Group 1: Event Overview - The investor relations activity took place on February 5, 2026, at the company headquarters, attended by 8 representatives from various financial institutions [1]. - The event included a tour of the company exhibition hall, Zhenbao Museum, and a visit to the Chaohongji jewelry stores and "Zhen" experience center [1]. Group 2: Q&A Session Highlights - Participants engaged in discussions regarding the company's performance forecast, the "One City, One Intangible Cultural Heritage" initiative, store openings, and overseas store status [1]. - Topics also covered included changes in product structure, new product planning, e-commerce operations, women's bag business, and the impact of gold price fluctuations [1]. - The communication adhered strictly to regulations, with no significant undisclosed information reported [1].

证券代码：001211 证券简称：双枪科技 双枪科技股份有限公司 2026 年 2 月 5 日投资者关系活动记录表 编号：2026-001 | 投资者关系 | 特定对象调研 分析师会议 媒体采访 | | --- | --- | | 活动类别 | 业绩说明会 新闻发布会 路演活动 | | | 现场参观 其他 | | 活动参与人员 | 兴业证券赵宇、浙商证券史凡可、浙商证券曹馨茗、国投 | | | 证券罗乾生、华安证券徐偲、华安证券余倩莹、国泰海通 | | | 毛宇翔、申银万国魏雨辰、天风证券张彤、华西证券杜磊、 | | | 财通证券戚志圣、华福证券汪浚哲、国元证券朱宇昊、东 | | | 方财富叶柏辉、信达证券李晨、华夏基金郑楷樾、华创证 | | | 券周星宇等 | | 时间 | 年 月 日（星期四）15:00-14:30 2026 2 5 | | 地点 | 线上调研会议 | | 上市公司接待人员 | 董事会秘书兼财务总监：朱卫清先生 | | | 董事、副总经理、新材料事业部总经理：徐洪昌先生 | | | 证券事务代表：张驰女士、雷丽女士 | | 交流内容及具体问 | 一、公司介绍 | | | 公 ...

Group 1: Heavy Truck Industry Outlook - The heavy truck market in China sold 1.145 million units in 2025, a year-on-year increase of 27% [2] - Exports accounted for 341,000 units, reflecting a growth of 17.4% [2] - The industry is experiencing a balanced development of multiple energy sources, including diesel, natural gas, and new energy [2] Group 2: Electric Power Energy Product Layout - The demand for electric power equipment in data centers is rapidly expanding due to advancements in AI technology [4] - The company has established comprehensive energy solution capabilities and has successfully delivered projects in various regions [4] - Future efforts will focus on leveraging delivery, product performance, and product mix advantages to expand strategic customer bases [4] Group 3: New Energy Powertrain Development - The company is accelerating its layout in new energy and technology sectors, focusing on pure electric power systems, fuel cells, and hybrid technologies [5] - The aim is to meet diverse market demands across different regions and application scenarios [5] - The company plans to capitalize on opportunities in the new energy sector by utilizing its full industry chain advantages [5] Group 4: Shareholder Return Outlook - The company is committed to optimizing its profit structure and enhancing long-term competitiveness [6] - Plans include high-frequency cash dividends and share buybacks to improve shareholder returns [6] - The company will consider shareholder expectations and market conditions to maintain a proactive and stable return policy [6]

Group 1: Business Expansion and Innovation - The company aims to innovate and develop new growth points in various business scenarios, focusing on market demand and technological innovation [2] - Future developments will include smart manufacturing equipment and industrial service business expansion, targeting high-risk environments for automation [2] - The company is actively engaged in R&D and promotion of new technologies and products, including solid material post-processing solutions and smart factory solutions [2] Group 2: Order Fulfillment and Delivery - The typical order completion cycle for smart manufacturing equipment ranges from 6 to 18 months, depending on user site conditions and project types [2] - Revenue recognition for industrial service contracts is based on the fulfillment of obligations over time, with longer cycles for new projects compared to upgrades [2] - The company employs a flexible manufacturing approach based on order requirements to ensure timely delivery of products [2] Group 3: Industry Applications and Market Position - The company's smart manufacturing equipment is utilized across various industries, including petrochemicals, new energy, food, and pharmaceuticals, providing efficient production solutions [2] - The company has established a competitive advantage in high-speed, high-precision manufacturing technologies, meeting stringent customer demands [3] - The company’s products are recognized for their advanced technology and performance, achieving both domestic leadership and international standards in certain applications [3] Group 4: International Market Strategy - In 2024, the company's overseas revenue is expected to remain low, with international operations being more complex than domestic ones [2] - The company has made progress in internationalization, with overseas markets identified as a key growth area [2]

