证券代码：002975 证券简称：博杰股份 珠海博杰电子股份有限公司投资者关系活动记录表 编号：2026-001 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | √现场参观 | | | □其他（电话会议） | | 参与单位名称 | 东方财富 王子帅；华安证券 高伟杰；华创证券 张生； | | 及人员姓名 | 中财利达 王惟炜。万和证券 田明华；海南硕丰 盛军峰。 | | 时间 | 年 月 日 2026 1 9 15:30-17:00 | | 地点 | 公司产线/12 楼会议室 | | 上市公司接待人员 | 董事会秘书 黄璨 | | | 带领投资者参观产线，然后回会议室交流。 | | | 投资者提出的问题及公司回复情况： | | | 1、公司与 G 客户的合作情况？ | | | 答：公司与 G 客户已合作多年，从消费电子业务切入到服务器业务，自 2021 | | | 年云服务器放量的时候起，公司已开始批量给 G 客户供应设备。2025 年公司与 | | | G 客户的订单金额已实现亿元 ...

Core Insights - The article emphasizes that AI is currently the strongest engine driving the technology industry, with significant demand for hardware and complex applications expected to grow by 2026 [1] Group 1: AI Development Trends - The demand for speed and power efficiency in AI will drive the introduction of new technologies and materials, focusing on improving power efficiency through high-voltage direct current (HVDC) and utilizing light for data transmission [1][2] - The industry will see advancements in semiconductor technology, particularly in packaging techniques like Panel-Level Packaging (PLP) to reduce costs and improve efficiency [3][4] Group 2: Material and Technology Opportunities - New materials such as ceramic substrates and negative thermal expansion fillers are becoming viable due to the high costs associated with AI chips, which are now justifiable given their high market prices [4] - Innovations like micro channels for cooling solutions are being explored to enhance heat dissipation efficiency, which is critical for high-performance AI chips [4] Group 3: Structural Changes in Industries - Taiwanese suppliers are gaining traction in the semiconductor supply chain due to their quick response times compared to traditional Japanese suppliers, which is crucial in the fast-paced AI market [5][6] - The printed circuit board (PCB) and testing industries are experiencing structural changes, with increased demand for high-density interconnects and early-stage testing to prevent costly failures in expensive components [6][7] Group 4: Future of Robotics and Edge AI - Robotics and edge computing are anticipated to be significant trends, although substantial advancements may not be seen until 2027 or 2028 [8] - The integration of AI with traditional mechanical components presents a long-term opportunity for Taiwan's mechanical industry to upgrade and innovate [8]

证券日报网讯 1月5日，博杰股份在互动平台回答投资者提问时表示，公司的冷板是应用在公司的测试 设备上，已小批量发货给客户。当前除了N客户对液冷服务器的需求外，其他客户也陆续提出液冷方案 的需求，公司会积极调配内部资源对应客户需求。 （编辑 楚丽君） ...

Group 1 - The article highlights various job openings in the instrumentation sector, emphasizing the demand for skilled professionals in sales and engineering roles [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28] Group 2 - Positions range from sales managers to technical support engineers, with salary offerings varying from 3,000 to 40,000 RMB per month, depending on the role and experience [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28] - Requirements for these positions typically include relevant educational backgrounds, industry experience, and specific skills related to instrumentation and sales [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28]

