Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue and Market Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with a decreasing rate of decline each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] - The company’s joint venture, Yantai Modern Ice Wheel Heavy Industry Co., Ltd., is expected to generate over 700 million in revenue in 2024, driven by strong market demand [8] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4][6] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, while international projects span North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Sector - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient operation [6][7] - Recent projects include serving multiple nuclear power stations across China and winning contracts for floating small reactor cooling systems [7] Group 5: Thermal Management and Energy Recovery - The company’s thermal management segment is aligned with carbon neutrality policies, offering a full range of industrial heat pump services [8] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level specialized "little giant" enterprise, holding 96 patents and 33 software copyrights [8] - Technologies developed include absorption heat exchangers and waste heat recovery systems, which are crucial for reducing energy consumption and carbon emissions in high-energy industries [8]

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 活动参与人员 华创证券、开源证券、国泰海通证券、海通国际 上市公司接待人员 董事会秘书：单琛雁 证券事务代表：王晖 证券专员：陆锴 时间 2025.12.23 形式 线下 交流内容及具体问答 记录 公司与投资者就以下问题进行了交流 1、请公司介绍下主营业务情况。 答：公司是中国领先的汽车外饰件系统服务供应商，主营业务聚焦于 汽车保险杠等汽车外饰系统及轻量化零部件的研发、生产和销售。 公司年汽车保险杠生产能力达 600 万套以上，在无锡、上海、沈阳、 武汉、烟台、墨西哥设有生产基地，在北京、上海及江阴设有研发中心。 参股公司北汽模塑在北京、合肥、重庆、成都、株洲设立生产基地。 2025 年前三季度，公司实现营业收入 51 亿元，净利润 3.75 亿元。 2、公司 2025 年全年业绩预期如何？ 答：公司将持续推进降本增效措施，努力提升公司经营水平和盈利能 力，同时积极开拓新业务，打造第二增长曲线，以良好稳定的业绩回报公 司股东。具体业绩情况请届时关注公司的 2025 年年度报告。 3、公司机 ...

Domestic Business Overview - The company focuses on the Xinjiang region, which is expected to be a key market due to its geographical advantages and potential for projects to materialize in 2026 and beyond [1] - The domestic business goal for the next 2-3 years is to stabilize, with signs of market correction as clients prioritize delivery capabilities and product quality over the lowest bid [1] - The city gas segment is facing challenges due to unadjusted pricing for residential gas, impacting profitability, with a focus on stable operations while awaiting improvements in the downstream market [1] Overseas Business Development - The company began its overseas expansion in 2021, obtaining supplier qualifications from major global engineering firms, which will support future orders [2] - Active participation in overseas exhibitions and expansion of sales channels are planned for 2025, with an increase in customer inquiries and visits [2] - The company’s current production capacity is 6,000 tons, with plans to increase output in 2026 to support domestic and international order growth [2] Product and Technology Competitiveness - The core product, the plate-fin heat exchanger, competes directly with leading global companies, holding a significant market share in domestic coal chemical, petrochemical, and LNG sectors [3] - The company is the largest domestic supplier of krypton and xenon gas for commercial aerospace, with ongoing projects in nuclear fusion and LNG systems for ships [4][5] Market Demand and Future Growth - The overseas market demand is primarily driven by the Middle East and Central Asia, with significant investment and strong project implementation [7] - The company anticipates a substantial increase in overseas revenue, with projections indicating a shift in revenue contribution starting in 2025 [6] Capacity and Production Management - Current capacity utilization is around 60%, with a production plan of 6,000 tons, which can be adjusted based on order saturation [12] - Factors limiting capacity include site, equipment, labor, and production management levels, with ongoing infrastructure development to enhance logistics [15] Strategic Insights - The company does not plan to establish overseas manufacturing facilities, citing the advantages of a mature domestic supply chain and operational efficiency [18] - The Xinjiang coal chemical industry is viewed positively, with clear economic returns expected from projects like coal-to-gas and coal-to-olefins, supported by favorable government policies [19]

