2025年12月30日，万安科技（证券事务代表何华燕）及母公司万安集团（董事局主席陈江）共同接待了 山西证券、中邮证券、北京合木基金等7家机构的特定对象调研。调研于当日13:00-15:00在公司会议室 举行，双方就公司铝镁合金产品布局、无线充电项目进展、可交债发行计划、业绩增长点及成本控制等 核心议题展开深入交流。 投资者关系活动核心信息速览活动类别：特定对象调研时间：2025年12月30日13:00-15:00地点：公司会 议室参与机构：山西证券（刘斌、贾国琛）、中邮证券（付秉正）、北京合木基金（金葵华）、蓝林科 技（朱琼）、杭广熠熠（张玥琪）、宁波宝隽（董一平）、易知投资（郭晓晖）接待人员：万安集团董 事局主席陈江、万安科技证券事务代表何华燕 核心业务布局与项目进展详解 在调研中，万安集团及万安科技管理层围绕公司战略布局与业务进展进行了详细介绍。 铝镁合金产品：聚焦轻量化底盘部件 公司铝镁合金业务布局较早，目前以铝合金产品为主导，核心产品包括铝合金副车架、铝合金固定卡 钳，主要应用于新能源汽车底盘系统。上述产品已进入零跑、蔚来、小米等头部新能源车企供应链，成 为公司重要业绩支撑。 无线充电项目：多场景落 ...

Group 1: Product Development and Market Position - The company has established an early layout in aluminum-magnesium alloy products, primarily focusing on aluminum alloy sub-frames and fixed calipers [2] - The wireless charging products from Yichuang Zhili are deployed in various sectors, including passenger vehicles and low-speed unmanned vehicles, with charging efficiency around 92%-93% [2] - The company is a leader in the commercial vehicle EMB technology field, with partnerships with both international and domestic well-known brands, and plans to start mass supply of EMB products for passenger vehicles in early 2026 [3] Group 2: Financial and Strategic Outlook - The first phase of the convertible bond issuance has been successfully completed, with plans to initiate the second phase post-delivery of the first phase [3] - Key growth points for the upcoming year include products like chassis sub-frames and aluminum alloy fixed calipers, with major clients such as Zero Run, NIO, and Xiaomi [3] - The company aims to focus on automotive electronic control systems, promoting the marketization of aluminum alloy lightweight products and intelligent driving projects for sustainable development [3] Group 3: Cost Management Strategies - The company is mitigating the impact of raw material price increases through cost reduction in procurement, product structure adjustments, and price linkage strategies [3]

Group 1: Financial Performance - From 2021 to 2024, the company's operating revenue increased from 2.713 billion to 4.360 billion CNY, with a year-on-year growth of 13.93% in the first nine months of 2025 [2] - The company has achieved stable growth in both revenue and profit, supported by a diversified business layout [2] Group 2: Product Development and Market Expansion - The company is a leading player in commercial vehicle ABS and is advancing the development and mass production of core products such as EHPS, X-EPS, and AEB+EBS [3] - The company expects to produce over 10,000 sets of EMB products annually by 2028, following the implementation of new regulations [3] - The wireless charging products are being deployed across various sectors, including passenger vehicles and industrial robots, with partnerships established with multiple clients [3] Group 3: Product Advantages and Sales Growth - The aluminum alloy fixed caliper products have reduced weight by over 66% compared to steel pistons and have shown steady revenue growth since 2023 [4] - The sales volume of two-wheeler ABS products surged from 100,000 units in 2024 to 450,000 units by September 2025, marking a growth rate of 350% [5] Group 4: International Expansion and Financial Health - The company has completed land acquisition for its overseas operations in Mexico and is progressing normally [6] - There are no significant risks related to accounts receivable or bad debt provisions, as the company reports good collection performance [6] Group 5: Future Research and Development Focus - The company has strategically invested in Tongchuan Technology to enhance its capabilities in core components for robotics, aiming to leverage its advantages in smart electric vehicles for expansion into the robotics sector [6]

Group 1 - The wireless charging concept sector declined by 1.26%, ranking among the top declines in concept sectors, with notable declines in companies such as Yunlu Co., Ltd., Xinwangda, and Jingquanhua [1][2] - Among the 19 stocks that increased in price, notable gainers included Zhongdian Xindong, ST Dongni, and Shuo Beid, which rose by 3.26%, 2.37%, and 2.10% respectively [1][4] - The wireless charging concept sector experienced a net outflow of 2.474 billion yuan from main funds, with 40 stocks seeing net outflows, and five stocks experiencing outflows exceeding 100 million yuan [2][3] Group 2 - The top net outflow stock was Xinwangda, with a net outflow of 547.22 million yuan, followed by Xunwei Communication, Lingyi Zhizao, and Sairisi, with net outflows of 392.71 million yuan, 360.27 million yuan, and 345.14 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflow included Zhongdian Xindong, Haier Smart Home, and China Baoan, with net inflows of 55.84 million yuan, 28.04 million yuan, and 23.07 million yuan respectively [2][4] - The wireless charging concept sector's performance was contrasted with other sectors, such as the dairy industry, which saw a gain of 4.36%, and the diamond cultivation sector, which rose by 3.46% [2]

