Group 1: Company Overview - Wanma Technology Co., Ltd. was established in 1997 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 31, 2017 [3] - The company focuses on the R&D, production, and sales of communication equipment and industrial control products, and has recently entered the vehicle networking sector [3] - Wanma's communication products include cabinets and enclosures, widely used in data centers and digital communication rooms [3] Group 2: Financial Performance - In the first half of 2025, revenue from communication cabinets and enclosures reached CNY 103 million, a year-on-year increase of 85.89% [4] - Revenue from industrial control products was CNY 39 million, growing by 40.14% year-on-year [4] - The company expects continued growth in the third quarter of 2025 [4] Group 3: Vehicle Networking Business - Wanma's vehicle networking business has connected over 16 million vehicles globally, with significant partnerships with major automotive manufacturers like Geely and Li Auto [3] - The company offers a global vehicle networking ONE SIM solution, providing services such as connection management and compliance management [6] - The vehicle networking solutions are designed to optimize network communication quality and enhance user experience [6] Group 4: Strategic Partnerships - Wanma's subsidiary, Youka Technology, has formed a strategic partnership with Baidu's Apollo to advance the commercialization of Robotaxi services [5] - The collaboration focuses on providing integrated hardware and software solutions for Robotaxi, enhancing operational efficiency and safety [5] Group 5: Market Expansion and Challenges - The company is expanding into overseas markets and new business scenarios, which has led to an increase in sales expenses [11] - Wanma is transitioning from a traditional communication equipment provider to a player in the intelligent data center market [11] - The company has established six core data centers globally to meet local data storage compliance requirements [11]

Group 1: Resource Acquisition and Development - The company is focusing on resource replacement and increasing reserves through geological research and exploration activities in various mining areas [2][3] - Currently, the company owns several key mines, including the Pulang Copper Mine and the Dahongshan Copper Mine, located in the Sanjiang mineralization belt, which has good geological conditions and exploration potential [2] - The company plans to acquire 40% of Liangshan Mining from Yunnan Copper Group, which will enhance its resource reserves upon completion of the transaction [3][4] Group 2: Financial and Operational Updates - The acquisition of Liangshan Mining is expected to resolve industry competition issues and enhance the company's competitive edge due to Liangshan's resource advantages and profitability [5] - Liangshan Mining has an annual production capacity of approximately 13,000 tons of copper concentrate and 119,000 tons of anode copper, with a copper metal reserve of 779,700 tons as of March 2025 [4] - The company has faced a significant decline in net profit year-on-year due to low copper smelting processing fees and increased production costs [8] Group 3: Market Conditions and Strategic Responses - The rise in gold prices has limited positive impact on the company's overall performance, as most gold comes from purchased copper concentrates [6] - The company is implementing strategies to address the decline in processing fees, including focusing on resource optimization and cost reduction initiatives [9] - The company is closely monitoring copper price trends influenced by global economic conditions, supply-demand dynamics, and market speculation [11] Group 4: Risk Management and Financial Strategies - The company employs hedging strategies to mitigate risks associated with raw material prices and foreign exchange fluctuations [12] - The company has maintained stable long-term relationships with suppliers to secure raw material supply and optimize procurement costs [7]

Financial Performance - In Q3 2025, the company achieved a revenue of 854 million CNY, representing a year-on-year growth of 28.54% [2] - The net profit attributable to shareholders for Q3 2025 was 119 million CNY, with a year-on-year increase of 33.09% [2] - For the first nine months of 2025, total revenue reached 2.216 billion CNY, up by 5.78% year-on-year, while net profit was 277 million CNY, reflecting a growth of 2.23% [2] Strategic Focus - The company aims to expand its overseas market presence, targeting a foreign revenue of 430 million CNY in 2024, which will account for 14.17% of total revenue [3] - Future strategies include enhancing the proportion of overseas income and improving profitability through local service quality and innovative product offerings [3] Product Development - A dedicated team has been established to develop AIDC (Artificial Intelligence Data Center) solutions, aiming to provide comprehensive power solutions for data centers [3] - The company has launched a smart energy management platform, which has been successfully deployed and is now in the commercialization phase [3] Market Opportunities - The North American market is experiencing power shortages, creating demand for energy storage solutions that can support data centers and enhance grid reliability [4] - The company plans to align its product offerings with market needs to capture additional market share in response to these developments [4] Charging Infrastructure - The charging pile industry is currently in a competitive and stable phase, with a national plan to build 28 million charging facilities by the end of 2027, providing over 300 million kW of public charging capacity [5] - The company is responding to government initiatives to support the growth of charging infrastructure, particularly in rural areas, by developing suitable fast-charging solutions [5] Energy Storage Market - The energy storage market is expected to grow as power trading becomes more market-oriented, with independent storage projects showing profitability potential [6] - The company anticipates that the continuous development of market policies will support the healthy growth of the energy storage sector [6]

