| ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他 | | | 华福证券 魏征宇；兴证全球基金 李楠竹；恒越基金管理有限 | | 参与单位名称 公司 | 薛良辰；东方证券股份有限公司 郭哲；财通证券资产管 | | 及人员姓名 | 理有限公司 郭齐坤；上海和谐汇一资产管理有限公司 赵辰； | | | 国联安 王栋 | | 时间 2025 | 年 9 月 15 日 10：00-11：30 | | 地点 | 上海市闵行区申昆路 2177 号 16 栋 909 会议室 | | 上市公司接待 | 董秘：褚玉玺；证代：符娟 | | 人员 | | | | 1、关于公司近年业绩情况概况。 | | | 受商誉减值计提、市场需求疲软及固定资产折旧高等因素影 | | | 响，公司近几年业绩承压，但随着经营策略持续优化，2024 | | | 年实现扭亏为盈，整体运营呈现企稳向好态势。2025 年上 | | | 半年，公司营业收入虽然同比有所下降，但归母净利润同比 ...

证券代码：002097 证券简称：山河智能 山河智能装备股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动类别 ☐ | 特定对象调研 分析师会议 | ☐ | | | --- | --- | --- | --- | | ☐ | 媒体采访 | ☐ | 业绩说明会 | | ☐ | 新闻发布会 | ☐ | 路演活动 | | ☐ | 现场参观 | | | | | 其他（集体投资者会议） | | | | | 现场及线上参与山河智能（002097）-广州工业投资控股集团有限公司上市公司 | | | | 参与单位名称及人员姓名 | 2025年半年度集体投资者会议的全体投资者 | | | | 时间 | 2025年09月15日 9:00-11:30 | | | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | | | | 董事长：付向东 | | | | | 独立董事：石水平 | | | | 上市公司接待人员姓名 | 副总经理、财务总监：黄仲波 | | | | | 董事会秘书：王剑 | | | | | 一、董事长对公司经营情况做简要介绍。 | | | | | 二、 ...

Financial Performance - The company achieved a revenue of approximately 880.61 million CNY in the industrial energy-saving business, representing a year-on-year growth of about 27.70% [2][3] - The building energy-saving business generated revenue of approximately 431.56 million CNY, with a year-on-year growth of about 5.00% [3] - The overall profit growth rate was slower than revenue growth due to increased labor costs and credit impairment losses [5][6] Strategic Initiatives - The company is focusing on strategic transformation with initiatives like "Service Doubling," "Energy Saving Doubling," and "Zhengfeng Action" to enhance service capabilities and project implementation [5][18] - A total investment of no less than 3 billion CNY is planned for the year, with 1 billion CNY specifically allocated for high-end energy-saving services [5][18] Business Development - The company has established a digital service company to enhance digital operations and maintenance services, aiming to transition from a single "investment holding" model to a dual model of "investment holding + high-end services" [5][6] - The industrial energy-saving business accounted for 54.92% of total revenue, with a gross margin of 52.00%, while the building energy-saving business accounted for 26.92% with a gross margin of only 14.44% [12][13] Market Position and Competitiveness - The company maintains a leading position in the energy-saving service industry, leveraging its project experience and comprehensive management system [10][11] - The energy-saving service industry is characterized by a fragmented market with many small players, providing an opportunity for the company to capitalize on its strengths [10][11] Future Outlook - The company anticipates continued growth in the energy-saving sector, driven by national policies supporting green development and energy efficiency [25] - Plans to enhance the company's asset structure and pursue strategic mergers and acquisitions to support long-term growth [20][25] Challenges and Risks - The company faces challenges from rising labor costs and market price fluctuations affecting profitability [5][6] - Potential risks related to subsidy reductions for renewable energy projects and the impact of policy changes on existing projects [14][15]

Group 1: Promotion of Comprehensive Solutions - The company is actively promoting comprehensive solutions for crops such as corn, wheat, rice, cotton, peanuts, citrus, grapes, and cherries in 2025, aiming to cover 1.5 million acres [2][3][10]. - As of mid-2025, the promotion of comprehensive solutions has shown a certain growth compared to the same period in 2024 [3][8][11]. - The challenges in promoting comprehensive solutions include the need for strong channel cooperation and gradual acceptance by end farmers [6][10]. Group 2: Financial Performance and Growth - The company reported a decline in revenue from the Southwest region in 2025, despite an increase in gross profit due to changes in sales structure [6][10]. - The company plans to continue increasing the number of technical service and marketing personnel to enhance market penetration [9][10]. - R&D expenses increased significantly in the first half of 2025 due to intensified efforts in new product registration [12][16]. Group 3: Market Position and Competitiveness - The company holds a strong position in the plant growth regulator market, being one of the earliest entrants with a wide product range and strong brand recognition [6][16]. - The company is considering mergers and acquisitions if suitable opportunities arise that align with its strategic development [7][16]. - The market for water-soluble fertilizers is expected to grow significantly, driven by the demand for efficient fertilizers and water-saving irrigation practices [16].

