在会开始前，我们提示各位投资者，在主讲嘉宾发言结束后将留提问时间。接下来有请董 事会秘书秦英女士发言，谢谢。 发言人 2 0:00:12 各位早上好，非常感谢各位在 25 年春暖花开的时候，参加我们智明达的第一场业绩说明 会。今天参加我们说明会的由我们董事长江虎董事长，还有我们。销售副总 万崇刚万总， 还有我们总师办主任耿剑主任下面我将 2024 年公司业绩快报向大家做一个汇报。2024 年公司营业收入 4.3 亿，同比下降 30%。归属于母公司净利润 1925 万，同比下降 80%。扣非后净利润 1191 万，同比下降 80%。这是财务数据情况。我将 2024 年的经营 情况也简单向大家做个汇报。其实 2024 年大家也知道，我们这个行业经历了比较多的一 些事情，但公司整体的运营情况态势是平稳的。 我们不但做了很多降本增效供应链方面的工作，也在我们原有的智能制造的产品上深耕细 作。包括拓展的客户新的产品。同时大力的发展了无人机的项目，也包括反无的系统的项 目，还有低空经济的项目，商业航天领域的项目，包括我们也进入到火箭领域，以及我们 说的现在的卫星通信设备的领域。同时也向大家汇报一下，其实在前几年公司已经布 ...

各位投资者领导，大家晚上好。我们是方正机械团队，欢迎来参加我们举办的关于模型端 的一个专家交流。我们还是采用了电话外呼的这样一个形式，但是本次交流也是一个核心 的小范围的交流。然后非常有幸的请到的这位专家是在公司是在模型端的一个国内的一个 初创的公司。然后在这块领域里面也深耕了很多年。然后专家在这个公司里面担任了一定 的比较高级别的职务，然后也非常感谢专家今天抽出时间来跟我们做一下分享，我们就直 接开始，我们还是以这个问答的形式，然后我这边先跟专家请教一些问题，然后后续看一 看线上的各位领导有没有什么问题，然后我们再去做一个交流。 对那个专家首先就是这两天其实海外的几个大厂，像 figure，包括马斯克里面也都更新了 自己的大的模型。Figure 那边的整个展出的这个形式，也是体现了这样一个多机协作的这 样一种形式。对于 gop 还有 helix 这两个的近期推出的这两个模型，您能否评价一下？然 后首先的话就是您介绍一下他们目前推出之后，对于整个机器人的这些通用的应用或者商 业化的应用带来什么样的影响。 发言人 3 0:01:38 好的，首先在我们做聚生大脑的这个方向领域，最早的大家用的方式都是这种模块化的一 ...

大家好，我是周旭辉。今天再跟大家汇报一下，高分子聚乙烯。第一个先说结论，高分子 聚乙烯是零巧手特斯拉人形机器人当下的最优选择。第二个是刚才这一汽车行业有壁垒， 目前国内最看好南山智尚这个表里，好，我们先说第一个观点，就是零巧手的那个驱动方 案有好几个，为什么这个好高分子聚乙烯第一个城市区域方案分为电梯和这个省区。为什 么省区而不是电影？因为电机的这个效率不是最高的，而且那个驱动的方式，电机相对比 较大。其实这个手可能起来说比较重，灵敏度不够高，而且这个手指骨头比较粗，所以我 感觉这电机系统不是最好的方案，大概的最好的方案还是省区，而特斯拉最近的方案就是 这个省区。 而神盾的材料分为好几种，有 3 种超高分子量聚乙烯和钢铁聚乙烯。然后其实用一个指标 来衡量，就很多材料其实就会淘汰。就是富润滑，你可以理解成这个运行原理。这个神曲 就是有点像人的金和剑，就是类似于人的金剑。新建一个什么功能呢？最重要一个功能就 是自润滑，其他就是承受力肯定很强，然后强度也比较强。而中环这个钢丝和这个 PPO 都 不具备这个功能。你可以搜一下 PPO 干丝是否具备润湿润滑功能。如果不具备润滑功能， 那么对不起这种方案你在使用的过程中， ...

