Group 1: Semiconductor Strategy and Talent Acquisition - The company has established a clear and complementary talent layout for its semiconductor strategic transformation, led by Dr. Zhang Jian, who has extensive experience in the semiconductor industry [2][3] - The independent director, Professor Chen Wei, provides authoritative academic guidance on the company's technology route and innovation breakthroughs [2] - A specialized and international execution support system has been formed, integrating talent from Taiwan and Singapore [2] Group 2: Investment and Business Development - The company has acquired a 46% stake in Wuxi Nuanchip Semiconductor Technology Co., Ltd. for 46 million RMB, with a performance commitment of an average net profit of no less than 10 million RMB for the years 2025, 2026, and 2027 [5] - The company plans to further increase its stake in Wuxi Nuanchip to achieve control in the future [5] - The strategic goal is to elevate Wuxi Nuanchip to a core enterprise in the domestic chiller sector within 3-5 years, focusing on major clients in the logic and memory chip fields [6] Group 3: Technology and Innovation - The company has over 400 authorized patents, including more than 70 invention patents, showcasing its commitment to technological innovation in packaging [8] - The company has established an advanced technology R&D center and invested significantly in upgrading production equipment and processes [8] Group 4: Share Buyback and Investor Relations - The company recently completed a share buyback plan worth 39.9 million RMB, aimed at enhancing investor confidence and increasing shareholder returns [8] - The planned buyback will utilize self-owned and raised funds, with an estimated range of 30 million to 60 million RMB [8] Group 5: International Market Expansion - The company is actively seeking growth opportunities in overseas markets, particularly in Southeast Asia, through its subsidiary in Singapore [8] - The client base primarily consists of international companies and global leaders, indicating a strong focus on global market expansion [8]

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities from November 24 to December 5, 2025, including on-site research and telephone conferences, with participation from various investment firms totaling 78 individuals [2][3][4]. - Notable participants included AGCM Group with 10 individuals and a large group of 55 from various asset management firms during a telephone conference [3][4]. Group 2: Automation Business Growth - The company aims to enhance its market share in automation through multi-product solutions, focusing on servo systems, variable frequency drives, small PLCs, and industrial robots, which have shown strong market presence in China [4][5]. - The company is expanding its presence in fragmented and project-based markets, as well as targeting international markets to boost global product share [4][5]. Group 3: New Product Development - Recent product extensions include precision machinery, pneumatic products, and sensors, which are being marketed through bundled sales strategies to meet customer needs [4][5]. - The company anticipates significant growth potential for these new products, which are expected to support its general automation business [4][5]. Group 4: PLC Product Expansion - The company has successfully sold various PLC products, including small, medium, and large PLCs, with a current market share of approximately 5.1% for large PLCs, ranking sixth in China [5][6]. - Continuous investment in R&D for PLC products is planned to enhance capabilities and market penetration [5][6]. Group 5: Internationalization Strategy - The company aims to increase its overseas business share, focusing on brand building, establishing international platforms, and leveraging customized solutions for multinational clients [7]. - The international strategy includes enhancing sales, R&D, and supply chain capabilities to support global expansion [7]. Group 6: Elevator Business Outlook - The elevator business is expected to maintain steady growth, with strategies to expand into multinational enterprises and enhance product offerings in overseas markets [8][9]. - The company is also focusing on after-service markets, capitalizing on the growing demand for elevator maintenance and upgrades [8][9]. Group 7: R&D Investment Focus - The company plans to allocate 8% to 10% of its revenue to R&D, targeting software development, international product offerings, and humanoid robotics [9]. - This investment is aimed at maintaining technological leadership and supporting strategic business initiatives [9].