Group 1: Investor Relations Activity Overview - The investor relations activity involved various financial institutions, including Morgan Stanley and multiple fund management companies, with a total participation of 131 entities [3][4]. - The event took place online on December 22, 2025, and was hosted by the company's Vice President and Board Secretary, Mr. Guo Rui, along with the Director of Investor Relations, Ms. Han Shuting [4]. Group 2: Acquisition of Limin Technology - The acquisition of Limin Technology aims to enhance the company's capabilities in server thermal management, covering products such as liquid cooling connectors and heat management solutions [5][6]. - Limin Technology has established long-term relationships with major overseas clients, including Nvidia and Google, which will synergize with the company's existing server business [6][10]. - The acquisition is part of the company's strategy to achieve its 2030 development goals through both organic and external growth, without negatively impacting financial or operational stability [7]. Group 3: Market Opportunities in AI Infrastructure - The global demand for AI computing power is expected to grow exponentially, with data center capital investment projected to increase from approximately $450 billion in 2024 to over $3 trillion by 2030 [8]. - The market for high-precision thermal management hardware for enterprise servers is forecasted to grow from $200 million in 2020 to $4.5 billion in 2024, with a compound annual growth rate (CAGR) of 133.6% [10]. - The shift from traditional air cooling to liquid cooling solutions is driven by the increasing power density and efficiency requirements of data centers [10][11]. Group 4: Product Development and Strategic Focus - The company plans to expand its product line in AI server power solutions, focusing on high power density and efficiency to meet the growing demands of AI workloads [11]. - Key products under development include liquid cooling plates, CDU, and high-performance GPU cooling solutions, aimed at addressing the stringent thermal management needs of large-scale deployments [11][12]. - The company's strategy emphasizes modularity and reusability across different applications, positioning it to leverage opportunities in emerging fields such as humanoid robots and AI servers [12].

中节能环境保护股份有限公司 证券代码： 300140 证券简称：节能环境 投资者活动记录表 | | 用户、有需求。 | | --- | --- | | 5. | 公司于 年受托管理控股股东中国环保下属的 家子公司， 2024 23 | | | 公司计划在何时启动对控股股东旗下 13 个垃圾焚烧发电项目的正式 | | | 注入程序？ | | | 2023 年重大资产重组时尚有部分项目未注入上市公司，中国节能 | | | 环保集团有限公司及中国环境保护集团有限公司已承诺，重大资产重 | | | 组完成后 5 年内解决同业竞争问题（相关项目已于 2024 年由中国环境 | | | 保护集团有限公司委托上市公司管理）。公司正在推动涉及同业竞争 | | | 的垃圾焚烧发电项目注入的相关方沟通、管理提升等前期筹备工作。 | | 关于本次活动是否涉 | 本次活动不涉及未公开披露的重大信息。 | | 及应披露重大信息的 | | | 说明 | | | 无。 附件清单（如有） | | | 日期 | 2025-12-23 | 编号：2025012 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 ...

Group 1: Robotics Business Development - The company has established robotics as its third strategic business segment following bearings and automotive chassis systems, with a product range including universal joints, precision shafts, and various specialized bearings [4] - Current production capacity includes 100,000 sets of roller screws and 10 million sets of universal joints, with plans to establish a capacity of 1.2 million specialized bearings by 2026 [4] - The company is focusing on optimizing its supply chain and expanding international production, particularly in Thailand [4] Group 2: Automotive Business Growth - Major automotive clients include BYD, Chery, Dongfeng, and international brands like Mercedes-Benz and BMW, with new clients such as Xiaomi and Li Auto contributing to growth [5] - Incremental products in the automotive sector include drive shafts and braking products [5] Group 3: Financial Performance and Projections - For the first three quarters of 2025, the company reported revenue of 10.406 billion yuan and a net profit of 773 million yuan, with expectations for continued growth in 2026 [7] - The company aims to enhance its core products and invest in new technologies related to chassis control and humanoid robotics [7] Group 4: Mergers and Acquisitions - The company is actively pursuing the acquisition of the American WAC company, with due diligence and negotiations ongoing [6] - Future investment plans include increasing stakes in startups within humanoid robotics, low-altitude economy, clean energy, and new energy vehicle components [8] Group 5: Employee Incentives - A stock option incentive plan was disclosed in March 2024, with the first exercise period completed in September 2025, aimed at enhancing profitability and employee engagement [9]

Group 1: Acquisition and Resource Reserves - The company plans to acquire 40% of Liangshan Mining through a share issuance, pending approval from the China Securities Regulatory Commission [2] - Liangshan Mining has copper reserves of approximately 779,700 tons with an average grade of 1.16%, including stable production from the Lala Copper Mine [3] - The Hongnippo Copper Mine is under construction with confirmed reserves of 41.61 million tons and an average copper grade of 1.42%, contributing 59,290 tons of copper metal [3] Group 2: Strategic Planning and Resource Acquisition - The company is developing its "14th Five-Year" plan to enhance resource acquisition strategies, focusing on geological research and exploration [4] - Key mining assets include the Pulang Copper Mine, Dahongshan Copper Mine, and Yangla Copper Mine, located in a geologically favorable area with potential for further exploration [4] Group 3: Sulfuric Acid Production and Market Conditions - Sulfuric acid, a byproduct of copper smelting, has seen high sales prices this year due to strong downstream demand and tight international sulfur supply [5] - The company has capitalized on market opportunities, positively impacting its performance [5] Group 4: Production Costs and Technological Advancements - The company has a well-distributed copper smelting base across Southwest, Southeast, and Northern regions, enhancing production flexibility and raw material adaptability [6] - Continuous cost reduction and quality improvement measures have strengthened the company's competitive edge in smelting processing costs [6][7] Group 5: Risk Management Strategies - The company employs hedging strategies to mitigate risks from raw material prices and foreign exchange fluctuations, achieving effective risk control and stable operations [8]

