Group 1: Company Strategy and Development - Zhang Xiaoquan will continue to focus on "cutting tools and metal products" as its strategic core, aiming to develop a diverse product matrix for kitchen and home scenarios over the next three to five years [2][3] - The company plans to transition from a knife and scissors brand to a comprehensive home quality lifestyle brand [2] Group 2: Financial and Operational Status - Zhang Xiaoquan Co., Ltd. is currently operating normally with sufficient cash flow [3] - The company maintains independent business operations, unaffected by the bankruptcy restructuring of its controlling shareholder, Zhang Xiaoquan Group [3] Group 3: Market Expansion and International Strategy - The company has established two core strategies for foreign trade: exploring emerging markets and enhancing product and channel upgrades [3] - Zhang Xiaoquan aims to optimize cross-border e-commerce operations and expand its agent network to build a global growth engine centered on "product innovation + scenario adaptation" [3] Group 4: Recent Developments and Legal Matters - The restructuring of the controlling shareholder, Zhejiang Fuchun Holdings Group, is ongoing, with a court ruling on July 31, 2025, for substantial consolidation of 69 companies [3] - The recruitment announcement for investors in the restructuring process was published on December 17, 2025, with a deadline for applications set for January 20, 2026 [3]

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 ☐ | | ☐ | 现场参观 | | ☐ | 其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 长江证券：袁志芃 申万菱信基金：刘毅男 | | 时间 | 2025年12月25日 15:00-16:00 | | 地点 | 广西南宁市青秀区南国弈园五楼会议室 | | 上市公司接待人员姓名 | 董事会秘书 杨广强 | | | 证券事务代表 刘莎 1、公司化债的成效如何？ | | | 答：广西壮族自治区各级政府的积极化债措施对公司应收账款 | | 投资者关系活动主要内容 | 回收起到了积极作用。 | | | 2、公司光伏业务发展如何？ | | 介绍 | 答：公司于2022年成立广东华蓝能源开发有限公司，专注于清 | | | 洁能源电站的开发、建设和运营。2025年上半年，广东华蓝能源开 | | | 发有限公司投资类分布式光伏发电项目已全部建设完成，并重点拓 | | | 展分布式光伏项目工程承包业务，新签EP ...

Group 1: Company Overview and Strategic Goals - The company focuses on high-quality development, emphasizing transformation and innovation as key drivers for growth [2] - It aims to enhance operational efficiency, management quality, and development standards through nine major reforms [2] - The company plans to deepen innovation and advance reforms across various fields to strengthen its brand and market presence [2] Group 2: Management and Operational Efficiency - The company implements a comprehensive management system to improve production efficiency, cost control, and product quality [3] - It utilizes automation and smart factory technologies to align with industry best practices, enhancing service quality for customers [3] Group 3: Digital Transformation Achievements - During the "14th Five-Year Plan," the company completed its supply chain digital transformation, significantly reducing operational costs and improving management levels [4] - The digital initiatives have enhanced market responsiveness and customer experience, contributing to the brand's influence and competitiveness [4] Group 4: Product Strategy and Market Growth - The company adheres to a major product strategy, with the Yanjing U8 brand showing strong growth, driving product structure upgrades and profitability [5] - It focuses on integrating channels and deepening regional market engagement to solidify growth foundations [5] Group 5: Shareholder Returns and Dividend Distribution - The company prioritizes shareholder returns, planning to distribute cash dividends based on its 2025 performance [6] - For the first three quarters of 2025, it will distribute cash dividends of 1.00 yuan per 10 shares, totaling approximately 281.85 million yuan [7]

Group 1: Strategic Development - The "14th Five-Year Plan" marks a significant strategic restructuring period for Yanjing Beer, focusing on growth and transformation as key themes [2] - The company aims to maintain a positive development trend through reform and innovation, with a focus on "second entrepreneurship and revitalizing Yanjing" as the main theme of the "15th Five-Year Plan" [2] - Key economic indicators have shown continuous growth for five years, leading the industry and demonstrating strong growth resilience [2] Group 2: Market Development - Yanjing Beer employs a "full-channel integration + regional deep cultivation" strategy to activate market growth potential and optimize regional strategies [3] - The company has introduced the "Hundred Cities Project" to enhance market development strategies, focusing on expanding sales networks and market coverage [3] - There is a positive trend in market expansion and product upgrades in emerging markets and new consumption scenarios [3] Group 3: Digital Transformation - The company recognizes the strategic value of digital transformation for traditional manufacturing and has integrated digital upgrades into its core strategic initiatives [4] - A "154" digital strategy blueprint is being implemented, focusing on supply chain digital transformation and establishing a digital operation system platform [4] - The goal is to achieve "fully online business, fully connected processes, and data visualization," creating an agile, intelligent, and green supply chain [4] Group 4: Product Innovation - Yanjing Beer drives product upgrades through R&D transformation, leveraging its national-level technology center and laboratories [5] - The company has increased R&D efforts to meet diverse consumer demands, developing strategic products like Yanjing U8 and V10 white beer [5] - An innovative model of "developing a batch, launching a batch, and reserving a batch" for product development has matured, covering various market segments [5]

