Group 1: Investor Relations Activity - The investor relations activity was categorized as a specific object survey [2] - The event took place on November 19, 2025, at the company's headquarters [2] - A total of 1 investor participated, representing Huafu Securities [2] Group 2: Key Discussion Points - Investors engaged in discussions regarding industry conditions, product structure, terminal sales, and dividend planning [2] - The company ensured compliance with the information disclosure management system, maintaining the accuracy and completeness of disclosed information [2] - Investors signed a commitment letter as required by the Shenzhen Stock Exchange [2]

Group 1: Investor Relations Activity - The report documents an investor relations activity conducted by Desay SV Automotive Co., Ltd. on November 17-18, 2025, in Huizhou [1][2] - Participants included representatives from various securities firms and investment funds, such as Dongwu Securities and Guotai Junan [2] Group 2: Key Discussion Points - The impact of new intelligent driving regulations was discussed, emphasizing the need for higher performance and safety standards in vehicle configurations [3] - The company has secured new project orders from several international automotive giants, including Toyota, Volkswagen, and Volvo, indicating a strong internationalization process [3] - Progress in the company's robotics domain control business was highlighted, with strategic partnerships established with notable robotics firms and the launch of AI Cube for enhanced reliability and adaptability in various environments [3]

Group 1: Overall Operational Performance - In October 2025, China's heavy truck market sold a total of 18,10,10.62 thousand units, with a year-on-year growth of 60% and a month-on-month increase of 1% [2][3] - Cumulative sales from January to October 2025 reached a total of 1,10 thousand units, representing a year-on-year increase of 92.90% [2][3] - The company has achieved better growth compared to the industry average, with a robust order backlog [2] Group 2: Export Performance - The company's products are primarily exported through Sinotruk International, maintaining a strong growth trend in exports [3] - Key export markets include Africa, Southeast Asia, Central Asia, and the Middle East, covering over 150 countries and regions [3] Group 3: New Energy Heavy Truck Development - In 2025, cumulative sales of new energy heavy trucks in China reached 15.78 thousand units, reflecting a significant year-on-year growth of 178% [3] - The company is capitalizing on market opportunities in the new energy sector, with growth rates exceeding the industry average [3] - Future strategies include focusing on sustainable development in the new energy sector, aligning with policy and technological trends [3]

Company Overview - Strongda Circuit was established in 2004, focusing on the R&D, production, and sales of PCBs, particularly in mid-to-high-end prototypes and small batch boards [1] - The company serves various sectors including industrial control (60% revenue), communication equipment, automotive electronics, consumer electronics, healthcare, and semiconductor testing [2] Factory Positioning and Production Plans - Shenzhen factory focuses on high-end prototypes, handling demands for boards with 12 layers or more [2] - Jiangxi factory aims for rapid delivery of small batch boards, gradually taking on more complex PCB production from Shenzhen [2] - Nantong factory is set to produce 960,000 square meters of multilayer and HDI boards annually, with production expected to start mid-next year [2] Revenue Structure and Growth - Revenue from prototypes and small batch boards accounts for over 85%, with prototypes making up more than 50% and increasing annually [2] - The company has a diverse customer base with approximately 3,000 active clients, including over 100 listed companies [2] Competitive Landscape - The PCB industry in China is highly competitive, with over 2,000 manufacturers, primarily focused on low-end batch production [4] - Strongda's competitive advantages include quick response, flexible production, and high-quality service, with a trend of increasing average sales prices due to optimized product structure [4] Market Potential - The global market for rigid PCBs in the prototype and small batch segment is projected to exceed $11.8 billion in 2024, reaching $14.5 billion by 2028, with China accounting for approximately 45% of this market [5] - The company currently has sufficient orders and is operating smoothly to meet customer delivery needs [5] Acquisition and Expansion Plans - There are currently no acquisition plans; any future plans will be disclosed in accordance with decision-making procedures [7]

