Group 1: Wealth Management Business Development - The company implements a "customer-centric" approach, enhancing capabilities in channels, services, products, digitalization, and refined management [2] - In the first three quarters of 2025, the net income from brokerage fees reached CNY 4.485 billion, a year-on-year increase of 65.55% [2] Group 2: Investment and Trading Business Performance - In the first three quarters of 2025, the company achieved investment income and fair value changes of CNY 12.629 billion, reflecting a year-on-year growth of 57.15% [3] - The FICC segment focuses on deep research and seizing market opportunities, maintaining a strong market presence [3] Group 3: Investment Banking Business Strategy - The company is transitioning from a project-centered to a customer-centered investment banking model, aligning with national policies to support the real economy [3] - It aims to enhance its comprehensive capabilities in capital, pricing, sales, collaboration, risk control, and technology to meet clients' full lifecycle financial service needs [3] Group 4: International Business Layout and Planning - The company has established a fully licensed overseas integrated business platform centered in Hong Kong, extending its services to surrounding overseas markets [3] - It focuses on enhancing core capabilities in wealth management, asset management, and investment banking, while expanding overseas financing and mergers and acquisitions [3]

证券代码：300296 证券简称：利亚德 利亚德光电股份有限公司投资者关系活动记录表 编号：2025-16 | | | | ■特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | --- | --- | | 投 资 者 | 关 | □媒体采访 | | | □业绩说明会 | | 系 活 动 | 类 | | □新闻发布会 | | □路演活动 | | 别 | | ■现场参观 | | | | | | | | □其他（电话会议） | | | | | | 朱宇昊 | | | 国元证券股份有限公司 | | | | 张钧宇 | | | 北京信伟达资产管理有限公司 | | 参 与 单 | 位 | 王鹏 | | | 北京风炎私募基金管理有限公司 | | | | 刘娅琴 | | | 珠海市横琴财东基金管理有限公司 | | 名 称 及 | 人 | 牛金荣 | | | 数算先锋资产管理北京有限公司 | | 员姓名 | | 刘军洁 | | | 北京中泽控股集团有限公司 | | | | 李香雨 | | | 北京最操盘信息技术有限公司 | | | | 董永 | | | 中财招商集团 | | | | 吴春 ...

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components such as tracked chassis and transmission parts [2] - The primary production model is based on market forecasts and reasonable inventory, with dynamic production task arrangements [2] - The sales strategy includes a combination of agency distribution for main products and supporting sales for parts, along with diversified business models such as operational leasing [2] Group 2: Global Presence - The sales network spans over 160 countries and regions, with more than 150 overseas distributors and over 520 overseas sales outlets [3] - The company has established 13 overseas subsidiaries, including new ones in Indonesia, Australia, and Nigeria [3] Group 3: Stock Buyback Progress - As of November 30, 2025, the company has repurchased 11,910,472 shares, accounting for 0.79% of the total share capital, with a total transaction amount of ¥111,591,612.24 [4] - The highest and lowest transaction prices during the buyback were ¥10.20 and ¥8.64 per share, respectively [4] - The company plans to continue the buyback based on market conditions and will comply with relevant disclosure obligations [4] Group 4: On-site Visit - The on-site visit included a tour of the new product trial center and the excavator assembly workshop to understand the company's products and application scenarios [5]

Group 1: Company Overview and Strategy - The company has established a significant international presence, operating in over 70 countries and regions, with increasing revenue contribution from overseas business [3][4] - The company is focusing on diversifying its overseas business structure and enhancing brand recognition through high-quality delivery of engineering orders [3][4] Group 2: Natural Gas Market Insights - The global natural gas market has diversified supply networks, with countries prioritizing natural gas development as a strategic energy security goal [5][6] - The demand for natural gas is increasing due to its role as a clean energy source in the transition to low-carbon energy, making it a preferred option for filling electricity gaps and ensuring grid stability [5][6] Group 3: Data Center Power Generation - The company is entering the data center power generation sector, leveraging its reliable and flexible power generation equipment to meet high standards in various industries [7][8] - The establishment of the Jerry Min Electric Energy Group aims to accelerate breakthroughs in the power generation business, supported by successful sales and leasing cases in the North American market [7][8] Group 4: Future Outlook for Power Generation - The company plans to deepen its involvement in data centers, industrial energy, and new power systems, focusing on technological innovation and integrated solutions for clean energy equipment [9] - The company aims to enhance its capabilities in providing comprehensive energy solutions, ensuring efficient collaboration from energy production to electricity supply [9] Group 5: Oil and Gas Engineering Orders - The company offers integrated solutions across the oil and gas value chain, which has led to successful project implementations and increased market recognition [10] - Recent project wins include significant contracts in Southeast Asia, demonstrating the company's strong project management and delivery capabilities [10] - The company prioritizes profitable projects with positive cash flow and strategic significance, ensuring that selected orders promote collaboration across various business segments [10]