Group 1: Financial Performance and Risk Management - Suzhou Jingyin has increased overdue receivables due to the photovoltaic industry's downturn from 2024 to 2025, leading to strategic contraction with severely overdue clients and enhanced collection efforts [1] - The company plans to adjust its client structure by developing new partnerships with several top 10 industry clients, expecting increased production volume in 2026 [1] Group 2: Production and Market Trends - Malaysia Jingyin began production in 2024 and achieved profitability in the same year; however, capacity utilization declined in 2025 due to geopolitical influences [2] - The company anticipates a rapid increase in shipment volumes from its Malaysian facility, benefiting from recent domestic and international policy changes [2] - In 2026, the company expects a rise in shipments of silver-coated copper paste due to higher silver prices, which will also lead to cost reductions for traditional pure silver paste users [2] Group 3: Order Management and Future Outlook - Suzhou Jingyin has signed procurement framework agreements with major clients, but due to volatile silver prices, clients prefer rolling orders based on demand rather than long-term commitments [2] - The Malaysian semiconductor factory is evolving from primarily integrated circuit packaging to a diverse range of packaging forms, positioning itself to leverage overseas market opportunities amid increasing domestic competition [2] Group 4: Compliance and Investor Relations - During the investor relations activity, the company adhered to regulations, ensuring no leakage of undisclosed significant information, and signed the required research commitment letter as per Shenzhen Stock Exchange requirements [3]

证券代码：002970 证券简称：锐明技术 深圳市锐明技术股份有限公司 投资者关系活动记录表 编号：2026-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | 现场参观 □反路演 ☑ | | | 其他（线上会议） ☑ | | | 博时基金管理有限公司、富国基金管理有限公司、嘉实基金管理有限公司、华 | | | 夏未来资本管理有限公司、华安基金管理有限公司、汇添富基金管理股份有限 | | | 公司、中欧基金管理有限公司、广发基金管理有限公司、鹏扬基金管理有限公 | | | 司、国泰海通证券股份有限公司、东方证券股份有限公司、招商证券股份有限 | | | 公司、东方基金管理股份有限公司、工银瑞信基金管理有限公司、国寿安保基 | | | 金管理有限公司、华富基金管理有限公司、合众资产管理股份有限公司、华宝 | | | 基金管理有限公司、安信基金管理有限责任公司、宝盈基金管理有限公司、北 | | | 京沣沛投资管理有限公司、创金合信基金管理有限公司、大家资产管理有限责 | | | 任公 ...

Group 1: Company Overview and Business Development - The company has transitioned from smart card business to liquid cooling technology due to technological accumulation and industry trends, starting with the investment in a specialized chip packaging project in 2018 [1] - The liquid cooling business has successfully entered the supply chain of major US semiconductor companies through partnerships in Taiwan [1][2] - The company has established a professional team with expertise in process development and customer service, supporting steady business growth [1] Group 2: Product Offerings and Production Capacity - The company provides core components for liquid cooling, including liquid cooling plates, stainless steel corrugated pipes, and connectors, with full-process manufacturing capabilities [2] - The production base for liquid cooling is located in Huizhou, with initial construction completed using self-funding, and plans for capacity expansion in 2026 [2][5] - The next generation of products focuses on microchannel technology (MLCP), aimed at enhancing heat dissipation efficiency in high heat flux scenarios [3] Group 3: Market Strategy and Customer Engagement - The company is actively expanding its domestic market presence, collaborating with leading server manufacturers and internet companies [4][5] - The liquid cooling capacity planning is based on the high growth trend of the liquid cooling industry and careful predictions of downstream customer demand [5] - Customers prefer to collaborate with the company due to its mature core processes and stable capacity, which offer efficiency and cost advantages over self-expansion [5] Group 4: Financial Outlook and Risk Management - The semiconductor packaging materials business has shown continuous growth since mass production began in 2023, with optimistic projections for 2024 and 2025 despite rising raw material costs [6] - The company is considering a new equity incentive plan to attract core technical talent, with 1,005,100 shares remaining in the repurchase account [6] - The company acknowledges potential risks in new business and product development, including technical, market, and application validation risks [6]

