Group 1: Market Trends and Pricing - The demand for CSP in high-performance TLC eSSD and QLC eSSD is expected to rise due to AI applications, while HDD supply remains tight, supporting a continued increase in NAND Flash prices in Q4 [2][3] - Major manufacturers are maintaining a cautious capacity expansion strategy, which may limit the contribution to bit output growth in 2026 due to the lag in capacity construction cycles [2] Group 2: Supply Chain and Partnerships - The company has established long-term direct cooperation with major global storage wafer manufacturers, providing a competitive edge in the supply chain [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Technology and Product Development - The company's self-developed controller chip technology offers significant performance and power consumption advantages, utilizing advanced foundry processes and proprietary firmware algorithms [3] - The company has launched several cutting-edge high-performance storage products, including MRDIMM and CXL2.0 memory expansion modules, and is focused on market demand for future product development [3] Group 4: Clientele and Market Engagement - The company actively participates in technology and new product bidding for major clients, with enterprise storage products integrated into the supply chains of leading internet companies, including telecom operators and server manufacturers [3] Group 5: Disclosure Compliance - The activity does not involve any undisclosed significant information [3]

Group 1: Investor Relations Activities - The investor relations activity was conducted online on December 4, 2025, with participation from various investment firms [2] - Key participants included representatives from Ping An Life, CITIC Asset Management, and Morgan Fund among others [2] Group 2: Impact of Tariff Policies - The increase in U.S. import tariffs will raise costs for customers selling to the U.S. market, while non-U.S. sales remain unaffected [2] - Historically, tariff costs have been borne by brand customers (importers) and ultimately passed on to consumers [2] Group 3: Gross Margin and Production Capacity - The company's overall gross margin has declined compared to the previous year due to new factories ramping up production [2] - In Q3, the company focused on improving new factory operations and implementing cost-reduction measures [2] - Four new mass production factories for athletic shoes are set to be operational in 2024, with some already achieving profitability [2][4] Group 4: Production Capacity Planning - The company plans to maintain aggressive capacity expansion in response to customer demand, with three out of four new factories achieving profitability by September 2025 [4] - Capacity adjustments will be made based on order conditions, with flexibility in production lines and workforce [3][4] Group 5: Competitive Advantages - The company employs a multi-client model and continuously optimizes its customer structure to attract new clients [5] - It possesses comprehensive shoe manufacturing technology and strong development and mass production capabilities, leading to favorable evaluations from clients [5] Group 6: Dividend Policy - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit [6] - The cash dividend ratio for 2022 and 2023 was around 43% and 44% respectively, with a projected 70% for 2024 and 2025 [6] - As of September 2025, the company reported approximately 9 billion RMB in undistributed profits, indicating strong cash flow [6]

Group 1: Company Overview and Strategy - The company has implemented an international strategy, achieving significant results with operations in over 70 countries and regions, with increasing overseas business revenue proportion [3] - The company is expanding into the data center power generation sector, enhancing its global high-end data center energy strategy and promoting diversification of overseas business [3] Group 2: Natural Gas Business Growth - The rapid growth of natural gas orders is attributed to the restructuring of global supply patterns and increasing demand for clean energy, with natural gas being recognized as a strategic bridge in energy transition [4] - The company has established a comprehensive solution capability across the entire natural gas industry chain, covering exploration, storage, power generation, and processing [4] Group 3: Equipment and Production Capacity - A new natural gas industrial park has been established to optimize product structure and improve delivery efficiency, addressing production capacity challenges [5] - The company emphasizes innovation in product design and has established a strong service network to ensure rapid customer response [4] Group 4: Power Generation Sector Development - The company’s power generation equipment meets high standards for reliability and flexibility, with successful sales and leasing cases in the North American market [6] - Future plans include deepening involvement in data centers, industrial energy, and new power systems, focusing on technological innovation and integrated solutions [7]

