编号：2025-020 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 （线上会议调研） 参与单位名称及 人员姓名 长城证券金瑞，财通证券周逸洲 时间 2025 年 12 月 18 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书邱蓉 证券办 李琼婷 投资者关系活动 主要内容介绍 一、公司情况介绍 二、公司情况交流 1、公司除了萧山本部这边，其他地方有生产基地吗？ 答：公司目前主要有萧山本部、安徽广德和湖州安吉三大生产 基地，公司在柳州、广州、长春等各地也有生产基地便于为整 车就近配套，同时公司的摩洛哥生产基地项目目前也正在有序 推进中。 2、公司毛利率提升的原因主要有哪些？ 答：受益于国内汽车销量的增长及公司国际市场新项目的上 量，规模效应逐渐显现；同时公司持续优化产品结构，推动内 部降本增效、工艺优化等工作，有效提升制造能力，产品毛利 1 证券代码：002284 证券简称：亚太股份 浙江亚太机电股份有限公司投资者关系活动记录表 2 | | 7、公司今年的冬季测试开始了吗？ | | --- | --- | | ...

Group 1: Company Overview - Jiangsu Changbao Steel Tube Co., Ltd. specializes in the research, manufacturing, and service of special pipes, established in 1958 and listed on the Shenzhen Stock Exchange in 2010 [2][3] - The company focuses on small-diameter special seamless pipes, with an annual production capacity of 1 million tons [3] - Key products include oil pipes, alloy high-pressure boiler pipes, HRSG ultra-long pipes, and U-shaped pipes for heat exchangers, which have high brand recognition and core competitiveness [3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 4.284 billion, net profit attributable to shareholders of CNY 392 million, and a net operating cash flow of CNY 249 million [3] - The company maintains a stable operational performance with a focus on long-term value management and brand development [3] Group 3: Product Strategy and Development - The company aims to strengthen its product planning by focusing on high-end, brand-oriented, and specialized products, particularly in the oil pipe and boiler pipe sectors [4][5] - HRSG products have become a key focus, with production capabilities for ultra-long, ultra-thin, and high-grade products, contributing to energy efficiency in gas turbine power generation [5] - The Changbao special materials project is a milestone for high-end upgrades, with production starting on November 21, 2025, aimed at overcoming technical bottlenecks and expanding high-value applications [6][7] Group 4: Capital Expenditure and Investment - Recent capital investments have been directed towards high-end project construction, production line upgrades, and automation to enhance competitiveness [8] - The company plans to continue investing in technology upgrades and automation to respond flexibly to market demands [8] Group 5: Employee Incentives and Shareholder Returns - The company values talent development and has implemented stock incentive plans in 2021 and 2023 to enhance team cohesion [9] - It maintains a tradition of continuous dividends since its listing, balancing business growth with shareholder returns while considering capital expenditure needs [10][11]

Group 1: Business Development and Strategy - The company is focusing on deepening its big data business, emphasizing data governance, scenario services, and intelligent applications to unlock customer data value [2] - The AI strategy includes the development of a comprehensive AI platform, integrating various models and enabling automated service generation, enhancing operational efficiency [3] - The company aims to expand its DAP (Data Analytics Platform) applications in the power sector and extend into non-electric industries like healthcare and construction through a "headquarters benchmark + regional replication" model [5] Group 2: Financial Performance and Challenges - The decline in gross margin for the smart energy business is attributed to changes in the subsidiary's business structure, particularly the rapid growth of lower-margin hardware products [6][7] - Despite the lower gross margin, the hardware products still contribute positively to the overall performance of the company [7] Group 3: Industry Applications and Partnerships - The company has successfully implemented smart financial projects in several hospitals, enhancing its influence in the healthcare sector [8] - Ongoing optimization efforts in various hospitals are aimed at expanding the company's footprint in the medical industry [8] Group 4: Organizational Changes and Future Outlook - The company plans to continue attracting talent to support digital transformation and enhance organizational efficiency in line with strategic goals [9] - The controlling shareholder views the company as a key innovation platform and will disclose any relevant capital operations as required by regulations [8]

