Important Matters - Pritchard has achieved a significant breakthrough in LCP film technology, being the only company in China to do so, and is collaborating with overseas clients for applications in brain-computer interfaces [1] - Zhongtian Rocket's small guided rocket products primarily serve military trade, with product gross margins fluctuating between 35% and 40% [1] - CIMC's subsidiary is providing liquid oxygen storage tanks and other equipment in the commercial aerospace sector, with expected revenue and orders exceeding 100 million yuan by 2025 [1] - Gaode Infrared is supplying infrared detector cores for commercial aerospace and satellite applications [1] - Zhongfu Shenying's M55J-grade carbon fiber is undergoing application verification in satellite structural components [1] Investment and Operations - Dazhong Mining plans to invest 3.688 billion yuan in a 20 million tons per year lithium mining and selection project [1] - Zhongkuang Resources has commenced trial production for a high-purity lithium salt project with an annual output of 30,000 tons [1] - Cuiwei Co., Ltd. has indirectly invested 150 million yuan in Super Fusion through its subsidiary fund [1] - Huagong Technology has launched a self-developed silicon photonic chip for 1.6T optical modules [1] - Gaomei Co., Ltd. has formed small batch orders for composite tungsten wire tendon ropes [1] - Xinlitai's innovative drug SAL0145 injection has had its clinical trial application accepted [1] - Hengrui Medicine's innovative drug Rilaforpu α injection has been approved for market launch, with no similar products approved domestically or internationally [1] - Yifan Pharmaceutical's wholly-owned subsidiary has received a registration acceptance notice for Yihuang Decoction granules, with no similar products from the same prescription available domestically [1] Partnerships and Collaborations - Taisheng Wind Power has formed strategic partnerships with multiple arrow manufacturers [2] - Guangqi Technology's subsidiary has signed batch production contracts totaling 264 million yuan for metamaterials with four clients [2] - Lingyi Intelligent Manufacturing has reached a strategic cooperation agreement with Qiangnao Technology [2] Performance - Zhongke Lanyun expects a net profit increase of 367%-377% year-on-year in 2025, driven by significant fair value changes from investments in Moer Thread and Muxi Co., Ltd. [2] - Kangchen Pharmaceutical anticipates a net profit increase of 243%-315% year-on-year in 2025 [2] - Chuanjinno expects a net profit increase of 144%-173% year-on-year in 2025 [2] - Beifang Navigation forecasts a net profit increase of 86.32%-137.14% year-on-year in 2025 [2]

Brain-Computer Interface - Daoshih Technology has strategically invested in Qiangnao Technology [1] - Lingyi Zhi Zao has reached a strategic cooperation agreement with Qiangnao Technology [1] Commercial Aerospace - Taisheng Wind Power is collaborating with multiple complete rocket manufacturers [1] - Tianqi Mould has obtained supplier qualifications from COMAC and XAC for its aviation products [1] - Guotai Group's Xinyu Guotai has achieved stable mass production of small solid rocket engines [1] - Gaode Infrared's products are applied in commercial aerospace and satellite-mounted infrared detector cores [1] Other Developments - Cuiwei Co., Ltd. has indirectly invested 150 million yuan in Super Fusion through its fund [1] - AVIC Optoelectronics has developed mature interconnection solutions for the robotics sector [1] - Gaomei Co., Ltd. has formed small batch orders for composite tungsten wire tendon ropes [1] - Huagong Technology is actively laying out business directions in embodied intelligence, focusing on torque and tactile sensor products [1] - Zhongfu Shenying's M55J carbon fiber is undergoing application verification in satellite structural components [1]

证券日报网讯1月7日，高测股份在互动平台回答投资者提问时表示，公司主推的复合钨丝腱绳性能优势 明显，受到市场高度关注，目前该产品已进入多家机器人相关企业试用，并已与国内头部企业开展深入 研发合作，在国内已形成小批量订单。产品已在多家头部企业试用并反馈良好，基于客户保密协议，不 方便披露相关信息。 ...

格隆汇1月7日丨高测股份(688556.SH)在投资者互动平台表示，公司主推的复合钨丝腱绳性能优势明 显，受到市场高度关注，目前该产品已进入多家机器人相关企业试用，并已与国内头部企业开展深入研 发合作，在国内已形成小批量订单。产品已在多家头部企业试用并反馈良好，基于客户保密协议，不方 便披露相关信息。 ...

格隆汇1月7日丨高测股份(688556.SH)在投资者互动平台表示，公司主推的复合钨丝腱绳性能优势明 显，受到市场高度关注，目前该产品已进入多家机器人相关企业试用，并已与国内头部企业开展深入研 发合作，在国内已形成小批量订单。产品已在多家头部企业试用并反馈良好，基于客户保密协议，不方 便披露相关信息。 ...

Group 1 - The core viewpoint of the article highlights that the company, 欧科亿, is actively developing tungsten wire products for use in robotic tendon applications, indicating a focus on innovation in the robotics sector [2]. - An investor inquired about the company's tungsten wire products and their potential application in humanoid robots, reflecting interest in the intersection of materials science and robotics [2]. - The company emphasizes the excellent fatigue resistance and tensile strength of tungsten wire, which are critical properties for robotic applications [2].

（文章来源：证券日报） 证券日报网讯 12月11日，高测股份在互动平台回答投资者提问时表示，公司主推的复合钨丝腱绳具备 低蠕变小折弯超耐磨特点，性能优势明显。相较其他材料腱绳，复合钨丝腱绳具备极小的折弯半径，可 以适配客户减小机械尺寸，提升设计空间诉求；极高的抗蠕变能力，大幅提升传动精度；独特分子结构 设计具备更优耐磨及耐疲劳性能，可以提升灵巧手传动部件寿命。同时，复合钨丝腱绳在破断力、耐高 温等指标上优势也比较明显。复合钨丝腱绳综合性能优势突出，能为人形机器人灵巧手绳驱方案提供更 可靠、耐久且精准的动力传输和高自由度解决方案。 ...