投资者关系活动记录表 编号：2025-096 | | ☑ 特定对象调研 分析师会议 | | --- | --- | | 投 资 者 关 系活 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | 动类别 | | | | 现场参观 ☑ | | | （请文字说明其他活动内容） 其他 | | 参 与 单 位 名称 | 上海聚鸣投资管理有限公司 黄海昕 | | 及人员姓名 | | | 时间 | 2025 年 12 月 4 日（周四） 上午 10:00—11:00 | | | 广东省云浮市云安区六都镇富兴路广东惠云钛业股份有限 | | 地点 | 公司 | | 上 市 公 司 接待 | 1、董事、总经理 何明川 | | 人员姓名 | 2、副总经理、董事会秘书 钟怡 | | | 一、向调研人员介绍公司基本情况 | | | 二、公司与调研人员就以下问题进行了探讨 | | | （一）目前公司的钛白粉产能、开工率、客户、收入利 | | | 润情况？ | | | 1、产能与开工率： | | | 公司专注硫酸法生产工艺，主营金红石型、锐钛型钛白 | | | 粉，目前钛白粉总产能 16 万吨/年。2025 年 ...

Group 1: Future Development and Production Capacity - The company aims to expand its main engine market business, with a focus on high-quality projects. The "Annual Production of 6.29 million high-end automotive bearing intelligent construction project" is expected to be completed next year, adding 6.29 million sets of annual production capacity, including 1.2 million third-generation hub units, 600,000 intelligent heavy truck hub units, 2.3 million hub bearings, and 2.19 million passenger car cone bearings [1][2]. Group 2: Operational Status of Thailand Factory - The Thailand factory has obtained the IATF 16949 certification and the E-Ruling certification from U.S. Customs in 2024. In 2025, it successfully passed the ISO 14001 environmental management system and ISO 45001 occupational health and safety management system certifications. The third phase of investment construction is progressing smoothly, optimizing production layout and enhancing supply chain collaboration, resulting in sustained high capacity utilization [2]. Group 3: Customer Base and Market Focus - The company's bearing products primarily target the automotive industry's aftermarket and main engine market. The aftermarket customers are mainly independent brand merchants and large terminal chains, while the main engine market customers consist of domestic main engine manufacturers and their first-tier suppliers [2]. Group 4: Strategic Investments in Robotics - The company has invested in Ningbo Yinqiu Technology Co., Ltd., which specializes in the R&D, production, and sales of micro, small, and integrated precision bearings. These products are used in home appliances, industrial motors, automotive parts, textile machinery, and robotics. This investment aims to enhance the precision bearing business and promote deep cooperation in critical areas such as automotive parts and humanoid robot precision bearings, thereby improving the company's overall competitiveness and profitability [2][3]. Group 5: Progress in Robotics Components Business - The company established a robotics components division in 2024, focusing on the R&D, production, and sales of robotic components, particularly harmonic reducers suitable for industrial robots, collaborative robots, and humanoid robots. Core equipment for harmonic reducers is expected to be in place by the end of 2024, enabling small-batch production. Additionally, a second production line is being invested in, expected to reach full capacity by the end of the year to meet future market demand [3].

投资者关系活动记录表 证券代码：002008 证券简称：大族激光 投资者关系活动记录表 编号：2025009 | | 特定对象调研  | 分析师会议  | | --- | --- | --- | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系 活动类别 | □ 新闻发布会 | □ 路演活动 | | |  现场参观 | | | |  其他（电话会议） | | | | 浙商证券（10 月 23 日） | 申量基金（11 月 12 日） | | | 月 日） 申万宏源（10 23 | 月 日） 中信证券策略会（11 12 | | | 工银瑞信（10 月 29 日） | 财通证券策略会（11 月 12 日） | | | 月 日） 金鹰基金（10 29 | 月 日） 摩根大通（11 14 | | | 汇添富基金（10 月 30 日） | 花旗银行（11 月 19 日） | | | 月 日） 交通银行（10 30 | 月 日） 平安证券（11 19 | | | 兴证全球基金（10 月 30 日） | 财通证券（11 月 19 日） | | | 月 日） 摩根士丹利（10 31 | 月 日） 申万宏源 ...

编号：2025-011 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 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： 东吴证券、易方达 | | 活动参与人员 | 上市公司接待人员： | | | 董事会秘书 邱天 | | | 公司 团队工作人员 IR | | 时间 | 年 月 日下午 2025 12 4 | | 地点 | 公司会议室 | | 形式 | 线上会议 | | | 1.公司 2025 年三季度经营情况如何？ | | | 答：2025 年三季度公司经营稳步向上，营业收入 亿 622.11 | | | 元，同比增长 4.22%；归母净利润 3.84 亿元，同比增长 31.41%； | | | 扣非归母净利润 亿元，同比增长 36.83%。实现营收、利润 3.79 | | | 双增长，公司管理层对公司长期发展充满信心，将聚焦于公司经 | | 交流内容及具体问 | 营与战略落地。 | | 答记录 | 2.公司进入通用技术集团后有哪些变化？ | | | ...

