Group 1: Current Operations and Projects - The company operates and is constructing water supply projects with a scale of approximately 4.3 million tons/day, wastewater treatment projects exceeding 12,000 tons/day, and waste incineration power generation projects with a scale of 480 tons/day [2] Group 2: Business Development Strategy - The company focuses on water and environmental protection, emphasizing both "internal growth and external mergers" while integrating supply and drainage services [2][3] - Plans to expand into strategic emerging markets in water and environmental protection, including recycled water utilization and kitchen waste disposal [3] Group 3: Pricing Mechanism - Water supply prices are adjusted based on national policies and agreements, requiring approval from government price authorities [3] - Wastewater treatment service fees are adjusted according to agreements with government entities, typically every 2 to 3 years [3] Group 4: Market Value Management - The company prioritizes market value management by enhancing fundamentals and operational efficiency to solidify intrinsic value [4] - Actively listens to market feedback and continuously improves the market value management mechanism [5] Group 5: Dividend Considerations - Due to significant capital expenditures on various projects, the company plans to enhance dividend levels once projects are operational and free cash flow increases [5]

Sales Performance - In November 2025, total sales reached 284,000 vehicles, a year-on-year increase of 2.5% [1] - Cumulative sales from January to November 2025 reached 2.658 million vehicles, up 9.3% year-on-year [1] - November sales of self-owned brands were 244,000 vehicles, a 5.8% increase year-on-year, with cumulative sales of 2.260 million vehicles, up 11.5% [1] - New energy vehicle sales in November hit 126,000 units, a 23.3% increase year-on-year, with cumulative sales of 995,000 units, up 54.7% [1] - The Changan Qiyuan brand sold 46,909 units in November, with a month-on-month growth of 26% and a year-on-year growth of 31% [1] Milestones and Future Goals - On December 10, 2025, Changan Automobile celebrated the production of its 30 millionth vehicle, achieving this milestone in 40 years [2] - The company aims to produce and sell 5 million vehicles by 2030, with over 60% being new energy vehicles and over 30% from overseas markets [2] Robotics Strategy - Changan Automobile announced the establishment of Changan Tian Shu Intelligent Robotics Technology Co., marking its entry into the robotics industry [3] - The robotics division will focus on humanoid robots and aims to create innovative products and solutions in the robotics sector [4] - The strategic layout includes a "1+N+X" approach, with humanoid robots as the main focus and various applications across different scenarios [4] Intelligent Safety Initiatives - The "Tian Shu Intelligent" brand was launched to enhance safety in intelligent mobility, expanding the safety concept to include driving, health, psychological, and privacy safety [5] - The Tian Shu intelligent driving assistance system has completed over 3.3 million kilometers of simulation, continuously improving its safety features [5] - The intelligent cockpit has responded to 72.5 million voice commands in the first ten months of the year, integrating AI technology for enhanced user experience [5]

Group 1: Company Overview and Market Position - Guangdong Boying Special Welding Technology Co., Ltd. focuses on welding technology and has been operational since 2007, initially serving North American clients in the offshore drilling platform welding sector [1] - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023, emphasizing its commitment to both domestic and international markets [1] - The company aims to maintain its leading position in the domestic market while actively expanding into overseas markets, particularly through investments in a production base in Vietnam [1] Group 2: Business Performance and Market Demand - As of September 30, 2025, the company's products are primarily used in the waste-to-energy sector, accounting for approximately 58.99% of revenue, with significant contributions from the chemical, paper, coal power, and gas turbine industries [5] - The company's overseas revenue represents about 54.28% of total income, with exports primarily directed to Asia, the USA, South America, and Europe [5] Group 3: Production Capacity and Expansion Plans - The Vietnam production base has four HRSG production lines in its first phase, with plans to expand to a total of 12 lines based on market demand [6] - The second phase of the Vietnam base is under construction and is expected to commence production in the second quarter of the following year [6] Group 4: International Projects and Partnerships - Notable international projects include the HZI Dubai project, which is the largest waste-to-energy facility globally, enhancing the company's visibility and order acquisition capabilities in international markets [3] - The company collaborates with major EPC contractors such as General Electric, Hitachi, and Mitsubishi, strengthening its position in the global market [4] Group 5: Future Market Outlook - The HRSG market in the USA is expected to grow due to structural increases in electricity demand driven by factors such as the expansion of AI data centers and the return of manufacturing [8] - The transition to cleaner energy sources in the USA further enhances the market potential for HRSG, as it improves the efficiency of gas-fired power generation and reduces carbon emissions [8]