| 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 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 年 9 月 12 日 （周五） 下午 2:00~5:00 | 2025 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | | 用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、总裁—杨炯洋 | | | 员姓名 | 2、副总裁、财务负责人—李斌 | | | | 3、独立董事—张桥云 | | | | 4、董事会秘书—曾颖 | | | | 1：在上半年中与投资者的沟通过程中，公司 有哪些方面 | 问题 | | | 是迫切需要改善的？有什么确实可行的办法？ | | | | 答：您好！公司高度重视投资者关系管理。公司通过咨询电话、 | | | | 互动易、接 ...

Group 1: Company Performance and Strategy - The company's revenue for the first half of 2025 decreased by 7.3% year-on-year, primarily due to a decline in the retail industry index and consumers being more price-sensitive regarding essential goods [3] - The company is committed to maintaining its dividend distribution as promised, ensuring the protection of investor interests [2] - The company plans to enhance its online and offline integration strategy, with online business currently accounting for a significant portion of total revenue [3] Group 2: Competitive Positioning - The company emphasizes its competitive advantages as being more convenient, reliable, and affordable [1] - The collaboration with state-owned enterprises has led to improved resource integration and brand influence, resulting in significant sales increases for quality products [2] - The company aims to strengthen its "product + service" differentiation strategy to attract more consumers and enhance customer loyalty [3] Group 3: Market Expansion and Operations - The company is preparing to establish a distribution center in the southern Sichuan region, which is expected to positively impact business expansion, cost control, and market share [4] - The company has optimized its store layout and product structure, which has contributed to an increase in profits despite closing some stores last year [4] - The management team reassured stakeholders about the stability of operations following the entry of state capital, emphasizing the company's solid foundation and healthy development [4]

Group 1: Company Overview - The company specializes in precision metal components and new energy storage products, integrating R&D, manufacturing, and sales [1] - It provides high-quality solutions in various fields, including electrical, automotive, and energy storage [1] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 963,371,925.90, a year-on-year increase of 12.32% [1] - Net profit attributable to shareholders was CNY 60,607,666.16, reflecting a significant year-on-year growth of 96.43% [2] - The net profit after deducting non-recurring gains and losses was CNY 60,095,003.06, with a year-on-year increase of 97.68% [2] Group 3: Growth Drivers - The internationalization strategy has become a new growth point, with overseas factories contributing CNY 73,663,200, a year-on-year increase of 11.74% [2] - Sales from electrical precision components, particularly medium-pressure gas-insulated switchgear parts, grew by 80.13% [3] - Automotive precision components revenue increased by 12.18%, with a gross margin rise of 4.01% due to export growth and domestic technology breakthroughs [4] Group 4: Future Outlook - The company plans to expand its overseas business and domestic medium-pressure precision components, leveraging growth opportunities in wind power products and automotive precision components [2] - It aims to enhance its communication base station energy management projects and achieve sustained revenue growth [2] Group 5: Cash Flow Management - In the first half of 2025, the net cash flow from operating activities reached CNY 6,788.02 million, marking a historical high with a year-on-year increase of 41.58% [7]

Group 1: Company Performance and Financials - The company plans to distribute a cash dividend of 2.95 billion in mid-2024 and 3.14 billion in mid-2025, emphasizing shareholder returns [3][4] - The average selling price of electricity in 2025 is expected to decline compared to 2024 due to market reforms [7] - The revenue from wind and solar power generation in 2024 is projected to be 1.638 billion, a year-on-year increase of 4.92%, with this segment now accounting for over 50% of total revenue [11] Group 2: Lithium Mining and Market Strategy - The Li family mine project has a designed capacity of 4,200 tons per day, with an annual output of 180,000 tons, expected to generate over 900 million in revenue at current lithium prices [8][12] - The company is actively exploring new storage technologies and solid-state battery technologies, indicating a strategic shift towards these emerging markets [9][12] - The company has committed to avoiding competition with its controlling shareholder, ensuring that business operations remain distinct [15] Group 3: Market Challenges and Responses - The company acknowledges that its stock price has lagged behind various indices, attributing this to macroeconomic factors and market sentiment [7][10] - The company is focused on enhancing its market value management and improving communication with investors to address concerns about stock performance [4][10] - The company plans to increase its lithium production capacity to 6,000 tons per day, with a focus on optimizing production costs and maximizing profitability [12][14] Group 4: Future Projects and Developments - The company has ongoing wind and solar projects with a total installed capacity of 2.07 million kilowatts, expected to be operational between 2026 and 2028 [11][12] - The company is exploring partnerships for solid-state battery production, indicating a proactive approach to future energy storage solutions [9][12] - The company is conducting geological studies in the Ganzi and Aba regions to secure additional lithium mining rights [9][10]

