Core Insights - The company, Boshen Co., Ltd., engaged in a specific investor survey with Dacheng Fund, discussing future development strategies, asset injection plans from the controlling shareholder, and reasons for high gross margins in diamond products [1][2]. Group 1: Future Development Strategy - Boshen Co., Ltd. adheres to a "technology innovation + mergers and acquisitions" strategy, focusing on optimizing production processes and accelerating product iterations through existing R&D resources [1]. - The company plans to establish a three-tier R&D system ("Group - Boshen - Business Segment") to foster new growth engines [1]. - In terms of mergers and acquisitions, the company aims to seek breakthroughs in emerging industries to upgrade its business [1][2]. Group 2: Controlling Shareholder and Asset Injection - Shandong Iron Investment Group, as the controlling shareholder, is positioned to support comprehensive transportation construction and industrial integration in Shandong Province, focusing on developing new energy, new materials, and new equipment [2]. - Boshen Co., Ltd. will combine internal growth with external mergers and acquisitions, leveraging group and market resources to accelerate development [2]. Group 3: High Gross Margin in Diamond Products - Over 75% of revenue from the diamond tool business comes from overseas markets, primarily the United States, where higher value-added products such as laser slices and large diameter saw blades are sold [2]. - The company's U.S. subsidiary's profit from sales distribution is consolidated, contributing to the high gross margin of this business segment [2].

Group 1: Company Development Strategy - The company adheres to a "technology innovation + mergers and acquisitions" strategy to enhance technological innovation and accelerate acquisition development [1] - The company plans to establish a three-tier R&D system to foster new growth engines and create a second growth curve [1] - The focus on mergers and acquisitions includes seeking targets that align with the existing industry chain and exploring breakthroughs in emerging industries [2] Group 2: Shareholder and Asset Injection Plans - Shandong Iron Investment Group aims to position the company as a key platform for new equipment industries, focusing on new energy, new materials, and new equipment [2] - The company will leverage internal and market resources to accelerate development and promote high-quality growth [2] Group 3: Profitability of Diamond Products - Over 75% of revenue from diamond tools comes from overseas markets, with the U.S. being the primary market [2] - The higher profit margin in diamond tools is attributed to the higher value-added products in the U.S. and Europe, such as laser slices and large diameter saw blades [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View The company's operating income and profit levels in the rail transit equipment business have increased. The company adheres to the "innovation + acquisition" strategy, strengthens technological innovation, and accelerates the pace of acquisition and development [23][25]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Boshen Co., Ltd. - Industry: General equipment - Reception time: September 26, 2025 - Reception personnel: Board Secretary Jing Chengming, Securities Affairs Representative Zhu Xueyun, Securities Affairs Specialist Liu Shuyuan [17] 3.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - Related Personnel | | --- | --- | --- | | Changjiang Securities | Securities company | Qu Qi | | China Merchants Fund | Fund management company | Zhao Zongyuan, Chen Xizhong, Wang Gang, Yang Yiyang | [18] 3.3 Research Institution Proportion No information provided. 3.4 Main Content Data - **Reason for revenue growth in the rail transit equipment parts segment**: In the context of economic downward pressure, railway investment is an important counter - cyclical adjustment measure. The new demand and maintenance and renewal demand for railway and rail transit equipment such as EMUs have a superimposed impact, which has led to the growth of the company's rail transit equipment business revenue and profit [23][24]. - **Future development layout direction**: - **Innovation**: The company will use existing R & D resources to optimize production processes and accelerate product iteration. It plans to build a three - level R & D system to cultivate new growth engines. For example, Changzhou Jinniu's ceramic abrasive products and Wenshang Haiwei's high - speed rail brake discs have achieved good results [24][25]. - **Acquisition**: It will seek targets with strong synergy around the existing main business's industrial chain, product chain, and ecological chain, and also seek breakthroughs in emerging industries according to national industrial planning [25].

Group 1: Revenue Growth Factors - The revenue growth in the rail transit equipment parts sector is primarily driven by increased demand for new railway equipment and maintenance updates, particularly in the context of economic downturns [1] - The high-speed brake disc products from the subsidiary Hawei maintained growth in both revenue and profit during the reporting period, contributing significantly to the overall revenue and profit of the rail transit equipment business [1] Group 2: Future Development Strategy - The company plans to adhere to a "technology innovation + mergers and acquisitions" strategy, enhancing technological innovation and accelerating the pace of acquisitions [1] - In terms of technological innovation, the company aims to optimize production processes and accelerate product iterations, with a focus on increasing the market share of ceramic abrasive products and improving competitiveness in the coated abrasive industry [2] - The company is also developing a three-tier R&D system in collaboration with group resources to foster new growth engines and create a second growth curve [2] Group 3: Mergers and Acquisitions Focus - The company seeks acquisition targets that are highly synergistic with its existing main business, focusing on the industrial chain, product chain, and ecological chain [2] - Additionally, the company aims to explore breakthroughs in emerging industries in line with national industrial planning to gradually upgrade its business operations [2] Group 4: Disclosure Information - This investor relations activity did not involve any undisclosed significant information [2]

Core Viewpoint - The company, 博深股份有限公司, held an investor meeting to discuss its performance and future strategies, focusing on its vision to become a leading provider of advanced materials and high-end equipment solutions [2]. Group 1: Company Strategy and Vision - The company aims to leverage its position as a key player in the advanced materials and high-end equipment sectors, with a vision of becoming an "internationally leading, domestically first-class comprehensive solution provider" [2]. - 博深股份 intends to combine internal growth with external acquisitions to enhance its market position and capitalize on available resources [2]. - The company is exploring opportunities in the new energy, new materials, and new equipment sectors, with a focus on technological integration and potential mergers and acquisitions [2]. Group 2: Shareholder and Market Information - Shareholder 陈怀荣 has reduced his stake by 2,872,400 shares, leaving him and his associates with 26,341,824 shares, which is approximately 5% of the total share capital [2]. - The company emphasizes its commitment to market value management and stable dividend policies to reward investors [2]. Group 3: Research and Development - 博深股份 plans to increase its R&D investment to nearly 60 million yuan in 2024, focusing on expanding the application of its products and enhancing competitiveness [2]. - The company is actively working on the development of artificial diamond materials, which are crucial for its tool production, and aims to capture new business opportunities through increased R&D efforts [2]. Group 4: Business Operations and Opportunities - The company’s rail transit equipment components are utilized in high-speed train operations and manufacturing, with potential opportunities arising from the new railway projects [2]. - 博深股份 is committed to providing customized solutions that enhance value along the supply chain, thereby improving its competitive edge [2].