Company Overview - Tongling Jeya Biotechnology Co., Ltd. was established in 1999, specializing in the research, production, and sales of wet wipes, with over 20 years of industry experience [2]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 3, 2021, and is steadily advancing its fundraising projects [2]. Financial Performance - In Q1 2025, the company reported a revenue of 124 million yuan and a net profit of 10.06 million yuan [2]. Business Operations - As of Q2 2025, the company has a stable order flow in its wet wipes business, with existing customers in Europe and Canada [3]. - The current production capacity utilization rate is approximately 80% [3]. - The U.S. wet wipes factory is under construction and is expected to commence production next year, primarily serving international brand clients in the North American market [3]. Clientele and Market Expansion - Key clients in the wet wipes business include international brands such as Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, as well as domestic e-commerce brands like Babycare and Dongfang Zhenxuan [3]. - The company anticipates that overseas orders will increase, with foreign sales expected to account for over 50% of total business in 2025 [3]. Risk Management - Investment risks associated with the U.S. factory include uncertainties in facility renovation and approval processes, customer audit outcomes, potential delays in production timelines, and cultural differences affecting production efficiency [3]. Future Business Strategy - The company plans to expand its cosmetics business, primarily through contract manufacturing for L'Oréal, while also exploring domestic clients [4]. - The current revenue from proprietary brands is low, with a focus on contract manufacturing [4]. - Future business drivers include expanding existing brand client relationships and leveraging the new U.S. factory [4]. Stock Performance - The company's stock price fluctuations are influenced by macroeconomic factors, industry policies, and market sentiment, with no undisclosed significant information affecting operations as of the date of the meeting [4].

Group 1: Sales Performance and Challenges - The decline in large-displacement motorcycle sales in the first half of the year is attributed to supply chain adjustments, leading to coolant matching issues for certain models [2] - Strict quality control measures resulted in delays for some new products, preventing their launch during peak sales season [2] - Supply chain capacity issues also impacted product launches; however, these matching issues have been resolved, and new products are set to be launched starting in August [2] Group 2: Export Markets - In the first half of the year, the main export regions were Asia and Europe, with Asia accounting for approximately 40% and Europe for about 33% of total exports [2] Group 3: Incentives and Dividends - The company is considering a new round of equity incentive plans to attract and retain talent, with decisions to be made based on human resource needs [3] - The board has increased the frequency and proportion of dividends, and a mid-2025 dividend plan will be developed based on operational performance, cash flow, and shareholder returns [3] Group 4: Technology and Development - The majority of the company's engine platform technology comes from in-house research and development, along with collaborations with Benelli and other renowned brands and racing teams [3]

Group 1: Military Equipment Business - The company's military equipment business focuses on a new generation of integrated short-range defense systems, with "anti-drone systems" as a core strategic direction [2] - Key areas of development include low-altitude defense, intelligent coastal defense, battlefield environment perception, and military applications of 5G [2] - Core products include portable air defense missile intelligence command systems, field communication command systems, and underwater unmanned combat systems [3] Group 2: Core Technologies and Products - The core technology modules of the low-altitude short-range defense system include detection analysis, command control, and strike subsystems, with the detection and command control systems being independently developed by the company [3] - The portable air defense missile intelligence command system has been widely recognized in its niche, providing situational intelligence and operational command for portable air defense missiles [3] - The underwater equipment business focuses on underwater sensors and autonomous underwater vehicles, applicable for reconnaissance, anti-submarine operations, and underwater target detection [3] Group 3: Export Markets and Customer Feedback - The company's military products are exported through military trade companies, adhering to national military trade policies [4] - Customer feedback on the products is positive, particularly regarding the system's all-domain, multi-task detection capabilities and low-cost interception abilities [3]

