Group 1: Company Overview and Business Operations - Southern Wind Power Co., Ltd. focuses on nuclear ventilation equipment, which has high technical requirements due to safety regulations and international standards [2][3] - The company has seen an upward trend in gross profit margins, attributed to the recovery of nuclear power station construction approvals and increased project activity [2][3] Group 2: Product Supply and Market Dynamics - The supply cycle for nuclear ventilation equipment typically spans 3-4 years, while for subway and tunnel ventilation, it is 2-3 years, and for large industrial and civil construction, it is under 1 year [3] - Variations in product structure and quantity during different periods affect the company's revenue and profit [3] Group 3: 3D Printing Business Development - In December 2024, the company acquired minority shareholder rights in Southern Additive, transitioning to 3D printing services, with ongoing normal business progress [4] - An investment of 50 million yuan was approved in September 2025 for fixed asset investments in 3D printing services, with plans for expansion currently in execution [4] Group 4: Competitive Advantages and Market Potential - The demand for high-performance electronic devices and cooling solutions is increasing, with 3D metal printing technology offering innovative design and integration capabilities [6] - Southern Additive's competitive edge lies in its ability to provide customized solutions based on client needs, with ongoing discussions and sample submissions to potential clients [6]

Group 1: Company Overview and Operations - The company specializes in the research, production, and sales of anti-corrosion and wear-resistant welding equipment, non-welded boiler components, pressure vessels, and high-end steel structures, primarily serving the energy sector [2] - Current applications of the company's products include waste-to-energy, coal-fired power, gas boilers, nuclear power, and biomass energy generation [2][3] Group 2: Market Trends and Future Prospects - Coal-fired power remains a crucial electricity source in China, with increasing demand driven by factors such as global warming and the rise of AI data centers, leading to a stable growth outlook for the coal power sector [3] - The oil and gas pipeline market is expected to grow due to increasing demand for bimetallic composite pipes, particularly in corrosive environments, with welding technology becoming more efficient and cost-effective [7] Group 3: Production and Delivery - The delivery cycle for products from the Vietnam base is approximately 6 months, focusing on gas turbine waste heat recovery devices [4] - The company employs a "make-to-order" production model, confirming revenue upon completion of production and shipping under the FOB trade model [6] Group 4: Infrastructure Development - The Vietnam production base covers an area of approximately 150,000 square meters, with phase one completed and operational, while phase two is expected to commence production in Q2 of the following year [8] Group 5: Industry Growth and Demand - The global gas turbine market is projected to grow, driven by demand from North America, the Middle East, and Europe, with gas turbines being key to meeting electricity needs and facilitating energy transitions [10]

Group 1: Investor Relations Activity - The investor relations activity involved 304 analysts and investors from various securities and asset management firms [3] - The meeting took place on October 20, 2025, via the "Cangge Mining Investor Relations" WeChat mini-program [3][4] Group 2: Company Overview and Strategic Goals - Cangge Mining aims to become a leading global mining group, leveraging its substantial mineral resource reserves and advanced technology in potassium and lithium extraction [4] - The company plans to enhance its resource volume and development technology in potassium and lithium to become a key supplier globally [4] Group 3: Financial Performance - In the first half of 2025, the company implemented cash dividends totaling CNY 1.569 billion, with cumulative dividends from 2022 to 2024 reaching CNY 7.4 billion [6] - Revenue increased by 3.35% year-on-year, primarily due to a 34.04% rise in potassium chloride revenue, while lithium carbonate revenue decreased by 64.50% due to market fluctuations [6] Group 4: Production and Sales Data - As of the end of Q3 2025, potassium chloride production reached 701,600 tons, achieving 70.16% of the annual target, while sales reached 783,800 tons, achieving 82.51% of the target [7] - Lithium production for the first three quarters was 6,021 tons, with sales of 4,800 tons and an average selling price of CNY 67,300 per ton [9] Group 5: Cost Management and Profitability - The average sales cost of potassium chloride decreased by 19.12% to CNY 978.69 per ton, while the average selling price increased by 26.88% to CNY 2,919.81 per ton, resulting in a gross margin of 63.46% [8] - The company continues to focus on cost control through process optimization and technological innovation [8] Group 6: Project Developments - The second phase of the Jilong Copper Mine project is progressing well, with significant milestones achieved in the construction of the second concentrator [12] - The Mali Mico Salt Lake project is on track, with construction of the photovoltaic power station and land use procedures underway [14]

