Group 1: Strategic Partnerships and Market Positioning - The collaboration with Tencent focuses on brand strategy, content co-creation, member service upgrades, and business growth, leveraging Tencent's digital resources to enhance brand exposure and consumer engagement [2] - The domestic cup and kettle market shows low brand concentration (CR4 below 20%), indicating significant growth potential for leading brands through improved design and channel strategies [3] Group 2: Cost Management and Production Capacity - The Thai production base is currently in a ramp-up phase, impacting short-term costs; however, local supply chain development and automation are expected to improve cost efficiency over time [4] - The company is confident in reducing costs as the local supply chain matures and production capacity increases, with expectations of gradual cost pressure improvement [4] Group 3: OEM Business and Market Expansion - The OEM business is performing well, with an increase in orders from leading clients and expansion into new regions, including North America, Europe, and Southeast Asia [6] - The company is establishing localized supply chains overseas to strengthen partnerships and enhance order stability, aiming to capture a larger market share in the global cup and kettle manufacturing sector [6] Group 4: Future Growth and Market Trends - The company remains optimistic about the overseas insulated cup market, driven by outdoor activities and social media, which are diversifying consumption scenarios and increasing purchase frequency [7] - The industry is experiencing structural growth, with traditional brands maintaining steady growth while new brands are emerging rapidly, particularly in markets like Canada, Australia, and Europe [7] Group 5: Corporate Governance and Financial Planning - The company has established a clear and effective corporate governance structure, ensuring transparency and stability within the management team [9] - Following the approval for a specific A-share issuance, the company plans to proceed with the issuance based on market conditions and funding needs, aiming to maximize shareholder value [8]

Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 0.9287 billion CNY, with a year-on-year increase of 9.66% [1] - The non-recurring net profit totaled 0.916 billion CNY, reflecting a year-on-year growth of 94.16% [1] Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization [2] - Revenue from PCB data centers and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - The packaging substrate business includes a wide range of products, with significant growth in storage packaging substrates in Q3 2025 [4] Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with a notable increase in packaging substrate business due to rising demand in the storage market [5] Production Capacity Development - The company has factories in Shenzhen, Wuxi, Nantong, and Thailand, with new capacity coming from both new factories and upgrades to existing ones [6] Raw Material Price Changes - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, gold salt, and ink, with some prices increasing in Q3 2025 due to commodity price fluctuations [7]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 20.56 billion yuan, a decrease of 4.16% compared to the same period last year [2] - The gross profit margin was 40.28%, showing a slight increase year-on-year [2] - The revenue for Q3 2025 was 7.38 billion yuan, indicating a further increase compared to the previous quarter [2] Group 2: Product Development and Market Strategy - The company has launched differentiated, mid-to-high-end 2.0 speakers and desktop integrated speakers, which have helped boost speaker business revenue [2] - Since late March, the company accelerated the launch of new headphones in the domestic market, contributing to a recovery in performance starting from Q2 2025 [2] - The company has introduced over ten models of open-ear headphones, focusing on comfort and suitability for various scenarios [4][5] Group 3: New Product Highlights - Notable new products include the X1 Evo TWS headphones weighing only 3.8g and the Lolli ANC headphones with a noise reduction depth of -48dB [3] - The flagship S201 MKII 2.1 active speaker features high-resolution certification and 150W power [4] - The NeoMic Go is a wireless microphone with active noise cancellation capabilities [4] Group 4: International Expansion and Marketing - The company is focusing on global expansion, partnering with local celebrities in Thailand and popular actors in Japan to enhance brand visibility in key Asian markets [5] - The company is committed to maintaining significant investment in various product forms and pricing ranges for open-ear headphones [5]

| ☑特定对象调研 | | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系 | □新闻发布会 | □路演活动 | | 活动 类别 | □现场参观 | □其他 | | 参与单位名称 | 睿华资本：范从正、李萌萌 | | | 及 人员姓名 | | | | 时间 | 2025年11月28日 14:00-15:30 | | | 地点 | 公司会议室 | | | 上市公司接待 | 董事、副总经理、董事会秘书：陈廷飞 | | | 人 员姓名 | 证券部副经理、证券事务代表：王欢 | | | | 一、简要介绍公司情况 | | | | 公司成立于1998年，于2025年1月在深交所创业板上市，是一家 | | | | 专业的化学工程高端装备及产品整体技术方案提供商，主要从事高 | | | | 分子材料及双氧水生产领域的设备制造、设计咨询和工程总承包业 | | | | 务，服务于高性能尼龙（PA66）、生物基尼龙（PA56）、生物降解 | | | | 材料（PBAT/PBS）、聚酯（PET）和双氧水（H2O2）等行业，拥有 | | | | 化工石化医药行业（化工 ...