Group 1: Company Overview and Strategic Development - The company is experiencing rapid growth in 2025, driven by the synergy of modified materials, ICT materials, and new energy sectors, alongside a full industry chain layout for LCP and breakthroughs in sodium-ion batteries [1] - Current production capacity for modified materials is 550,000 tons, with an expected increase to 700,000 tons by 2026 due to new production in Tianjin [1] - The company is expanding into non-automotive sectors, focusing on energy storage systems, home appliances, power tools, and robotics [1] Group 2: LCP Business Progress and Future Plans - LCP products are now in mass production and are applicable in high-frequency communication and signal transmission industries, with expected bulk deliveries soon [3] - The company is collaborating with leading clients in the humanoid robotics sector for product development, with LCP materials already certified for use in robotic components [2] - LCP electronic fiber cloth is being validated for use in 6G base stations and AI servers, which could significantly enhance product performance and cost control [3] Group 3: Sodium-Ion Battery Business Developments - The company established Hai Si Da Sodium Star to focus on sodium-ion battery R&D, production, and sales, achieving over 10,000 cycles for its sodium-ion products [4] - The company has completed significant deliveries, including a 30MWh project, and is leading in the sodium-ion battery market with ample orders [4] - New production capacity is set to come online in Q3 2026, which will accelerate order fulfillment and support rapid growth in sodium-ion battery development [5] Group 4: Commercial Aerospace Sector Progress - LCP fiber has entered the supply chain for low-orbit satellites, primarily used in flexible solar wings, with a value of approximately 5,000 RMB per satellite wing [5] - The demand for flexible solar wings is expected to grow, leading to an increase in orders for LCP fiber as the commercial aerospace industry expands [5]

Group 1: Company Overview and Business Focus - The company focuses on superhard materials, with a strategic core of "1+N industry layout" based on downstream development trends [2] - The product system includes composite superhard materials, precision diamond tools, and CVD diamond as new growth points [2][3] - Main products are categorized into three types: composite superhard materials for resource extraction/construction, precision processing products, and CVD diamonds [2][3] Group 2: PCD Micro Drill Business - The company has the capability to produce PCD micro drill bits, which are characterized by long lifespan, high processing precision, and good surface finish [4] - The development of the PCD micro drill industry aims to reduce reliance on imported precision and ultra-precision processing tools in high-end manufacturing [4] Group 3: Semiconductor Heat Dissipation Materials - Diamonds are advantageous due to their wide bandgap, high breakdown field strength, and high thermal conductivity, making them suitable for optical windows, chip heatsinks, and semiconductor devices [5] - The company has significant scale advantages in CVD diamond manufacturing and possesses proprietary MPCVD synthesis and processing technology [5] Group 4: Advantages of Self-Developed Equipment - The company’s self-developed equipment significantly reduces procurement costs and mitigates supply uncertainties from external sources [6] - Self-developed equipment aligns better with production needs, enhancing efficiency and adaptability in product processing [6] Group 5: Response to Tariff Uncertainties - In response to uncertainties in U.S. tariffs, the company has implemented multi-faceted measures, including close communication with major U.S. clients and utilizing overseas subsidiaries for shipping [7] - The company is enhancing customer service and localizing sales structures to strengthen client relationships and mitigate external risks [7]

Group 1: Company Overview and Production Expectations - The company anticipates an increase in gold and copper metal production following the official launch of the Honglin Mining Caiyuzi Copper Gold Mine [2] - The Dongsheng Mining Bayannaoer Silver Multi-Metal Mine is projected to contribute an additional 250,000 tons/year of mining capacity upon completion [2] - The Jinshan Mining production capacity is expected to gradually increase to an approved scale of 480,000 tons/year, leading to higher silver and gold metal output [2] Group 2: Resource Acquisition and Management - The company is actively pursuing mergers and acquisitions of high-quality metal resources to enhance its mineral resource reserves [3] - The Jinshi Mining copper-molybdenum mine's production capacity will be determined post-approval of mining rights and safety certifications [4] - The company emphasizes the importance of resource exploration and acquisition as a key focus for sustainable development [6] Group 3: Financial Strategy and Dividends - Future dividend policies will be based on industry characteristics, development stages, operational models, profitability, debt repayment capabilities, and investor returns [9] - The company is considering overseas acquisitions but will proceed cautiously, ensuring stability in current projects before expanding internationally [10] Group 4: Stakeholder Engagement and Governance - The company has completed the acquisition of a 60% stake in Jinshi Mining, with the remaining 40% held by four individual shareholders [5] - A board of directors will be established for Jinshi Mining, consisting of three members, with two appointed by the company [5]

