Group 1: Company Overview and Business Model - Qingdao Huicheng Environmental Technology Group Co., Ltd. was established in 2006, focusing on industrial solid waste resource utilization and environmental governance [2] - The company has three main business segments: catalyst-related services, high-sulfur petroleum coke hydrogen production ash utilization, and mixed waste plastic resource utilization [2][3] - The company successfully went public in 2019, accelerating its development with capital market support [2] Group 2: Catalyst-Related Business - The catalyst business provides waste catalyst disposal services and produces FCC catalysts, establishing a comprehensive service model [2][3] - The company has a stable market share domestically and is actively expanding into overseas markets [3] - The catalyst business is impacted by declining profitability in the petrochemical refining sector and increased competition [8] Group 3: High-Sulfur Petroleum Coke Utilization - The high-sulfur petroleum coke hydrogen production ash utilization project is a major revenue source, with the company being the sole technology provider for Guangdong Petrochemical [8] - The project converts hazardous waste into high-value products, addressing domestic technology gaps [3] - The project is expected to face profit reductions in 2025 due to lower steam prices and limited customer base [8] Group 4: Mixed Waste Plastic Resource Utilization - The company’s 200,000 tons/year mixed waste plastic resource utilization project is a key future development direction, aimed at addressing plastic pollution and achieving carbon neutrality [3][5] - The CPDCC technology used in this project has shown a total yield of over 92% for oil and gas products relative to effective carbon and hydrogen in waste plastics [3] - The project has received attention from both domestic and international partners for potential collaboration [4][5] Group 5: Market Position and Future Plans - The plastic chemical recycling market in China is still in its early stages, presenting significant growth opportunities [5] - The company is building a nationwide front-end recycling network, focusing on agricultural, industrial, and household waste plastics [7] - Future expansion plans will be funded through a combination of self-financing and various financing channels [12]

证券代码：002131 证券简称：利欧股份 利欧集团股份有限公司投资者关系活动记录表 编号：2026-004 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 □一对一沟通 | | | □其他 | | | 华鑫证券 朱珠、何春玉、朱丹宁、黄英豪；浙江丰道投资 夏 | | | 甘霖；上海杭贵投资 饶欣莹；西安敦成私募基金 张晓艳；长 | | | 城财富资产 乔笙；泽铭投资 单河；福泽源 (上海) 私募基金 | | 参与单位名称 | 林秋；上海磐松私募基金 张潇；上海睿源私募基金 田华；第 | | 及人员姓名 | 一北京投资 梁卓均；上海颢升私募基金 夏敬慧；苏州君榕资 | | | 产管理 熊晓峰；深圳熙山资本管理 张亮；厦门中略投资管理 | | | 肖晶晶；深圳市前海夷吾资产管理 谢树平；共青城鼎睿资产 | | | 管理 王可丹；上海名禹资产管理 刘宝军；爱建证券 章孝林 | | 时间 | 年 月 日 2026 2 5 | | 地点 | 电话会议 | | 上市公司接待 | 董 ...

Group 1: Company Overview and Performance - Beijing Sanfu Outdoor Products Co., Ltd. reported a projected net profit of 45 million to 67.5 million yuan for 2025, with a non-recurring net profit of 46 million to 69 million yuan, indicating a turnaround from losses in 2024 [2] - 2024 marked the company's transition from channel operation to brand operation, with 2025 being the second year of brand-focused operations, showing good overall performance [2] - The outdoor industry is expected to remain a consumer hotspot in 2026, with emerging trends in differentiated outdoor styles [2] Group 2: Brand and Sales Strategy - The X-BIONIC brand showed strong sales performance in 2025, with online sales surpassing offline for the first time, and is expected to continue growing in 2026 [3] - The company plans to open 15 new offline specialty stores in 2026, focusing on various outdoor styles such as "quiet luxury" and "tactical" [3] - X-BIONIC will maintain consistent pricing and product offerings across online and offline channels while controlling the number of stores to enhance quality and efficiency [3] Group 3: Product Development and Innovation - X-BIONIC products are recognized for their advanced technology, with endorsements from professional athletes, including Olympic champion Marco Odermatt [3] - The company has introduced new product lines in 2025 and is developing a "quiet" series for 2026 to meet consumer demands for various layers of outdoor clothing [3] - X-BIONIC operates three R&D centers in Switzerland, Italy, and China, focusing on different product categories [3] Group 4: Future Expectations - In 2026, X-BIONIC is expected to outperform its 2025 performance across products, marketing, and channels [3] - The CRISPI brand is anticipated to be a highlight in 2026 due to its strong heritage and product quality, while HOUDINI is expected to grow after relocating its production line to Southeast Asia [3]