Company Overview - The company is a global leader in the electronic manufacturing services (EMS) industry, consistently ranked among the top by MMI [1] - It focuses on providing comprehensive electronic product manufacturing services, including R&D, process design, production, supply chain management, logistics, and sales [1] - The development strategy is centered around three main business areas: storage semiconductors, high-end manufacturing, and intelligent metering terminals [1] Storage Testing and Packaging - The company is a leading domestic player in high-end storage chip testing and packaging, with a skilled R&D and engineering team [2] - It possesses advanced multi-layer stacking packaging technology and testing capabilities [2] - Future plans include optimizing the product matrix and business model while expanding into emerging business areas to maintain technological leadership in the storage industry [2] High-End Manufacturing Strategy - The company prioritizes high-barrier, high-value-added businesses and is focused on digital transformation [2] - Core drivers include smart manufacturing, digital operations, and intelligent supply chains [2] - The goal is to enhance the systematic and flexible capabilities of high-end manufacturing, transitioning from "Made in China" to "Created in China" [2] Metering Business Development - The metering business will continue to expand in the domestic market to increase market share [2] - Since 2022, the company has secured multiple domestic orders, including a significant project with the State Grid worth over RMB 127 million in the first half of 2025 [2] - The company aims to leverage its extensive experience in international markets to enhance its domestic market presence, particularly in smart meter reliability and safety [2] Compliance and Information Disclosure - The company adheres strictly to information disclosure regulations, ensuring the accuracy and completeness of disclosed information [2] - There have been no incidents of significant undisclosed information leaks during the investor relations activity [2]

证券代码：002062 证券简称：宏润建设 宏润建设集团股份有限公司投资者关系活动记录表 编号：2025-06 | 投资者关系 | ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □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 | 国泰基金经理—谢泓材、浙商证券首席分析师—刘巍、南土资 | | 及人员姓名 | 产—吴刚、招商基金—王晗、国海基金—龚泓月、广发基金— | | | 张毅、东财研究所—王翩翩、泰康资产—李金桃、友邦人寿— | | | 杨佳、通乾投资—朱灵 | | 时间 | 2025-11-18 | | 地点 | 宏润大厦现场会议； | | | 东方财富证券 2026 年度策略会 | | 上市公司接待 | 科技业务总监毛正；董事会秘书薛锋 | | 人员姓名 | | | | 1、公司感觉城市基建市场近况如何？ | | | 公司城市基建业务主要聚焦长三角优势区域，下半年以来， | | | 上述区域的项目释放和落地情况有所改善。特别是三季度，公 | | | 司新承接业务量有所上升。 ...

Group 1: Overseas Business Development - The company has established a customer base in overseas markets and recognizes significant market potential for digitalization in power grids, particularly in the Middle East, Southeast Asia, and countries participating in the Belt and Road Initiative [2] - Plans to increase investment in overseas markets include enhancing human resources, marketing efforts, and increasing the frequency of exhibitions [2] Group 2: Research and Development - The company is actively developing applications related to the HarmonyOS, with initial implementations in the power industry and several products utilizing domestic chips and HarmonyOS [2][3] - Ongoing R&D focuses on transmission line inspection, with advancements in artificial intelligence, big data, and edge computing technologies [3] Group 3: Smart Inspection Systems - The company emphasizes that visual inspection, drone inspection, and robotic inspection serve different functions and complement each other in a comprehensive inspection system [3] - The market for smart inspection systems is projected to exceed 200 billion yuan, with a current market coverage of approximately 30% [3] Group 4: Market Potential - The expected market capacity for smart inspection systems is anticipated to grow significantly, with projections indicating a market space exceeding 600 billion yuan for transmission line inspection alone [3] - Including the market for substation and distribution intelligent inspection, the total market size in the power industry could surpass 1,500 billion yuan [3]

