证券代码：300474 证券简称：景嘉微 编号：2025-007 1、诚恒微边端侧 AI SoC 芯片 CH37 系列有哪些特点？ 长沙景嘉微电子股份有限公司 投资者关系活动记录表 | □ | 特定对象调研 分析师会议 | □ | | --- | --- | --- | | □ 投资者关系活动 | 媒体采访 业绩说明会 | □ | | □ | 新闻发布会 路演活动 | □ | | 类别 □ | 现场参观 | | | □√ | 其他 电话会议 | | | 参与单位名称及 | 中泰证券、华创证券、浙商证券、东北证券、华西证券、国信证 | | | | 券、中金公司、汇添富基金、南方基金、易方达基金、混沌投资、 | | | | 富国基金、东吴基金、新华基金、兴证全球、申万菱信、银华基 | | | | 金、鹏华基金、景顺长城、天弘基金、诺德基金、华夏财富、创 | | | 人员姓名 | 金合信、太平养老保险、太平资产、泰康人寿、华宝基金、中金 | | | | 资管、民生加银、中信保诚、永安国富、富荣基金、方圆基金、 | | | | 国投瑞银、国寿资产、高毅资产等 106 家机构共 132 位投资者。 | | | | （排 ...

Group 1: Company Performance and Outlook - In the first three quarters of 2025, the company achieved a revenue of 9.175 billion yuan, a decrease of 27.2% compared to the same period last year, with over 70% of revenue coming from overseas markets [3] - The gradual increase in overseas revenue is expected to offset risks from domestic industry adjustments, optimizing the revenue structure and providing stable momentum for the company's main business development [3] Group 2: Competitive Advantages - The company has strengthened its technological innovation, establishing a low-carbon metallurgy engineering technology system focused on high-efficiency processes and carbon reduction, contributing to the green transformation of the steel industry [4] Group 3: International Projects and Currency - The primary currencies for overseas project settlements are USD, EUR, and RMB, with manageable exchange rate risks [5] - The company actively supports the national "Belt and Road" initiative, enhancing its influence and reputation in the international metallurgy market [5] Group 4: Strategic Development - During the "14th Five-Year Plan" period, the company aims to leverage technological innovation to enhance its core capabilities and provide specialized industrial engineering services for green low-carbon metallurgy [7] Group 5: Market Value Management - The company emphasizes high-quality development and operational efficiency, focusing on compliance, investor relations, and ESG management to enhance market value [8] Group 6: Dividend Policy - The company has established a three-year shareholder return plan (2023-2025) to enhance transparency in profit distribution and promote long-term investment [9] Group 7: Profitability and Margins - As of Q3 2025, the gross margin for engineering projects was 15%, showing slight improvement and stability throughout the year [10]

Group 1: Company Performance - The company follows a diversified product and market strategy, enhancing core technological and product capabilities while expanding market outreach [1] - As of Q3 2025, the company reported a revenue of CNY 1.57 billion, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of CNY 123 million, up 11.89% year-on-year [1] Group 2: Medical Sector Progress - The company has successfully implemented smart financial projects in several hospitals, including the Shenzhen Second People's Hospital and Fudan University Huashan Hospital, with various management modules now operational [2] Group 3: Market Value Management - The company is open to various market value management strategies, including share buybacks, dividends, and mergers, depending on financial arrangements and stock performance [3] Group 4: Collaboration with Major Shareholder - The company collaborates with State Grid Digital Technology Co., which supports the DAP product's validation and market promotion, and participates in the energy internet subsidiary [4] - Future cooperation will focus on leveraging product, business, and platform advantages to foster a collaborative industrial ecosystem [5]

Group 1: Pharmaceutical Business Development - The company’s pharmaceutical business is rapidly developing, focusing on a large customer strategy primarily through the CDMO model, with ongoing efforts to attract strategic and high-viscosity clients [1] - The pharmaceutical division has established stable commercial relationships with several high-quality domestic and international clients, with an expanding scope of cooperation [1] - The company plans to continue growing its mature businesses, including small molecule CDMO, starting materials, and GMP intermediates, while also investing in emerging businesses such as peptide CDMO and radioactive drug-related CDMO [2] Group 2: Impact of Geopolitical Factors - Geopolitical issues have a limited direct impact on the company’s business but do affect client supply chain decisions [3] - The company views geopolitical challenges as an opportunity to enhance its global service capabilities by establishing overseas bases in the UK and Malaysia, creating a "multi-site supply, flexible delivery" solution [3] Group 3: Patent Expiry and Market Strategy - The expiry of certain agricultural product patents has a limited overall impact on the company, supported by its large customer strategy and CDMO model [4] - Long-term framework agreements with core clients ensure stability in supply, even for products whose patents have expired [4] - The company is optimizing production and reducing costs to enhance market competitiveness while focusing on new patented products through initiatives like the Malaysian base [4] Group 4: New Energy Business Outlook - The company currently focuses on sales of LiFSI and electrolyte products, with ongoing technical improvements on lithium hexafluorophosphate projects [5] - The new energy business is expected to achieve significant revenue breakthroughs in 2025 [5]

