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 serves various industries including steel, metallurgy, aerospace, nuclear power, and food [2] - The company is recognized as a leading authority in the domestic metal material testing field and is constructing a national advanced steel material measurement testing center [2] Financial Performance - As of 2024, the company achieved a revenue of 109,767.42 million CNY, a 15.60% increase year-on-year [3] - The net profit attributable to shareholders was 14,502.23 million CNY, reflecting a 15.37% growth compared to the previous year [3] - For the first three quarters of 2025, revenue reached 80,597.45 million CNY, up 11.64% year-on-year, with a net profit of 9,969.58 million CNY, increasing by 15.08% [3] Business Segments Metal Material Testing - The customer base primarily includes high-quality application fields such as aerospace and nuclear power, with high-temperature alloy testing accounting for over 50% of total testing business [3] - The demand for metal testing, especially high-temperature alloy testing, is expected to continue growing [3] Pricing and Profitability - The pricing model is based on a cost-plus approach, considering production costs and market conditions [3] - The gross margin for testing services was stable at 49.22% in 2024 and 46.11% in the first half of 2025 [3] Analytical Instruments - Future focus includes accelerating the development and market expansion of high-end analytical instruments, particularly in scanning electron microscopy and ICP-MS [4] - The company aims to enhance the quality and automation of mass-produced instruments [4] Corrosion Protection - The company’s subsidiary is involved in corrosion protection for offshore platforms and wind power, with applications in various sectors including energy and municipal services [5] Scanning Electron Microscopy Market - The domestic market for scanning electron microscopes is largely dominated by foreign companies, indicating significant potential for domestic alternatives [5] - Applications include materials science, life sciences, and various types of material testing [5]

Group 1: Restructuring and Financial Strategy - The company has terminated its restructuring plan due to failure to reach consensus on commercial terms amid changing market conditions [3] - The company will not plan any major asset restructuring within one month following the termination announcement, as per regulatory guidelines [5] - The company aims to optimize its debt structure and expand financing channels to address high debt levels, primarily from shareholder loans [2][3] Group 2: Project Development and Production Capacity - The company has made progress on its 200,000-ton anode material project, with 18,000 tons of graphitization completed and 50,000 tons at the front end [3] - The company expects to complete the main construction of its projects by the end of the year and begin trial production in the first quarter of the following year [4] - Current finished product capacity stands at 40,000 tons, with an additional 40,000 tons under construction expected to be operational by Q2 next year [5] Group 3: Market and Pricing Outlook - The average selling price for the first three quarters was 10,000 yuan per ton, with expectations for significant changes in Q4 [4] - The company is focusing on cost reduction and efficiency improvement to enhance profitability as production capacity is released [4] - The company is actively exploring the potential of silicon-carbon anode materials for high-performance lithium batteries and solid-state batteries [5]

Group 1: Company Overview and Performance - Joyful Intelligence has achieved profitability in the third quarter, with revenue showing a certain degree of increase compared to the same period last year, driven by strong customer trust [2] - The company is actively assisting downstream clients in product development, cost reduction, and market expansion to further increase market share [2] Group 2: Advantages of Circular Packaging - Circular packaging can be reused multiple times, resulting in lower single-use costs compared to traditional disposable packaging [3] - Customizable product features such as anti-shedding, dustproof, and flame-retardant properties enhance the protection of client components and improve storage and transportation efficiency [3] - At the end of the product's life cycle, circular packaging can be recycled to manufacture new products, offering stronger environmental benefits [3] Group 3: Client Adoption of Rental Models - Clients prefer the rental model due to lower initial investment, more controllable risks, and easier management compared to outright purchase [3] - The company incurs significant initial equipment investment, but costs decrease with multiple cycles of use, leading to continued profitability after depreciation [3] Group 4: Development in the Home Appliance Sector - Joyful Intelligence has expanded from refrigerator compressor circular packaging to the air conditioning compressor market, establishing a circular packaging operation system between clients and suppliers [3] - The stable market conditions in the home appliance sector are beneficial for the company's growth, with ongoing efforts to penetrate other core components like motors and control panels [3] Group 5: Industry Positioning and Future Growth - Under the national "dual carbon" policy, the company has established a strong influence in the circular packaging sector for automotive and home appliance industries, building a positive brand image among clients [3] - Future plans include increasing penetration in industries such as fresh produce, express logistics, and the wine industry, where initial partnerships have been formed to create new growth points [3]