Group 1: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase the proportion of related sales and impact its independent operational capabilities [2] - The feasibility and compliance of the restructuring plan are under further careful evaluation, with uncertainties remaining [2] Group 2: Convertible Bond Arrangements - The company is preparing for the maturity of its convertible bonds by enhancing its market value management and improving profitability through cost reduction and efficiency [2] - Plans to expand financing channels are in place to ensure the smooth repayment of the convertible bonds [2] Group 3: Price Adjustment Considerations - The company will adhere to the terms outlined in the prospectus for adjusting the conversion price of the convertible bonds, ensuring it does not fall below the higher of the average trading price over the last twenty trading days or the latest audited net asset value per share [3] Group 4: Industry Policy Response - The company is committed to responding to the "anti-involution" policy by optimizing production based on market trends and focusing on stable operations, risk prevention, quality improvement, structural optimization, transformation promotion, and efficiency enhancement [3]

Group 1: Current Orders and Revenue - The company currently has sufficient orders, with a significant portion related to new energy vehicles and fuel vehicles, although specific percentages are not disclosed [2] - In 2024, the company's total revenue increased by 14.91%, with mold product revenue accounting for approximately 58.63% and a gross margin of 37.78% [2] Group 2: R&D and Technological Advancements - The company invested approximately ¥39.37 million and ¥43.28 million in R&D in 2023 and 2024, representing 6.28% and 6.01% of total revenue, respectively [3] - The company holds 148 patents, including 77 invention patents and 71 utility model patents, emphasizing its commitment to innovation [3] Group 3: Market Position and Competitiveness - The company is recognized as a leading supplier of automotive interior and exterior molds in China, with strong capabilities in R&D, design, and production [4] - The global mold market is expected to maintain a high growth rate, driven by the increasing demand for automotive parts and the rapid development of the automotive industry [4] Group 4: Future Plans and Investments - The company plans to invest approximately ¥150 million in a new facility in Thailand to expand its business in automotive molds and packaging materials [3] - The company is exploring the agricultural machinery sector through its subsidiary, Jiangsu ChaoDa Intelligent Technology Co., Ltd., which was established in August 2025 [5] Group 5: Financial Strategies and Shareholder Relations - The company has issued convertible bonds to raise funds for the "New Energy Battery Structure Component Intelligent Production Project," with a total investment of ¥88.70 million [5] - A stock repurchase plan has been approved, with a total amount between ¥25 million and ¥50 million, aimed at implementing employee stock ownership plans [6]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.296 billion yuan, an increase of 490 million yuan, representing a year-on-year growth of 27% [2] - The total gross profit reached 797 million yuan, up by 130 million yuan, with a year-on-year increase of 20% [2] - Net profit was 245 million yuan, an increase of 32.65 million yuan, reflecting a year-on-year growth of 15.4% [2] - The attributable net profit to shareholders was 206 million yuan, showing slight growth compared to the same period last year, impacted by a reduction in equity from 100% to 67% in the superhard materials business [2] Strategic Planning - The company aims to enhance its bearing products to support China's commercial aerospace development and expand into high-value products like cross-roller bearings for humanoid robots [2][3] - In the superhard materials sector, the focus is on advancing diamond functional applications, optimizing diamond-copper composite materials, and breaking through large-size optical-grade diamond production [2][3] Diamond Heat Dissipation Business - The diamond industry is divided into structural and functional applications, with functional applications including heat sinks and optical window pieces [3] - The diamond heat dissipation sector is expected to see growth due to high heat dissipation demands driven by AI, transitioning diamond from an optional to a necessary material [3] - The company began generating revenue from heat dissipation and optical windows in 2023, with expectations to exceed 10 million yuan in 2025, primarily in non-civilian sectors [3] MPCVD Product Development - The development plan for MPCVD products includes three phases: 1. Cultivating diamond rough products (mature stage) 2. Developing diamond heat sinks, optical window pieces, and acoustic membranes (starting phase) 3. Long-term planning for semiconductor materials to replace silicon [3] - Cost reduction strategies include utilizing low-cost electricity in the Xinjiang Hami industrial park and advancing technology across the entire supply chain [3]