证券代码：001298 证券简称：好上好 编号：2025-005 | | 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 | | | | | 康卫荣 | 东方财富证券 | | | | 吕建新 | 亚威投资 | | | | 梁正芳 | 汇杰资本 | | | | 安佟亮 | 粤民投基金 | | | | 范尊武 | 涵崧基金 | | | | 林秋杏 | 涵崧基金 | | | 参与单位名称及 | 束佳黛 | 瑞业资产 | | | 人员姓名 | 刘靖 | 坚石资产 | | | | 陈建富 | 亿方富投资 | | | | 徐灵娥 | 前海骏杰 | | | | 孔庆华 | 前海骏杰 | | | | 李强 | 证金投资 | | | | 黄自成 | 图灵资产 | | | | 余礼冰 | 晓喆基金 | | | 时间 | 2025 年 11 | 月 28 日 | | | 地点 | 公司会议室 | | | | 上市公司接待人 | ...

Group 1: Company Overview and Financial Performance - The company is a high-tech enterprise engaged in drug research, production, and sales, with a focus on continuous shareholder returns through cash dividends totaling over 2 billion CNY since its listing [4]. - The company has a diverse product pipeline covering major disease areas such as cardiovascular, respiratory, ophthalmology, and digestive diseases, ensuring steady growth in performance [4]. - The company has maintained R&D investment exceeding 8% of revenue for several years, with the last three years seeing R&D investment surpassing 10% of revenue [5]. Group 2: R&D and Product Development - The company actively conducts post-marketing evaluations of traditional Chinese medicine (TCM) products, enhancing their clinical application and driving sales growth [5]. - The company is advancing the revival of dormant TCM products, with several products expected to become new performance growth points [7]. - The company is exploring the development of classic TCM formulas and hospital preparations, leveraging national policies encouraging TCM innovation [7]. Group 3: New Drug Approvals and Clinical Trials - The new drug Angladiwe tablets have been approved for market, with a comprehensive marketing strategy focusing on academic ecosystem building and data-driven service upgrades [8][9]. - Angladiwe tablets are the first oral drug targeting the PB2 site of the RNA polymerase for treating influenza, showing strong efficacy and low resistance [10]. - The company is conducting clinical trials for Angladiwe granules aimed at children and adolescents, with promising results indicating effective symptom relief [13][15]. Group 4: Future Directions and Market Expansion - The company is committed to international collaboration for its innovative drugs, aiming to enhance global R&D capabilities and brand influence [20]. - The company is focusing on metabolic diseases and respiratory diseases, with ongoing clinical trials for innovative drugs like RAY1225 and ZSP1601, which show promising efficacy and safety [16][17][18]. - The company is exploring various potential drug development pathways, including GLP-1 receptor agonists and multi-target therapies, to meet unmet clinical needs [19].

Group 1: Company Overview - The company focuses on high-precision navigation and positioning technology, integrating various technologies to create a comprehensive product layout across multiple domains [1][2]. - It has developed three core business segments: precise spatiotemporal perception equipment, Beidou high-precision industry applications, and intelligent driving and navigation control [2]. Group 2: Beidou High-Precision Industry Applications - The company offers a comprehensive industry solution that includes a Beidou high-precision positioning cloud platform, operational equipment, thematic maps, and CORS construction and maintenance services [3]. - It has developed a displacement monitoring system that provides real-time data on three-dimensional deformation, cracks, and rainfall, enhancing disaster perception and early warning capabilities [3][4]. Group 3: Precision Spatiotemporal Perception Equipment - The company provides high-precision positioning equipment and solutions for industries such as natural resources, construction, and emergency services, achieving millimeter and centimeter-level measurement accuracy [7]. - It has developed a series of products, including the iFlow series ADCP, which addresses challenges in flow measurement with high precision and miniaturization [7][8]. Group 4: Intelligent Driving and Navigation Control - The company supplies high-precision positioning technology and solutions for passenger cars, agricultural machinery, and construction machinery, enabling advanced driver assistance and autonomous driving [9]. - In the first half of 2025, the company’s inertial measurement unit (IMU) products achieved over 100% year-on-year revenue growth, with over 1 million units delivered [9][10]. Group 5: Engineering and Agricultural Machinery Control - The company has developed a management system for pile foundation construction and control systems for various construction machinery, successfully applied in major projects across multiple sectors [10]. - It has expanded its sales network for agricultural machinery, establishing over 20 new overseas sales channels and a local service center in Hungary to enhance customer service [10].

