Group 1: Company Overview - Hangzhou Heshun Technology Co., Ltd. was established in 2003, focusing on the R&D, production, and sales of differentiated, functional biaxially oriented polyester film materials [2] - The company produces various specifications and models of polyester film products, including color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber projects for sustainable development [2] Group 2: Industry Outlook - The current industry fundamentals are nearing a bottom range, with widespread losses prompting an accelerated optimization of the competitive landscape [3] - Pricing adjustments initiated by leading companies in the industry are expected to help gradually eliminate the vicious price competition [3] Group 3: Product Pricing Strategy - The company's product pricing strategy is based on systematic analysis of market conditions, supply and demand, costs, and technical difficulties, with variations depending on time and customer [3] Group 4: Carbon Fiber Project - The carbon fiber product's carbonization phase has successfully passed trials, targeting high-performance applications in aerospace and high-end equipment manufacturing [3] - Initial communications with downstream customers in relevant fields have begun, with plans for product sampling, testing, and certification to follow industry standards [3] - Expansion plans for the carbon fiber project will be carefully considered based on market demand, product certification progress, technological advancements, and competitive landscape [3]

证券代码：002419 证券简称：天虹股份 天虹数科商业股份有限公司投资者关系活动记录表 1 | | 化门店 18 家，计划在未来三年内完成 80%以上存量门店的升级，致力于做一二线城市 | | --- | --- | | | 的创新者和三四线城市的领导者。 | | | 2.购物中心和百货的转型升级方向？ | | | 公司购物中心和百货打造重点门店的转型升级。天虹购物中心持续打造具有影响 | | | 力的标杆店，希望将购物中心打造城市级标杆，做一二线城市的创新者，并成为三四 | | | 线城市的领导者。 | | | 天虹百货积极推动商品升级，调整优化业态结构向社区生活中心转型。其中城市 | | | 中心店，聚焦消费升级需求；社区店，重点打造质价零售，推进一楼街区化打造；社 | | | 区生活中心，聚焦深化邻里社交功能和生活方式转变；另外尝试二次元、健康等非标 | | | 主题商业。 | | | 接待过程中，公司严格按照相关制度规定，没有出现未公开重大信息泄露等情况， | | | 同时已按深交所要求签署调研《承诺书》。 | | 附件清单（如有） | 无 | | 日期 | 2025 年 12 月 18 日 | 2 ...

Financial Performance - Revenue in the first three quarters decreased by 14.52%, but net profit attributable to shareholders in Q3 increased by 61.24%, and non-recurring net profit surged by 107.84%. The improvement in profitability is attributed to effective cost and expense management despite declining revenue [1] - Financial expenses increased by 224.45% year-on-year, while sales and management expenses decreased by 35.33% and 21.40%, respectively. The rise in financial expenses is mainly due to interest from structured deposits, while the decrease in sales and management expenses is due to reduced advertising costs and lower operational expenses [2] Core Business Operations - The micro-special motor and components business accounted for 92.63% of revenue in the first half of the year. However, sales volume and prices have shown a temporary decline due to structural pressure in downstream markets such as home appliances and medical devices [2] - The precision injection drug delivery device business represented 6.36% of revenue in the first half. The development of high-viscosity continuous injection devices is ongoing, currently in the functional prototype verification stage, with commercialization closely tied to the drug approval process [2] - Accounts receivable increased by 24.06% year-on-year, significantly outpacing revenue decline. The increase is attributed to delayed pricing cycles and outstanding payments from clients. The company has implemented measures to enhance credit management and payment assessment mechanisms [3] Research and Development - The focus for 2025 is on the core technology of frameless motors, with ongoing development and market application assessments. Product mass production has not yet been achieved [3] - R&D expenses decreased by 15.43% year-on-year, primarily due to management optimization and efficiency improvements. This reduction will not impact the progress of key projects such as frameless motors and high-viscosity injection devices [3]

Group 1: Tire Mould Business - The pricing mechanism for tire moulds considers specifications, difficulty, complexity, and order cycles, with profit margins linked to product type and complexity [2] - Tire moulds are replaced either due to reaching their lifespan or due to design updates, with lifespan influenced by material, processing technology, and usage methods [2] - The overseas production capacity for tire moulds accounts for approximately 10% of total mould capacity, with facilities established in countries like the USA, Thailand, and Hungary [2] Group 2: CNC Machine Tool Business - Since launching in 2022, the CNC machine tool products have seen repeat orders, with sales primarily in five-axis machining centers and other advanced machinery [3] - For the period from January to September 2025, the CNC machine tool segment achieved approximately CNY 800 million in revenue [3] - The production capacity for large component machinery is expanding, with a new 70,000-ton casting capacity being developed [3] Group 3: Gas Turbine and Wind Power Business - Major clients for the gas turbine business include GE, Mitsubishi, and Siemens [4] - Wind power product prices fluctuate with the market, while gas turbine prices remain relatively stable [4] - The global demand for gas turbines is expected to grow, with the company currently operating at full capacity [4] Group 4: Cost Structure - In 2024, raw materials account for about one-third of the costs in the tire mould business, while in large component machinery, the proportion is around 50% [4] - Key raw materials for tire moulds include forged steel and aluminum ingots, while large component machinery primarily uses pig iron and scrap steel [4] Group 5: Corporate Strategy - There are currently no plans to inject associated company businesses into the listed company, with any future developments to be disclosed as required [5]