Summary of Nanxin Technology Conference Call Company Overview - **Company**: Nanxin Technology - **Industry**: Semiconductor and Embedded Chip Design Key Financial Highlights - **Q3 Revenue**: 910 million RMB, a year-on-year increase of 40.26% and a quarter-on-quarter increase of 15.97%, marking the highest quarterly revenue in history [2][4] - **Gross Margin**: Increased to 36.99%, up approximately 1 percentage point from the previous quarter, driven by high-margin new product sales and cost reduction measures in the supply chain [2][6] - **R&D Investment**: R&D expense ratio reached 19.28%, with R&D personnel accounting for about two-thirds of total employees [2][4][10] Product and Market Developments - **New Products**: Significant contributions from new products such as Display Power, BMS, and wireless charging products, particularly in the smart energy sector [2][5] - **Automotive and Industrial Business**: Combined revenue contribution of approximately 10%, with automotive business alone accounting for about 6%, showing a year-on-year growth of 100% [2][8] - **Future Goals**: Aim for automotive business revenue to exceed 20% by 2030 [2][8] Strategic Initiatives - **R&D Focus**: Emphasis on expanding into AI, industrial sensing, and automotive sectors, with potential short-term profit impacts but long-term improvements expected [2][10] - **BMS Product Growth**: Rapid revenue growth from BMS products, with applications expanding to AI glasses and electric tools [2][11] - **AI Server Power Modules**: Expected to start shipping in the second half of the year, initially focusing on primary power supply [2][12][13] Partnerships and Collaborations - **Collaboration with Samsung**: Progressing well, with expected revenue of 40-50 million RMB in Q4 from products like hydraulic pumps and wireless charging for watches [3][14] Market Outlook - **Mobile Market Demand**: Weak recovery in mobile market demand, but stable shipment rhythm expected for Q4 [9] - **Future Revenue Projections**: Anticipated continued growth in revenue and profit, with clearer guidance expected in two months [19] Workforce and Organizational Changes - **Employee Growth**: Employee count increased from 827 at the end of last year to an expected 1,300 by year-end [15] - **Acquisition of Shunshunwei**: Completed in Q1, with expected contributions to revenue and synergy effects gradually emerging [16] Industry Trends - **M&A Trends**: Increasing trend of small companies seeking mergers with listed companies for funding and market credibility [17][18] Long-term Strategic Vision - **2030 Revenue Target**: Aim to achieve 10 billion RMB in revenue, with 50% from consumer products and over 20% from automotive [20] Additional Insights - **Liquid Cooling Micro Modules**: Currently being introduced to various clients, with significant future revenue potential if validated [21] - **Talent Acquisition Strategy**: Focus on campus recruitment and strategic hiring for specific product areas, particularly in computing power [21][22] - **Supply Chain Dynamics**: Tightening capacity in upstream wafer foundry and testing, with potential cost pressures anticipated [23]

Investment Rating - The report maintains an "Accumulate-A" rating for Wan'an Technology (002590.SZ) [1] Core Views - Wan'an Technology reported a stable growth in Q3 2025, with revenue reaching 12.95 billion yuan, marking a year-on-year increase of 12.35% and a quarter-on-quarter increase of 5.66%. This marks the 13th consecutive quarter of year-on-year revenue growth [4][5] - The company is actively expanding its new projects and products, with steady progress in capacity construction. It has been selected as a supplier for a well-known domestic automotive group, with a project lifecycle expected to generate approximately 280 million yuan in sales [6] - The company is also investing in the robotics sector, acquiring a 2.72% stake in Tongchuan Technology for 20 million yuan, with a pre-investment valuation of 700 million yuan [7][8] Financial Performance - For the first three quarters of 2025, Wan'an Technology achieved a revenue of 34.60 billion yuan, a year-on-year increase of 13.93%, and a net profit attributable to shareholders of 1.48 billion yuan, up 2.43% year-on-year [4] - The Q3 gross margin was 17.24%, an increase of 0.71 percentage points year-on-year, while the net margin was 5.18%, showing a slight increase [5] - The operating cash flow significantly improved, reaching 1.41 billion yuan, a year-on-year increase of 75.61% [5] Future Projections - The report forecasts revenues for 2025, 2026, and 2027 to be 49.82 billion yuan, 57.35 billion yuan, and 66.25 billion yuan respectively, with net profits of 2.32 billion yuan, 2.75 billion yuan, and 3.43 billion yuan [9] - The expected earnings per share (EPS) for the same years are projected to be 0.45 yuan, 0.53 yuan, and 0.66 yuan, with corresponding price-to-earnings (P/E) ratios of 33, 28, and 22 times [9]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 265 million yuan for H1 2025, representing a year-on-year increase of 36.83% and a return to profitability with a net profit of 5 million yuan [1][5] - The optical sensor product line saw a significant revenue increase of 246.65% year-on-year, driven by rising demand from leading smartwatch brands [2] - The overall gross margin for H1 2025 reached 35.01%, an increase of 11.90 percentage points year-on-year, indicating improved profitability [2] - The company is focusing on three strategic growth areas, with sensors and wireless charging becoming the core growth drivers [3] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 265 million yuan, with a net profit of 5 million yuan, marking a turnaround from losses [1] - For Q2 2025, the company reported a revenue of 140 million yuan, a year-on-year increase of 41.27% and a quarter-on-quarter increase of 11.82% [1] - The company’s revenue from optical sensors and wireless charging combined reached 183 million yuan, a year-on-year growth of 107.42% [2] Profitability - The gross margin for H1 2025 was 35.01%, up 11.90 percentage points from the previous year, reflecting a favorable shift in product mix towards higher-margin products [2] - The company’s R&D, sales, and management expense ratios collectively decreased by 10.85 percentage points to 39.43%, indicating effective cost control [2] Future Outlook - The company anticipates that the share of sensors and wireless charging in its revenue will continue to rise in the second half of 2025 and into 2026, driving future growth [3] - Revenue projections for 2025-2027 are estimated at 653 million, 1.043 billion, and 1.417 billion yuan respectively, with net profits expected to reach 41 million, 140 million, and 220 million yuan [3]