Group 1: Production Capacity and Utilization - The company has established a lithium iron phosphate production capacity of 225,000 tons, with a total planned capacity of 300,000 tons, and 75,000 tons currently under construction [2] - Since Q4 2025, the effective capacity utilization rate has remained high due to sustained growth in downstream demand [2] Group 2: Product Development and Innovation - The company has successfully entered mass production of high-pressure dense products in response to differentiated customer needs [3] - Continuous tracking of industry technology trends and market demand is emphasized for proactive product development [3] Group 3: Customer Cooperation and Market Strategy - The company strengthens long-term partnerships with core customers through joint R&D and product innovation, while also optimizing customer structure by collaborating with other leading enterprises [3] - Active business negotiations are conducted to ensure long-term win-win scenarios based on industry dynamics and customer feedback [3] Group 4: Performance Expectations and Market Outlook - The global market for power batteries and energy storage batteries is expected to grow, providing significant opportunities for the lithium battery cathode materials industry [3] - The company aims to enhance overall operational efficiency and profitability through deepened cooperation, cost reduction, and improved management [3] Group 5: Compliance and Risk Disclosure - The company adhered to information disclosure regulations during the investor communication, ensuring no undisclosed material information was leaked [3] - Any forecasts or strategic plans mentioned should not be interpreted as commitments or guarantees regarding the company's future performance [3]

Company Overview - Shengda Metal Resources Co., Ltd. is engaged in mining and resource management, focusing on precious metals such as gold and silver [1] - The company is currently in the process of obtaining safety production permits for its operations [1] Mining Operations - Honglin Mining's identified resource reserves include: - Ore volume: 6.056 million tons - Gold content: 17,049 kg with an average grade of 2.82 g/t - Copper content: 29,015 tons with an average grade of 0.48% [1] - The expected production scale is 39.60 million tons per year, with actual output to be confirmed post-production [2] Production Timeline - Full production is anticipated to be achieved by 2026, with daily full capacity expected in 2027-2029 [2] - The company is actively exploring for additional reserves and has initiated deep exploration efforts [2] Product Pricing and Sales - The pricing coefficient for products ranges between 90%-95%, depending on moisture and metal content [2] - Sales of trial production products will comply with government regulations, with detailed sales data to be included in the 2025 annual report [1] Acquisition Strategy - The company plans to focus on acquiring high-quality precious metal mining projects, targeting operational mines with a service life of over 15 years [2] - Acquisitions will be evaluated based on price and market conditions, avoiding high-cost purchases [2] Taxation and Financials - The company has seen a significant increase in tax payments compared to the previous year, as detailed in the 2025 semi-annual report [4] - Future tax obligations will depend on local government policies [4]

| | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他： 广发证券 倪军、王宇，国泰海通证券 马婷婷，东方证券 屈 | | | 俊，浙商证券 梁凤洁、徐安妮，招商证券 王先爽、文雪阳， 长江证券 马祥云、谢金彤，兴业证券 陈绍兴、曹欣童，光 | | | 大证券 董文欣，东兴证券 林瑾璐，中邮证券 张银新，华 | | 参与单位名称 | 创证券 贾靖、林宛慧，中泰证券 邓美君，国盛证券 朱广 | | 及人员姓名 | 越，西部证券 程宵凯、喻麟靖，国海证券 徐凝碧，华福证 | | | 券 付思雨，开源证券 丁黄石，国寿资产 崔维，中信资管 曾 | | | 征，方正证券 赵大晖，信达澳亚 陈建宇，泰康资产 李鑫， | | | 华安基金 郭昶皓，工银瑞信基金 袁路欣，国泰基金 王韶 | | | 怀，海富通基金 贝敏，鹏华基金 张沁萱，易方达基金 张 | | | 心怡，平安基金 解舒宇，中欧基金 陈巍等。 | | 时间 | 2025 年 11 月 14 日（星期五）14:00-15: ...

