Group 1: Company Overview and Operations - The company focuses on the research, design, production, and sales of LCD display and touch control products, applied in various fields such as industrial control, IoT, healthcare, and automotive electronics [2] - The company prioritizes innovation and independent research and development, continuously increasing R&D investment to explore cutting-edge technologies [3] - The company is committed to transforming and applying technological achievements based on market demand and industry dynamics [3] Group 2: R&D and Technological Development - The main R&D directions include aligning with policy development, industry characteristics, and market needs to drive innovation [3] - The company has established basic production capacity for electronic paper products and achieved small batch shipments, with plans for continuous technology upgrades [5] - Specific R&D project details can be found in the company's annual report under "Management Discussion and Analysis" [5] Group 3: Market Position and Future Plans - The company aims to enhance core competitiveness through continuous technological innovation and operational efficiency to support market value growth [5] - Future development plans include promoting product technology updates and launching new products in line with industry trends and market demands [4] - The company is exploring acquisition opportunities to strengthen its industry layout and create new profit growth points [3] Group 4: Shareholder and Market Concerns - The company acknowledges that stock price fluctuations are influenced by macroeconomic conditions, industry trends, and investor sentiment [5] - Shareholder reductions are based on personal financial needs, and the company ensures compliance with regulatory requirements during this process [4] - The company is actively managing market value through investor communication, cash dividends, employee stock ownership plans, and potential share buybacks [5]

Group 1: Strategic Investment and Growth - The company has invested in Luoyang Aowite, acquiring an 18% stake, aiming to leverage Aowite's technology and products to penetrate the core components market for robots, fostering new business growth [2][3] - The anticipated sales revenue increase from the investment in Aowite is expected to align with market demand from 2026 to 2028, particularly in high-precision bearings for robotics [2][3] Group 2: Market Performance and Trends - The company has seen a positive trend in orders since Q3 2025, attributed to improved external conditions and strategic capacity planning, which aligns with operational expectations [4][5] - In the North American market, the company has established a strong presence, with revenue from this region accounting for over 80% of total revenue in the first three quarters of 2025, supporting overall performance growth [5] Group 3: Product Innovation and Market Expansion - The company is focusing on the rapidly growing plant lighting market, driven by factors such as policy changes, technological advancements, and increasing demand for local food production [4][5] - The expansion of vertical farming and the legalization of cannabis in several U.S. states have created a robust demand for LED technology in plant lighting, contributing to significant order growth [4][5]

Group 1: Company Performance - The main drivers of the company's revenue growth in the first three quarters are: robust revenue increase from core membrane business, dual-driven growth from domestic and international markets, and optimization of product structure leading to higher sales of high-value-added products [2]. Group 2: Overseas Market Expansion - The company ensures sustainable development of overseas business by establishing a balanced global market layout, utilizing diversified channels, and local operations to reduce reliance on a single market. Continuous technological innovation and mature solutions create differentiated advantages and core competitiveness [2]. Group 3: Capacity and Demand - The current production capacity is sufficient to meet market demand, with the ability to further enhance capacity based on equipment upgrades. The production base has reserved space for expansion, allowing dynamic adaptation to market growth without becoming a bottleneck for the company's development [3]. Group 4: New Project Development - The Nanjing new project is currently in the early planning stage and remains uncertain [2].

Group 1: Investor Relations Activities - The investor relations activity was held on November 20, 2025, from 14:30 to 17:00 on the "Panorama Roadshow" website [2] - Participants included the Chairman, General Manager, Independent Directors, and other executives of the company [2] Group 2: Business Expansion and Market Strategy - The company plans to deepen localization in existing markets such as the US, Europe, Asia-Pacific, and India, while also exploring emerging markets in Latin America and the Middle East [2][3] - The transition from a hardware provider to a comprehensive solution supplier is underway, focusing on core business areas like smart interactive panels and expanding into new product lines such as LED and STV [2][3] Group 3: Employee Incentives - A share repurchase plan was completed in June 2025, with a total of 2,398,850 shares repurchased, intended for employee stock ownership or incentive plans [4] Group 4: Research and Development Investment - In the first half of 2025, the company invested 89.15 million yuan in R&D, accounting for 6.37% of revenue [6] - The company has established R&D centers in multiple cities and has a strong R&D system focused on key technologies in the education sector [6] - In the first half of 2025, the company obtained 40 domestic patents, 6 foreign patents, 14 domestic trademarks, 3 foreign trademarks, and registered 10 software copyrights [6]

Group 1: Investor Relations Activity - The investor relations activity was conducted on November 20, 2025, from 14:30 to 17:00 via the "Panorama Roadshow" website [2] - Participants included the Deputy General Manager and Board Secretary Li Zhan, Financial Officer Lei Dongmei, and several independent directors [2] Group 2: Strategic Partnerships - The company has formed a strategic partnership with the Municipal Robot Alliance, focusing on the water resources industry [2] - The inquiry about whether the partnership corresponds to the robot industry or another sector was addressed, indicating a focus on water resources [2] Group 3: Smart Empowerment - Smart empowerment refers to the application of new information technologies in water resources operations, including AI applications [3] - The company aims to enhance industry development through these technological advancements [3]

