路演现场，公司方在回复投资者提问时表示，公司荣获中国橡胶工业协会评定的"中国传动带、橡胶履 带十强/八强企业"（唯一一家橡胶履带专营企业）、"中国橡胶履带强势企业"、"胶管胶带行业产品单 项冠军"等荣誉称号。根据最新的QYResearch研究报告、中国橡胶工业协会胶管胶带分会出具的《证 明》，公司的国内市场占有率排名第一。 元创科技股份有限公司首次公开发行股票并在深交所主板上市网上路演于2025年12月8日（星期一） 14:00-17:00在全景路演成功举行。 ...

Core Points - The company announced a total fundraising amount of 638 million yuan from its initial public offering, with a net amount of 564 million yuan [1] - By 2025, three fundraising projects, including the "Intelligent Factory Construction for Transmission Belts," are expected to reach their intended usable status and are planned for completion [1] - A total of 376 million yuan is planned to be invested in these three projects, with a cumulative investment of 324 million yuan already made [1] - The company has not yet paid 30.7858 million yuan, with cumulative earnings of 8.0961 million yuan and remaining funds of 29.5032 million yuan [1] - The company plans to retain the 30.7858 million yuan for final payments and will permanently supplement working capital with the remaining funds, which has been approved by the board and is pending shareholder meeting approval [1]

Core Insights - The transformation of the traditional rubber industry in Yangzhou is highlighted by the adoption of green manufacturing practices, exemplified by Dongxing Rubber's advanced environmental protection systems and significant sales growth [1][2][3] Group 1: Company Innovations - Dongxing Rubber has implemented a million-dollar waste gas collection system that ensures zero excess emissions while achieving a projected sales revenue of 150 million yuan this year [1] - The company has developed high-temperature conveyor belts that can operate stably in environments ranging from 200℃ to 500℃, addressing previous environmental challenges [1] - The collaboration with East China University of Science and Technology has led to the development of a wet continuous mixing technology that enhances rubber wear resistance by 40% [3] Group 2: Industry Transformation - The local rubber industry, with nearly 30 years of history, is undergoing a transformation through the integration of new technologies and processes, making traditional products suitable for major enterprises [2] - The establishment of a "voluntary + mandatory" dual-track clean production mechanism has resulted in a 100% clean production audit pass rate for key enterprises in the region [2] - A circular economy model is being developed, where rubber scraps are converted into recycled rubber materials, and waste heat steam is shared among enterprises, promoting resource efficiency [2] Group 3: Government and Economic Impact - The collaboration between government and enterprises is crucial in driving the clean production initiatives and technological upgrades in the rubber industry [2] - The shift from "pollute first, control later" to "green is competitiveness" reflects a broader trend towards high-quality economic development in the region [3] - The integration of ecological protection with rubber product manufacturing is positioning the industry for sustainable growth [3]

Core Viewpoint - Fengmao Co., Ltd. plans to issue convertible bonds to unspecified investors, with a total fundraising target of up to 610 million yuan, aimed at financing several projects and supplementing working capital [1][2][4]. Group 1: Convertible Bond Issuance - The convertible bonds will be issued at a face value of 100 yuan each and will be listed on the Shenzhen Stock Exchange's ChiNext board [1]. - The bonds will have a term of six years from the date of issuance, with the interest rate to be determined based on market conditions and company specifics [1][2]. - The initial conversion price will not be lower than the average trading price of the company's A-shares over the 20 trading days prior to the announcement [1][2]. Group 2: Fundraising Allocation - The total investment for the projects funded by the raised capital is approximately 690 million yuan, with 610 million yuan allocated from the bond issuance [3]. - The specific projects include: - Intelligent chassis thermal control system production base (Phase I) with a total investment of 600 million yuan, using 520 million yuan from the raised funds [3]. - Annual production of 8 million automotive hoses with a total investment of 65 million yuan, using 65 million yuan from the raised funds [3]. - Supplementing working capital with an allocation of 25 million yuan [3]. Group 3: Financial Performance - For the third quarter of 2025, the company reported a revenue of 242 million yuan, a year-on-year increase of 4.46%, while the net profit attributable to shareholders decreased by 31.06% to 24.45 million yuan [4][6]. - Year-to-date revenue reached 674 million yuan, reflecting a slight increase of 0.58%, but the net profit attributable to shareholders fell by 27.74% to 84.94 million yuan [5][6]. - The net cash flow from operating activities was reported at 28.49 million yuan, down 16.38% year-on-year [5][6].

