Group 1: Company Operations and Market Conditions - The overall production and operational situation of the company is normal, with a focus on safety management, energy conservation, and efficiency improvement to maximize economic benefits [1] - In Q4 2025, chemical product prices are expected to fluctuate due to varying operating rates of peer and downstream companies, changes in demand, and oil price volatility [1] - The company adjusts its product prices based on market conditions, ensuring transparency through online sales in the Lushi Mall [1] Group 2: Dividend Policy and Market Predictions - The company adheres to regulatory requirements for cash dividends, balancing profitability, operational funding needs, and shareholder returns [2] - The market price of chemical products is influenced by multiple factors, making predictions uncertain; the company will closely monitor market changes and adjust strategies accordingly [2]

Group 1: Financial Performance - The company's capacity utilization rate in the precision metal structural parts sector for Q3 2025 remains high [1] - The expense ratio for the first three quarters of 2025 has increased due to higher R&D investment, implementation of equity incentives, and increased convertible bond interest expenses, which aligns with the company's expectations [1] - As of September 2025, the company's contract liabilities amount to 232 million, all of which are prepayments for signed contracts [2] Group 2: Production and Orders - New automated production lines have begun trial operations [1] - The company is currently collaborating with lithium battery manufacturers for smart logistics equipment and solid-state battery equipment [2] - Ongoing testing and sample production with overseas well-known automotive companies are in progress, with future contract signing expected [2] - Several domestic battery manufacturers are currently in the testing phase for solid-state battery production lines, with contracts signed with Hai Xi Communications [2]

Group 1: Product Development and Market Expansion - The company's product "Fish Extreme Five Blessings at Home" has successfully entered Sam's Club and is currently in the sales assessment period, with strong sales performance in the hot pot category [2] - The company plans to expand its frozen product offerings beyond hot pot items, leveraging its production technology and supply chain advantages to develop new categories such as frozen pastries and baked goods [2][3] - The company is committed to enhancing its product matrix to meet diverse consumer demands and will continue to invest in R&D and marketing strategies to accelerate market penetration of new categories [3] Group 2: Online Sales Strategy - The company has established a comprehensive online sales network covering traditional e-commerce platforms like JD and Tmall, as well as emerging live-streaming platforms like Douyin [3] - It employs a mix of advertising strategies and influencer collaborations to boost brand awareness and user conversion rates, with notable online engagement from previous campaigns [3] - Future plans include optimizing online operations and deepening collaborations with platforms to unlock growth potential in online channels [3] Group 3: Supply Chain and Operational Efficiency - The supply chain is a core pillar of the company's frozen food business, with a comprehensive system covering procurement, production, cold chain storage, and logistics [4] - Recent capacity expansions at the production facility enhance flexibility and adaptability for multi-category development [4] - The company aims to continuously optimize supply chain resources and upgrade logistics networks to support multi-category expansion and channel diversification [4] Group 4: Financial Performance and Challenges - Despite an increase in gross margin due to product structure optimization and cost control, the company has not yet achieved profitability due to a decline in overall revenue [5][6] - The company faces challenges in adapting to new sales channels, having historically relied on traditional distribution methods, and is working to build a more channel-specific operational team [6] - The goal is to achieve efficient collaboration between traditional and emerging channels to drive new product sales [6]

Financial Performance - The company achieved an operating revenue of approximately 698 million yuan in the first three quarters of 2025, reflecting a slight year-on-year decline of 5.94% [1] - The net cash flow from operating activities improved significantly, increasing by 46.62% year-on-year, indicating enhanced cash collection and operational efficiency [1] Micro-Short Drama Strategy - The micro-short drama business is a strategic innovation focus for the company, aiming to establish a "base + platform + content" full industry chain model [2] - The company plans to expand production capacity for micro-short dramas and leverage technology to accelerate the "100-episode comic drama plan" in 2026 [2] IPTV Value-Added Services - The decline in IPTV value-added service revenue continues to face downward pressure, influenced by industry policies and content supply stability [3] - The company is actively addressing these challenges by optimizing content structure and adjusting marketing strategies [3] Cash Management and Future Investments - The company maintains a healthy financial status with ample cash reserves, prioritizing investments in core business consolidation and emerging business development [4] - Strategic mergers and acquisitions are being considered, focusing on targets that can create significant synergies with existing operations [4]

