Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [3] - Key applications of products span various industries, including food processing, cold chain logistics, industrial refrigeration, and HVAC systems for commercial and industrial use [3] Group 2: Financial Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with the decline rate narrowing each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems, with significant projects completed for major clients such as the National Supercomputing Center and various banks [4][6] - The Dunham-Bush company has a 131-year history and is recognized in the HVAC industry, with products included in the national green data center technology catalog [4] Group 4: Nuclear Power Sector - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery, with successful implementations in multiple nuclear power stations across China [6][7] - Innovations include a no-power cooling system for the safety shell and technologies for nuclear heating and long-distance heat supply [7] Group 5: Thermal Management and Carbon Neutrality - The company is committed to thermal management solutions, particularly through industrial heat pumps, and has been recognized as a national-level specialized "little giant" enterprise [8][9] - Technologies developed for waste heat recovery and carbon capture are expected to become essential under new government policies aimed at carbon neutrality [9] Group 6: Solid Oxide Fuel Cell (SOFC) Development - Since 2022, the company has collaborated with Xi'an Jiaotong University on SOFC technology, achieving significant advancements in output characteristics and integration techniques [10] Group 7: HRSG Products - The company’s joint venture, Yantai Modern Ice Wheel Heavy Industry Co., has a competitive edge in the global market for heat recovery steam generators (HRSG), with projected revenues exceeding 700 million in 2024 [10]

Group 1: Product Revenue Trends - The company's various product lines are performing well, with ticket printing business stabilizing after a decline due to electronic alternatives. Future projections indicate a decrease in the share of printing business, while composite and technical service sectors are expected to grow [3][4]. - The smart card business has seen an increase in gross margin due to higher business volume, which diluted fixed costs and improved production efficiency [3][4]. Group 2: Market Position and Competitiveness - The company estimates it ranks among the top in ticket printing and is a leading player in bank cards and social security cards. It holds a competitive edge in the northern regions of China for color printing and label printing [3][4]. - The company is developing digital currency wallet products and is in the process of obtaining necessary certifications for market entry [4]. Group 3: Robotics Business Development - The robotics division focuses on quickly deployable projects, with products like government and educational robots. The AI robotics business is expected to grow significantly in 2025 compared to 2024, although its current revenue share remains small [4]. - The competitive advantage in the robotics sector lies in aligning with existing customer needs, ensuring high project implementation efficiency [4]. Group 4: AI and Computing Services - The company has established an in-house computing center to support its AI technology services, currently providing computing power to its own AI product users without external offerings. Future expansion of computing capabilities will be evaluated based on business needs [4].

Group 1: Business Operations - The company's main business segments include printing, laminating, and technical services [3][4] - Printing services encompass commercial ticket printing, data processing and mailing, personalized color printing, and commercial label printing [3] - Laminating services include smart card manufacturing and RFID smart tags, serving various industries such as logistics and finance [3][4] Group 2: Financial Performance - For the first nine months, the company reported a revenue increase of 11.78% year-on-year [4] - Net profit attributable to shareholders grew by 53.48% year-on-year [4] Group 3: AI Robotics Business - The company began promoting AI robotics in Q4 2023, focusing on cost-effective products with quick implementation [4] - The AI robotics segment is expected to see significant growth in 2025 compared to 2024, although its current revenue contribution is still small [4] - The competitive advantage lies in developing robotics tailored to existing customer needs, ensuring practical application and efficient project execution [4] Group 4: Digital Currency and Growth Drivers - The company has the capability to produce digital RMB wallets and is in the process of obtaining necessary certifications for related products [4] - Growth in the first three quarters was driven by rapid expansion in the smart card business, along with improvements in document storage and electronic services [4]