Core Insights - The silicon photonic intelligent manufacturing equipment industry is experiencing rapid growth, with a projected market size of 2 billion yuan in 2024 and a compound annual growth rate (CAGR) of 46.9% from 2020 to 2024, expected to reach 2.6 billion yuan by 2025 [2][3][13] Industry Definition and Classification - Silicon photonic intelligent manufacturing equipment refers to a complete set of automated and intelligent equipment used for the research, packaging, and mass production of silicon photonic chips, addressing issues like bandwidth limitations and high power consumption in traditional electrical interconnections [3][25][29] - The equipment includes lithography, etching, coating devices, and high-precision assembly and testing equipment for silicon photonic devices [3][25][29] Industry Chain Structure - The upstream of the silicon photonic intelligent manufacturing equipment industry includes materials, components, and software; the midstream involves the production and integration of the equipment; and the downstream consists of manufacturers of photonic and silicon photonic products, primarily applied in data communication and telecommunications [3][8][31] Market Size and Growth - The global market for silicon photonic intelligent manufacturing equipment is projected to grow to 2 billion yuan in 2024, with a CAGR of 46.9% from 2020 to 2024, and is expected to reach 2.6 billion yuan by 2025 [2][3][13] Market Segmentation - The downstream applications of silicon photonic intelligent manufacturing equipment are mainly concentrated in data communication and telecommunications, which account for over 90% of the silicon photonic chip market demand. In 2024, the data communication sector is expected to account for 51.40%, while telecommunications will account for 48.60% [4][26][31] Competitive Landscape - There are few suppliers globally capable of providing intelligent photonic and silicon photonic manufacturing solutions. Domestic companies have made technological breakthroughs in key areas, gradually narrowing the gap with large foreign enterprises. Notable companies include Robotech, YZ Technology, and others [4][26][38] Market Trends - The rapid development of artificial intelligence and high-speed communication systems is driving the demand for silicon photonic devices. Future trends indicate a shift towards low-energy consumption and sustainable materials in the development of silicon photonic intelligent manufacturing equipment [5][27]

证券日报网12月4日讯博杰股份（002975）在12月3日回答调研者提问时表示，公司的冷板是应用在公司 的测试设备上，已小批量发货给N客户及其CM厂富士康，下一步想往机柜里做。机柜内的零部件需要 较高的机加工能力，公司会积极整合供应链资源实现零部件供应商的目标。 ...

Core Viewpoint - The company, Lihexing (301013), is actively collaborating with major clients across various sectors including mobile smart terminals, digital energy, new energy vehicles, and servers, focusing on product development and testing solutions [1] Group 1: Collaboration Areas - In the mobile smart terminal sector, the company provides testing products primarily used in mobile devices such as smartphones [1] - In the digital energy field, the company offers testing products including base station power testing platforms, photovoltaic inverters, and aging equipment [1] - For the new energy vehicle sector, the company supplies testing equipment and related precision components for vehicle-mounted modules, MCU, OBC modules, and T-BOX [1] - In the server domain, the company provides aging equipment and FT testing fixtures [1] Group 2: Client Partnerships - The company is committed to supporting clients in the development of new products and expanding its product range [1] - Specific applications of products are determined by client usage [1] - The company primarily supplies electronic components to Moer Thread and precision components and testing platforms to Xinkailai [1]

Core Viewpoint - The company is actively collaborating with major clients across various sectors, including mobile smart terminals, digital energy, new energy vehicles, and servers, focusing on product development and testing solutions [1] Group 1: Collaboration Areas - The company cooperates with major clients in multiple fields such as mobile smart terminals, digital energy, new energy vehicles, and servers [1] - In the mobile smart terminal sector, the company provides testing products for devices like smartphones [1] - In the digital energy sector, the company offers testing products for base station power supplies, photovoltaic inverters, and aging equipment [1] - In the new energy vehicle sector, the company supplies testing equipment and related precision components for vehicle-mounted modules, T-BOX, and OBC [1] - In the server sector, the company mainly provides aging equipment and FT testing fixtures [1] Group 2: Client-Specific Products - The company primarily supplies electronic components to Moer Thread [1] - The company provides precision components and testing platforms to Xinkailai [1] - Due to confidentiality reasons, specific details about product applications are not disclosed [1]

