Group 1: Regulatory Impact and Strategic Direction - The revised "Securities Company Classification Evaluation Regulations" emphasizes differentiated development for small and medium-sized institutions, which aligns with the company's focus on wealth management 3.0 transformation [1] - The company aims to enhance its classification evaluation score through targeted strategies that align with the new regulatory guidelines [1] Group 2: Wealth Management 3.0 Transformation - Wealth management 3.0 focuses on a customer-centric approach, utilizing product innovation and financial technology to enhance service delivery [1] - The company is committed to building a comprehensive wealth management system that integrates human expertise and technology, improving customer service experiences [1] Group 3: Asset Management and Product Strategy - The company is integrating asset securitization into its investment banking line to refocus on client investment needs, developing a diverse product system including FOF and quasi-fixed income products [2] - The aim is to meet the diverse needs of clients through a well-rounded product offering [2] Group 4: New Marketing Service Model - A new marketing service model is being developed, combining research, investment, investment banking, and wealth management to provide comprehensive financial services [2] - The company has established a dedicated business system to enhance customer service and internal collaboration [2] Group 5: Research Business Development - The research department aims to achieve revenue of RMB 125 million in 2024, focusing on long-term and value investments while enhancing its market influence [2] - The strategy includes deepening internal collaboration and regional economic research to support local industries [2] Group 6: Investment in Financial Technology - The company invested RMB 236 million and RMB 241 million in information technology in 2023 and 2024, respectively, focusing on AI, big data, cloud computing, and blockchain [3] - The development of proprietary technologies, such as the "Kongming AI Assistant," aims to enhance operational efficiency and support differentiated business development [3]

Group 1: Impact of Domestic Substitution Policy - The domestic substitution policy is expected to positively influence company orders, particularly from downstream clients such as government agencies and universities [1] - Historical data indicates that client procurement tends to peak in the third and fourth quarters, prompting the company to actively follow up on project developments [1] Group 2: Shareholder Structure and Risks - The controlling shareholder, Ruiyang Technology, is undergoing a forced liquidation of shares due to a margin call, with an estimated total reduction of no more than 30 million yuan [2] - Current passive share reductions will not lead to changes in the company's control or governance structure [2] Group 3: Long-term Growth Strategies - The company aims to achieve a high market share in existing product categories before expanding into new growth areas such as international markets and acquisitions [2] - Emphasis on addressing customer pain points through innovative applications and enhancing marketing services to improve core competitiveness [2] Group 4: Client Composition and Future Planning - Historically, government institutions have made up a significant portion of the client base, but the company plans to increase the share of enterprise clients as business scales up [2] - The strategy includes providing tailored solutions for large enterprises, enhancing brand reputation through customer satisfaction [2] Group 5: Life Sciences Instrumentation Development - The life sciences instrumentation segment, particularly in life research, is performing well, while progress in medical instruments is slower [3] - Future plans involve leveraging existing technology platforms to penetrate related product markets [3]

Group 1: Company Overview - The company maintains a high capacity utilization rate, with production levels dependent on vehicle sales [2] - New projects for line control braking products have been initiated, with a total expected sales amount of 1.2 billion yuan [2] - The EMB product is currently in the technical reserve stage and has not yet been mass-produced [3] Group 2: Product Development - The company has focused on corner module technology, integrating various systems to enhance vehicle functionality and support personalized travel needs [3] - The company is not currently involved in robotics but is advancing research related to components used in line control braking and EMB products [3] Group 3: Financial Performance - The increase in gross margin is attributed to the growth in domestic vehicle sales and new international projects, alongside ongoing product structure optimization [3]

Financial Performance - In the first half of 2025, the company achieved a revenue of 2.432 billion CNY, representing a year-on-year growth of 24.32% [11] - The net profit attributable to shareholders was 203 million CNY, with a year-on-year increase of 42.56% [11] - Domestic business revenue reached 857 million CNY, growing by 38.89% [11] - Revenue from pet staple food was 783 million CNY, showing an impressive growth of 85.79% [11] Global Expansion - The company has established over 22 modern production bases globally, with more than 10 new projects underway [11] - The newly built factory in Mexico represents an investment of nearly 100 million CNY and covers an area of 10,000 square meters [13] - The Canadian factory's second production line has been completed, enhancing production capacity in North America [12] Market Position and Strategy - The company aims to become a leader in the global pet food industry, with a focus on its own brands such as "WANPY" and "TOPTREES" [14] - The domestic pet food market is experiencing a shift towards quality and personalized consumption, with increasing brand concentration [16] - The company is leveraging its global production capacity and strong brand matrix to enhance market share and brand influence [16] Marketing Initiatives - The "WANPY" brand has engaged in significant marketing efforts, including collaborations with media and celebrities to enhance brand recognition [17] - The brand has launched a new product series targeting various life stages of pets, achieving notable market performance [17] Future Outlook - The company plans to focus on building its own brands, expanding into overseas markets, and enhancing its global supply chain [18] - The year 2025 is seen as a pivotal year for deepening the company's five-year strategic plan, aiming for healthy and high-quality industry development [18]