Group 1: Financial Performance and Challenges - The company's Q3 profit declined significantly due to increased management, sales, and R&D expenses, alongside the impact of the US-China tariff war [3][4] - In Q3 2025, the company reported revenue of 575 million yuan, with the Malaysian factory's output expected to contribute nearly half of total revenue [2] - The company anticipates a gradual recovery in performance as the Malaysian factory ramps up production and benefits from lower tariffs [2][6] Group 2: Production Capacity and Strategy - The Malaysian factory is strategically positioned to supply the US market, while the Suzhou factory will focus on non-US markets, ensuring balanced capacity utilization [2] - The company has implemented a reasonable capacity distribution plan to prevent overcapacity in the Suzhou factory [2] - To enhance operational efficiency, the company is optimizing production processes across both factories [2] Group 3: Product Development and Market Position - Core products will continue to focus on air compressors and vacuum cleaners, with other categories like nursing robots and outdoor equipment expected to contribute 10%-15% to overall revenue [5] - The company maintains a positive outlook for stable growth, driven by superior product quality, an efficient supply chain, and a strong customer service framework [5] - Recent certifications for the nursing robot product have bolstered the company's market position and facilitated partnerships with major strategic clients [6] Group 4: Future Outlook - The company is currently navigating the challenges posed by the tariff war and the initial operational phase of the Malaysian factory, but expects gradual improvement in profitability [6] - The company is actively exploring new business models and partnerships in the elder care sector to enhance market penetration and brand influence [6]

Group 1: Company Overview and Market Position - Xinhenghui's etching lead frame business is experiencing growth due to rising market demand in emerging fields such as 5G, AI, IoT, and automotive electronics [2][3] - Major domestic suppliers of etching lead frames include Xinhenghui, Kangqiang, and Tianshui Huayang, with the domestic localization rate needing further improvement [3] Group 2: Production Capacity and Product Development - The company is implementing a high-density QFN/DFN packaging material industrialization project to enhance technical capabilities and product lines [3] - Continuous investment in potential customers and accelerating the introduction of new clients for mass production is a priority [3] Group 3: Product Applications and Market Trends - Etching lead frames are essential materials for IoT eSIM chip packaging, applicable in mobile phones, wearable devices, and industrial IoT [3] - Future demand for IoT chips is expected to grow as IoT technology expands across various fields, with a focus on high performance, low power consumption, and integration [3][4]

Group 1: Supermarket Transformation - In 2024, the company actively innovated and transformed its supermarket format, launching nine lifestyle theme pavilions and one full warehouse fulfillment center, with the first SP@CE3.0 located in Shenzhen Baoan Tianhong Shopping Center [2] - The company standardized the transformation of six stores based on size and physical structure, including locations in Shenzhen, Xiamen, Nanchang, and Beijing, and partially transformed 18 additional stores [2] - The company deepened end-to-end management of the vertical supply chain to enhance product quality and promote superior products across national stores to better meet customer needs [2] Group 2: Dividend Policy - The company has consistently implemented an active cash dividend policy, focusing on reasonable returns for investors, especially long-term investors [2] - Prior to 2020, the annual cash dividend amount accounted for approximately 50% of the net profit attributable to ordinary shareholders in the consolidated financial statements [2] - In 2024, the cash dividend distribution amount accounted for 91.41% of the net profit attributable to the parent company's shareholders [2] - The company plans to propose dividend schemes based on profit distribution policies and operational needs in the future [2] Group 3: Compliance and Transparency - During the reception process, the company strictly adhered to relevant regulations, ensuring no leakage of undisclosed significant information occurred [3] - The company signed a research commitment letter as required by the Shenzhen Stock Exchange [3]

