M Update Asia Pacific Summit 2025 Feedback Key Takeaways November 19, 2025 06:30 AM GMT Mindray Bio-Medical | Asia Pacific China likely bottoming in 2025 amid persistent regulatory pressure: Specialty treasury bond (STB) issuance for healthcare infrastructure fell over 30% YoY to Rmb146bn in Jan–Oct 2025, suggesting likely gradual industry recovery from 2026. Meanwhile, for IVD, CLIA likely faces lingering pressure in 2026 from further implementation of tumor biomarker and thyroid reagent VBP. Management ex ...

玉马科技 20251119 摘要 玉马科技 2025 年前三季度营收 5.53 亿元，同比增长略超去年同期，但 归母净利润同比下降约 13%，主要受股权激励费用、利息收入波动及研 发投入增加影响，扣除非经营性因素后净利润基本持平。 公司通过加大销售推广、新产品研发和成本控制，应对关税政策不确定 性，尤其是在美国市场，并对 2026 年增长持乐观态度，前提是关税政 策无重大不利影响。 近期客户拜访显示，欧洲市场稳定，北美市场对供应链担忧减弱，拉丁 美洲老客户追加订单，新客户转向玉马科技，东南亚市场表现良好，全 球市场情绪积极，对 2026 年充满信心。 玉马科技管理层已明确继续推进海外产能布局，以应对全球政策变动风 险和中长期成本控制，并提高区域市场占有率，计划春节前确定海外选 址方案。 功能性遮阳材料赛道垂直，竞争对手较少，玉马科技凭借技术优势、高 品质产品和全球服务，与 70 多国建立合作，在欧美亚主要出口地区保 持领先地位。 Q&A 请介绍一下玉马科技在 2025 年三季度以来的经营情况及四季度的新趋势。 玉马科技是一家集功能性遮阳材料研发、生产和销售于一体的高新技术企业， 产品主要用于建筑内外遮阳、节能 ...

中煤能源 20251119 摘要 中煤能源预计四季度生产正常，有望完成年度计划并略有增加，但 10 月份产量环比下降 15 万吨，主要受大秦铁路秋季检修影响，全年成本 预计低于去年，但四季度成本或因费用结算等因素上升。 中煤能源 2026 年生产计划预计维持今年水平，潜在增量来自新增矿井 投产（如李必北子沟）和内蒙古高瓦斯矿井的安全高效生产，预计增加 500 万吨左右，公司也在进行产能核定工作。 中煤能源已完成 2,100 万吨保供期间核增产能手续，发改委和能源局尚 未明确是否延续该政策，公司将关注政策动向并及时调整策略，以确保 合规运营和稳定增长。 煤炭行业面临反内卷政策和中央安全生产巡查，可能导致产量收敛，但 考虑到用煤旺季，大规模调整可能性较低，或采取循序渐进或转为储备 产能的方式。 中煤能源前三季度吨煤成本同比下降约 10%，得益于降本增效和动用安 全维检费等储备项目，预计 2026 年成本将维持在稳定、科学、合理水 平，300 元/吨左右为合理水平。 Q&A 中煤能源在 2025 年 10 月的生产情况如何？对四季度的产量有何展望？ 前 11 个月，中煤能源累计完成了 1.13 亿吨商品煤的产量，同 ...

摘要 3D 天地发布 3D 令克 AI 开发平台，该平台结合 Deepseek、通义千问 等主流大模型，定位于企业智能化升级，通过无缝集成现有业务系统， 提供自动化复杂流程、智能辅助决策，提升运营效率与员工工作效率， 实现业务模式的智能化重构。 公司拥有深厚客户基础，包括 3,000 余家实验室客户和 1,000 余家数据 资产管理优质客户，项目人员深刻理解检验检测、质量管理等领域的复 杂业务逻辑与合规要求，确保解决方案精准匹配客户需求。 新一代检验检测数字化平台基于 Langchain 框架，融合大语言模型与先 进算法，实现了从样品接收到报告生成各环节全流程自动化与智能化， 有效杜绝假报告风险，显著提升了检测效率与准确性。 3DLink AI 应用平台基于知识引擎与 AI agent 技术，构建具备感知、理 解、推理与执行能力的智能体集群，适用于多种应用场景，可无缝对接 企业现有业务系统，并深度融合 3D 天地低代码平台。 公司携新一代实验室管理系统 3DLIMS 及 3DLink 智能平台亮相东京、 日本、新加坡展会，受到广泛关注并获得高度认可，已完成亚洲经销商 选定工作并展开合作，未来将遵循既定战略布局 ...