Group 1: Company Branding and Market Positioning - The brand "Tianyoude" now accounts for over 50% of the company's proprietary Qingke liquor, leading to the name change to "Tianyoude Liquor" for consistency across branding and securities [3] - The company remains the largest producer of Qingke liquor, focusing on regional perceptions of Qingke and Qingke liquor for promotional strategies [3] Group 2: Market Expansion Strategies - The company is increasing its presence in markets outside Qinghai and Tibet, particularly in Gansu and Sichuan, by enhancing sales channels for products priced below 100 yuan [4] - New product development targets younger consumers, with recent launches including a 28-degree lemon Qingke liquor and a snow pear liquor to cater to diverse taste preferences [4] Group 3: Cost Management and Raw Material Sourcing - Fluctuations in raw material prices have been ongoing, but they do not significantly impact overall costs due to the low percentage of raw materials in total costs [5] - The company has established long-term agreements with farms to secure raw material supply and maintain market balance [5] Group 4: Product Sales Performance - Products priced above 100 yuan constitute approximately 50% of total sales, with a specific focus on the 500 yuan segment that has gained market recognition [6] - The company plans to invest 160 million yuan in expanding its winery in Tibet, leveraging tourism and unique cultural resources to enhance brand visibility [7][8] Group 5: Sales Channels and Profitability - The primary sales channels include direct sales and distribution, with online sales accounting for over 4% in 2024 [9] - In 2024, the company reported a revenue of 1,254.84 million yuan, a 3.69% increase, but a net profit decline of 52.96% to 42.14 million yuan due to increased market expenses and stock incentive plan impacts [10] - To improve profitability in 2025, the company is focusing on revenue growth and precise expense management, particularly in expanding lower-priced product channels [10] Group 6: Future Product Development - The company intends to maintain its focus on Qingke and explore new product lines such as fruit-flavored products and potentially Qingke champagne, responding to emerging consumer trends [11]

三博脑科医院管理集团股份有限公司 投资者关系活动记录表 编号：2025-003 | | ☑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 （请文字说明其他活动内容） | | 参与单位名称及 | 中信证券：沈睦均、张斌斌 | | | 东北证券：叶菁汇添富基金：毕宇倩 | | | 宝盈基金：杨明隽华宝基金：魏扬帆 | | | 长盛基金：黄施齐朱雀基金：徐睿潇 | | 人员姓名 | 华泰资管：朱新彦时真基金：张若昳 | | | 华创证券：孙芊荟招商证券：张语馨 | | | 国海证券：李明云能资本：张子帅 | | 时间 | 2025年8月5日14:00-16:00 | | 地点 | 云南省昆明市官渡区季宏路1790号昆明三博脑科医院2层会议室 | | | 副总经理、董事会秘书：胡卫卫 | | | 独立董事：蔡江南、张雅萍、杨争媛 | | 上市公司接待人 | 昆明三博副院长：卜风雷 | | 员姓名 | 昆明三博副院长、心脏中心主任、心外科主任：王忠明 | | | 证券事务 ...

Group 1: Blockchain Technology Applications - The company has developed a series of products and solutions based on blockchain technology, including supply chain finance, electronic documents, and clean energy traceability, successfully implemented in multiple power enterprises [2][3] - Projects like "Dian Yi Chain" and "Cai Zhi Chain" have received national management science awards, while "Li Min Chain" won the second prize in the Digital China Innovation Competition's blockchain track [2][3] - The company plans to continue investing in blockchain, focusing on technological innovation and ecosystem collaboration to enhance its products and solutions [3] Group 2: Opportunities in Smart Energy - The evolving electricity market presents opportunities for digital and informational support, as market participants face complex trading scenarios [4] - Key areas for improvement include AI-based power forecasting, load forecasting, and multi-energy collaborative trading decisions [4] - The company aims to leverage these needs to enhance its information technology offerings in electricity trading [4] Group 3: Artificial Intelligence Initiatives - The company has developed an AI platform, "Yuan Guang Tian Feng," integrating various large models and enabling automated service generation [5][6] - It has launched enterprise-level intelligent applications, enhancing user interaction and operational efficiency [6] - The integration of AI with IoT and biometric technologies has led to the development of smart hardware products [6] Group 4: Market Value Management Strategies - The company is committed to enhancing value creation through strategic planning and investment in key technologies like cloud computing and AI [7] - It emphasizes transparency in information disclosure to improve investor understanding and confidence [7] - The company will utilize various market value management tools to boost market confidence as needed [7]

