Group 1: Company Operations and Developments - The construction of the third workshop for the 8000-ton project is currently underway, with equipment installation in progress and expected to be operational by December 2025 [2] - The company is focusing its cash management on high-security, high-liquidity products, including structured deposits and time deposits, with a maximum term of twelve months [2] - The company has not yet implemented specific foreign exchange hedging activities but is monitoring exchange rate fluctuations closely [3] Group 2: Product Performance and Market Strategy - Sales of key products such as pharmaceutical intermediates, DFBP, and photoinitiators have shown varying degrees of growth [3] - Investments in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology aim to enhance synergy with the company's main business and strengthen its influence in the specialty engineering plastics sector [3] - The company is concentrating its R&D efforts on core products related to aromatic ketones and process improvements, with specific advancements to be disclosed in the annual report [3] Group 3: Market Challenges and Adaptations - The company is actively exploring new international markets to mitigate risks associated with U.S. tariffs and trade protection measures affecting exports [4] - The pharmaceutical intermediates segment is expected to become a significant growth driver following the new workshop's production capacity expansion [4]

Financial Performance - The company achieved a revenue of 2.12 billion CNY in the first half of 2025, representing a year-on-year growth of 32.59% [3] - In Q2 2025, revenue reached 1.23 billion CNY, showing a year-on-year increase of 36.39% and a quarter-on-quarter increase of 38.71% [3] - The gross profit margin for the reporting period was 20.31%, a decrease of 0.64 percentage points year-on-year [3] - The net profit attributable to shareholders was 134 million CNY, up 54.86% year-on-year, with a net profit margin of 6.31% [3] Business Segments Performance - Power adapter business generated 826 million CNY in revenue, a year-on-year increase of 6.61% [4] - Data center power business revenue was 962 million CNY, with a significant year-on-year growth of 94.30% [5] - High-power server power revenue reached 662 million CNY, a remarkable increase of 216.47% year-on-year [5] - Other power business revenue was 323 million CNY, showing a modest year-on-year growth of 0.41% [5] Future Plans - The company aims for a revenue growth rate of 28%, 52%, and 72% for 2024-2026, with target values of 35%, 65%, and 90% respectively [12] - The net profit growth rate targets are set at 48%, 104%, and 200% for the same period, with target values of 60%, 130%, and 250% [12] - The company plans to continue expanding its overseas business, establishing teams in Taiwan and the USA [6] Market Conditions - The global economic environment remains challenging, with geopolitical conflicts and trade protectionism affecting growth [3] - The consumer electronics market is experiencing a slowdown, impacting the power adapter segment [4] Shareholder Actions - A share reduction plan is set to take place from September 22, 2025, to December 21, 2025, involving a maximum of 1.9 million shares [13]

Group 1: Financial Performance - The main reason for the profit growth in the first half of the year is attributed to the increase in sales of reverse osmosis membranes, particularly high-end products like seawater desalination membranes, which contributed to higher gross margins. Additionally, economies of scale have also boosted the gross margin [2]. Group 2: Industry Application and Revenue Sources - The company's membrane materials are widely used in water resource deep treatment, material concentration, and separation. The downstream industries are highly diversified, including coal chemical, power, metallurgy, food, pharmaceuticals, and municipal water treatment. Currently, no single industry accounts for more than 10% of revenue, with traditional industries still being the main revenue source [2]. Group 3: Market and Production Capacity - The domestic production rate of reverse osmosis membranes in the semiconductor industry is still low, currently in the early stages of promotion, and will require time for significant growth [3]. - Overseas revenue accounts for approximately 30%, primarily through partnerships with local distributors, while gradually building its own overseas after-sales service team [3]. - The current capacity utilization is at full production, meeting market demand. The design capacity disclosed in the annual report is conservative, and actual operations can further enhance capacity through equipment upgrades and increased production efficiency [3]. - Future capacity expansion plans depend on market demand, with the production base having surplus space and the ability to quickly initiate new production line construction, ensuring that capacity will not become a sales bottleneck [3].

