Group 1: Company Overview - Yantai Shichuan Sealing Technology Co., Ltd. is engaged in the production of sealing products, primarily using stainless steel and rubber as raw materials [2] - The company has maintained stable performance despite fluctuations in raw material prices this year [2] Group 2: Business Growth and Market Demand - The sealing gasket business saw significant growth in the first half of the year, driven by the commercial vehicle market's expansion due to government policies [3] - The company has increased market development efforts and maintained R&D collaboration with clients, leading to a steady rise in market share [3] Group 3: Product Applications and Market Potential - Metal-coated boards have broad applications in the automotive industry, particularly in sealing and noise reduction for brake systems [4] - The domestic high-end market for these products is largely dominated by imports, indicating potential for growth in both automotive and other sectors like home appliances and construction machinery [4] Group 4: Competitive Advantages - The company has gained a competitive edge through advanced technology and product consistency, leading to increased market share in the sealing gasket sector [5] - The performance of metal-coated boards is nearing international standards, with competitive pricing compared to imported products [5] Group 5: New Energy Vehicle Sector - The company has made strides in the new energy vehicle sector, partnering with leading manufacturers for mass production of sealing components [6] - However, the revenue contribution from this sector remains low due to the lower value per vehicle and a small base [6] Group 6: Investment Projects and Production Capacity - The "Metal Coated Board Technology Upgrade and Expansion Project" is progressing well, with the second production line nearing completion and expected to be operational by mid-next year [7][8] - This new line will enhance production capacity and improve equipment performance, potentially boosting company performance [8] Group 7: International Market Expansion - The company has been actively expanding into international markets, with direct exports to major manufacturers like Cummins (USA) and Doosan (South Korea) [8] - The expected increase in direct export revenue this year reflects the company's growing international presence and recognition [8] Group 8: Shareholder Value Management - The company focuses on steady operations to enhance value and has a policy of continuous dividends to reward shareholders [8] - Currently, there are no plans for stock incentive programs, but any future initiatives will be disclosed promptly [8]

Group 1: Strategic Development - The company aims to transform from a "traditional equipment manufacturer" to a "comprehensive service provider in gas and new energy" through strategic upgrades and investments in industrial gases, LNG, and hydrogen sectors [2] - A partnership with Shudao Group's specialized investment institutions is established to leverage capital for industrial transformation, creating a new development pattern that integrates technology, industry, and capital [2] Group 2: Joint Ventures and Collaborations - The joint venture "Shudao Toyota Hydrogen Technology (Sichuan) Co., Ltd." has a registered capital of 236 million yuan, with the company holding 45%, Shudao Group 5%, and Toyota 50% [3] - The joint venture will establish an independent R&D team and local production lines in Chengdu for hydrogen fuel cell systems, targeting commercial vehicles and non-vehicle applications in the Sichuan-Chongqing economic circle [3] Group 3: Hydrogen Storage Technologies - Liquid hydrogen (LH2) is preferred for applications requiring high energy density, such as aerospace and long-distance transport, while solid-state hydrogen storage is better suited for distributed, small-scale applications [3] - Both technologies are complementary, serving different market needs rather than being direct substitutes [3] Group 4: Research and Development Progress - The company is collaborating with leading industry players on hydrogen-powered drones and trains, with ongoing projects utilizing onboard liquid hydrogen storage for hydrogen-powered trains [3] - The company ensures compliance with information disclosure regulations, maintaining transparency and accuracy in communications with investors [3]

Group 1: Financial Performance - In the first nine months of 2025, the company achieved operating revenue of 1,126,602.78 million yuan, representing a year-on-year growth of 13.88% [1] - The net profit attributable to shareholders of the listed company was 24,503.93 million yuan, with a year-on-year increase of 49.12% [1] Group 2: Production Capacity and Utilization - The first phase of the Anhui project has a production capacity of 400,000 tons of cast aluminum alloy, with a cumulative capacity utilization rate of 86.54% as of the end of Q3 2025 [2] Group 3: Pricing Strategy - The company employs two pricing models: 1. Market-based pricing, which allows for better control of raw material price fluctuations due to strong correlations with market prices of aluminum materials [3] 2. Cost-plus pricing, which locks in raw material price risks to ensure reasonable profit margins [3] Group 4: Market Applications - The company's products are primarily used in various industries, with the automotive sector accounting for approximately 53%, motorcycles for about 5%, telecommunications for around 5%, and machinery for about 11% [4] Group 5: Future Projects and Applications - The Anhui Phase II project will focus on aluminum plate and strip products, targeting applications in battery foils, battery housings, beverage cans, 3C product materials, and aluminum for tankers, aligning with trends in green packaging and new energy vehicles [5] Group 6: Convertible Bonds Consideration - The company will consider its convertible bonds in light of production operations, stock price trends, and capital market conditions, adhering to relevant legal disclosure obligations [6] Group 7: Future Development Outlook - The company aims to drive growth through a dual strategy of "cast aluminum alloy + recycled deformed aluminum alloy," while leveraging domestic capital market opportunities to enhance product recognition and expand market share [8]

