Company Overview - Suzhou Tianmai Thermal Technology Co., Ltd. was established in 2007, initially focusing on thermal interface materials, which have high technical barriers in the mid-to-high-end product market [2][4]. - The company has developed high thermal conductivity, low volatility, and low oil thermal silicone sheets, widely used in consumer electronics, security monitoring, automotive electronics, and communication equipment [2][4]. Product Development - In 2012, the company independently developed artificial graphite materials for heat dissipation, responding to the increasing demand for thermal management in consumer electronics [3]. - The company has invested in research and development of heat pipes and temperature equalization plates since 2014, despite initial market uncertainties [3]. New Projects - The company plans to invest in two new projects: 1. **Suzhou Tianmai Thermal Products Intelligent Manufacturing Base**: - Land area: 100 acres - Total investment: 1.7 billion CNY - Expected annual production capacity: 30 million high-end temperature equalization plates [4][5]. 2. **Suzhou Tianmai Thermal Products Intelligent Manufacturing Base (Hui Kai Road)**: - Total investment: 600 million CNY - Expected annual production capacity: 18 million high-end temperature equalization plates [5]. Financial Performance - For the first three quarters of 2025, the company reported: - Revenue: 818.44 million CNY, a year-on-year increase of 18.42% - Non-recurring net profit: 137.49 million CNY, a year-on-year increase of 2.24% [9][10]. - The lower growth rate of non-recurring net profit compared to revenue is attributed to increased management and R&D expenses, which rose by 38.76% and 36.20% respectively [10]. Strategic Goals - The 2025 restricted stock incentive plan aims to set challenging performance targets based on: 1. Industry prospects and market opportunities, particularly in emerging fields like smartphones, new energy vehicles, and 5G base stations [8]. 2. The company's strategic investments and capacity layout, which provide a solid foundation for future revenue growth [8]. 3. A balance between challenge and feasibility in performance targets to effectively motivate the team [8][9]. Product Applications - The company's thermal interface materials include thermal pads, thermal gels, phase change materials, thermal pastes, and liquid metals, with thermal conductivity reaching up to 15 W/m.K [10].

Sales Performance - In October 2025, Changan Automobile achieved sales of 278,000 vehicles, a year-on-year increase of 11.0% [1] - Cumulative sales from January to October reached 2.374 million vehicles, up 10.1% year-on-year [1] - New energy vehicle sales in October hit 119,000 units, a 36.1% increase year-on-year, with cumulative sales of 869,000 units from January to October, representing a 60.6% growth [1] - Cumulative overseas sales from January to October totaled 523,000 vehicles, a 12.0% increase [5] Brand Performance - Changan Qiyuan sold 36,378 units in October, maintaining over 30,000 units for three consecutive months [1] - Deep Blue Automotive's global sales reached 36,792 units in October, with the Deep Blue S05 surpassing 20,000 units in sales [1] - Avita's sales in October reached 13,506 units, a 34% year-on-year increase, marking a historical high [1] - Changan's Yidong model has been the top-selling independent fuel vehicle for five consecutive months [1] Strategic Partnerships - On October 15, Changan Automobile signed a strategic cooperation agreement with JD Group to explore smart logistics vehicles and develop new energy unmanned intelligent models [3][4] - The partnership aims to enhance logistics efficiency through customized smart logistics vehicles and joint marketing efforts [3][4] Future Plans - Changan plans to launch flying cars by 2030 and explore unmanned commercial vehicles, including cleaning robots and agricultural machinery [2] - The company is advancing its "Shangri-La" plan for new energy vehicles, targeting global users with brands like Avita, Deep Blue, and Changan Qiyuan [4] - A total of 610 billion yuan has been invested in R&D over the past five years, with over 24,000 R&D personnel and more than 20,000 global patents [4] Upcoming Products - Changan Qiyuan A06 will be launched on November 9, featuring advanced driving assistance and a spacious design [5] - The new Deep Blue L06 will introduce cutting-edge technologies, including a 3nm automotive-grade chip and advanced driving assistance systems [5] - Avita 12's four-laser version was officially launched on October 28, expanding product offerings [5]