Group 1: AI Technology and Applications - The company has established an AI core technology foundation, completing the integration of general large models and training self-developed models, with plans to launch the "Desheng Zhengduoxing" product [2][3] - Key application areas include employment, medical services, social security, and government services, with employment and social security showing strong financial performance [3][4] - The company has developed a "no-sense payment platform" for medical services in collaboration with China UnionPay and Guangzhou Medical Insurance, aiming to enhance operational efficiency by integrating fragmented medical data [4][5] Group 2: Business Model and Ecosystem - The company adopts a "platform + operation" service model, focusing on core livelihood scenarios and collaborating with B-end partners to build an operational service ecosystem [3][6] - A deep commitment to the "data + model + scenario" service loop is emphasized, leveraging AI support to create knowledge graphs and databases for various livelihood services [3][6] - The company aims to construct a livelihood operation service ecosystem centered around people, breaking down data silos and continuously optimizing services [6] Group 3: Future Development and Sustainability - Employment services are a national policy focus, with the company targeting key demographics such as college graduates and migrant workers, utilizing AI tools to enhance job matching efficiency [5][6] - The company positions itself as a "social security card service provider," leveraging the unique value of social security cards to build a comprehensive service system from government to consumer [5][6] - Future market scale will depend on the population size and service depth in covered cities, indicating a strategic approach to sustainable business growth [5][6]

Group 1: Market Trends and Price Increases - The demand for high-capacity DDR5 and eSSD from major cloud service providers has significantly increased, leading to a supply tightening in consumer-grade and embedded storage [2] - According to CFM's market forecast, the price increase for eSSD in Q4 is expected to reach 10%, while DDR5 RDIMM prices may rise by approximately 10% to 15%, and Mobile NAND ASP is projected to increase by 5% to 10% [2] Group 2: Impact on Profitability - The production cycle from wafer procurement to memory sales means that rising wafer prices will positively impact the company's gross margin, although raw material price fluctuations are only one factor affecting performance [3] - The company has made significant breakthroughs in enterprise storage, high-end consumer storage, overseas business, and self-developed main control chips, which will drive profitability growth more directly and sustainably [3] Group 3: Enterprise Business Development - The company's enterprise storage products have gained wide recognition from leading clients across various industries, ranking third in total capacity for enterprise SATA SSDs in China and first among domestic brands according to IDC data for 2024 [3] - The company’s enterprise PCIe SSD and RDIMM products have begun mass introduction to major domestic enterprises [3] Group 4: Product Innovations - The company is actively developing high-performance storage products for data center applications, including CXL2.0 and MRDIMM, and has officially launched SOCAMM2, designed for AI data centers with breakthrough energy efficiency [4] - The SOCAMM2 product has not yet generated revenue, and investors are advised to be aware of associated risks [4] Group 5: UFS4.1 Product Development - The company has successfully developed UFS4.1 products, a high-end embedded storage solution, leveraging its self-developed main control chips, outperforming comparable market products in process, read/write speed, and stability [4][5] - UFS4.1 is the preferred storage configuration for flagship smart terminal models among Tier 1 clients, as the embedded storage market transitions from eMMC to UFS, indicating significant growth potential [5] Group 6: Main Control Chip Deployment - The company’s main control chips utilize advanced foundry processes and proprietary core IP, resulting in significant performance and power advantages [5] - As of July, over 80 million units of the main control chip series have been deployed, with rapid growth expected in deployment scale throughout the year [5]

