Group 1: Company Development Plans - The company has formed a business development pattern centered on waste incineration power generation after significant asset restructuring during the 14th Five-Year Plan period [2][3] - Future plans include enhancing existing projects, acquiring or developing external projects (including overseas), and expanding into other solid waste sectors to strengthen core competitiveness [3] Group 2: Asset Injection and Management - Some projects from the major asset restructuring completed in 2023 have not yet been injected into the listed company, with a commitment to resolve industry competition issues within five years [3] - The company is actively communicating with relevant parties regarding the injection of waste incineration power generation projects to address industry competition [3] Group 3: Revenue and Business Segmentation - Solid waste comprehensive treatment accounts for 86.49% of the company's main business revenue, primarily from waste incineration power generation [3] - As of the end of September, the company's operating revenue increased by 2.38% year-on-year, benefiting from the stable development of waste incineration power generation [3]

Group 1: Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88% [3] - The net profit attributable to shareholders for Q3 2025 was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% year-on-year, with net profit down 9.68% to 428 million CNY [3] Group 2: Business Operations and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers [3] - Products operate within a temperature range of -271°C to 200°C, including various types of compressors and cooling equipment [3] - The company’s products are widely used in sectors such as food processing, cold chain logistics, industrial cooling systems, and special air conditioning applications [4] Group 3: Market Applications and Growth Areas - The low-temperature refrigeration segment experienced a slight decline, but the decrease is narrowing each quarter, while the special air conditioning and thermal management segments showed year-on-year growth [4] - The company’s products are utilized in data centers, including liquid cooling systems, with significant projects completed for major clients [5] - The company collaborates with local integrators in North America, Australia, Southeast Asia, and the Middle East, maintaining a high market demand [6] Group 4: Technological Advancements and Recognition - Dunham-Bush, a subsidiary, has been recognized as a leading HVAC provider in Europe and North America, with products included in the national green data center technology catalog [5] - The company’s low-carbon energy-saving closed cooling technology has been recommended as a national demonstration technology [6] - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the market, while the share of screw chillers is declining [6]

Company Overview - Established in 2002, Hainan Strait Shipping Co., Ltd. was initiated by five shareholders including Hainan Port and Shipping Holdings Co., Ltd. and Shenzhen Yantian Port Co., Ltd. [2] - Listed on the Shenzhen Stock Exchange in 2009, the company has experienced rapid growth, particularly after acquiring ferry terminal assets in 2017 and becoming indirectly controlled by China COSCO Shipping Group in 2019 [2]. - By 2025, the company plans to complete a cash acquisition of 100% equity in COSCO Shipping Passenger, increasing its roll-on/roll-off (RoRo) vessel fleet to 66, ranking first globally [2]. Business Operations - The company primarily operates passenger and vehicle transportation services across routes such as Haikou to Hai'an, Yantai to Dalian, and Sanya to Xisha, alongside ferry port services [2]. - Revenue is generated through freight charges for shipping and port service fees, with a focus on enhancing overall income through tourism products on Xisha routes [2]. Challenges in Roll-on/Roll-off Transportation Seasonal Demand Fluctuations - Significant seasonal variations in passenger and vehicle traffic, with peak periods during holidays leading to daily volumes that can reach several times the normal capacity [3]. - Insufficient capacity during peak times can result in vehicle delays and passenger congestion, while excess capacity in off-peak seasons leads to high idle rates and increased operational costs [3]. Complex Logistics - The transportation of diverse vehicle types (trucks, cars, buses, electric vehicles) complicates logistics, requiring dynamic loading to maximize space utilization [4]. - Any delays in passenger or vehicle processing can lead to schedule disruptions [4]. Safety Concerns with Electric Vehicles - The rise in electric vehicle usage introduces new safety challenges, particularly regarding fire risks and emergency response difficulties [5]. Strategic Responses - To address increased traffic from the Hainan Free Trade Port, the company plans to invest in additional flat-top barges and new RoRo vessels, as well as explore new routes to alleviate pressure on existing services [6]. Dividend Policy - The company aims to provide stable dividend returns to shareholders while ensuring sustainable development, considering profitability, cash flow, future investments, and shareholder expectations [7][8]. Opportunities from Hainan Free Trade Port - The implementation of favorable tax policies is expected to lower operational costs and attract more investors, enhancing passenger and vehicle traffic [9]. - Improved infrastructure, such as the completion of the circular island tourism road, is anticipated to boost the company's core business [9]. Future Developments in Tourism - The company operates the Sanya to Xisha tourism route, offering a four-day, three-night experience with various activities [11]. - Plans to transition from traditional transport vessels to cruise-style experiences are underway, focusing on enhancing service quality and diversifying tourism offerings [12]. Stakeholder Engagement - The company maintains transparency regarding potential asset integration plans, committing to comply with legal disclosure requirements [10]. Conclusion - The company is positioned to leverage growth opportunities while addressing operational challenges through strategic investments and innovative service offerings.