Group 1: Product Development and Market Positioning - The company has developed dual production capabilities using both crucible and pool kiln methods for low dielectric electronic cloth, responding to the growing demand driven by the deployment of 5G-Advanced technology [1] - The focus is on high-end product differentiation, particularly in ultra-fine electronic fibers and high-performance specialty fibers, to enhance market share and product performance [2] - The company aims to align product development with market trends, increasing R&D investment to meet the evolving requirements of 5G communication equipment [2] Group 2: Financial Performance and Strategic Planning - The Brazilian subsidiary faced losses in 2025 due to production line upgrades and currency fluctuations, but is gradually improving operational quality and capacity recovery [3] - The company is formulating a "15th Five-Year" development plan to enhance competitiveness in emerging markets such as photovoltaics and green materials [4] - Shareholder Yunnan Yunxi's recent share reduction was conducted in compliance with regulations, primarily driven by personal funding needs [5][6] Group 3: Industry Outlook and Future Strategies - The fiberglass market is expected to recover in 2025, particularly in thermoplastics and wind power sectors, despite ongoing competitive pressures and structural demand challenges [7] - The company plans to innovate in product offerings and enhance global operations, aiming to serve international markets with high-quality materials [7] - Future initiatives will focus on the application of innovative products in sectors like carbon neutrality, digitalization, aerospace, and new infrastructure [7]

Group 1: Company Overview and Operations - The company has completed the construction phase of its new special steel wire project, with an expected production capacity of approximately 20,000 tons upon reaching full capacity [2] - The company is focusing its overseas business strategy on Southeast Asia and Europe, providing competitive stainless steel decorative panel processing and delivery services to major manufacturers [2] Group 2: Overseas Business Development - The company has been steadily advancing its "going overseas" strategy, establishing overseas service stations and participating in international exhibitions, with direct export revenue accounting for about 6% of total revenue as of the 2025 mid-year report [3] Group 3: Financial Performance - The stainless steel decorative panel business has historically maintained significant profitability, but faced a decline this year due to external economic factors and tariff policy uncertainties; however, performance has improved in the latter half of the year [4] Group 4: Mergers and Acquisitions - The company is actively seeking new business opportunities related to its core industry chain and emerging fields to inject new momentum into its long-term development [5] Group 5: Goodwill and Impairment - The company conducts annual goodwill impairment testing in accordance with accounting standards, determining the need for impairment based on evaluations by external assessment and audit agencies [6] Group 6: Advantages of State-Owned Control - The transition to a state-controlled listed company enhances the company's creditworthiness, talent attraction, and overall financing capabilities [7]

Group 1: Major Asset Restructuring - The company is currently evaluating the feasibility and compliance of the major asset restructuring plan disclosed in June 2023, which may significantly increase the reliance on related parties and affect the company's independent operational capabilities [3][4] - The restructuring plan is still under further verification and communication, with uncertainties remaining, and the company will fulfill its information disclosure obligations based on the progress of related matters [4] Group 2: Convertible Bond Management - The company is preparing for the maturity of its convertible bonds by enhancing its market value management and implementing cost reduction and efficiency improvement strategies [4] - The company aims to expand financing channels to ensure the smooth repayment of convertible bonds upon maturity [4] Group 3: Profitability Improvement Measures - The company is focusing on developing high-value-added products to narrow the competitive gap with leading enterprises, aiming to increase selling prices and gross margins through differentiated products [4] - Strategies include reducing procurement costs, optimizing inventory management, and enhancing production efficiency through intelligent process upgrades [4] Group 4: Production Capacity and Output Considerations - The company plans to align production with industry trends and market demands, emphasizing stable operations, risk prevention, quality improvement, structural optimization, transformation promotion, and efficiency enhancement [4] Group 5: Industry Competition Resolution - Following the restructuring of the controlling shareholder, the company acknowledges overlapping market competition with Angang Group and is committed to resolving this through asset restructuring, business adjustments, and management delegation within five years [4] Group 6: Convertible Bond Price Adjustment - The company aims to protect the interests of bondholders and optimize its capital structure by adjusting the conversion price of convertible bonds, ensuring compliance with the terms outlined in the offering document [5]