Group 1: Offshore Engineering Outlook - As of June 2025, the offshore engineering segment holds approximately $5.55 billion in orders, scheduled for production until 2027/2028 [2][3] - The company focuses on high-quality, high-end equipment orders, primarily in oil and gas projects like FPSO/FLNG [3] - Economic uncertainties and high interest rates have delayed some projects, but industry forecasts predict a release of delayed projects in 2026, with continued investment peaks through 2028 [3] Group 2: Competitive Advantages - The company boasts a strong design capability with nearly 4,000 employees, including a dedicated R&D team of about 1,200, and four research centers located in China and Europe [4] - A one-stop delivery capability is established through a robust manufacturing and supply chain system, enhancing efficiency in modular construction and cost control [4][5] - A highly responsive global supply chain allows for real-time data sharing with clients, ensuring transparency and collaboration throughout the construction process [5][6] Group 3: Container Manufacturing and Storage Business - Long-term confidence in container manufacturing is based on the correlation with global trade volume, which is expected to grow due to population increase and wealth elevation [7] - The storage business has become a key growth area, with a cumulative shipment of over 60 GWh of storage equipment, positioning the company as a global leader [8] Group 4: Data Center Innovations - The company has developed a modular data center project in Malaysia, featuring 833 modules and a total IT load of approximately 60 MW, completed in under 10 months [9][10] - Innovative cooling solutions and modular designs enhance construction speed and energy efficiency, showcasing the company's leadership in industrialized data center solutions [10]

Group 1: Company Overview and Strategy - The company focuses on integrating resources in channels and supply chains to enhance production and sales efficiency [2] - Emphasis on developing a cross-border sales network to increase overseas market penetration [2] - Aiming to establish a closed-loop supply chain for new business expansion by optimizing upstream raw material supply and downstream production processes [2] Group 2: B-end Market Development - The company employs a scenario-driven and technology-enabled approach to target B-end customers [3] - Leading in the safety protection and flexible connection sectors, offering a full range of products from core materials to end products [3] - Plans to enhance organizational capabilities and marketing team effectiveness to support B-end market growth [3] Group 3: C-end Market Growth - Growth in the C-end market will be driven by product, operation, and technology collaboration, with a focus on brand strength [4] - Investment in R&D for core products to create differentiated competitive advantages while optimizing cost structures [4] - Utilizing AI and algorithms to improve customer acquisition efficiency and reduce costs [4] Group 4: Cross-border Channel Expansion - Significant growth potential in cross-border channels, with plans to expand sales of new categories on platforms like Amazon and TikTok [4] - Strategy includes leveraging existing market resources to enhance overall cross-border business capabilities [4] Group 5: Market Strategy and Profitability - The company adopts a focused and differentiated market strategy, prioritizing high-barrier core categories and avoiding homogeneous competition [5] - Plans to optimize revenue structure by expanding high-margin B-end and overseas markets while improving operational efficiency in traditional C-end business [5] - Aiming to enhance profitability through AI-driven cost optimization and inventory management [5]

Group 1: Company Performance and Market Dynamics - The company's revenue from functional shoe materials and sofa home products accounted for nearly 70% of total revenue by the end of Q3 2025, while automotive interiors and electronics contributed about 30% [3] - The automotive interior segment has shown significant growth due to increased collaborations with automotive brands and specific projects, leading to a rise in revenue share [3] - The company operates in a highly customized industry where order visibility is relatively low due to various market dynamics and customer strategies [2] Group 2: Industry Insights and Competitive Landscape - The synthetic leather market in China is approximately ¥90 billion, with PU synthetic leather representing about 40% of this market [4] - The industry is characterized by low concentration, with many players, but the company has a market share exceeding 20% in certain mid-to-high-end segments [5] - Stricter environmental regulations are leading to the elimination of non-compliant companies, resulting in a clearer industry differentiation [5] Group 3: Product Development and Innovation - The company is actively developing bio-based and recycled materials, although their current revenue contribution is small [8] - The core competitive advantage lies in over 30 years of expertise in polyurethane composite materials, focusing on high-performance and eco-friendly solutions [9] - The company has established strong customer relationships, which are difficult for competitors to replicate due to long certification processes and ongoing evaluations [9] Group 4: Future Growth Strategies - The company plans to expand its market share in the automotive interior segment while balancing resources across various product categories [3] - Future growth in the consumer electronics segment will focus on acquiring new clients and exploring new application scenarios [7] - The company is considering mergers and acquisitions as part of its strategy to deepen its core business and expand related applications, with plans to disclose any developments in accordance with regulations [10]