Market Demand and Product Applications - The demand for indium phosphide (InP) chips has significantly increased due to the rising prosperity of the downstream optical communication market [2][3] - InP chips are primarily used in laser and detector chips within optical modules, with applications in 5G communication, data centers, and wearable devices [3] - Gallium arsenide (GaAs) chips are utilized in RF devices, laser devices, and high-brightness LEDs, serving sectors such as mobile phones, computers, communication bases, and autonomous driving [3] Production Capacity and Growth - The company currently has a production capacity of 300,000 pieces/year for 4-inch solar-grade germanium wafers and 200,000 pieces/year for 6-inch wafers [4] - A project to increase production capacity to 1.25 million pieces/year by the end of 2025 is underway, with a long-term goal of reaching 2.5 million pieces/year [4] - The solar-grade germanium product segment has seen substantial growth due to the increasing demand for space solar cells linked to the rise in satellite launches [4][5] Recent Performance and Future Plans - The photovoltaic-grade germanium product segment has experienced significant growth, driven by the demand for commercial low-orbit communication satellites [5] - The compound semiconductor materials segment has also seen increased demand due to the improved market conditions in optical communication [5] - The company has no current plans to expand indium phosphide production capacity, but will disclose any future plans as required [8] Export Control and Resource Management - All main products of the company are subject to export controls, and the company has complied with regulations to obtain necessary export licenses [10] - The company is actively seeking to increase its resource reserves through acquisitions and exploration [11] Strategic Development Focus - The company aims to enhance its competitiveness by focusing on deep processing of products and expanding the market for compound semiconductor materials [12]

Group 1: Company Overview - The company, established in 1995, has developed production bases in Zhejiang Taizhou, Guangdong Jiangmen, Chongqing Tongliang, and Jiangsu Changzhou, and successfully went public in 2023 [2] - Main products include automotive and motorcycle intake systems, carbon canisters, smart instruments, water side flow plates, and pipelines, widely used in fuel vehicles, hybrid, and new energy vehicles [2] - Key clients include major automotive manufacturers such as GAC, Chery, Geely, BYD, and Seres [2] Group 2: Technological Advancements - The company has achieved core process autonomy through independent research and development and is actively investing in the PEEK high-performance materials industry [2] - A joint venture with Discover Material Inc. focuses on the domestic application of advanced materials, particularly in robotics, aerospace, and medical devices [2][3] - PEEK materials are characterized by high strength, wear resistance, self-lubrication, high-temperature resistance, and good insulation, suitable for extreme environments [3] Group 3: Market Strategies - The company anticipates price reductions from major manufacturers and is preparing by simplifying designs, optimizing production processes, and enhancing bargaining power [3] - Adjustments in payment terms by automotive manufacturers to 60 days are expected to improve cash flow and reduce bad debt risks for the company [3] Group 4: Stock Performance and Shareholder Actions - The company emphasizes market value management and aims to align intrinsic and market value, with stock price fluctuations influenced by various external factors [4] - Recent share reductions were primarily due to employee stock platforms and early external investors, with the scale being relatively small [5]

Group 1: Company Overview and Development - The company has focused on the research, production, and sales of beer malt since its establishment in 1987, currently operating 5 factories with an annual malt production capacity of 1.08 million tons, ranking first in Asia and fourth globally [2] - The company has over 20 years of collaboration with major beer manufacturers such as Budweiser, Carlsberg, and Tsingtao Brewery, and exports products to Southeast Asia, South America, Japan, Korea, and Africa [2] Group 2: Competitive Advantages and Market Strategy - The company maintains a competitive edge by specializing in the mid-to-high-end malt sector, continuously improving product lines and technical capabilities over 30 years [2] - The company adjusts its production capacity based on market changes and employs strategies like unified marketing and procurement to maximize overall benefits [2] Group 3: Pricing and Sales Model - Barley prices are influenced by supply-demand dynamics, climate, agricultural policies, and geopolitical factors, leading to uncertainties; the company locks in raw material prices to mitigate risks [2] - The sales pricing for large clients is determined through annual tenders, while small clients are subject to market pricing based on supply-demand conditions [2][3] - The primary sales model is direct sales, with only one distributor operating in Taiwan and the Philippines [3] Group 4: Export and Product Diversification - Domestic sales dominate, with exports accounting for approximately 25% to 33% of total sales, fluctuating based on domestic market conditions [3] - The company offers specialized malt products to meet the high-end demands of the beer industry, aligning with the trend of increasing beer quality [3] Group 5: Dividend Policy - Since its listing in November 2022, the company has emphasized sharing profits with shareholders, distributing cash dividends of 30.10 million yuan (19.29% of net profit) for 2022, 52.68 million yuan (30.35% of net profit) for 2023, and plans for 151 million yuan (50.27% of net profit) for 2024, indicating a gradual increase in dividend payout ratios [3]