Company Overview - Sichuan Shudao Equipment Technology Co., Ltd. introduced its development history, competitive advantages, and the strategic transformation plan for the "14th Five-Year Plan" [2] - The company is focusing on expanding its industrial fund and exploring business areas in industrial gases and hydrogen energy [4] Overseas Market Expansion - In 2025, the company significantly advanced its overseas business, with new overseas contract amounts increasing substantially compared to the previous year [3] - The company successfully won a contract for a natural gas liquefaction facility in Nigeria worth approximately 4.58 billion RMB, marking its first large-scale LNG project in Africa [3] Hydrogen Energy Investment and Operations - The company plans to develop a comprehensive research and manufacturing capability in the hydrogen energy sector, focusing on deep low-temperature liquid hydrogen technology [4] - It aims to align with national and provincial strategic directives to foster the hydrogen energy industry [4] Industrial Fund Investment Focus - The industrial fund will concentrate on three core areas: industrial gases, LNG, and hydrogen energy, with at least 50% of the fund allocated to industrial gases [5] - The fund will act as a "frontline" for mergers and acquisitions, investing in quality targets before integrating them into the listed company [5] Future Growth Drivers - The core business of deep cold technology equipment serves as a stable revenue source, supporting the company's strategic transition towards gas operations [6] - The company aims to extend its focus to downstream sectors, particularly in industrial gases, LNG, and hydrogen energy, through independent investments and mergers [6] Product and Service Offerings - The company specializes in low-temperature liquefaction and separation technologies, providing equipment for natural gas liquefaction and air separation [7] - It is actively expanding its investment and operational services in industrial gases and hydrogen energy [8] Commercial Aerospace Business - The company is involved in the commercial aerospace sector as a high-end gas equipment supplier, having delivered critical equipment for domestic commercial launch enterprises [8] - It plans to evolve from merely supplying equipment to providing comprehensive services, including fuel supply for commercial aerospace [8]

Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, standard materials, and corrosion protection engineering [2] - It holds a high reputation and credibility in the domestic metal material testing field and is recognized as one of the most comprehensive testing research institutions in China [2] Financial Performance - As of 2024, the company achieved a revenue of CNY 1,097.67 million, a year-on-year increase of 15.60%; net profit attributable to shareholders was CNY 145.02 million, up by 15.37%; basic earnings per share (EPS) was CNY 0.3861, an increase of 15.25% [3] - By September 30, 2025, the company reported a revenue of CNY 805.97 million, a growth of 11.64% year-on-year; net profit was CNY 99.70 million, up by 15.08%; basic EPS was CNY 0.2637, reflecting a 14.95% increase [3] R&D and Workforce - The company has 161 R&D personnel, accounting for approximately 12% of total employees, with 97 holding master's or doctoral degrees [3] - The company emphasizes a positive work culture and long-term talent retention strategies, ensuring stability among core technical staff [3] Business Segments - The company operates three main business segments: testing (50% of revenue), instruments (25%), and standard materials (10%) [3] - The testing segment focuses on metal material testing, expanding into various sectors including traditional industries and emerging fields like aerospace and new materials [3] - The instruments segment offers over 60 types of analytical instruments, enhancing competitiveness through continuous improvement and innovation [4] Client Relationships - The company maintains strong relationships with major clients, focusing on long-term cooperation and meeting their ongoing testing needs [4] Product Development - Some core components of the company's instruments are self-sourced, while others are procured from multiple sources to mitigate supply risks [4] - The company aims to enhance the performance of its high-end products to match international standards through significant R&D investment [4] R&D Investment - The company prioritizes R&D investment to strengthen its technological foundation and core competencies, focusing on high-end scientific instruments and new testing technologies [4]

Group 1: Company Overview and Market Position - The company is a leading player in the intelligent robot industry chain in Guangdong, covering core components, robot bodies, and system applications [2] - It ranks first in the Chinese mainland industrial robot solutions market based on the shipment volume of light-load industrial robots in 2024 [2] - The company is one of the few in China that independently controls three core components: controllers, servo drives, and perception systems [2] Group 2: Technical Capabilities - The company's ultra-high-speed robots have a standard cycle time of only 0.24 seconds and a maximum repeat positioning accuracy of 0.01 mm, both of which are globally leading [2] - The servo drives achieve torque control accuracy of ±1% and speed control accuracy of ±0.1% [3] - The perception system reduces the time from target acquisition to command issuance to less than 0.2 seconds [3] Group 3: Business Model and Applications - The company has engaged with over 200,000 potential customers and served over 15,000 clients by leveraging its experience in smart manufacturing [3] - It identifies high-value industrial application scenarios based on its extensive experience in injection molding and CNC machine tools [3] - The company has developed a comprehensive range of industrial robots, including Cartesian robots, articulated robots, collaborative robots, and humanoid robots [3] Group 4: Product Development and Innovation - The company has launched modular collaborative robots and the humanoid robot "Xiao Tuo," which is the first of its kind in injection molding applications in mainland China [4] - The four-legged robot "Xing Zai" can perform multiple tasks in various application scenarios, including autonomous inspection and forest fire prevention [4] - The X5 control platform is the first in mainland China to integrate cloud-edge-end deployment and perception-computation-control capabilities [4] Group 5: AI and Data Integration - The company is developing AI vertical models to enhance the intelligence of its robots [6] - It has established an end-to-end closed loop for data collection, model training, and online inference and control [6] - A specialized process database has been created by integrating extensive industrial process data, covering multiple fields such as consumer electronics and automotive parts [7] Group 6: Competitive Advantages - The X5 intelligent robot control platform features a flexible cloud-edge-end three-layer computing architecture, addressing the balance between intelligence and real-time performance in industrial environments [7] - The platform's motion control cycle has been reduced to an industry-leading 1 millisecond, meeting stringent requirements for determinism and high real-time performance [7] - It provides over 400 functional interfaces and 500Hz real-time control interfaces, satisfying over 90% of industrial robot needs [7]

