Company Overview - Zhejiang Xinkai Technology Group Co., Ltd. is actively engaging with investors to discuss its operations and market strategies [1] - The company is currently in the trial production phase at its new facility in Liaoning, which is expected to last approximately one year [2] Production and R&D - The production ramp-up for the new facility is influenced by market demand and competition, typically taking 2-3 years for chemical companies to reach full capacity [2] - The company’s R&D expenses are lower compared to peers due to a focus on product development and customization rather than extensive manufacturing R&D [3] - Future investments in manufacturing bases and R&D centers are expected to increase R&D expenditures [3] Market Position and Sales - Approximately 87% of the company's revenue comes from overseas markets, with operations in over 70 countries [7] - The company has established seven subsidiaries abroad to enhance sales efficiency and customer service [7] - The global automotive coatings market is valued at around $24 billion, with the company aiming to increase its market share in high-end applications [8] Product Classification - The distinction between mid-to-high-end and mid-to-low-end products is based on application requirements and production costs, with high-end products requiring more complex and costly manufacturing processes [4] Strategic Location - The decision to establish manufacturing facilities in Jinzhou, Liaoning, was based on favorable local policies, energy costs, and logistical considerations [5][6] Competitive Landscape - The company faces significant competition in the high-end automotive coatings market, which is predominantly controlled by foreign giants [8] - The company aims to break the overseas monopoly through technological advancements and promote domestic brands globally [8]

| | 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 | | 类别 | 新闻发布会 路演活动 | | | 现场参观 其他 电话会议 | | 参与单位名称及人员 | | | 姓名 | 详见附件：参与单位名称及人员名单 | | 时间 | 2025年12月11日 下午16:30-17:00 | | 地点 | 电话会议 | | 上市公司接待人员 | 1、公司董事会秘书、财务总监 李红涛 | | 姓名 | 2、公司证券事务代表 刘玉 | | | 1、目前公司在商业航天业务领域配套的产品、客户以及价 | | | 值量情况介绍。 | | | 商业航天业务领域广阔，目前业务主要为商业火箭箭体结构 | | | 件制造，包括箭体大部段（壳段）、整流罩、燃料贮箱、发动机 | | | 阀门等。客户涵盖国内多家头部民营火箭公司。 | | | 目前市场上主流尺寸的一枚商业火箭成本中结构件占比在 | | | 25%左右。今年已经陆续小批量交付客户产品，按目前已经交付 | | | 的产品来看，一枚火箭公司的结构件产品价值量约1,500万。 | | | 2、公司商业航天 ...

Group 1: Current Operations and Projects - The company operates and is constructing water supply projects with a scale of approximately 4.3 million tons/day, wastewater treatment projects exceeding 12,000 tons/day, and waste incineration power generation projects with a scale of 480 tons/day [2] Group 2: Business Development Strategy - The company focuses on water and environmental protection, emphasizing both "internal growth and external mergers" while integrating supply and drainage services [2][3] - Plans to expand into strategic emerging markets in water and environmental protection, including recycled water utilization and kitchen waste disposal [3] Group 3: Pricing Mechanism - Water supply prices are adjusted based on national policies and agreements, requiring approval from government price authorities [3] - Wastewater treatment service fees are adjusted according to agreements with government entities, typically every 2 to 3 years [3] Group 4: Market Value Management - The company prioritizes market value management by enhancing fundamentals and operational efficiency to solidify intrinsic value [4] - Actively listens to market feedback and continuously improves the market value management mechanism [5] Group 5: Dividend Considerations - Due to significant capital expenditures on various projects, the company plans to enhance dividend levels once projects are operational and free cash flow increases [5]

Sales Performance - In November 2025, total sales reached 284,000 vehicles, a year-on-year increase of 2.5% [1] - Cumulative sales from January to November 2025 reached 2.658 million vehicles, up 9.3% year-on-year [1] - November sales of self-owned brands were 244,000 vehicles, a 5.8% increase year-on-year, with cumulative sales of 2.260 million vehicles, up 11.5% [1] - New energy vehicle sales in November hit 126,000 units, a 23.3% increase year-on-year, with cumulative sales of 995,000 units, up 54.7% [1] - The Changan Qiyuan brand sold 46,909 units in November, with a month-on-month growth of 26% and a year-on-year growth of 31% [1] Milestones and Future Goals - On December 10, 2025, Changan Automobile celebrated the production of its 30 millionth vehicle, achieving this milestone in 40 years [2] - The company aims to produce and sell 5 million vehicles by 2030, with over 60% being new energy vehicles and over 30% from overseas markets [2] Robotics Strategy - Changan Automobile announced the establishment of Changan Tian Shu Intelligent Robotics Technology Co., marking its entry into the robotics industry [3] - The robotics division will focus on humanoid robots and aims to create innovative products and solutions in the robotics sector [4] - The strategic layout includes a "1+N+X" approach, with humanoid robots as the main focus and various applications across different scenarios [4] Intelligent Safety Initiatives - The "Tian Shu Intelligent" brand was launched to enhance safety in intelligent mobility, expanding the safety concept to include driving, health, psychological, and privacy safety [5] - The Tian Shu intelligent driving assistance system has completed over 3.3 million kilometers of simulation, continuously improving its safety features [5] - The intelligent cockpit has responded to 72.5 million voice commands in the first ten months of the year, integrating AI technology for enhanced user experience [5]

