1 | | 求；二是其早期完成城市化建设，公交系统车辆老化， | | | | | | --- | --- | --- | --- | --- | --- | | | 产生了巨大的更新换代需求。这两者结合，推动了新 | | | | | | | 能源客车的采购。 | | | | | | | 四、公司未来分红等方面有什么规划？ | | | | | | | 公司将积极响应政策号召，在综合考量市场环境、生 | | | | | | | 产经营现金流以及未来发展资金需要等因素的基础 | | | | | | | 上，平衡公司发展和股东最佳利益，做好一年多期分 | | | | | | | 红等安排，提振投资者信心。公司也将更好的聚焦海 | | | | | | | 外市场拓展、产品高端化及管理优化，不断提高企业 | | | | | | | 及产品竞争力，提升盈利水平，为投资者创造更大的 | | | | | | | 价值。 | | | | | | 附件清单 | 无 | | | | | | 日期 | | 2025 | 年 12 | 月 | 12 日 | 编号：2025-011 | | √特定对象调研 □分析师会议 | | --- | ...

编号： | 投 资 | 者 关 | 系 活 | √特定对象调研 □分析师会议 | | --- | --- | --- | --- | | 动类别 | | | □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 | 招商证券 赵旭，百年资管 别依田，浙商资管 吴达威，磐 | | 及人员姓名 | | | 厚动量 顾圣英，上银基金 罗项天，鑫元基金 汪壑，惠理 | | | | | 基金 高云波，中银证券 顾真 | | 时间 | | | 2025 年 12 月 12 日 | | 地点 | | | 运达股份会议室 | | 上 市 | 公 司 | 接 待 | 董事会办公室主任兼证券事务代表 马帅帅 | | 人员姓名 | | | 投资者关系经理 葛伟威 | | | | | 1、请介绍一下公司 2025 年 1-9 月订单情况？ | | | | | 答：2025 年 1-9 月，公司新增订单 18,131.12MW；截止 2025 | | 投 资 | 者 关 | 系 活 | 年 9 月底，累计在手订单 46 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 3.892 billion, representing a year-on-year growth of 19.06% [1] - The net profit attributable to shareholders was CNY 157 million, with a year-on-year increase of 45.21% [1] - The net profit excluding non-recurring gains and losses was CNY 151 million, reflecting a growth of 51.00% year-on-year [1] Group 2: Strategic Development - The company is implementing the "1234 strategy" to enhance collaboration across business segments, focusing on revenue and profit growth [1] - Future plans include a commitment to a long-term development strategy that balances scale and quality, innovation and tradition [2] - The company aims to build a technology-driven, innovation-led, and ecologically collaborative pharmaceutical health industry group [2] Group 3: Retail Network Expansion - Guosheng Pharmacy operates under the principle of "professional quality, affordable convenience," providing comprehensive health services [3] - As of June 30, 2025, the company had 2,266 directly operated stores across several provinces, including Anhui, Jiangsu, Zhejiang, and Fujian [3] - Future expansion will focus on optimizing resource allocation and filling market gaps, particularly in economically strong regions of East China [3] Group 4: Response to Industry Policies - The company maintains a high level of strategic sensitivity and adaptability to changes in pharmaceutical industry policies [4] - Specific measures include enhancing R&D innovation, optimizing product structure, and increasing operational efficiency to mitigate cost pressures [4] - The company emphasizes brand building and customer service to strengthen its competitive edge in retail and chronic disease management [4] - Active participation in policy guidance and market opportunities is a priority to secure a favorable position amid policy changes [4]

证券代码：301575 证券简称：艾芬达 江西艾芬达暖通科技股份有限公司 投资者关系活动记录表 编号：2025-001 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | ☑ | 现场参观 □其他： | | 参与单位名称及 | 申万宏源证券，兴业证券，浙商证券，中信建投证券，华金证券， | | 人员姓名 | 中信证券 | | 时间 | 2025 年 12 月 10 日-2025 年 12 月 12 日 | | 地点 | 公司会议室以及线上会议 | | 上市公司接待人 | 董事长、总经理：吴剑斌 | | 员姓名及职务 | 证券部：范晓光 | | | 问题一：请简单介绍下公司主营业务情况。 | | | 公司是一家专业从事暖通家居产品和暖通零配件的研发、设 | | | 计、生产和销售的高新技术企业。主要产品为卫浴毛巾架产品和 | | | 暖通零配件。自成立以来一直在卫浴毛巾架领域稳扎稳打，不断 | | | 深耕，专注于用户体验、技术革新和全球发展。 | | 投资者关系活动 | 问题二：请介绍下公 ...