鲁西化工集团股份有限公司 投资者关系活动记录表 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 活动参与人员 兴全基金 任相栋 广发证券 孟祥杰 富国基金 徐斌、黄彦东 申万宏源证券 邵靖宇 开源证券 金益腾、张晓锋、宋梓荣 时间 2025 年 12 月 4 日 地点 公司会议室 形式 现场交流 上市公司接待人员 姓名 董事会秘书 刘月刚 证券事务代表 柳青 交流内容及具体问答 记录 互动沟通主要内容如下： 一、介绍公司近期生产经营情况 近期园区整体生产经营情况正常，公司将继续加强生产企业的安 全管控，继续开展节能降耗、提质增效，规避市场风险，紧跟相关政 策及行业发展动态，统筹分析预判市场变化，及时调整生产经营策略， 发挥园区一体化优势，力争把握市场机遇，实现经济效益最大化。 二、沟通了解 2025 年四季度产品市场变化情况 第四季度，受同行企业及下游企业开工率波动、上下游需求变化、 石油价格波动等因素影响，化工产品价格变化涨跌不一，公司根据市 场行情变化，及时联动调整。公司产品在鲁西商城在线销售，价格公 | | 开透明。 | | --- ...

Group 1: Company Growth and Financing - The company focuses on long-term growth, balancing dividends with internal capital growth to ensure a solid capital foundation for sustainable development [2] - Internal capital is expected to create greater value for the company's development, with a commitment to enhancing performance and maintaining steady internal capital growth for shareholder returns [2] - The company has been actively supporting key sectors such as small and micro enterprises, manufacturing, and consumer services, leading to steady growth in loan scale [2] Group 2: Future Strategies and Regulatory Compliance - The company plans to continue expanding financial services to meet the funding needs of the real economy, supported by policies aimed at boosting domestic demand and consumption [2] - The company is researching and following regulatory requirements regarding the implementation of advanced capital measurement methods, as outlined by the National Financial Supervision Administration [2] - The company ensures compliance with disclosure regulations during investor communications, with no significant undisclosed information leaks reported [2]

Group 1: Overseas Business Growth - The company has experienced relatively high overseas growth in the past two years, primarily due to a low base and slight market share increase, but this growth is not sustainable long-term [2][3] - The overseas revenue growth is influenced by demand changes, market share, and base effects, and does not necessarily reflect the overall industry development level [2][3] - The company aims to accelerate its market share in overseas markets, leveraging historical opportunities and improving brand influence [4] Group 2: Market Demand and Sustainability - Different regions exhibit varying growth drivers; for instance, the U.S. market is driven by energy structure transformation and AI, while Europe is influenced by reduced reliance on natural gas due to geopolitical factors [3] - Southeast Asia has significant development needs due to previously weak infrastructure, while the Middle East is focusing on reducing oil dependency and increasing industrialization [3] - The company acknowledges the complexity of overseas market demands and the need for a nuanced understanding of each region's development status [3] Group 3: Sales and Distribution - The company has established local sales teams in key overseas regions and will expand its workforce based on regional business volume [6] - Currently, the company’s overseas sales are largest in Europe, followed by Asia, with growth coming from multiple countries [7] - The ratio of direct to indirect exports is approximately 1:1, with indirect exports growing faster due to overseas transformer capacity constraints [18] Group 4: Competitive Landscape and Product Offering - The company does not see significant differences in product stability and technical parameters compared to competitors, but it has advantages in delivery speed and self-sufficiency of components [23] - The company is focused on maintaining a stable pricing strategy for its products, which aids in long-term business development [16] Group 5: Financial Performance and Future Outlook - The company expects to maintain stable profitability in its switchgear business, contingent on revenue growth and business structure [36] - The company has committed to a cash dividend of no less than 60% of distributable profits annually from 2023 to 2025 [36] - Future capital expenditures will focus on gradual investments in sales and service centers rather than large-scale production capacity expansions [36]