Group 1: Business Progress and Product Development - The company has rapidly developed its lithium iron phosphate (LiFePO4) business, with significant increases in shipment volumes, making it a key revenue source. The main products are third and fourth generation, with the fourth generation's share steadily increasing. The fifth generation is expected to enter mass production in the second half of 2026 [2][3] - The company has a total planned production capacity of 300,000 tons for manganese iron phosphate, with the first phase producing 120,000 tons already operational. Due to strong demand in the downstream energy storage market, the company is facing capacity shortages and is actively planning expansions in the southwest region [4] - The global energy storage market's rapid growth positively impacts the company's manganese iron phosphate business, which has become a significant revenue source. The company has established itself as a strategic supplier to major domestic energy storage and power battery manufacturers [5] Group 2: Raw Material Management and Supply Chain - The company closely monitors raw material market dynamics and price fluctuations, establishing long-term strategic partnerships with key suppliers to optimize supply chain management and mitigate cost impacts from raw material price volatility [6] - The company is advancing its resource layout for upstream materials such as phosphorus, lithium, and cobalt, aiming to build a sustainable and cost-effective strategic supply chain [6] Group 3: Customer Base and Market Expansion - The company's manganese iron phosphate materials are in high demand, with products being supplied to major domestic energy storage and power battery clients, including CATL and EVE Energy. The company is also expanding its customer base to meet increasing demand from the new materials industry [6] - The company has signed strategic supply agreements with international clients, contributing to stable growth in its multi-material product sales, with significant increases in international customer sales [11] Group 4: Technological Advancements - The company has made breakthroughs in manganese iron phosphate technology, addressing industry challenges such as manganese leaching, and has achieved small-scale shipments of its products, establishing itself as a benchmark in the industry [7] - The company is developing sodium battery cathode materials and solid-state electrolyte materials, with products entering batch verification stages and meeting diverse customer needs [8][9] Group 5: International Expansion - The company is accelerating the construction of its new materials industrial base in Finland, which is expected to be operational in the second half of 2026, to meet local supply demands and strengthen its international business advantages [12] - The European new materials industrial base project is planned to have a total capacity of 500,000 tons, including 200,000 tons of multi-materials and 300,000 tons of manganese iron phosphate, with phased construction based on market trends and customer needs [13][14]

Group 1: Capital Growth and Financing - The company focuses on balancing dividends and endogenous capital growth to ensure a solid capital foundation for sustainable business development [2] - Endogenous capital is expected to create greater value for the company's development, with a commitment to enhancing performance and providing more returns to shareholders [2] Group 2: Loan Growth and Economic Support - The company has been actively supporting key sectors such as small and micro enterprises, manufacturing, and consumer spending, leading to steady growth in loan scale [2] - Future loan growth is anticipated to be maintained through the release of policy dividends aimed at expanding domestic demand and promoting consumption [2] Group 3: Advanced Capital Measurement - The company is researching and following the regulatory requirements for implementing advanced capital measurement methods as outlined by the National Financial Supervision Administration [2] - The company is closely monitoring regulatory dynamics and the progress of peers in applying for advanced measurement methods [2] Group 4: Investor Communication - The company ensured thorough communication with investors during the meeting, adhering to disclosure regulations and avoiding any leakage of undisclosed significant information [2]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized and innovative" small giant [1] - The mission is to empower through intelligence and create a better future, focusing on customer success, innovation, pragmatism, and quality [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up 0.81% from the previous year [2] Group 2: Business Performance - In the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, a 21.66% increase year-on-year, and a net profit of CNY 180 million, reflecting a 33.95% increase [2] - The company is experiencing a product upgrade wave in the smart transportation sector, with policies promoting the replacement of traditional vehicle recorders with advanced models [2] Group 3: Strategic Initiatives - The company is expanding its "going global" strategy, increasing the number of overseas clients and entering the supply chain of an overseas automotive brand [3] - In the smart sleep terminal sector, the company aims to enhance product functionality based on customer needs and expand its market presence [3] - The company is actively pursuing innovation and application expansion in various fields, including smart campuses, smart cities, and smart offices [3] Group 4: Supply Chain Management - The company has strategically stocked a certain quantity of key raw materials, including storage chips, to meet short-term needs [4] - The impact of rising storage chip prices is limited due to their low proportion in the company's operating costs [4]

