Group 1: Company Partnerships and Collaborations - The company has entered the supplier system of CoolerMaster and is currently developing products according to customer processes [2][49] - The company is actively promoting its self-developed products to potential clients in the liquid cooling field, including CoolerMaster, AVC, and others [3][10][29] Group 2: Production and Capacity - The new factory is expected to be fully operational by the end of 2024, which will support the company's production capacity [46] - The company operates on a made-to-order production model, aligning production with customer orders [14][16] Group 3: Market Position and Competitiveness - The company has over 30 years of experience in rubber pipeline formulation and manufacturing, which enhances its competitive edge [11][39] - The liquid cooling server pipeline products have achieved V0 level standards and have received UL certification [9][39] Group 4: Financial Performance and Future Outlook - The revenue from server liquid cooling products currently constitutes a relatively small proportion of the company's total income [12] - The company aims to enhance its market share and product quality in the liquid cooling sector through focused R&D efforts [23][12] Group 5: Customer Engagement and Order Management - The company is closely monitoring customer order demands and is prepared to adjust production plans accordingly [18][14] - The company is in the process of promoting its liquid cooling connectors and is seeking more potential collaboration opportunities [21][41]

Group 1: Mining Projects and Production Capacity - The Jin Xin Mining's 5,000 tons/day beneficiation plant construction is nearly complete, entering the trial operation phase [5] - The company is actively processing the application for a mining license of 5 million tons/year for Jin Xin Mining, with key procedures already met [3] - The Zhongdu Mining's 350,000 tons/year expansion project has received approval, with other procedures progressing smoothly [3] Group 2: Financial Performance and Profitability - In the first half of 2025, the company reported a net profit of 5.21 billion yuan, a year-on-year increase of 1,111.34%, primarily due to non-recurring gains from the sale of a 65% stake in Yubang Mining [7] - The company's operating cash flow was -341 million yuan, attributed to increased production costs and inventory [6] - The overall gross margin decreased by 23.96 percentage points to 13.51% [7] Group 3: Strategic Development and Market Position - The company plans to enhance its investment value and shareholder returns through ongoing management of production, cash dividends, and investor relations [5] - The company is focusing on optimizing production processes and expanding diversified sales channels to strengthen market competitiveness [6] - The company is exploring the potential of solid-state batteries, leveraging its lithium and sulfide resources, which are crucial for the production of electrolytes [4] Group 4: Resource Management and Future Plans - The company will continue to conduct exploration and resource increase work within its mining rights [4] - The company is in the process of restructuring and evaluating its assets, with significant progress expected in the near future [6] - The company is enhancing its resource utilization efficiency and economic benefits through technical upgrades and expansion projects [8]

Group 1: Company Restructuring and Financial Performance - The company reported a loss of 63.64 million yuan for the first half of 2025 and is undergoing a major asset restructuring to improve profitability [2] - The restructuring plan includes the acquisition of 60% of the shares in the Shudao Clean Energy Group, which is expected to resolve competition issues with Shudao Group [3] - The expected investment return from the sale of shares in Aowei Technology is approximately 85.76 million yuan, positively impacting the company's current performance [3] Group 2: Shareholder Information and Market Management - As of September 10, 2025, the number of shareholders is 28,180 [2] - The company emphasizes the importance of market value management and aims to enhance asset quality and profitability through the restructuring [3] - The company plans to provide updates on the restructuring progress every 30 days until the shareholder meeting notification is issued [4] Group 3: Future Outlook and Strategic Decisions - The company is focused on divesting from non-profitable assets and enhancing operational capabilities by integrating advantageous resources from the clean energy sector [3] - The timeline for completing the audit and evaluation related to the restructuring is still pending, with no specific completion date provided [3] - The new chairman will be elected from the board of directors at the upcoming shareholder meeting [3]

