证券代码： 000060 证券简称：中金岭南 深圳市中金岭南有色金属股份有限公司 投资者关系活动记录表 编号：2025-05 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | | 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） | | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2025 年 11 月 20 日 (周四) 14:30~17:00 | 下午 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、党委书记、董事长 喻鸿 | | | 员姓名 | 2、党委副书记、董事、总裁 潘文皓 | | | | 3、董事会秘书、总法律顾问 万磊 | | | | 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | | ...

Group 1: LCD Market Insights - The demand for TV products is stimulated by national subsidies and export incentives, leading to an expected increase in annual shipment volume and area, despite a temporary slowdown in large-size trends due to rising demand for small-size TVs in emerging markets [1][2] - IT product shipments are anticipated to grow rapidly due to replacement demand, while MNT product shipments are expected to remain flat year-on-year [1] - The industry is adopting a "production based on demand" strategy to adjust production line utilization rates according to market needs, with an overall industry average utilization rate expected to drop below 80% in Q4 [2] Group 2: OLED Market Dynamics - The OLED market is experiencing an oversupply despite increased shipments in Q3 and Q4, with a notable decline in foldable product shipments and a rise in LTPO demand from overseas brands [3] - The domestic OLED market is becoming increasingly competitive, with rapid growth in low-end Ramless product shipments [3] - AMOLED technology is being positioned as a key choice for high-end IT products, with a new 8.6 generation AMOLED production line announced to enhance competitiveness in the high-end market [6] Group 3: Financial and Operational Outlook - The company expects depreciation costs to peak in 2025, with a gradual decline thereafter as production lines stabilize [7] - Capital expenditures are projected to decrease after 2025, with significant investments in the 8.6 generation OLED production line in 2025, followed by maintenance and innovation investments in subsequent years [8] - The company plans to utilize cash flow for minority shareholder buybacks, particularly in light of declining capital expenditures and improving cash flow [9] Group 4: Shareholder Returns and Strategic Planning - The company has announced a shareholder return plan for 2025-2027, committing to distribute at least 35% of the annual net profit to shareholders and allocate no less than RMB 1.5 billion for share buybacks each year [10] - This plan reflects a comprehensive analysis of operational conditions, long-term strategies, and shareholder interests, aiming to establish a stable and predictable return mechanism [11]

Production Capacity - The current annual production capacity of the Yichun energy storage base is 10GWh, which is operating at full capacity [2][6][12] - The planned initial production capacity for the Indonesian energy storage base is 3GWh, with a target operational date in 2026 [5][12][19] Financial Management - The company is addressing high debt levels by enhancing accounts receivable management, expanding bank credit, and disposing of non-core assets [3][20] - Measures to ensure cash flow include optimizing cash management and strengthening cooperation with banks [20][37] Market Strategy - The company is focusing on expanding its domestic and international energy storage markets, particularly targeting strategic clients such as state-owned enterprises [10][20] - The company aims to establish a localized team in overseas markets to better meet customer needs and drive business growth [10][20] Order and Project Updates - The company has not yet signed contracts for the Saudi Red Sea New City project and is actively monitoring market dynamics [8][19] - There is a focus on core business areas, with specific order situations to be disclosed in regular reports [8][20] Risk Management - The company acknowledges that its stock price is influenced by macroeconomic conditions, industry policies, and market sentiment, urging investors to be aware of investment risks [2][20] - The company is committed to improving operational management and quality to create more value for shareholders [2][20]

Group 1: Production Capacity and Demand - The company currently has an electrolyte production capacity of approximately 850,000 tons and lithium hexafluorophosphate (LiPF6) capacity of about 110,000 tons, with core products reaching full production status due to rapid growth in downstream demand, particularly in the energy storage market [2] - For Q4 2025, the company forecasts total electrolyte sales of 720,000 tons, exceeding the initial annual target of 700,000 tons, with approximately 310,000 tons in the first half and 410,000 tons in the second half [2] - The existing annual production capacity for iron phosphate is 300,000 tons, which has reached a relatively high operating rate, leading to a gradual decrease in product costs and a recovery in profitability [2] Group 2: Product Development and Market Trends - The overall addition ratio of LiFSI is expected to reach 2.2% this year, with potential growth to 3% next year due to increased demand for high-performance formulations [3] - The company’s solid-state electrolyte is in the pilot testing stage, with kilogram-level samples being sent to downstream battery manufacturers for material technology validation [3] - The pricing of electrolytes is linked to the price of lithium hexafluorophosphate, with adjustments based on historical pricing and market fluctuations, indicating a time lag in price transmission [3] Group 3: Future Expansion and Industry Outlook - The company plans to enhance production capacity for lithium hexafluorophosphate through technical upgrades, with the pace of new capacity deployment to be aligned with market demand changes [3] - The lithium hexafluorophosphate industry has reached a consensus on orderly expansion and maintaining reasonable profits as core future directions following several years of downturn [3]

