhua Intelligent Control reported revenues of approximately RMB 213.48 billion, RMB 245.58 billion, and RMB 279.47 billion for the years 2022, 2023, and 2024 respectively, with corresponding profits of about RMB 26.08 billion, RMB 29.34 billion, and RMB 31.12 billion [3][4]. - The company plans to distribute cash dividends totaling RMB 13 billion in the first nine months of 2024, with a recent dividend of RMB 2.5 per 10 shares [1][3]. Business Segments - The company operates two main business segments: refrigeration and air conditioning components, and automotive components, with revenue contributions of approximately 64.8% and 35.2% respectively in 2022 [4][5]. - The CAGR for the refrigeration and air conditioning components from 2020 to 2024 is 14.48%, while the automotive components segment has a CAGR of 46.55% during the same period [6][7]. Market Position - According to Frost & Sullivan, Sanhua Intelligent Control holds a 45.5% market share in the global refrigeration control components market and ranks fifth in the automotive thermal management system components market with a 4.1% share [1][3]. Strategic Initiatives - The company is actively expanding into the bionic robotics sector, focusing on electromechanical actuators, which are essential components for bionic robots [8][10]. - A planned investment of no less than RMB 3.8 billion is set for the development of a research and production base for electromechanical actuators and domain controllers in Qiantang District [9][10]. Financial Health - As of the end of 2024, the company reported total liabilities of RMB 168.35 billion and total assets of RMB 363.55 billion, indicating a relatively high debt level [11][12]. - The company's cash and cash equivalents decreased to RMB 3.444 billion by the end of 2024, raising concerns about liquidity amid significant R&D investments of RMB 1.352 billion [12].

Core Viewpoint - The air conditioning industry is experiencing intense price competition, leading to significant personnel changes and strategic partnerships among key players, including the potential collaboration between Huang Hui and Meibo Air Conditioning [2][6]. Company Developments - Huang Hui, former president of Gree Electric, has reportedly joined Meibo Air Conditioning, although the specifics of his role remain undisclosed [2]. - Huang Hui previously left Gree in February 2021 for Philips Air Conditioning, where he served as chairman and oversaw the establishment of a major production base in Chuzhou, Anhui, with an investment of 10 billion yuan [2][4]. - Philips Air Conditioning has struggled to gain market share, failing to break into the top 20 in both online and offline channels in China [3]. Market Dynamics - The air conditioning market is facing a price war, with brands like Xiaomi offering low-cost models, which has pressured mid-tier and lower-tier brands [6][7]. - Data indicates that from May 26 to June 1, 2023, online sales in the air conditioning market saw a slight decline in both sales volume and average price, while offline sales experienced a minor increase [6]. - The competitive landscape is shifting, with leading brands like Midea and Gree now targeting lower price segments, which could threaten smaller brands [7]. Strategic Partnerships - Meibo Air Conditioning is in discussions with Huang Hui, potentially related to the transfer of his 19% stake in Enboli (Philips Air Conditioning) [5]. - Meibo aims to leverage Huang Hui's experience to enhance the quality and reputation of its air conditioning products [5][7]. - The collaboration may face challenges due to Meibo's focus on cost-effective products, which may not align with Huang Hui's previous experience in higher-end markets [8].

长虹美菱股份有限公司投资者关系活动记录表 编号：2025-13 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（请文字说明其他活动内容） 参与单位名称 及人员 WFM Asia：Brian Wong、Humphrey Zhang 时间 2025 年 6 月 6 日 地点 公司行政一号会议室 上市公司接待 人员姓名 副总裁兼董事会秘书：李霞 证券事务经理：吕明 投资者关系活 动主要内容介 绍 1.请介绍下公司国内市场的营销能力 答：公司国内市场持续优化销售网络及服务体系，为用户提 供高品质服务，坚持"推精品、健渠道、抓协同、提效率、控风 险"五大关键举措，推动根据地市场、机会市场建设，不断强化 营销能力。产品方面，打造差异化心智产品，整合线上线下推广 资源推精品；渠道方面，聚焦基础渠道夯实、零售渠道跑赢、增 量渠道拓展；管理方面，完善组织机构，提升运营及服务效率。 通过坚定的对标对阵和创新管理实现产品领先和效率提升，打造 营销体系能力和长期发展潜力。 2.请问 2025 年贵司美菱海外冰箱业务怎么去推动？ 答：2025 年公司冰箱海外业 ...