Group 1: Company Overview and Investor Relations - The company, ST Yishite, held an investor relations activity on October 20, 2025, to discuss its business progress and future directions [1] - Key personnel from the company included the Board Secretary and representatives from the securities affairs team [1] Group 2: Product Differentiation - The company differentiates between UPS high-end power supplies and data center products in terms of product structure, customer distribution, and application fields [2] - Data center products include self-produced or jointly produced items, while UPS high-end power supplies are an independent product system with prices ranging from hundreds to hundreds of thousands of yuan [2][3] Group 3: Customer Distribution - Data center clients primarily come from finance, communication, education, and government sectors, with over half of UPS high-end power supply clients also involved in data center applications [3] - The remaining UPS clients are mainly overseas, with domestic clients spanning various industries such as rail transport and manufacturing [3] Group 4: Data Center Business Development - The company’s data center business aligns with national strategies, focusing on dual drives of computing power and energy [4] - A diverse product matrix has been established, including various types of data centers and supporting equipment [5] Group 5: Green Initiatives - The company is integrating energy storage with data centers to achieve energy efficiency and support low-carbon transitions [5] - Collaborations with major clients like Alibaba and Tencent have been established to provide customized solutions [5] Group 6: New Energy Sector - The company is pursuing a dual-drive strategy in the new energy sector, focusing on energy storage, photovoltaic EPC, charging stations, and sodium-ion batteries [7] - In the first half of 2025, revenue from the energy storage business grew by 150% year-on-year [7] Group 7: Research and Development - The company has invested significantly in R&D, with 2024 R&D expenditure projected at 241 million yuan, accounting for 7.92% of revenue [10] - The company holds over a thousand patents and has received multiple awards for its innovation in the power electronics field [10][11] Group 8: Risk Management - The company plans to apply for the removal of other risk warnings after meeting specific regulatory conditions by December 31, 2025 [12] - Internal assessments indicate that there are no substantial difficulties anticipated in this process [13] Group 9: Future Outlook - The company aims to enhance its R&D efforts and expand its presence in the new energy and high-end power sectors [11] - It plans to leverage its technological advancements to support the global digital energy transition [9]

Group 1: Acquisition and Synergy - The acquisition of Ligon Technology is expected to create strong synergy effects due to low overlap in agency rights and customer groups, allowing for resource complementarity [1] - The company has a competitive advantage in passive component sales, while Ligon Technology excels in the automotive sector, enabling mutual enhancement of capabilities [1] - The collaboration will extend Ligon Technology's technical advantages in the automotive field to other industry markets [1] Group 2: Semiconductor Industry Outlook - The semiconductor industry is expected to maintain a prolonged boom, driven by AI computing demand and the certainty of domestic substitution [2] - Short-term fluctuations may occur due to inventory adjustments or external policy changes, but long-term growth is anticipated [2] Group 3: Financial Performance - The company's gross margin is higher than that of other distributors due to superior operational capabilities in supply chain management and inventory turnover [3] - Post-acquisition, the overall gross margin may slightly decline, but the lower expense ratio of Ligon Technology is expected to enhance net profit margins [3] Group 4: Risk Management - The probability of bad debts is low due to a stable customer base primarily composed of B-end manufacturing enterprises with strong payment capabilities [4] - A strict internal control mechanism is in place to manage bad debts, ensuring a low bad debt rate [4] Group 5: Cash Flow Challenges - Negative operating cash flow is primarily due to mismatched payment terms and the accounting treatment of commercial bill discounts [5] - The company has secured sufficient bank credit to support cash flow needs and is working with core customers to improve payment efficiency [5] Group 6: Long-term Development Goals - The company aims for significant revenue breakthroughs through a dual strategy of 70% organic growth and 30% acquisitions [6] - Future growth will focus on expanding into overseas markets, particularly in Southeast Asia along the Belt and Road [6] - The company plans to balance its industry structure across automotive, consumer, AI, and server sectors [6] - There will be an emphasis on increasing the share of active components and optimizing product structure to enhance industry influence [6]

