Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [2][3] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [3] Product Development - Key products include mechanical water pumps, exhaust manifolds, turbocharger housings, electronic pumps, temperature control valves, and thermal management integrated modules [2][3] - The company has established national-level technology centers and four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, focusing on new energy thermal management components [3] Market Expansion - The company serves over 200 domestic and international clients, with products exported to the Americas, Europe, and Southeast Asia [3] - The company is expanding into civilian applications, including server liquid cooling, charging pile liquid cooling, and energy storage systems [5][7] Investment and Growth Strategy - The company is not planning additional investments in domestic automotive engine thermal management products but is focusing on integrating thermal management technology with new energy vehicles and other advanced fields [4][5] - The company has a clear growth strategy, including solidifying automotive thermal management business, expanding overseas through the Longtai Company in Thailand, and exploring new applications in high-tech fields [12] Financial Performance - The company has returned over 1 billion yuan to shareholders since its listing, demonstrating strong profitability and commitment to shareholder returns [12] Future Outlook - The company is positioned to benefit from the growing demand for liquid cooling solutions in AI data centers, with a focus on energy efficiency and product innovation [8][9] - The Longtai Company is set to enhance overseas production capacity, targeting Southeast Asia and other international markets [9][10]

Group 1: Industry Insights - The company anticipates an increase in PTA prices due to government initiatives addressing issues like price wars and profit margin compression in upstream industries, which may lead to marginal improvements in company performance [2] - The establishment of a new subsidiary in Lhasa, Tibet, aims to enhance local production of composite materials, improving market coverage and service response in the engineering materials sector [2][3] Group 2: Strategic Expansion - The company has significantly increased its overseas sales efforts, with foreign trade revenue expected to double in 2024 compared to the first half of 2023, and a projected 60% increase in 2025 [3] - A new subsidiary in Singapore was established in 2024, with future overseas expansion plans contingent on business strategy, market conditions, and global supply chain optimization [3]

2025 年 11 月 4 日投资者关系活动记录表 证券代码：300801 证券简称：泰和科技 山东泰和科技股份有限公司 | 3、研发团队的来源和构成？ | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回复：泰和科技研发团队由专家组带队，成员基本为公司从院 | | | | | | | | 校招聘、自主培养形成的专业人才，学历基本都是研究生。 | | | | | | | | 4、公司未来的盈利增长点有哪些？ | | | | | | | | 回复：主要是水处理药剂、电子化学品（包括各种高纯物、螯 | | | | | | | | 合剂、分散剂等）、电池材料（包括钠电的正负极、固态电解质的 | | | | | | | | 原料硫化锂以及硫化物固态电解质等）、新材料、合成生物等。 | | | | | | | | 附件清单 | 无 | | | | | | | （如有） | | | | | | | | 日期 | 年 | 月 | 日 | 2025 | 11 | 4 | 2 编号：2025-005 | 投资者关 | 特定对象调研 分析师会议 | | - ...

Industry Overview - The domestic plant growth regulator industry has approximately 540 companies, with around 1,900 registration certificates, averaging 3.6 certificates per company. About 400 companies hold fewer than the average, while over 30 companies hold more than 10 certificates, accounting for approximately 33% of all certificates [2][3]. - As of June 30, the company holds 150 plant growth regulator registration certificates, representing 7.7% of the total, making it the company with the most certificates in the industry [2][3]. Product Characteristics - Plant growth regulators (PGRs) are chemical substances that regulate plant growth and physiological functions, offering low dosage, significant effects, and high input-output ratios, making them essential in modern agriculture [3][4]. - PGRs differ from other pesticides in their purpose, production processes, industry maturity, and technical application requirements [3][4]. Sales Model - The company's primary customers include agricultural distributors, landscaping companies, government procurement departments, and large-scale planting units, with the end consumers being farmers and landscaping maintenance units [5][6]. - The sales model primarily involves a "company-distributor-retailer-customer" structure, with a focus on technical marketing to enhance distributor sales channels and improve planting techniques [6][7]. Competitive Advantages - The company benefits from high industry entry barriers due to strict regulations and lengthy, costly registration processes for pesticides, with new registrations taking over three years and costing millions [7][8]. - The company has over 40 years of experience in PGR research, production, and sales, supported by a skilled technical service team and a dedicated research institute for crop regulation technology [7][8]. - The extensive product line allows the company to offer comprehensive crop management solutions, enhancing customer loyalty and adapting to the trend of large-scale, intensive agriculture [8][9]. Technical Service Importance - The dual impact of PGRs on crops necessitates scientific application to achieve desired effects, with factors such as application timing, concentration, and method being critical for success [9][10]. Regulatory Impact - The "one certificate, one product" policy, effective from January 1, 2026, aims to standardize pesticide labeling and enhance market order, potentially increasing market concentration and competitive advantages for companies with quality registration certificates [10][11].

