Market Overview - The global high-value medical consumables market is projected to reach $347.8 billion by 2031, with a compound annual growth rate (CAGR) of 8.4% from 2025 to 2031 [1] - The Chinese market is under pressure due to accelerated volume-based procurement and price reductions, leading to a slowdown in overall industry growth [1][2] - By the end of 2024, China's medical device market is expected to reach approximately ¥1,063.8 billion, with a growth rate of about 3% from 2025 to 2030 [6][7] Company Operations - As of June 30, 2025, the company operates 111 subsidiaries across 31 provinces, covering over 80% of tertiary hospitals within a 2-hour delivery radius [2][13] - The company achieved 80,000 surgical setups in the first half of 2025 [2][13] - The company has established a public bonded warehouse in Tianjin, which allows for deferred tax payments and reduces operational costs for medical device companies [8] Digital Transformation - The company has developed a mature information management system, integrating cloud computing, distributed storage, and AI technologies to enhance supply chain efficiency [3][14] - The "Juxietong" product offers a comprehensive digital solution for manufacturers, addressing challenges in marketing, inventory management, and compliance [11][12] Financial Performance - In the first half of 2025, the company reported revenue of ¥3.679 billion, a slight increase of 0.54% year-on-year, with a net profit of ¥52.1 million [10][19] - The net cash flow from operating activities reached ¥387 million, reflecting an increase of 11.21% compared to the previous year [10][19] Risk Management and Market Strategy - The company has implemented a comprehensive risk control system to manage major contracts and projects, ensuring compliance and operational stability [16] - The company emphasizes value management and strategic resource allocation to enhance investor confidence and long-term returns [9][17] Industry Collaboration - The company has established partnerships with renowned medical device manufacturers, covering key areas such as orthopedics, cardiology, and neurosurgery [17]

Group 1: Product Overview - The main products of Taihe New Materials are spandex and aramid, which contribute significantly to revenue and profit [2][3]. - The production capacity for aramid is 32,000 tons, with sales volume in the first half of the year around 10,000 tons [2][3]. Group 2: Market Performance - Aramid sales volume increased year-on-year, but average prices declined, leading to stable revenue and a slight decrease in profit [2][3]. - The overall demand in downstream markets is growing, but the growth rate is not significant [3][4]. Group 3: Competitive Landscape - Price declines are attributed to increased competition, including new entrants and recovery of foreign leading companies [3][4]. - The company maintains a cost advantage in aramid production, with the lowest costs globally and high-quality products [4][5]. Group 4: Future Outlook - The company plans to enhance product quality to narrow the gap with global leaders and expand into new markets, such as tires and rubber hoses [4][5]. - The aramid segment is expected to see limited price decline potential, as current prices are already low [4][5]. Group 5: Innovations and Developments - The company is developing a production line for aramid coating, with positive feedback from customers [6][7]. - Future directions include expanding production capacity and focusing on downstream applications, particularly in electric vehicles and safety solutions [6][7][8]. Group 6: Financial Performance - The company reported a slight loss in the first half of the year, with spandex sales volume around 30,000 tons [7][8]. - The gross margin for aramid is approximately 30% [5][7]. Group 7: New Business Areas - The company is exploring new applications for aramid, including in electric vehicle batteries and insulation materials [9][10]. - The market for aramid paper and membranes is also being targeted, with potential applications in electrical insulation and lightweight structures [9][13].

Group 1: Client Relationships - The company has established strong business relationships with major clients, including Tianshan Aluminum, Henan Shenhuo Coal and Electricity Co., Ltd., and Glencore Ltd. [2] Group 2: Fund Utilization - The funds raised from the issuance of convertible bonds are primarily used for the Guinea transshipment project, supplementing working capital, and repaying bank loans [3]. Group 3: Risk Management in Warehousing - The company has developed a comprehensive operational process and risk prevention system for its warehousing business, which includes storage, handling, and transfer of ownership of bulk commodities [3]. Group 4: Futures Warehouse Qualifications - As of now, the company has been approved for 10 futures delivery warehouse qualifications across four major futures exchanges, covering various commodities such as aluminum, copper, zinc, and cotton yarn [3].