Core Viewpoint - The company held a half-year performance briefing on September 4, 2025, to discuss its financial results and address investor inquiries regarding its business operations and future strategies [1]. Group 1: Performance and Financials - The company's automotive safety business achieved a gross profit margin of approximately 15.9% in the first half of 2025, an increase of about 2.0 percentage points year-on-year, driven by order price growth and economies of scale [2]. - The company is implementing cost improvement measures, including optimizing raw materials and vertically integrating the supply chain, with plans to expand its gas generator production base in Huzhou, Zhejiang, to increase self-supply of core components [2]. - The company aims to continue enhancing its gross profit margin in the automotive safety sector through various profitability measures and by optimizing global production capacity [2]. Group 2: Robotics Business Development - The company is providing key components and integrated solutions for humanoid robots to global automotive and robotics companies, with significant collaborations established with leading domestic clients [2]. - The company has initiated the development of customized robotic domain controllers based on NVIDIA's Jetson Thor chip, which is expected to enhance its product line [4]. - The company is focusing on Tier 1 clients in the robotics sector, including both automotive companies and various robotics firms, to expand its customer base [4]. Group 3: Debt Management and Future Plans - The company reported an increase in interest-bearing debt due to optimizing liquidity and financing structure, while also addressing the impact of currency fluctuations on its debt levels [2]. - The company is actively working to improve its asset-liability structure and reduce debt costs through refinancing strategies, with expectations of a decrease in interest-bearing debt as operational cash flow improves [2]. Group 4: Market Expansion - The company submitted an application for the issuance and listing of H shares on the Hong Kong Stock Exchange on August 7, 2025, and is actively progressing with this initiative [2].

Group 1 - The core viewpoint of the news highlights the significant stock performance of ShuoBeide, with a 9.46% increase in share price, reaching 29.16 yuan per share, and a trading volume of 2.339 billion yuan, indicating strong market interest [1] - ShuoBeide Wireless Technology Co., Ltd. is primarily engaged in the mobile communication industry, focusing on wireless radio frequency technology, with products including mobile smart terminal antennas, vehicle-mounted smart antennas, wireless charging products, and fingerprint and sensor modules [1] - The company has established a stable long-term partnership with several well-known enterprises and has R&D and manufacturing bases in multiple regions globally, serving various sectors such as consumer electronics, communication terminals, communication base stations, automotive, and new energy photovoltaics [1] Group 2 - As of March 31, the number of shareholders for ShuoBeide was 58,100, with an average of 7,673 circulating shares per person [2] - For the first quarter of 2025, ShuoBeide reported a revenue of 518 million yuan, representing a year-on-year growth of 41.69%, and a net profit attributable to shareholders of 14.5254 million yuan, reflecting a substantial year-on-year increase of 276.05% [2]

Group 1: Company Overview - The company produces various products including pneumatic brake systems, hydraulic brake systems, clutch control systems, iron castings, subframes, and steering systems, with growth trends in 2025 aligning with the industry average [2] - The company has completed land acquisition for overseas expansion in collaboration with Huawei Technology and is progressing normally [2] Group 2: Employee Stock Ownership Plan - The employee stock ownership plan has a locked price set at 7.43 CNY per share, with further actions pending shareholder meeting approval [2] Group 3: Industry Standards and Regulations - The company participated in the formulation of the national mandatory standard for "Technical Requirements and Testing Methods for Emergency Braking Systems in Light Vehicles" [2] Group 4: Product Lines and Collaborations - The motorcycle production has exceeded 10,000 units, including ABS systems [3] - The company has developed wireless charging products for various sectors including passenger vehicles, low-speed unmanned vehicles, industrial mobile robots, and service robots [3] - The company supplies aluminum alloy fixed calipers to Xiaomi for the YU7 model [3] Group 5: Future Development Focus - The company aims to focus on automotive electronic control system products, promoting aluminum alloy lightweighting, aluminum alloy fixed calipers, and smart driving projects for sustainable growth [3]