答：除了 AI+体育，公司将在智慧城市、健康服务、通信 与能源信息化等领域深化 AI 技术的融合与应用。作为吉林大 学实际控制的上市公司，依托与其共建的人工智能联合实验 室，持续探索产学研协同创新，推动 AI 在民生与产业领域的 场景落地。我们正积极推动智慧食堂向 AI 健康管理平台升级， 同时也将持续推进其他业务板块与人工智能的融合创新，打 造更多符合市场需求的智能化解决方案。 4.公司整体战略规划是什么？发展重点和投向是什么？ 答：公司在稳固原有通信设计和施工业务的同时，持续 在智慧食堂、数据资源管理、产业数智化转型服务、能源信 息化等新战略方向发力，不断拓展新兴业务领域并加大资源 投入，进一步构建新型数智化服务产品和能力体系。公司还 将以人工智能深度赋能体育赛事、城市治理等关键场景，加 大业务与研发投入，加速应用落地，持续增强盈利能力和市 场竞争优势。投资方向紧密围绕"十五五"规划以及吉大通 信的发展战略，目前重点关注能源、人工智能等领域。 证券代码： 300597 证券简称：吉大通信 吉林吉大通信设计院股份有限公司投资者关系活动记录表 编号：2025-004 | | 特定对象调研 分析师会议 | ...

Company Overview - 雷迪克 was founded in 2002 and is a national high-tech enterprise focused on precision component R&D, manufacturing, and sales [2] - The company specializes in automotive bearing components, with a product matrix covering over 3,000 varieties [2][3] Business Performance - The company is experiencing steady growth in both front-end and aftermarket sectors, with improved delivery, customer expansion, and cost control capabilities [3] - Multiple new energy platform projects have entered continuous delivery phases, indicating smooth business progress [3] - The front-end business revenue is expected to maintain stable growth, supported by an expanding customer base including major domestic automotive brands [3] Product Development - The company has made significant advancements in automotive screw products, which are primarily used in braking, steering, and electronic suspension systems [4] - The automotive screw products have entered customer testing phases, with some projects already approved for mass production [4] Robotics Sector - 雷迪克 has developed comprehensive technical capabilities in key components and system assemblies for robotics [5] - The company is advancing the production of planetary roller screws and related assembly lines to accelerate standardized mass production [5] International Expansion - In 2025, the company plans to invest $30 million to establish an automotive bearing production base in Tangier, Morocco, covering approximately 20,000 square meters [6][7] - This project aims to enhance delivery efficiency to European, African, and Middle Eastern customers, thereby strengthening the company's international supply chain resilience [7]

编号：2025-011 | | 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 | | 参与单位名称及人员姓名 | 中金公司 江鹏 | | 时间 | 2025 年 12 月 10 日 | | 地点 | 美信科技会议室 | | 上市公司接待人员姓名 | 董事会秘书 王丽娟 交流主要内容如下： | | | 1、公司产品是否适用于 服务器？是否有目标客户？ AI | | | 【回复】公司产品可适配 AI 服务器、工业机器人、数据中 | | | 心等多领域应用需求，且已通过国际及国内核心客户的相关 | | 投资者关系活动主要内容介绍 | 测试与认证程序。 | | | 2、随着 AI 领域算力基础设施建设的持续推进，部分元器件 | | | 的市场需求激增，叠加物料成本上涨因素，部分元器件厂商 | | | 已启动调价。请问公司产品是否面临成本压力，以及是否存 | | | 在相关产品调价计划？ | | | 【回复】针对物料成本波动可能产生的潜在影响，公司已建 | | | 立完善的成本控制 ...