Core Insights - The export of China's rubber hose and belt products is steadily increasing, while imports are gradually decreasing, indicating a strong domestic market expansion and improved domestic substitution capabilities [1][2] - From 2020 to the first half of 2025, the export scale of China's rubber hose and belt industry is significantly larger than that of imports, with the total export value of conveyor belts, hoses, and drive belts being approximately 3.5 times the import value and the total export volume about 15.4 times the import volume [1] Industry Performance - The conveyor belt sector shows strong self-sufficiency and significant export potential, although it faces anti-dumping investigations; the hose industry has been growing steadily, leading in export value among the three product categories, but still relies heavily on imports for high-value-added products; the drive belt sector has seen an increase in added value, with narrowing price gaps compared to foreign products, yet it remains less competitive internationally [1][2] Pricing Dynamics - Despite the growth in export scale, the industry continues to face a "low-price export, high-price import" situation, with the average export prices of all three product categories being lower than their import prices, indicating that exports are primarily mid-to-low-end products while high-value-added products are still imported [2] Strategic Recommendations - The industry should abandon low-quality, low-price competition and focus on mid-to-high-end markets to enhance core competitiveness and achieve qualitative and quantitative growth [2] - Increased R&D investment is necessary to align with trends in green low-carbon and new productivity, aiming for differentiated development and customized services [2] - The industry must be vigilant against global economic uncertainties and trade barriers, leveraging policy benefits such as "timely interest rate cuts" and "support for technological innovation" [2] - While maintaining traditional partnerships, the industry should capitalize on opportunities from initiatives like the "Belt and Road" and RCEP agreements to explore emerging markets and uncover export potential [2]

Core Viewpoint - Fengmao Co., Ltd. has successfully acquired a state-owned land use right for 72.77 million yuan to build an "Intelligent Chassis Thermal Control System Production Base (Phase I)" project, marking a significant step in its capacity layout in the core components of the new energy vehicle sector [1] Group 1: Land Acquisition and Project Development - The acquired land will leverage the mature industrial ecosystem in the surrounding area, which is home to an automotive parts industry cluster, facilitating reduced production and logistics costs [1] - The company plans to invest no more than 1.5 billion yuan in the construction of the production base, with the land acquisition being a critical step from planning to implementation [1] Group 2: Financial Performance - In the first half of 2025, the company reported approximately 432 million yuan in revenue and about 60 million yuan in net profit, indicating a gradual recovery in operations [2] - In Q2 2025, revenue reached approximately 237 million yuan, reflecting a quarter-on-quarter growth of 20.78%, while net profit increased by 10.59% to around 32 million yuan [2] Group 3: Strategic Expansion - The establishment of the Intelligent Chassis Thermal Control Production Base is a key move for the company to expand into the automotive new business sector, with plans for a "dual-base linkage" capacity layout [2] - In addition to the new base in Yuyao, the company will also build a commercial vehicle parts production base in Jinan, focusing on core components for commercial vehicles [2] Group 4: Product Development - The company is accelerating the development of a diversified product matrix, including lightweight air spring products for passenger vehicles and thermal management components for electric vehicles [3] - A notable order of 170 million yuan has been secured from a well-known domestic automaker, covering a project cycle from 2025 to 2031, which supports stable revenue growth [3] Group 5: Growth Logic and Market Strategy - The company is focusing on its core transmission system business while expanding into international markets, with a new production base in Thailand set to begin operations in the second half of 2025 [4] - The domestic transmission system revenue for the first half of 2025 was approximately 170 million yuan, showing a year-on-year growth of 19.44%, highlighting the resilience of the main business [4] Group 6: Non-Automotive Sector Expansion - The company is actively exploring new growth points in non-automotive sectors, including partnerships in the low-altitude economy and rail transportation [5] - A dedicated robotics division has been established, with sales of transmission and sealing system components already initiated, indicating a multi-track growth strategy [5]

