| 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 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 | 邰桂龙 西南证券 | | 人员姓名 | 张越 开源证券 | | | 安家正 中信证券 | | | 徐凡 财通证券 | | | 刘珺涵 交银施罗德 | | | 陈威 汇添富基金 | | | 张璐 永赢基金 | | | 闫思倩 鹏华基金 | | | 陈思宇 富国基金 | | 时间 | 2025 年 9 月 18 日 | | 地点 | 上海 | | 上市公司接待人 | 1、陆灿 | | 员姓名 | 2、副总经理、董事会秘书：佘砚 | | | 3、良质关节总经理：方涛 根据投资者的问题汇总后整理如下： | | | 1、家电零部件业务发展情况 家电零部件业务为公司主要业务，主要产品以电磁阀为技术 | | 投资者关系活动 | 核心向其他产品进行技术延伸，形成以电磁阀、微型电机、电子 | | 主要内容介绍 | 水泵为技术包向下游客户提供相适应的产品品类，核心产品为 ...

Group 1: Economic Performance - In the first half of the year, Yuyao City achieved an industrial output value of 140.82 billion yuan, a year-on-year increase of 5.0% [1] - The manufacturing investment and industrial investment reached 7.37 billion yuan and 8.15 billion yuan, respectively, with growth rates of 18.3% and 13.1%, ranking first among all districts in Ningbo [1] - The core manufacturing output of the digital economy reached 36.82 billion yuan, reflecting a year-on-year growth of 15% [1] Group 2: Semiconductor Industry Development - Jiangfeng Electronics is a leading company in the semiconductor supply chain, with a global market share of 29% in the sputtering target market [2] - The company expects to achieve approximately 2.1 billion yuan in revenue for the first half of the year, representing a growth of about 29% compared to the same period last year [2] - Yuyao has established 91 enterprises in the semiconductor sector, with an average annual growth rate of 18.9% over the past three years [3] Group 3: Digital Transformation - Yuyao completed 89 digital transformation projects from January to June, achieving full coverage of digital transformation among large-scale industrial enterprises [7] - The city has been promoting the "smart transformation and digital upgrade" initiative, targeting various industries and levels of small and medium-sized enterprises [6][7] - The digitalization projects have led to the establishment of 122 digital benchmark projects and 52 demonstration projects integrating new information technologies with manufacturing [7] Group 4: Policy Support and Industrial Strategy - Yuyao's total electricity consumption exceeded 7.169 billion kWh in the first half of the year, with a year-on-year increase of 5.64% [8] - The city has launched a new version of the "35" billion industrial cluster action plan, focusing on three major trillion-yuan clusters and five hundred-billion-yuan clusters [9] - The government has implemented a series of policies to support industrial development, including the establishment of a nurturing system for specialized and innovative enterprises [9][11] Group 5: Collaborative Innovation - Yuyao organized nine industry chain special activities in the first half of the year, facilitating participation from 380 enterprises [10][11] - These activities aimed to enhance information exchange, resource integration, and collaborative innovation among chain enterprises [11] - The city has also improved its service support system, addressing 100% of the 535 requests from enterprises efficiently [11]

Core Insights - The article highlights the significant real estate auction in Shanghai, particularly focusing on the XH-02(TPL) unit 051-11 land parcel in Xuhui District, which has set a record for high starting prices in the region [1] - The land parcel, previously the site of Shanghai Jiao Tong University's Buxue Building, has a floor area ratio of 1.3 and a saleable residential area of approximately 5,000 square meters, with a starting price of 16.36 million yuan per square meter [1] - The auction attracted three bidders, including established players China Overseas Land & Investment and a joint venture of China Merchants and Xuhui Real Estate, alongside a newcomer, a private enterprise led by Ye Huabiao [1][2] Company Background - Ye Huabiao, the controlling shareholder of the new private enterprise, is a low-profile second-generation entrepreneur from Zhejiang, known for his family-owned company, Yifeng Group, which specializes in automotive molds and parts [2] - Yifeng Group has become a significant player in the automotive industry, supplying major clients such as Shanghai Volkswagen and BMW, and has expanded its manufacturing bases across more than ten cities in China [5] Investment Strategy - Ye Huabiao has historically been cautious about entering the real estate sector, emphasizing the importance of focusing on familiar industries [7] - Recently, he has shifted his focus towards investments in various sectors, including automotive and real estate, as he has delegated his automotive business to his daughters [8][9] - The daughters, Ye Shuqing and Ye Shuxiang, are actively expanding the family business into real estate, with several new companies established under the "Qixiang" brand, indicating a strategic diversification of the family’s business portfolio [9][10]

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 1.026 billion CNY in 2024, representing a year-on-year growth of 16% [3] - In Q1 2025, the revenue reached 270 million CNY, showing a year-on-year increase of 23% [3] Group 2: Investment and Strategic Initiatives - The company invested in a joint venture with a robot company, focusing on the humanoid robot industry, which is expected to become a significant application area [2] - The company plans to use IPO funds primarily for home appliance components, while convertible bond funds will be allocated to automotive business [3] Group 3: Research and Development - Current R&D investment is relatively low but will be controlled according to budget, with a focus on leveraging customer resources in the home appliance sector [2] - The company is evolving single products into components to meet customer demands, particularly in the context of smart home appliances [2] Group 4: Market Expansion and Challenges - The company has seen positive changes in downstream orders since Q4 2024, indicating a recovery in demand [3] - The automotive business generated approximately 20 million CNY in revenue in 2024, with plans for significant growth in 2025 as new projects come online [3] Group 5: Risk Management - The company is monitoring commodity price fluctuations and plans to implement hedging strategies to mitigate risks [3]