证券代码：300921 证券简称：南凌科技 南凌科技股份有限公司 投资者关系活动记录表 服务。而南凌科技提供的服务与基础运营商业务有着显著区别， 首先公司是第三方中立的网络服务商，可结合多家运营商基础网 络资源提供服务；其次公司具备自主研发的软硬件产品与技术， 为客户网络与安全的持续运作提供服务。目前，公司服务的客户 还是以外资企业、中外合资企业、民营企业等为主。同时，公司 提供的是多元化云网安融合服务，在自研 SD-WAN 产品的基础 上研发 SASE 产品，通过自主研发与产业深度融合，将网络与安 全结合在一起，并以云服务形式进行交付，满足数字企业的动态 安全访问需求，形成公司进一步的竞争优势。 1 编号：2025-007 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 □ 现场参加□其他 参与单位名称 国金证券、德邦证券资管、拓森资本 时间 2025 年 7 月 8 日 10:00-11:30 地点 公司总部会议室 上市公司接待 人员 董事会秘书喻荔女士 投资者关系 活动主要内容 公司董事会秘书喻荔女士简要对公司2024年及2025年一季 度经营状况 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Viewpoints - The company is a leading player in the automotive lighting control sector, with a solid foundation and strong product expansion capabilities. It has diversified into four major business areas: lighting control, motor control, energy management, and automotive electronics [1][14]. - The company is expected to achieve a revenue of 6 billion yuan in 2024, representing a 29% year-on-year increase, and a net profit of 770 million yuan, reflecting a 27% increase [1][3]. - The company is expanding its client base, which includes major global automotive manufacturers such as Volkswagen, Daimler, BMW, and Ford, enhancing its market position [1][2]. Summary by Sections 1. Company Overview - The company has established itself as a global leader in automotive lighting control, continuously expanding its business boundaries since its inception in 2003 [14]. - It has developed a range of products including LED lighting controllers, atmosphere lights, and motor control systems, integrating into the global high-end automotive electronic supply chain [14][18]. 2. Lighting Control Business - The lighting control segment is robust, with the company supplying major automotive manufacturers and maintaining strong customer loyalty [2][18]. - The company is actively developing new products, including next-generation headlight controllers for Volkswagen and BMW, which are expected to ramp up production in 2025-2026 [2]. 3. New Product Development - The company is expanding into domain controllers and Efuse products, which are expected to drive a second growth curve as the automotive E/E architecture shifts from distributed to centralized systems [3][4]. - The domain control products are projected to account for 86% of the energy management system revenue by 2024 [3][18]. 4. Financial Projections - The company forecasts net profits of 1 billion yuan in 2025, 1.3 billion yuan in 2026, and 1.5 billion yuan in 2027, with corresponding growth rates of 30%, 26%, and 22% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 22x, 18x, and 15x respectively, indicating a favorable valuation outlook [3][5]. 5. Market Position and Client Base - The company has a strong client base that includes both domestic and international automotive manufacturers, positioning it well for future growth [18][19]. - It has become a tier-one supplier for several major automotive brands, enhancing its competitive advantage in the market [18][19].

Core Viewpoint - Broadcom has initiated audits on former VMware customers who have not renewed their support contracts, following a significant price increase of up to 300% for VMware products due to Broadcom's bundling strategy [1][3][7]. Group 1: Audit Initiation - Broadcom has begun sending "stop and cease usage" letters to VMware users whose support contracts have expired, demanding they stop using all updates and patches released since the termination of their contracts [1][2]. - An audit has been launched for a Dutch software supplier, which has been a VMware customer for about ten years, indicating that Broadcom is actively reviewing compliance with VMware software usage [3][4]. Group 2: Customer Concerns - Customers express concerns about the financial impact of the audits, with some fearing it could affect salary negotiations and lead to layoffs due to budget constraints [5]. - There are reports of companies receiving audit notifications despite having ceased using VMware products, raising questions about the validity of Broadcom's audit process [7][8]. Group 3: Market Reaction - Broadcom's aggressive enforcement of VMware licensing agreements has generated backlash among existing and former customers, with calls for regulatory scrutiny of its practices [9]. - The acquisition of VMware for $69 billion is viewed as a successful transaction, yet the ongoing issues with customer relations and compliance audits may tarnish Broadcom's reputation in the market [9].

