Group 1: Company Transformation and Management Changes - The company has implemented six major management transformations since the restructuring in 2022, focusing on quality management, lean management, integrated supply chain management, integrated product development, organizational transformation, and digital transformation [2][3][4]. - The continuous improvement in net profit margin is attributed to effective management changes and a solid foundation for growth, with a focus on scale effects and cost control measures [4][5]. Group 2: Cost Reduction and Efficiency Improvement - The company has set comprehensive cost reduction targets that include procurement, production processes, design optimization, and expense control, with a focus on enhancing operational quality and efficiency [6][7]. - Fixed costs are strictly controlled through dynamic monitoring, while hidden costs are reduced via lean management practices and digital transformation initiatives [7][8]. Group 3: Order and Revenue Insights - As of November 2025, the company has an order backlog of 37.9 billion CNY, with material handling equipment accounting for 36.9% of this total [8][9]. - The order distribution by sector includes mining (9%), metallurgy (23%), energy (24%), ports (17%), and shipbuilding (4%) [9]. Group 4: Product Performance and Market Position - The gross margin for material handling equipment has improved significantly, rising from 15-16% in 2021-2022 to 24-25% currently, driven by strong competitive advantages and market demand [10][11]. - The company has established strategic partnerships with major global players, enhancing its international market presence and product competitiveness [10][11]. Group 5: Future Growth and Strategic Goals - Future growth drivers are expected to focus on bulk material handling and wind power products, with plans to strengthen overseas market expansion and increase market share [12][13]. - The company aims to achieve steady growth in net profit margins through ongoing management reforms and alignment with national policies supporting heavy equipment development [13][14]. Group 6: Shareholder Engagement and Capital Expenditure - The company is implementing a stock incentive plan to enhance governance and attract talent, aligning the interests of shareholders and the core team [14]. - Future capital expenditures will focus on strategic areas such as smart manufacturing and internationalization, with a commitment to balancing development investments and shareholder returns [14].

Financial Performance - The company's revenue for the first three quarters of 2025 was 16.52 billion CNY, representing a year-on-year growth of 18.29% [2] - The net profit attributable to shareholders for the same period was 3.23 billion CNY, with a year-on-year increase of 61.97% [2] - The growth in performance is attributed to the increase in metal prices [2] Production and Operations - The main product of the company is concentrate, with metal quantities needing to be calculated separately, typically disclosed in the annual report [2] - The expected production capacity of Honglin Mining after full production is 396,000 tons/year, with an average gold grade of 2.82 g/t and copper grade of 0.48% [4] - Honglin Mining is currently in the trial production phase, which will last until December 10, 2025 [4] Licensing and Compliance - The safety production license for Honglin Mining is expected to be obtained within 3-6 months after the trial production phase [3] - The company emphasizes the importance of safety production, with significant investments made annually to meet government safety requirements [8] Cost Management - The cost structure is influenced by multiple factors, including safety production requirements and the simplicity of the ore selection process, which helps control costs [8] - Jinshan Mining's technological improvements have primarily reduced the cost of ore selection while increasing the recovery rates of silver and gold [8] Future Growth Expectations - The company anticipates an increase in gold production following the official launch of Honglin Mining [9] - The Dongsheng Mining project, with a capacity of 250,000 tons/year, is under construction and expected to contribute to silver, lead, and zinc production growth [9] - Jinshan Mining's production capacity is projected to gradually increase to 480,000 tons/year, with plans to expand further based on resource availability [9] Shareholding Structure - The company holds a 62.96% stake in Yindu Mining, 100% in Guangda Mining, Jindu Mining, and Jinshan Mining, 54% in Deyun Mining, and 53% in Honglin Mining [10]

Group 1: Wind Power Industry Overview - As of September 30, 2025, the total installed wind power capacity in China reached 581.6 GW, accounting for 15.6% of the total power generation capacity, with thermal power at 40.4% [2][3] - From January to September 2025, the newly added wind power grid-connected capacity was 61.1 GW, representing a year-on-year increase of 56.2% [2][3] Group 2: Tender and Pricing Situation - By September 30, 2025, the newly added tender volume in the domestic public tender market was 102.1 GW, a decrease of 14.3% compared to the same period last year [2][3] - The average bidding price for wind turbine units in the market as of September 2025 was 1,610 CNY per kW [2][3] Group 3: Company Order Status - As of September 30, 2025, the company had a total of 49,874 MW in external orders, with 605 MW (1%) from units below 4 MW, 7,716 MW (16%) from units between 4 MW and 6 MW, and 41,553 MW (83%) from units above 6 MW [2][4] Group 4: Information Security and Privacy Protection - The company adheres to multiple laws regarding cybersecurity and data protection, including the Cybersecurity Law and the Personal Information Protection Law, and has established a comprehensive information security management system [4] - The company achieved ISO 27001 certification in 2019 and upgraded to the 2022 version in 2024, enhancing its information security capabilities [4]