证券代码：002323 证券简称：雅博股份 山东雅博科技股份有限公司 1 | | 优先选择回款好、资金有保障的项目（如国家重点工程）。 | | --- | --- | | | 问题 4：项目垫资情况如何？回款周期是否较长？ | | | 回复：公司目前只承接资金状况良好的项目。公司应收账款 | | | 中部分项目因总包方资金调度问题略有延迟，但业主方多为优质 | | | 国企，最终回款有保障。 | | | 问题 5：未来一两年基建项目是否还有增长空间？ | | | 回复：目前全国多地已在推进机场、高铁站建设，公司已参 | | | 与部分项目投标，预计将为公司带来持续订单。 | | | 问题 6：公司新能源 EPC 业务是如何发展的？ | | | 回复：公司自 2009 年参与上海虹桥机场光伏项目后，逐步拓 | | | 展新能源 EPC。目前除工程业务外，还通过参股方式布局 BIPV（建 | | | 筑光伏一体化）和储能领域。 | | | 问题 7：BIPV 业务与普通光伏有什么区别？公司有何布局？ | | | 回复：BIPV 是指光伏材料直接作为建筑建材使用（如光伏幕 | | | 墙），而非后期加装。公司已投资 ...

Group 1: Product Applications and Advantages - The company's precision molding products are primarily used in industries such as educational toys, communication devices, consumer electronics, smart home appliances, healthcare, and drones, establishing long-term partnerships with several global and domestic leading enterprises [2]. - Key advantages of the company's mold products include: 1. High precision and stability, with processing accuracy reaching 0.005mm and a compliance rate of approximately 95% at 0.01mm, meeting stringent high-end manufacturing requirements [2]. 2. Leading design and manufacturing efficiency, supported by advanced design software and tools, enabling rapid modeling and construction processes [2]. 3. Capability for mass production of injection-molded parts, equipped with over 100 precision mold processing machines and numerous injection molding machines [3]. Group 2: Overseas Operations and Strategic Developments - The company's factories in Thailand and Mexico focus on high-end precision molding products, with good capacity utilization rates and sufficient orders, serving clients in Europe, Southeast Asia, and North America [3]. - The first smart pet appliance product is in the final stages of development, with core R&D completed, and plans for product launch and channel development underway [3]. - Future strategic planning for precision molding business includes: 1. Strengthening mold development capabilities and enhancing injection molding process stability [3]. 2. Deepening cooperation with existing quality clients while expanding resources to target top domestic and international clients [3]. 3. Building a proprietary brand centered around smart pet appliances, focusing on product development, production, and market promotion to cultivate new growth points [3].

Sales Performance - The sales situation for the first three quarters of the year has been disclosed in the Q3 report, with the fourth quarter being a peak sales season. The company's autumn and winter products have received positive market feedback, and sales across various brands and channels are better than expected [2]. - The Hush Puppies adult footwear category has begun self-operation, contributing additional sales revenue, although its sales proportion remains low as it is still in the early stages [2]. Offline Store Development - The company is continuously optimizing and expanding offline channels, focusing on high-traffic shopping centers and department stores while closing underperforming stores. There will be updates to store image and displays [2]. - The company plans to emphasize the development of quality direct-operated channels for men's and women's clothing and adult footwear, while also supporting the expansion of franchise channels to strengthen brand image and consumer accessibility [2]. Children's Clothing Strategy - The company maintains a pricing strategy that aligns with brand positioning for its children's clothing brands, despite a decline in revenue due to a plateau in online traffic. This strategy helps preserve brand value and attract suitable consumers [3]. - Future plans include continuous product and service upgrades for children's clothing brands, replicating successful store models, and ongoing updates to store images to enhance emotional value for consumers [3]. Hush Puppies Adult Footwear Development - The company has taken over the Hush Puppies footwear business from a previous authorized dealer, with self-operation starting in Q4. Although current sales are small, the growth trend is positive [3]. - The company plans to open more quality channels for independent Hush Puppies adult footwear stores in the coming year, in addition to sales through integrated footwear and apparel stores [3]. AI Technology Application - AI technology is currently applied in a supportive role within the company's daily operations, with ongoing efforts to explore new technologies to enhance overall operational efficiency [3].