桂林旅游股份有限公司投资者关系活动记录表 | | 司改善基本面。 | | | --- | --- | --- | | 关于本次活动是否涉 | | | | 及应披露重大信息的 | | 否 | | 说明 | | | | 活动过程中所使用的 | | | | 演示文稿、提供的文 | | 无 | | 档等附件（如有，可 | | | | 作为附件） | | | 3 1 | 展新业态建设和全品牌输出。 | | --- | | 通过发展康养休闲旅居、教育研学、AI 文旅、低空 | | 经济等产业，加大新媒体营销及品牌塑造，着力打造文 | | 旅全产业链。 | | 三、公司重点工作 | | 公司将重点通过"保存量、拓增量、甩包袱"三大 | | 举措，全力推动公司高质量发展。 | | （1）保存量的具体措施主要包括：一是借助 AI 解 | | 锁"未来旅游"新体验，助力人民网打造"AI 游桂林" | | 智能平台，推出 AI 主题游船；银子岩景区在洞内实现 | | 5G-WIFI 全覆盖，并发布全球首款 AI 伴游财神萌宠玩具， | | 让老景点焕发全新魅力；二是深挖资源禀赋，打造特色 | | 产品矩阵，以"休闲度假+深度体验" ...

Group 1: Company Overview - The company focuses on the Internet of Things (IoT) sector, particularly in RFID technology, and is exploring new consumer markets, specifically the pet economy [3][6]. - The company aims to leverage its RFID expertise to establish a competitive edge in the pet economy, which is currently in the investment phase [3][7]. Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of ¥417,703,884.71, reflecting a year-on-year growth of 11.16% [8]. - The company’s financial data indicates strong performance over the past two years, although the core business has faced challenges post-deduction of non-recurring items [3][8]. Group 3: Business Strategy - The company employs a dual strategy of organic growth and external acquisitions to enhance its business development [6][10]. - The pet economy segment is expected to become the company's second growth curve, with a focus on solidifying market presence and validating business models [7][10]. Group 4: Market Trends and Challenges - The growth of the pet economy is driven by increasing societal demand for pet companionship and the rising penetration of smart devices in this sector [9][10]. - The company is committed to ensuring data security in RFID technology, addressing potential threats through established legal frameworks and internal policies [3][4]. Group 5: Future Outlook - The company is actively monitoring industry merger and acquisition policies to align its strategic investments with its core business objectives [10]. - The long-term vision includes fostering a robust ecosystem within the IoT industry to achieve sustainable growth and operational synergy [10].

阜新德尔汽车部件股份有限公司投资者关系活动记录表 证券代码：300473 证券简称：德尔股份 编号：2025-009 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） 民生证券：裴婉晓 海通证券：潘一忻 | | | 国盛证券：林卓欣 信达证券：赵启政 | | | 东方财富证券：朱晋潇 长城证券：金瑞 | | 参与单位名称 | 财通证券：王思宁 国元证券：陈烨尧 | | 及人员姓名 | 南京证券：张儒成 东方证券：何雨蒙 | | | 永唐盛世：吴小超 大筝资管：徐海涛 | | | 兖矿资本：王彦芳、张国梁 熙锦汇投资：刘莹 | | | 允朗投资：查桢伟 弘君基金：周广可 | | 时间 | 2025 年 12 月 25 日 | | 地点 | 德尔股份上海分公司会议室 | | 上市公司接待 人员姓名 | 董事会秘书：张磊 | | 投资者关系活 | Q1、公司 2025 年前三季度经营情况？ | | | 2025 年前三季度，公司实现 ...

Group 1: Company Overview and H Share Listing Progress - The company has submitted an application for H share listing on the Hong Kong Stock Exchange, with the application materials published on the same day [3] - The China Securities Regulatory Commission has provided initial feedback on the application, and the company is actively responding to these comments [3] - The timeline for the listing process will depend on the review progress by the regulatory authorities [3] Group 2: ficonTEC's Role and Market Trends - ficonTEC is a leading manufacturer in the field of photonics and semiconductor automation, collaborating closely with top global clients [4] - The demand for optical modules is expanding, leading clients to initiate large-scale production plans, with a shift towards higher-speed products [4] - The complexity of assembly and testing is increasing, making fully automated manufacturing models more valuable compared to traditional manual methods [4] Group 3: Capacity and Production Planning - The company is preparing to enhance its capacity to meet the rapid market growth and client forecasts [6] - Plans include leveraging the restructuring of the company to improve team efficiency and talent in key areas such as design and assembly [6] - The company aims to support capacity expansion through financing from the Hong Kong stock market and optimize the supply chain [6] Group 4: CPO Industry Development - The CPO industry's rollout is progressing normally, contrary to market rumors of a slowdown, with the company’s operations and production schedules remaining on track [8] - Downstream clients are accelerating the delivery process, which is driving the company to enhance its production capacity [8] Group 5: Equipment Line Value and OCS Collaboration - The company cannot disclose specific values for equipment lines due to design variations and commercial confidentiality [9] - Collaboration in the OCS technology path has been established with key industry participants, including providing automation equipment for a Swiss client [9]