长飞半导体、芯联集成、拓荆科技、厦门三安、华润微电子、广东芯粤能、重庆万国、 | | 深圳润鹏等。 | | --- | --- | | | 3、公司与上海寰鼎集成电路达成战略合作，后续的具体进展？ | | | 答：公司下属基金已与上海寰鼎签订投资意向性协议，正式协议目前正在磋商中， | | | 具体进展请以公司后续公告为准。 | | | 4、上海寰鼎集成电路主营业务是什么，业绩如何？ | | | 答：上海寰鼎主营业务包括三块：一是快速退火炉的研发、生产制造及销售；二是 | | | 全球知名品牌半导体设备的代理；三是 耗材的研发及推广。 wafer solution | | | 5、公司 2025 年度盈利水平及现金流如何？ | | | 答：公司金属包装及塑料包装主业 年度经营及盈利水平正常，完成 年 2025 2025 12 | | | 月份结账后，如达到披露要求，公司将披露 2025 年度业绩预告，请关注公司后续公告。 | | | 6、公司目前的主要客户情况？ | | | 答：公司目前主营业务为包装产品的研发、生产及销售，主要客户为阿克苏、立邦、 | | | 艾仕得、PPG、壳牌、美孚、康普顿、大联石油化工 ...

Group 1: Production Capacity and Cost - The new spandex production capacity will have a lower investment cost per ton compared to previous capacities, enhancing the company's cost advantage and overall competitiveness [2] - The company has no new expansion plans for spandex and adipic acid production, but future plans will depend on market conditions [3][4] - The remaining 75,000 tons of spandex capacity from fundraising projects is expected to be gradually put into production by the end of 2026 [3] Group 2: Market Conditions and Trends - The profitability of adipic acid is currently at a historical low, with the industry undergoing consolidation and increased competition [3] - The release of downstream demand due to economic recovery and anti-involution policies is expected to significantly boost adipic acid consumption [3] - The spandex market is highly competitive, with prices largely following supply and demand dynamics; the industry is moving towards oligopoly and differentiation [3] Group 3: Inventory and Cost Advantages - The current inventory of spandex is approximately 20 days [3] - The Chongqing production base has significant cost advantages over the Ruian base in terms of energy and labor costs [3] Group 4: Future Projects and Developments - The PTMEG project is progressing steadily, with the first phase expected to be completed by the end of next year [4] - The company is the largest spandex producer in China, and the PTMEG project will help stabilize raw material supply and enhance integrated advantages [4] Group 5: Sales and Distribution - The sales model for adipic acid is primarily direct sales, with some reliance on distributors [4] - There are currently no plans for overseas factories [4]

编号：2025-002 | 投资者 | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 关系活 | □媒体采访 | □业绩说明会 | | 动类别 | □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 | 陈光 | | | 位名称 | | | | 及人员 | | | | 姓名 | | | | 时间 | 2025 年 12 | 月 4 日（星期四）下午 14:30-16:30 | | 地点 | 会议室 | 河南省郑州市金水区农业路东 41 号投资大厦 A 座 2507 | | 上市公 | | 董事会秘书：李琳女士 证券事务代表：魏强龙先生 | | 司接待 | | | | 人员姓 | | | | 名 | | | | | 1200MW | 1、问：鲁山抽水蓄能 1300MW 项目、林州弓上抽水蓄能 | | | | 项目当前建设进度及政策性金融工具额度使用情况。 | | | | 答：公司目前在建的鲁山抽水蓄能 1300MW 项目、林州弓上抽水蓄 | | 投资者 | 能 1200MW | 项目为国家重点项目，均 ...

Financial Performance - For the first three quarters of 2025, the bank's operating income was CNY 100.67 billion, a decrease of 9.8% year-on-year [1] - Net profit for the same period was CNY 38.34 billion, down 3.5% year-on-year [1] - As of September 2025, total assets amounted to CNY 576.68 billion, with total loans and advances at CNY 341.78 billion, reflecting a growth of 1.3% from the previous year [1] - The non-performing loan ratio stood at 1.05%, a slight decrease of 0.01 percentage points from the end of the previous year [1] Strategic Goals - The bank aims to be "the most excellent retail bank in China and a globally leading intelligent retail bank" [1] - The strategy focuses on strengthening retail, refining corporate services, and specializing in interbank operations while enhancing risk management and digital transformation [1] Comprehensive Financial Services - The bank is upgrading its comprehensive financial model, leveraging the advantages of the Ping An Group's ecosystem [1] - In the first three quarters of 2025, the net increase in wealth management clients from comprehensive financial services accounted for 47.5% [1] - New customer acquisition in assets under management (AUM) from comprehensive financial services represented 50.5% [1] Insurance Business - By September 2025, the bank's agency income from personal insurance reached CNY 1.24 billion, marking a year-on-year increase of 48.7% [3] Technology Finance - As of September 2025, the number of technology enterprise clients was 28,859, reflecting a growth of 9.5% year-on-year [3] - The balance of technology loans was CNY 297.53 billion, an increase of 6.6% from the previous year [3] Real Estate Loans - The balance of corporate real estate loans was CNY 226.99 billion as of September 2025, a decrease of CNY 18.23 billion from the previous year [3] - The non-performing rate for corporate real estate loans was 2.20%, an increase of 0.41 percentage points from the end of the previous year [3]