Group 1: Financial Performance and Revenue Streams - The maintenance revenue from rail transit platform screen doors reached a historical high, accounting for 10.56% of the business revenue, indicating a new growth area in the aftermarket [1] - The company's BIPV component conversion efficiency has surpassed 22.8%, with an annual production capacity of 1.2 million square meters at the Ganzhou base [2] - The company reported a significant overseas revenue share of 43%, with a 60.98% year-on-year increase in overseas curtain wall orders for 2024 [2] Group 2: Strategic Initiatives and Market Expansion - The company is actively expanding its maintenance service radius and has established a digital intelligent operation and maintenance system for platform screen doors, utilizing AI and big data [1] - The company is focusing on the development of BIPV and distributed photovoltaic power station businesses under the national "dual carbon" strategy, with new projects signed in Shenzhen and Guangzhou [2] - The company has established branches in over 120 countries, promoting a "technology + service" dual output model in the Belt and Road markets [2] Group 3: Challenges and Risk Management - The company is facing challenges in converting orders to revenue, with a need for improved contract performance management to ensure timely revenue recognition [6] - The increase in bad debt provisions is attributed to extended collection cycles influenced by the broader economic environment, prompting the company to enhance receivables management [5] - The company is monitoring potential merger and acquisition opportunities that align with its strategic development direction [3][4] Group 4: Corporate Governance and Investor Relations - The company has maintained a high level of information disclosure quality, receiving an A-level rating from the Shenzhen Stock Exchange for four consecutive years [7] - The major shareholder has consistently increased their stake in the company over the past decade, reflecting confidence in the company's sustainable development [7] - The company aims to enhance long-term value creation and investor returns by considering various factors such as strategic direction and market conditions [7]

Financial Performance - In Q3 2025, the company achieved revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, and a net profit of 160 million CNY, up 13.54% [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45%, with net profit at 428 million CNY, down 9.68% [3] Business Overview - The company focuses on advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, operating in a temperature range of -271℃ to 200℃ [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company provides cooling equipment for data centers, including evaporative condensers and closed cooling towers, with significant projects completed in China and overseas [5][6] - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC chiller market [6] Nuclear Power Sector - The company is actively involved in nuclear power cooling solutions, focusing on core scenarios such as nuclear island cooling and heat recovery [7] - Recent projects include supplying cooling systems for various nuclear power stations across China [7] Thermal Management Initiatives - The company is enhancing its thermal management capabilities, particularly through industrial heat pumps, and has been recognized as a national-level "little giant" enterprise [8][9] - The focus is on technologies that recover waste heat and reduce carbon emissions, aligning with national carbon neutrality goals [9] SOFC Research and Development - Since 2022, the company has collaborated with Xi'an Jiaotong University on solid oxide fuel cell (SOFC) technology, achieving significant advancements in output characteristics and sealing materials [10] - The project has led to the successful design and testing of a 5kW stack module and the development of high-stability SOFCs [10]

Group 1: Technological Advancements - The company has established a comprehensive R&D system covering V2X communication modules, terminal products, application platforms, algorithms, and protocol stacks, achieving significant breakthroughs in DSRC-V2X, 4G-V2X, and 5G-V2X technologies [2][3]. - The company has participated in the 2024 C-V2X pilot application, completing tests and obtaining C-V2X consistency certification, enhancing the accuracy of warnings and stability of scenarios for automotive enterprises [2][3]. - The company has developed a full suite of products, including multi-beam intelligent roadside antennas and ETC 2.0 solutions, successfully applied in various provinces [3][4]. Group 2: Core Competencies and Revenue Growth - The company has mastered three core technologies: ETC, V2X, and RFID, and has actively participated in the formulation of national and industry standards [4]. - As of mid-2025, the company has obtained 655 independent intellectual property rights, with several patents awarded national "Excellent Patent Awards," establishing a solid technical foundation [4]. - Revenue proportions from the highway ETC business, smart transportation, and vehicle-road collaboration have not significantly changed compared to the same period in 2024 [4]. Group 3: Strategic Collaborations and Investments - In 2025, the company completed the acquisition of 100% of the shares of Che Lu Tong Technology (Chengdu) Co., Ltd., enhancing its core technical capabilities in smart transportation [5]. - The company established a venture capital partnership focusing on smart connected vehicles and low-altitude economy, marking a strategic move to integrate resources and expand market reach [5]. Group 4: Market Position and Competitive Strategy - The company maintains a leading position in the smart transportation and vehicle-road collaboration markets, leveraging its dual expertise in transportation and IT [8]. - The company has implemented a differentiated competitive strategy by integrating ETC with AI and edge computing, achieving large-scale deployment of unmanned toll stations [8]. - The company is actively involved in multiple national-level intelligent connected vehicle demonstration projects, enhancing its market share and brand influence [8]. Group 5: Financial Performance and Future Outlook - The overall gross margin has declined due to intensified market competition, while net profit margins are under pressure due to increased strategic investments in innovation and talent [7][10]. - The company is focused on balancing performance and shareholder returns, aiming to enhance core capabilities and build an ecosystem for long-term growth [10]. - The smart transportation industry is expected to experience robust growth driven by national policies, technological advancements, and market demand, positioning the company for future success [10].

