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]

Group 1: Investment and Strategic Partnerships - The company plans to strategically invest in Lingchuan Technology, which focuses on high-end computing power and chip development, aiming to enhance its AI ecosystem [2][3] - Lingchuan Technology's SL200 chip can handle 36 channels of HD video simultaneously and has been deployed in over 70,000 units, supporting more than 700 million user service requests [3][4] - The partnership with Lingchuan Technology is part of the company's strategy to integrate AI, content data, and application scenarios, enhancing its competitive edge in the AI commercialization market [3][4] Group 2: Market Expansion and Product Development - The SL200 chip has entered markets in Southeast Asia, Singapore, and Brazil, indicating strong global competitiveness and potential for overseas expansion [3] - The next-generation chip from Lingchuan Technology is set to enter mass production next year, with applications in autonomous driving, low-altitude economy, and intelligent robotics [3][4] - The company has established a multi-layered cooperation model with Lingchuan, including technology collaboration, market expansion, and capital binding, with plans for future capital operations [4] Group 3: AI Ecosystem and Revenue Generation - The company has secured data service business orders from major AI model companies like Alibaba and Microsoft for model training and compliance data [5][6] - The company is building a commercial model that benefits creators, AI model providers, and clients, aiming to provide high-quality images, videos, and AI services [5][6] - The company possesses over 700 million high-quality, copyright-compliant content data for AI model training, positioning itself as a key player in the generative AI value chain [6][7] Group 4: Collaboration with AI Generative Companies - The collaboration with ByteDance's Jianying has already resulted in confirmed revenue, highlighting the company's active role in the AI application field [6][7] - The company is working with leading AIGC content generation service providers to implement a commercial model that integrates AI generation with copyright management [8]

Group 1: Market Dynamics - The supply-demand imbalance in the separator industry is expected to gradually improve due to lower new production capacity compared to last year and strong demand from energy storage and power batteries [2][3]. - The overall profitability of the separator industry is currently low, leading to a slowdown in capacity expansion and some small to medium enterprises halting expansion [2][3]. Group 2: Competitive Strategy - The company, as a leading separator manufacturer, maintains a brand advantage and product quality, which helps it respond to low-price competition effectively [2][3]. - The company is focused on ensuring stable supply and demand for high-quality separators while improving profitability through enhanced product performance and structure [3]. Group 3: Technological Positioning - The company is actively involved in the research and development of advanced technologies, including semi-solid and solid-state battery separators, positioning itself as an early mover in the industry [4]. - The company has established a joint venture for the development and production of semi-solid battery separator materials, demonstrating its commitment to innovation [4]. Group 4: Product Advantages - The company possesses a full range of separator technologies, including wet and dry base films, heat-resistant coatings, and functional coatings, with significant capabilities in wet process technology [5]. - Innovations in equipment and processes, such as integrated online coating technology and the introduction of high-speed production lines, are enhancing production efficiency [5].

Group 1: Company Overview - The company is engaged in the production of optical fiber connectors, ceramic inserts, and AOC products at its Vietnam factory, with current production capacity not fully utilized [3] - The company has established long-term trust-based partnerships with overseas major clients, focusing on enhancing product competitiveness to maintain stable supply relationships [2] Group 2: Impact of Trade Relations - The impact of US-China trade tensions on the company is minimal, as the settlement model with major clients is based on FOB, allowing for effective risk management through communication and collaboration [2] Group 3: Product Development and Capacity Expansion - The company has significantly expanded its MT connector production capacity since last year, positioning itself as a rare integrated manufacturer capable of producing various connectors [3] - The company is actively pursuing breakthroughs in flexible circuit boards and other new products, emphasizing continuous development and collaboration with clients to adapt to market demands [3] Group 4: Licensing and Market Opportunities - The company has obtained a non-exclusive license for MDC connectors, enabling it to manufacture and sell high-density optical fiber connectors and adapters globally, supported by US Conec [3]

Group 1: Company Overview and Strategy - The company has clarified its strategic goal of "AI + IoT," focusing on an AIoT platform and modular application solutions for smart spaces [1] - The AIoT intelligent IoT control platform V7 has been launched, optimizing various AI applications such as energy consumption anomaly detection [1] - The company has established an "AI + IoT" open laboratory, collaborating with 9 universities and startup teams to co-create AI applications [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 990 million CNY, with a net loss of 88.76 million CNY due to fluctuations in downstream demand and project delays [1] - Operating cash flow has improved compared to the previous period, with a 3.2% decrease in sales, management, and financial expenses [2] - The signed amount for AIoT platform products increased from 7.97 million CNY to 25.04 million CNY, a year-on-year growth of 214.35% [2] Group 3: Market Position and Client Base - By the end of 2024, the company has served 57 out of 93 large manufacturing listed companies in Shenzhen, achieving a coverage rate of 61.3% [2] - The company has also served 153 out of the 500 billion CNY market capitalization listed companies nationwide, with a coverage rate of 56.9% [2] Group 4: Product Development and Innovation - The AIoT platform has developed over 300 core functional modules across 10 application areas, enhancing market competitiveness and commercial viability [3] - The company has completed HarmonyOS certification for some products, aligning with national innovation requirements [4] Group 5: Future Outlook - The company aims to replicate successful smart space cases in finance, technology, and high-end manufacturing sectors by 2030 [2] - There is a growing market for smart upgrades and energy-saving renovations in existing buildings, which the company is actively pursuing [5]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 96.094 billion, representing a year-on-year growth of 13.24% [1] - The net profit attributable to shareholders reached CNY 4.142 billion, with a year-on-year increase of 14.31% [1] Spin-off Plans - The company plans to spin off its subsidiary, Haida Holdings, for listing on the Hong Kong Stock Exchange [1] - Prior to the spin-off, the company will restructure the equity of its overseas subsidiaries related to feed, seedlings, and animal health products under Haida Holdings [1] - This spin-off is a strategic move to enhance the company's international influence and global market competitiveness, aligning with the national "Belt and Road" initiative [1] Strategic Goals - The company aims to achieve a sales target of 51.5 million tons of feed by 2030, focusing on increasing domestic capacity utilization and market share while expanding overseas [2] - The overseas feed sales volume is projected to reach 7.2 million tons by 2030, with the spin-off expected to accelerate this growth [3] Operational Insights - The company reported a 40% year-on-year increase in overseas feed sales in the first half of the year, maintaining strong growth into the third quarter [2] - The feed production capacity utilization has improved due to strong sales growth [2] Future Outlook - The company plans to adopt a light asset model for future expansion in livestock feed production, rather than relying primarily on acquisitions [2] - The overall cost of pig farming is expected to continue improving as the company focuses on team capability building and innovative asset-light models [3] - The company anticipates that most aquaculture species will maintain profitability or break-even next year, despite some external impacts [2]