| | 【请在您选择的方式的"（ ）"中打"√"，下同】 | | | --- | --- | --- | | | （ √）特定对象调研 （ ）分析师会议 | | | 投资者关系活动 | （ ）媒体采访 （ | ）业绩说明会 | | 类别 | （ ）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） | | | | 申万宏源证券：刘建伟 煜德投资：管俊玮、冯超 | | | 参与单位名称及 | | | | 人员姓名 | 中加基金：苗超 | | | | 南京证券：李承书 | | | | 长城财富：药晓东 | | | 时间 | 2026 年 2 月 5 日 | | | 地点 | 山推股份办公楼 202 会议室 | | | 上市公司接待 | 肖尧、董建军 | | | 人员姓名 | 一、互动交流 | | | | 1、2026 年国内市场布局方向： | | | | 2026 年公司将聚焦国内市场核心发展方向，多措并举推动经 | | | | 营提质增效： | | | 投资者关系活动 | （1）公司将紧扣重大工程建设、行业电动化升级趋势，丰富 | | | 主要内 ...

证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2026-004 款 HVDC、兆瓦级 UPS、一体化电力模块、SST 等高端产品线；此 外，公司将进一步拓展 ODM 客户合作范围，持续提升海外市场 份额，把握全球 AI 算力基础设施建设带来的战略机遇。 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | 其他 | （投资者网上说明会） | | 参与单位名称 | 永赢基金、华福证券、国海证券、华泰证券、国寿资产、智联 | | | 投资、高益私募、夷吾资产等 | | 时间 2026 | 年 2 月 4 日-5 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书：范涛先生 | | | 证券事务代表：张莉芝女士 | | 员姓名 | | | | 证券事务专员：金玉琳女士 | | | 首先，对公司情况进行了简单介绍，然后开始投资者交流环节。 | | | 投资者提问：公司数据中心海外市场发展情况及展 ...

Group 1: Industry Overview - China is the world's largest producer, trader, and consumer of dyes, accounting for approximately 70%-75% of global dye production [1] - Major dye production regions in China include Zhejiang, Jiangsu, and Shandong provinces, with a high industry concentration [1] - The dye industry is characterized by intense competition, with increasing production capacity both domestically and internationally [2] Group 2: Company Performance Forecast - The company forecasts a net profit attributable to shareholders of 600 million to 700 million yuan for 2025, representing a year-on-year growth of 181.05%-227.89% [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 270 million and 370 million yuan, with a growth rate of 26.75%-73.70% [2] Group 3: Raw Material Pricing and Production - The price of reducing agents, a key raw material for disperse dyes, has been low but has started to rise, currently quoted at around 50,000 yuan per ton [2] - The price of disperse dyes has increased by approximately 3,000 yuan per ton due to rising raw material costs [2] - The company's annual production capacity for reducing agents is about 8,000 tons, primarily for self-use in supporting disperse dye production [2] Group 4: Supply Chain Strategy - The company implements a "backward integration" strategy to extend its supply chain, achieving significant results in securing raw material supply [2] - The dye production system has been established to include a complete supply chain from thermal power, steam, chlorine, caustic soda, to intermediates and dyes [2]

Group 1: Company Overview and Core Focus - Zhejiang Fu Holding Group focuses on controllable nuclear fusion, with its subsidiary Zhejiang Fu Nuclear Power as the core entity [2] - The company is concentrating on three key areas: development of ultra-high heat load components, research on key equipment for cooling systems, and manufacturing of critical components like shielding blocks [2][3] Group 2: Project Progress and Achievements - Core projects are progressing smoothly, with significant advancements including the development of process plans and prototypes for ultra-high heat load components [3] - The lithium-lead pump prototype is in the testing phase, with ongoing optimization of performance indicators [3] - The shielding block prototype has passed acceptance tests, and the company has joined the Anhui Province Fusion Industry Alliance [3] Group 3: Competitive Advantages - The company possesses deep technical expertise as a core supplier for the "Hualong One" control rod drive mechanism, allowing for the transfer of precision manufacturing technology from fission to fusion reactors [3] - Strong collaborative advantages through partnerships with top research institutions and participation in industry alliances enhance resource coordination and accelerate technology transfer [3] Group 4: Industry Trends and Strategic Measures - The controllable nuclear fusion sector is viewed as a future ultimate energy source, with significant growth expected in the bidding market starting in 2026 [3] - The company plans to increase R&D investment, strengthen collaborations with research institutions, and prepare production capacity to meet the demands of large-scale industry development [3]