Group 1: Financial Performance - The net interest income for the first three quarters reached 5.509 billion CNY, with a year-on-year growth of 2.06% [2] - The outlook for Q4 indicates a stable net interest margin, supported by improved liability costs and proactive deposit pricing strategies [2] Group 2: Business Strategy - The bank aims to enhance support for the real economy and expand business scale while controlling costs and reducing liability expenses [2] - A comprehensive wealth management product matrix is being developed, focusing on a full lifecycle service framework [3] Group 3: Product Innovation - Introduction of localized "4+N" wealth management product system to meet the stable investment needs of medium to low-risk clients [3] - Launch of green and technology-enhanced strategy financial products to empower the development of the real economy [3]

Group 1: Company Overview and Operations - Vanadium is a crucial alloying element primarily used in the steel industry, non-ferrous metals, and energy storage sectors, with applications in machinery, automotive, shipbuilding, railways, and bridges [2] - The company has expanded its vanadium production capacity through the acquisition of Panzhihua Yangrun Technology Co., Ltd. in 2023 and aims to improve vanadium yield via technological advancements [2][3] Group 2: Future Development Directions - The company plans to leverage its resource advantages in the Panzhihua region to create a comprehensive vanadium industry ecosystem focusing on high-end vanadium products, energy storage materials, and special alloys [3] - In the titanium chemical sector, the company aims to enhance its existing production lines and maintain its leading position in the domestic titanium dioxide market [3] Group 3: Vanadium Energy Storage Industry - All-vanadium flow batteries offer significant advantages such as high power, large capacity, long lifespan, and safety, making them suitable for large-scale energy storage applications [4] - The Chinese government supports the development of new energy storage technologies, with plans to achieve a new energy storage installation capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [4]

Group 1: Coal Production Trends - In the first nine months of 2025, China's total raw coal production reached 3.57 billion tons, a year-on-year increase of 2.0% [1] - Xinjiang's coal production was 401 million tons, accounting for 11.22% of the national total, with a year-on-year growth of 4.1% [1] - Despite a slight decline in production from July to September due to policy-related reductions, Xinjiang's coal output remains on a stable growth trajectory [1] Group 2: Future of the Explosives Industry - The explosives industry is expected to undergo structural optimization through integration and reorganization during the 14th Five-Year Plan period [2] - The demand for explosives is supported by a steady increase in mining activities, particularly in coal, iron, and copper mining [2] - The industry is shifting from capacity competition to collaborative industrial chain strategies and international expansion [2] Group 3: Overseas Market Expansion - The company has actively engaged in international business development, aligning with the Belt and Road Initiative, with projects in Namibia, Liberia, and Malaysia [3] - In 2025, the company secured overseas contracts exceeding 2 billion yuan, with profits showing double-digit growth year-on-year [3] - Future plans include deepening market penetration in South Africa, West Africa, South America, and the Asia-Pacific region [3] Group 4: Competitive Advantages in International Markets - The company operates in eight countries and regions, holding explosive production licenses in three countries [4] - A high-quality international team and rich operational experience enhance the company's competitive edge [4] - The company aims to leverage national policies and global mining partnerships to expand its international market presence [4] Group 5: Key Project Progress - In the first three quarters of 2025, the company achieved significant revenue growth from key projects, exceeding operational targets [4] - The net profit attributable to shareholders, excluding regular losses, reached 622 million yuan, reflecting a year-on-year increase of 21.95% [4] - The company plans to accelerate the implementation of signed projects to ensure regional project advancement [4]

证券代码：001267 证券简称：汇绿生态 汇绿生态科技集团股份有限公司 投资者关系活动记录表 编号：2025-018 | | 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 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 □电话会议 | | | 其他： （券商策略会） ☑ | | 参与单位 | 易方达基金、中信证券、开源证券、淡水泉投资、广发证券、东北证券、 | | | 招银理财、南方基金、中信股衍、煜德投资、宁银理财、聚鸣投资、立 | | 名称 | 心资产、美阳投资、昊青投资、止于至善投资 | | 时间 | 2025 年 11 月 11 日-13 日 | | | 汇绿生态科技集团股份有限公司（以下简称"汇绿生态"或"公司"） | | 地点 | 会议室 | | 公司接待人 | 汇绿生态董事会秘书 严琦、 证券事务代表 方铂淳、IR 房宗亿 | | 员姓名 | | | | 汇绿生态董事会秘书严琦向投资者简要介绍了公司的基本情况，并 | | | 回答了投资者问题。 | | | 问题一：截至目前公司及其控股子公司武汉钧恒科技有限 ...