Summary of the Conference Call on SMIC Company and Industry - The conference call focuses on **SMIC (Semiconductor Manufacturing International Corporation)**, a key player in the semiconductor industry in China, particularly in the context of domestic computing power demand and advancements in new process technologies [1][9]. Core Points and Arguments 1. **Investment Value of SMIC**: The investment value of SMIC has been further strengthened due to the trends in new process technologies and the increasing demand for domestic computing power, particularly driven by the DeepSeek initiative [1][9]. 2. **DeepSeek's Impact on Demand**: The introduction of DeepSeek has optimized training and inference costs, leading to increased capital expenditure from both domestic and international cloud service providers, with North American cloud vendors expected to see a 30-40% increase in spending by 2025 [2][3]. 3. **Domestic Cloud Providers' Spending**: Domestic internet companies, such as Alibaba, are projected to significantly increase their capital expenditures over the next three years, surpassing the total of the past decade, indicating a robust growth in AI-related investments [3][4]. 4. **Advancements in Domestic Chip Manufacturers**: Domestic chip manufacturers are rapidly improving their hardware specifications, and the efficiency of their products is expected to increase due to innovative methods and open-source approaches introduced by DeepSeek [4][5]. 5. **Long-term Viability of Domestic Computing Power**: While imported chips have dominated the market, domestic computing power is becoming a reliable option for supporting the commercialization of domestic AI models [5][6]. 6. **Geopolitical Context**: The U.S. has imposed multiple sanctions on China's AI industry, which has created a pressing need for domestic computing power solutions. This geopolitical tension has reinforced the necessity for domestic chip manufacturers to develop their capabilities [6][7]. 7. **Supply-Demand Dynamics**: The supply-demand relationship for domestic available process technologies is becoming increasingly strained, with SMIC being the only supplier of available processes in China, enhancing its growth potential [8][9]. 8. **Future Growth Projections**: The demand for domestic computing power is expected to accelerate, with SMIC's new process technologies playing a crucial role in this growth. The company’s investment value is projected to increase as the domestic market for computing power expands [9][10]. 9. **Target Valuation**: The target price for SMIC has been revised upwards, with a projected market value of approximately HKD 500-600 billion, corresponding to a target price of around HKD 67 per share [10][11]. 10. **A-Share Market Outlook**: The A-share market is expected to maintain a long-term premium, with SMIC being viewed as a rare asset in the hard technology sector, making it a significant investment opportunity in the coming years [11]. Other Important but Possibly Overlooked Content - The conference highlighted the importance of continuous research on SMIC's investment value, emphasizing its unique position in the A-share market amidst the growing demand for computing power and technological advancements in the semiconductor industry [11].

尤其是在反射光波导里面，公司也是进行了一个重点的布局。同时，在衍射光波导上面， 公司跟这个 DXN 也是持续的在保持战略合作，并且已经有小批量的产品，面向北美级的 商业应用已经开始出货。反射光波导作为公司目前的一号工程，也是由领导亲自带队，坚 定的在里面投入，并且着力去解决反射光波导这样的一个世界性的量产难题。第三块，我 们是看到公司的这个汽车电子业务，随着智能制造的时代来临，我们看到公司也是把汽车 电子打造成为另一条成长曲线。 公司已经预告 2024 年全年的盈利预测维持在 10 到 11.2 亿之间，同比是增长 66.6%到 86.59%。我们看到去年公司在各大业务板块的市场份额提升也是非常显著的，同时在产 品的毛利率与净利率端，也是实现了一个双重的增长。首先在消费电子业务，我们看到公 司也是持续抓住光学创新的机会，积极去探索新的成长空间。首先在这个光学元器件方面 传统的红外滤光片的业务是实现了稳健的发展。它的升级产品吸收反射复合型的滤光片同 比的销售是实现了一个大幅的增长。 目前在 ARHUD 方面，公司是国内首家量产 ARHUD 的厂商，同时也是储备了 TFTL cos DLP 光波导等多种的技术方案 ...

好的，谢谢会议秘书。各位投资者大家下午好，我是国泰君安轻工纺服的刘家坤。然后今 天和我一起主持的还有我们团队的小伙伴赵博。今天因为这个是我们这个富安娜的小范围 的这样一个电话会。因为富安娜这公司确实也是我们团队一直非常紧密跟踪，也是在一直 重点推荐的家纺的这个龙头。然后今天也非常的荣幸，请到了我们上市公司的董事会秘书 也是我们很多投资者的老朋友李总，来跟大家进行这样的一个交流和沟通。要么先有请李 总能否就近期刚开年，我们整个公司大概的这样一个经营的一个情况，包括整个 225 年经 营上的一个战略，帮我们能不能做一个分享和展望。 后续看大家这边还有什么问题，也是难得的机会。我们在 QMC 形式一起来向李总请教学 习。李总您看方便吗？ 发言人 5 0:01:11 好的，好，谢谢李老师。也特别荣幸能够有这样的机会，今天和大家一起交流公司的这样 的一些近况。我们整体的因为 24 年因为已经过去了我想还是跟大家稍微回顾一下我们 24 年的一个整体的情况。因为 24 年，实际上大家也可以看到我们这个智富出来的相关一些 信息。截止到这个三季度为止，实际上公司还是面临着比较大的这样的一个挑战的。虽然 三季度我们有一些因为结构 ...

