Group 1: Overseas Communication Business - In the first half of 2025, the overseas communication business generated revenue of CNY 238.13 million, maintaining steady growth [1] - The company established localized sales offices in over 30 countries and built regional spare parts centers in key markets to enhance customer satisfaction [1] - The company is expanding its channel construction efforts, targeting different needs of regional operators and industry clients, while combining its own brand with ODM [1] Group 2: Internet Marketing Business - In the first half of 2025, the internet marketing business revenue was CNY 3,980.75 million, a year-on-year decline of 25.33% [2] - Measures to address this decline include enhancing operational service capabilities and increasing the proportion of revenue from agency operations [2] - The company developed the AIGC application platform DeepMarket, integrating intelligent dialogue, copy generation, and image/video processing capabilities [2] Group 3: Satellite Communication Operations - The satellite communication operations generated revenue of CNY 93.46 million in the first half of 2025, reflecting a year-on-year growth of 12.5% [2] - The company is enhancing satellite frequency resources and developing a comprehensive satellite network to meet increasing customer connectivity demands [2] - Investment in the SeaCube platform aims to innovate and integrate smart marine applications and data [2] Group 4: Communication Facility Operations - The communication facility operations achieved revenue of CNY 86.65 million in the first half of 2025, with a year-on-year increase of 12.59% [2] - The company manages over 10,000 existing sites, focusing on asset management and improving operational efficiency [2] - This business model provides stable cash flow and is less affected by macroeconomic fluctuations, supporting long-term revenue stability [2]

Group 1: Deposit and Interest Rate Performance - The average interest rate for deposits from January to September 2025 was 1.70%, a decrease of 43 basis points compared to the same period last year, and a decrease of 37 basis points compared to the entire previous year [1] - As of September 2025, retail deposit balance was CNY 1,279.63 billion, a decrease of 0.6% from the end of last year; the average daily balance of personal deposits increased by 4.2% year-on-year [1] - The average interest rate for personal deposits was 1.87%, down 37 basis points year-on-year [1] Group 2: Asset Quality and Risk Management - As of September 2025, the non-performing loan ratio was 1.05%, a decrease of 0.01 percentage points from the end of last year; the overdue loan ratios for 60 days and 90 days were 0.77 and 0.66, respectively [1] - The provision coverage ratio was 229.60%, indicating strong risk mitigation capabilities [1] Group 3: Loan Performance - As of September 2025, personal loan balance was CNY 1,729.19 billion, a decrease of 2.1% from the end of last year; mortgage loans accounted for 63.6% of personal loans [1] - Credit card receivables amounted to CNY 400.66 billion, a decrease of 7.9% from the end of last year [1] Group 4: Wealth Management and Capital Adequacy - As of September 2025, the number of wealth management clients was 1.4911 million, an increase of 2.4% from the end of last year; private banking clients increased by 6.7% to 103,300 [3] - The core Tier 1 capital adequacy ratio was 9.52%, an increase of 0.40 percentage points from the end of last year [3] Group 5: Automotive Finance and Real Estate Exposure - As of September 2025, automotive finance loan balance was CNY 300.3 billion, an increase of 2.2% from the end of last year; new personal loans for new energy vehicles increased by 23.1% year-on-year [3] - The balance of corporate real estate loans was CNY 226.99 billion, a decrease of CNY 18.23 billion from the end of last year; the non-performing rate for real estate loans was 2.20%, an increase of 0.41 percentage points from the end of last year [3]

Group 1: Business Performance - The consumer electronics business is a traditional sector for the company, maintaining a strong market position and high product market share, with strategic partnerships with major domestic and international clients [2][3] - The company is experiencing steady growth in the consumer electronics sector, driven by rapid increases in new product shares and overall market share, supported by a recovering industry environment [2][3] Group 2: AI Data Center Development - The AI data center is a key strategic market for the company, focusing on miniaturization, high precision, and high power density technology advantages [3] - The company provides a comprehensive solution for AI server clients, covering various power supply needs, and has secured a full order book with rapid growth in related business, particularly in overseas markets [3] Group 3: Tantalum Capacitor Product Layout - The company has invested in the tantalum capacitor field for years, developing new series products that can be widely applied in communications, consumer electronics, AI data centers, automotive electronics, and industrial control [3][4] - New tantalum capacitor products have gained recognition from major clients due to their thin profile and low ESR values, aligning with trends in high-end consumer electronics [3] - The company’s tantalum capacitors meet the high reliability and stability requirements of automotive electronics, particularly in electric vehicles and advanced driver-assistance systems [3] Group 4: Pricing and Capital Expenditure - The pricing of the company's electronic components generally follows market trends, with a focus on maintaining core competitiveness and long-term partnerships with major global clients [4] - Recent infrastructure projects include three industrial parks and a research center, with significant progress in construction and production ramp-up, while future capital expenditures will focus on emerging markets and new product capacity [4]