Group 1: Company Overview and Product Development - The company is advancing its Coenzyme Q10 expansion project, with the main construction completed and an expected annual production capacity of 920 tons upon full operation [2][3] - The company utilizes advanced biological fermentation methods, ensuring high product quality while reducing unit production costs [3] Group 2: Market Outlook and Demand - The market demand for Coenzyme Q10 is growing, driven by its applications in cardiovascular health and anti-aging products [3] - Major consumer markets for Coenzyme Q10 include developed countries like the United States and Japan, with significant potential in emerging markets such as China [3] Group 3: Marketing Strategy - The company plans to enhance the marketing of its health supplement brand, Doctor's Best, leveraging its international brand presence and full industry chain advantages [3] - Strategies include increasing market penetration of key products like Coenzyme Q10 and magnesium supplements, alongside promoting potential products through team development and marketing investments [3] Group 4: Research and Product Pipeline - The company possesses strong R&D and manufacturing capabilities, focusing on synthetic biology as a core innovation driver [3] - Future product development includes areas with significant market potential, such as omega-3 from algae and biobased sweeteners, in addition to Coenzyme Q10 [3]

编号：2025-034 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | （电话会议） 现场参观 其他 | | 参与单位名称及 | 工银瑞信 秦聪、吕焱 | | 人员姓名 | 广发证券 叶有为 | | 时间 | 年 月 日 2025 12 11 | | 地点 | 公司会议室 | | 上市公司接待 | 副总经理兼董事会秘书许恬 | | 人员姓名 | | | | 一、介绍环节 | | | 公司副总经理兼董事会秘书许恬就公司 2025 年前三季度经营情况 | | | 做了介绍。 | | 投资者关系活动 | 二、问答环节 | | 主要内容介绍 | 公司在接待过程中严格按照公司《信息披露管理制度》《投资 | | | 者关系管理制度》规定，没有出现未公开重大信息泄露等情况。各方 | | | 就公司品牌建设、产品研发、门店开拓等方面进行了交流，可参阅近 | | | 期《投资者关系活动记录表》之问答及定期报告。 | | 附件清单（如有） 无 | | | 日期 | 年 月 日 2025 12 11 ...

Group 1: Production Capacity and Infrastructure - The company has an annual production capacity of nearly 8 million tons for phosphate compound fertilizers, with an additional 1.9 million tons under construction [2][3] - The company is establishing production bases in various regions, including Hubei, Sichuan, Henan, Shandong, Liaoning, Heilongjiang, and Xinjiang, to cover major grain production areas and core markets [2][3] - The company is also constructing a 700,000-ton ammonia synthesis project at the Chengdu base, which includes supporting production lines for water-soluble compound fertilizers and controlled-release fertilizers [4] Group 2: Mining Projects and Resource Management - The company owns three phosphate mine resources in Leibo County, Sichuan, with a total resource volume of approximately 549 million tons [5] - The mining projects are progressing, with specific projects like the Aju Luogua mine and Niuniuzhai East section advancing in construction [5] - The company plans to use its self-mined phosphate rock for producing various products, ensuring stable supply and reducing production costs [6] Group 3: Phosphate Chemical Projects - The company is accelerating the development of a green circular industry project at the Yicheng base, which includes the construction of 150,000 tons of iron phosphate and 200,000 tons of phosphorus-based flame retardants [7][8] - The project aims to enhance the company's capabilities in fine phosphorus chemical products and extend its influence in the phosphorus chemical and new energy materials markets [8] Group 4: Iron Phosphate Business - The company has established a complete iron phosphate industrial chain with an annual capacity of 30,000 tons [8] - It has formed strategic partnerships with key clients in the lithium battery sector, ensuring stable supply of precursor materials [8] - The company aims to strengthen collaborations with quality customers to promote the continuous development of its new energy materials business [8]

Group 1: Company Performance and Future Plans - The company aims to enhance its operational level and profitability while maintaining stable performance to reward shareholders [1] - As of the end of Q3 2025, the company holds 12,930,660 shares of Jiangsu Bank, with plans to sell remaining shares based on market conditions and operational needs [1] - The company is currently assessing its technological capabilities and conducting market research to advance its robotics project [1] Group 2: Financing and Market Management - The company will consider its operational development, long-term strategy, and external financing environment when planning capital operations, ensuring timely information disclosure for any related plans [2] - The company emphasizes value management through stable cash dividends, effective investor relations, and enhanced transparency in information disclosure to create long-term value for investors [2]