Group 1: Company Strategy and Product Development - The company has initiated a "Manufacturing Reboot" strategy since 2024, focusing on the R&D of various smart distribution network devices, including modular UPS systems and high-voltage direct current power systems [2] - The company is developing solid-state transformer (SST) products and has a strong technical background, having exported high-voltage frequency converter technology in 2012 [2] - The company has seen a significant increase in supply to data centers and computing centers, with a focus on modular power supply systems and high-voltage direct current power systems [3] Group 2: Financial Performance - As of Q3 2025, the company reported total revenue of CNY 947 million, a year-on-year decrease of 2.75%, while the net profit attributable to shareholders decreased by 41.09% [3] - The company achieved a net cash flow from operations exceeding CNY 1 billion, a year-on-year increase of 320% due to faster collection of renewable energy subsidies [3] - The company’s smart distribution network business has a gross margin of approximately 20% and a net profit margin of about 3% [5] Group 3: Market and Sales Strategy - The company aims for a 20% growth in its manufacturing sector orders compared to the previous year, with a focus on large clients and international sales teams [4] - The company has set a revenue growth target of 10% for its renewable energy generation business, supported by ongoing project developments [12] - The company has received over CNY 200 million in national subsidy payments this year, with approximately CNY 1 billion in outstanding subsidy receivables [4] Group 4: New Business Models and Projects - The company is developing a new business model combining distributed wind power and clean energy heating, with a projected internal rate of return exceeding 10% [8] - The company has secured over 300 MW of distributed wind power indicators and is working on five heating project assets [6] - The company has a project pipeline of over 1 GW in construction and an additional 2-3 GW in development for its renewable energy generation business [11] Group 5: International Expansion - The company has successfully bid for key energy projects in Central Asia and Cambodia, and is actively exploring opportunities in Belt and Road countries and ASEAN nations [14] - The company is optimistic about its overseas power generation business and is assessing multiple investment opportunities in wind and solar projects in Southeast Asia and Central Asia [15]

编号：2025-020 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 （线上会议调研） 参与单位名称及 人员姓名 长城证券金瑞，财通证券周逸洲 时间 2025 年 12 月 18 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书邱蓉 证券办 李琼婷 投资者关系活动 主要内容介绍 一、公司情况介绍 二、公司情况交流 1、公司除了萧山本部这边，其他地方有生产基地吗？ 答：公司目前主要有萧山本部、安徽广德和湖州安吉三大生产 基地，公司在柳州、广州、长春等各地也有生产基地便于为整 车就近配套，同时公司的摩洛哥生产基地项目目前也正在有序 推进中。 2、公司毛利率提升的原因主要有哪些？ 答：受益于国内汽车销量的增长及公司国际市场新项目的上 量，规模效应逐渐显现；同时公司持续优化产品结构，推动内 部降本增效、工艺优化等工作，有效提升制造能力，产品毛利 1 证券代码：002284 证券简称：亚太股份 浙江亚太机电股份有限公司投资者关系活动记录表 2 | | 7、公司今年的冬季测试开始了吗？ | | --- | --- | | ...

Group 1: Company Overview - Jiangsu Changbao Steel Tube Co., Ltd. specializes in the research, manufacturing, and service of special pipes, established in 1958 and listed on the Shenzhen Stock Exchange in 2010 [2][3] - The company focuses on small-diameter special seamless pipes, with an annual production capacity of 1 million tons [3] - Key products include oil pipes, alloy high-pressure boiler pipes, HRSG ultra-long pipes, and U-shaped pipes for heat exchangers, which have high brand recognition and core competitiveness [3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 4.284 billion, net profit attributable to shareholders of CNY 392 million, and a net operating cash flow of CNY 249 million [3] - The company maintains a stable operational performance with a focus on long-term value management and brand development [3] Group 3: Product Strategy and Development - The company aims to strengthen its product planning by focusing on high-end, brand-oriented, and specialized products, particularly in the oil pipe and boiler pipe sectors [4][5] - HRSG products have become a key focus, with production capabilities for ultra-long, ultra-thin, and high-grade products, contributing to energy efficiency in gas turbine power generation [5] - The Changbao special materials project is a milestone for high-end upgrades, with production starting on November 21, 2025, aimed at overcoming technical bottlenecks and expanding high-value applications [6][7] Group 4: Capital Expenditure and Investment - Recent capital investments have been directed towards high-end project construction, production line upgrades, and automation to enhance competitiveness [8] - The company plans to continue investing in technology upgrades and automation to respond flexibly to market demands [8] Group 5: Employee Incentives and Shareholder Returns - The company values talent development and has implemented stock incentive plans in 2021 and 2023 to enhance team cohesion [9] - It maintains a tradition of continuous dividends since its listing, balancing business growth with shareholder returns while considering capital expenditure needs [10][11]

Group 1: Business Development and Strategy - The company is focusing on deepening its big data business, emphasizing data governance, scenario services, and intelligent applications to unlock customer data value [2] - The AI strategy includes the development of a comprehensive AI platform, integrating various models and enabling automated service generation, enhancing operational efficiency [3] - The company aims to expand its DAP (Data Analytics Platform) applications in the power sector and extend into non-electric industries like healthcare and construction through a "headquarters benchmark + regional replication" model [5] Group 2: Financial Performance and Challenges - The decline in gross margin for the smart energy business is attributed to changes in the subsidiary's business structure, particularly the rapid growth of lower-margin hardware products [6][7] - Despite the lower gross margin, the hardware products still contribute positively to the overall performance of the company [7] Group 3: Industry Applications and Partnerships - The company has successfully implemented smart financial projects in several hospitals, enhancing its influence in the healthcare sector [8] - Ongoing optimization efforts in various hospitals are aimed at expanding the company's footprint in the medical industry [8] Group 4: Organizational Changes and Future Outlook - The company plans to continue attracting talent to support digital transformation and enhance organizational efficiency in line with strategic goals [9] - The controlling shareholder views the company as a key innovation platform and will disclose any relevant capital operations as required by regulations [8]