Group 1: Business Strategy and Development - The company has successfully transitioned from a single product line in electronic assembly materials to a dual focus on electronic assembly materials and reliability materials, establishing a comprehensive product matrix [2][3] - The reliability materials segment emphasizes three technical dimensions: mechanics, corrosion resistance, and thermal properties, targeting core categories like electronic adhesives and protective coatings [3][4] Group 2: Global Expansion and Market Presence - The company has established subsidiaries in regions including Hong Kong, Singapore, the USA, Vietnam, Thailand, and Mexico, enhancing local production capabilities [4] - Currently, overseas revenue accounts for only 1.38% of total revenue, but there has been a 40.84% growth in overseas business in 2024, indicating potential for future expansion [5] Group 3: Raw Material Management and Pricing Strategy - The company has implemented a multi-layered response mechanism to manage raw material price fluctuations, including long-term partnerships with major tin mining companies and a product pricing mechanism linked to raw material costs [6] - Current market conditions suggest that tin prices may remain volatile, influenced by both supply constraints and weak demand [5][6] Group 4: Future Planning and Innovation - The company aims to focus on five key areas for growth in the second half of the year: R&D innovation, talent supply chain, global market expansion, international production capacity, and capital operations [7] - The company is committed to enhancing domestic substitution efforts, with core products achieving performance levels comparable to international standards, thereby increasing market share in critical sectors like semiconductors and automotive electronics [8]

编号:2025-05 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 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） | | 参与单位名称及 | 国信证券 田维韦 | | 人员姓名 | 南方基金 朱伟豪、赵承浚 | | | 长信基金 朱辰菲 | | 时间 | 2025 年 10 月 17 日下午 16：00-17：00 | | 地点 | 张家港行总行 1605 楼会议室 | | | 董事会秘书 戚飞燕女士 | | 上市公司接待人 | 董事会办公室负责人 陶鹰女士 | | 员姓名 | 证券事务代表 张伊琦女士 | | | 以及相关业务部门负责人 | | | 主要就张家港行近期相关经营情况进行了交流，以下为 | | 投资者关系活动 | 投资者问询及简要回复情况记录： | | | Q：请贵行介绍一下今年上半年业绩保持稳健增长的管理 | | | 举措有哪些？ | | 主要内容介绍 | A：今年以来，全行员工围绕"夯基础、控风险、强队伍" | | | 总基调，聚力攻坚"抓投放、控付 ...

Group 1: Order and Capacity - In the first half of 2025, the company added new orders totaling 11,974.28 MW, bringing the cumulative orders to 45,866.86 MW by the end of June 2025 [2] - The breakdown of cumulative orders includes: - 998.70 MW for wind turbines between 2 MW and 4 MW (excluding 4 MW) - 8,223.24 MW for wind turbines between 4 MW and 6 MW (excluding 6 MW) - 36,644.92 MW for wind turbines of 6 MW and above [2][3] Group 2: Wind Turbine Pricing - Wind turbine prices are influenced by product type, market conditions, and project specifications, with a slight increase in prices observed in 2025 due to heightened focus on quality and reliability [3] Group 3: Offshore Wind Power Development - The company aims to lead the offshore wind power sector by establishing bases in Dalian and Wenzhou, leveraging local resources and state-owned enterprise advantages to develop near and far sea projects [3] Group 4: International Business Growth - The company has seen over 100% year-on-year growth in overseas bidding capacity, achieving breakthroughs in markets such as the Middle East and North Africa, and plans to accelerate global strategic expansion [4] Group 5: Renewable Energy Station Performance - In the first half of 2025, the company secured new renewable energy project approvals/registrations totaling 605.98 MW, with a cumulative grid-connected capacity of 1,203.11 MW by the end of June 2025 [4] - The company achieved a revenue of 224 million CNY from power generation in the first half of 2025, reflecting a year-on-year growth of 31.08% [4]