Group 1 - Foreign institutions have shown significant interest in A-share listed companies, with 76 companies receiving their attention since June, and 30 of these companies hosting at least three foreign institution visits [2] - The most notable company attracting foreign interest is Huichuan Technology (300124.SZ), which has hosted over 100 foreign institutions, including Morgan Stanley and UBS, highlighting the effectiveness of national equipment renewal plans in stimulating market demand [2][3] - Another company, Yihua Technology (301029.SZ), has also engaged with over 60 foreign institutions, focusing on expanding its services in various sectors, including semiconductors and new energy [3] Group 2 - The electronics industry has the highest visibility among foreign institutions, with companies like Lexin Technology (688018.SH) and Huidian Co. (002463.SZ) receiving considerable attention [4] - The machinery equipment sector is also favored, with Huichuan Technology and Yihua Technology being key players, alongside Jiangsu Shentong (002438.SZ) and Kangli Elevator (002367.SZ) [4] - In the computer sector, companies such as Zhongke Chuangda (300496.SZ) and Jingwei Hengrun (688326.SH) have attracted significant foreign interest [4] Group 3 - Foreign institutions maintain a generally optimistic outlook for the Chinese stock market in the medium to long term, despite short-term volatility [5][6] - UBS forecasts a gradual recovery in A-share earnings, projecting a 6% year-on-year growth in earnings per share for the CSI 300 index by 2025 [5] - Morgan Stanley suggests that structural reforms in China, including reduced tariffs and improved business environments, will enhance the attractiveness of investments in China [6][7]

投资者关系活动记录表 1 编号：2025-006 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 □ 现场参加□其他 参与单位名称 浙江浩坤昇发资产管理有限公司、中国人保资产管理有限公司、 中信建投证券 时间 2025 年 6 月 19 日 10:00-12:00 地点 上海市 上市公司接待 人员 董事会秘书喻荔女士 投资者关系 活动主要内容 公司董事会秘书喻荔女士简要对公司2024年及2025年一季 度经营状况及主要业务发展情况进行了交流： 1、公司跟三大运营商是什么关系？ 答：公司是 IP-VPN 技术服务细分领域第一家 A 股上市企业。 上市之后，公司经历了一定的业务调整和转型，目前，公司提供 的是基于公司骨干网和公司自研的 SD-WAN、SASE 软件技术的 云网安一体化服务。我们不仅帮助客户组建企业专用网络，同时 还帮助客户实现网络与安全的运维管理。基础电信运营商主要是 建设我们国家的网络基础设施并在各自的网络资源内提供服务， 主要面向政府、大型国央企提供服务，以及面向个人或家庭提供 服务。而南凌科技提供的服务与基础运营商业务有着显著区别， 首 ...

刚刚坐上位置一年的韩国首富，要换人了吗？ 前不久，三星掌门人李在镕的身家从巅峰跌落，减少了37亿美元，降至78亿美元，甚至被私募股权大佬 金秉奏反超。 这一变化并非孤立现象，而是三星集团当前面临多重挑战的直观体现。作为韩国最大的企业集团之一， 三星曾凭借其在半导体、智能手机、电视等领域的辉煌成就，成为全球科技行业的领军者。 然而，如今的三星正深陷多重困境：技术认证的挫折、市场份额的下滑、核心业务的停滞，以及关键人 物的离世，都让这个曾经的行业巨头步履维艰。 李在镕的财富缩水，不仅是个人资产的波动，更是三星企业面临严峻挑战的缩影。在全球科技竞争日益 激烈、行业格局快速变化的当下，三星如何突破困境、重振雄风，成为各界关注的焦点。 压力山大的首富 三星，正处于多事之秋。 前不久，三星传出消息称其6月进行的第3次英伟达12层HBM3E产品认证未获通过，下一次认证定于9月 进行。而美光已将HBM3E的良率提高到70%以上。未能通过英伟达认证，可能会导致其HBM3E产品交 付进度可能会落后于竞争对手。 而这也不是最近唯一让三星头疼的事情，2025年第一季度，三星设备解决方案（DS）部门营业利润同 比下降42%，其中HBM ...