Group 1: Acquisition Termination - The company decided to terminate the acquisition of Ningbo Zhongxin due to the inability to reach consensus on related matters within the expected timeframe, prioritizing the long-term interests of the company and investors [2][4][5] - The company followed all legal and regulatory requirements during the acquisition process, including internal decision-making procedures and information disclosure obligations [3][4][5] Group 2: AI Chip Development - The company is focused on its "ALL IN AI" strategy, developing AI SoC products based on self-researched MLPU technology, with a dual product line of high-end and affordable AI visual chips [5][6] - The GK7606V1 series targets the high-end market with a dual-core A55 architecture and up to 2.5T NPU, while the GK7206V1 series, designed for affordable applications, has been mass-produced and integrated into major supply chains [5][6] Group 3: Market Outlook and Strategic Focus - The integrated circuit industry is supported by multiple policies, with significant growth potential in AI, automotive electronics, and ultra-high-definition display sectors, driven by technological advancements and market demand [9][10] - The company aims to enhance its market share by focusing on core areas such as AI, ultra-high-definition display, and automotive electronics, while also investing in industry ecosystem development and deepening collaborations with leading clients [10][11]

Group 1: Company Overview and Industry Context - The company primarily engages in the research, production, and sales of building ceramics. As of the end of 2024, there were 993 large-scale enterprises in the building ceramics industry, a decrease of 29 from 2023. The exit rate of production lines in the ceramics industry was 11.75% compared to 2022 [2] - The ceramics industry is transitioning from an era of incremental growth to one of stock competition, with an expected increase in industry concentration. The industry is anticipated to continue its development trend from 2024, driven by national policies and market demands in urbanization, stock housing renovation, and public building decoration [2] Group 2: Export and International Strategy - The export of ceramic products faces high transportation costs due to their heavy nature. Recent years have seen some companies "go out" to establish production bases in Southeast Asia, the Middle East, Central Asia, Africa, and South America to mitigate the impacts of tariffs and anti-dumping measures [2] - The company currently has no plans to establish overseas production bases but will disclose any future arrangements as per regulations [3] Group 3: Financial Health and Risk Management - The company has conducted an analysis of the recoverability of accounts receivable and has recognized significant impairment indicators, leading to credit impairment losses on certain receivables from real estate clients. The company will continue to monitor the operational and risk conditions of these clients [3] - The real estate market has not yet stabilized, with new investment, completion, and sales indicators still in a downturn. However, the large existing real estate market still holds significant demand [3] Group 4: Industry Trends and Quality Standards - The ceramic industry is undergoing automation and intelligent upgrades, with a high degree of standardization in operations. This allows for continuous improvement in production efficiency through employee training [3] - The establishment of a multi-dimensional quality evaluation system for ceramic products is significant for promoting industry quality upgrades and guiding market segmentation, which is crucial for high-quality development [3] Group 5: Financial Instruments and Future Considerations - The current conversion price for the company's convertible bonds is set at 19.84 CNY per share. The company will consider various factors, including operational conditions and market trends, when deciding on any potential adjustments to the conversion price [3]

Group 1: Supply Chain Management - The company emphasizes the importance of supply chain resilience as a core strategy to mitigate potential risks from global economic challenges, including supply chain restructuring and raw material price fluctuations [1] - A multi-level response system is in place, focusing on "early prediction, diversified layout, and rapid response" to ensure production continuity and stable profitability [1] Group 2: Innovation in Technology - The company’s scroll compressor technology is increasingly replacing traditional compressor technologies in the electric vehicle market due to its high efficiency, low vibration, and reliability [2] - Current applications of the electric drive vehicle scroll compressor include cooling and heating in stationary environments and thermal management systems for new energy vehicles, with a focus on commercial vehicle applications [2] Group 3: Financial Reporting and Business Outlook - The company will implement new accounting standards starting in 2025, which will affect the structure of its financial statements [2] - Business operations are reported to be stable, with ongoing progress in various sectors, and specific details about the fourth quarter will be disclosed in future reports [2] Group 4: Investor Communication - The company regularly updates investors on operational developments through various channels, including its official website and public accounts, within the scope of disclosure regulations [2] - The recent investor relations activity did not involve any undisclosed significant information [2]