Summary of Ford Technology Conference Call Company Overview - **Company**: Ford Technology - **Industry**: New Energy Vehicle (NEV) High Voltage Systems Key Financial Performance - **Revenue Growth**: In the first three quarters of 2025, revenue increased by 116% year-on-year, with net profit attributable to shareholders rising by 66% [2][3] - **Q3 Performance**: The net profit growth rate for Q3 reached 187%, indicating strong growth momentum [2][3] - **Future Revenue Projections**: Expected revenues for 2025, 2026, and 2027 are projected at 3.68 billion, 5.32 billion, and 6.98 billion respectively, with net profits of 196 million, 324 million, and 472 million [4][13] Customer Base and Market Position - **Key Clients**: Major clients include Xiaomi, Leapmotor, NIO, and Renault, with expectations for significant contributions from these clients in 2026 [2][3] - **Market Share**: Ford Technology is a leading supplier in the NEV high voltage system market, alongside Weimais, with the top five suppliers holding 74% of the Chinese market [2][8] Product Offerings - **Main Products**: The company specializes in integrated high voltage power solutions, including OBC (On-Board Charger), DCDC converters, and PDU (Power Distribution Unit) [3][7] - **Expansion into Non-Automotive**: Ford Technology is also expanding into non-automotive sectors, supplying power modules for DC charging piles and liquid-cooled supercharging piles, as well as AIDC (Automatic Identification and Data Capture) power modules [5][12] International Expansion - **Overseas Revenue Growth**: In the first half of 2025, overseas revenue reached 260 million, increasing its share of total revenue from a few percent to over ten percent [2][3] - **International Contracts**: The company has secured contracts with Stellantis and European luxury brands, with projects expected to ramp up from 2026 to 2027 [2][10][11] Competitive Landscape - **Industry Concentration**: The NEV high voltage system industry is highly concentrated, with significant market shares held by BYD through its subsidiary Fudi Power, which commands a 29% market share [8] Strategic Developments - **New Facilities**: Ford Technology has established a subsidiary in France and is building a production base in Thailand, indicating a strategic push into the European market [4][10] - **Long-term Contracts**: The company has signed long-term contracts with major automotive brands, which are expected to enhance profitability [11] Profitability and Valuation - **Gross Margin Expectations**: The gross margin is expected to stabilize around 30% in 2024, with some projects potentially exceeding this level [4][11] - **Valuation Insights**: With a current market capitalization of over 6 billion, the projected P/E ratio for the next year is close to 20 times, which is considered favorable given the company's growth prospects [13]