| | 2.公司大缸径及数据中心相关业务市场情况与公司表现 | | --- | --- | | | 今年前三季度公司 M 系列大缸径发动机销售超 7700 台，同 | | | 比增长超 30%；其中数据中心市场销售超 900 台，同比增长超 3 | | | 倍，业绩贡献持续增长。 | | | 近年来，AI 技术快速迭代驱动算力基建加速，由此推动数 | | | 据中心备用电源市场快速扩容，进而带动面向该细分领域的高 | | | 端发动机的需求井喷。公司大缸径发动机启动速度快、加载能 | | | 力强，具有更可靠、更高效及更经济的优势，并凭借稳定交付 | | | 节奏，现国内外多个地区的数据中心项目均已完成产品交付验 | | | 收，国内外市场认可度持续提升。后续，公司将积极开拓国内 | | | 外战略客户，推动市场份额持续提升。 | | | 3.分红比例后续展望 | | | 一方面，公司持续做好业务经营，提升公司业绩表现。另 | | | 一方面积极通过现金分红、股份回购等方式回报股东。除一年 | | | 两次现金分红派息外，2025 年公司开展 A 股股份回购，2025 | | | 年中期分红也进一步提升至 5 ...

| 投资者关系 | □分析师会议 □媒体采访 □业绩说明会 特定对象调研 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位名称 | 宏利基金-孟杰、周少博、吕佳文，中邮证券-陆禹舟，人保资产-李晴、张志遂、肖迪， | | 及人员姓名 | 招商证券-王梓旭 、唐文博 | | 时间 | 2025年12月11日 | | 地点 | 中山 | | 上市公司 | 董事会秘书方玲玲 | | 接待人员姓名 | | | | 参加公司组织的调研活动（线下）的来访人员按深交所规定签署了《承诺书》。 | | | 投资者与公司的交流情况： | | | 问：明年毛利率是否会明显改善？ | | | 答：今年以来，由于较多新工厂处于爬坡阶段以及产能调配安排，公司整体毛利率较去 | | | 年同期有所下滑。今年第三季度，公司持续推进上半年确定的主要工作，重点关注新工 | | | 厂的运营改善和各工厂的降本增效措施的落实，2024 年投产的 4 家运动鞋量产工厂，已 | | | 经有 3家工厂在该报告期达成阶段性考核目标（内部核算口径实现盈利），其中包括公司 | | | 在印尼开 ...

Company Overview - The company was established in 2001 and listed on the Shenzhen Stock Exchange in 2011. As of mid-2025, total assets reached CNY 8.023 billion [2] - It is a key supplier in the automotive thermal management and lightweight system components materials sectors, focusing on high-end aluminum alloy material substitution and innovation in various emerging fields [2] Sales Pricing Strategy - The pricing model for aluminum products is based on "aluminum ingot price + processing fee," with the ingot price referencing the monthly average of high and low prices from the Shanghai Nonferrous Metals Exchange [3] Profit Distribution - For the 2024 fiscal year, the company distributed CNY 247.15 million in cash dividends, amounting to CNY 2.00 per 10 shares [4] - For the first half of 2025, the distribution was CNY 123.44 million, at CNY 1.00 per 10 shares [4] Capacity Expansion and Development - The company is actively expanding its production capacity in emerging sectors, including: - 2 million sets of high-strength aluminum system components for new energy vehicles annually - 12 million lightweight aluminum parts for automobiles annually - 14,000 tons of high-efficiency aluminum tubes for home air conditioning annually - 100,000 tons of high-end aluminum-based materials for green electricity annually [5] Acquisition of Foreign Companies - On July 29, 2025, the company approved the acquisition of 100% equity in Alunited France SAS and Alunited Denmark A/S for €1.53 million, followed by an additional €1.47 million for operational capital [6] Establishment of Shanghai Branch - The Shanghai branch was established to enhance competitiveness in automotive, aerospace, robotics, and automation sectors, with registration completed in November 2025 [7] Future Development Outlook - The company anticipates new opportunities driven by global sustainable development policies and industrial upgrades, focusing on energy-efficient and low-consumption innovations in automotive thermal management systems [7] - The ongoing transformation in the automotive industry towards electrification and lightweighting presents both challenges and opportunities, with the company positioned to leverage its advantages in these areas [7]

Group 1: Company Overview and Business Segments - The company focuses on superhard materials, developing a strategic product system centered on composite superhard materials, precision diamond tools, and CVD diamonds [2][3] - The main product categories include composite superhard materials for resource extraction/engineering, precision processing, and CVD diamonds [2] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 40,742.60 million yuan, showing a slight increase compared to the same period last year [3] - The net profit attributable to shareholders was 5,956.35 million yuan, indicating a decline due to inventory impairment provisions made by subsidiaries [3] Group 3: Market Position and Competitive Advantage - The company has over 20 years of experience in the composite superhard materials sector and holds a leading position in the domestic market [3] - Its products for resource extraction/engineering are known for their excellent wear resistance, impact resistance, and thermal stability, effectively competing against imported products [3] Group 4: Product Development and Innovations - The company has developed capabilities for batch production of large-size (12-inch) diamond substrates and films using CVD technology [4] - The PCD micro-drills produced by the company are characterized by long lifespan, high processing precision, and good surface finish, aimed at reducing reliance on imported precision tools [5]