Group 1: Domestic Business Overview - The distribution of domestic downstream customers shows that the consumer electronics sector accounts for approximately 40%, while furniture and home appliances together account for about 25%. The automotive and new energy vehicle supply chain accounts for around 15% [3] - Other sectors include liquor, medical devices, food and beverage, health products, express packaging, and label and electronic functional material die-cut products [3] Group 2: Overseas Operations - The company has six factories in Vietnam, Thailand, Malaysia, and Mexico, with additional capacity available for expansion based on market demand [4] - Compared to local competitors, the company has strong advantages in product quality, service, R&D design, and customer resources, enabling it to meet global supply chain management needs effectively [4] Group 3: Market Challenges and Risks - The packaging industry has relatively low barriers to entry, but leading companies possess significant competitive advantages in R&D, product quality, customer resources, and service [5] - The company faces risks if overseas market expansion does not meet expectations, which could impact overall development goals [7] Group 4: Pricing and Profitability - Product pricing is determined by considering costs and customer demands for design and service [7] - The company has developed higher value-added customers and reduced low-margin orders, contributing to overall profit improvement [8] Group 5: Financial Health and Future Plans - The company aims for stable domestic growth and rapid overseas business growth in 2026 [7] - Cash dividends are emphasized as an important way to return value to shareholders, with future amounts depending on operational and financial conditions [8]

Production Capacity and Expansion Plans - The company currently has a production capacity of 8,000 tons/year for VC products and 4,000 tons/year for FEC products, with plans to increase VC capacity to 10,000 tons/year by Q2 2026 through technical upgrades [2][3] - Future capacity increases for VC and FEC products will depend on market demand and industry capacity releases, with potential targets of 20,000 tons/year for VC and 5,000 tons/year for FEC [2] Impact of Raw Material Price Changes - The price of 6-APA, a key raw material for the company's main pharmaceutical products, has decreased by 38% as of November 3, 2025, which is expected to enhance the gross margin of the pharmaceutical manufacturing business [3] - The company's pharmaceutical products, including Hezobactam and Shubactam, account for approximately 40% of total revenue in 2024 [3] Growth Opportunities in Pharmaceutical Business - The company is a major global supplier of Hezobactam and has successfully completed supplier qualification for its new production process, which is expected to reduce production costs and improve market competitiveness [4] - As the largest supplier of Shubactam, the company is experiencing a price increase trend for this product [4] - The company is expanding the production capacity of Piperacillin, which is a mainstream product with broad market demand [4] Synthetic Biology and Microbial Protein Initiatives - The company has become a pioneer in the domestic microbial protein industry, achieving a production capacity of 1,000 tons/year for filamentous fungal protein and is accelerating the construction of a project with an annual capacity of 200,000 tons for microbial protein and resource utilization [6] - The company has developed a new production strain with independent intellectual property rights and has applied for patents in nine countries, achieving international advanced levels in key production technologies [6][7] - The company’s microbial protein has received multiple international certifications, including HALAL and KOSHER, and is set to expand its market presence upon receiving new food ingredient registration [7][8] Environmental and Economic Benefits - The production process for the new protein not only efficiently converts raw materials but also produces high-value products like amino acid water-soluble fertilizers, contributing to cost reduction and economic benefits [8] - The company aims for zero emissions in its production processes, aligning with green manufacturing goals [8]

Group 1: Company Overview - The company primarily engages in the research, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor technology solutions [2][3] - The business is structured into four main units: motor technology (motor and electric module) and fluid technology (driving vision cleaning systems and thermal management systems) [3] Group 2: Cost Advantages - The core cost advantage stems from vertical integration in the supply chain, enhancing the overall competitive edge [4] - Standardized and platform-based product strategies improve quality and reduce costs through modular production and high component interchangeability [4] - High self-manufacturing rates of core components allow better cost and quality control, enhancing product competitiveness and gross margins [4] Group 3: Technology and Innovation - The company has developed harmonic magnetic field motor technology, which offers higher power density and material cost savings compared to traditional motors [5][6] - Multiple invention patent applications have been submitted, establishing a technological moat and competitive advantage in the harmonic motor field [5] Group 4: Market Trends and Opportunities - The ADAS (Advanced Driver Assistance Systems) market is expected to grow, driving demand for the company's ADAS active perception cleaning systems [6] - The company has established a strong position in the cleaning business, benefiting from early market entry and technological similarities [7] Group 5: Client and Market Expansion - The rapid development of the electric vehicle industry has opened new competitive fields, with the company actively expanding its client base in this sector [8] - The company has a significant number of quality clients in the new energy vehicle sector and is focused on deepening existing relationships while pursuing new orders [8] Group 6: Global Expansion - Since 2022, the company has accelerated its global production base layout, establishing facilities in the U.S. and Thailand [9][10] - The U.S. facility, with an investment of no more than $1.5 million, focuses on cleaning system products and related new product development [10] - The Thailand facility, with an investment of no more than 200 million RMB (or equivalent in USD), will expand its product offerings as client orders increase [10]

