Group 1: Research Basic Information - Research object: Honghua Digital Technology Co., Ltd. [16] - Industry: Special Equipment [16] - Reception time: March 02, 2026 [16] - Company reception staff: Board secretary Yu Jianli, Securities affairs representative Hu Jing [16] Group 2: Detailed Research Institutions - Fund management companies: China - Europe Fund, Huatai - PineBridge Fund, China Asset Management [17] - Asset management companies: Dunhe Asset [17] - Others: Yi'an Capital, Yuanxin Investment, Peiyi Investment [17] - Securities companies: Guotai Haitong Securities, Huachuang Securities, Huazheng Securities, Yongxing Securities [17] Group 3: Main Content Data 3.1 Visit - Investors visited the company's exhibition hall and main products [24] 3.2 Business Performance Analysis - In 2025, the company focused on the development of the intelligent manufacturing equipment industry, with rapid growth in order volume and continuous expansion of business scale [24] - The company's digital printing equipment achieved rapid growth compared with the same period of the previous year, with continuous growth in operating income and continuous improvement in profitability [24] - The company achieved an operating income of 2,307,757,600 yuan in 2025, a year - on - year increase of 28.90%, and a net profit attributable to the owners of the parent company of 528,901,900 yuan, a year - on - year increase of 27.63% [25] 3.3 Q&A Session 3.3.1 Business Development Strategy - In the field of book and periodical digital printing equipment, the company will expand product matrix and sales channels [27] - In the field of automatic sewing equipment, the company will promote the coordinated development of its German subsidiary and domestic department, and increase R & D efforts [27] - In the field of spraying and dyeing equipment and digital micro - spraying core components and equipment, the company will promote product docking with target customers [27] - In the field of decorative material digital printing equipment, the company will promote product launch to open up new business growth points [28] 3.3.2 Industry M&A - The company focuses on endogenous development, and is open to cooperation. M&A will be based on multiple factors [28] 3.3.3 Tianjin Ink New Factory Construction Progress - The infrastructure of the "Printing Industry Integration Base Project" of Tianjin Honghua Digital New Materials Co., Ltd. is basically completed, and equipment selection, installation and commissioning are in progress [29] 3.3.4 Ink Product Pricing - Due to scale effect and market competition, the company may adjust ink prices [29] 3.3.5 Future Dividend Plan - The company has implemented a cash dividend policy for three consecutive years, with a ratio of not less than 30%. It will continue to provide stable cash dividends [29] 3.3.6 Impact of RMB Exchange Rate Fluctuation - Exchange rate fluctuations may affect the company's profitability, and the company will carry out hedging business [29][30] 3.3.7 New Equity Incentive Plan - The company will launch an equity incentive plan according to the plan and operation [31] 3.3.8 Shareholding Changes of Major Shareholders - As of now, the company has not received a new share - reduction plan notice and will disclose new progress in time [31]

Core Viewpoint - The company, Honghua Digital Technology, is expanding its product offerings and market reach in various sectors, including digital printing, automatic sewing equipment, and digital spray printing technology [1]. Group 1: Digital Printing Equipment - The company plans to enhance its digital printing equipment for books and periodicals by expanding its product matrix to meet diverse customer needs, including high-end color printing and entry-level black-and-white devices [1]. - There will be a focus on broadening sales channels, including the development of domestic and international sales agencies and increasing the number of service engineers to provide comprehensive support [1]. Group 2: Automatic Sewing Equipment - The company aims to accelerate the collaboration between its German subsidiary Texpa GmbH and its domestic automatic equipment division to promote localized production and reduce manufacturing costs [1]. - There will be an emphasis on the research and development of standardized and universal automatic sewing equipment to enhance production efficiency and support the economic feasibility of automation for downstream customers [1]. Group 3: Spray Printing Technology - The company has completed the development of core components and equipment for spray printing and will focus on connecting these products with major target customers across various fields to convert them into orders [1]. - In the decorative materials digital spray printing sector, the company plans to launch equipment for printing various patterns, such as decorative textures and marble designs, aiming for significant sales breakthroughs and new business growth opportunities [1].

Core Viewpoint - The company, Honghua Digital Technology (688789), is focusing on expanding its business in digital printing and automated sewing equipment, with significant revenue growth in these areas. Business Development - The company has made notable progress in digital printing and automated sewing sectors, achieving a combined revenue of over 280 million yuan in 2024, with year-on-year growth of 37.67% and 114.66% respectively [2] - In 2025, the company plans to enhance its product offerings in digital printing equipment and automated sewing machines, aiming to broaden sales channels and improve customer service [3] - The company is also advancing its digital micro-spraying equipment and aims to connect with major clients in various application fields to convert these efforts into orders [4] Financial Performance - In the first quarter of 2025, the company reported a main revenue of 478 million yuan, a year-on-year increase of 29.79%, and a net profit attributable to shareholders of 108 million yuan, up 25.2% [9] - The company's gross profit margin stands at 42.84%, with a debt ratio of 19.66% [9] Market Strategy - The company is focusing on optimizing accounts receivable management to maintain low bad debt rates and improve turnover speed [5] - The company anticipates continued pressure on ink prices due to market competition but plans to pass some cost savings to customers to promote digital printing equipment usage [6] - The impact of US-China tariffs on the company's business is minimal, as most exports are directed towards South Asia and Europe, with a low proportion of products exported to the US [7] Shareholder Information - The company is monitoring potential changes in shareholding by Zhejiang Xinhui Zhinao Investment Management Partnership, which plans to transfer some shares through block trading [8] Analyst Predictions - Various institutions have provided earnings forecasts for the company, with projected net profits for 2025 ranging from 532 million yuan to 555 million yuan [10]