证券代码：002440 证券简称：闰土股份 浙江闰土股份有限公司投资者关系活动记录表 编号：RTIR-2026-004 答：还原物是分散染料的较重要的中间体之一，其价格近两年来在较低 位运行。从元月下旬开始上涨，截至目前，还原物市场报价在 7 万元/吨左右。 4、国内分散染料价格走势情况 答：染料产品价格由市场供需及原料价格等因素决定。公司染料产品价 格随行就市，采取价格跟随策略。因近期还原物价格上涨，公司分散染料黑 价格近期已每吨累计上涨约 5,000 元。 本轮涨价驱动的原因主要是原料中的重要中间体价格的上涨所导致。 5、公司还原物产能情况 答：公司还原物年产能约 8,000 吨。产量随行就市，大部分自用，用来 配套公司分散染料。 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 中金公司（裘孝锋 李熹凌）， 国投证券（王友舜）， 天风证券（杨滨钰），方正证券（刘旭升），中信证券（王子宁）， 敦和资产（梁作强），平安基金（韩 克），浙商资管（王 圆）， 中欧基金（息荣雪），西部基金（陈雨）。 时间 2026 ...

Group 1: Business and Product Overview - The company's core product system includes basic hardware, storage hardware, kitchen and bathroom hardware, and outdoor furniture, with a focus on high-quality development across all segments [3] - Basic hardware serves as the main growth driver, maintaining strong market competitiveness and steadily increasing market share [3] - The company emphasizes a product design philosophy that integrates aesthetics and practical functionality, ensuring continuous innovation and optimization of existing products [3][4] Group 2: Production and Supply Chain - The company has achieved full automation in production processes, significantly reducing labor costs and enhancing product quality consistency [8] - A comprehensive risk management mechanism for raw material price fluctuations has been established, including price stabilization agreements with core suppliers [9] Group 3: Sales Channels and Distributor Management - The company implements refined management of its distributor system, providing full-process support to enhance distributor capabilities and market competitiveness [10][11] - Plans to increase market share include focusing on product strategy, optimizing distributor operations, expanding into overseas markets, and enhancing production capacity [11] Group 4: Investor Relations Activity - The investor relations activity involved 40 institutions with 59 participants and 38 individual investors, held from January 17 to February 9, 2026, at the company's headquarters [2] - The event did not involve any major information disclosures [11]

编号：2026-01 证券代码：300656 证券简称：民德电子 深圳市民德电子科技股份有限公司投资者关系活动记录表 （1）纯晶圆代工的商业模式定位：纯晶圆代工模式在行业内属于相对稀缺资源， 功率半导体设计公司的痛点，在于找到可以保障其知识产权安全且能为其提供稳定、 可靠产能的晶圆代工厂；国内大部分功率半导体晶圆厂都是 IDM 模式或半 IDM 模式 （即一部分自主产品，一部分对外代工），很难做到对客户知识产权的充分保障和产 能稳定供应。因此，具备原创设计能力的芯片设计公司非常有意愿与广芯微建立代工 合作。 （2）较高端的工艺平台能力和一体化解决方案：广芯微电子的设备配置在国内 6 英寸功率半导体晶圆厂中具备较强的制造水平，已开发搭建的深沟槽刻蚀工艺、通孔 刻蚀+钨淀积工艺及高能注入机台工艺等核心工艺平台能力属业内较高端的平台，产品 线丰富，尤其在高压、特高压领域具有一定的优势；同时，广芯微和芯微泰克可以为 客户提供正面+背道（超薄、背面加工、重金属掺杂等）一体化的特色工艺全套解决方 案，可覆盖大多数功率半导体器件及功率集成电路产品，并利用自身丰富的经验，赋 能设计公司，减少开发周期。 4、广芯微电子产品下游 ...

Group 1: Investment and Partnership Developments - In November 2025, the company invested in Suzhou Botemon Electric Co., Ltd., acquiring a 2.25% stake, initiating collaboration [1] - A joint venture, Suzhou Aobo New Energy Motor Co., Ltd., is being established with Suzhou Botemon to enhance strategic cooperation in automotive thermal management [1][3] - The partnership aims to leverage both companies' strengths in electric motors and thermal management systems, facilitating the development of new products for emerging industries [3] Group 2: Overseas Business Performance and Strategy - The overseas business has shown significant improvement, with Southeast Asia experiencing rapid growth and North America nearing profitability in 2025 [4] - The company plans to increase production capacity in response to market conditions, particularly in Southeast Asia and North America [4] - Strategies include enhancing local production rates to mitigate tariff fluctuations and expanding into new markets like India and ASEAN countries [4] Group 3: Operational Focus and Profitability Enhancement - The company aims to stabilize and enhance profitability in its core automotive thermal management business, despite market pressures [5] - In 2025, the company achieved notable net profit growth, attributed to refined management practices [5] - Plans for 2026 include improving quality, reducing costs, and increasing efficiency while expanding the customer base [5][6] Group 4: New Business Growth and Diversification - The company seeks to explore new growth avenues by strengthening its automotive parts business and considering acquisitions in profitable sectors [6] - The goal is to transition from a pure automotive thermal management focus to a diversified industrial component supplier, tapping into emerging industries [6] - Acquisitions will be funded through self-raised capital, ensuring no impact on funds raised from the current stock issuance [6]