Summary of Conference Call for Slinco Co., Ltd. and Ningbo Yinqiu Technology Company and Industry Overview - **Company**: Slinco Co., Ltd. (斯菱股份) - **Industry**: Precision Bearings and Robotics - **Key Partner**: Ningbo Yinqiu Technology (宁波银球科技) Key Points and Arguments Investment in Ningbo Yinqiu Technology - Slinco invested 392 million CNY to acquire 24.34% of Ningbo Yinqiu Technology, recognizing its leading position in precision bearings, particularly in micro and motor bearings [3][9] - Ningbo Yinqiu holds a 50% market share in the air conditioning motor bearing sector, with major clients including Gree and Midea, secured through supply contracts [2][3][7] Product Development and Market Position - Ningbo Yinqiu has made significant advancements in robotics, developing micro bearings for actuators and motors, with a strong demand for humanoid robots [2][5] - The company is the sole supplier of high-speed integrated bearings to Dyson, benefiting from patent protection and a dominant market position despite smaller domestic competitors [2][6] Strategic Direction and Synergies - Slinco aims to leverage its mechanical manufacturing background to create synergies with Ningbo Yinqiu, expanding its business footprint through resource sharing [2][9] - The company plans to gradually integrate resources with Ningbo Yinqiu to enhance operational efficiency [9] Production and Capacity Planning - Slinco's harmonic reducers have been validated by major North American clients, with mass production expected to start in Q1 2026 [4][12] - The company has established factories in Thailand and near Detroit, USA, to meet potential non-China production demands from clients like Tesla [4][14] Financial Projections - Ningbo Yinqiu is projected to achieve a profit of 145 million CNY and sales of 1.17 billion CNY in 2024, with stable growth expected through 2026 [4][18] - Slinco anticipates its robotics business revenue to reach tens of millions CNY in 2025-2026, contingent on market demand [4][17] Challenges and Competitive Landscape - The production of high-speed micro bearings faces challenges in consistency, longevity, and noise reduction, with key players including Minebea in the global market [8] - Slinco faces competition from various domestic manufacturers in harmonic reducers but has not encountered significant new entrants in the overseas market [11][20] Future Developments - Slinco plans to expand its precision component offerings, including cross roller bearings, in response to customer demand [15] - The company is preparing for increased production capacity, with plans for 300,000 sets of harmonic reducers by the end of the year [22] Customer Feedback and Market Trends - North American clients have provided positive feedback on Slinco's harmonic reducers, confirming its status as a qualified supplier for mass production [19] - The trend in reducer selection among domestic clients is shifting towards harmonic reducers, with planetary reducers also being utilized but less frequently [10] Additional Important Insights - Ningbo Yinqiu's dominance in the air conditioning motor bearing market is attributed to its high production capacity of 75 million sets per month, making it the largest single-category manufacturer globally [7] - The company’s micro bearings are critical for humanoid robots, with each robot requiring over 100 such components, highlighting the precision and durability required in this sector [5]

长白山 20251119 摘要 2024 年 11 月至 2025 年 2 月，中国内地赴日游客近 300 万人次，客 单价约 1.3 万元人民币。部分游客或转向国内冰雪游，利好长白山客流。 2025 年长白山和平滑雪场 11 月 2 日提前开板。西景区接待能力扩容， 预计冰雪季实现双位数增长，乐观情况下或达 20%。 长白山股价尚未突破 2024 年冰雪旺季前高，但市场关注度持续提升， 仍有热度催化空间。 2026 年暑期前北坡长廊项目开放，预计提升北坡景区 10%接待能力。 持续推进车辆采购，提高暑期和冰雪季运力。 沈阳至长白山高铁开通后，西站至西坡景区仅需 20 分钟，显著增加客 流量。南坡景区接待能力也将提升。 定增项目中的温泉火山二期将于 2026 年底投入运营，交通改善和产能 扩张有助于提升未来客流量。 基于暑期表现和冰雪季客流增长预期，2025 年利润预计 1.5 亿至 1.6 亿元，2026 年预计 1.9 亿元。日本游客回流或进一步提高盈利水平。 Q&A 近期长白山的股价反弹主要受到哪些因素的影响？ 基于暑期表现良好以及即将到来的冰雪季客流增长预期，今年（2025 年）的 利润预计在 1.5 ...

中国能建 20251119 摘要 中国能建新签合同额持续增长，2024 年超 1.4 万亿人民币，2025 年前 三季度接近万亿，新能源项目占比显著提升，同比增长超 5%，手握超 70GW 新能源控股装机指标，显示其在新能源领域的强劲增长势头。 公司以"3,060 一体化"为中心，氢能和储能为支撑点，在储能领域取 得显著成就，包括湖北应城压缩空气储能项目（单机规模、装机规模、 转换效率均为世界第一），计划布局 100 座压缩空气储能项目，总装机 规模超 30GW。 中国能建积极布局氢能源，已在吉林松原投资近 70 亿人民币（总规划 近 300 亿人民币），计划在全国范围内布局多个千亿级规模的氢能源项 目，涵盖风光制绿氢及下游产品，市场前景广阔。 公司数据中心业务依托绿电，服务"东数西算"战略，甘肃庆阳一期示 范项目已投产，全国布局 8 个数据中心节点，通过自有风光制绿电降低 用户电力成本，出租率快速提升。 海外业务持续增长，境外新签合同额占比接近 1/3，公司在全球设立 140 余家机构，充分发挥各国优势，进一步拓展国际市场。 Q&A 中国能建在 2025 年前三季度的经营情况如何？ 2025 年前三季度，中 ...