Group 1: Energy Storage Business Growth - The company's revenue in the energy storage fire protection sector increased from approximately 11 million yuan in 2022 to over 74 million yuan in 2023, with an expected growth to 130 million yuan in 2024 [2] - The company is a major supplier in the domestic energy storage fire protection market, collaborating with leading battery manufacturers like CATL and Eve Energy [2] - The company aims to enhance its market share in the domestic market while gradually increasing its overseas revenue share, supported by product certifications in various countries [2] Group 2: Strategic Investment in Kewitai - The company has made a strategic investment in Kewitai, acquiring a 31.21% stake, increasing its total ownership from 19.81% to 51.02% [3] - Kewitai specializes in the low-altitude economy, particularly in drones for heavy payloads and long endurance, aligning with the company's long-term vision for this sector [3] - Despite a decline in orders due to external factors in the past two years, Kewitai has seen a significant increase in orders this year, with production lines operating at high capacity [3] Group 3: Firefighting Robot Development - The company has established a clear layout in the firefighting robot sector, with a focus on both application and research [3] - A large remote-controlled firefighting robot has been successfully developed and is now in practical use, targeting high-risk areas such as power substations and petrochemical sites [3] - The company is also developing intelligent robots with a focus on autonomous task execution, collaborating with industry-leading manufacturers to build an open and collaborative industrial ecosystem [3]

Group 1: Business Transition and Strategy - The company is transitioning from testing and automation products to liquid cooling module components, specifically targeting products like liquid cooling heads and cold plates due to current market demand [2] - The core advantage of this transition is the company's strong customer resource base, primarily consisting of well-known global enterprises, which allows for precise identification of customer needs [2] - There is a growing demand for liquid cooling solutions from various clients, not just the N client, prompting the company to allocate internal resources to meet these needs [2] Group 2: Business Performance and Future Outlook - Guanghao Jie, a subsidiary, focuses on camera module testing equipment and automated assembly lines, with significant revenue generated from automotive electronics and camera modules [3] - The AI server testing business is experiencing rapid growth, with major clients like Amazon, Google, and Microsoft expected to increase capital expenditures significantly [3] - The company's revenue from AI server testing in Q3 remained stable compared to the first half of the year, with optimistic revenue expectations for the next 1-2 years [3] Group 3: Client Relationships and Collaborations - The company has a long-standing partnership with clients like Google, and began collaborating with the N client three years ago, focusing on testing self-developed server products [3] - The company has obtained Vendor Code for testing GPU modules and server motherboards, with small batch deliveries expected by year-end and larger supply arrangements planned for the following year [3] Group 4: Regulatory and Market Position - The company is not included in the margin trading and Hong Kong Stock Connect lists, as these selections are determined by the exchange based on specific criteria [3] - The recent investor relations activity did not involve any major information that needs to be disclosed [3]

编号：2025-011 证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | ☑ 其他（电话会议） | | 参与单位名称 | 鹏华基金、太平资产、汇丰资管、花旗环球、东吴证券 | | 时间 | 2025 年 11 月 18 日 | | 地点 | 电话会议 | | 上市公司接待 | 董事、常务副总经理兼董事会秘书 汪咏梅 | | 人员姓名 | 证券事务代表 何美萱 | | | 1、请问公司认为本轮涨价的契机是什么？落地情况如何？ | | | 回复：主要是基于两方面因素：一是公司产品处于供不应求的 | | | 状况，尤其新产品供需矛盾比较突出；二是部分原材料价格上涨带 | | | 来成本压力。公司与客户积极开展商务谈判，目前已取得了较好的 | | | 效果。 | | 投资者关系活 | 2、公司磷矿开采的进展如何？预计对利润有多少贡献？ | | 动主要内容介 | 回复：自 ...