Sales Performance - In October 2025, the company achieved sales of 278,000 vehicles, a year-on-year increase of 11.0% [1] - Cumulative sales from January to October reached 2.374 million vehicles, up 10.1% year-on-year [1] - Cumulative sales of self-owned brands from January to October were 2.017 million vehicles, a growth of 12.2% [1] - New energy vehicle sales in October hit 119,000 units, marking a 36.1% increase year-on-year, with cumulative sales of 869,000 units from January to October, up 60.6% [1] - Cumulative overseas sales from January to October reached 523,000 vehicles, a 12.0% increase year-on-year [4] Strategic Plans - The company is advancing its "Shangri-La" plan for new energy, aiming to establish three global smart new energy brands: Avita, Deep Blue, and Changan Origin [2] - The "Beidou Tianshu" plan focuses on smart technology innovation, with a total R&D investment of 61 billion yuan over the past five years [3] - The "Haina Baichuan" plan aims to enhance global competitiveness, with a focus on long-term, localized, and systematic development [4] Product Development - The company plans to launch several key products, including the Changan Origin A06 and the Deep Blue L06, featuring advanced technologies such as 800V silicon carbide platforms and 3nm automotive-grade chips [4] - The Avita 12 four-laser version was officially launched on October 28, 2025, contributing to sales growth [4] Strategic Partnerships - A strategic cooperation agreement was signed with JD Group on October 15, 2025, to explore smart logistics vehicles and intelligent operation systems [2] - The partnership aims to enhance logistics efficiency through customized smart logistics vehicles and collaborative marketing efforts [3]

Group 1: Order and Market Overview - In the first nine months of 2025, the company secured new orders totaling 18,131.12 MW, bringing the cumulative orders on hand to 46,868.05 MW by the end of September 2025 [2] - The order breakdown includes: - 993.70 MW for wind turbines between 2 MW and 4 MW - 8,366.02 MW for wind turbines between 4 MW and 6 MW - 37,508.33 MW for wind turbines of 6 MW and above [2] Group 2: Pricing and Competitive Landscape - Wind turbine prices are influenced by product type, market conditions, and project specifications, with a slight increase in prices observed due to heightened focus on quality and reliability [3] - The industry has signed a self-regulatory agreement to address issues of unfair competition and contract terms, aiming to stabilize pricing [3] Group 3: Cost Reduction and Profitability Improvement - The company is enhancing profitability through: - Technological advancements in product performance and new competitive products - Optimizing key parameters of wind turbine products and applying new technologies to improve cost competitiveness [3] - Developing core components in-house to increase gross margins [3] Group 4: Offshore Wind Power Development - The company is focusing on offshore wind power with plans to establish bases in Dalian and Wenzhou, aiming for industry leadership and brand advantage [4] - It is leveraging local resources and state-owned enterprise advantages to implement several near and far offshore wind projects [4] Group 5: International Expansion - The company’s international competitiveness is growing, with a more than 100% year-on-year increase in overseas bidding capacity in 2024, marking a continuous doubling growth for two consecutive years [4] - The company has made breakthroughs in markets such as the Middle East and North Africa, securing project orders for the first time [4]

Group 1: Termination of Restructuring - The termination of the restructuring was a result of friendly negotiations among all parties and thorough communication with intermediary institutions, influenced by multiple factors [3][4] - The specific reasons for termination were not disclosed, leading to investor concerns about the vagueness of "external environment changes" cited in the announcement [2][3] - The company faced scrutiny regarding whether financial issues of the target company were the real cause for the restructuring's failure, rather than the stated external factors [3][4] Group 2: Financial Performance and Concerns - The company reported a net profit decline of 24.51% year-on-year for the first three quarters of 2025, amidst a broader struggle with "increasing revenue without increasing profit" [4] - The 2024 net profit is projected to turn from profit to loss, primarily due to significant goodwill impairment from the underperformance of a recently acquired subsidiary [4][5] - Concerns were raised about the target company's financial discrepancies, including multiple corrections to financial statements and warnings from regulatory bodies [6][12] Group 3: Role of Intermediaries - The independent financial advisors and other intermediaries conducted thorough due diligence and provided professional opinions throughout the transaction process [5][7] - Questions were raised about whether these intermediaries fulfilled their responsibilities adequately, especially regarding the financial issues of the target company [5][6] Group 4: Future Strategic Direction - The termination of the restructuring will not affect the company's overall strategic deployment, which aims to accelerate the integration of quality industry resources and commercialize AI marketing models [5][12] - The company remains open to future acquisitions of quality targets but emphasizes the need for cautious and compliant planning [5][12] Group 5: Market Performance - The company's stock has consistently underperformed, with declines noted even when the broader market rises, raising investor concerns about the underlying business health [9]

Group 1: Event Overview - The event was a site visit to the Rolaile Smart Industrial Park on November 6, 2025 [2] - Participants included representatives from various financial institutions and investment firms [2] Group 2: Company Representatives - Company representatives included Vice President Wang Liang, CFO Chen Xiaodong, and Board Secretary Ding Wei [2] - The event was organized by the Rolaile Super Soft Research team and the Strategic Process AI Center [2] Group 3: Disclosure Information - The event did not involve any major information that required disclosure [3] - No presentation materials or documents were provided during the event [3]