Group 1: Automotive Parts Business Performance - The company's automotive parts sales revenue increased by 25% year-on-year in the first nine months of 2025, surpassing the passenger car sales growth rate of 13.7% [2][3] - Key advantages contributing to this growth include strong customer resources and brand partnerships with major manufacturers like Geely, Changan, and BYD [2][3] - The company has established a comprehensive industrial layout with over 20 production bases, ensuring rapid response to customer demands [3] Group 2: Military Products and Future Projections - Military product revenue reached 673.38 million yuan in the first half of 2025, reflecting a growth of 6.96% compared to the previous year [4] - An upgraded automation project for military explosive materials is expected to be operational by September 30, 2026, with projected annual revenue of 15 million yuan [4] Group 3: New Materials and High-Performance Functional Materials - The company’s weather-resistant functional materials, primarily used in high-end applications, generated sales revenue of 39.52 million yuan in the first half of 2025 [5] - High-performance functional materials sales reached 105 million yuan in the same period, focusing on domestic substitution and innovative product development [5] Group 4: Strategic Development Plans - The company has proposed a "1334" development strategy aimed at becoming a world-class aerospace intelligent equipment manufacturer [5] - Plans for capital operations and industrial development are in place to enhance the company's growth and market position [5]

Group 1: Company Overview and Recent Developments - The company, Yinchuan Weili Transmission Technology Co., Ltd., is involved in the wind power gearbox sector and is currently progressing with its smart factory project for gearboxes [2][6]. - The company plans to raise up to 600 million CNY through a targeted A-share issuance to fund the first phase of the wind power gearbox smart factory and to supplement working capital [2][4]. Group 2: Product Advantages - The wind power gearbox is considered a critical component in wind turbine technology, featuring advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost [3][4]. - The company employs advanced manufacturing techniques, including high-quality alloy steel materials and precision machining, to enhance the durability and performance of its gearboxes [3][4]. Group 3: Quality Control Measures - A dedicated quality assurance center has been established to oversee the entire production cycle, ensuring quality control from raw materials to production processes [3][4]. - The company has achieved ISO9001 and IATF16949 international quality management certifications, emphasizing its commitment to quality in design, material selection, and manufacturing processes [4]. Group 4: Cost Optimization Strategies - The company is implementing multi-faceted cost reduction strategies, including: - **Technical Optimization**: Increasing R&D investment to enhance product design and reduce material costs [5]. - **Smart Production**: The smart factory aims to improve production efficiency and reduce fixed costs through automation and information management [5]. - **Lean Supply Chain Management**: Establishing a robust supplier evaluation system to ensure cost-effective procurement and stable supply [5]. - **Operational Synergy**: Streamlining internal management to reduce order response times and expand market reach [5][6]. Group 5: Competitive Advantage and Future Outlook - The smart factory is expected to enhance the company's competitiveness by addressing market demands for larger and smarter wind turbines, thereby filling capacity gaps in high-power gearbox production [5][6]. - The anticipated annual revenue increase from the new production capacity is projected to be in the hundreds of millions CNY, which will improve financial metrics and operational resilience [6].

Group 1: Sales Performance - The company's cross-border e-commerce brands JOYSTAR, CYCMOTO, and HILAND ranked highly on Amazon, showing strong Black Friday sales performance [1] - European region accounts for over 20% of total sales revenue, while the Americas account for over 50% [1] - Oceania region has the fastest sales growth, contributing over 10% to total sales revenue [2] Group 2: Product Strategy - The company offers a wide range of product designs and SKUs, catering to local consumer preferences, which provides a competitive edge over single-product offerings from foreign companies [1] - The company plans to expand product lines, develop new products, and enhance brand promotion to drive revenue and profit growth [2] - E-bike sales currently account for about 10% of total sales, with a focus on increasing this share through market expansion and product quality improvement [2] Group 3: Market Trends and Future Outlook - The fourth quarter is a peak sales season for e-commerce, with preparations in place to meet market demand during Christmas and Black Friday [2] - The E-bike market is primarily strong in Europe for mobility and fitness, while in the Americas, it is used for leisure [2] - The company aims to enhance product competitiveness and further penetrate overseas markets for E-bike sales growth [2]