Group 1: Company Overview - The company offers over 140 types of products, including highway passenger vehicles, public buses, tourist buses, commuter vehicles, high-end business vehicles, school buses, and special vehicles [2] - After years of development, the company has established a presence in all provinces and cities across China and operates in multiple countries and regions globally [2] Group 2: Domestic Market Demand - The domestic public bus market has shifted to a stage dominated by replacement demand, with the peak of new demand having passed [2] - Last year, the sales volume of medium and large buses was approximately 30,000 units, indicating a gradual differentiation in market structure [2] - There is an increasing demand for small buses serving the "last mile" of urban transport, while the number of traditional large buses is gradually decreasing [2] Group 3: Export Business Advantages - The company's core advantages in export business include excellent cost-performance ratio and shorter delivery times compared to international brands [3] - Chinese new energy buses have surpassed similar foreign products in terms of product capability [3] - The "Belt and Road" initiative enhances global influence, creating favorable conditions for Chinese companies to expand internationally [3] Group 4: Future Dividend and Growth Plans - The company plans to consider market conditions, cash flow from operations, and future funding needs when determining dividend levels to boost investor confidence [3] - Focus will be on expanding overseas markets, enhancing product quality, and optimizing management to continuously improve competitiveness and profitability, thereby creating greater value for investors [3]

Group 1: Company Overview and Market Potential - Suzhou Yubang New Materials Co., Ltd. is actively involved in the data center thermal management market, which has significant growth potential. According to the China Academy of Information and Communications Technology, the liquid cooling market is expected to reach CNY 18.4 billion in 2024, a year-on-year increase of 66.1%, and is projected to exceed CNY 130 billion by 2029 [1] - Shanghai Yubang Fengjun Cloud Storage Technology Co., Ltd. has a product range that includes air cooling and liquid cooling technologies, applicable in energy storage, commercial vehicles, servers, and data centers [1] Group 2: Technological Developments - The perovskite tandem battery technology theoretically surpasses current mainstream battery technologies in conversion efficiency, but it still relies on existing metal conductor technologies, including photovoltaic solder strips [2] - The company maintains close technical communication with downstream partners involved in perovskite tandem battery technology, and it has the capability for mass production of the photovoltaic solder strips used in this technology [2] Group 3: Quality Assurance and Testing - The company has obtained CNAS laboratory certification and possesses an internationally leading solder strip testing laboratory equipped with advanced imported testing equipment [2] - Routine tests include microscopic structure analysis, rapid aging, UV resistance, and corrosion resistance, ensuring timely assessment of product quality and providing data support for performance optimization [2] Group 4: Disclosure Information - The investor relations activity did not involve any undisclosed significant information [2]

Group 1: Company Overview and Core Competencies - The company focuses on anti-corrosion and wear-resistant welding equipment, specializing in the manufacturing of special equipment and expanding into industrial equipment and high-end structural components [1] - Key competitive advantages include mastery of critical core technologies, comprehensive special equipment production qualifications, and a stable management team with extensive industry experience [1] - The company has established a strong market position with a scalable production capacity and efficient management, supported by a rich portfolio of well-known domestic and international clients [1] Group 2: Market Opportunities and Global Strategy - The company is committed to both domestic and international markets, maintaining a leading position in China while actively exploring overseas opportunities [2] - Significant market demand exists in the waste incineration sector, with potential growth in the coal-fired power generation industry and other applications in chemicals, metallurgy, and papermaking [2] - The company has strategically positioned itself in HRSG and composite pipe businesses, with HRSG already achieving a certain scale of production [2] Group 3: Product Development and Innovation - The company continuously innovates in welding technologies, including digital pulse MIG and laser welding, to enhance efficiency and stability in complex environments [4] - The application range of the company's welding technologies spans various industries, including energy, chemicals, and environmental protection [4] Group 4: Order Status and Production Cycle - The company currently has a sufficient order backlog, with a production cycle of approximately 3 months for custom large equipment [5] - For products requiring installation, the sales cycle can extend to 9-12 months, while non-installation sales typically take about 4 months [5] Group 5: Market Trends and Future Expansion - The domestic waste incineration market is driven by national strategies for ecological civilization and waste reduction, creating a demand for upgrading existing facilities [6] - The company has four HRSG production lines in Vietnam, with plans to expand to a total of 12 lines based on market demand [7] - The company is actively pursuing customer certifications and has entered production processes for existing orders, with potential clients undergoing preliminary audits [8]