Group 1: Company Overview - The company primarily engages in the research, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor technology solutions [2][3] - The business is structured into four main units: motor technology (motor and electric module) and fluid technology (driving vision cleaning systems and thermal management systems) [3] Group 2: Cost Advantages - The core cost advantage stems from vertical integration in the supply chain, enhancing the overall competitive edge [4] - Standardized and platform-based product strategies improve quality and reduce costs through modular production and high component interchangeability [4] - High self-manufacturing rates of core components allow better cost and quality control, enhancing product competitiveness and gross margins [4] Group 3: Technology and Innovation - The company has developed harmonic magnetic field motor technology, which offers higher power density and material cost savings compared to traditional motors [5][6] - Multiple invention patent applications have been submitted, establishing a technological moat and competitive advantage in the harmonic motor field [5] Group 4: Market Trends and Opportunities - The ADAS (Advanced Driver Assistance Systems) market is expected to grow, driving demand for the company's ADAS active perception cleaning systems [6] - The company has established a strong position in the cleaning business, benefiting from early market entry and technological similarities [7] Group 5: Client and Market Expansion - The rapid development of the electric vehicle industry has opened new competitive fields, with the company actively expanding its client base in this sector [8] - The company has a significant number of quality clients in the new energy vehicle sector and is focused on deepening existing relationships while pursuing new orders [8] Group 6: Global Expansion - Since 2022, the company has accelerated its global production base layout, establishing facilities in the U.S. and Thailand [9][10] - The U.S. facility, with an investment of no more than $1.5 million, focuses on cleaning system products and related new product development [10] - The Thailand facility, with an investment of no more than 200 million RMB (or equivalent in USD), will expand its product offerings as client orders increase [10]

Group 1: Company Overview - Hainan Strait Shipping Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in 2009, laying the foundation for rapid development [2] - In 2017, the company expanded its business to port services by acquiring ferry terminal assets [2] - The company completed the integration of shipping resources in the Qiongzhou Strait in 2021, enhancing transportation service capabilities [2] - By 2025, the company will have a fleet of 64 passenger and roll-on/roll-off ships, ranking first globally [2] Group 2: Financial Performance - As of Q3 2025, the company reported cumulative revenue of CNY 3.923 billion and a net profit of CNY 190 million [3] - The weighted average return on equity was 2.96%, with basic earnings per share at CNY 0.0852 [3] - Revenue in Q3 2025 showed a 2.19% year-on-year growth despite a decline in net profit due to increased costs from strategic investments [3] Group 3: Business Operations - The revenue breakdown for Hainan Strait Shipping includes: - 72% from the Haian route - 10% from the Yantai to Dalian route - 6% from the Xisha route - 5% from port services [6] - The newly launched Haikou to Fangchenggang route covers 157 nautical miles and takes approximately 12 hours, enhancing connectivity with strategic initiatives [5] Group 4: Future Opportunities - The implementation of favorable tax policies in Hainan's free trade port is expected to lower operational costs and attract more investors [9] - The completion of infrastructure projects, such as the circular island tourism road, is anticipated to boost passenger traffic [9] Group 5: Strategic Initiatives - The company plans to invest in two new passenger and roll-on/roll-off ships to replace aging vessels [10] - Future strategies include improving operational efficiency and enhancing collaboration with partners to maximize resource utilization [11]

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 （中信证券 2026 年资本市场年会） 参与单位名称及 人员姓名 中信证券股份有限公司陆昊先生，建信基金管理有限责任公司 曾文琦先生，富国基金管理有限公司徐健荣先生 时间 2025 年 11 月 13 日 13:30-14:30 地点及形式 深圳福田香格里拉大酒店 上市公司 接待人员姓名 董事会秘书董曼女士，董事会办公室投资者关系工作人员 投资者关系活动 主要内容介绍 1.请介绍一下公司 2025 年前三季度经营情况。 答：2025 年以来，公司坚持以"三一五三"战略为引领， 聚焦主责主业，扎实做好金融"五篇大文章"，积极把握市场 机遇，加快业务模式转型升级，全力推进大财富、大投行、大 投资三大业务条线优化举措加速落地，强化数字赋能和科技引 领，提升资产配置效率，打造差异化核心竞争优势，为经营业 绩的稳步提升奠定了坚实基础。2025 年前三季度，公司实现营 业收入 38.61 亿元，同比增长 38.83%；实现归母净利润 10.67 亿元，同比增长 125.21%，主要是公司 ...

