Group 1: Company Performance - The main drivers of the company's revenue growth in the first three quarters are: robust revenue increase from core membrane business, dual-driven growth from domestic and international markets, and optimization of product structure leading to higher sales of high-value-added products [2]. Group 2: Overseas Market Expansion - The company ensures sustainable development of overseas business by establishing a balanced global market layout, utilizing diversified channels, and local operations to reduce reliance on a single market. Continuous technological innovation and mature solutions create differentiated advantages and core competitiveness [2]. Group 3: Capacity and Demand - The current production capacity is sufficient to meet market demand, with the ability to further enhance capacity based on equipment upgrades. The production base has reserved space for expansion, allowing dynamic adaptation to market growth without becoming a bottleneck for the company's development [3]. Group 4: New Project Development - The Nanjing new project is currently in the early planning stage and remains uncertain [2].

Group 1: Investor Relations Activities - The investor relations activity was held on November 20, 2025, from 14:30 to 17:00 on the "Panorama Roadshow" website [2] - Participants included the Chairman, General Manager, Independent Directors, and other executives of the company [2] Group 2: Business Expansion and Market Strategy - The company plans to deepen localization in existing markets such as the US, Europe, Asia-Pacific, and India, while also exploring emerging markets in Latin America and the Middle East [2][3] - The transition from a hardware provider to a comprehensive solution supplier is underway, focusing on core business areas like smart interactive panels and expanding into new product lines such as LED and STV [2][3] Group 3: Employee Incentives - A share repurchase plan was completed in June 2025, with a total of 2,398,850 shares repurchased, intended for employee stock ownership or incentive plans [4] Group 4: Research and Development Investment - In the first half of 2025, the company invested 89.15 million yuan in R&D, accounting for 6.37% of revenue [6] - The company has established R&D centers in multiple cities and has a strong R&D system focused on key technologies in the education sector [6] - In the first half of 2025, the company obtained 40 domestic patents, 6 foreign patents, 14 domestic trademarks, 3 foreign trademarks, and registered 10 software copyrights [6]

Group 1: Investor Relations Activity - The investor relations activity was conducted on November 20, 2025, from 14:30 to 17:00 via the "Panorama Roadshow" website [2] - Participants included the Deputy General Manager and Board Secretary Li Zhan, Financial Officer Lei Dongmei, and several independent directors [2] Group 2: Strategic Partnerships - The company has formed a strategic partnership with the Municipal Robot Alliance, focusing on the water resources industry [2] - The inquiry about whether the partnership corresponds to the robot industry or another sector was addressed, indicating a focus on water resources [2] Group 3: Smart Empowerment - Smart empowerment refers to the application of new information technologies in water resources operations, including AI applications [3] - The company aims to enhance industry development through these technological advancements [3]

Group 1: Investment Strategy and Market Positioning - The company is strategically investing in Dongguan Chenglin to penetrate the key segment of the new energy vehicle (NEV) market, aiming to create a new growth curve [2] - The investment allows the company to leverage its advantages in precision processing, material technology, and quality systems to provide integrated solutions in the NEV sector [2] - The acquisition is expected to deepen strategic collaboration with core customers and expand the company's business landscape [2] Group 2: Product Development and Market Opportunities - The company is focusing on expanding its product matrix, particularly in carbon fiber materials, which are increasingly in demand for lightweight applications across various industries [3] - Carbon fiber is recognized as a key material in national strategic emerging industries, supported by policies like "Made in China 2025" [3] - The company has successfully applied carbon fiber products in consumer electronics and is prepared for mass production, indicating a strong market outlook [3] Group 3: Financial Performance and Growth Projections - In the first three quarters of 2025, the company's revenue reached 1.159 billion yuan, reflecting a year-on-year growth of 37.79% [6] - The growth in revenue is primarily driven by functional products, indicating a solid customer base and efficient supply chain [6] - The company plans to continue expanding its presence in the NEV sector while exploring opportunities in smart wearables and other emerging markets [6] Group 4: Research and Development Focus - The company invested 50.1257 million yuan in R&D in the first three quarters of 2025, accounting for 4.32% of its revenue [6] - R&D efforts are concentrated on environmentally protective materials, downstream applications of carbon fiber, and new process enhancements [6] - The company aims to optimize production processes and enhance responsiveness through deep collaboration with customers, ensuring the relevance and practicality of its innovations [6] Group 5: Future Investment and Management Strategy - The company maintains a strategic approach to investment and mergers, focusing on opportunities that align with its long-term development goals [5] - Management emphasizes high-quality development and sustainable growth, actively seeking projects that offer synergistic potential [5] - The company is committed to enhancing management efficiency through digital transformation and cost reduction initiatives [7]