Group 1: TMP Product Overview - The company's TMP production capacity is 70,000 tons/year, with 50,000 tons/year from the Ningxia base and 20,000 tons/year from the Nantong base. The total domestic TMP capacity is estimated at around 200,000 tons [2][3] - TMP prices have increased from over 8,000 RMB/ton at the end of 2025 to 15,000 RMB/ton currently, driven by supply tightness and increased demand [2][3] - Approximately 100,000 tons of TMP capacity has exited the market in the past two years due to low prices and production challenges [3] Group 2: Market Dynamics - The main reason for the price increase is the production method; most manufacturers use calcium-based processes, which have seen cost pressures due to rising raw material prices [3] - Foreign manufacturers face low capacity utilization rates due to aging equipment and high operational costs, making them less competitive compared to domestic producers [3] Group 3: Chemical Products and Pricing - The company has raised prices for multiple chemical products this year, including polyols, phthalic anhydride, and acetate esters [3][4] - The Ningxia base benefits from raw material advantages, as it produces its own n-butyraldehyde, leading to lower energy costs [3] Group 4: Operational Insights - The company currently experiences tight supply and typically schedules maintenance for 30-40 days, depending on specific circumstances [3] - The production from the Ningxia base's project, which aims for an annual output of 30,000 tons of negative materials, is expected to ramp up quickly after its mid-2025 launch [4] Group 5: Financial Considerations - The company has a high debt ratio due to significant funding needs for project construction, but operations are currently normal and generating cash flow [4] - The company’s convertible bonds have not yet reached redemption conditions, but the board will discuss potential redemption once conditions are met [4]

Group 1: Company Performance Overview - In Q3 2025, the company achieved operating revenue of 9.75 billion yuan, a year-on-year increase of 2.13%, and a quarter-on-quarter increase of 13.13% [2] - Net profit attributable to shareholders decreased by 72.13% year-on-year to 3,420.77 million yuan, and decreased by 44.94% compared to Q2 2025 [2] - For the first nine months of 2025, the company reported operating revenue of 27.09 billion yuan, an increase of 8.92%, while net profit attributable to shareholders fell by 43.93% to 1.92 billion yuan [2] Group 2: Business Development and Strategy - The company is actively expanding new business areas and enhancing product development to improve the value of each vehicle's components [2] - A recent acquisition plan involves obtaining 70% equity in Suzhou Hanmeng Transmission Technology Co., Ltd. to advance the company's robotics components business [2][4] - Hanmeng Transmission has over 10 years of experience in the harmonic drive sector, holding 48 effective patents, including 17 invention patents and 31 utility model patents [3] Group 3: Investor Engagement and Future Plans - The company is committed to diversifying its business structure to build a more resilient and growth-oriented industry layout [4] - The acquisition of Hanmeng Transmission aims to leverage synergies in manufacturing, product development, and supply chain channels to enhance competitive advantage [5][6] - Future capacity planning will be flexible, adjusting based on market feedback and business development to ensure efficient supply-demand matching [6]

Group 1: Power Business Overview - The company operates several power plants, including Baiyin Thermal Power and New District Thermal Power, with both having 2×350MW supercritical coal-fired units [2] - New District Thermal Power's units successfully completed 168 hours of full-load trial operation and have entered commercial operation [2] - In 2025, Baiyin Thermal Power achieved profitability due to decreased coal prices and increased thermal prices, which is expected to enhance overall revenue and profitability in the power sector [2][3] Group 2: Coal Business Overview - The company has 11 coal production mines with an approved annual capacity of 23.14 million tons, including 1.8 million tons/year of reserve capacity [4] - Coal products mainly include coking coal and thermal coal, with specific mines producing high-quality environmentally friendly coal [4] - In 2025, the coal market faced a downturn, leading to decreased sales volume and prices, prompting the company to strengthen market connections and adjust sales strategies [5] Group 3: Internal Coal Consumption and Cost Management - Internal coal consumption for power and chemical projects is projected to be nearly 12 million tons/year, subject to variations based on coal quality and sourcing [6] - The company is focusing on cost reduction through intelligent mining practices and enhanced budget management, despite higher costs from deep mining operations [6] Group 4: Chemical Business Overview - The clean and efficient gasification project by Liu Chemical has successfully produced qualified products, with ongoing construction for the second phase [7] - The project utilizes coal as raw material to produce various chemical products, with production volumes adjustable based on market demand [7] Group 5: Project Financing - The company is actively securing funding for coal, power, and chemical projects through traditional bank loans and capital market financing, alongside attracting strategic investors [8] - Strong relationships with local banks and favorable credit policies have facilitated smooth financing channels [9]