Group 1: Tariff Impact and Cost Management - The increase in U.S. import tariffs will raise the cost for customers selling to the U.S. market, while non-U.S. sales remain unaffected [2] - Historically, tariffs have been borne by brand customers (importers), ultimately passed on to consumers; the entire supply chain, including brands, manufacturers, and material suppliers, will discuss cost optimization strategies [2] - The company is closely monitoring tariff policy changes and maintaining communication with customers and suppliers regarding cost control [2] Group 2: Gross Margin and Production Capacity - The company's gross margin has declined compared to the previous year due to new factories ramping up production; however, there was an improvement in Q3 2025 compared to Q2 2025 [2][6] - Three factories achieved profitability in Q3 2025, including the first factory in Indonesia, indicating progress in operational efficiency and cost reduction measures [2][6] - Future production capacity will expand, with four new shoe production factories planned for 2024; three factories have already met internal profitability targets by September 2025 [6] Group 3: Pricing Strategy and Revenue - Average selling price fluctuations are influenced by customer and product mix; changes in brand representation and product categories can significantly impact average prices [5] - The company employs a diversified brand strategy, continuously introducing new clients while optimizing customer and product structures, affecting average selling prices [5] Group 4: Dividend Policy and Financial Health - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit; 2022 and 2023 saw dividend ratios of 43% and 44%, respectively [7][8] - For 2024, the dividend payout ratio is projected to be around 70%, with a mid-year dividend introduced in 2025, maintaining a strong cash flow and high retained earnings of approximately 9 billion RMB as of September 2025 [8]

Group 1: Company Overview - Altec Automotive Technology Co., Ltd. is the largest independent automotive design company in Asia and the only automotive design company listed on A-shares [2][3] - The company has over 20 years of experience in full-process vehicle and platform R&D, with 1,992 patents and 68 copyrights as of mid-2025 [3] - Altec has developed nearly 500 vehicle models for over 80 clients [3] Group 2: Core Business Areas - The company focuses on full-process vehicle R&D, core component R&D and manufacturing, and new energy vehicle systems [4] - Altec has established a product matrix covering automotive power systems, small batch production, high-voltage systems for new energy vehicles, and automotive electronics [4] - The company aims to expand its overseas business, targeting markets in Japan, Southeast Asia, and the Middle East [4] Group 3: Competitive Advantages - Altec's core competencies include leading technical strength, high-standard talent configuration, full-stack development capabilities, and significant industry recognition [7] - The company has a robust team of over 100 international automotive R&D experts [7] - Altec's strategic partnerships with Japanese clients enhance its market position and facilitate entry into European markets [7][8] Group 4: Financial Performance and Future Outlook - In the first half of 2025, Altec's overseas revenue was RMB 0.66 billion, accounting for 12.54% of total revenue [7] - The company is optimistic about increasing its overseas revenue share as it secures more international orders [7] - Altec plans to maintain its R&D investment to adapt to industry changes and enhance its service capabilities [9] Group 5: Industry Trends - The autonomous driving industry is experiencing rapid technological advancements driven by chip and algorithm iterations, with a focus on L0-L5 classification [5] - The market is seeing the commercialization of unmanned logistics vehicles and the demonstration operation of unmanned taxis [5] - Policy support is accelerating industry standardization through regulations and pilot programs [5]

Group 1: Business Strategy and Growth - The company focuses on a product manager responsibility system based on production lines, aiming to identify and overcome bottlenecks for strategic investments [2][3] - The company plans to enhance its product sales channels and consumer demand research to tap into the market potential of its major products [3] - With the completion of a new facility, the company expects improvements in production scale and efficiency [3] Group 2: Market Trends and Competition - The baking industry is currently in a popularization phase, leading to changes in traditional business models, with strong demand from the restaurant channel for innovative products [4] - The company does not compare its investments with competitors but focuses on analyzing its market investment efficiency [4][5] - The company is already engaged in the supermarket channel and has a dual supply system for direct and distributor sales [5] Group 3: Innovation and Product Development - Key innovations in the cream industry include sourcing quality raw materials, advanced production lines, and high-quality formulations [6] - The company has established a joint venture with Feihe to secure advantages in raw material sourcing [6] Group 4: Raw Material Management - The company employs a quarterly locking strategy for bulk raw material purchases to mitigate price fluctuations [7] - Sufficient sugar has been procured in advance, with plans to lock in prices if market trends indicate an increase [8] Group 5: Production Capacity and Utilization - The current average annual production capacity utilization rate is approximately 70%, with plans to enhance this following the relocation of the Nansha factory [9] - The company prefers to engage in common market activities rather than pursuing unique strategies that competitors may avoid [9] Group 6: Pricing Strategy - The company's pricing strategy is influenced by customer pricing strategies rather than direct adjustments to its own product prices [9]

