投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 泰和新材集团股份有限公司 投资者关系活动记录表 编号：2026-038-042 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □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 上银基金 李星仪 长江证券 魏邈 光大保德信基金 岳子瞳 盈游天下投资 李子轩 国海证券 陈云 时间 2026 年 1 月 16 日 地点 公司会议室 上市公司接待人 员 董事会秘书董旭海、董事会办公室人员 投资者关系活动 主要内容介绍 投资者：芳纶现在的价格比较稳定？ 答：现在是比较低的位置。短期来看还看不到往上走的迹象； 往下的话，大家现在卷成这样，再往下空间也不大。 投资者：间位和对位的价格？ 答：对位略高，间位低一些。 投资者：芳纶的量有增长吗？ 答：稍微有些增长。 投资者：芳纶的增长主要是哪块贡献的？ 答：如果看应用领域，像纤维的应用领域，增幅看着很强劲 的不多，主要是芳纶纸的下游。 投资者：芳纶纸的下游主要？ 1 投资者关系活动记录表 | 答：绝缘领域像变压器，包括新能源的电机，这块增幅比较 | | --- ...

Group 1: Company Overview - The company operates four business divisions, starting with spandex, which was first produced in 1989, making it the first domestic producer of spandex in China [2][3] - The company has developed various products, including meta-aramid and para-aramid fibers, with the former launched in 2004 and the latter in 2011, establishing itself as the first domestic producer of these products [2][3] Group 2: Product Applications - Spandex is primarily used in textiles and apparel, while meta-aramid is known for its flame retardant, high-temperature resistance, and insulation properties [3] - Para-aramid is utilized in high-strength applications such as optical cables and protective gear, including firefighting suits and industrial protective clothing [3] Group 3: Business Development and Innovations - The company is enhancing its chemical sector by supplying raw materials for aramid production, with projects for aniline and acyl chloride currently in the design phase [3] - Innovations in advanced textiles include green dyeing, digital printing, and fabric recycling to strengthen ties with downstream customers [3] Group 4: Financial Performance and Challenges - The spandex sector has faced profitability challenges, but recent improvements in quality and pricing have been noted, with a focus on technical upgrades to enhance efficiency [4] - The company aims to improve accounts receivable management, which has seen rapid growth, and plans to focus on this area in 2025 [5] Group 5: International Expansion - Overseas revenue accounts for over 20% of total income, with plans for internationalization including localizing sales and hiring local staff in key markets [5][6] - The company is considering investments to gradually expand its international presence, focusing on proximity to end-users [5] Group 6: Subsidiary Performance - Two key subsidiaries, focusing on aramid paper and deep processing, are performing well, with a management style based on delegation [6] - The aramid paper is used in electrical insulation and aerospace applications, while the other subsidiary produces aramid pulp and woven fabrics [6] Group 7: ESG and Future Outlook - The company adheres to national laws regarding safety, environmental protection, and labor practices, promoting products that align with social development goals [6] - There is a possibility of acquiring upstream or downstream enterprises to enhance business synergy [6]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering everything with wisdom" [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] Group 2: Business Growth and Strategy - The company is expanding its overseas market for smart vehicle terminals, with a steady increase in overseas customer numbers and successful entry into a foreign automotive brand's supplier system [2] - The commercial vehicle monitoring terminal market is expected to grow due to increasing safety regulations and technological advancements, with a shift towards intelligent video recording devices [2] - The smart travel component business saw significant growth, achieving revenue of CNY 229 million in the first half of 2025, a 39.26% increase year-on-year [3] Group 3: Market Trends and Opportunities - The domestic market for smart sleep terminals is expanding, driven by a growing demand for sleep health solutions, with 26% of people sleeping less than 6 hours and 65% experiencing weekly sleep disturbances [4] - The sleep economy market is expected to continue growing, providing ample opportunities for the company's smart sleep terminal products [4]