Group 1: Company Overview - Hainan Strait Shipping Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in 2009, laying the foundation for rapid development [2] - In 2017, the company expanded its business to port services by acquiring ferry terminal assets [2] - The company completed the integration of shipping resources in the Qiongzhou Strait in 2021, enhancing transportation service capabilities [2] - By 2025, the company will have a fleet of 64 passenger and roll-on/roll-off ships, ranking first globally [2] Group 2: Financial Performance - As of Q3 2025, the company reported cumulative revenue of CNY 3.923 billion and a net profit of CNY 190 million [3] - The weighted average return on equity was 2.96%, with basic earnings per share at CNY 0.0852 [3] - Revenue in Q3 2025 showed a 2.19% year-on-year growth despite a decline in net profit due to increased costs from strategic investments [3] Group 3: Business Operations - The revenue breakdown for Hainan Strait Shipping includes: - 72% from the Haian route - 10% from the Yantai to Dalian route - 6% from the Xisha route - 5% from port services [6] - The newly launched Haikou to Fangchenggang route covers 157 nautical miles and takes approximately 12 hours, enhancing connectivity with strategic initiatives [5] Group 4: Future Opportunities - The implementation of favorable tax policies in Hainan's free trade port is expected to lower operational costs and attract more investors [9] - The completion of infrastructure projects, such as the circular island tourism road, is anticipated to boost passenger traffic [9] Group 5: Strategic Initiatives - The company plans to invest in two new passenger and roll-on/roll-off ships to replace aging vessels [10] - Future strategies include improving operational efficiency and enhancing collaboration with partners to maximize resource utilization [11]

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 （中信证券 2026 年资本市场年会） 参与单位名称及 人员姓名 中信证券股份有限公司陆昊先生，建信基金管理有限责任公司 曾文琦先生，富国基金管理有限公司徐健荣先生 时间 2025 年 11 月 13 日 13:30-14:30 地点及形式 深圳福田香格里拉大酒店 上市公司 接待人员姓名 董事会秘书董曼女士，董事会办公室投资者关系工作人员 投资者关系活动 主要内容介绍 1.请介绍一下公司 2025 年前三季度经营情况。 答：2025 年以来，公司坚持以"三一五三"战略为引领， 聚焦主责主业，扎实做好金融"五篇大文章"，积极把握市场 机遇，加快业务模式转型升级，全力推进大财富、大投行、大 投资三大业务条线优化举措加速落地，强化数字赋能和科技引 领，提升资产配置效率，打造差异化核心竞争优势，为经营业 绩的稳步提升奠定了坚实基础。2025 年前三季度，公司实现营 业收入 38.61 亿元，同比增长 38.83%；实现归母净利润 10.67 亿元，同比增长 125.21%，主要是公司 ...

Group 1: Tariff Impact and Cost Management - The increase in U.S. import tariffs will raise the cost for customers selling to the U.S. market, while non-U.S. sales remain unaffected [2] - Historically, tariffs have been borne by brand customers (importers), ultimately passed on to consumers; the entire supply chain, including brands, manufacturers, and material suppliers, will discuss cost optimization strategies [2] - The company is closely monitoring tariff policy changes and maintaining communication with customers and suppliers regarding cost control [2] Group 2: Gross Margin and Production Capacity - The company's gross margin has declined compared to the previous year due to new factories ramping up production; however, there was an improvement in Q3 2025 compared to Q2 2025 [2][6] - Three factories achieved profitability in Q3 2025, including the first factory in Indonesia, indicating progress in operational efficiency and cost reduction measures [2][6] - Future production capacity will expand, with four new shoe production factories planned for 2024; three factories have already met internal profitability targets by September 2025 [6] Group 3: Pricing Strategy and Revenue - Average selling price fluctuations are influenced by customer and product mix; changes in brand representation and product categories can significantly impact average prices [5] - The company employs a diversified brand strategy, continuously introducing new clients while optimizing customer and product structures, affecting average selling prices [5] Group 4: Dividend Policy and Financial Health - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit; 2022 and 2023 saw dividend ratios of 43% and 44%, respectively [7][8] - For 2024, the dividend payout ratio is projected to be around 70%, with a mid-year dividend introduced in 2025, maintaining a strong cash flow and high retained earnings of approximately 9 billion RMB as of September 2025 [8]