Group 1: Company Overview and Performance - Shanghai Kaibao Pharmaceutical Co., Ltd. is actively engaging with investors through performance briefings and Q&A sessions [1] - The company’s product, Tan Re Qing capsules, is a prescription drug with a medical insurance payment standard of 4.09 yuan per 0.4g capsule [1] - The overall performance of the pharmaceutical industry in Q3 2025 was influenced by macroeconomic conditions, policy adjustments, and market demand fluctuations [3] Group 2: Industry Outlook - The future of the industry is promising, driven by national strategies and policies that emphasize the development of traditional Chinese medicine (TCM) [2] - There is a growing market demand for TCM due to an aging population and increasing chronic disease prevalence, with a shift towards health management and wellness [2] - Technological innovations in standardization and quality control are enhancing the reliability and stability of TCM products [2] Group 3: Product Development and Market Potential - The new product KBZ24020 is a Class 1 new drug aimed at treating acute ischemic stroke with a market potential exceeding 90 billion yuan in the cardiovascular sector [3] - The product is still in the clinical trial phase, with potential risks related to development progress and market introduction timing [3] Group 4: Response to Health Crises - The company’s main product, Tan Re Qing injection, is included in national clinical guidelines for various infectious diseases, including avian influenza and COVID-19 [4] - The company is actively involved in addressing public health challenges through its product offerings [4]

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 63.01 billion yuan, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 9.66 billion yuan, with a year-on-year increase of 92.87% [1] - The non-recurring net profit totaled 9.16 billion yuan, reflecting a growth of 94.16% year-on-year [1] Group 2: Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization [2] - The revenue from PCB data centers and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Group 3: Business Expansion in PCB Sector - The PCB business focuses on communication equipment, with significant expansion in data centers and automotive electronics [3] - Revenue from data centers and wired communication businesses continued to grow, maintaining a consistent share compared to the first half of the year [3] Group 4: Packaging Substrate Business Growth - The packaging substrate business includes a wide range of products, with significant revenue growth in storage packaging substrates in Q3 2025 [4] - All downstream product demands showed growth, particularly in storage packaging substrates [4] Group 5: Technological Capabilities and Project Progress - The company has achieved mass production capabilities for FC-BGA substrates with 20 layers or fewer, while R&D for 22-26 layer products is on schedule [5] - The Guangzhou packaging substrate project is gradually reducing losses as various orders enter production [5] Group 6: New Factory Developments - New factories in Nantong Phase IV and Thailand are under construction, with the Thailand factory already in trial production [6] - These facilities will enhance PCB production capacity and capabilities [6] Group 7: Raw Material Price Changes - Key raw materials such as copper foil and gold salt saw price increases in Q3 2025 due to commodity price fluctuations [7] - The company is monitoring international commodity prices and maintaining communication with suppliers and customers [7] Group 8: Land Planning in Wuxi - The new land in Wuxi is designated for PCB-related product storage, with phased investment planned based on business development and market conditions [8]

Company Overview - Established in 2003, the company specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [1] Carbon Fiber Project - The carbon fiber project is progressing smoothly, with power debugging completed and trial production set to begin [2] - The project aligns with national strategic directions and has received policy support, particularly from the "14th Five-Year Plan," which emphasizes new material industry development [2] - The production model features a composite production line adaptable to various product types and capacity needs, with independent operation capabilities [3] BOPET Film Business Outlook - The company is confident in the future of its BOPET film business, focusing on differentiation and functionality [4] - Industry trends show a significant shift towards high-end specialty films, with demand growing over 15% annually, particularly in battery packaging and optical films [4] - The company holds 67 patents, breaking the monopoly of Japanese and Korean firms in the colored film sector, with a market share in colored optoelectronic base films ranking in the top three domestically [4] Production Capacity and Financial Performance - The company has an annual production capacity of 115,000 tons, supporting a diverse product matrix to meet customized client needs [5] - In the first half of 2025, revenue from transparent films and other functional films grew by 70.08% and 28.64% year-on-year, respectively [5] - R&D investment remains robust, consistently above 4% of revenue, focusing on high-end optical films and domestic substitution [5] Future Development Strategy - The company plans to deepen its high-end strategy, targeting core growth areas like consumer electronics and new energy vehicles [6] - A dual-track approach of "films + carbon fiber" will be pursued to optimize business structure and enhance risk resilience [6] - The strategy aims to provide tailored, high-value functional film solutions to strengthen customer relationships and support long-term stable growth [6]

Group 1: Financial Performance - The company achieved a revenue of 109,712,466.60 yuan for the period from January to September 2025 [2] - The net profit attributable to shareholders was -2,718,329.74 yuan [2] - As of September 30, 2025, total assets amounted to 1,647,798,152.45 yuan, with equity attributable to shareholders at 1,246,758,601.18 yuan [2] Group 2: Significant Events - The company expanded its consolidation scope by adding a new subsidiary, Chongqing Weilan Times Energy Technology Co., Ltd. [2] - The company reported an investment income of 2,186,000 yuan from its associate company, Xinjiang Xinhui Gorge Clean Energy Co., Ltd. [3] - There was a change in equity for the associate company, Beijing Beilu Pharmaceutical Co., Ltd. [3] Group 3: Investor Relations Activity - The earnings presentation was held on November 13, 2025, via the Shenzhen Stock Exchange's "Interactive Easy" platform [2] - The event was attended by key personnel including the Chairman, CFO, Independent Director, and Board Secretary [2] - The company confirmed that no undisclosed significant information was revealed during the activity [3]