Group 1: Financial Performance - The company's gross profit margin for 2024 reached 42.62%, an increase of 1.49% compared to the same period last year [1] - In Q1 2025, the gross profit margin was 40.94%, up by 1.64% year-on-year [1] - However, due to insufficient high-end consumer demand, the company's revenue and net profit slightly declined compared to the previous year [1] Group 2: Product Development and Launches - The company has focused on developing and launching mid-to-high-end and differentiated products, contributing to sustained brand growth [1] - New product launches include the X1 Evo TWS earphones, Lolli Pro 3i with 40-hour battery life, and Lolli ANC semi-in-ear headphones with adaptive noise cancellation [2] - The company has also introduced various AI functionalities in its wireless earphones, such as real-time multilingual voice translation [3] Group 3: Market Strategy - The company is expanding its presence in the overseas market, collaborating with local celebrities in Thailand and popular actors in Japan to reach core Asian markets [4] - The open-ear headphone market is a key focus area, with over ten models launched and plans for continued investment in various product forms and price ranges [3]

Group 1: Operational Performance - In the first half of 2024, the company achieved a cargo turnover of 8.2 billion ton-kilometers and a total cargo transportation volume of 1.64 million tons, with a safe flight time of 68,000 hours [1] - The company plans to increase cargo aircraft deployment and leverage bellyhold resources to enhance operational performance [1][2] Group 2: Market and Strategic Response - The company is closely monitoring the ongoing adjustments in U.S. tariff policies, which are expected to impact international trade and introduce short-term uncertainties [2] - Long-term strategies include supporting China's manufacturing innovation and upgrading logistics capabilities to enhance import and export quality [2] Group 3: Fleet and Capacity Utilization - The company reports good utilization of its fleet, although specific utilization rates vary by route and aircraft type [2] - Future plans involve optimizing aircraft deployment across key regions such as the Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, Chengdu-Chongqing, and Beijing-Tianjin-Hebei [2][3] Group 4: Strategic Partnerships - The company collaborates with strategic shareholder Cainiao to enhance cross-border e-commerce logistics and better understand logistics demands [3] - The partnership aims to leverage complementary resources to support the growth of cross-border e-commerce and the internationalization of Chinese manufacturing [3] Group 5: Future Planning - The company is developing its "14th Five-Year Plan" to position itself as a comprehensive logistics service provider, focusing on supply chain responsibilities [3]

Group 1: Channel Development - The company focuses on balancing channel development while enhancing its presence in lower-tier markets, aiming to increase core store coverage and sales efficiency [1] - New retail stores are being established to improve the operational efficiency of stores and enhance brand recognition among store owners [1] Group 2: Product Innovation - The company emphasizes product technology innovation, launching new products that address consumer pain points and enhance kitchen experiences [1] - Recent product launches include various kitchen appliances aimed at meeting diverse consumer needs, such as the JWB19-B8 dishwasher and the GW6i gas water heater [1] Group 3: Digital Transformation - The company is advancing its digital transformation through projects like smart manufacturing and digital marketing, aiming to improve business efficiency and establish a category-driven operational mechanism [2] - Integration of NPS systems and a tiered management training mechanism are being implemented to enhance internal management and drive growth [2] Group 4: Category Operations - The company plans to expand its product lines while consolidating its advantages in traditional categories like range hoods and gas water heaters, aiming to increase market share [2] - A strategic management system is being developed to enhance category operations and improve collaboration across departments [2] Group 5: Shareholder Returns - The company has distributed a total of 2.193 billion CNY in cash dividends since its listing, demonstrating a commitment to shareholder returns [2] - Future dividend policies will be determined based on the company's development and various factors, ensuring continued shareholder engagement [2]