Group 1: Company Overview - The main business of the company includes manufacturing and sales of industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment [2] - The company also provides comprehensive environmental governance services for solid waste and wastewater treatment and recovery [2] Group 2: Waste Heat Boiler Business - The industrial special waste heat boilers designed and manufactured by the company are primarily used in industries such as steel, non-ferrous metals, coking, chemical, power, and papermaking [2][3] - The company maintains a leading market share in the domestic waste heat boiler market and is one of the drafting units for national standards for dry quenching waste heat boilers [3] Group 3: Pressure Vessel Business - The company produces large and special material pressure vessels mainly for coal chemical, petrochemical, and fine chemical industries [3] - Key products include heat exchangers, separators, reactors, storage tanks, towers, filters, and evaporators [3] Group 4: Nuclear Power Business - The company manufactures nuclear power equipment such as injection boxes, internal component lifting baskets, spent fuel coolers, and boric acid coolers [3] - The company actively participates in domestic and international nuclear power projects and is progressing with the investment in a fourth-generation nuclear power equipment project [3] Group 5: 2025 Operational Performance - The company's production and operational performance in 2025 met expectations, focusing on deepening existing markets and expanding new ones [3] Group 6: Future Strategic Planning - The company is committed to deepening its core business, increasing technological innovation and management efforts, and optimizing resource allocation to enhance profitability and market competitiveness [3]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 3.387 billion, a year-on-year increase of 27.16% [2] - The gross profit margin for the first three quarters was 20.47%, a decrease of 0.80 percentage points year-on-year [2] - The net profit attributable to shareholders for the first three quarters was CNY 222 million, a year-on-year increase of 41.53%, with a net profit margin of 6.54% [3] - The operating net profit, excluding stock incentive and convertible bond expenses, was CNY 257 million, a year-on-year increase of 57.63% [3] Expense Overview - Total expenses for the first three quarters amounted to CNY 409 million, a year-on-year increase of 22.98%, with an expense ratio of 12.06% [4] - Sales expenses for the first three quarters were CNY 77.27 million, an increase of 8.88% year-on-year [4] - R&D expenses for the first three quarters were CNY 211 million, a year-on-year increase of 38.31%, with an R&D expense ratio of 6.22% [5] Product Development - The company offers a range of data center power products, including various power supply solutions for servers, with a focus on high-power and high-efficiency products [6][7] - Future plans include enhancing capabilities in high-power server power supplies and expanding into AI server power solutions [8] Business Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target global markets [10] - The company aims to leverage opportunities in the AI sector and domestic market replacements to drive growth [8] Convertible Bond Projects - The company plans to use proceeds from convertible bonds for projects including the construction of a new headquarters and R&D lab, and an annual production capacity of 1.45 million data center power supplies [11] Revenue Targets - The revenue growth targets for 2025 and 2026 are set at 28%, 52%, and 72% for the trigger values, with target values of 35%, 65%, and 90% respectively [13] Shareholder Actions - The controlling shareholder plans to reduce holdings by up to 2.1 million shares, representing no more than 1.91% of the total share capital, within a specified period [14]

Group 1: Energy Storage Business Insights - The energy storage industry is currently in a low-price competition phase, with a disconnect between market expansion and profitability [3] - The turning point for the energy storage sector is anticipated to be the comprehensive promotion of electricity market transactions, with European market mechanisms being more mature compared to domestic ones [3] - The company is cautiously advancing centralized energy storage while focusing on higher-margin commercial storage business and actively participating in domestic electricity trading pilots [3] Group 2: Industrial Software and Digital Transformation - The company's industrial information technology services cater to sectors such as transportation, electricity, chemicals, metallurgy, mining, pharmaceuticals, and municipal services, representing a strong profit-generating segment [4] - The second-generation industrial intelligent network management software provides a reliable monitoring solution for industrial control networks, addressing issues of disparate maintenance and data interoperability [4] - The company is exploring the integration of AI with edge computing to enhance existing edge controllers, aiming to develop intelligent controllers with autonomous decision-making capabilities [4] Group 3: International Expansion of Energy Storage - The company's international expansion focuses on Europe, facing challenges such as varying grid access standards and long certification cycles [5] - The company is also exploring business opportunities in Southeast Asia, where there is a significant electricity gap suitable for microgrid project development [5]

Group 1: Loan Allocation Strategy - In 2026, the bank will focus on supporting the real economy, with key loan allocations directed towards "supporting agriculture and small enterprises" and increasing loans for agricultural and inclusive small micro-enterprises [2] - The bank will emphasize support for inclusive finance, green finance, and strategic emerging industries as part of its financial strategy [2] Group 2: Capital Adequacy - The bank's core Tier 1 capital adequacy ratio is on an upward trend, primarily due to the emphasis on internal capital generation through profit retention, capital reserves, and surplus reserves [2] - The bank maintains a high level of core Tier 1 capital adequacy ratio, reflecting its commitment to internal growth and high-quality development [2]