Group 1: Company Overview and Recent Activities - Zhejiang Zoli Pharmaceutical Co., Ltd. held investor relations activities including site visits and conference calls with various securities firms and investment entities [1][2]. - The management team provided a brief overview of recent operational performance and the acquisition of the future pharmaceutical asset group [2]. Group 2: Acquisition Details - The acquired asset group includes multiple products, notably "Multiple Trace Element Injection (I)" and "Multiple Trace Element Injection (II)", which focus on parenteral nutrition and have established a strong academic brand in pediatric and maternal health [2][3]. - The asset group achieved a net profit of CNY 45.79 million from January to September 2025, indicating strong profitability [2]. Group 3: Product Pipeline and Regulatory Outlook - The "Multiple Trace Element Injection (III)" is currently under technical review and is expected to be approved in 2026, enhancing the company's product line in adult trace elements [3]. - The new version of the National Essential Medicines List is likely to prioritize pediatric medications, increasing the chances of the company's products being included [3]. Group 4: Synergy and Market Strategy - The integration of the acquired asset group is expected to leverage existing sales channels, with over 15,000 hospitals covered by Zoli's core product, enhancing market penetration [4]. - The company plans to utilize its market advantages in centralized procurement and essential medicines to facilitate the sales of the new products across more than 20 provinces [4]. Group 5: Production Capacity and Future Plans - Current production capacity for the core product, Wuling Capsule, is 900 tons, with high utilization rates. The company is planning to expand capacity to meet future demand [5]. - The "Wuling+X" product development project aims to create a family of 10 innovative products targeting digestive and urological conditions [5]. Group 6: Sales Projections and Market Trends - For 2026, Wuling Capsule is expected to maintain steady growth through enhanced distribution in county-level medical institutions and online channels, with a focus on consumer education [6]. - The Bailing series is projected to achieve a sales scale of CNY 1 billion, supported by participation in national centralized procurement across 31 provinces [6]. Group 7: Financial Strategy and Shareholder Returns - The acquisition will be financed through phased cash payments, with the company maintaining a stable dividend policy in line with profit distribution principles [10][11].

Group 1: Company Overview - Fujian Snowman Group Co., Ltd. was established in 2000, focusing on thermal power technology for cold chain logistics, industrial refrigeration, clean energy, and hydrogen power sectors [1] - In the first three quarters of 2025, the company achieved a revenue of CNY 1.631 billion, representing a year-on-year increase of 24.26% [1] Group 2: Data Center Business Expansion - The company has entered the data center business through compressor refrigeration equipment supply and key project construction [1] - It offers a diverse product line including piston compressors, open screw compressors, semi-hermetic screw compressors, and centrifugal compressors, with a new centrifugal compressor designed for high-efficiency data centers now on the market [1] - The company utilizes low-charge ammonia refrigeration technology, replacing traditional refrigerants, exemplified by its provision of third-generation low-charge ammonia cooling technology to Facebook's Denmark data center [1][2] Group 3: Controlled Nuclear Fusion Business - The company produces helium compressors essential for large-scale low-temperature systems, crucial for projects like the superconducting tokamak [2] - Its "megawatt-level" helium compressors can achieve cooling capacities at -271°C, with the technology recognized as internationally leading [2] Group 4: Hydrogen Energy Sector - The company is developing hydrogen fuel cell technology, focusing on core components and systems, while extending its existing compressor and refrigeration technologies to liquid hydrogen applications [2] - It has established a global hydrogen fuel cell technology R&D and supply chain system, with research institutions in Europe and Japan [2] - The new generation of metal plate fuel cell stacks has been developed, and the company is advancing the mass production of hydrogen fuel cells and core components domestically [2]

Group 1: Business Collaborations and Revenue Generation - The company has secured compliance data service business orders from major domestic and international AI model companies, including Alibaba, Tencent, and Microsoft, for model training purposes [2] - The company is a primary supplier of multimodal data for Tencent's mixed Yuan model and has established a partnership with Microsoft that includes both compliance data for exclusive model training and copyright material integration [2] - The company has launched a creative ToB custom service platform that integrates with top global models like Midjourney and nanobanana, facilitating various content generation services [2] Group 2: Data Resources and Industry Position - The company possesses over 700 million high-quality, copyright-compliant content data for AI model training, leading the industry [4] - It has a comprehensive structured metadata system with 3 million structured tags and industry knowledge graphs, providing a solid foundation for compliant training and commercial applications [4] - The company emphasizes that the demand for high-quality copyright data will continue to grow as AI models evolve, positioning itself as a key player in the generative AI value chain [4] Group 3: Content Monetization and IP Management - The company is actively exploring IP revenue-sharing models in collaboration with major platforms, recognizing the importance of high-quality compliant content for monetization opportunities [4][5] - Strategic partnerships have been established with platforms like Vidu and Jianying, allowing the company to provide authorized content to users beyond the Jianying platform [4] - The company aims to enhance its collaboration with generative AI platforms to explore IP licensing management and content revenue-sharing models [5]