好的，各位投资者，大家下午好，我是国信食品分析师杨苑。我们今天这一场会议，非常 有幸的请到了重庆啤酒的董秘邓总来跟我们做这一场交流。在我们正式开始之前，这里还 是要强调一下我们的会议纪律。我们这次会议的话也是策略会，我们采用的是报名制，所 以也是一个非常小范围的交流，也希望大家不要把我们这次交流的任何的内容向外传播， 然后我们大家一起来进行接下来的讨论。好，郑总请问您能听得到吗？ 发言人 4 0:00:37 能听得到，谢谢杨燕，谢谢各位投资者时间。 发言人 3 0:00:41 好的，谢谢邓总的时间。好，那我这边的话就先向邓总先去进行请教。我们在线的投资者 的话，如果有任何问题也可以在线上一键举手提问，或者是把问题发给我，由我来这边来 问也可以。好，那我这边的话就抓紧时间先向郑总进行一个请教我就先来提问一个关于渠 道的一个问题。因为我们之前在业绩交流会那个业绩快报完了一个交流会的时候，公司其 实也是多次强调在飞力达渠道这边的一个布局。其实我们从自身终端的一个调研情况来看 我们会发现在超市，便利店，流通这些终端，我们会发现重啤的这个渗透率确实是有提高 的。 特别是我们有观察到像 1664、乌苏这些产品的排名也非常 ...

Summary of the Conference Call Company and Industry Involved - The conference call involved **Jingbeifang**, a company operating in the **banking and AI application** sector, particularly focusing on the deployment of AI models in banking. Core Points and Arguments 1. **AI Application in Banking**: The banking industry is increasingly adopting AI applications due to reduced trial and error costs associated with deploying AI models, particularly the V3 and RY models, which have lowered the barriers for implementation [1][2][3]. 2. **Increased Demand for AI Solutions**: There has been a notable increase in demand for AI solutions from banks, especially from smaller banks that are eager to participate in the AI arms race. This demand is expected to grow significantly following the recent initiatives from the State-owned Assets Supervision and Administration Commission [2][3]. 3. **Shift in AI Implementation**: Previously, AI applications were primarily driven by technology departments within banks. However, there is now a shift where business departments are directly involved, leading to an expansion of AI-related budgets [3]. 4. **Deepseek All-in-One Machine**: The Deepseek all-in-one machine is gaining attention as a convenient platform for deploying large AI models. The company is exploring customer interest and potential demand for this product [3][5][6]. 5. **Differentiated Demand Across Bank Types**: Large banks have already invested in computing power and are less eager for the all-in-one machine, while smaller banks show a stronger demand due to their limited computing resources [6][7]. 6. **AI's Impact on IT Budgets**: The current wave of AI adoption is expected to have a more significant impact on IT budgets compared to previous initiatives like the domestic equipment replacement trend (信创). Banks are now focusing on targeted investments that yield higher returns [11][12][15]. 7. **Business Model Evolution**: The approach to AI procurement is evolving, with banks engaging in pre-research and pilot projects before committing to larger orders. This includes a mix of framework agreements and smaller pilot projects to validate AI solutions [17][18][19]. 8. **AI's Role in Operational Efficiency**: AI is expected to enhance operational efficiency, particularly in areas like customer service and fraud detection. The company has reported improvements in model performance and operational metrics due to AI integration [30][32][33]. Other Important but Possibly Overlooked Content 1. **Personnel Changes**: The introduction of AI is likely to change the personnel structure within the company, with a potential decrease in demand for entry-level programmers but an increase in roles related to data cleaning and model tuning [25][26][27]. 2. **BPO Business Growth**: The company's business process outsourcing (BPO) services are expected to benefit from AI, leading to improved processing times and success rates in customer interactions [28][32]. 3. **Future Outlook**: The company anticipates that as AI demand stabilizes, there will be a shift in personnel needs and operational structures, potentially leading to improved profit margins and operational efficiencies [24][25][28]. This summary encapsulates the key insights from the conference call, highlighting the transformative impact of AI on the banking sector and the strategic positioning of Jingbeifang in this evolving landscape.