Group 1: Company Overview - The company specializes in consumer products, including PCBA (e.g., nebulizer controllers) and finished consumer goods (e.g., small appliances) [2] - The revenue from nebulizer controllers has declined, while income from small appliances and home electronics has increased [2] Group 2: Product and Market Insights - The company is optimistic about the consumer segment for the upcoming year due to new product introductions and gradual mass production [2] - In the robotics sector, the company focuses on pool cleaning robots, collaborating with clients such as UBTECH and StarMaker Innovation [3] Group 3: Storage Business and Competitive Edge - The core market for the company's energy storage products is in Africa, specifically in countries like Nigeria, Kenya, and Tanzania, targeting off-grid household electricity needs [3] - The company's competitive advantage lies in manufacturing processes and strong cost control capabilities [3] Group 4: Challenges and Strategic Responses - The company faces challenges including rising management costs due to factory relocations and new factory construction in Thailand, as well as pressure on average selling prices affecting gross margins [3] - Strategies to address these challenges include enhancing automation, optimizing production layout, and increasing the proportion of high-value-added products [3] Group 5: Future Plans and Financial Strategy - The company is actively seeking investment opportunities that align with its upstream and downstream operations, prioritizing firms with strong technology, brand influence, or established sales channels [3] - The increase in bank credit limit for 2026 is aimed at supporting potential external investments or asset acquisition plans [3] Group 6: Disclosure Information - The activity did not involve any undisclosed significant information [3]

Group 1: Automotive Business Overview - The company focuses on the development, production, and sales of high-strength precision fasteners and special connectors, primarily used in automotive engine turbocharging systems, transmission control systems, exhaust systems, and key components of vehicles [2][3] - In the new energy vehicle sector, products are applied in battery trays, chassis, body, electronic control inverters, and battery swapping systems [3] Group 2: Commercial Aerospace Business Overview - The commercial aerospace sector includes manufacturing rocket structural components, such as body segments, fairings, fuel tanks, and engine valves, with production lines completed in 2024 [3] - The company has established a strong customer base among leading private rocket companies in China [3] Group 3: Competitive Landscape and Capacity Planning - The supply of rocket structural components is a bottleneck in the commercial aerospace sector, with a favorable competitive landscape [3] - The company has a production capacity of 10 rockets per year, with the ability to increase capacity based on order demand, requiring approximately four months for expansion [3] Group 4: Revenue Growth Drivers in Automotive Business - Key drivers for revenue growth include expansion in automotive parts exports, with a focus on overseas markets and strong relationships with major international suppliers [4] - Domestic growth is supported by new customer development, product category expansion, industry consolidation, and localization [4] Group 5: Profitability and Margin Trends - The automotive business has experienced a decline in gross margin due to factors such as a slowdown in industry growth, rising material costs since late 2021, and increased depreciation from new projects [4] - The company anticipates a recovery in profitability as new factory capacities are released, with expectations for improved margins in the future [4] Group 6: Information Disclosure and Communication - The company adheres to strict information disclosure management practices, ensuring transparency and accuracy in communications with investors [5]

Group 1: Company Overview - The company focuses on anti-corrosion and wear-resistant welding equipment, continuously expanding into industrial equipment manufacturing and high-end structural components [1] - Key technologies include material, process, and equipment, with certifications such as the National Special Equipment Production License and ASME certification [1] - The management team has extensive industry experience and a stable core technical staff, enhancing the company's competitive edge [1] Group 2: Market Opportunities - The waste incineration market is expanding, driven by urbanization in developing countries, with countries like Vietnam and Thailand prioritizing waste-to-energy solutions [3][4] - The coal-fired power generation sector shows significant growth potential, with increasing demand for upgrades in developed regions [2] - The company has strategically positioned itself in HRSG and composite pipe businesses, with HRSG already achieving substantial production capacity [2] Group 3: International Expansion - As of September 30, 2025, overseas revenue reached approximately 200 million, accounting for about 54.28% of total revenue, with exports primarily to Asia, the US, South America, and Europe [5] - The company has established a factory in Vietnam, which has commenced operations, and is expanding into the Middle East oil and gas pipeline market [2] Group 4: Competitive Landscape - In the Vietnamese market, competitors include manufacturers from South Korea, Thailand, and Vietnam, but the company holds advantages in production costs and established customer relationships [6][8] - The company plans to expand its HRSG production lines in Vietnam from 4 to a total of 12, depending on market demand [8] Group 5: Pricing and Future Outlook - HRSG pricing is determined by material and labor costs, with adjustments based on market demand and production capacity [9] - The global oil and gas pipeline market is expected to grow due to increasing natural gas demand and the need for infrastructure upgrades, with the company adapting its production strategy to align with market needs [9]