Group 1: Overview of Shanghai International Short Video Center - The Shanghai International Short Video Center was established at the end of 2020, focusing on "scene + technology + content" [2] - The center aims to become the most comprehensive short video and short drama shooting base in Shanghai, with a full industrial chain ecosystem [2] Group 2: Existing Resources and Facilities - Currently, over 200 indoor scenes have been constructed, including hospitals, police stations, subway stations, luxury villas, and more [3] - In 2024, new historical scenes will be added, such as ancient city gates and inns, while 2025 will see the addition of Han and Tang dynasty interior scenes [3] Group 3: Supporting Facilities - The center features a complete set of supporting facilities, including a commercial food court and high-standard employee dining areas [3] - Additional amenities include hotel-style apartments, staff dormitories, and script reading rooms to cater to various accommodation needs [3] Group 4: Future Developments - The center plans to complete 8,000 square meters of street exterior scenes, enhancing the outdoor shooting environment [3] - A new 3,000 square meter professional studio will be built, capable of supporting over 1.5 tons of weight, to meet diverse client needs [3] - The company aims to establish a short drama fund to support quality projects and foster innovation in the industry [3]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.533 billion yuan, a year-on-year increase of 20.73% [2] - The net profit attributable to shareholders in the first half of 2025 was 222 million yuan, a year-on-year decrease of 6.19% due to a decline in gross profit margin [2] - The gross profit margin for the first half of 2025 was 21.51%, down 3.57 percentage points from the same period last year, primarily due to rising prices of precious metals [2] Group 2: Cost Management Strategies - The company is implementing a series of measures to improve gross profit margin, including optimizing sales structure and focusing on high-value customers [3] - Cost management initiatives include enhancing unit cost monitoring, improving material utilization, and implementing price adjustments for certain products [7] - The company aims to achieve a dual increase in per capita output and efficiency to mitigate the impact of rising raw material costs [7] Group 3: Capacity Expansion and Utilization - The current overall capacity utilization rate is approximately 85% [8] - The company is accelerating capacity expansion in its Zhuhai factories and establishing a new HDI factory to meet growing market demand [8] - Plans are in place to enhance production capabilities in Thailand and optimize domestic production processes [8] Group 4: Market Diversification and Risk Management - The company's revenue from the U.S. market accounts for about 10% [11] - To mitigate risks from U.S. tariffs, the company is diversifying its market presence, with domestic sales exceeding 50% [12] - Strategies include optimizing customer cooperation, accelerating overseas production base development, and enhancing domestic production efficiency [12] Group 5: Subsidiary Performance - The subsidiary San De Guan is facing challenges in the flexible printed circuit board (FPC) sector but has made progress in reducing losses [9] - The subsidiary Puno Wei has successfully launched its mSAP production line for advanced packaging substrates, with steady improvement in profitability [10]

Group 1: LIPO Technology Development - The LIPO technology market is currently thriving, with many consumer electronics manufacturers expressing interest in adopting LIPO technology. The company's LIPO products have already achieved mass production in projects such as wristbands and smartphones. Future market demand is expected to drive rapid growth in the LIPO business [2]. Group 2: Mini-LED Technology Applications - NIO's latest ES8 model utilizes the company's display products, including a 1.4m long SKYLine digital skyline screen and a 21.4-inch entertainment ceiling screen, both featuring Mini-LED technology. The company plans to leverage its first-mover advantage in the Mini-LED sector to enhance market expansion and accelerate business growth [2]. Group 3: Precision Components and Future Directions - The company is actively expanding into emerging smart hardware businesses and established a Precision Industrial Division in 2024. This division focuses on smart new hardware terminals, which are currently applied in sectors such as new energy vehicles, consumer electronics, and AI smart devices. Future exploration will include more applications related to AI products [2]. Group 4: Event Disclosure - The investor relations activity did not involve any undisclosed significant information [3].

Industry Overview - The pickled vegetable industry remains relatively stable, characterized by stock competition. The company is expanding its product categories and channels to adapt to consumer demand and enhance growth [1][2]. Product Development and Innovation - The company has shifted its strategy for new product launches, focusing on expanding the scale of new categories like pickled radish and pickled vegetables before controlling costs. This includes adjusting sales personnel evaluation mechanisms to encourage channel development [3][7]. - New product categories include pickled vegetable sauces and stir-fried pickled vegetables, with a focus on optimizing existing pickled vegetable products [2]. Channel Expansion - The company has established a large customer operations center to directly engage with major supermarkets like Sam's Club and Hema, allowing for customized product development and improved feedback loops for product optimization [4]. Raw Material Cost Management - Favorable weather conditions and stable planting areas have kept raw material costs low, with the price of green cabbage expected to remain around 800-1000 RMB per ton. The company is increasing its raw material procurement to mitigate future price fluctuations [5]. Profit Margin Outlook - The initial focus on expanding product volume may lead to lower profit margins, but as scale increases, profit margins are expected to improve. The pickled vegetable category is projected to maintain stable profit margins in the coming years [7]. Brand Strategy - The company maintains a consistent brand presence, adjusting marketing investments based on product maturity and market conditions. New product launches will see increased marketing efforts tailored to specific cities and competitive landscapes [8]. Consumer Demographics and Trends - The primary consumer demographic remains women aged 30-50, with consumption scenarios expanding to include snacks and outdoor activities. The company is exploring diverse product specifications and flavors to cater to these evolving consumer needs [9]. Market Penetration Challenges - In response to changing consumer habits during economic downturns, the company has introduced a 60g product priced at 2 RMB to attract price-sensitive consumers. Future plans include further product development and penetration into lower-tier markets [10]. Strategic Changes Under New Leadership - The company continues to implement a "dual-wheel drive" strategy, focusing on product category expansion and sales optimization. Adjustments to sales policies and incentive mechanisms aim to enhance sales performance and management efficiency [11]. Future Funding Plans - Funds raised will be allocated to the Wujiang green intelligent production base project, with expenditures planned for acquisitions, market promotion, and increased dividends to shareholders [12][13].