证券代码：000928 证券简称：中钢国际 中钢国际工程技术股份有限公司投资者关系活动记录表 编号：2025-5 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（） 参与单位名称及人员姓名 广发证券、嘉合基金、招商仁和、浙商资管、中交资本 时间 2025 年 7 月 25 日 地点 公司会议室 上市公司接待 人员姓名 副总经理、财务总监、董事会秘书 袁陆生 董事会办公室主任 戚欣 投资者关系活动主要内容介绍 近期公司业务、经营情况，主要交流内容附后。 交流内容未涉及公司内幕信息。 附件清单 投资者关系活动记录（2025 年 7 月 25 日） 中钢国际工程技术股份有限公司 投资者关系活动记录 3. 公司应收账款的情况如何？公司的毛利率是否还能进一步提高？ 公司高度重视应收账款回款工作，强化应收账款管理，切实做好应收账款动 态监督与预警工作，提升回款效率；优化海外项目执行，加快议付进程；加强内 部考核机制，设定项目回款考核指标。 2024 年公司全年工程项目毛利率为 13.61%，较上年同期增长 6.06%，随着 工程项目建设的平稳 ...

Group 1: Company Performance - The company's performance in the first half of 2025 improved due to increased sales and prices of certain products, as well as cost reduction and efficiency gains [2] - The agricultural pesticide industry is showing signs of improvement in supply and demand, although competition remains fierce and prices are still low [2] Group 2: Future Strategies - Key measures to enhance performance include completing key projects on time, optimizing existing processes, improving product quality, and reducing production costs [3] - The company plans to strengthen strategic customer cooperation, accelerate new product registration, and establish an international trade subsidiary to expand local marketing channels [3] Group 3: Market Outlook - The company remains optimistic about the future of glyphosate prices, anticipating continued market demand despite intense competition [3] - The 20,000 tons/year enzymatic glyphosate project in Hunan has been put into production and is operating normally [3] Group 4: International Expansion - The company aims to enhance strategic customer cooperation, expedite new product registration, and develop international formulation business [4] - Plans include building a market intelligence network in key global markets such as North America and South America to inform future product strategies [4] Group 5: Project Developments - The cyanide project at the Jingzhou base is still in the preliminary stages, pending board approval [4] - The company is optimistic about the market prospects for chlorantraniliprole and is currently optimizing production processes [4]

| 投资者关系活动 |  特定对象调研 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | （请文字说明其他活动内容） 其他 | | 参与单位名称及 | 西部证券 刘荣辉、英大证券 李丝露 | | 人员姓名 | | | 时间 | 2025 年 7 月 24 日（周四）下午 13:30~14:30 | | 地点 | 广州市黄埔区瑞和路 89 号 | | 上市公司接待人 | 董事会秘书熊坦、证券事务代表邱保华 | | 员姓名 | | | | 1、公司目前的储能业务订单情况如何？受取消强制配储政策影响大 | | | 吗？ | | | 答：智光储能设备及系统集成业务在2025年以来保持了快速增长，截止目 | | | 前分别在甘肃、广东、内蒙、新疆、河北、浙江、青海、辽宁等地成功签 | | | 约大型储能电站项目；由于智光主推高压级联储能技术产品技术性能优异 | | | （安全性高、电芯一致性优、单机容量大、整站转换效率高、响应速度快）， | | 投资者关系活动 | 构网能力强、多场景适用（用户侧、电网侧、电 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.478 billion yuan, a year-on-year increase of 4.68% [4] - The net profit attributable to shareholders was 940 million yuan, a slight decrease of 0.07% year-on-year [4] Group 2: Domestic and International Sales - Domestic sales revenue showed stable growth due to increased resource investment in core categories and the positive impact of the "trade-in" policy [4] - International sales revenue also experienced good growth, with major foreign clients' orders increasing compared to the same period last year [4] Group 3: Product Strategy - The company plans to focus resources on traditional advantageous categories while iterating products based on differentiated usage scenarios and target demographics [4] - New product categories such as desktop water purifiers and ice makers are being actively developed to enhance brand recognition and consumer acceptance [4] Group 4: Competitive Strategy - The company adheres to a long-term strategy of product innovation, aiming to provide high-quality, high-value-added products [4] - Efforts are being made to optimize product and price combinations, strengthen resource investment in core businesses, and implement strict cost control to maintain stable gross margins [5] Group 5: Dividend Policy - The company has maintained a high dividend payout ratio since 2021, with future dividend plans subject to adjustments based on capital expenditures and cash flow [5]