Group 1: Investment Projects - The company has invested in a data center liquid cooling project through Hangyuan Photothermal (Beijing) Technology Co., Ltd., which utilizes advanced aerospace cooling technology, achieving a PUE of 1.1 and a WUE of less than 0.05 kg/kWh [2] - The company has invested 1,200,000 yuan in Chengdu Shuzhilian Technology Co., Ltd., holding a 0.915% stake as of August 31, 2025 [2] Group 2: Product Development - The company has developed a high-performance T1 AC SPD (surge protective device) for domestic photolithography machines, currently in the sample stage [2] - A new multifunctional protective device against lightning and electromagnetic pulses has been successfully validated in several defense projects [3] Group 3: Financial Performance and Shareholder Returns - Since its listing in 2015, the company has consistently prioritized investor interests, with a total cash dividend amounting to 9,878.11 million yuan over the years, representing 68.52% of the average net profit over the last three fiscal years [3] - The controlling shareholder has not reduced their stake since the company's listing and completed a share increase plan in August 2018, amounting to 1,000.22 million yuan [3] Group 4: Market Confidence and Management - The management expresses confidence in the company's future development despite market fluctuations, attributing any personal share reductions to individual financial needs [3]

四川久远银海软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 | 年 月 日 (周五) 下午 2025 9 12 14:00~17:00 | | 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、董事长兼总经理连春华 | | 员姓名 | 2、财务总监兼董事会秘书杨成文 | | | 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、2025 年中报显示公司营收增长 11.33%，归母净利润大幅 | | | 增长 160.02%，请问这主要得益于哪些业务板块的出色表 | | | 现？ | | | 尊敬的投 ...

Group 1: Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. was established on June 18, 1997, and became the first listed company in China's aviation manufacturing industry on June 26, 1997 [3] - The company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, including projects like C909, C919, and AG600 [3] - AVIC Xi'an has established long-term partnerships with renowned aviation companies such as Airbus, Boeing, and COMAC [3] Group 2: Operational Efficiency Initiatives - The company aims to enhance quality and efficiency by balancing resources and implementing cost reduction strategies, forming a closed-loop management mechanism for cost reduction and efficiency improvement [3] - Focus on customer needs and the series development of aviation equipment to improve market expansion capabilities and increase order reserves [3] - Emphasis on lean factory construction and data governance in production processes to enhance risk resistance and stability [3] Group 3: Future Profit Growth Points - The company has developed a core structure around military aviation, civil aviation, and aviation services, with a focus on key models and customer needs to drive continuous product improvement [3] - Talent development and institutional reform are prioritized to ensure balanced production and timely delivery, aligning company operations with shareholder interests [4] Group 4: International Outsourcing and Civil Aircraft Capability - As a key supplier of civil aircraft structures, the company focuses on market expansion, production rate enhancement, quality improvement, and intelligent manufacturing capabilities [4] - Plans to deepen strategic cooperation with Airbus, particularly in the A320 series aircraft assembly projects [4] Group 5: Market Value Management - The company emphasizes value management through three dimensions: value creation, realization, and operation [4] - Continuous focus on core business and operational efficiency to provide solid performance support for market value stability [4] - Active investor relations management through high-quality information disclosure and various engagement activities to enhance company value and maintain shareholder interests [4]

Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 7.453 billion yuan, a year-on-year increase of 6.38% [3] - The net profit attributable to shareholders was 312 million yuan, reflecting a year-on-year growth of 13.88% [3] - The growth in performance was primarily driven by the stable development of the main business, with the asset transfer of Dazhong Hotel completed on September 10, 2025, contributing to future earnings [3] Group 2: Business Segments and Strategies - The main revenue sources include material handling equipment, metallurgy equipment, new energy equipment, core components, and engineering general contracting projects [3] - The new energy equipment segment has a low gross margin of 4.42%, significantly lower than the core components segment at 27.93% [3] - Future strategies to improve gross margins in the new energy segment include supply chain integration, product development, lean management, and digital transformation [3] Group 3: Market Position and Development Plans - The company is leveraging its technological capabilities to actively engage in the domestic and international marine engineering equipment market [4] - Key development areas include high-end, intelligent, green, and lightweight material handling machinery, as well as advanced metallurgy equipment [4] - The company aims to create a first-class heavy industry group, focusing on core businesses, expertise, markets, and customers [3] Group 4: Shareholder Communication and Market Perception - The company acknowledges that stock price fluctuations are influenced by various factors, including macroeconomic conditions and market sentiment [5] - Management emphasizes the importance of improving operational quality and long-term value to enhance shareholder returns [5] - The company is committed to transparent communication with shareholders and addressing their concerns regarding stock performance and incentive plans [5]