Group 1: Solid-State Battery Development - The semi-solid state battery has passed customer testing and received orders [2] - Key materials such as oxide electrolytes, ionic conductor membranes, and silicon-based anodes have completed customer sampling and evaluations [2] - The solid-state battery and its key materials have not yet formed stable long-term revenue, thus not significantly impacting overall company performance [2] Group 2: Production Base Progress - The Huizhou solid-state battery materials project production base is still under construction, with no completion date provided [3] - Investors are advised to monitor company announcements for updates on the construction progress [3] Group 3: Investor Communication - The online investor communication was conducted through a text-based format on the "Investor Relations Interactive Platform" [2] - The event did not involve any undisclosed significant information [3]

Group 1: Business Strategy and Optimization - The company focuses on high-efficiency business development, actively abandoning low-efficiency operations to invest in high-yield sectors like medical devices and pharmaceuticals [3] - In 2025, the medical device segment generated approximately CNY 4.986 billion in revenue, establishing a stable scale and professional service barrier [4] - The company aims to enhance overall profitability by optimizing its business structure and improving the operational quality of its subsidiaries [3] Group 2: Market Trends and Opportunities - The pharmaceutical distribution industry is experiencing increasing concentration, with resources shifting towards leading enterprises, which creates favorable conditions for market resource integration [5] - The total sales of seven major categories of pharmaceutical products in China is projected to reach CNY 29.47 trillion in 2024, reflecting a year-on-year growth of 0.6% [5] - The company plans to leverage its scale advantages to actively integrate regional resources while focusing on core sectors of medical devices and pharmaceuticals [5] Group 3: Competitive Advantages - The company’s medical device segment benefits from a sales agency model, collaborating with renowned brands like Boston Scientific and Johnson & Johnson, which enhances its competitive edge [4] - Compared to pharmaceutical operations, the medical device business is less affected by centralized procurement, providing stronger risk resistance [5] - The company emphasizes a flexible decision-making mechanism and customer service orientation, allowing for rapid strategic adjustments in response to market changes [7] Group 4: Innovation and Future Planning - The company is actively exploring innovative business models, including the development of innovative drugs, biopharmaceuticals, and high-margin generic drugs [6] - The innovative drug HW130 has completed Phase I clinical trials and is currently in Phase II, with plans to utilize existing retail channel resources for effective product conversion [7] - The company is committed to enhancing its core competitiveness by optimizing product and service offerings in response to market demand changes [8] Group 5: Regulatory and Industry Position - The company ranks ninth among the top 100 pharmaceutical wholesale enterprises in terms of main business revenue, according to the 2024 report by the Ministry of Commerce [8] - The company adheres to legal regulations regarding information disclosure and actively engages with investors to protect their rights [4]

Group 1: Raw Material Supply and Localization - The company primarily relies on imported suppliers for raw materials, but has made progress in localizing supplies for products like release films and protective films [1] - The company is actively exploring investment opportunities in the polarizer and related fields, particularly in light of the restructuring of state-owned enterprises in Shenzhen [1] Group 2: Business Strategy and Development - The company is aligning with Shenzhen's reform policies and aims to enhance its "14th Five-Year Plan" by expanding existing business and investing in new growth areas [2] - The company is exploring merger and acquisition opportunities in the polarizer sector to support long-term development and enhance corporate value [2] - The company has transitioned from a textile background to focus on high-tech products, specifically liquid crystal display polarizers, while phasing out traditional textile and apparel operations [2]