Group 1: AI Business Strategy - The company has adopted an "ALL IN AI" strategy since 2023, prioritizing cost management, followed by construction and design enhancements based on knowledge attributes and feasibility [1] - AI applications in cost management have already been piloted in industrial parks and highway infrastructure, yielding positive results [2] Group 2: Core AI Application Areas - The main AI application directions include integrated design, refined cost management, and precise construction management [3] - In integrated design, the focus is on deep integration of AI with BIM to enhance design quality and delivery value, utilizing products like Concetto and AI-assisted tools in design software [3] - Refined cost management leverages AI and data for comprehensive cost control, with applications such as AI-driven quantity takeoff for industrial installations and highway projects [3] - Precise construction management aims to reduce costs and improve efficiency through enterprise-level AI services and project-level AI control, addressing material waste and personnel efficiency [3] Group 3: Revenue Model and Impact - The company employs a dual revenue model: enhancing existing services with AI while charging separately for new AI-native products, ensuring no disruption to the existing annual fee structure [4] - AI enhancements aim to increase product value and customer retention, thereby improving renewal rates and conversion efficiency for new purchases [4] Group 4: Advantages of Specialized AI Models - The company's construction engineering model integrates multimodal data, ensuring compliance with national standards and operational capabilities through API integration with existing software [5] - This specialized model differs fundamentally from general-purpose models by requiring spatial understanding, adherence to physical rules, and compliance with engineering standards [5] Group 5: Future AI Development Plans - The industry is transitioning from initial AI implementations to developing knowledge-driven intelligent agents for accurate end-to-end delivery [6] - The company does not anticipate a significant increase in R&D expenses due to AI investments, leveraging existing resources through specialized departments for AI development [7]

Financial Performance - In the first three quarters of 2025, the company's net profit experienced a year-on-year decline due to multiple factors, including an increase in VAT from 3% to 13% [3] - Market demand fluctuations for key products, particularly oral products, necessitated price optimization, while the procurement project for meninges products led to a cautious market sentiment [3] - Increased sales expenses for new product promotions and targeted marketing exerted pressure on operating profits in 2025 [3] Future Plans - For 2026, the company aims to deepen its presence in advantageous sectors, particularly with the launch of calcium silicate bioceramic oral bone repair materials, to enhance competitive capabilities in the oral market [3] - The company plans to integrate existing resources to boost the volume of active biological bone products and expand revenue contributions [3] - Efforts will be made to innovate and explore new business opportunities [3] Product Development and Market Strategy - As of now, 6 provincial and 2 inter-provincial alliances have initiated bulk procurement for meninges products, covering a total of 24 provinces [4] - The company is preparing for the bidding process for the Tianjin medical procurement center's bulk procurement project for medical consumables [4] - A comprehensive product promotion strategy is in place for the calcium silicate bioceramic oral bone repair materials, focusing on innovative advantages and market conditions to maximize profitability [4] International Expansion - The company is assessing the potential for international sales of multiple products, evaluating market entry barriers and potential returns in various countries [4] Customer Education and Talent Acquisition - The company engages in academic conferences and professional exhibitions to enhance product recognition among professional clients, including doctors and medical institutions [5] - Collaboration with organizations like the China Dental Disease Prevention Foundation aims to address urgent clinical repair needs for patients [5] - Talent acquisition strategies include leveraging existing platforms for high-end talent recruitment and fostering partnerships with academic institutions for talent development [6]

Financial Performance - The company expects a net profit loss of 200 million to 300 million yuan for 2025, compared to a profit of 360 million yuan in the previous year [2] - The net profit after deducting non-recurring gains and losses is projected to be between 160 million and 240 million yuan, a year-on-year decrease of 63.56% to 45.34% from 439 million yuan [2] Product Development and Market Strategy - The company is focusing on three battery technologies: mature P-type PERC, mid-term P-type HJT, and long-term perovskite tandem battery technology, with leading conductive paste products already in commercial use [3] - The storage chip business achieved approximately 500 million yuan in revenue, with a significant increase in both revenue and profitability, especially in Q4 with about 230 million yuan in revenue [4] - The company plans to increase its shipment target for 2026 to between 30 million and 50 million units, leveraging existing capacity and price increases to expand revenue and net profit [4] Risk Management - The company employs a production model based on sales orders and a procurement model based on production plans, mitigating risks from silver price fluctuations through hedging strategies [5] - The rapid increase in silver prices has led to significant non-recurring losses, but does not affect the company's long-term operational capabilities [5] Strategic Layout - The company is transitioning its strategic focus from enabling the "energy revolution" to empowering the "technology revolution," expanding its product range into space photovoltaic and commercial aerospace sectors [7] - Through acquisitions, the company has established a comprehensive industry chain in the storage business, aiming to become a leading third-party DRAM storage module enterprise in the next two to three years [7]