Group 1: Market Performance and Product Trends - The company anticipates an increase in overall shipment volume and area for the year, driven by demand for TV products, despite a slowdown in large-size TV trends due to market dynamics [1] - IT product shipments are expected to grow rapidly due to replacement demand, while MNT product shipments are projected to remain flat year-on-year [1][2] - The OLED market is experiencing increased competition, with a significant rise in low-end Ramless product shipments and a shift towards overseas brand LTPO demand [3] Group 2: Technological Developments - The company announced an investment in an 8.6 generation AMOLED production line to produce high-end touch OLED displays for laptops and tablets, aiming to enhance competitiveness in the high-end market [4] - The company is focused on optimizing product structure to improve operational performance amidst short-term pressures [3] Group 3: Financial Outlook - Depreciation is expected to peak in 2025, with a gradual reduction in depreciation from existing production lines [5] - Capital expenditures are projected to peak in 2025, primarily for the 8.6 generation AMOLED production line and the 6th generation LCD LTPO/LTPS production line [6][7] - The company plans to repurchase minority shareholder equity based on operational and cash flow conditions, following a recent reduction in minority shareholder equity related to the Wuhan 10.5 generation LCD production line [8] Group 4: Shareholder Returns - The company has announced a shareholder return plan for 2025-2027, committing to distribute at least 35% of the net profit attributable to the parent company as cash dividends annually, and to allocate no less than RMB 1.5 billion for share repurchases [9][10] - This plan reflects a comprehensive analysis of the company's operational development, long-term strategy, and external financing environment, aiming to establish a stable and predictable shareholder return mechanism [10]

证券代码：300143 证券简称：盈康生命 盈康生命科技股份有限公司 投资者关系活动记录表 编号：2025-11 | 投资者关 | □特定对象调研 □分析师会议 | | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 路演活动 ☑ | | | □现场参观 | | | 其他（华安证券策略会） | | 参与单位 | 天弘基金 钟颖 李佳豪、工银瑞信基金 李乾宁、民生加银基金 尹 | | 名称及人 涛 | 郝梦娇； | | 员姓名 | 参加华安证券策略会，面向华安证券邀请的投资者，包括 Nature | | | Capital 苗天一、禾晟投资 章孝林、海衍投资 丁威、山西证券 杨 | | | 杰、上海润义投资 陆懿晨、信迹投资 宋文略、绅徽投资 陈彦宁等。 | | 时间 2025 | 年 12 月 18 日 | | 地点 | 路演：天弘基金、工银瑞信基金、民生加银基金公司会议室 | | | 华安证券策略会：陆家嘴富汇大厦 A 座 | | 上市公司 | 董事会秘书 刘泽霖 | | 接待人员 | 投资者关系总监 董丁梦 | | 姓名 | | | | 1、请介绍下公司 ...

Group 1: Product Matrix and Market Position - The company has established a clear and advantageous external product matrix, with significant exclusive and medical insurance advantages in key varieties. Approved products include: Loxoprofen Sodium Gel Patch, Ketoprofen Gel Patch, Anti-inflammatory Pain Relief Patch, Lidocaine Gel Patch, Strong Waist and Bone Strengthening Patch, and Daiwen Moxibustion Patch [2] - The Ketoprofen Gel Patch is a key exclusive product with significant market competitiveness, while the Daiwen Moxibustion Patch holds both traditional Chinese medicine exclusivity and medical insurance exclusivity, showcasing distinct advantages [2] Group 2: Brand Development Strategies - The company has implemented a series of systematic and innovative measures to enhance brand influence and market recognition, including expanding into retail pharmacies and online platforms [3] - A brand upgrade event was held on December 6, 2025, introducing the "JiuDian Pain Relief Expert" symbol and the slogan "Change to JiuDian for Pain Relief Patches," aimed at addressing consumer pain points and enhancing brand communication and market competitiveness [3] Group 3: Sales and Procurement Expectations - The 11th batch of national centralized procurement results will be executed nationwide starting February 2026, with procurement cycles lasting until December 31, 2028 [3] - The company is optimistic about the market prospects for the Ketoprofen Gel Patch, which was approved for listing in 2023 and successfully entered the national medical insurance directory [3] Group 4: Innovation in Drug Development - The company is undergoing a comprehensive transformation towards innovative drug research and development, utilizing a strategy of multiple R&D centers and various drug forms [4] - Two innovation drug R&D centers are being established in central and Yangtze River Delta regions, leveraging local clinical resources and cost advantages [4] - The company is focusing on various tumor and chronic disease indications, employing small molecule drugs, peptide drugs, PDC, and ADC formats [4] Group 5: New Drug Advantages - The newly introduced small molecule pain relief innovative drug YJ2301 is designed to overcome limitations of existing neurogenic pain medications, such as limited efficacy and significant side effects [4] - Clinical pre-research data for YJ2301 shows superior pain relief effects and the potential to address issues like drowsiness and tolerance, providing a new solution for neurogenic pain management [4]