Group 1: Company Overview - Anhui Kairun Co., Ltd. specializes in OEM manufacturing and brand operation, offering products such as soft bags, luggage, clothing, and fabrics [1][2]. Group 2: Acquisition and Integration - Following the acquisition of Shanghai Jiale, the company has enhanced operational efficiency, with Shanghai Jiale achieving a revenue of 6.85 million yuan and a net profit of 34.75 million yuan in the first half of 2025, reflecting a net profit margin of 5.08%, an increase of 1.79 percentage points year-on-year [2]. - The acquisition strategy focuses on expanding customer categories and product lines, enhancing the synergy between luggage and clothing manufacturing, and providing high-quality services to global top brands [2]. Group 3: Future Development Plans - The company aims to become a respected world-class innovative consumer goods company, focusing on high-quality customer strategies and expanding production capacity in the garment and auxiliary materials manufacturing sectors [3]. - Plans include improving digitalization and intelligence levels, deepening global production layout, and establishing advanced international manufacturing plants [3]. - The brand operation strategy emphasizes market trend monitoring, innovative product design, and enhancing product competitiveness, with a focus on exploring brand expansion into international markets [3].

Group 1: Company Overview and Operations - The company, Ningxia Dongfang Tantalum Industry Co., Ltd., is involved in the production of tantalum and niobium products, with a focus on ensuring a stable supply chain for raw materials [1][5]. - The company has a comprehensive production line from raw material processing to product manufacturing, enhancing supply chain control [5]. Group 2: Product Pricing and Market Strategy - Product pricing is determined through a cost-plus model, influenced by market demand, inventory structure, and customer orders, with a lag in the transmission of raw material price changes to finished product prices [4]. - The company is actively increasing its production capacity for high-value products such as high-temperature alloys and semiconductor materials, responding to rising domestic demand [10][11]. Group 3: Fundraising and Project Investments - The company plans to raise funds for three major projects, including a digital factory for tantalum and niobium wet metallurgy with a total investment of approximately 67.87 million RMB [6][7]. - Additional projects include the renovation of smelting production lines and the construction of high-end product production lines, with expected annual outputs of 860 tons of niobium and 80 tons of tantalum [7]. Group 4: Supply Chain Security - The company has secured a significant supply of raw materials through a contract with Taboca Mining Company, ensuring the procurement of approximately 3,000 tons of alloy materials valued at 540 million RMB [5]. - The acquisition of Taboca Mining Company enhances the stability and control of the raw material supply chain, supporting the company's production needs [5]. Group 5: Future Development and Market Trends - The company is adapting to urban development challenges by relocating its wet metallurgy production line to meet modern environmental and safety standards [9]. - The domestic market for high-value products is expected to grow, driven by advancements in high-tech industries and infrastructure development [10].

Group 1: E-commerce Development - The company has been developing online channels for over ten years, with a presence on major platforms like Tmall, JD.com, and Douyin. Online shopping has become a daily and frequent consumption method for consumers, and e-commerce consumption is gradually returning to rationality [3] - The company plans to maintain consistent pricing for online and offline channels, which is expected to be a future trend for mid-to-high-end brands [3] Group 2: Offline Store Strategy - The company is continuously optimizing and expanding offline channels, focusing on high-traffic shopping centers and department stores while closing underperforming stores [3] - There is an emphasis on enhancing the store image and display, with a focus on developing quality direct-operated channels for men's and women's clothing and adult footwear [3] Group 3: Product Development and Brand Strategy - The company aims to upgrade its children's clothing brands and enhance product and service offerings to provide consumers with new wearing experiences [3] - For the HushPuppies brand, the focus will be on classic casual styles, with product design and quality being fundamental for long-term brand development [3][4] Group 4: Design and Development Consistency - The company has extensive design development experience and a skilled team, ensuring that product designs align with brand DNA and consumer preferences [4] - The design process involves market analysis and cross-departmental reviews to ensure that products meet brand core values [4] Group 5: Inventory Management and Technology - The company employs a digital-first approach to inventory management, supplemented by manual checks, and is exploring AI technologies to enhance efficiency [4] - Future plans include continuous adaptation to new technologies to improve overall operational efficiency [4] Group 6: Cross-border E-commerce and Marketing - Currently, the company has no cross-border e-commerce operations but is monitoring overseas market conditions for potential future expansion [4] - The company plans to maintain stable sales expenses in the short term while gradually increasing marketing investments in the medium to long term to enhance brand recognition [4]