Group 1: Carbon Emission Trading Impact - The steel industry will transition to carbon emission intensity control from 2025 to 2026, linking quota distribution to corporate carbon emission levels [3] - By 2027, a tightening quota system will be established, enhancing carbon data quality and promoting technological innovation in the steel sector [3] - Inclusion in the national carbon market will improve transparency and reduce carbon tariff burdens for Chinese steel exports, enhancing international competitiveness [3] Group 2: Company Preparations for Carbon Reduction - The company is constructing a new electric furnace that aims to achieve over 70% carbon reduction in high-quality green steel production [4] - Research on advanced carbon reduction technologies has yielded positive results, including trials for hydrogen and biomass injection in blast furnaces [4] - Ten products have completed Environmental Product Declarations (EPD), establishing a low-carbon product system and proprietary low-carbon labeling [4] Group 3: Low-Carbon Electric Furnace Production - The electric furnace production line at Shougang's subsidiary is under construction, expected to be operational by 2026, with an annual carbon reduction of approximately 1.43 million tons [6] - The national carbon market will cover major industrial sectors by 2027, with a focus on reducing greenhouse gas emissions [6] - The establishment of a Green Manufacturing Committee and a Low-Carbon Management Center aims to enhance the company's low-carbon development capabilities [6] Group 4: Innovations in Electrical Steel Products - Shougang Zhixin has launched a series of ultra-high magnetic soft magnetic materials for humanoid robots, achieving a magnetic induction strength of 1.75T [7] - The new electrical steel products have shown a torque increase of 1.6% and a 27% reduction in iron loss compared to conventional materials [7] - These innovations have been validated by leading humanoid robot manufacturers, with one international company already placing bulk orders [7] Group 5: Automotive Steel Product Competitiveness - The company is focusing on lightweight demands in the electric vehicle sector by enhancing the development and promotion of high-strength and ultra-high-strength products [7] - To meet increasing quality demands for automotive exterior panels, the company is developing a comprehensive, multi-product solution to strengthen its competitive edge [7]

答：2025 年以来，国内新能源汽车消费带动动力电池的需求旺 盛；全球储能需求保持高速增长，带动了储能电池出货量的大幅增 长。综合来看，今年锂电池行业增长较好。头部电池厂商开始有序 扩产，上游产业链企稳回升。未来随着各类新能源电池市场持续发 展，全球锂离子电池市场有望保持良好的增长态势，并推动上游材 料和装备产业的发展。感谢您的关注！ 2、公司新生产基地的预计成本情况，对公司盈利水平的影响 答：公司现建设生产基地主要为马来西亚项目和山西四期。马 来西亚项目受当地施工条件、效率等影响，预计单位投资规模将有 所上升，电力、人工等成本也会有所上浮。山西四期由于坐落于电 力资源较为丰富的地区，预计电力开支将有比较明显的下降，叠加 工艺进步、设备效率提升影响，新生产基地建设将为公司盈利水平 的进一步提升奠定坚实的基础。感谢您的关注！ 证券代码：001301 证券简称：尚太科技 石家庄尚太科技股份有限公司 投资者关系活动记录表 编号：2025-007 | □特定对象调研 | □分析师会议 | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | ...

Group 1: Market Position and Client Relationships - The company emphasizes its commitment to the commercial space market, actively seeking partnerships with various commercial aerospace enterprises [3] - In the rail transportation sector, the company has established strong technical service relationships with 18 railway bureaus and major enterprises, with products widely used in six major rail lines and key high-speed rail projects [4] - The company has a stable business cooperation model in the nuclear industry, covering the entire industry chain from research to production, demonstrating user stickiness [4] Group 2: Business Operations and Order Status - The company maintains stable operational conditions across all business sectors, with a focus on tracking key orders from major clients in the rail transportation sector [5] - In the aerospace sector, the company is deepening its engagement in chip and intelligent equipment industries, aligning with the needs of various industrial clients [5] - The company is accelerating the development of new markets in the nuclear industry and enhancing its core technology management [5] Group 3: Strategic Focus and Future Plans - The company is concentrating on the intelligent equipment sector, focusing on three strategic industries: rail transportation, aerospace, and nuclear industry, while aiming to convert existing project capacities into effective orders [6] - The company plans to expand its product matrix through technological innovation and market demand, gradually improving its industry chain layout [6] - The company is committed to high-quality development by adhering to national strategic directions and enhancing market share in high-end intelligent equipment products [9] Group 4: Stock Performance and Market Management - The company's stock price is influenced by multiple factors, including market conditions and investor expectations, but management remains confident in long-term development [7] - The company aims to enhance its core competitiveness and maintain investor interests through stable operational performance and effective market management strategies [7] Group 5: Policy Support and Industry Development - The company benefits from national policy support aimed at the intelligent equipment industry, seizing opportunities for steady business growth [8] - The company is focused on developing high-end intelligent equipment products that align with national policy directions to further increase market share [9]

