西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2025-10-15） 目前公司主要包括四部分业务：余热锅炉、清洁环保能源装备、解决方案、 备件及服务业务。余热锅炉主要包括燃机余热锅炉、干熄焦余热锅炉、烧结机 余热锅炉、水泥窑余热锅炉、电站锅炉及电站辅机等产品，客户群体包括五大 电力、钢铁、建材、水泥等高耗能行业企业。清洁环保能源装备主要包括垃圾 焚烧锅炉、生物质锅炉、废水废气废物（包括污泥）锅炉、熔盐吸热器、换热 器、储罐及核电设备等，主要用于垃圾废物处理厂、石化厂、核电站和光热项 目等新能源领域。解决方案主要包括但不限于以熔盐储能、导热油换热器、石 化化工换热器、海水淡化装置、气化炉（容器、热交换器）等其他换热器及压 力容器为核心设备等综合解决方案项目。备件主要包括过热器、省煤器等部件， 服务包括技术服务、项目改造工程、维修维保等业务。 2、公司未来主要增量市场方向？ （1）新能源及储能市场，主要是依托熔盐储能核心技术，拓展其在光热发 电、用户侧储能、火电灵活性改造、零碳园区等更多能源利用场景开展应用， 如用户侧储能模式未来将是国内工业客户解决蒸汽需求的一种重要解决方案， 熔盐储热技术凭借储能容 ...

Group 1: Automotive Business Overview - The company specializes in high-strength precision fasteners and custom connectors, primarily used in automotive engine turbocharging systems, transmission control systems, exhaust systems, and interior/exterior components [2] - In the electric vehicle sector, products are applied in battery trays, chassis, body, electronic inverters, and battery swapping systems [2] - The estimated value of fasteners per mid-range passenger vehicle is around ¥2,000, with the company's small-sized fasteners valued at approximately ¥800 per vehicle [3] Group 2: Robotics and Advanced Materials - The company is actively developing humanoid robot components, having received small batch orders and prototypes from various clients, although large-scale orders are not yet realized [2][3] - PEEK material products are currently provided for automotive fasteners but not yet for humanoid robots, as the precision required for robotic fasteners is higher [3] Group 3: Competitive Advantages in Automotive Parts - Key advantages in maintaining market share include: 1. High-quality customer resources 2. Extensive technical expertise in providing design solutions 3. Strong quality control capabilities 4. Stable and sufficient production capacity 5. Enhanced customer service 6. Combination of metal and plastic components to meet automotive lightweight requirements [3] Group 4: Commercial Aerospace Business - The company has completed production line construction for commercial rocket body components in 2024, with clients including leading private rocket companies [4] - The current order situation in the commercial aerospace sector is robust, with successful batch deliveries of rocket body components [4] - The production capacity for commercial aerospace is set at 10 rockets per year, with high utilization rates [4] - Advantages in this sector include a specialized team with extensive experience and the financial capability to invest in equipment and production line development [4]

编号：2025-008 | | □分析师会议 ☑特定对象调研 | | --- | --- | | | □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（ 电话会议） | | 参与单位名称及 | 国海证券：林昕宇 | | 人员姓名 | 博时基金：钟天皓 | | 时间 | 2025年10月15日上午10:30-12:00 | | 地点 | 公司二楼会议室 | | 上市公司接待人员姓名 | 董事会秘书：聂琴 | | | 证券事务代表：韩露露 | | | Q1：B端业务的进展情况如何？ | | | 答：公司正积极拓展多领域B端业务，目前进展良好，在多个 | | | 核心应用场景已实现阶段性突破。考虑到B端业务需要一定培育周 | | | 期，公司将聚焦打造标杆案例，通过树立行业示范标杆形成辐射 | | | 效应，加速市场拓展进程。 | | | Q2：宜家业务受关税影响大吗，未来增长预期如何？ | | | 答：公司宜家业务上半年实现近30%的同比增长，整体受关税 | | 投资者关系活动 主要内容介绍 | 影响有限。作为宜家"创新型"供应商，公司 ...

深圳市德明利技术股份有限公司 投资者关系活动记录表 编号：2025-009 投资者关系 活动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他： 活动参与人 员 广发基金、汇添富基金、国泰基金、平安证券、华泰证券、浙商证券 时间 2025 年 10 月 15 日 地点 深圳市福田区新一代产业园 1 栋 24 楼公司办公室 上市公司接 待人员 褚伟晋、于海燕、彭震 形式 现场交流 交流内容及 具体问答记 录 1．请问公司目前存储价格变化如何，怎么看 HDD 产能缺口对 NAND 供应的影响，以及后续存储周期走势？ 答：目前存储市场价格整体呈上涨态势，行业供需关系持续改善。据 公开信息，HDD 领域受产能缺口及技术升级初期成本较高影响，平均售价 有所上升，成本优势相对削弱；而 NAND 依托 3D 堆栈技术演进、容量提升 及 QLC、PLC 芯片未来量产预期，成本下降具备结构性优势，叠加 AI 推理 驱动的高速存储需求增长，替代效应逐步显现。后续存储行业周期有望保 持向好趋势，公司将持续跟踪市场动态与技术趋势，严格按照信息披露规 则履行义务，积极应对行业变 ...