Group 1: Company Overview and Market Position - The company has established partnerships with major domestic clients and is actively expanding into international markets [1][2] - The 200G and below low-speed optical modules have achieved stable mass production, while 400G/800G high-speed modules are in the sample testing phase with expected small batch shipments in Q2 2026 [1][2] Group 2: Strategic Development and Capacity Expansion - The company adopts a customer demand-driven approach for capacity expansion, focusing on small batch production to explore market needs before scaling up [3] - A stepwise development strategy is employed, starting with mature products to build customer resources and industry experience before moving to high-value products [3] Group 3: Importance of 200G and Below Optical Modules - The decision to prioritize 200G and below optical modules is based on their strong demand stability and significant economies of scale, which enhance market competitiveness [5] - Stable mass production of these modules supports the development of high-speed module production lines and improves overall operational efficiency [5] Group 4: Core Competencies and Innovations - The company has strong capabilities in scaling production and converting laboratory technologies into market-ready products, which benefits the optical communication business [6] - Emphasis on innovation and cost structure optimization through continuous process improvements and automation enhances competitive advantages [7] Group 5: Micro LED Technology Strategy - The Micro LED optical interconnect technology addresses key issues in high bandwidth and high-speed scenarios, positioning the company for long-term growth in optical communication [8][10] - Current focus is on achieving breakthroughs in core light source technology and building intellectual property barriers for future industrialization [10] Group 6: Smart Terminal Business Outlook for 2026 - The smart terminal business is expected to recover in 2026 due to global layout strategies, automation improvements, and diversification of product offerings [10]

Group 1: Competitive Advantages in Overseas Operations - The company has over 40 years of experience in overseas operations, with projects in more than 100 countries and regions, establishing a core competitive advantage through a differentiated competition strategy [3] - It has set up over 70 overseas offices, focusing on traditional markets in Southeast Asia, South Asia, the Middle East, Central Asia, and Latin America, while also expanding into new markets like Guyana and Nicaragua [3] - The company emphasizes high-standard, sustainable projects that can stimulate local economies and create jobs, targeting projects with high technical barriers and good payment capabilities [3] - A diversified financing model supports project implementation, backed by stable cash flow and a good debt-to-asset ratio [3] - The company integrates ESG principles into its strategy, enhancing its position as an industry leader in sustainable development [3] Group 2: Overseas Investment Plans and Layout - During the 14th Five-Year Plan, the company aims to cover environmental engineering, clean energy engineering, and cableway engineering, transitioning to an integrated investment and operation model [4] - Two waste-to-energy projects in Uzbekistan have been initiated with a total investment of approximately $475 million, expected to yield a post-tax internal rate of return of no less than 8% [5] - The company has increased its wastewater treatment capacity to 280,000 tons per day, positioning itself within the medium scale of the industry [5] Group 3: Core Technologies - The company aims to become a technology-driven professional engineering firm, leveraging its international business development network and financing advantages [6] - It has established over 70 overseas branches and has a professional international operation and financing team [6] - The company is involved in high-value sectors such as healthcare, digital infrastructure, airport logistics, and energy engineering, supported by strong design and manufacturing capabilities [6] - It has participated in the formulation of numerous international and national standards, receiving over a thousand awards at various levels [6] Group 4: Future Outlook and Strategic Goals - The company has set a strategic goal to enhance the quality of the listed company, focusing on transformation, integration, and high-quality development [6] - It aims to improve its engineering value chain and core competitiveness while better serving national strategies and focusing on industrialization [6] - The company plans to transition its business layout towards high-end manufacturing and international operations [6] Group 5: Market Value Management - The company maintains a high dividend policy, ensuring cash dividends are no less than 40% of the distributable profits for the year [7] - It has received the highest A-level rating from the Shenzhen Stock Exchange for 15 consecutive years, indicating strong disclosure quality [7] - The company has allocated between 50 million to 100 million yuan for share repurchases, with 550,000 shares already repurchased as of December 1 [7]