Group 1: Company Overview and Core Competencies - The company focuses on anti-corrosion and wear-resistant welding equipment, specializing in the manufacturing of special equipment and expanding into industrial equipment and high-end structural components [1] - Key competitive advantages include mastery of critical core technologies across materials, processes, and equipment, as well as comprehensive special equipment production qualifications [1] - The management team has extensive industry experience, with stable core technical personnel and a strong background in multinational companies [1] Group 2: Market Opportunities and Global Strategy - The company is committed to both domestic and international markets, maintaining a leading position in the domestic market while actively exploring overseas opportunities [2] - The demand for waste incineration and the transformation of the coal-fired power industry present significant growth potential [2] - The company has strategically positioned itself in the HRSG and oil and gas composite pipe markets, with HRSG already achieving a certain scale of production [2] Group 3: HRSG Equipment and Market Position - The HRSG equipment is primarily compatible with heavy-duty gas turbines, serving as a core component for heat recovery systems [3] - The production cycle for HRSG products is approximately 6 months, with ongoing orders and successful customer certification processes [4] - The pricing strategy for HRSG products is based on material and labor costs, with adjustments made according to market supply and demand [4] Group 4: Future Market Prospects - The U.S. market for HRSG is expected to grow due to structural increases in electricity demand driven by factors such as AI data centers and the return of manufacturing [4] - The transition to cleaner energy sources enhances the market potential for HRSG, as it improves the efficiency of gas turbines and reduces carbon emissions [4] - The domestic waste incineration market is characterized by both stock and incremental demand, driven by national strategies for ecological civilization and waste management [5]

Group 1: Company Overview and Acquisition - The target company, Indichip Micro, specializes in automotive-grade mixed-signal chips, with cumulative shipments exceeding 350 million units since its establishment in 2017 [1] - The acquisition aims to enhance the company's position in the automotive chip sector, which is characterized by rapid growth and low domestic replacement rates [5] - The target company generated revenue of 584 million CNY in 2024, with automotive-grade chip revenue accounting for 551 million CNY, representing over 90% of total revenue [2] Group 2: Revenue Composition and Market Demand - The target company's revenue for the reporting period was 494.04 million CNY, 584.15 million CNY, and 385.31 million CNY, with automotive-grade chips being the primary revenue driver [2] - The increasing penetration of the target company's products in the market is expected to sustain revenue growth, driven by rising demand from electric vehicle manufacturers [2] Group 3: Client Base and Market Position - Indichip Micro's products are utilized in over a hundred vehicle models, serving major domestic brands like BYD, SAIC, and Geely, as well as international brands such as Volkswagen and Ford [3] - The company has established a competitive edge in domestic chip production, filling gaps left by foreign manufacturers in the automotive lighting control chip market [4] Group 4: Strategic Benefits of the Acquisition - The acquisition is anticipated to create synergies between the acquirer and the target, optimizing asset quality and enhancing operational resilience [5] - The target company has a strong customer base in the domestic automotive sector, which can help the acquirer expand its market presence and improve customer retention [5]

Group 1: Company Overview and Market Performance - The company, Hunan Jiutian Pharmaceutical Co., Ltd., reported stable operations in Q4 2025, with sales activities proceeding as planned [2] - The pharmaceutical manufacturing industry saw a revenue of CNY 12,275.2 billion in the first half of 2025, a year-on-year decrease of 1.2%, and a profit total of CNY 1,766.9 billion, down 2.8% [2] - The transdermal patch market is projected to exceed CNY 7 billion in sales in 2024, with a year-on-year growth of approximately 10%, and over CNY 4 billion in the first half of 2025, reflecting a 15% increase [3] Group 2: Product Development and Competitive Landscape - The external pain relief market is expanding due to increasing health demands and an aging population, presenting significant growth opportunities [4] - The company emphasizes R&D as a driving force, leveraging its technological expertise in gel patches to enhance product quality and brand influence [4] - The company has developed a clear and competitive external product matrix, including unique products like Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch, which have significant market advantages [9] Group 3: Brand Strategy and Market Penetration - The company is implementing innovative brand strategies to enhance market recognition, including a brand upgrade event on December 6, 2025, introducing the "Jiutian Pain Relief Expert" branding [5] - The brand slogan "Pain Relief Patch, Choose Jiutian" aims to address consumer pain points and strengthen brand credibility [5] Group 4: Financial Implications and Strategic Acquisitions - The centralized procurement of Loxoprofen Sodium Gel Patch may lead to a temporary adjustment in profit margins, impacting short-term revenue and profit performance [6][7] - The acquisition of 67 drug approvals through the subsidiary Nona Pharmaceutical aims to stabilize sales and fill potential gaps caused by procurement changes [8] Group 5: Innovation and Future Directions - The company is transitioning towards innovative drug development, establishing R&D centers in central and Yangtze River Delta regions to leverage clinical resources and cost advantages [10][11] - The focus is on various cancer and chronic disease treatments, utilizing multiple drug forms and collaborative research models to enhance core competitiveness in the innovative drug sector [11]