Group 1: Company Performance Overview - In the first half of 2025, the company achieved total revenue of 187 million yuan, a decrease of 5.14% compared to the same period last year [3] - Net profit attributable to shareholders was 46.49 million yuan, down 45.97% year-on-year [3] - Earnings per share were 0.26 yuan, reflecting a decline of 45.83% compared to the previous year [3] Group 2: Key Product Performance - The main revenue sources were oral repair membranes and meningeal series products, with meningeal products generating sales of 80.27 million yuan [3] - Oral repair membranes achieved sales of 77.12 million yuan despite increased competition and demand fluctuations [3] - New product active biological bone showed steady growth, with hospital admissions meeting targets and sales gradually increasing [3][4] Group 3: Future Product Development - The new oral repair membrane product has received certification, and calcium silicate biological ceramic bone repair materials are in the registration phase, expected to enhance the company's product portfolio [4] - Other pipeline products, including uterine repair membranes and breast patches, are in the registration and data management stages, anticipated to contribute to revenue in the next 2-3 years [4] Group 4: Market Challenges and Strategies - The decline in revenue was primarily due to decreased income from the oral sector, driven by weak demand in the implant market and intensified competition [6] - The company plans to continue focusing on its strengths and developing new products to achieve stable revenue growth [6] - The impact of centralized procurement on meningeal product pricing has led to a decrease in prices but an increase in sales volume [7] Group 5: International Expansion Plans - The company is exploring the potential for some products to enter international markets and is currently planning related activities [7]

Group 1: Acquisition Strategy - The acquisition of Damo Semiconductor is a key strategic move for the company to explore new growth avenues and address challenges in its main business due to market competition and global trade tensions [3][4] - The acquisition aligns with the company's goal to enter the semiconductor front-end measurement equipment sector, which is expected to provide a sustainable growth path [3][4] Group 2: Financial Performance of Damo Semiconductor - Damo Semiconductor's revenue grew from CNY 191.0 million in 2022 to CNY 277.9 million in 2024, with a compound annual growth rate (CAGR) of 20.62% [4] - Net profit increased from CNY 47.7 million in 2022 to CNY 64.9 million in 2024, achieving a CAGR of 16.62% [4] Group 3: Investment and Stock Purchase - 36% of the transaction price will be used to purchase the company's stock from the secondary market, aimed at aligning the interests of the stock transfer party with the long-term goals of the company [5] - This arrangement is designed to incentivize the performance of Damo Semiconductor, thereby supporting the overall growth and stability of the company's market value [5] Group 4: Competitive Advantages - Damo Semiconductor offers significant price advantages with its repair equipment, which is priced lower than new equipment, reducing customer procurement costs [6] - The company boasts efficient delivery capabilities, providing shorter lead times compared to international brands [6] - Reliable operational and maintenance services ensure long-term stable operation of equipment, maximizing production line efficiency for clients [6][7] Group 5: Maintenance and Technical Services - Damo Semiconductor provides comprehensive maintenance services, including preventive maintenance, fault diagnosis, and performance optimization, ensuring equipment stability and enhancing client production efficiency [7] - The company has established competitive barriers in maintenance services through technical talent, spare parts supply chains, and customer resources [8] Group 6: Future Development Plans - Damo Semiconductor plans to expand its maintenance services in the mature process market while also targeting advanced processes to support domestic key clients facing challenges in obtaining original factory support [9] - The company aims to increase its market share in maintenance services for existing clients, leveraging its established relationships [9] Group 7: Main Business Focus - The company is enhancing its marketing efforts in non-U.S. markets, which now account for 85.37% of its sales, while optimizing its domestic marketing network [12] - New product development, including electric all-terrain vehicles and cleaning vehicles, is being accelerated to improve competitiveness [12]

Group 1: Company Overview and Business Scope - The company has over 20 years of expertise in intelligent logistics and manufacturing equipment, primarily serving the tobacco industry with integrated solutions [2] - Main business areas include intelligent logistics systems, production line systems, operation maintenance, and specialized products and services [2] - The company is expanding its technology applications from the tobacco industry to other sectors such as liquor and energy chemicals, developing a range of high-quality solutions and proprietary products [2] Group 2: International Market Development - The company is actively pursuing international market expansion while focusing on domestic growth, aligning with the "Belt and Road" initiative to support national strategies [3] Group 3: Robotics and Technology Advancements - The company is one of the early domestic developers of AGV (Automated Guided Vehicle) technology, holding complete proprietary rights and recognized as a "Famous Brand" in Yunnan Province [3] - New technologies such as communication, artificial intelligence, big data, and cloud technology are being integrated into smart equipment to enhance the capabilities of industrial robots [3] - Continuous optimization of the mobile robot control system software platform is planned for 2024, enabling intelligent collaborative scheduling in complex scenarios [3]