Summary of Zhonggong International's Conference Call Company Overview - **Company**: Zhonggong International - **Industry**: International Engineering Contracting Key Financial Metrics - **Revenue**: 7.126 billion CNY in the first three quarters of 2025 - **Net Profit**: 247 million CNY, showing a year-on-year decline - **New Contracts Signed**: 3.03 billion USD, a 35% increase year-on-year - **Effective Contract Amount**: 1.621 billion USD, a year-on-year increase of 93.90% [2][3][4] Core Insights and Arguments - **International Engineering Performance**: Significant growth in international engineering contracting, particularly in countries like Guyana, Iraq, and Nicaragua, contributing to a robust pipeline of projects [2][4] - **Equipment Manufacturing**: Signed contracts worth 963 million CNY, including multiple overseas cable car projects and domestic ski resort projects [2][4] - **Investment and Operations**: Successful execution of projects in Uzbekistan, including waste-to-energy initiatives and the trial operation of the Tianmen cable car [2][3][4] - **Profitability Factors**: The decline in net profit is attributed to high project execution in the previous year and fluctuations in the RMB exchange rate [3][5] - **Strategic Shift**: The company is shifting its market focus from Latin America to Central Asia and the Middle East, particularly benefiting from oil and gas projects in Iraq [2][6][7] Future Outlook - **Performance Expectations**: Anticipated steady growth for the full year due to the peak execution phase of several key projects and reduced exchange rate losses [4][5] - **Dividends**: Planned cash dividend ratio of no less than 40% from 2024 to 2026 [11] - **Market Management**: Implementation of share buyback plans to enhance company value and shareholder rights [2][11] Additional Important Points - **Risk Management**: The company employs forward foreign exchange contracts and rolling adjustments to mitigate currency risk [6] - **Competitive Advantages**: Zhonggong International's unique advantages include broad market layout, technical expertise, and innovative financing capabilities [8][9] - **Focus on Deep Resource Exploration**: Continued investment in deep resource exploration, particularly in oil and gas projects in Central Asia [9][10] - **New Infrastructure Projects**: Involvement in multiple supercomputing and data center projects, leveraging its design capabilities [11][12] Conclusion Zhonggong International is positioned for steady growth in the international engineering sector, with a strategic focus on Central Asia and a commitment to maintaining strong financial performance through effective project execution and risk management strategies.

摘要 瑞能科技掌握声学元技术和核心部件生产，实现全产业链自主可控，并 在工业 X 射线检测设备领域位居全球前三、国内第一，掌握市场定价权。 2025 年通过收购美国工业射线检测公司、珠海九元（电力电子电性能 检测）和新加坡 SSTI（半导体缺陷定位），瑞能科技加速转型为工业检 测平台型企业。 截至 2025 年 10 月底，新签订单达 11 亿元，预计全年 13-14 亿元，同 比增长约 80%。集成电路及电子制造业务收入占比 45.62%，新能源电 池检测收入占比 22.10%。 PCB 领域，瑞能科技已实现对盛弘以外客户的批量出货，前三季度 PCB 相关业务收入同比增长超过 50%，占公司总收入约 10%。 收购 SSTI 后，瑞能科技拓展半导体集成电路业务至先进制程、晶圆级检 测和芯片设计，并利用 SSTI 客户资源加速 X 线检测设备导入。 纳米开管 X 射线检测设备已小批量出货，应用于封测、晶圆级检测和先 进封装，预计 2026 年进入加速发展阶段，目前已交付约 10 台设备。 2025 年瑞能科技全年新签订单预计 13-14 亿元，收入预计 10-11 亿元， 利润预计 1.7-1.8 亿元。20 ...