Financial Performance - In the first three quarters of 2025, the company reported a revenue of 2.265 billion yuan, a year-on-year decrease of 20.70% [2] - The net profit for the same period was 392 million yuan, reflecting a year-on-year decline of 45.69% [2] - Basic earnings per share stood at 0.7327 yuan, also down by 45.69% compared to the previous year [2] - The weighted average return on net assets was 9.16%, a decrease of 9.20% year-on-year [2] Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - These products are widely used in commercial buildings, food cold chain logistics, and heating applications, catering to various customer needs [2] - There has been growth in the use of screw and magnetic levitation centrifugal compressors for data center cooling in the first half of the year [2] - Taiwan's Dongyuan is a key partner and customer, with stable business relations in the refrigeration compressor sector [2] Air Compression Products - The company's air compressors serve as core power sources in engineering machinery and are crucial in industries such as pharmaceuticals, chemicals, electronics, and road maintenance [3] - The company is expanding its market for oil-free air compressors, which are essential in industries requiring high air quality, such as food and biopharmaceuticals [3] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium battery manufacturing and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers and is testing new processes with clients [3] Other Information - The company has seen an increase in contract liabilities in the first three quarters, mainly due to a rise in advance payments for new orders [3] - During the investor relations activity, no undisclosed significant information was revealed [3]

Group 1: Financial Performance - As of the end of Q3 2025, the company achieved operating revenue of 412.81 million yuan, with a net profit of -10.63 million yuan, significantly reducing losses compared to the previous year [2] - The overseas market orders and sales revenue both saw significant growth compared to the same period last year, contributing to the increase in operating revenue [2] Group 2: Shareholder Actions - Recent shareholding reductions were primarily due to venture capital and private equity funds reaching their exit period, with no direct shareholding reductions from the controlling shareholders or management [3] Group 3: Future Strategy - The company aims to implement a "ToG+ToB" dual-driven strategy, balancing domestic and international development, while embracing AI to enhance product performance and competitiveness [3] - Efforts will be made to strengthen ecological channel construction and international service capabilities to achieve the strategic goal of balanced domestic and international development [3] Group 4: Market Value Management - The company is actively enhancing investor relations management, improving information disclosure quality, and implementing cash dividends as part of its market value management strategy [3]

Group 1: Company Performance Overview - The company has maintained a stable performance in the first three quarters of 2025, adhering to the operational direction of "stabilizing pickled vegetables and expanding new products" [2] - The gross profit margin saw a decline in Q3 due to increased costs from new product launches and adjustments in product specifications [3] Group 2: Revenue and Market Trends - Pickled vegetables account for the highest proportion of the company's products, with future growth relying on existing market competition rather than significant market expansion [4] - The family consumption channel remains the largest, while the restaurant sector has seen a growth rate of 20% in the first three quarters [5] Group 3: New Product Development - The company has launched several new products this year, with the dried radish product showing rapid growth and total sales around 20 million [8] - Challenges in developing new product categories are acknowledged, particularly in maintaining sustainability and profitability [10] Group 4: Inventory and Financial Management - The average inventory cycle is approximately 7 weeks, with plans to control inventory as the year-end approaches [11] - Investment income has increased due to more fixed-income investments, contributing to stable overall returns [13] Group 5: Strategic Initiatives - The company is open to future mergers and acquisitions but has currently halted a project due to disagreements on key terms [4] - There is a consideration for share buybacks as a way to reward shareholders, dependent on various factors [12]

Financial Performance - As of September 30, 2025, the company's net profit attributable to shareholders, excluding non-recurring gains and losses, was -23.02 million CNY, an increase of 79.22% compared to the same period last year [2] - R&D investment reached 246 million CNY, accounting for 16.33% of total revenue [3] - Revenue from chip and data services was 471 million CNY, a year-on-year increase of 71.80% [4] Business Strategy - The company has focused on core business since 2020, divesting from non-core automotive electronics to enhance its primary operations [2] - Plans to increase overseas revenue to 50% within 5-8 years, leveraging competitive advantages in performance and pricing [5] Market Position - The market share of high-precision positioning chips exceeds 60% in major domestic segments, with a 28% year-on-year revenue growth [4] - The company is actively engaged in low-altitude economy sectors, benefiting from the rise of flying cars and drones [6] Product Development - TruePoint Technology has launched centimeter-level NRTK services for various sectors, including surveying and agriculture, and is expanding overseas [7] - The company maintains close collaborations with leading clients in the robotic lawnmower market, driving performance growth [9]