今年一季度，马来西亚空调行业消费景气度明显走弱。 多位经销商以及品牌商对《马来西亚智能家居网》表示，一季度空调销量较去年同期相比明显减少，主要有以下四个原因： 一是今年温度低于去年同期水平，尤其是1～2月温度较低，抑制了居民对空调的需求；二是消费市场呈现紧缩特征；三是电费上涨增加了家庭 支出，抑制了消费者对大件家电的需求；四是去库存压力影响了经销商引入新品策略。 在空调行业总体承压、甚至很多品牌市场份额下滑的背景下，海尔是行业为数不多保持增长的品牌。 海尔空调市场份额从2024年同期的15.1%小幅上升至16.7%。冷柜、冰箱、洗衣机等其他主要品类也实现全面增长，展现出强劲的品牌韧性和 结构性优势。 除空调以外，今年一季度，海尔冰箱销售收入同比增长 46%，其中多门和TM700增幅最大，分别增长43%和198%。这是海尔冰箱持续创新、 以中高端品类撬动市场的阶段性成果。 海尔高端产品持续放量 是结构性增长的必然 今年一季度，海尔空调在马来西亚逆势上扬，其主打的高端变频产品线成为增长主力，也是海尔早期锚定"高端产品才是未来"的阶段性成果展 现。 在马来西亚，海尔通过产品结构调整，迅速将变频节能、空气净化、智能调 ...

Group 1: Hong Kong Stock Market Performance - As of May 2025, the total market capitalization of the Hong Kong securities market reached HKD 40.9 trillion, representing a 5% increase month-on-month and a 24% increase year-on-year [1] - The average daily trading amount in May was HKD 210.3 billion, up 50% compared to the same period last year [1] - In the first five months of the year, there were 29 new listings on the Hong Kong Stock Exchange, a 38% increase year-on-year, with IPO fundraising amounting to HKD 77.7 billion, a staggering 709% increase from the previous year [1] Group 2: Company Developments - Sanhua Intelligent Controls successfully passed the hearing for listing on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy. The company's projected revenues for 2022, 2023, and 2024 are RMB 21.348 billion, RMB 24.558 billion, and RMB 27.947 billion, respectively, with net profits of RMB 2.608 billion, RMB 2.934 billion, and RMB 3.112 billion [2] - Jiangnan Buyi announced plans to acquire land use rights in Hangzhou for a modern park integrating digital R&D and intelligent warehousing, indicating a proactive approach to business expansion despite the uncertainty of the bidding outcome [3] - Jinjiang Hotels announced its intention to issue shares and list in Hong Kong to enhance its global strategy and improve governance. The funds raised will be used to expand overseas operations, repay bank loans, and supplement working capital, despite a decline in revenue and net profit in 2024 [4] Group 3: Market Indices - The Hang Seng Index closed at 23,906.97, with a daily increase of 1.07% [5] - The Hang Seng Tech Index reached 5,319.96, reflecting a 1.93% increase [5] - The National Enterprises Index stood at 8,684.73, up by 1.26% [5]

英国《经济学人》杂志 5 月 29 日文章，原题：印度需要打开空调 今年3月底，印度气象部门预测，4月将 比往年同时段气温更高，4月也是印度步入炎热季节的第一个月。这一预测很快得到印证：4月第一周， 印度大城市气温比正常阈值高出3°C。到了第二周，印度首都新德里遭遇强劲热浪，就连夜间最低气温 也创下多年来新高，导致与高温相关的疾病患病率急剧上升。 升温慢 ≠ 遭罪少 印度向来气候炎热，最近几年更是有越来越热的趋势。过去10年是有记录以来最热的10年。然而，它的 变暖速度不如地球其他地区快。在过去40年里，地球陆地的温度每10年上升0.3°C，印度同纬度地区的 温度则上升0.23°C，而印度的这一数字仅为0.09°C。 相较同纬度地区，印度为何升温没那么快？原因有两个。一是农业灌溉面积扩大。自1980年以来，印度 的农业灌溉面积翻了一番，空气中的水分吸走部分热量，但代价是湿度急剧上升，有时甚至会达到危险 的程度。在酷热的印度，尽管37°C的气温对许多人而言可以接受，但如果加上90%的湿度，那么这份湿 热甚至可能致命。 印度升温幅度较小的另一个原因是空气污染。白天，空气中的颗粒物会阻挡太阳光线，吸收热量。它还 会 ...