Group 1: Financial Performance - The company expects a net profit loss for 2025, primarily due to the overall real estate market conditions and increased asset impairment provisions and investment losses [2] - Despite the anticipated loss, the company maintains a stable operational situation with a diversified profit structure and strong cash flow management [2] - The company aims to optimize its business structure and enhance asset efficiency to gradually improve performance [2] Group 2: Real Estate Development - The company prioritizes risk prevention in its real estate development business, actively responding to market competition since 2025 [2] - It employs differentiated sales strategies to accelerate inventory clearance and ensure cash flow safety, focusing on high-quality projects in key regions like the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The company plans to continue monitoring industry policies and structural opportunities while strictly controlling new investments to optimize asset structure [2] Group 3: Warehousing and Logistics - The company's warehousing and logistics business, centered around Baowan Logistics, achieved a revenue of 920 million yuan in the first half of 2025, maintaining a high average warehouse utilization rate of 91.1% [3] - Despite a decline in average rental rates due to cautious leasing strategies, there is potential for rental stabilization and recovery in core cities as supply pressures ease and market demand gradually rebounds [3] Group 4: Asset Securitization - The company emphasizes asset securitization, advancing a closed-loop management system for fundraising, investment, construction, and exit [3] - The Baowan Logistics REIT has performed well since its listing and is currently expanding its fundraising efforts to acquire quality logistics park assets in cities like Chengdu, Xi'an, Ningbo, and Qingdao [3] - A logistics fund of 546 million yuan has been established to support future asset securitization initiatives [3]

Group 1: Company Overview and Financial Performance - The company is currently operating normally and steadily, with stable customer orders. Financial performance for 2025 and Q1 2026 will be disclosed in future reports [2] - The company has a long-term stable cooperation with major clients, which includes a pricing adjustment mechanism to mitigate the impact of rising raw material costs [2][3] Group 2: Raw Material Management and Cost Control - The company is implementing measures to address the impact of rising raw material prices, including early order forecasts from clients and strategic procurement from suppliers [3] - A flexible procurement system is in place to respond to market changes, along with a supply assurance system tailored to different policy environments [3] Group 3: Business Expansion and Market Opportunities - The company is expanding into the tobacco and alcohol packaging sectors, with a positive outlook on tobacco packaging and ongoing development in alcohol packaging [3] - The company is exploring new market opportunities and aims to leverage its strengths to expand into emerging business areas [3] Group 4: Dividend Policy and Investor Relations - The company emphasizes reasonable returns for investors, with cash dividends increasing annually from 2022 to 2024, adhering to profit distribution principles [3] - The company is open to considering acquisition opportunities while focusing on its core business without plans to extend into non-packaging industries [3] Group 5: Client Base and Product Offerings - The company serves a diverse client base across various sectors, including cosmetics, healthcare, food, pharmaceuticals, and emerging fields like e-commerce and cultural trends [3]

Group 1: Production and Operational Challenges - The company has implemented safety measures in response to extreme weather conditions, including a comprehensive drainage system and emergency evacuation plans [2] - Due to heavy rainfall in January 2026, underground water inflow exceeded drainage capacity, leading to water accumulation in some tunnels [2] - Despite the challenges, the company successfully executed a production halt and evacuation, preventing any casualties or major safety incidents [2] Group 2: Project Updates and Delays - The progress of the No. 6 crusher project for the copper phase II has been affected by the underground water issues, causing delays in the construction schedule [3] - The expected production commencement for the copper phase II project will be postponed due to the impact of the recent flooding [3] Group 3: Iron Ore Processing Enhancements - The company plans to upgrade its processing techniques to increase the iron ore grade from 58% to 65%, targeting an annual output of 6 million tons [3] - Although costs per ton may slightly increase, the price differential (approximately $13 per ton) between 62% and 65% grade will enhance overall economic benefits [3] Group 4: Dividend Policy and Investor Relations - The company emphasizes sustainable development in its dividend policy, aiming to balance profitability, cash flow, and investment needs to ensure stable returns for investors [3]