Group 1: Coal Business Overview - The company operates 11 coal production mines with an annual production capacity of 23.14 million tons, including a reserve capacity of 1.8 million tons per year [2] - Main coal products include coking coal and thermal coal, with specific mines producing high-quality environmentally friendly coal [3] - Continuous efforts to improve coal quality through enhanced washing processes and optimized production strategies [3] Group 2: Power Generation Business - The company operates several power plants, including Baiyin Thermal Power and New District Thermal Power, with the latter's units entering commercial operation in early 2026 [4] - The Baiyin Thermal Power plant achieved profitability in 2025 due to falling coal prices and rising heat prices [4] - Ongoing construction of new power projects, including a 2×660MW coal power project in Qingyang, with a planned annual output of 7 billion kWh [4] Group 3: Chemical Business Development - The clean and efficient gasification project is progressing, with the first phase producing qualified products and the second phase under construction [5] - The project utilizes coal as raw material to produce various chemical products, with production volumes adjustable based on market demand [5] - The company is addressing potential competition with its controlling shareholder's chemical enterprise through active communication [5] Group 4: Profit Distribution Policy - The company has implemented a stable profit distribution policy, with 18 cash dividends totaling 3.2 billion yuan since its restructuring [5] - A shareholder return plan for 2025-2027 has been announced, emphasizing a commitment to reasonable cash dividends [5] Group 5: Convertible Bond Situation - The company has 1.946 billion yuan in outstanding convertible bonds, set to mature on December 9, 2026 [5] - The purpose of issuing convertible bonds is to fund project construction and adjust the capital structure [5]

Group 1: Business Strategy - The company is implementing a "light asset cost reduction operation strategy" focusing on upgrading strategic capabilities and enhancing core competitive functions [3] - Emphasis on transitioning to technology-driven enterprises, with a focus on rapid response mechanisms and continuous innovation in photovoltaic technology [3] - Development of a flexible combination model of "series products + application scenarios + business models + smart operations" to provide customized and professional products and services [3] Group 2: Research and Development - R&D investment in the first half of 2025 and Q3 has decreased due to prioritization of key research projects and completion of long-term projects with limited output [4] - Some R&D projects are still in the research phase and have not yet reached mass production, resulting in lower investment [4] Group 3: Market Adaptation - The company is addressing photovoltaic power consumption issues through regional layout optimization, market participation, and the development of storage solutions [4] - Investment control measures are in place to assess regional consumption capacity and avoid high-risk areas with poor improvement prospects [4] Group 4: Financial Management - The company aims to encourage investors to convert bonds into equity by managing market value and implementing various measures to support stock price [5] - Ongoing share buybacks and cancellations, along with stable cash dividend ratios, are part of the strategy to enhance shareholder value [5]

Group 1: Industry Outlook - The oil service industry is expected to maintain a favorable outlook due to the strong correlation between global energy consumption growth and GDP growth over the past decade [2] - The International Energy Agency predicts that fossil fuels will still play a significant role in global energy consumption by 2050, supporting continued investment in oil and gas exploration [2] - In China, the implementation of the national energy security strategy and the seven-year action plan for oil and gas exploration has led to steady growth in domestic oil and gas production, with crude oil output reaching 216 million tons in 2025, a 1.5% increase year-on-year, and natural gas output at 261.9 billion cubic meters, a 6.2% increase [2] Group 2: Company Strategy - The company focuses on core business development, enhancing competitive strength, and steadily increasing operational performance to provide sustainable returns to shareholders [5] - There is an emphasis on mergers and acquisitions to integrate upstream and downstream resources, enhancing market position [5] - The company aims to improve governance, implement employee stock ownership plans, and establish a stable cash dividend mechanism to attract long-term investors [5] Group 3: Future Growth Areas - The company plans to expand into overseas markets to create new growth opportunities [6] - There will be a focus on product diversification, consolidating existing product lines while developing new ones to drive performance [6] - The strategy includes identifying quality targets in the industry and promoting horizontal extension of products and services [6]