Group 1: Production Plans and Capacities - The company expects to resume full production at Jingzhi Mining by June 2027, with an anticipated production scale of 5 million tons per year, closely matching the product grade of existing products [2][3] - The low-grade ore from Jingzhi Mining is projected to yield an annual recovery of 12.8 million tons starting March 2026, contributing to the production of titanium concentrate and vanadium-titanium iron concentrate [3][4] - After the resumption of Jingzhi Mining, the company anticipates an additional annual production capacity of approximately 900,000 tons of iron concentrate, 400,000 tons of titanium concentrate, and 70,000 tons of comprehensive utilization products [4] Group 2: Financial Performance and Profitability - The company does not expect Jingzhi Mining to contribute profits until after the full resumption of operations in June 2027 [3][4] - The company's gross profit margin has declined due to market price fluctuations and lower margins on comprehensive utilization products derived from tailings [3][4] - Future dividend arrangements will be based on investment, profitability, and financial conditions, with no dividends expected until after the output from Jingzhi Mining [4] Group 3: Strategic Development and Projects - The acquisition of Jingzhi Mining aligns with the company's strategy of horizontal resource mergers to enhance resource reserves [3][4] - The 60,000-ton energy-grade titanium (alloy) materials project is progressing steadily, with expected phased product output by the end of 2025 [4] - The company focuses on core business areas, including vanadium-titanium iron concentrate, titanium concentrate, and titanium materials, while remaining open to other investment opportunities [4]

Group 1: Company Strategy and Development - The company focuses on the strategic development of vanadium and titanium, aiming to establish a comprehensive vanadium industry ecosystem based on resource advantages and technology [2] - The company plans to strengthen its position as a leading global supplier of vanadium products, targeting high-end applications in steel and energy storage [2] - In titanium chemicals, the company aims to enhance its existing production lines and maintain its leading position in the domestic titanium dioxide market [2] Group 2: Collaboration and Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a 2,000 cubic meters/year vanadium electrolyte production line and has supplied over 20,000 tons of vanadium products [3] - The company is actively exploring collaborations with Shaanxi Steel and Desheng Group in the vanadium industry [4] Group 3: Market Performance and Challenges - In the first half of 2025, the company reported record production levels for vanadium and titanium products, but faced a 40% decline in sales revenue due to an 8% drop in vanadium prices and a 6% drop in titanium prices [5] - The company is currently working on a 60,000 cubic meters/year electrolyte production line, with preliminary work underway [5] Group 4: Future Outlook and Innovations - The company is committed to high-end product development and exploring new markets, including high-end titanium alloys for aerospace and robotics [4] - The company is focusing on the commercialization of vanadium energy storage, considering various business models to expand its operations [4]

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with 11 participating investors from various institutions [2] - The event took place on September 12, 2025, at the company's headquarters [2] Group 2: Key Discussion Topics - Investors inquired about industry conditions, the company's performance in the first half of 2025, product structure, brand matrix, collaboration with Wuyou Media, and dividend policies [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [2] Group 3: Compliance and Documentation - During the reception, investors signed a commitment letter as required by the Shenzhen Stock Exchange [2] - No significant undisclosed information was leaked during the event, adhering to the company's information disclosure management system [2]