Group 1: Company Overview and Market Position - Guangdong Boying Special Welding Technology Co., Ltd. focuses on welding technology and has been operational since 2007, initially serving North American clients in the offshore drilling platform welding sector [1] - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023, emphasizing its commitment to both domestic and international markets [1] - The company aims to maintain its leading position in the domestic market while actively expanding into overseas markets, particularly through investments in a production base in Vietnam [1] Group 2: Business Performance and Market Demand - As of September 30, 2025, the company's products are primarily used in the waste-to-energy sector, accounting for approximately 58.99% of revenue, with significant contributions from the chemical, paper, coal power, and gas turbine industries [5] - The company's overseas revenue represents about 54.28% of total income, with exports primarily directed to Asia, the USA, South America, and Europe [5] Group 3: Production Capacity and Expansion Plans - The Vietnam production base has four HRSG production lines in its first phase, with plans to expand to a total of 12 lines based on market demand [6] - The second phase of the Vietnam base is under construction and is expected to commence production in the second quarter of the following year [6] Group 4: International Projects and Partnerships - Notable international projects include the HZI Dubai project, which is the largest waste-to-energy facility globally, enhancing the company's visibility and order acquisition capabilities in international markets [3] - The company collaborates with major EPC contractors such as General Electric, Hitachi, and Mitsubishi, strengthening its position in the global market [4] Group 5: Future Market Outlook - The HRSG market in the USA is expected to grow due to structural increases in electricity demand driven by factors such as the expansion of AI data centers and the return of manufacturing [8] - The transition to cleaner energy sources in the USA further enhances the market potential for HRSG, as it improves the efficiency of gas-fired power generation and reduces carbon emissions [8]

| | 2.公司大缸径及数据中心相关业务市场情况与公司表现 | | --- | --- | | | 今年前三季度公司 M 系列大缸径发动机销售超 7700 台，同 | | | 比增长超 30%；其中数据中心市场销售超 900 台，同比增长超 3 | | | 倍，业绩贡献持续增长。 | | | 近年来，AI 技术快速迭代驱动算力基建加速，由此推动数 | | | 据中心备用电源市场快速扩容，进而带动面向该细分领域的高 | | | 端发动机的需求井喷。公司大缸径发动机启动速度快、加载能 | | | 力强，具有更可靠、更高效及更经济的优势，并凭借稳定交付 | | | 节奏，现国内外多个地区的数据中心项目均已完成产品交付验 | | | 收，国内外市场认可度持续提升。后续，公司将积极开拓国内 | | | 外战略客户，推动市场份额持续提升。 | | | 3.分红比例后续展望 | | | 一方面，公司持续做好业务经营，提升公司业绩表现。另 | | | 一方面积极通过现金分红、股份回购等方式回报股东。除一年 | | | 两次现金分红派息外，2025 年公司开展 A 股股份回购，2025 | | | 年中期分红也进一步提升至 5 ...