Group 1: Market Position and Product Pricing - The pickled vegetable industry is currently in a stock competition market, with little change in overall market demand and numerous companies targeting different consumer groups and regions. The company's product positioning is in the mid-to-high end of the industry, primarily focusing on city-level markets, accounting for approximately 70% of total revenue [1] - The last price increase for the company's main products occurred at the end of 2021, and there have been no further price adjustments since then. Overall, the product prices remain stable [1] Group 2: Profit Margin Outlook - The company's profit margins have been stable in recent years, and with the price of raw materials (pickled vegetables) remaining stable, costs are generally controllable. However, since 2024, the company has accelerated the launch of new products, which currently have lower gross margins than pickled vegetable products and are smaller in scale. The increased promotional expenses for these new products have had a certain impact on overall profit margins [2] Group 3: Sales Channels - The company's sales channels are divided into three main categories: online e-commerce, which has a volume of around 100 million; the catering channel; and the family consumption channel, which serves as the primary distribution channel [3] Group 4: Dividend Considerations - The company considers dividends primarily in response to shareholder requests and in line with current regulatory encouragement, aiming to share company benefits with shareholders and protect investor interests. Future dividend amounts will gradually increase based on capital expenditure plans and the company's actual situation [4] Group 5: Self-Funded Capital - The company currently has approximately 3 billion in self-owned funds, which will be primarily used for future planned mergers and acquisitions, product research and development, promotion, and brand advertising to support the execution of the company's medium- to long-term strategic plans [5]

Group 1: Project Progress and Business Development - The "No. 1 Project" of the reflective waveguide golden line is currently in a critical phase, with key process optimization underway, exceeding initial expectations [2][3] - The coating filter business has entered stable mass production, with market share targets for 2025 expected to be met, and a growth phase starting in 2026 [2][4] - The company is accelerating infrastructure construction for the second phase of its factory in Taiwan to ensure capacity meets customer demand [2][4] Group 2: Technology Pathways in AR Glasses - Reflective and diffractive waveguide technologies are both essential for the AR glasses industry, with no absolute replacement relationship, but rather a collaborative advancement [3] - The company focuses on large-scale production breakthroughs in reflective waveguide technology while also developing diffractive waveguide holographic solutions [3] Group 3: Product Supply and Market Position - The company has completed a diverse product layout in the AR glasses sector, with various optical components in different stages of mass production [4] - The reflective waveguide golden line is currently in a critical construction phase, while other products have achieved batch supply to downstream manufacturers [4] Group 4: Future Business Growth Guidance - Key growth drivers include stable performance in the North American market for optical film panels and the transition of production lines to Vietnam [5][6] - The company aims to maintain its position as a primary supplier for micro-prism business and increase market share in coating filter products [5][6] - Engagement with multiple end customers in the AR optical field is ongoing, with positive market feedback on reflective waveguide solutions [6]

Group 1: Recent Business Performance - The company has seen a positive trend in order intake recently, benefiting from winter clothing replenishment, although overall industry sentiment requires further observation, particularly regarding future winter consumption [2] - The operational performance of the Vietnam industrial park has improved significantly this year and is within the company's expectations, with a positive outlook for future development, although capacity ramp-up will take time [2][3] Group 2: Product Development and Market Strategy - The company's product development model includes two main approaches: designing new products based on market trends for client selection and collaborating with clients to develop products according to their clothing styles [2] - The market capacity for webbing products is substantial, with the company positioning it as a key component of its auxiliary materials strategy, aiming for it to become one of the company's pillar categories [3] Group 3: Impact of External Factors - The direct impact of tariff adjustments on the company's business is limited, as the volume of products exported directly to major markets like Europe and the U.S. is very low; however, changes in consumer sentiment and international trade environments can affect the textile and apparel industry [2] - The capacity utilization rate of the Bangladesh industrial park is continuously improving but is unlikely to reach domestic levels in the short term due to cultural and technological differences [3] Group 4: Future Outlook and Shareholder Relations - The company maintains a commitment to sustainable development and win-win principles, considering annual profit conditions, future development needs, and shareholder preferences when formulating annual profit distribution plans [3] - The company anticipates that the growth rate of zippers will exceed that of buttons, as zippers have a broader application range [3]

Group 1: Recent Business Performance - The company has seen a positive trend in recent orders, benefiting from winter clothing replenishment, although overall industry sentiment requires further observation, particularly regarding future winter clothing consumption [2] - As of the first half of 2025, the company's overseas production capacity accounts for 18.48% of total capacity, with operations in Bangladesh and Vietnam [2] Group 2: Production and Capacity Insights - The company has not significantly relocated production capacity due to the diverse product categories and complex processes in apparel accessories, which require high standards for supply chain support and employee skills [2] - The operational situation in the Vietnam industrial park has improved significantly this year, with a positive outlook for future development, although capacity ramp-up will take time [2] Group 3: Client and Market Dynamics - The company has observed better performance from outdoor sports clients among its downstream brand customers [2] - The market share of the company's zipper business remains relatively small, as the apparel accessories sector is a niche within the textile and apparel industry, with limited statistical data available [3]