Group 1: Product Performance and Market Strategy - The patent protection for the injectable form of Esomeprazole will last until after 2035, while the tablet form has faced generic competition in China, yet the company has maintained stable sales growth in the first three quarters of this year due to its strong presence in the gastrointestinal sector [2] - The P-CAB product JP-1366 is expected to participate in the 2027 medical insurance negotiations, with sales anticipated to ramp up significantly after its market entry [2][3] - The domestic sales of P-CAB products reached approximately CNY 1.45 billion in the first three quarters of 2025, representing a year-on-year growth of 65% [3] Group 2: Competitive Landscape in Mental Health Treatments - The average usage rate of long-acting antipsychotic injections in Europe and the U.S. is between 25%-30%, while the rate in China is currently below 1% [3] - The new guidelines for schizophrenia treatment emphasize the importance of long-acting therapies, which is expected to increase the market penetration and sales of the company's long-acting antipsychotic products [3][4] - The company strategically focuses on developing third-generation antipsychotic drugs for long-acting formulations to avoid safety issues associated with first- and second-generation drugs [4] Group 3: Pipeline and Future Developments - The IL-17A/F monoclonal antibody (LZM012) has been submitted for regulatory approval and is expected to participate in the 2027 national medical insurance negotiations [5] - The recombinant human follicle-stimulating hormone (r-FSH) is set to launch in 2026, enhancing the company's product matrix in assisted reproduction [5][6] - The company has significantly reduced losses this year and anticipates entering a product harvest phase with the upcoming launches of r-FSH and LZM012 [6]

Group 1: Financial Performance - In 2024, the company's revenue reached CNY 6.09 billion, a year-on-year increase of 43.81%, with a net profit of CNY 574 million, up 52.20% [2] - The expected decline in 2025's performance is attributed to a high base effect and a slowdown in major client investments, particularly from Southern Power Grid [2] - As of June 30, 2025, the company had a total order backlog of CNY 8.04 billion, with revenue recognition expected to align with project implementation cycles of 6-18 months [3] Group 2: Future Growth Prospects - The growth outlook for 2026 and beyond will be driven by the ongoing digital transformation in the power energy sector, supported by national strategies like "Digital China" and "New Power System" [3] - The company plans to expand its customer base across various sectors, including transportation, water, gas, and public administration, to diversify its revenue sources [3] Group 3: Product Development - The "Fuxi" chip is primarily aimed at distribution network protection and monitoring, with applications in distribution automation and low-voltage smart switches [3] - The "Dawatt" model focuses on production application-driven models, while the "Dianhong" operating system is designed for customized technical services related to its core modules [3]

Group 1: Company Overview - The company specializes in the research, production, and sales of self-lubricating bearings and high-performance polymers, with key products including self-lubricating bearings and modified engineering plastics [1] - The automotive industry is the largest downstream sector, accounting for approximately 80% of the company's revenue, followed by construction machinery [1] - The company has seen a significant rebound in the construction machinery sector this year, positively impacting related business [1] Group 2: Product Applications and Value - The unit value of the company's products in the automotive sector ranges from 200 to 300 RMB, primarily used in seats, doors, shock absorbers, steering systems, and air conditioning compressors [2] - The company is actively exploring opportunities in the aerospace sector, with products designed for high stability and longevity under extreme conditions [2] Group 3: Competitive Positioning - The company's products can match the performance of foreign competitors while offering cost advantages, although some high-end niche applications are dominated by overseas players [2] - The strategy involves continuous benchmarking against international peers and leveraging the rapidly developing domestic industry ecosystem to close the gap in high-end products [2] Group 4: Material Sourcing and Supply Chain - The company primarily sources raw materials such as copper, steel, and polymers domestically, with only a small percentage of high-spec specialty materials imported, indicating no significant reliance on imports [2] - The company emphasizes the importance of supply chain autonomy, particularly in the commercial aerospace sector, where material stability is critical [2]

Group 1: Financial Performance - The company achieved a revenue of 6.707 billion CNY in the first three quarters, representing a year-on-year growth of 22.01% [2] - The net profit attributable to shareholders reached 651 million CNY, with a year-on-year increase of 21.43% [2] - The automotive parts business saw a sales revenue growth of 25% due to the increase in vehicle sales, with a total of 21.246 million passenger cars sold, a 13.7% increase year-on-year [3] Group 2: Business Segments - The company’s military products revenue for the first half of 2025 was 6.7338 million CNY, up 6.96% from the previous year [4] - The military explosive materials automation upgrade project is expected to reach operational status by September 30, 2026, with an anticipated annual revenue of 150.0027 million CNY [4] - The oil and gas equipment business maintained stable sales, while high-performance functional materials experienced a decline due to market changes [3] Group 3: Strategic Initiatives - The company is monitoring developments in the commercial aerospace sector and has not yet participated in related projects but aims to leverage its core advantages in the future [4] - The company is considering entering the robotics and low-altitude economy sectors, given its existing relationships with major automotive clients who are exploring these technologies [5] - The company is evaluating the implementation of an employee stock ownership plan to align interests and enhance growth [5] Group 4: Shareholder Actions - The major shareholder, LeKai Group, is planning to reduce its stake due to funding needs, with the potential for shareholding to drop below 5% [4] - The company has not yet received notification regarding the completion of the share reduction by LeKai Group [4] Group 5: Investor Relations - The investor relations activity was conducted on December 25, 2025, with participation from various funds and company representatives [2] - The activity did not involve any undisclosed significant information [5]