Group 1: Investor Relations Activity Overview - The event was a product launch for the fabric tactile smart gloves, aimed at disclosing core product R&D and industrialization progress to investors [3] - The event included participation from over 80 institutions, including notable names like Hong Kong University and Shanghai Jiao Tong University [3][4] - The event took place on September 12, 2025, from 13:30 to 17:00 [3] Group 2: Academic Reports - Experts presented on breakthroughs in robotic manipulation technology, focusing on "grasping" as a core element [4] - Topics included human demonstration learning, robot throwing research, tactile perception and control, and visual-tactile integration for grasping [4] Group 3: Product Launch Details - The new fabric tactile smart gloves integrate flexible sensing and actuation fibers, achieving high integration of perception, actuation, and processing [4] - The gloves are designed for applications in remote operation of industrial robots, robot skill learning, and virtual assembly testing [6] - The gloves feature high precision, low latency, and strong comfort, supporting multiple platform applications [6] Group 4: Strategic Partnerships - Strategic cooperation agreements were signed with Junsheng Electronics and Changsheng Bearings to promote market deployment of the smart gloves [4] - The collaboration aims to develop key components for humanoid robots and enhance material supply chains [8] Group 5: Future Applications and Market Strategy - The gloves are expected to be used in three main scenarios: remote operation, robot skill training, and virtual assembly [6] - The company plans to collaborate with partners to drive commercialization and market expansion of the gloves [6] - The company aims to enhance the quality of tendon ropes, targeting a lifespan of 1 million uses for industrial applications [8] Group 6: Event Summary - The event effectively communicated the company's core product advancements, technical advantages, and strategic plans to investors [9] - The company will maintain regular communication with investors through various channels to ensure transparency and protect investor rights [9]

Group 1: Manufacturing Processes - MIM, CNC, stamping, and 3D printing are complementary manufacturing processes, each suited for different product needs and production scenarios [1][2] - MIM excels in producing small, complex 3D metal parts in large quantities, offering significant cost benefits [1] - Stamping is efficient for high-volume production of 2D shaped parts with thin walls, providing competitive unit costs [1] - CNC allows for high precision and complex structures but typically at a higher cost [2] - 3D printing is advantageous for small batches and highly complex prototypes, though it incurs higher production costs due to additional post-processing [2] Group 2: Foldable Screen Business - The foldable screen business includes two main areas: the power board segment (foldable phone hinges) and the metal manufacturing segment (MIM parts for hinge assemblies) [3] - MIM parts for hinge assemblies represent a higher revenue share compared to other components [3] - Growth potential in the foldable screen market is driven by hardware optimization, software ecosystem maturity, and potential price reductions in the supply chain [4] - Speculation about major North American brands launching foldable products could significantly influence the industry [4] Group 3: MIM Applications in Wearable Technology - MIM technology is well-suited for mass production of small, complex parts required in wearable devices like smartwatches and AI glasses [5][6] - The trend towards lightweight and high-strength materials in wearable electronics aligns with MIM's capabilities, particularly with titanium alloys [6] Group 4: Financial Performance and Projections - The net cash flow from operating activities decreased significantly compared to the previous year due to reduced receivables and increased employee compensation [7] - For 2025, the company aims for a revenue growth rate of at least 20% and a net profit growth rate of at least 25% compared to 2024 [7] - The company is confident in achieving its performance targets for the year [7] Group 5: Asset Management and Production Capacity - Asset impairment provisions were made based on comprehensive asset evaluations, influenced by order status and inventory age [8] - The increase in accounts receivable provisions is attributed to significant revenue growth and the corresponding rise in receivables [8] - The Vietnam subsidiary is expanding production capacity to meet customer demands and is actively exploring local market opportunities [8]