玉马科技(300993) - 投资者关系活动记录表

Group 1: Industry Overview - The functional shading industry in China has approximately 3,000 enterprises, with around 180 having annual sales exceeding 30 million yuan [2] - The market penetration rate for functional shading products in China is currently below 5% [2][3] - In contrast, developed countries have a market penetration rate exceeding 70% for functional shading products [4] Group 2: Competitive Landscape - The industry is structured into three tiers: - First tier: Large-scale companies with high product quality and advanced technology, targeting the mid-to-high-end market [2] - Second tier: Medium-sized companies with moderate product quality and lower technology levels [2] - Third tier: Numerous small workshop-style enterprises focusing on low-end markets through price competition [2] Group 3: Market Challenges - Domestic market faces challenges due to economic slowdown affecting consumer purchasing power and awareness of functional shading products [7][8] - The civil consumption market is still developing, primarily driven by engineering projects [8] Group 4: Global Expansion and Strategy - The company is planning to establish production facilities in Southeast Asia, with a focus on Singapore and Vietnam, contingent on trade policy stability [5] - The company currently has a low market share in global markets but sees significant potential for growth through enhanced market penetration and channel development [6] Group 5: Financial and Operational Insights - Currency fluctuations pose a manageable risk, with strategies in place to mitigate exchange rate impacts [9] - Tariff policy changes have affected order rhythms, but the company is adapting by strengthening local support and service [10] - New products are expected to enhance overall gross margins, with a pricing strategy focused on market skimming during initial launches [12] Group 6: Future Growth Drivers - Future growth is anticipated through: - Continuous introduction of high-performance new materials and outdoor functional products [13] - Expansion of domestic and international sales channels [13] - Operational efficiency improvements through management optimization and cost control [13] - Capacity reserves and technological upgrades to support future expansion [13]