■特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 ■其他 线上交流 华金证券股份有限公司 2025 年 12 月 5 日 15:00-15:40 线上会议 董事会秘书 吴小霜女士 证券事务代表 谢海桐女士 交流主要内容包括： 董事会秘书、证券事务代表介绍了公司发展历史、公司经营模式及公司主营业 务等情况，并进行交流。 【回复】自上市以来，公司发展依托两条路并行，一边是现有主营业务的发 展。在战略布局上，公司将继续拓展现有包装制品类主营业务的品类和规模。 公司除原有业务外，公司将以市场为导向，以应用于饮料和食品包装领域的 瓶盖业务的研发、生产、销售和相关配套服务为主业，并逐步拓展应用于其 他领域的包装行业的相关产品和业务，包括但不限于应用于日化用品盖、医 疗用品和保健用品瓶盖等领域的包装用品，增加公司主营业务产品的多样化。 另外一边是拟通过探索多种可能性去扩大公司发展规模和业务，实现公司的 外延式增长。 对于公司发展战略的考虑：一方面，公司已于 2021 年并购翔兆科技，通 过上市公司销售团队和研发团队的赋能，新型拉环盖业务获得了一定增长。并 购翔兆科技给公司带来营收 ...

Group 1: Investor Relations Activity - The investor relations activity involved a meeting with analysts from Morgan Fund Management, Guolian Minsheng Securities, and Shenzhen Yide Global Fund Management on December 8, 2025 [1] - The meeting was held in the company conference room and included discussions on the company's new drug inclusion in the national medical insurance directory [1] Group 2: New Drug Inclusion - The innovative drug, Olanavir Tablets (brand name: Anruiwei®), was included in the National Medical Insurance Directory on December 7, 2025, following negotiations with the National Healthcare Security Administration [1][3] - Other core products such as Liraglutide Tablets and various capsules were also included in this directory, enhancing their market accessibility [1] Group 3: Drug Characteristics - Olanavir Tablets are the world's first oral drug targeting the PB2 subunit of the RNA polymerase of the influenza A virus, approved for adult patients with uncomplicated influenza [3][4] - The drug demonstrates rapid symptom relief, strong antiviral effects, and low resistance rates, with positive results from clinical trials [4][5] Group 4: Sales and Marketing Strategy - The company plans to enhance marketing through three dimensions: building an academic ecosystem, upgrading data services, and implementing key project practices [8] - The inclusion of Olanavir Tablets in the National Medical Insurance Directory is expected to positively impact market promotion and long-term business development [8] Group 5: Pediatric Development Plans - The company is developing Olanavir Granules for children and adolescents, with ongoing Phase III clinical trials for both adolescents (ages 12-17) and children (ages 2-11) [9][11] - The trials aim to establish a comprehensive treatment matrix for influenza across all age groups [11] Group 6: Other Drug Developments - RAY1225 injection, an innovative dual-agonist drug for type 2 diabetes and obesity, has shown positive results in Phase II clinical trials and is progressing to Phase III trials [12][13] - ZSP1601 tablets, targeting metabolic dysfunction-related fatty liver disease, have completed early clinical trials with promising results and are moving into Phase IIb trials [15][16] Group 7: Research and Development Pipeline - The company is focusing on innovative drug development in respiratory and metabolic diseases, with projects targeting unmet clinical needs [16][18] - Ongoing research includes a new drug for respiratory syncytial virus (RSV) and various GLP-1 receptor agonists, with clinical candidates identified and preclinical studies underway [16][18]