Group 1: Event Overview - The investor relations activity took place from November 3 to November 27, 2025 [2] - The event was held at the New Industry Biomedical Engineering Building, located at 23 Jinxiu East Road, Kengzi Street, Pingshan District, Shenzhen [2] - A total of 60 institutions participated, with 92 attendees [2] Group 2: Participants and Activities - The event included various formats such as on-site visits, online communications, and strategy meetings with major financial institutions [2] - Notable participating institutions included Abu Dhabi Investment Authority, Credit Suisse, and J.P. Morgan Asset Management [5][6] Group 3: Company Representatives - The event was attended by Zhang Lei, the Deputy General Manager and Secretary of the Board, and Lü Yuning, the Head of Investor Relations [2] - No new major communication content was introduced beyond previously disclosed investor relations activities [2]

Group 1: Company Products and Applications - The company primarily produces lead ingots, zinc ingots, zinc alloys, cathode copper, silver, gold, gallium, germanium concentrate, industrial sulfuric acid, and sulfur [1] - Lead is mainly used in lead-acid batteries, lead materials, and lead alloys, while zinc is utilized in galvanizing, die-casting alloys, and batteries [1] - Cathode copper has extensive applications across various industries, including electronics, machinery, construction, and aerospace [1] Group 2: New Materials Sector - The company has entered the high-end new materials sector through internal innovation and acquisitions, with its subsidiary focusing on advanced materials [2] - In 2023, the company acquired a leading domestic enterprise in the hot bimetal sector, enhancing its position in composite metal materials [2] - Production figures for the first half of 2025 include 10,800 tons of battery zinc powder and 1,237 tons of hot bimetals [2] Group 3: Resource and Exploration Activities - The company prioritizes resource strategy and aims to build a globally competitive non-ferrous metal industry chain [3] - It holds significant mining assets, including the large-scale Fankou lead-zinc-silver mine and several others in Guangdong, Australia, and the Dominican Republic [3] - As of the end of 2024, the company has metal resources of 7.13 million tons of zinc, 3.66 million tons of lead, and 6,607 tons of silver [3] Group 4: Sulfuric Acid Production - The company produced 1.47 million tons of industrial sulfuric acid by the end of Q3 2025, with a target of 1.96 million tons for the entire year [4] Group 5: Future Development Strategy - The company emphasizes efficient, green, and intelligent development, proposing a new strategy of "one body and two wings" [5] - The strategy focuses on leading the industry with rich metal resources while developing deep processing of copper, lead, and zinc [5] - The company aims to enhance its production capabilities and contribute to national supply chain security through project construction and capital operations [6]

Group 1: Silicon Carbide Substrate Development - Silicon carbide (SiC) is a key material for third-generation semiconductors, widely used in electric vehicles, smart grids, and 5G communications [2] - The company has launched its first 12-inch SiC substrate pilot line, achieving 100% domestic equipment development, marking a significant advancement in SiC substrate technology [3] - The company plans to accelerate mass production of 12-inch SiC substrates to provide high-quality, low-cost products, contributing to the growth of China's third-generation semiconductor industry [2] Group 2: Production Capacity and Global Expansion - The company is establishing a production capacity of 300,000 SiC substrates annually in Shaoxing and is investing in an 8-inch SiC substrate project in Penang, Malaysia [4] - Additionally, a project in Yinchuan aims to produce 600,000 8-inch SiC substrates, enhancing the company's technological and scale advantages in the SiC substrate market [4] Group 3: Market Progress and Client Validation - The company has achieved mass production and sales of 6-8 inch SiC substrates, with core parameters meeting industry-leading standards [5] - The range of clients for product validation has significantly increased, successfully securing bulk orders from international customers [5] Group 4: Semiconductor Equipment Advancements - The company has developed a 12-inch atmospheric silicon epitaxy equipment that meets international advanced standards in key performance indicators [6] - New products such as the 12-inch dry-in-dry-out edge grinding machine and 12-inch double-sided thinning machine are undergoing client validation [6] Group 5: Innovations in Compound Semiconductor Equipment - The company is focusing on the transition of the SiC industry towards 8-inch technology, leveraging its core technological advantages in equipment [7] - Continuous innovation in photovoltaic equipment is being pursued, enhancing automation and advanced manufacturing processes to improve efficiency for downstream clients [7]