Company Overview - The company was established in 2001 and listed on the Shenzhen Stock Exchange in 2011. As of mid-2025, total assets reached CNY 8.023 billion [2] - It is a key supplier in the automotive thermal management and lightweight system components materials sectors, focusing on high-end aluminum alloy material substitution and innovation in various emerging fields [2] Sales Pricing Strategy - The pricing model for aluminum products is based on "aluminum ingot price + processing fee," with the ingot price referencing the monthly average of high and low prices from the Shanghai Nonferrous Metals Exchange [3] Profit Distribution - For the 2024 fiscal year, the company distributed CNY 247.15 million in cash dividends, amounting to CNY 2.00 per 10 shares [4] - For the first half of 2025, the distribution was CNY 123.44 million, at CNY 1.00 per 10 shares [4] Capacity Expansion and Development - The company is actively expanding its production capacity in emerging sectors, including: - 2 million sets of high-strength aluminum system components for new energy vehicles annually - 12 million lightweight aluminum parts for automobiles annually - 14,000 tons of high-efficiency aluminum tubes for home air conditioning annually - 100,000 tons of high-end aluminum-based materials for green electricity annually [5] Acquisition of Foreign Companies - On July 29, 2025, the company approved the acquisition of 100% equity in Alunited France SAS and Alunited Denmark A/S for €1.53 million, followed by an additional €1.47 million for operational capital [6] Establishment of Shanghai Branch - The Shanghai branch was established to enhance competitiveness in automotive, aerospace, robotics, and automation sectors, with registration completed in November 2025 [7] Future Development Outlook - The company anticipates new opportunities driven by global sustainable development policies and industrial upgrades, focusing on energy-efficient and low-consumption innovations in automotive thermal management systems [7] - The ongoing transformation in the automotive industry towards electrification and lightweighting presents both challenges and opportunities, with the company positioned to leverage its advantages in these areas [7]

Group 1: Financial Performance and Profitability - The overall gross margin has declined compared to the same period last year due to several new factories being in the ramp-up phase and capacity allocation adjustments [2] - In Q3 2025, three out of four new shoe production factories achieved interim profitability targets, including the first factory in Indonesia [2][3] - The company plans to maintain a stable or increasing dividend payout ratio, with cash dividends in 2021 accounting for approximately 89% of net profit, and projected to be around 70% for 2024 and 2025 [5] Group 2: Expansion and Capacity Planning - The company will continue to expand production capacity actively over the next few years, with three factories already meeting profitability targets by September 2025 [3] - Future capacity expansion will focus on new factories in Indonesia, with production expected to ramp up quickly [3] - The company will adjust production capacity based on customer order demands, utilizing new factory construction and equipment upgrades [3] Group 3: Market Conditions and Competitive Landscape - Rising labor costs in Vietnam are acknowledged, but the investment environment remains attractive for the footwear industry [4] - The company will adjust sales prices in response to labor cost increases while also diversifying risk by establishing new factories in Indonesia [4] - Indonesia's advantages in labor supply and costs are expected to enhance the profitability of the new factory compared to operations in Vietnam [2]

Group 1: Company Overview and Business Segments - The company focuses on superhard materials, developing a strategic product system centered on composite superhard materials, precision diamond tools, and CVD diamonds [2][3] - The main product categories include composite superhard materials for resource extraction/engineering, precision processing, and CVD diamonds [2] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 40,742.60 million yuan, showing a slight increase compared to the same period last year [3] - The net profit attributable to shareholders was 5,956.35 million yuan, indicating a decline due to inventory impairment provisions made by subsidiaries [3] Group 3: Market Position and Competitive Advantage - The company has over 20 years of experience in the composite superhard materials sector and holds a leading position in the domestic market [3] - Its products for resource extraction/engineering are known for their excellent wear resistance, impact resistance, and thermal stability, effectively competing against imported products [3] Group 4: Product Development and Innovations - The company has developed capabilities for batch production of large-size (12-inch) diamond substrates and films using CVD technology [4] - The PCD micro-drills produced by the company are characterized by long lifespan, high processing precision, and good surface finish, aimed at reducing reliance on imported precision tools [5]

Group 1: Company Overview - Anhui Kairun Co., Ltd. specializes in OEM manufacturing and brand operation, offering products such as soft bags, luggage, clothing, and fabrics [1][2]. Group 2: Acquisition and Integration - Following the acquisition of Shanghai Jiale, the company has enhanced operational efficiency, with Shanghai Jiale achieving a revenue of 6.85 million yuan and a net profit of 34.75 million yuan in the first half of 2025, reflecting a net profit margin of 5.08%, an increase of 1.79 percentage points year-on-year [2]. - The acquisition strategy focuses on expanding customer categories and product lines, enhancing the synergy between luggage and clothing manufacturing, and providing high-quality services to global top brands [2]. Group 3: Future Development Plans - The company aims to become a respected world-class innovative consumer goods company, focusing on high-quality customer strategies and expanding production capacity in the garment and auxiliary materials manufacturing sectors [3]. - Plans include improving digitalization and intelligence levels, deepening global production layout, and establishing advanced international manufacturing plants [3]. - The brand operation strategy emphasizes market trend monitoring, innovative product design, and enhancing product competitiveness, with a focus on exploring brand expansion into international markets [3].