Core Viewpoint - The company plans to invest up to RMB 1.5 billion in a new automotive parts production base in Jiaxing, which is expected to enhance its capabilities in emerging business areas and meet the growing demand in the automotive industry, particularly in the electric vehicle sector [1][2]. Investment and Project Development - The new project will cover approximately 150 acres and focus on the production of thermal management systems, air suspension systems, sealing systems, and transmission systems, aligning with the global automotive industry's shift towards smarter and safer vehicles [2]. - The company anticipates that the project will reach an annual output value of around RMB 1.5 billion within five years of commencing production [2]. Core Business Growth - The transmission belt business is expected to see significant growth in 2024 due to the upgrade to molded multi-wedge belt technology, with a projected 25% year-on-year increase in sales revenue [2]. - The company is expanding its industrial belt products into various sectors, including robotics, drones, rail transportation, and agriculture, leveraging a "technology + management + market" strategy to enhance risk control and cost advantages [2]. Product Diversification and Global Expansion - By 2025, the company aims to focus on lightweight air spring products for passenger vehicles, alongside mass production of battery pipeline systems and motor pipeline systems, creating a product matrix that includes air suspension systems and thermal management systems [3]. - In addition to the new project, the company plans to establish a commercial vehicle parts production base in Jinan by 2025 and a production base in Thailand, targeting Southeast Asia and the European and American markets [3]. - The company has been expanding its overseas distribution network, exporting products to Europe, Southeast Asia, South America, and the Middle East, which is expected to further enhance its international market presence [3]. Profit Forecast - The company projects net profits attributable to shareholders of RMB 199 million, RMB 246 million, and RMB 304 million for the years 2025 to 2027, with corresponding EPS of RMB 1.92, RMB 2.37, and RMB 2.92, and PE ratios of 21.3, 17.3, and 14.0 times respectively [3].

Core Viewpoint - Fengmao Co., Ltd. has achieved significant revenue and profit growth in 2024, driven by product optimization, market expansion, and brand empowerment, indicating a strengthening of its core business competitiveness [1] Financial Performance - The company reported a revenue of 949 million yuan, representing an 18.34% year-on-year increase [1] - Net profit attributable to shareholders reached 162 million yuan, up 17.03% year-on-year [1] - The non-recurring net profit was 145 million yuan, reflecting a 14.73% increase year-on-year [1] - A high dividend plan was announced, proposing a stock bonus of 3 shares for every 10 shares held and a cash dividend of 5 yuan per share, totaling 40 million yuan [1] Business Growth Drivers - The core business, particularly the transmission system segment, saw a revenue increase of 25.20%, amounting to 682.38 million yuan [3] - The company has established itself as a key player in the precision rubber components sector, with products widely used in automotive, industrial machinery, and other fields [2] - Fengmao has successfully replaced imports in the domestic market and expanded its international presence, particularly through partnerships with major automotive brands [2][5] Product Development and Market Expansion - The company is focusing on upgrading its transmission system products, which have shown competitive advantages in the mid-to-high-end market due to their durability and low noise [3] - Significant progress has been made in diversifying into industrial belts, with tailored solutions for various industries, including robotics and agricultural machinery [3][4] - The company has entered the security equipment supply chain with high-reliability industrial belts and has become a designated supplier for several motorcycle brands [4] International Strategy - Fengmao has leveraged its partnership with Michelin to enhance its international market presence, exporting products to Europe, Southeast Asia, and South America [5][6] - The company aims to strengthen its position in the global high-end rubber components market by expanding its customer base and product offerings [5] R&D and Future Plans - R&D investment increased by 30.30% in 2024, with the company actively participating in the development of international and national standards [7] - A clear development plan for 2025 has been established, focusing on expanding applications in high-value sectors like robotics and new energy vehicles [7] - The company has secured a significant order worth 170 million yuan from a well-known automotive manufacturer, ensuring stable future revenue [7][8]