Core Viewpoint - The company, Gaoce Co., Ltd. (688556.SH), has developed a composite tungsten wire tendon rope that features a very small bending radius and a unique molecular structure design, providing superior wear resistance and fatigue performance, which is highly recognized by clients [1] Group 1: Product Features - The composite tungsten wire tendon rope offers a very small bending radius, enhancing its flexibility and usability in various applications [1] - The unique molecular structure design of the product contributes to improved wear resistance and fatigue performance, making it suitable for demanding environments [1] Group 2: Market Recognition and Demand - The product has received high recognition from clients, indicating strong market acceptance and potential for growth [1] - Several robotics-related clients are currently testing the product, which suggests a positive reception and potential for future orders [1] - The company has secured small batch sales orders from multiple clients and is engaged in in-depth R&D collaborations with leading domestic enterprises [1]

Core Viewpoint - The company, Gaoce Co., Ltd. (688556.SH), has developed a composite tungsten wire tendon rope that features a very small bending radius and a unique molecular structure design, providing superior wear resistance and fatigue performance, which is highly recognized by clients [1] Group 1: Product Features - The composite tungsten wire tendon rope offers a very small bending radius, enhancing its flexibility and usability in various applications [1] - The unique molecular structure design of the product contributes to improved wear resistance and fatigue performance, making it suitable for demanding environments [1] Group 2: Market Recognition and Demand - The product has received high recognition from clients, indicating strong market acceptance and potential for growth [1] - Several robotics-related clients are currently testing the product, showcasing its relevance in the robotics industry [1] - The company has secured small batch sales orders from multiple clients, reflecting initial commercial success [1] Group 3: Collaboration and Development - The company is engaged in in-depth research and development collaborations with leading domestic enterprises, which may enhance its technological capabilities and market position [1]

Summary of the Conference Call for Gaoce Co., Ltd. Company Overview - **Company**: Gaoce Co., Ltd. - **Date**: October 29, 2025 Key Points Financial Performance - **Net Profit**: For the first three quarters of 2025, the company reported a net loss of 81.63 million yuan, a year-on-year decline of 139%. However, in Q3, the net profit was 6.92 million yuan, showing a year-on-year increase of 110% and a quarter-on-quarter increase of 148% [2][3] - **Total Revenue**: The total revenue for the first three quarters was 2.431 billion yuan, a year-on-year decrease of 29%. Q3 revenue was 979 million yuan, a year-on-year increase of 24.71% and a quarter-on-quarter increase of 27.81% [3] - **Gross Margin**: The gross margin for the first three quarters was 12.49%, down 10.49 percentage points year-on-year. In Q3, the gross margin improved to 13.58%, up 1.39 percentage points year-on-year [3] Revenue Breakdown - **Revenue Composition**: - Slicing services accounted for 52% of total revenue - Diamond wire revenue accounted for 23% - Photovoltaic equipment revenue accounted for 5% - Innovative business revenue (including semiconductors and silicon carbide) accounted for 8.74% [2][4][5] Product Performance - **Diamond Wire Shipment**: In the first three quarters, the company shipped approximately 49 million kilometers of diamond wire, with tungsten wire accounting for 77.29% and carbon wire for 17.06% [6] - **Silicon Wafer Cutting Sales**: The silicon wafer cutting sales reached 43.9 GW for the year, with Q3 sales at 17.9 GW, significantly exceeding last year's total [6] Inventory and Cost Management - **Inventory Increase**: Inventory rose to 1.045 billion yuan by the end of Q3, primarily due to increased shipments of tungsten wire and inventory buildup to support the silicon rod segment [7] - **Price Adjustment Strategy**: The company intends to raise prices on some products to restore reasonable profits but will do so gradually through reduced discounts rather than large-scale price hikes [9] Industry Outlook - **Market Dynamics**: The company believes that specialized manufacturers will have advantages in the future industry landscape, focusing on cost control, quality, and delivery capabilities to enhance customer loyalty [12] - **Competition and Pricing**: The company does not foresee significant price reductions in the industry due to existing guidelines to maintain price stability. The focus will be on cost and quality competition [9] Future Projections - **Q4 Expectations**: Although Q4 customer production plans are not yet clear, the company anticipates that the situation will be more optimistic than Q3, despite potential slight declines in November due to customer scheduling uncertainties [29][26] - **Long-term Equipment Demand**: The company remains optimistic about future equipment market demand, particularly as existing equipment approaches the end of its useful life, leading to replacement needs [31] R&D and Innovation - **R&D Investment**: The company invested 132 million yuan in R&D in the first three quarters, indicating a commitment to innovation despite current financial challenges [3] - **Robotics Development**: The company is actively developing robotic technologies, including gear reducers, and is focused on enhancing automation and digital capabilities [17][20] Risk Management - **Accounts Receivable Risks**: The company maintains a strong customer structure to mitigate risks associated with accounts receivable and has strict controls over risky clients [10] - **Payment Terms**: The company continues to enforce standard payment terms of two to three months, with some flexibility based on market conditions [11] Conclusion - **Overall Performance**: The company has shown significant improvement in profitability in Q3, with a focus on enhancing operational efficiency and customer relationships. The outlook for the future remains cautiously optimistic, with strategic plans in place to navigate market challenges and capitalize on growth opportunities in both the photovoltaic and robotics sectors [28][32]