编号：投 2025005 | | ☐ 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（线上电话会议） | | 形式 | 现场☐ 网上☐ 电话会议 | | | 上市行 赵秋红、李丹，重鼎资本 张益青，大岩资本 张宁，卡 冯淑荣， | | | 比尔基金 游致、秦亮，国科龙晖 姜俊峰，东弘资本 | | 参与单位名称及人员姓名 | 民沣资产 黄海山，翼牛资产 张峥，尚颀资本 宋明，湖北黄石 | | | 经开产投 邹子尧，华泰证券 强军，卓银基金 唐凯，信达 潘登， | | | 开源证券 刘兴邦 | | 时间 | 2025年9月17日 13:30 - 15:00 | | 地点 | 雄帝科技会议室 | | 上市公司接待人员姓名 | 财务总监兼董事会秘书 郭永洪 | | | 证券事务代表 刘秀芳 本次投资者活动以参观展厅、讲解企业PPT以及互动交流方式举 | | | 行。投资者通过参观与互动交流，了解公司的发展历程、主营业务、 核心技术、产品及战略布局 ...

中密控股股份有限公司投资者关系活动记录表 编号：2025-011 证券代码：300470 证券简称：中密控股 |  | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 四川发展证券投资基金管理有限公司：刘惠春；中信建投： | | | 李长鸿；泓德基金：赵永建、李昕阳；国信证券：年亚颂； | | 人员姓名 | 华夏基金：张俊 | | 时 间 | 2025 年 9 月 17 日 | | 地 点 | 公司五楼会议室、线上会议 | | 上市公司接待人 | 董事会办公室主任兼证券事务代表 梁玉韬 | | 员姓名 | | | | 1、公司 2025 年上半年经营活动产生的现金流量净额同 | | | 比下降较明显，是什么原因？ | | | 答：今年上半年公司经营活动产生的现金流量净额同比 | | | 下降较明显主要是以下几个方面的综合影响，一是公司国际 | | | 项目的增加带来以电汇结算为主的高精度仪器仪表采购的增 ...

Group 1: Company Expansion and Production Capacity - The company plans to complete the Zhangbei production base in September 2025, with additional expansions in Hezhou and Jiangsu in the next two years, ensuring sufficient production capacity to meet sales demands [1] - The company aims to become a leading organic oat brand in China within three years, leveraging the new Zhangbei facility to achieve this goal [1] Group 2: Market Strategy and Product Development - The company will focus on expanding its product line beyond oats, including gift products and health-oriented powder products, to tap into new markets [1] - The introduction of powder products will feature higher average selling prices compared to existing oat products, leading to increased sales volume and improved profit margins [3] Group 3: Competitive Landscape and Quality Assurance - The company emphasizes the use of high-quality ingredients and strict quality control to maintain a competitive edge against numerous small brands in the powder market [2] - Recent regulations on pre-packaged food labeling will enhance transparency regarding ingredient sourcing and nutritional information, which the company will leverage to strengthen its brand [2] Group 4: Sales Channels and Growth Drivers - The company is rapidly adopting new sales channels, including instant retail and online platforms, which are outpacing overall company growth [5] - The company is increasing its SKU offerings in the snack system to drive sales through differentiated marketing strategies [5]

Group 1: Company Overview - Chengfei's history spans over 60 years, producing key military aircraft such as J-5, J-7, and J-20, establishing itself as a major base for military aviation and defense equipment in China [2][3] - The company has a comprehensive capability in high-end aviation equipment development, production, testing, maintenance, and service [2] Group 2: Development Plans - The "14th Five-Year" plan focuses on technology innovation, coordinated development of defense equipment, civil aviation, and military trade, aiming to build a world-class high-tech aviation enterprise [3] Group 3: Military Trade Progress - Chengfei has over 40 years of experience in military trade, with significant products like J-7 and J-10, and has seen increased attention to its military products since May due to international conflicts [4] Group 4: Financial Performance - The company reported that Q2 revenue exceeded the same period last year, with a strong focus on achieving annual performance targets [5] Group 5: Profit Margin Improvement - Chengfei emphasizes cost control through annual plans, aiming to enhance material and equipment utilization while reducing production costs [6] Group 6: Subsidiary Development - Post-restructuring, the company expanded its main business to aircraft manufacturing, creating a complete industrial system covering innovation, design, production, and service [8] Group 7: Guifei Reform Status - Guifei is undergoing reforms to improve manufacturing capabilities, management efficiency, and cost control, with production operations proceeding as per customer requirements [9] Group 8: National Innovation Center - The National High-end Aviation Equipment Technology Innovation Center, established with government approval, focuses on R&D and incubation of high-end aviation products [10] Group 9: Financing and Incentives - The company is considering refinancing and equity incentive plans to support high-quality development and align management and employee interests with long-term company value [11]