Group 1: New Energy Capacity and Generation - As of September 30, 2025, the company's total installed capacity reached 43,417.39 MW, including 31,543.47 MW from wind power and 11,867.82 MW from solar power [2] - In the first nine months of 2025, the company added 2,274.19 MW of new energy capacity, comprising 1,134.70 MW from wind and 1,169.49 MW from solar [2] - By November 30, 2025, the cumulative electricity generation was 690.96 billion kWh, a year-on-year increase of 0.41%, with wind power generation up by 4.17% and solar power generation up by 72.42% [3] Group 2: Subsidy Recovery and Financial Performance - The company recovered subsidies totaling 9.25 billion yuan in the first three quarters of 2025, marking a 168% increase compared to the same period last year [3] - Efficient recovery of subsidy funds has optimized the company's cash flow structure and provided financial support for large-scale development under the "dual carbon" goals [3] Group 3: Offshore Wind Projects - The company has 2.6 million kW of offshore wind capacity in operation and has secured development indicators for a total of 4.64 million kW of offshore wind projects [3] - The Hainan Dongfang 500,000 kW offshore wind project commenced construction in October 2025, expected to generate approximately 1.6 billion kWh of clean electricity annually [3] Group 4: Major Project Developments - The Ningxia Tengger "Shagou Desert" renewable energy base has completed the full capacity grid connection of the first phase 1 million kW solar project, with an expected annual generation of 5.78 billion kWh [4] - The Ningxia-Hunan ±800 kV UHVDC project has been officially put into operation, enhancing the power delivery capacity from Ningxia and optimizing the utilization of renewable energy [5] Group 5: Strategic Development Plans - The company's "14th Five-Year" plan aims to establish itself as a world-class leader in new energy technology, focusing on scale growth and quality improvement [6] - Key areas of development include the "Shagou Desert" base, offshore wind, and deep-sea projects, alongside technological innovation and digital transformation [6]

编号：20251212 | 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □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） | | 参与单位名称 | 西南证券 郑连声、汪艺 | | 及人员姓名 | 国泰基金 施钰、杨衍嘉 | | 时 间 2025 | 年 12 月 12 日 9:30-11:00 | | 地 点 | 公司会议室 | | 上市公司 | 董事会秘书 张 欣 | | 接待人员姓名 | 投关专员 何炳易 | | | 公司董事会秘书张欣女士简要介绍了公司情况，并就投 | | | 资者关心的问题进行了沟通和交流。主要内容如下： | | | 1、请简单介绍一下公司整体运营情况。 | | 投资者关系活动 | 年 月我国重卡市场累 根据第一商用车网数据，2025 1-11 | | 主要内容介绍 | 计销售 104.2 万辆，同比增长 27.5%。其中，11 月份我国重 | | | 卡市场共计销售约 11.3 万辆，同比增长 65.4%。 | | | 公司当前经营状况稳健，在手订单 ...

Group 1: Company Overview - The main business of Guilin Tourism Co., Ltd. is tourism, which includes scenic area tourism, Li River cruise transportation, and hotel services [2] - Key scenic areas include Two Rivers and Four Lakes, Silver Cave, Longsheng Hot Springs, and Fengyu Rock, with the core business being scenic area tourism [2] - The company's revenue primarily comes from Li River cruise transportation, Two Rivers and Four Lakes, Silver Cave, and the Li River Waterfall Hotel, with no significant changes in recent years [2] Group 2: Development Strategy - The company aims to establish Guilin as a world-class tourist city, focusing on optimizing existing resources and expanding into ASEAN markets [3] - The strategic framework includes "one core, one optimization, two wings, and three expansions," emphasizing the enhancement of cultural tourism and operational efficiency [3] - The three expansions involve increasing new project investments, developing new cultural tourism formats, and expanding brand output [3] Group 3: Key Initiatives - The company will implement "preserving volume, expanding volume, and shedding burdens" to drive high-quality development [3] - Specific measures for preserving volume include leveraging AI for new tourism experiences and enhancing existing attractions with technology [3] - Expansion measures include exploring low-altitude tourism projects and creating a comprehensive scenic area centered around the Li River [3] - The company plans to optimize and revitalize underperforming assets through tailored strategies and improve cash flow collection [3] Group 4: Collaboration and Improvement - The company invites industry institutions to provide effective measures for improving its fundamentals and to connect with relevant resources [4] - There are no significant disclosures related to the event that require public announcement [4]