津膜科技上市以来，穿越了行业发展的高峰和低谷，经过 近几年不断的调整优化，公司资产质量明显改善，业务结构更 加健康，技术基础雄厚，品牌影响力较强，下一步将加大差异 化产品和技术研发，提升核心竞争力；聚焦重点市场不断增强 营销力量，提升销售规模；借助自身行业地位扩大合作渠道， 扩充优质合作伙伴，吸引整合更多资源；强化产业和资本的结 合，完善内部机制，激发更多企业活力和发展潜力，形成持续 健康发展。 证券代码：300334 证券简称：津膜科技 天津膜天膜科技集团股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 参加天津辖区上市公司 2025 年投资者网上集体接待日暨半 | | 人员姓名 | 年报业绩说明会的投资者 | | 时间 2025 | 年 9 月 11 日 13:30-17:00 | | 地点 | 全景网"全景路演"http://rs.p5 ...

Group 1: Company Overview and Innovation Plans - The company emphasizes that technological innovation is the core of its sustainable development, focusing on research and development (R&D) and technological transformation to optimize production processes and enhance product quality stability for activated carbon, sodium silicate, and silica gel [1] - The company aims to improve production line efficiency and environmental standards through "technology application, process improvement, and equipment enhancement," while steadily advancing towards decarbonization [1] - The company plans to explore new products and applications in activated carbon, leveraging its technical foundation to develop specialized activated carbon products, aiming for a "develop one generation, produce one generation, and reserve one generation" strategy for long-term growth [1] Group 2: Product Development and Market Expansion - The company has developed a wide range of activated carbon products, including bamboo-based granular activated carbon, fruit shell activated carbon, coconut shell carbon, supercapacitor activated carbon, biomass hard carbon, and porous carbon, which are applied in various industries such as fermentation, food additives, pharmaceuticals, chemicals, water treatment, environmental protection, catalyst carriers, and new energy carbon materials [2] - The company intends to strengthen its market position in the activated carbon industry by adopting flexible sales strategies to expand market share in traditional sectors and enhance product pricing power [2] - The company is actively developing high-end activated carbon products and utilizing exhibitions, forums, and seminars to enhance its industry image and promote a "one-stop overall solution" capability [2] Group 3: New Energy Carbon Materials - The company reports that its new energy carbon materials, including supercapacitor carbon, hard carbon, and porous carbon, have started well, achieving mass production and sales, and are expected to become a new growth driver for the company [2] - The company is progressing with the "2,000 tons per year porous carbon construction project" to further enhance its production capacity [2]

Group 1: Company Overview - The company is Yunnan Enjie New Materials Co., Ltd., with stock code 002812 and bond code 128095 [1]. Group 2: Investor Relations Activity - The investor relations activity was categorized as a specific object survey, with participation from institutions such as Yin Hua Fund, Ping An Asset, and others [2]. - The meeting took place on September 11, 2025, at the company's headquarters [2]. Group 3: Production Capacity and Market Demand - The current capacity utilization rate is high, indicating a leading position in the industry, with stable growth in downstream customer demand and orders [2]. - The pricing of membrane products is influenced by supply-demand dynamics and market competition, rather than solely by company decisions [2]. Group 4: Solid-State Battery Material Development - The company has two production lines for semi-solid battery membranes, indicating readiness for mass supply [4]. - In the full solid-state battery materials sector, the company has developed high-purity lithium sulfide and solid electrolyte products, with a pilot production line for 10 tons already operational [4]. Group 5: Advantages of Sulfide Electrolytes - The sulfide solid electrolyte produced by the company features ultra-low particle size and high ionic conductivity, which are critical for high-performance solid-state batteries [5]. - The combination of these properties enhances the electrolyte's efficiency and reduces interfacial reactions during battery cycling, improving energy density and cycle stability [5]. Group 6: Technical Breakthroughs - The company has achieved a reduction in particle size of sulfide solid electrolytes from over 15 µm to 300 nm, while maintaining ionic conductivity above 6 mS/cm, which is among the highest in the industry [6]. - This reduction in particle size helps decrease interfacial resistance and enhances battery energy density, addressing issues like lithium dendrite formation [6].