Summary of PHINIA Conference Call Company Overview - PHINIA is a diversified industrial company with approximately $3.4 billion in revenue and 12,000 employees globally [3][4] - The company operates in various markets including aftermarket, light vehicles, off-highway construction, and commercial vehicles, primarily under the Delphi brand [3][4] Financial Performance - In Q3, PHINIA reported sales of $908 million, an 8% increase year-over-year, with adjusted EBITDA of $133 million, representing a margin of 14.6% [11][12] - The company expects an average organic growth rate of 2%-4% from 2021 to 2023, with strong margins in the 14%-15% range and a net leverage of about 1.4% [6][7] - Free cash flow for the previous year was over $240 million, with a target of approximately $190 million for the current year [7][12] Market Dynamics - The company has a diversified customer base, with 34% of sales coming from service portions, including independent aftermarket and original equipment service [4] - PHINIA has a balanced geographical presence, with around 40% of sales from the Americas and Europe, and a joint venture in India contributing over $200 million [4][5] Tariffs and FX Impact - The company anticipates a total tariff impact of $40-$50 million for the year, which is expected to be offset by customer agreements [21][22] - PHINIA has been proactive in ensuring compliance with USMCA regulations and is evaluating its manufacturing footprint in response to tariff impacts [22][24] Competitive Landscape - PHINIA has gained market share by continuing to invest in combustion technologies while competitors have exited the market [37][38] - The company aims to increase its market share in gasoline direct injection (GDI) from low teens to over 20% by the end of the decade [38] Aerospace Opportunities - PHINIA has recently entered the aerospace market, having won contracts and completed quality certifications, with expectations for further business growth [47][48] M&A Strategy - The company completed a tuck-in acquisition of SEM, an ignition company, for about $50 million, which aligns with its focus on commercial vehicle and alternative fuels [10][50] - Future acquisitions will focus on companies with significant exposure to commercial vehicles and aftermarket services, with a preference for lower multiples compared to PHINIA's current valuation [51][56] Capital Allocation - PHINIA prioritizes organic growth, maintaining a strong dividend, and evaluating M&A opportunities against share buybacks [63] Conclusion - PHINIA is positioned for stable growth with a focus on alternative fuels, electronics, and strategic acquisitions, while navigating challenges from tariffs and market dynamics [8][9][60]

Core Viewpoint - The rapid development of artificial intelligence (AI) is reshaping the global economy and trade landscape, raising concerns about ensuring equitable benefits for all countries [3][4]. Group 1: AI's Impact on Global Trade - AI is predicted to drive global service trade growth by nearly 40% and global GDP growth by 12% to 13% by 2040 [3][10]. - In the first half of 2025, AI-related goods trade showed strong growth, with a trade growth rate of 16.5% in Q1 and 21.7% in Q2, compared to only 3.7% and 4.2% for non-AI goods [4][5]. - AI-related goods trade totaled $2.9 trillion in 2022, slightly decreasing to $2.3 trillion in 2023, with significant growth driven by intermediate goods like computer components [4][5]. Group 2: Regional Contributions to AI Trade - North America saw a 36% increase in semiconductor imports, while Asia accounted for nearly two-thirds of the total growth in AI-related trade in the first half of 2025 [5][9]. - Emerging manufacturing hubs like Malaysia, Mexico, Vietnam, and Thailand have increased their exports of AI-related intermediate goods and equipment [4][5]. Group 3: Cost Reduction and Efficiency Gains - AI is expected to reduce trade costs significantly by optimizing supply chains, automating customs clearance, and lowering language barriers [9][10]. - A joint survey by WTO and ICC revealed that 70% of businesses anticipate AI will reduce trade costs, with nearly 90% of AI-using companies reporting tangible benefits in trade activities [9][10]. Group 4: Challenges and Digital Divide - The report highlights the increasing non-tariff measures, such as export restrictions and technical barriers, which are rising annually, with nearly 500 quantity restrictions expected for AI-related goods in 2024 [14][15]. - There is a significant digital divide, with low-income economies lagging in internet access and AI application, as over 2.6 billion people remain unconnected globally [14][15]. Group 5: International Cooperation for Bridging Gaps - WTO emphasizes the need for international cooperation to bridge the digital divide, proposing to expand the Information Technology Agreement and reduce tariffs on key AI materials [15].