Group 1: Asset Replacement and Financial Performance - The company is currently evaluating the feasibility and compliance of a major asset replacement plan disclosed in June 2023, which may significantly increase the proportion of related sales and impact the company's independent operational capabilities [2] - The company has faced losses due to higher sales and procurement costs compared to industry standards, exacerbated by long cold periods in Northeast China, but has seen improvements in performance year-on-year [2][3] Group 2: Profitability Improvement Measures - The company is focusing on developing high value-added products to narrow the competitive gap with leading steel enterprises, aiming to increase prices and gross margins through differentiated products [3] - Efforts to reduce procurement costs include strategic purchasing, product substitution, and optimizing inventory management to enhance operational efficiency and capacity utilization [3] Group 3: Convertible Bond and Financing Strategies - The company is preparing for the upcoming maturity of its convertible bonds by enhancing its market value management and exploring financing channels to ensure timely repayment [3] - Strategies include cost reduction, efficiency improvement, and professional integration to elevate the company's overall quality and valuation [3] Group 4: Industry Response and Operational Strategy - The company is committed to responding to the "anti-involution" policy by optimizing production based on market trends and ensuring stable operations while enhancing quality and efficiency [3]

Group 1: Financial Performance - The company's gross profit margin for Q3 2025 is 16.52%, a decrease of 0.72 percentage points compared to the full year 2024 margin of 17.24% [2] - The decline in gross profit margin is attributed to intensified competition in the domestic automotive market and various factors including customer and product structure [2] Group 2: Strategic Partnerships - The company has established close cooperation with XPeng Motors and XPeng Huitian, primarily providing subframes and brake systems [2] Group 3: Financial Instruments - The first phase of the convertible bond issuance by the group has been successfully completed, with plans to initiate the second phase after the first phase's settlement [3] - The company does not currently engage in the discounting of bills, primarily using bank acceptance bills for upstream and downstream settlements [3] Group 4: Production Capabilities - The company can internally adjust the machining equipment between commercial vehicles and passenger vehicles, although the assembly lines are mostly fixed and do not have interconnections [3] Group 5: Investment in Robotics - The company has strategically invested in Tongchuan Technology to expand into core components for robotics, leveraging its advantages in R&D, precision manufacturing, and efficient collaboration from the smart electric vehicle sector [3]

Group 1: Heavy Truck Industry Trends - The heavy truck market in China saw cumulative sales of 1.042 million units from January to November 2025, representing a year-on-year growth of 27.5% [2] - Exports of heavy trucks reached 308,000 units, with a growth of 15.1% compared to the previous year [2] - The industry is experiencing a diversification in energy sources, with diesel, natural gas, and electric trucks each having advantages in different application scenarios [2] Group 2: Company Strategy and Product Development - The company is optimistic about the future of the heavy truck industry and is pursuing multiple technological routes to adapt to short- and medium-term industry changes [3] - Plans include strengthening the product matrix to provide comprehensive power solutions across various scenarios and cycles [3] - The company aims to enhance its new energy product lineup to meet diverse market needs and deepen its presence in overseas markets [3] Group 3: Power Generation Business Growth - The rapid development of AI is driving a surge in electricity demand, presenting significant growth opportunities for the power generation industry [3] - The company is expanding its power generation business with a focus on diesel, natural gas, and SOFC products to meet diverse market demands for backup and primary power sources [3] - Future plans include providing efficient, reliable, and clean data center power solutions and establishing a comprehensive ecosystem for high-end global customers [3] Group 4: Shareholder Returns Outlook - The company is committed to optimizing its profit structure and enhancing long-term competitiveness to improve performance [3] - Plans for shareholder returns include high-frequency cash dividends and share buybacks, with a mid-2025 dividend payout ratio expected to increase to 57% [3] - Since 2021, the total cash dividends distributed by the company have exceeded 19 billion yuan [3]

