答：2025 年度，公司下游汽车行业、电站设备行业等 行业景气度保持较高水平。 问题五、2025 年度原材料涨价对公司的影响？ 答：2025 年受上游原料价格和市场供需关系影响，公 司生产所需的主要材料高性能高速钢、硬质合金等呈现阶段 性普遍较大上涨，对公司成本控制带来一定影响。总体上公 司通过实行重点原材料集中统筹采购，发挥规模采购优势； 公司针对部分产品适当提高售价等多种方式降低原材料价 格波动对公司经营业绩带来的风险。 编号：2026-001 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他 线上电话会议 参与单位名称及 人员姓名 国泰海通证券、中银基金、华商基金、方正证券自营、招商 基金、众安保险、招商基金 时间 2026 年 1 月 21 日 15:00-16:00 地点 线上电话会议 上市公司接待人 员姓名 董事、副总经理、董事会秘书：陈子怡先生 证券事务代表：胡金秋先生 投资者关系活动 主要内容介绍 问题一、请介绍下公司 2025 年度全年业绩的情况？ 答：根据公司已披露的 2025 年第三季度报告，公司 2025 年前三 ...

Summary of the Conference Call for Hengfeng Tools Company Overview - Hengfeng Tools reported a revenue of 1.04 billion in 2024, a year-on-year decrease of 3.17%, primarily due to convertible bond interest expenses. Excluding these expenses, net profit increased by 12.04% to 1.51 billion [2][3] - In Q1 2025, revenue reached 1.48 billion, a year-on-year increase of 19%, with net profit at 28.29 million, up 8% [2][3] Revenue Growth by Product Category - Revenue from precision complex products grew by approximately 10 million, while precision efficient products like steel plate drills and thread tools increased by about 13 million and 10 million respectively, with thread tool revenue reaching 18 million [2][4][5] - Overall, revenue growth across various segments was approximately 8% [5] Order and Demand Insights - In Q1 2025, the company reported a 15% year-on-year increase in orders, indicating robust demand [6] - Direct exports to the U.S. account for only 3%-4% of total business, with limited impact from U.S. tariffs; however, indirect effects on domestic clients with U.S. business need monitoring [7] Robotics Sector Engagement - The number of clients in the humanoid robotics sector has increased, but the industry has not yet reached a stage of mass production, thus having a limited impact on overall performance [8] - The company has a low dependency on imported materials, using 70% domestic materials [8] Convertible Bond Strategy - Hengfeng Tools is inclined to achieve natural conversion of convertible bonds through market price changes, with remaining debt around 450 million and cash holdings of approximately 150 million [9] Profitability and Margin Analysis - The gross margin for precision complex products is high, while precision efficient products have a medium margin. As production capacity for precision efficient products expands, the overall gross margin may decline [4][11] - The company invests about 5%-6% of revenue in R&D, focusing on its own product lines rather than specific client products [15] Customer Structure and Market Position - The top five customers account for less than 25% of total revenue, indicating a diversified customer base [16] - The company does not currently plan to expand manufacturing overseas to address U.S. tariff issues but may consider it if tariffs persist in the next two to three years [17] Future Outlook - The company expects revenue growth to remain above 10% for 2025, with net profit growth anticipated to align with revenue growth as the impact of convertible bonds diminishes [20][21] - The humanoid robotics sector is seen as a potential growth area, although significant challenges remain before achieving mass production [23]