光华梧桐 投资负责人 表示： " 我们十分看好外周赛道在中国的发展，值得庆幸的是，通过 ePTFE 的自研，美创医疗有进一步夯实了他们在外周赛道的竞争力。凭借着优秀的国际化研发团队以及经验 丰富的商业化团队，我们相信未来，公司可以做出更多振奋人心的真正贴合临床需求的好产品。 " 半年获2亿元融资，部分自研产品已获批并开始商业化。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 据 IPO 早知道消息， 近日， 苏州 美创医疗科技有限公司（下称 " 美创医疗 " ）宣布 完成新一轮 亿元级股权融资， 由 苏创投 、天堂硅谷、光华梧桐和江苏医疗器械科技产业园 （ Medpark ） 等 机构 共同 出资 ，凯乘资本连续担任独家财务顾问 。 今年 1 月 ， 美创医疗 完成超亿元 A+ 轮融 资， 投资方包括 红杉中国、倚锋资本、兴证资本、清松资本等 。 美创医疗由具备外周血管 和肿瘤 介入行业经验超过 30 年的刘文菁于 2021 年在苏州高新区成立 ， 此次为其二度创业 。 此 前， 刘文菁 曾于 2004 年创立上海美创， 但 受制于进口医疗产品在 集采环境下 逐渐 失去市场竞争力， ...

当 Daniel Saks （ 萨克斯 ） 还在联合创办的上一个创业公司 AppDirect 担任联席 CEO 时，亿万富翁 迈克尔·戴尔通过 LinkedIn 给他发消息要求会面。戴尔素来以喜欢主动联系感兴趣的初创公司创始人 而闻名。这次偶遇让他领悟到一个对其当前创业项目 Landbase 至关重要的道理：当对方知道你是谁 时，冷启动触达就会得到回应。 大约一年前，萨克斯离开了帮助企业软件公司处理循环账单的 AppDirect ，创立了 Landbase 。 最初的设想不仅是基于公司和个人的具体信息来训练模型，还要基于成功案例进行训练。但通过对这 4000 万次营销活动的研究发现了一个有趣现象： 超过半数的活动都失败了，而失败原因往往与文案 措辞无关。它们失败的原因是发件方缺乏 " 信任度 " 。 那次与戴尔会面的反面教训是什么？如果人们不知道你是谁，他们就不会回复你的信息。 " 作为首次创业的初创公司创始人，带着一个全新品牌，你几乎不可能成功开展外联营销活动， "Saks 告诉 TechCrunch 。 他自然认为，解决方案是通过 " 高度精准的方式 " 而非 " 广撒网 " 来提升初创企业的知名度。在人 ...

Summary of BorgWarner Conference Call Company Overview - **Company**: BorgWarner - **Industry**: Automotive components, focusing on powertrain and electrification technologies Key Financial Metrics - **First Quarter Performance**: - Outgrowth of nearly 4% above industry production - Operating margin at approximately 10% - Free cash flow of about $270 million, an increase from the prior year [2][6][88] Tariff Impact and Mitigation - **Tariff Impact**: Initially projected at 1.6% of sales, but has decreased due to effective mitigation strategies and changes in executive orders [3][4] - **Customer Engagement**: Actively working with customers to recover tariff costs [4][6] Industry Production Concerns - **U.S. Market Risks**: Concerns about potential impacts of tariffs on industry production in Q3 and Q4, though current visibility remains strong for Q2 [5][9] Regional Insights - **North America**: - Market expectations adjusted from a decline of 1-3% to 2-4% due to tariff concerns, but Q2 volumes remain strong [8][10] - **Europe**: - Strong demand for e-products, with regulatory clarity on emissions potentially increasing demand for foundational products [16][17] - **China**: - Significant exposure with 20% of overall revenue; local OEMs represent 75% of revenue in China, showing strong performance [18][19] Electrification Trends - **Adoption Rates**: Vary by region, with China leading in BEV adoption, followed by Europe, while North America is expected to grow slower [22][24] - **Hybrid Vehicles**: Increasing opportunities in North America for both foundational and e-products, particularly in hybrid segments [30][31] Market Share and Competition - **Market Dynamics**: Anticipated consolidation in the market as smaller players struggle to compete, potentially increasing BorgWarner's market share [43][44] Capital Allocation Strategy - **M&A Criteria**: Focus on industrial logic, accretive assets, and fair pricing; disciplined approach to potential acquisitions [56][59] - **Capital Utilization**: Emphasis on balancing organic and inorganic investments, stock repurchases, and dividends over a five-year horizon [60] Operational Efficiency - **Margin Management**: Sustained performance with margins above 10% for the last four quarters; focus on cost structure and operational excellence [49][50] - **AI and Automation**: Exploring opportunities for increased efficiency through robotics and AI in manufacturing processes [52][55] Free Cash Flow Generation - **Cash Flow Goals**: Projected midpoint of $700 million for the year; focus on using cash flow for accretive investments or returning capital to shareholders [88][89] Conclusion - **Outlook**: Positive sentiment regarding operational strength, market growth, and the ability to generate free cash flow, with a commitment to outgrowing the industry and enhancing shareholder value [84][88]