Group 1: Investment Strategy and Market Positioning - The company is strategically investing in Dongguan Chenglin to penetrate the key segment of the new energy vehicle (NEV) market, aiming to create a new growth curve [2] - The investment allows the company to leverage its advantages in precision processing, material technology, and quality systems to provide integrated solutions in the NEV sector [2] - The acquisition is expected to deepen strategic collaboration with core customers and expand the company's business landscape [2] Group 2: Product Development and Market Opportunities - The company is focusing on expanding its product matrix, particularly in carbon fiber materials, which are increasingly in demand for lightweight applications across various industries [3] - Carbon fiber is recognized as a key material in national strategic emerging industries, supported by policies like "Made in China 2025" [3] - The company has successfully applied carbon fiber products in consumer electronics and is prepared for mass production, indicating a strong market outlook [3] Group 3: Financial Performance and Growth Projections - In the first three quarters of 2025, the company's revenue reached 1.159 billion yuan, reflecting a year-on-year growth of 37.79% [6] - The growth in revenue is primarily driven by functional products, indicating a solid customer base and efficient supply chain [6] - The company plans to continue expanding its presence in the NEV sector while exploring opportunities in smart wearables and other emerging markets [6] Group 4: Research and Development Focus - The company invested 50.1257 million yuan in R&D in the first three quarters of 2025, accounting for 4.32% of its revenue [6] - R&D efforts are concentrated on environmentally protective materials, downstream applications of carbon fiber, and new process enhancements [6] - The company aims to optimize production processes and enhance responsiveness through deep collaboration with customers, ensuring the relevance and practicality of its innovations [6] Group 5: Future Investment and Management Strategy - The company maintains a strategic approach to investment and mergers, focusing on opportunities that align with its long-term development goals [5] - Management emphasizes high-quality development and sustainable growth, actively seeking projects that offer synergistic potential [5] - The company is committed to enhancing management efficiency through digital transformation and cost reduction initiatives [7]

Group 1: Solid-State Battery Development - The semi-solid state battery has passed customer testing and received orders [2] - Key materials such as oxide electrolytes, ionic conductor membranes, and silicon-based anodes have completed customer sampling and evaluations [2] - The solid-state battery and its key materials have not yet formed stable long-term revenue, thus not significantly impacting overall company performance [2] Group 2: Production Base Progress - The Huizhou solid-state battery materials project production base is still under construction, with no completion date provided [3] - Investors are advised to monitor company announcements for updates on the construction progress [3] Group 3: Investor Communication - The online investor communication was conducted through a text-based format on the "Investor Relations Interactive Platform" [2] - The event did not involve any undisclosed significant information [3]

Group 1: Business Strategy and Optimization - The company focuses on high-efficiency business development, actively abandoning low-efficiency operations to invest in high-yield sectors like medical devices and pharmaceuticals [3] - In 2025, the medical device segment generated approximately CNY 4.986 billion in revenue, establishing a stable scale and professional service barrier [4] - The company aims to enhance overall profitability by optimizing its business structure and improving the operational quality of its subsidiaries [3] Group 2: Market Trends and Opportunities - The pharmaceutical distribution industry is experiencing increasing concentration, with resources shifting towards leading enterprises, which creates favorable conditions for market resource integration [5] - The total sales of seven major categories of pharmaceutical products in China is projected to reach CNY 29.47 trillion in 2024, reflecting a year-on-year growth of 0.6% [5] - The company plans to leverage its scale advantages to actively integrate regional resources while focusing on core sectors of medical devices and pharmaceuticals [5] Group 3: Competitive Advantages - The company’s medical device segment benefits from a sales agency model, collaborating with renowned brands like Boston Scientific and Johnson & Johnson, which enhances its competitive edge [4] - Compared to pharmaceutical operations, the medical device business is less affected by centralized procurement, providing stronger risk resistance [5] - The company emphasizes a flexible decision-making mechanism and customer service orientation, allowing for rapid strategic adjustments in response to market changes [7] Group 4: Innovation and Future Planning - The company is actively exploring innovative business models, including the development of innovative drugs, biopharmaceuticals, and high-margin generic drugs [6] - The innovative drug HW130 has completed Phase I clinical trials and is currently in Phase II, with plans to utilize existing retail channel resources for effective product conversion [7] - The company is committed to enhancing its core competitiveness by optimizing product and service offerings in response to market demand changes [8] Group 5: Regulatory and Industry Position - The company ranks ninth among the top 100 pharmaceutical wholesale enterprises in terms of main business revenue, according to the 2024 report by the Ministry of Commerce [8] - The company adheres to legal regulations regarding information disclosure and actively engages with investors to protect their rights [4]

Group 1: Raw Material Supply and Localization - The company primarily relies on imported suppliers for raw materials, but has made progress in localizing supplies for products like release films and protective films [1] - The company is actively exploring investment opportunities in the polarizer and related fields, particularly in light of the restructuring of state-owned enterprises in Shenzhen [1] Group 2: Business Strategy and Development - The company is aligning with Shenzhen's reform policies and aims to enhance its "14th Five-Year Plan" by expanding existing business and investing in new growth areas [2] - The company is exploring merger and acquisition opportunities in the polarizer sector to support long-term development and enhance corporate value [2] - The company has transitioned from a textile background to focus on high-tech products, specifically liquid crystal display polarizers, while phasing out traditional textile and apparel operations [2]

尊敬的投资者，您好！截至 2025 年 9 月 30 日，公司存货金额 为人民币 91.94 亿元。公司授权分销产品的价格是随行就市的价 格，市场价格变化最终会体现在采购和销售价格上。存储芯片涨价 对公司利润的具体影响，可后续关注公司对外披露的定期报告。 | 编号：2025-11 | | --- | | | □ 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（2025 年度深圳辖区上市公司投资者网上集体接待日活动） | | 参与单位名称及人员姓名 | 线上参与 2025 年度深圳辖区上市公司投资者网上集体接待日活动 | | | 的投资者 | | 时间 | 2025 年 11 月 20 日 (周四) 下午 14:30~17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人员姓名 | 董事会秘书 刘同刚 | | | 证券事务代表 谢日增 | | | 投资者提出的部分问题及公司回复情况 公 ...