Group 1: Financial Performance - The company achieved a revenue of 286,951,312.31 yuan in the first three quarters of 2025, representing a year-on-year increase of 7.07% [2] - The net profit attributable to shareholders for the same period was 16,491,589.06 yuan, up by 9.69% year-on-year [2] - As of September 30, 2025, the total assets of the company amounted to 1,647,798,152.45 yuan, reflecting an 8.38% increase compared to the previous year [2] Group 2: Business Development - The company acquired equity in Chongqing Weilan Times Energy Technology Co., Ltd., marking a strategic move into the radiation cooling materials sector [3] - Weilan Times focuses on the research, production, and sales of radiation cooling optical coating technologies, with products applicable in various industries such as logistics, energy storage, and building energy efficiency [3] - The company operates three major production bases in Chongqing, Sichuan, and Xinjiang, utilizing a combination of distribution and direct sales to expand its market presence [3]

Group 1: Magnesium Alloy Demand in Electric Vehicles - The implementation of the new safety standards for electric bicycles has led to an increased demand for magnesium alloys, with significant adoption by leading manufacturers like Aima, Yadea, and Niu [1] - During the 14th Five-Year Plan period, the usage of magnesium in electric two-wheelers is expected to grow rapidly, driven by policy changes, lightweight requirements, and technological advancements [1] - The market for magnesium alloys in electric bicycles is projected to expand significantly in the coming years due to rising penetration rates and the diversification of application components [1] Group 2: Magnesium Alloy Penetration in the Automotive Sector - The price of magnesium has remained below that of aluminum, accelerating the penetration of magnesium in automotive lightweighting, particularly in the new energy vehicle sector [2] - Current usage of magnesium in certain vehicles has reached approximately 20 kg per vehicle, with potential future usage increasing to between 50-100 kg as larger magnesium die-cast components are integrated [2] - The application scope for magnesium alloys in automotive parts is broadening, with components like instrument panel brackets and electric drive housings seeing increased development [2] Group 3: Company Advantages and Production Capacity - The company has established a complete magnesium industry chain, from raw magnesium mining to alloy production and recycling, enhancing cost control and product competitiveness [3] - The company operates three raw magnesium supply bases and four magnesium alloy supply bases, optimizing resource allocation to meet regional market demands [3] - Continuous investment in technological innovation and new product development is a core strategy, with proprietary advancements in magnesium smelting and alloy processing technologies [3]

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2003 and launched its first multi-channel sleep monitor in the same year. The first CPAP sleep machine was introduced in 2007, followed by CE certification in 2008 and FDA certification in 2012. The company was successfully listed on the Shenzhen Stock Exchange in 2016 [2][3]. - The company focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management. It is a leading domestic manufacturer of non-invasive ventilators and masks, with products certified by NMPA, FDA, CE, and others [2][3]. Research and Development - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents, 404 utility model patents, and 146 design patents. It also has 266 overseas patents, including 45 in the U.S. and 38 in Europe [3]. Market Performance - The new noise-free cotton ventilator has been entering the U.S. market since July 2025, with significant sales growth observed in the third quarter. The acquisition of a new medical reimbursement code is expected to further boost sales [4]. - The company transitioned from an online distribution model to a direct sales model in September 2025, with anticipated improvements in gross margins and net profits starting in the fourth quarter [5]. Investment Strategy - The company invested in Shenzhen Deda Xing Drive Technology Co., Ltd., a leading provider of precision motors and solutions in AI, robotics, and medical fields. This investment aims to secure the supply of core components and enhance the company's competitiveness [6]. Market Share - According to data from Sullivan, the company's home-use non-invasive ventilators hold a global market share of 12.4%, ranking second, while its domestic market share is 30.6%, ranking first among domestic brands. Future plans include strengthening brand building and optimizing channel management to increase market share [6].