Group 1: Company Overview and Current Operations - The company has provided services to over 1,200 gas companies and more than 50 million online users across 30 provinces and regions in China, maintaining a steady growth in orders [2][3]. - The company’s production capacity utilization remains high, effectively meeting market demand [5]. Group 2: Product and Market Insights - Ultrasonic gas meters are expected to see increased penetration due to their advantages in measurement accuracy, safety, and intelligence, aligning with the industry's demand for high reliability and remote management [3][4]. - The company is actively collaborating with gas clients to promote the sales of ultrasonic gas meters, which currently have a low market share due to higher manufacturing costs [3]. Group 3: Competitive Positioning - The company has over 30 years of experience in the gas industry and is one of the pioneers in commercializing NB-IoT smart gas projects, leveraging its national-level CNAS laboratory and provincial research institute for continuous innovation [4]. - The company has achieved multiple certifications, including ISO56005 for innovation management and ISO9001 for quality management, ensuring high product quality through stringent control processes [4]. Group 4: Future Growth and Expansion Plans - The company is responding to the "Belt and Road" initiative by expanding into Southeast Asia, Central Asia, and the Middle East, with future plans to enter Africa and South America [6]. - The company aims to integrate its core technology with high-end precision manufacturing, seeking investments in quality enterprises with core technologies and intellectual property [7][8]. Group 5: Long-term Strategic Goals - The company’s vision focuses on "wisdom, safety, and efficiency," with a commitment to high-quality development and a dual approach of internal growth and external acquisitions over the next 3-5 years [8].

Group 1: Industry Overview - The pesticide industry remains highly competitive, with major pesticide product prices stabilizing at low levels, but global inventory levels are returning to normal, leading to a slight recovery in demand and prices [2] - The market for glyphosate is expected to grow due to increasing product registrations, market promotions, and production technology improvements [2] Group 2: Company Insights - The company is the largest producer of glyphosate in China, with increasing market share and sales year-on-year [2] - The company is actively pursuing global market registrations for glyphosate, with approvals being obtained progressively [2] Group 3: Product Development and Future Plans - The company is optimistic about the market prospects for chlorantraniliprole, with significant efforts in market layout and production process optimization [3] - Future development plans include continuous technological upgrades, cost reduction, and enhancing product competitiveness, alongside expanding market demand through new product development [3] Group 4: Shareholder Changes - The controlling shareholder, Jiuyuan Group, has announced plans to transfer part of its shares through a public solicitation process, pending approval from relevant authorities [3] - The timeline and certainty of the transfer process remain unclear, and the company will ensure compliance with information disclosure regulations [3]

Group 1: Business Strategy and Growth - The company aims to cultivate new growth drivers and expand its second growth curve by exploring cross-border mergers and acquisitions [2][3] - The company has launched the "Rainbow Guardian" series of home cleaning products, focusing on safety, quality, comfort, efficiency, and health [3] - The company is open to diversified development opportunities that align with its strategic direction and can create resource synergies [3] Group 2: Financial Performance - The company's net profit for the first three quarters was 43.68 million yuan, a decrease of 38.84% compared to the same period last year [4] - The decline in net profit is primarily due to abnormal weather affecting seasonal demand, leading to revenue decline [4] Group 3: Marketing and Sales Strategy - The company plans to enhance its online sales strategy, which has seen a 17% growth in the home pest control product sector, by increasing investment in live e-commerce and community marketing [4][5] - The company will focus on optimizing its online marketing strategies to improve return on investment amid rising online traffic costs [5][6] Group 4: Supply Chain and Channel Management - The company is implementing a "dual main business complement + four-season category extension" strategy to optimize revenue structure and enhance operational resilience [4] - The company is committed to deepening cooperation with existing offline distributors while dynamically optimizing its channel structure to adapt to consumer trends [6]