Financial Data and Key Metrics Changes - Net sales for Q1 fiscal 2025 were $1,350 million, down 0.9% year-over-year, resulting in a negative 3.7% comparable sales (comp) [13][26] - Operating income was $69.3 million, with diluted EPS at $0.68 and adjusted EPS at $0.76 [30] - Gross margin improved to 34%, a 60 basis point increase from the previous year, driven by merchandise margin expansion and favorable shrink [28][29] Business Line Data and Key Metrics Changes - Footwear and apparel were the strongest categories, remaining roughly flat year-over-year, while sports and recreation also showed improvement [14][26] - Athletic footwear posted a positive 4.5% comp, led by brands like Nike and Brooks, while the Jordan brand exceeded internal expectations [27][19] - Outdoor category faced challenges, particularly in ammunition sales, but fishing and firearms showed solid increases [14][28] Market Data and Key Metrics Changes - The company observed increased foot traffic from customers with household incomes over $100,000, indicating a shift towards value-seeking behavior among higher-income consumers [12][37] - E-commerce sales increased by 10% for the quarter, with penetration growing to over 10% [17][26] Company Strategy and Development Direction - The company is focused on new store expansion, planning to open 20 to 25 new stores in fiscal 2025, with five locations opened in Q1 [15][16] - E-commerce growth is a key pillar, with efforts to enhance the online shopping experience and expand product offerings [17][18] - The company is leveraging technology, including RFID and handheld devices, to improve inventory accuracy and customer experience [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about navigating tariff impacts and consumer behavior, emphasizing the importance of value in a challenging economic environment [7][25] - The company is adjusting its guidance to account for various tariff scenarios, with sales expectations ranging from $5.97 billion to $6.26 billion [35][36] - Management noted the fragility of the U.S. consumer environment but remains confident in long-term growth strategies [24][25] Other Important Information - The company returned over $100 million of free cash flow to investors in Q1, including share repurchases and dividends [34] - Strategic actions taken to mitigate tariff impacts included pulling forward $85 million in domestic inventory receipts at pre-tariff prices [31][32] Q&A Session Summary Question: Retention of higher-income consumers - Management noted that retention among higher-income consumers has been strong, with these customers shopping more frequently across various product categories [41][42] Question: Performance in May and impact of Jordan brand - Management indicated that while May showed a slight decline, the Jordan brand continues to perform well, and they remain optimistic about Q2 due to upcoming shopping events [45][46] Question: Health of the consumer and impact of weather - Management attributed softness in certain categories to weather conditions and noted that consumer behavior is cautious, with a focus on value [52][53] Question: Tariff outlook for fiscal 2026 - Management emphasized the importance of diversifying sourcing to mitigate future tariff impacts, but refrained from speculating on specific outcomes [80][81] Question: Gross margin guidance - Management explained that gross margin guidance remains unchanged due to effective inventory management and partnerships with suppliers to mitigate cost increases [56][63]