Group 1: Company Overview and Strengths - The company has a strong foundation in control technology, developed over 30 years, enabling expansion from the elevator industry to industrial control and robotics [1] - Following Haier's strategic investment, the company aims to leverage Haier's scenario advantages for data collection and training in various applications [1] Group 2: Key Projects and Innovations - The company has identified four key data collection and verification scenarios by the end of the year: adaptive grasping robot systems, smart welding, flexible automation PCB quality inspection, and dual-arm collaborative assembly [1] - The humanoid robot showcased at the Industrial Expo has been deployed in Haier's Chongqing refrigerator factory for practical training and will gradually take on more complex tasks [2] - The semiconductor wafer transfer robot, developed over three years, includes dozens of models for various semiconductor processes, achieving domestic substitution and is now in mass production for various chip types [2] Group 3: Financial Progress and Future Plans - The company is currently advancing its private placement of shares, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2] - Cash flow from operating activities improved significantly by 147.42% year-on-year in the first three quarters, indicating enhanced financial health [2] - Future strategies include increasing digital investment and talent acquisition, focusing on cost control and operational efficiency to enhance sustainable profitability [2]

Group 1: Company Overview and IP Portfolio - The company has established a diverse IP matrix covering multiple fields, including international top-tier IPs like Pokémon and Disney, as well as domestic animation IPs such as Super Wings and Pleasant Goat and Big Big Wolf [1] - Current IP products include Pokémon scene toy sets, Super Wings story robots, and various series of trendy toys like AI Magic Star and AI Flying Rabbit [2] Group 2: AI Product Development - The company has launched AI toys focusing on voice interaction, including AI Magic Star and AI Flying Rabbit, in collaboration with Baidu Smart Cloud [3] - Upcoming AI products include a zodiac-themed AI toy for the Year of the Horse and various interactive AI toys like desktop AI robots [4] Group 3: Future Strategies and Market Expansion - The company plans to enhance its gaming segment by focusing on market growth logic, utilizing VR/AR/AIGC technologies, and expanding globally to translate Chinese products and culture effectively [5]

Group 1: Wealth Management Business - The company focuses on high-quality development and digital transformation in wealth management, emphasizing high-quality client groups and efficient online operations [2] - It aims to enhance multi-asset allocation capabilities and improve the comprehensive service system for institutional clients [2] - The company is committed to building AI service functions and promoting the application of wealth management AI models [2] - Compliance is a priority, with a strict adherence to regulatory standards [2] Group 2: Investment Banking Business - The company serves the real economy's high-quality development and acts as a "gatekeeper" for capital markets [3] - It strengthens industry resources and professional capabilities, focusing on industrial and technology investment banking [3] - The company is enhancing its cross-border collaboration and talent development to support Chinese enterprises' overseas expansion [3] - Digital transformation and risk management are key areas of focus for improving operational efficiency [3] Group 3: Derivatives Business - As a primary dealer in over-the-counter derivatives, the company leverages its pricing and trading expertise to enhance product offerings [3] - It aims to provide asset allocation and risk management solutions for institutional clients through innovative strategies [3] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management [3] - The company is building a diverse product supply system and enhancing its brand in asset management [3] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund ranks third and first in the industry, respectively, excluding money market funds [4] Group 5: Compliance and Communication - The company ensures accurate and timely information disclosure, adhering to regulatory requirements [4] - There were no incidents of undisclosed significant information leaks during the investor communication process [4]

Group 1: Product Performance and Market Strategy - The company’s Loxoprofen Sodium Gel Patch was selected in the 11th batch of national drug centralized procurement with prices set at ¥17.88 for 4 patches, ¥26.82 for 6 patches, and ¥35.76 for 8 patches, with a planned selection quantity of 30.122605 million patches [2] - The company anticipates a certain growth in sales for the Loxoprofen Sodium Gel Patch post-price reduction due to the ongoing growth in the chronic pain treatment market, with actual performance feedback expected after next year's procurement execution [2][3] - The company plans to expand its sales channels and enhance brand building in response to the centralized procurement, leveraging its established multi-channel coverage system [4] Group 2: Financial Impact and Adjustments - The centralized procurement is expected to lead to a phase adjustment in profit margins for the Loxoprofen Sodium Gel Patch, impacting short-term revenue and profit performance [3] - The company is facing pressure to meet its annual targets due to market challenges, prompting a focus on promoting new products and enhancing market penetration through education and optimized product positioning [9] Group 3: Innovation and R&D Initiatives - The company is transitioning towards innovative drug development, establishing multiple R&D centers and focusing on various drug forms and collaboration models [5] - The R&D team consists of over 40 experts with experience in drug design and clinical research, focusing on oncology and chronic disease treatments using small molecules, peptides, and other drug forms [5] - The JIJ02 gel is expected to complete Phase I clinical trials in the first half of next year, with Phase II trials to follow [6] Group 4: Corporate Governance and Employee Engagement - The company is implementing a share repurchase plan to support future equity incentive programs, aiming to align the interests of the company, shareholders, and core team members [7]