南昌矿机集团股份有限公司投资者关系活动记录表 答：公司在金属矿山领域的订单结构呈现以黑色金属为主导、有色金属多元 发展的格局。从矿种构成来看，铁矿是目前在手订单中占比最高的核心业务，主 要得益于其大规模开采带来的显著规模效应，因此在产值贡献上居于首位。与此 同时，公司在有色金属领域持续拓展，订单覆盖了金矿、铜矿、锂矿等多个高价 值矿种，其中铜矿在有色金属板块中产量与订单规模相对突出。 4. 请问公司与中大型矿山客户的合作模式及推进方式？ 答：矿山业主在装备领域的投资占项目总投资比例较小，更侧重于矿山资源 与开采环节的投资。在合作方式上，公司需参与其招标流程。目前国产设备进入 其体系仍面临低价竞争挑战，但公司强调以技术服务与持续维保为核心，构建差 异化竞争优势。 5. 海外仓建设与智能维保系统如何支撑海外业务？ 答：海外仓以租赁或购置为主，面积通常在十几至二十亩，具备基础水电与 物流配送功能。公司核心竞争力在于后端的智能维保系统。公司通过 5G+物联网 技术，实时回传设备运行参数，实现预测性维护，极大提升设备稼动率，减少非 计划停机。该系统已在多个项目中应用，获得客户高度认可。 证券代码：001360 证券简称 ...

Market Expansion and Performance - BYD has significantly increased its market share in key overseas markets such as Europe, Southeast Asia, and Latin America, with notable sales growth in Singapore and Hong Kong, and a substantial increase in the UK market [1] - In the first ten months of this year, BYD's overseas sales of passenger cars and pickups reached 785,000 units, representing a year-on-year growth of 135% [2] - The global passenger car market is approximately 80 million units annually, with an electric vehicle penetration rate of only 20% in 2024, indicating vast market potential [1] Production Capacity and Global Strategy - BYD has established a presence in over 110 countries and regions across six continents, with announced production facilities in Thailand, Uzbekistan, and Brazil, totaling a designed capacity of over 300,000 units per year [3] - Future production plans include facilities in Hungary, Malaysia, and Cambodia, as part of BYD's strategy to integrate internationalization and localization [3] Technological Advancements - BYD is a leader in electric vehicle technology, focusing on core technologies such as battery systems and intelligent driving, with significant investments in R&D [4] - The company has developed advanced technologies like the blade battery and CTB (cell-to-body) integration, enhancing battery safety and energy density [4] Financial Performance - For the first three quarters of 2025, BYD reported total revenue of approximately 566.3 billion yuan and a net profit attributable to shareholders of 23.3 billion yuan, with cumulative sales of 3.26 million electric vehicles, a year-on-year increase of 18.6% [6] - As of September 30, 2025, BYD's cash and cash equivalents exceeded 175.2 billion yuan, providing strong financial support for business expansion [7] Cash Flow Management - BYD emphasizes effective cash flow management and collaboration with supply chain partners, maintaining a low turnover period for accounts payable and enhancing operational efficiency [8]

Production Capacity and Market Position - The company's subsidiary, Dalian Qihua New Materials Co., Ltd., has an epoxy resin diluent production capacity of 4,000 tons/year (single shift) [2] - The company is a leading supplier of epoxy structural adhesives and infusion resins for wind turbine blades in China, holding the largest market share in this segment [3] - The adhesive and specialty resin segment's sales volume has steadily increased in the first three quarters of 2025, significantly boosting net profit due to rising demand in the wind power sector [3] Expansion and Production Strategy - The company currently focuses on improving existing capacity utilization and product quality rather than expanding production capacity due to strict environmental and safety regulations in the epoxy diluent industry [2] - There are no current plans for capacity expansion, with an emphasis on developing high-value specialty epoxy diluents [2] Supply Chain and Pricing Strategy - The company sources raw materials for epoxy products from both internal and external suppliers, with plans to increase the internal supply ratio in the future [3] - The pricing strategy is flexible, allowing the sales team to adjust prices in response to fluctuations in raw material costs [3] Strategic Development in Electronics - The company has transitioned from a traditional chemical adhesive manufacturer to an advanced new materials R&D enterprise, focusing on high-end electronic information materials [3] - A 51% stake in Chengdu Zhongke Huayi Microelectronics Co., Ltd. has been acquired, which has developed four product lines, including microcontroller chips and integrated circuits, with a performance commitment of at least RMB 40 million in net profit for the first year [4] Semiconductor Industry Transition - The company is accelerating its strategic transformation towards the semiconductor industry, leveraging its existing materials layout to create a third growth curve [4] - The strategic layout aligns with national industrial policy directions, supporting the company's long-term development goals [4]