Group 1: Financial Performance - The company recovered a total of 1.888 billion yuan in renewable energy subsidies in the first three quarters of 2025 [2] - The comprehensive tax-inclusive electricity price for the first three quarters of 2025 was approximately 0.28 yuan per kilowatt-hour [6] - Financial expenses for the first three quarters of 2025 amounted to approximately 482 million yuan [8] Group 2: Management and Strategy - The company completed management adjustments in April and May 2025 to focus on strengthening technology, optimizing quality, and expanding scale [3] - A new securities representative position was announced to enhance investor service capabilities [3] - The company has established a market value management system to support ongoing market value management efforts [5] Group 3: Project Development and Challenges - The company plans to connect the Muli and Toksun wind power projects to the grid in 2026 and 2027, respectively [5] - The company is facing challenges in electricity consumption in Xinjiang, with a current installed capacity of 112 million kilowatts but slow local demand growth [8] - The company is optimistic about improving the electricity consumption rate in Xinjiang due to national policies and infrastructure developments [6] Group 4: Market and Pricing - The company is preparing for the implementation of a share repurchase plan, with a total amount not exceeding 927.642 million yuan [8] - The company has not yet assessed the impact of the new electricity pricing scheme in Xinjiang starting November 1, 2025 [7] - The company is exploring multiple revenue channels for storage projects to enhance profitability [6]

Group 1: LIPO Technology - The company has achieved mass production of LIPO technology products with a smartphone frame thickness reduced to 1.1mm, as seen in the vivo X300 Pro, significantly enhancing drop resistance [2] - According to Omdia, the shipment of small and medium-sized OLEDs is expected to exceed 1 billion units in 2025, covering devices like smartphones and smartwatches, indicating a promising market for LIPO technology [2] - The company is currently in the capacity and yield ramp-up phase for LIPO technology products, with applications in devices such as Xiaomi Mi Band 10 and Meizu 22 [2] Group 2: Automotive Display Business - The trend towards intelligent, large, multi-screen, high-definition, and interactive displays in vehicles is driving the adoption of Mini-LED technology as a standard in smart cockpits [3] - The average price of Mini-LED automotive backlight display modules has been on the rise in Q3, with expectations for further increases as the number and size of Mini-LED screens per vehicle grow [3] - The company successfully mass-produced and delivered Mini-LED display modules for several vehicle models, including the new models from AITO and NIO, indicating rapid growth in the automotive display sector [3]

Group 1: Military Equipment Business - The company's military equipment business focuses on a new generation of integrated short-range defense systems, including products like the China Hunter 3.0 and intelligent three-dimensional coastal defense systems [2][3] - Core products include portable air defense missile intelligence command systems, field communication command systems, and radar and combat command systems [2][3] Group 2: Underwater Business Focus - The underwater business primarily concentrates on underwater sensors and autonomous underwater vehicles (AUVs) [3] - Underwater sensors are used for ocean environment monitoring, while AUVs can perform various underwater tasks such as reconnaissance and anti-submarine operations [3] Group 3: Export Markets and Customer Feedback - The company's military trade products are exported through military trade companies, with positive customer feedback on the system's multi-task detection capabilities and low-cost interception abilities [3] Group 4: Fundraising and Financial Plans - The company is in the process of a directed issuance of shares for 2024, which has been formally accepted by the Shenzhen Stock Exchange and awaits further approvals [4] - The net proceeds from the fundraising will be used to supplement working capital and develop the main business [4]

Company Overview - 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] - Its products and technologies are primarily applied in energy conservation, electric power, chemical, metallurgy, and papermaking industries [1] - The company possesses key core technologies covering materials, processes, and equipment, along with comprehensive special equipment production qualifications [1] Competitive Advantages - The management team has extensive industry experience and stable core technical personnel, contributing to strong R&D capabilities [1] - The company has established a competitive barrier through its industry-leading position, large-scale production capacity, and efficient production management [1] - It has a rich portfolio of applications with well-known domestic and international clients, showcasing its ability to undertake large projects and international orders [1] Market Opportunities - The company is actively expanding into overseas markets while maintaining its leading position in the domestic market [2] - There is a broad demand in the waste incineration market, and the coal-fired power generation industry is showing significant growth potential [2] - The company has strategically positioned itself in the HRSG and oil and gas composite pipe businesses, with HRSG already having a certain scale of production capacity [2] Production Capacity and Plans - The Vietnam production base has four HRSG production lines currently in operation, with plans to build a total of 12 lines by 2025 and 2026 [5] - Each additional production line requires an investment of approximately 6 million RMB, with the total factory area planned to be around 100,000 square meters [6] Product Details and Market Position - HRSG products produced in Vietnam include components for gas turbine waste heat recovery devices, with a production cycle of about 6 months [3] - The pricing model for HRSG products is based on material and labor costs, along with a set net profit margin [7] - The components supplied from the Vietnam base are critical to the overall value of the HRSG boiler, indicating a high value contribution [8] Order Prospects - The order outlook for HRSG products from the Vietnam base is promising, with several international clients undergoing preliminary factory audits [9] - The company is targeting the North American market, facing competition primarily from South Korean and Thai manufacturers [10]