股票代码：002615 股票简称：哈尔斯 编号：2025-004 | 投 资 | 者 | 关系 | 活 动 | 特定对象调研 □分析师会议 | | | --- | --- | --- | --- | --- | --- | | 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 | | | 参与单位名称 | | | | 国金证券、信达证券、广发证券、财经无忌 | | | 时间 | | | 2025 | 年 月 日 17 | 11 | | 地点 | | | | 哈尔斯（泰国） | | | 上 市 | 公 | 司接 | 待 人 | 董事会秘书、投资与证券管理中心总经理：邵巧蓉女士 | | | 员姓名 | | | | 证券事务主管：潘诗然女士 | | | | 1、问题：想要了解一下公司在泰国基地的订单及生 | | --- | --- | | | 产状况如何？ | | | 回复：当前泰国基地订单符合预期，生产节奏稳步提 | | | 升，产能处于爬坡阶段。泰国基地以精益化、标准化、智 | | | 能化、数字化与绿色化 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of RMB 48,146,709,129.40, with a gross margin of 14.39% and a net profit attributable to the parent company of RMB 2,584,374,593.56 [3] - Basic earnings per share were RMB 0.5969, and the weighted average return on equity was 6.67% [3] Debt and Cash Flow - As of September 30, 2025, the company's debt-to-asset ratio was 73.11%, with interest-bearing liabilities totaling RMB 49.809 billion, accounting for 41% of total liabilities [3] - The company's cash and cash equivalents represented 5.65% of total assets, with a net cash outflow of RMB 630 million from operating activities in the first nine months of 2025 [3] International Market Expansion - By the end of Q3 2025, the company had installed a total of 11,214.62 MW of international capacity, with over 3 GW in Asia (excluding China), and more than 2 GW in South America and Oceania, while exceeding 1 GW in North America and Africa [4] - The company had a total of 7,161.72 MW of external orders in hand for overseas projects as of September 30, 2025 [4] Environmental Compliance - The company is increasing its green investments in production, operations, product design, and procurement to meet rising customer demands for green production and carbon footprint reduction [4] - Efforts include enhancing product Environmental Product Declaration (EPD) certification coverage and increasing R&D investment in low-carbon and low-emission wind turbines [4]

Group 1: Company Overview and Business Strategy - The company specializes in prestressed high-strength concrete piles, widely used in various sectors including industrial, transportation, municipal engineering, civil construction, photovoltaic, wind power, and water conservancy [2][3] - The company is focusing on the underground pipeline market and will actively seize business opportunities based on market demand and relevant policies [3] Group 2: Financial Management and Performance - The company has a significant amount of trading financial assets due to cash management from raised funds, with plans to select new investment projects [3] - Revenue has been declining since 2022, consistent with industry trends; however, the company achieved positive revenue growth in the first three quarters of the current year by diversifying product offerings and implementing cost leadership strategies [3] Group 3: Shareholder Engagement and Market Confidence - The company's share buyback and major shareholder's increase in holdings are based on confidence in future growth potential and long-term investment value [3] - The share buyback aims to support future employee stock ownership plans, while the major shareholder's actions are intended to boost market confidence [3] Group 4: Future Development Plans - The company is adopting a "dual-wheel drive" development model, enhancing traditional business while exploring new energy and emerging application scenarios to boost growth [4]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 160 million CNY, up 13.54% [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45%, with a net profit of 428 million CNY, down 9.68% [3] Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, operating in a temperature range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial cooling systems, commercial air conditioning, and energy recovery [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and heat exchangers [4][6] - Notable projects include collaborations with major data centers across China and partnerships in North America, Australia, and Southeast Asia [5][6] Nuclear Power Sector - The company is actively involved in nuclear power, focusing on cooling and heat recovery technologies, with successful implementations in several nuclear power stations [6][7] - Innovations include a no-power cooling system for safety shells and technologies for efficient heat utilization [7] Thermal Management and Carbon Neutrality - The company is developing industrial heat pump solutions to support energy management and respond to carbon neutrality policies [8][9] - Technologies for waste heat recovery and high-temperature heat pumps are positioned to meet increasing regulatory demands [9] Solid Oxide Fuel Cell (SOFC) Research - Since 2022, the company has collaborated with Xi'an Jiaotong University on SOFC technology, achieving significant advancements in output characteristics and integration methods [10] - The project has led to the development of new sealing materials and successful performance testing of SOFC modules [10]