Group 1: Customer Collaboration - The company has been collaborating with customer G since 2021, with order amounts reaching 100 million yuan this year, and products are being shipped with revenue recognition pending project acceptance [2][3] - Collaboration with customer N began three years ago, focusing on supplying electrical measurement and functional testing equipment, with small batch deliveries expected by year-end and larger supply arrangements planned for next year [2][3] Group 2: Product Pricing and Lifespan - The company's product price range is between hundreds of thousands to over a million yuan, with more complex products commanding higher prices; equipment can continue to be used if there are no changes in customer products [3] Group 3: Robotics Business Progress - The robotics business is primarily driven by customer T's testing needs, with IMU devices being shipped in small batches, each priced over a million yuan [4] Group 4: AOI Equipment Status - AOI equipment is still in the early stages, initially used in the 3C consumer electronics sector, with new applications for detecting surface defects in liquid cooling components; several units are being supplied for customer validation [5] Group 5: Business Outlook for Next Year - The AI server testing business is expected to grow significantly, with major clients like Amazon, Google, and Microsoft showing strong capital expenditure forecasts; AI server testing equipment revenue contributed significantly in Q3 [6] - The automotive electronics sector is projected to account for 20% of revenue this year, with continued demand expected next year [6] - Consumer electronics revenue is around 40% this year, with stable performance anticipated for mobile and tablet testing equipment, and potential growth in AI glasses-related business [6] - MLCC revenue is expected to maintain high growth due to ongoing expansion cycles among domestic clients, contributing about 10% to this year's revenue [7] Group 6: Strategic Positioning in Robotics - The company has strategic positioning in the robotics sector, with plans to explore components like harmonic reducers and robotic arms, leveraging past investments and technical expertise [8]

Financial Performance - In the first nine months of 2025, the company achieved a revenue of 2.667 billion CNY, representing a year-on-year growth of 13.43% [2] - The net profit attributable to shareholders was 167 million CNY, reflecting a significant increase of 42.99% compared to the same period last year [2] Business Strategy - The company aims to focus on mid-to-high-end positioning, emphasizing rubber products for sealing and vibration reduction [2] - Plans to leverage multi-field support strategies and technological integration to strengthen its business in automotive, rail transit, construction, and shipping sectors [2] - The company is targeting emerging industries such as new energy vehicles, energy storage, wind power, photovoltaics, hydrogen energy, liquid cooling, and specialty rubber [2] Contractual Agreements - The subsidiary, Haida New Energy, signed a procurement framework contract with Anhui Sailaf Energy Co., Ltd., with an expected total procurement volume of 3.7 GW of supporting products by June 30, 2026 [3] - The newly developed short frame products for full-screen borders are recognized for their safety, reliability, and performance, enhancing customer acceptance [3] International Expansion - The overseas factory in Romania has commenced production, focusing on automotive roof (sunroof) sealing components [3]

Group 1: Automotive Electronics Business - The automotive electronics business is a key strategic area for the company, with a market potential in the hundreds of billions [2] - The company has achieved comprehensive coverage of electric vehicle scenarios, including intelligent driving and smart cockpit applications [2] - The company anticipates rapid growth in the automotive electronics sector, driven by new product introductions and expanding core customer market share [2] Group 2: AI Data Center Development - The AI data center is a new strategic market for the company, focusing on high-precision and high-power density technologies [3] - The company provides a complete product solution for AI servers, covering various power supply needs, and has secured orders from leading domestic and international clients [3] - The overseas business for AI servers has seen rapid growth this year [3] Group 3: Tantalum Capacitor Products - The company has invested in the tantalum capacitor field for years, developing new products suitable for various applications, including communications and automotive electronics [4] - Tantalum capacitors meet the high reliability and stability requirements of automotive electronics and AI server environments [4] - The company has launched high-performance polymer tantalum capacitors for enterprise SSDs, catering to industry demands [4] Group 4: Gross Margin Trends - The company has maintained a competitive average gross margin since its listing, supported by continuous R&D investment and management innovation [4] - The focus on high-value-added products and strong core technology has allowed for better pricing power and margin protection [4] - Increased orders and capacity utilization have contributed to stable and high-quality gross margins [4] - The company is transitioning from a "product provider" to a "value creator," which is expected to further optimize gross margin levels [4] Group 5: Product Pricing Situation - The company's products are aligned with market prices, maintaining competitiveness with leading global electronic component manufacturers [5] - The company has established long-term partnerships with major global clients across various industries [5]