证券代码： 301560 证券简称：众捷汽车 苏州众捷汽车零部件股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 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 2025 | 年 月 日 下午 12 2 (周二) 13:30~17:05 | | 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、财务总监计惠 | | 员姓名 | 2、董事会秘书孙琪 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、鉴于每股收益保持稳定，但相比去年同期略有下降，公 | | | 司如何看待市场竞争力的变化?有哪些关键因素可能影响未来每 | | | 股收益的增长 ...

Group 1: Market Development and Product Launch - The company is currently in the market development phase for carbon capture fiber products, with ongoing construction of a new materials pilot base [1] - The 100,000 tons/year POE facility has been completed and is currently supplying samples to downstream photovoltaic industry clients, with smooth progress reported [3] Group 2: Financial Performance and Risk Management - The company has diversified its raw material sources through "oil, coal, gas" strategies, enhancing cost control and risk management against cyclical fluctuations [2] - The company emphasizes shareholder returns through dividends and buybacks, with ongoing monitoring of the controlling shareholder's increase in holdings [2] Group 3: Technological Advancements and AI Integration - Significant achievements in digital transformation have been noted, with the establishment of an AI division aimed at deeply integrating AI into core business operations [2] - The company has been recognized for its advanced intelligent factories, contributing to a new paradigm in manufacturing transformation [2] Group 4: Future Capital Expenditure and Project Planning - Future capital expenditures are expected to gradually decline, with no new large-scale projects planned beyond current new materials projects [2] - The company is focusing on building a diversified industrial chain around new energy materials and high-performance materials [3]

Group 1: Company Valuation and Investor Communication - The company focuses on enhancing its core business and increasing value through technology R&D, product innovation, and optimizing its product matrix to strengthen market competitiveness and brand influence [2][3] - Continuous communication with investors is emphasized through regular reports, performance briefings, and various channels to ensure timely and accurate dissemination of operational status and strategic direction [8][9] - Future plans include improving operational quality, efficiency, and profitability while enhancing information disclosure and investor communication to boost investment value and shareholder returns [3][9] Group 2: Business Development and Strategic Focus - The company aims to seek investment targets that align with its strategic direction, particularly in high-tech sectors, while adhering to legal disclosure obligations [3][4] - The core business remains manufacturing, focusing on clean environmental engineering, high-voltage porcelain insulators, precision bearings, and various integrated surveying instruments [4][5] - Future development will concentrate on three main business segments: clean environmental equipment, high-voltage insulators, and precision bearings, with a commitment to enhancing core competencies and expanding into emerging markets [4][6] Group 3: Market Position and Client Base - The subsidiary Suzhou Bearings serves major clients in the automotive sector, including Bosch and Magna, and in engineering machinery, electric tools, and aerospace [4][5] - Suzhou Electric Porcelain has achieved revenue growth in 2025, driven by effective market strategies and timely project deliveries [4][5] - The company is actively expanding into Southeast Asian markets to mitigate risks from trade barriers and enhance domestic sales [6][7] Group 4: Technological Innovation and Future Planning - The company is committed to increasing R&D investment to maintain industry leadership and respond to new productivity policies [6][7] - Suzhou Bearings is focusing on key sectors such as new energy vehicles and aerospace, aiming to leverage technological breakthroughs for competitive advantage [6][7] - Jiangsu Sujing, a subsidiary, is positioned as a leading provider in air purification and energy-saving solutions, with a strong client base in emerging industries [5][6]