Summary of Conference Call Notes Company Overview - The company discussed is 科隆新材 (Kelong New Materials), which specializes in pixel new materials and coal mine auxiliary transportation equipment, focusing on innovation and quality to drive development [1][4][28]. Industry Insights - The company operates in the coal, military, and rail transportation sectors, which are key areas of national development [4][5]. - The military sector has seen significant growth, with the company establishing partnerships with numerous defense enterprises and research institutions [2][5]. Financial Performance - The company reported a net asset value of 11.13 yuan per share, a year-on-year increase of 17.41% [3]. - Earnings per share were reported at 1.33 yuan, with total revenue for 2024 reaching 483 million yuan, a 9.46% increase year-on-year [17][18]. - The net profit attributable to shareholders increased by 4.25% despite a decline in the industry average [17]. - The gross margin improved by 0.43 percentage points, driven by a higher proportion of high-value products [18]. Product and Service Offerings - The main products include pixel new materials, hydraulic combination seals, hydraulic hoses, and coal mine auxiliary transportation equipment [8][9]. - The company has successfully replaced several international brands in the domestic market, indicating strong competitive positioning [13][14]. Research and Development - R&D expenses for 2024 were 27.17 million yuan, representing a 24.62% increase from the previous year [22]. - The company holds 18 valid patents, including 4 invention patents, showcasing its commitment to innovation [22]. Market Trends and Future Outlook - The demand for sealing components and hydraulic hoses is expected to grow, with the market for sealing components projected to exceed 5 billion yuan by 2025 [23][24]. - The company aims to leverage the increasing domestic demand for coal and the shift towards high-performance equipment in the coal mining sector [29]. - The military sector is anticipated to see a budget increase of 7.2% in 2025, providing further growth opportunities for the company [28]. Strategic Initiatives - The company plans to deepen collaborations with coal machine manufacturers and customize products to meet client needs [29]. - There is a focus on enhancing production efficiency and optimizing capital structure to reduce financial risks [21]. Key Partnerships and Clientele - The company has established long-term relationships with major clients, including Shanxi Coal and Chemical Group and other significant players in the coal and military sectors [19]. Conclusion - The company is positioned for sustainable growth through innovation, strategic partnerships, and a focus on high-quality product offerings, aiming to become a leading supplier of core components in high-end equipment [30].

Group 1: Investor Relations Activities - The company conducted a specific investor survey and an analyst meeting on May 9, 2025, attended by multiple securities firms and investment management companies [3][4]. Group 2: Technical Barriers and Core Technologies - The company has developed over 200 mature mixing rubber formulas, enabling customized development for high-end applications in military and coal industries [5][6]. - Key technologies include mixing rubber formula technology, flexible production line for sealing components, and manufacturing processes for high-pressure hoses [6]. Group 3: R&D Investment and Competitive Advantage - The company holds 18 effective patents, including 4 invention patents, and has 16 ongoing projects, 6 of which are related to military applications [7]. - Successful development of high-pressure hoses and sealing components for coal mining machinery has solidified the company's leading position in the market [7]. Group 4: Military Business Growth - In 2024, the military business saw a 30.88% increase in revenue, with 12 new clients added, driven by the company's technology transfer from civilian to military applications [8][9]. Group 5: Profitability and Market Trends - The company maintains a high gross margin due to the increasing sales proportion of high-value products, including hydraulic seals and hoses [10]. - The coal mining auxiliary transport equipment market is expected to grow at a rate of 10%-15%, with the company reporting a 15.62% revenue increase in this segment for 2024 [11]. Group 6: Future Revenue Sustainability - Despite the decline in coal demand due to renewable energy, the company anticipates sustained order growth due to the essential nature of its products in coal mining operations [12]. - The company has diversified its product offerings and services to ensure revenue growth in various segments [12]. Group 7: Financial Stability - The company reported a debt-to-asset ratio of 18.59% in 2024, below the industry average, indicating strong financial health and risk resilience [14].

Summary of Conference Call Notes Company Overview - **Company Name**: 科隆新材 (Kelong New Materials) - **Established**: January 1996 - **Registered Capital**: 81.32 million CNY - **Listing Date**: December 2024 - **Main Business**: Research, production, and sales of hydraulic seals, hydraulic hoses, pixel new materials, and coal mine auxiliary transportation equipment [4][5] Industry Context - **Key Industries**: Coal, military, rail transportation, and energy infrastructure [4][5] - **Market Size**: The sealing component market in China's coal mining sector is expected to exceed 5 billion CNY by 2025, with an annual growth rate of 8% [23][24] Financial Performance - **2024 Revenue**: 483 million CNY, a year-on-year increase of 9.46% [3][16] - **Net Profit**: 86.91 million CNY, a year-on-year increase of 4.25% [3][17] - **Gross Margin**: 41.26%, an increase of 0.43 percentage points [16] - **Earnings Per Share**: 1.33 CNY, up 2.31% year-on-year [16] - **Total Assets**: 1.081 billion CNY, a year-on-year increase of 30.73% [16] Key Business Segments - **Pixel New Materials**: Revenue of 267 million CNY, a year-on-year increase of 3.43% [18] - **Coal Mine Auxiliary Transportation Equipment**: Revenue of 165 million CNY, a year-on-year increase of 15.62% [18] - **Maintenance Services**: Revenue of 29.8 million CNY, a year-on-year increase of 46.11% [18] - **Other Mining Accessories**: Revenue of 7.51 million CNY, a year-on-year decrease of 31% [18] Strategic Initiatives - **Innovation Focus**: The company aims to enhance technological innovation capabilities and build higher market barriers in the pixel new materials industry [3][17] - **Military Collaboration**: The company has established partnerships with numerous military enterprises and research institutions, with military product revenue increasing by 30.88% [2][17] - **Customer Base Expansion**: Added 24 new civilian customers and 12 military customers in 2024 [19] R&D and Technological Advancements - **R&D Investment**: 27.17 million CNY in 2024, with 92 R&D personnel [6][22] - **Patents**: 18 valid patents, including 4 invention patents [22] - **Product Development**: New models of support transport vehicles and sealing products for various applications [14][28] Market Trends and Future Outlook - **Demand Growth**: The demand for sealing components and hydraulic hoses is expected to grow due to increased mechanization in coal mining and military modernization [25][28] - **Government Policies**: Support for equipment upgrades and smart mining initiatives will drive market growth [26][27] - **Competitive Advantage**: The company emphasizes understanding customer needs and providing customized solutions [15][29] Additional Insights - **Financial Health**: Cash reserves increased by 226.51% due to fundraising activities, while short-term borrowings decreased by 68.07% [20][21] - **Production Efficiency**: Continuous improvements in production processes have led to a 10% increase in efficiency [21] - **Market Position**: Kelong New Materials is positioned as a high-end brand in the sealing component sector, recognized for quality and reliability [15][16] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic direction, and market context.

烟台亚通精工机械股份有限公司 （莱州经济开发区莱海路北） 首次公开发行股票招股说明书摘要 保荐人（牵头主承销商） 苏州工业园区星阳街 5 号 联席主承销商 郑州市郑东新区商务外环路 10 号中原广发金融大厦 1-2-1-1 声明 本招股说明书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股说明书全文的各部分内容。招股说明书全文同时刊载于上海证券交易所网 站(http://www.sse.com.cn)。投资者在做出认购决定之前，应仔细阅读招股说 明书全文，并以其作为投资决定的依据。 投资者若对本招股说明书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股说明书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行制作、出具的文件有虚假记载、误导 性陈述或者重大遗漏，给投资者造成损失的，其将先行赔偿投资者损失。 中国证监会、其 ...