Group 1: Core Business Highlights - The 3C sector has entered a stable growth phase since September 2023, with steady increases in shipment volumes driven by four key factors [2][3]. - Key brand clients are actively launching new products, particularly foldable smartphones, which are stimulating market demand [3]. - Innovations in the consumer electronics industry are prompting a new wave of product updates, leading to increased production capacity needs from downstream clients [3]. - Material innovations, such as the rising penetration of titanium alloy frames, are driving demand for upgraded processing equipment [3]. Group 2: Future Growth Potential - The 3C sector's growth potential is supported by multiple favorable factors, including material innovations and the rise of AI hardware [3]. - The demand for AI-related products, such as AI glasses and wearables, is increasing, with domestic manufacturers starting large-scale production [3]. - The replacement demand for existing equipment is intensifying, as many 3C devices have reached their replacement cycle [3]. - The domestic market is seeing a continuous increase in the rate of domestic substitution, enhancing market share [3]. Group 3: Liquid Cooling and Computing Power - The domestic liquid cooling and computing power sectors are experiencing a peak in expansion, with strong demand for efficient processing equipment [4]. - The company is responding to market changes by innovating and upgrading products, including specialized machines for large-scale processing needs [4]. - The company has successfully captured high-end market share by offering cost-effective alternatives to imported five-axis equipment [4]. Group 4: Robotics Sector Expansion - The company has made significant strides in the robotics sector, developing customized five-axis products that meet the complex processing needs of robotic components [4]. - The market demand for robotics is strong, and the company is actively expanding its customer base and developing differentiated machine models [4]. Group 5: Precision Processing in Low-altitude Economy - The company is focusing on precision processing needs in the low-altitude economy, successfully developing capabilities for key components of aircraft and engines [5]. - The company is providing customized processing solutions, broadening its core business applications and growth opportunities [5]. Group 6: Financial Performance and Profitability - The company's net profit margin has significantly improved since 2025, driven by strong downstream demand and scale effects [9]. - The overseas business has contributed positively to the overall gross margin, with effective cost management enhancing operational efficiency [9]. - The company is implementing measures to improve operational quality, including optimizing procurement and production processes [9]. Group 7: Overseas Expansion and Market Strategy - The company is actively expanding into overseas markets, including Vietnam, Indonesia, and Turkey, to leverage local resources and reduce operational costs [10]. - The establishment of overseas production bases is aimed at enhancing service quality and competitiveness in global markets [10]. - The company is focusing on high-value-added products and high-margin overseas markets to further improve gross margins [10]. Group 8: Investment Strategy - The company has elevated its industrial investment strategy to enhance competitiveness and profitability, focusing on high-end CNC machine tools and intelligent control systems [10]. - The company is seeking excellent investment targets to break through core technology bottlenecks and reduce reliance on imports [10].

Group 1: Company Overview - The company specializes in the design, research and development, manufacturing, and sales of tank containers, being a leading manufacturer of liquid and liquefied gas logistics equipment globally [2] - In 2025, the company faced challenges due to uncertainties in U.S. trade policies and geopolitical tensions, leading to a decline in market demand for tank containers [2][3] Group 2: Market Position and Performance - The company maintains the top market share in the tank container business, with revenue from this segment reaching CNY 131,324.42 million in the first three quarters of 2025 [3] - The medical equipment components business has shown growth, with revenue of CNY 18,144.26 million in the first three quarters of 2025, a year-on-year increase of 5.92% [5] - The aftermarket services segment generated revenue of CNY 11,245.14 million in the first three quarters of 2025, reflecting a year-on-year increase of 3.52% [5] Group 3: Industry Outlook and Strategic Direction - The domestic market for tank containers is expected to grow, supported by the scale advantages of the chemical industry and policies promoting multimodal transport [3] - The company is focusing on diversification as a key strategy for sustainable growth and risk mitigation, aiming to explore new business opportunities in high-end equipment and related fields [5]

Group 1: Company Overview and Strategic Initiatives - Beijing Changan Technology Co., Ltd. is planning to issue A-shares to a specific entity, Anhui Hefei State-owned Assets Platform, which may lead to a change in control of the company [3] - The strategic move aims to align with the national security strategy and enhance the public safety industry through collaboration with various stakeholders, including China Telecom and Tsinghua University [3][4] - The company will leverage resources from strategic partners to strengthen its technological capabilities and market position [3] Group 2: Fundraising and Investment Allocation - The planned fundraising amount is 1.419 billion yuan, primarily allocated to the "AI + Public Safety Brain Project," development of intelligent public safety equipment, and working capital [4] - The "AI + Public Safety Brain Project" aims to enhance AI capabilities across the company's product and service offerings, improving urban safety monitoring and emergency response [4] Group 3: Technological Advancements and Product Development - The company is focusing on the development of intelligent firefighting robots, integrating advanced technologies such as compressed air foam systems and drone capabilities [5] - The "Starry Sky · Chansi" public safety industry model is designed to understand specific scenarios, providing superior contextual understanding compared to general AI models [6] - The latest version of the "Starry Sky · Chansi" model (V4.0) features capabilities for disaster lifecycle simulation, multi-scenario visual recognition, and integrated early warning systems [7] Group 4: Competitive Advantages and Market Position - The company's competitive edge in firefighting robotics stems from its subsidiary's strong research foundation and extensive experience in national projects [5] - The integration of AI and cloud technologies is expected to enhance operational efficiency and decision-making in emergency management [6]