尊敬的投资者，您好！截至 2025 年 9 月 30 日，公司存货金额 为人民币 91.94 亿元。公司授权分销产品的价格是随行就市的价 格，市场价格变化最终会体现在采购和销售价格上。存储芯片涨价 对公司利润的具体影响，可后续关注公司对外披露的定期报告。 | 编号：2025-11 | | --- | | | □ 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（2025 年度深圳辖区上市公司投资者网上集体接待日活动） | | 参与单位名称及人员姓名 | 线上参与 2025 年度深圳辖区上市公司投资者网上集体接待日活动 | | | 的投资者 | | 时间 | 2025 年 11 月 20 日 (周四) 下午 14:30~17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人员姓名 | 董事会秘书 刘同刚 | | | 证券事务代表 谢日增 | | | 投资者提出的部分问题及公司回复情况 公 ...

Group 1: Investor Relations Activities - The company participated in the Shenzhen District Listed Companies Investor Online Reception Day on November 20, 2025 [2] - The event was conducted via the Panoramic Network's "Investor Relations Interactive Platform" [2] - Key company representatives included the Chairman and General Manager, Mr. Xu Tao, and the Financial Director, Mr. Yuan Fang [2] Group 2: Market and Business Development - The company is focusing on emerging markets in the Middle East, Africa, and Australia as key areas for global strategy [3] - In Australia, the demand for household and commercial energy storage is rapidly increasing due to government initiatives like the "Home Battery Subsidy Program" [3] - The company aims to provide high safety, intelligent, and high-yield integrated solar storage solutions [3] Group 3: Product and Technology Focus - The company is a leading provider of photovoltaic and energy storage solutions, with a focus on digital energy systems [3] - Key products include photovoltaic grid-connected inverters, energy storage inverters, and energy storage systems, covering a power range from 3kW to 20kW [3] - The company emphasizes three core technology directions: high safety, long cycle life, and intelligence in its energy storage business [3] Group 4: Financial Management and Risk Mitigation - The company employs a credit sales model and emphasizes long-term relationships with customers to enhance value [4] - It has implemented effective coordination in market development and financial management to reduce bad debt risks [4] - The company is committed to improving financial strategies to enhance capital efficiency and ensure sustainable development [4] Group 5: Research and Development - The company places a high priority on technological innovation and R&D investment [5] - It has developed several core technologies in the data center power supply system field, although it has not yet achieved large-scale revenue [5]

Group 1: Investor Relations Activity - The company participated in the "Value Transmission, Trust Promotion, and Opportunity Sharing" online collective reception day for listed companies in Shenzhen on November 20, 2025 [2] - The event was held remotely via the "Panorama Roadshow" website [2] Group 2: Company Performance and Market Position - The company achieved a net profit of 32.21 million CNY in the first half of 2025, a decrease of 26.32% year-on-year due to raw material price fluctuations and increased business development expenses [5] - As of the third quarter, the company reported revenue of 1.095 billion CNY, a year-on-year increase of 7.62%, and a net profit of 57.65 million CNY, down 23.72% year-on-year [5] Group 3: Strategic Development and Future Plans - The company is actively expanding its customer base and exploring new business opportunities, including a potential partnership with Apple [3] - A convertible bond issuance application was accepted by the Shenzhen Stock Exchange on October 24, 2025, aimed at funding projects related to energy storage and working capital [4] Group 4: Technological Advancements and Product Development - The company holds a total of 355 patents as of June 30, 2025, including 72 invention patents and 278 utility model patents [4] - Core technologies include precision laser welding, automated connector testing, and waterproof sealing technologies, primarily developed in-house [6] Group 5: Market Trends and Competitive Landscape - The demand for notebook computers is increasing, driven by the rise of AI technology and government subsidies, benefiting the company's product lines [6] - The company is positioned as a leading player in the backlight module market, adapting to trends such as product miniaturization and automation [6]