Company Overview - 聚灿光电科技股份有限公司 specializes in the research, production, and sales of full-color compound optoelectronic semiconductor materials, with key products including blue-green light and GaAs-based red-yellow GaN light epitaxial wafers and chips [2][3] - The company has invested nearly 1 billion yuan in building a large-scale, intelligent R&D and production base for LED in Suqian, Jiangsu Province [2] Financial Performance - In the first three quarters, the company achieved operating revenue of 249,947.68 million yuan, a year-on-year increase of 23.59% [4] - Net profit attributable to shareholders reached 17,302.03 million yuan, up 8.43% year-on-year, while net profit excluding non-recurring gains and losses was 16,871.21 million yuan, increasing by 11.89% [4] - The net cash flow from operating activities was 55,256.25 million yuan, reflecting a growth of 9.84% [4] Project Developments - The red-yellow light project commenced production in January 2025, with monthly output exceeding 50,000 pieces and some processes surpassing 80,000 pieces [5] - The project is progressing smoothly, with production quality exceeding industry standards, and it has enabled the company to transition from monochrome to full-color chip supplier [5][6] Inventory and Supply Chain - Inventory growth is attributed to ongoing project advancements, product structure adjustments, and rising precious metal prices, with approximately 80% of inventory related to the red-yellow light project [7] - The company is optimizing its product structure, increasing the proportion of high-end products like Mini LED and silver mirror, which require longer production processes [7] Micro LED Technology - The company has invested in Micro LED technology, focusing on both independent research and collaborative development with clients [8] Future Outlook - The company maintains a cautiously optimistic outlook for Q4, expecting revenue and net profit to reach historical highs due to the release of red-yellow light project capacity and improved product structure [9][10] - The company emphasizes precision management and sustainable growth, aiming to enhance operational efficiency and shareholder value while ensuring long-term market adaptability [10][11]

Group 1: Company Overview and Financial Services - China Petroleum Group Capital Co., Ltd. operates as an integrated financial service provider, leveraging its unique position within the energy and chemical industry to offer comprehensive financial services [2][3] - The company’s financial arm, Zhongyou Finance, is recognized for its efficiency and professionalism, serving as an internal bank and treasury platform for the China Petroleum Group [2][3] - Kunlun Bank focuses on integrating financial services with the energy sector, promoting innovative financial products tailored to the needs of the oil and gas industry [3] Group 2: Competitive Advantages and Business Strategy - Zhongyou Capital possesses multiple financial licenses and benefits from a vast customer base within the energy sector, providing it with a competitive edge in the financial industry [3][4] - The company emphasizes a strategy of "integration of production and finance," aiming to enhance core functions and competitiveness while adhering to principles of risk prevention and compliance [3][4] - The management has linked market value management to performance assessments, implementing measures to improve the quality of the listed company [3][4] Group 3: Investment and Future Growth - In June 2025, Zhongyou Capital increased its investment in Kunlun Capital, focusing on controllable nuclear fusion projects to support business development [4] - The strategic focus is on emerging and future industries, aiming to facilitate the transformation of scientific achievements into investment opportunities [4] - The company is committed to creating a "second growth curve" and "third growth curve" for high-quality development within the China Petroleum Group [4]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 899.6 million CNY, a year-on-year increase of 13.33% [2] - The net profit attributable to shareholders was 88.52 million CNY, a year-on-year decrease of 10.43% [2] - Operating cash flow was -74 million CNY, indicating significant investment in capacity expansion and inventory reserves [2] Group 2: Core Business Structure - The main business focuses on the R&D, production, and sales of electronic connectors, with applications in home appliances, automotive, new energy, and industrial control [2][3] - Home appliance connectors remain the primary revenue source, with clients including leading brands such as Midea, Haier, and Xiaomi [3] - The automotive connector business is growing rapidly, with partnerships established with manufacturers like BYD and Changan in the new energy sector [3] Group 3: Competitive Advantages - The company has been in the connector industry for 30 years, holding a total of 173 patents, including 23 invention patents, which enhances its brand and technical strength [3] - It implements IATF16949 quality management and ISO14001 environmental management systems, with major products certified by CQC and UL [3] - The company has become a designated brand and strategic partner for top manufacturers such as LG, Panasonic, and KUKA [3] Group 4: Robotics Industry Engagement - The company has established a subsidiary focused on industrial connectors, particularly for robotics applications [3] - A partnership with UBTECH has been formed, with products currently in the sample testing phase [3] - The company has received a supplier code from KUKA and is supplying small batches of products, with plans to enhance customer collaboration and develop customized products [3]

Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders was 1.360 billion CNY, reflecting a growth of 37.75% compared to the previous year [1] - PCB business revenue reached 6.274 billion CNY, up 29.21%, with a gross margin of 34.42%, an increase of 3.05 percentage points [1] - The packaging substrate business generated 1.740 billion CNY in revenue, a 9.03% increase, but with a gross margin of 15.15%, down 10.31 percentage points [1] - The electronic assembly business reported revenue of 1.478 billion CNY, a growth of 22.06%, with a gross margin of 14.98%, up 0.34 percentage points [1] PCB Business Applications - The PCB business focuses on mid-to-high-end products, primarily serving communication devices, data centers, and automotive electronics [2] - Significant revenue growth in the first half of 2025 was driven by demand in communication, data center, and automotive sectors, particularly for 400G and above high-speed switches and optical modules [2] - The increase in PCB business gross margin was attributed to higher revenue scale and improved factory capacity utilization [2] Production Capacity Utilization - The overall capacity utilization for PCB business remained high due to sustained demand in computing and automotive electronics [3] - The packaging substrate business saw a notable improvement in capacity utilization year-on-year, driven by increased domestic storage market demand [3] Technology and Project Development - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for 22-26 layer products is progressing on schedule [4] - The Guangzhou packaging substrate project is advancing steadily, with the first phase connected in Q4 2023 and ongoing improvements in production capacity [4] Electronic Assembly Business Strategy - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [5] - Revenue from electronic assembly was 2.823 billion CNY in 2024 and 1.478 billion CNY in the first half of 2025, accounting for 15.76% and 14.14% of total revenue, respectively [5] Raw Material Price Trends - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, gold salt, and inks, with some prices continuing to rise due to commodity market fluctuations [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6]

证券代码：301095 证券简称：广立微 杭州广立微电子股份有限公司 投资者关系活动记录表 编号：2025-005 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 路演活动 □现场参观 线上交流 □其他（请文字说明其他活动内容） 活动参与人员 博时基金、富国基金、诺安基金、泰康资产、太平基金、太平养 老、国寿资产、长信基金、鹏华基金、宏利基金、万家基金、广 发基金、交银施罗德、海富通、天弘基金、中金基金、永赢基金、 中银基金、中信保诚、鑫元基金、睿远基金、景顺长城基金、中 海基金、东兴基金、财通基金、浦银安盛、国寿安保、汇丰晋信、 国投创益、光证资管、瑞士银行、上海人寿、重阳投资、阳光资 产、远策投资、和谐健康保险资管、中金公司、中信证券、国泰 海通、招商证券、中银证券资管、华泰证券资管、国元证券、中 泰证券、中邮证券、第一创业证券、华福证券、筌笠资产、诚旸 投资、聚鸣投资、深圳鑫然投资管理有限公司、上海健顺投资管 理有限公司、深圳市尚诚资产管理有限责任公司、上海睿亿投资 发展中心、上海睿郡资产管理有限公司、中粮信托有限责任公司、 荷荷(北京)私募基金管理有限公司、中 ...

Business Transformation - The company is transitioning from a "traditional transportation packaging provider" to a "packaging solution service provider for end consumers," impacting product structure, customer base, and profit models [2][3]. - High-margin consumer products (e.g., color boxes, gift boxes) accounted for approximately 0.77%, 8.72%, and 9.57% of total revenue in 2023, 2024, and the first half of 2025, respectively [3]. Technological Advancements - Breakthroughs in moisture-proof, waterproof, and acid-resistant paper products are planned for application in high-value emerging fields such as special daily chemicals and cold chain packaging [3][4]. - The integration of AI and machine vision in the smart manufacturing system enhances quality detection, production scheduling, and energy consumption control [5][6]. Market Expansion - The company aims to penetrate high-growth potential industries such as health and beauty, focusing on biomedicine and high-end fast-moving consumer goods [4][7]. - Future resource investments include R&D, production capacity, and talent acquisition to support market expansion [4][6]. Industry Growth and Trends - The printing industry in China saw a 2.3% increase in the number of enterprises and a 3.9% increase in total output value in 2024 [8][9]. - Key growth drivers include consumer demand for personalized packaging, e-commerce logistics expansion, and advancements in green printing technologies [9][10]. Competitive Landscape - The packaging industry is characterized by a fragmented market with many small-scale producers lacking innovation capabilities, while the company is recognized as a leading player with numerous accolades [11][12]. - The company’s competitive advantages include advanced automation, product quality, rapid response capabilities, and strong brand influence [13][14]. Customer Structure and Performance - The customer base spans various sectors, including daily chemicals, high-end food, and e-commerce, with a significant revenue contribution from eco-friendly paper bags, which grew by 1999.51% year-on-year in 2024 [15]. - In 2024, the revenue breakdown for packaging manufacturing was 85.78% from corrugated packaging, 3.79% from industrial paper, 2.82% from color boxes, and 5.90% from eco-friendly paper bags [15].