我们相信在 DMC 出来之后，东软肯定对这块有更多自己的理解，包括这么多年的积累。 所以今天也是非常荣幸邀请到公司的高级副总裁兼首席投资官兼董秘王男总，以及我们的 投关领导郭乃为郭总一起来参会。我想请教一下，南总能不能帮我们把公司整体的业务再 帮大家去理一下。因为我们的业务又涉及到汽车和智慧城市，包括大健康这块帮我们整个 理一下。另外再想请分享一下 DC 出来之后，可能对我们的医疗这块的业务有哪一些助力， 整个技术的底层有哪些重要的变化，谢谢。 发言人 4 0:01:31 大家下午好，我是国联证券的医药首席郑威。今天还有我们同事徐金华在线上跟我一起主 持。关于 AI 这块也是最近大家关注的热点，无论是产业也好还是说投资也好，我们在这块 也持续做了非常多的上市公司交流。今天是我们的第二十一场，今天我们请到的是东软集 团。东软实际上在大健康领域一直是在医疗健康的可能呃智慧医保或者医疗信息化这块是 保持非常领先的地位。而且现在东莞已经基本形成了智慧医院加智慧卫健和智慧医保一体 化的解决方案。 好的，郑总，感谢大家的时间哈那我今天就像刚才郑总讲的，先从两个方面给大家解读一 下。一个就是从东软集团我们自身的这个基本面整 ...

Summary of Conference Call Company and Industry - **Company**: Digital Zhengtong (数字正通) - **Industry**: Artificial Intelligence (AI) in Urban Governance and Digital Government Services Key Points and Arguments 1. **Impact of AI on Capital Markets**: The acceleration of AI implementation during the Spring Festival has significantly influenced capital markets, marking a core technological transformation [1][2][3] 2. **Historical Context of AI Development**: Digital Zhengtong has been involved in AI since 2012, starting with traditional OCR and evolving through deep learning and computer vision (CV) technologies [6][7] 3. **Product Development and Applications**: The company has launched various AI-driven products, including intelligent video analysis systems and applications in urban governance, with over 100 projects implemented nationwide [7][8] 4. **Efficiency Improvements**: AI algorithms have improved administrative efficiency by over 30% in certain projects, showcasing the potential of AI in enhancing public service processes [9][10] 5. **Government Interest in AI**: There is unprecedented interest from government departments in AI applications, with over 50 cities inviting Digital Zhengtong to discuss AI's role in urban governance [20][21] 6. **Strategic Goals for AI Integration**: The company aims to leverage AI and large model technologies to enhance urban governance applications, positioning itself as a leader in digital government services [22][23] 7. **Transition to Service-Oriented Business Model**: Digital Zhengtong is shifting from a project-based revenue model to a service-oriented approach, focusing on long-term client relationships and recurring revenue streams [39][54] 8. **Data-Driven Business Transformation**: The company emphasizes the importance of data in driving new business opportunities, leveraging its extensive data assets accumulated over 20 years [48][49] 9. **Challenges in Government Funding**: Despite the potential for AI-driven projects, there are concerns about government fiscal constraints impacting the scale of AI implementation in public services [57][60] 10. **Future Market Opportunities**: The company anticipates significant growth in AI applications within urban governance, driven by technological advancements and increasing government reliance on AI solutions [24][45] Other Important but Possibly Overlooked Content 1. **Technological Collaboration**: Digital Zhengtong is collaborating with major tech firms like Huawei and Alibaba to enhance its AI capabilities and product offerings [14][22] 2. **Public Sentiment and User Experience**: The rapid adoption of AI tools has shifted public perception, leading to increased demand for AI-driven solutions in government services [20][21] 3. **Long-Term Vision**: The company envisions a future where AI and large models fundamentally transform urban governance, moving from human-intensive processes to algorithm-driven efficiencies [23][24] 4. **Regulatory and Compliance Considerations**: The integration of AI in public services must navigate complex regulatory environments, which could impact deployment timelines and strategies [46][60] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the transformative potential of AI in urban governance and the evolving business model of Digital Zhengtong.