Group 1: Company Performance Overview - In the first half of 2025, the company maintained stable production and sales despite a challenging domestic and international environment, showing resilience in operations [2] - Although the company's performance declined year-on-year due to intensified competition and changes in the foreign trade market, there was a significant improvement in the second quarter compared to the first quarter [2] Group 2: Business Strategy and Development - The company focuses on optimizing product and market structures, emphasizing collaboration with brand clients and industry leaders to enhance core competitiveness [3] - Continuous upgrades and adjustments to production lines are implemented to ensure product quality and production efficiency, adapting to market demands [4] Group 3: Product and Market Expansion - The company aims to advance high-end transformation in its oil pipe business, targeting niche markets and key clients, with a focus on promoting nickel-based alloy pipes and 13Cr products [5] - In the boiler pipe sector, the company has upgraded its product range from carbon and alloy steel to stainless steel, enhancing its competitiveness and customer recognition [5] Group 4: New Projects and Future Plans - New projects are progressing as scheduled, with successful deliveries and approvals from major domestic and international clients in the specialty materials sector [6] - The company is committed to a shareholder return plan for 2024-2026, balancing investor returns with growth potential [6] Group 5: Capital Expenditure and Global Strategy - The company has established a production base in Oman and plans to seize overseas market opportunities while monitoring external uncertainties [6] - Ongoing efforts include optimizing product structures and upgrading production lines to enhance core competitiveness [6]

Group 1: International Expansion - The company has over 20 years of experience in international business, particularly in glass, cement, and kiln construction [2] - Under the guidance of China National Building Material Group's international strategy, the company has accelerated its internationalization efforts [2] - The establishment of an International Development Department and specialized international workgroups for cement, glass, and steel sectors has been initiated to enhance international operations [2] - Recent international revenue has shown a year-on-year increase [2] Group 2: Cost Reduction and Efficiency Improvement - The company has implemented a "three precision" strategy focusing on operational, management, and organizational efficiency [3] - A total of 27 projects were identified for cost reduction and revenue enhancement, resulting in a cost reduction of CNY 25.27 million and an increase in revenue of CNY 28.96 million [3] - The company has adopted a centralized pricing and long-term agreement model with key raw material suppliers to stabilize supply and reduce price volatility [3] - Continuous budget management and the "double increase, double decrease" strategy have led to a sustained reduction in three major expenses [3] Group 3: Upstream Industry and Price Trends - The main upstream industries include refractory raw material manufacturing, refractory material equipment manufacturing, and refractory production line construction services [4] - The refractory raw material market has shown mixed trends in the first half of 2025, with some materials experiencing price declines while others remained stable [4] Group 4: New Production Line Projects - The company is advancing high-end, intelligent, and green production processes, including the establishment of a 5G+ industrial internet platform at the Ruifeng Ma Steel transparent factory [5][6] - The Zhengzhou Ruifeng project aims for full automation and intelligence in manufacturing processes, enhancing integration capabilities [6] - Various projects, such as the automated production line at Anhui Ruifeng and the intelligent kiln at Henan Ruifeng, are set to significantly improve product quality and operational efficiency [6]

Clinical Trials and Drug Development - The company is conducting Phase IIa clinical trials for the drug Paenagabin, with a target enrollment of 36 cases, which has been fully achieved at a 100% completion rate. Preliminary data shows promising therapeutic effects [2][3] - The Phase II data for Paenagabin is expected to be unblinded and results read out by the end of 2025 [2][3] - The Phase II clinical research for another drug, Fluorofenone, has completed subject enrollment and data cleaning, with results expected to be revealed by the end of this year [3][4] - Preparations for the Phase III clinical trials of Fluorofenone are underway, anticipated to start between the end of this year and early next year [3][4] Market Expansion and Partnerships - The company is actively seeking international partners for the commercialization of innovative drugs, with future expansion dependent on the Phase II clinical results of Paenagabin [3][4] - A strategic cooperation agreement has been signed with Malaysia's Aikang International Group to introduce high-quality health products and promote traditional Chinese medicine products in the Malaysian market [3][4] Product Development and Focus Areas - The company plans to focus on the neuropsychiatric field, introducing a long-acting injection for the treatment of schizophrenia, thereby forming a product cluster in this area [4] - The company aims to expand its gastrointestinal product line, particularly the Gut Health series, targeting grassroots medical institutions and increasing user base [4] - There is a commitment to deepen collaborations with universities and research institutions to enhance competitiveness in high-end formulations [4] Risk Management - There are uncertainties regarding the success of subsequent clinical trials for innovative drugs and the potential for obtaining approval from the National Medical Products Administration [4] - The company emphasizes the importance of timely information disclosure regarding the progress of innovative drugs and encourages investors to make cautious decisions [4]