Company Overview - Giant Lifting Equipment Co., Ltd. has a history of 40 years since its establishment in 1985, with headquarters located in Baoding, Hebei Province [3] - The company occupies over 1,700 acres and has two main production bases in Baoding and Mengzhou, with plans for a third base in Tianjin [3] - It specializes in the R&D, design, manufacturing, and sales of lifting equipment, offering over ten product series and thousands of specifications [3] Product Composition - The company's products are divided into two main categories: - Metal lifting products (mainly steel plates, round steel, and wire rods) - Soft lifting products (mainly industrial fiber wires such as polyester, nylon, aramid, and polypropylene) [4] - Revenue breakdown by product type: - Engineering and metal lifting products: ~50% - Synthetic fiber lifting belts: ~20% - Wire ropes and related products: ~26% [4] - Overall gross margin is maintained at around 20%, above the industry average [4] Industry Trends and Demand - Company revenue has shown double-digit growth since 2018, with the exception of declines in 2021 and 2024 [5] - Current market demand is increasing, particularly in emerging sectors such as renewable energy and infrastructure projects [5] - Traditional sectors like metallurgy and construction are experiencing slower growth, but the existing market remains substantial [5] Technological and Standardization Efforts - The company has authored 16 national, industry, and local standards and participated in 49 others, totaling 65 standards [4] - It holds over 370 patents, including 66 invention patents, and has established several R&D platforms [4] Project Developments - The Henan subsidiary has invested in two projects, with the first phase reaching full production in 2024 and the second phase entering trial production by the end of the year [4] Interaction Insights - The company provides products for commercial aerospace applications, ensuring support from assembly to pre-launch processes [7] - The deep-sea economy is supported by government policies aimed at promoting high-quality marine economic development [8] - The company has established a wholly-owned subsidiary in Tianjin to enhance its capabilities in the deep-sea economy [8] International Strategy - The company has received factory recognition from eight classification societies and established a stable sales network in over 100 countries [9] - Recent projects include significant sports venues in Saudi Arabia and Serbia, with expectations for increased overseas revenue due to the Belt and Road Initiative [9] - Currently, there are no plans for overseas factory expansions [10]

Group 1: Investment and Production Progress - The company's targeted stock issuance project, "DeLian Automotive New Material Adhesive R&D and Manufacturing Project," was successfully completed and reached its intended operational status by September 30, 2025, with small-scale production starting in October 2025. This project will add 61,700 tons of adhesive production capacity, alleviating existing capacity constraints [1] - The company plans to steadily advance its production ramp-up plan, prioritizing supply to cooperative automotive enterprises and new energy vehicle clients, aiming for gradual mass delivery [1] Group 2: Business Expansion and Strategic Partnerships - The adhesive business is expanding beyond automotive manufacturing into the shipbuilding industry, with a partnership with South Korea's Unicon expected to yield LNG ship-specific adhesives, set to launch in Q1 2026 [2] - The company’s integrated platform offers comprehensive services, including R&D, procurement, production, and market development, which attracts international enterprises for localized production and supply [2] Group 3: Product Application and Market Diversification - The core liquid cooling product, characterized by low electrical conductivity and excellent insulation, has successfully penetrated new application areas, including energy storage, wind energy, and nuclear power, achieving large-scale deployment [2] - Key clients in the wind energy sector include Goldwind Technology and Vestas, while in the energy storage sector, partnerships have been established with Foxconn and others, demonstrating a robust supply chain across various industries [2] Group 4: Future Planning and Market Trends - The company aims to deepen upstream technical cooperation and enhance independent product R&D to increase market share, focusing on the trends in the Chinese automotive industry, particularly in new energy vehicles [3] - The strategy includes expanding product categories in the new energy sector and leveraging opportunities in energy conservation, lightweighting, and localization within the automotive industry to strengthen competitive advantages and ensure long-term stable growth [3]

Group 1: Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, operating 35 logistics parks across over 20 major cities in China [1] - The company has an average annual trading volume of over 33 million tons and an average annual transaction value exceeding 250 billion RMB in its wholesale markets over the past three years [1] - Business scope includes standardized agricultural base planting, cold chain processing, wholesale market operation, urban ingredient distribution, brand development, and import-export trade [1] Group 2: Strategic Focus and Goals - The company aims to be a modern resource provider and service provider for the entire agricultural product circulation chain, with a mission to "dedicate to a better life" [2] - It is focused on building a comprehensive service capability across the entire chain from production to consumption, targeting the "digital vegetable basket" strategy for efficient collaboration and value reconstruction [2] Group 3: Revenue Sources and Market Operations - Main revenue sources for the wholesale markets include rent, commissions, management fees, and parking fees, with pricing based on market conditions and local economic factors [2] - The development cycle for agricultural wholesale markets typically spans 1-3 years for construction and 3-5 years for cultivation, depending on project complexity [2] Group 4: Product Development and Distribution - The company has successfully cultivated over 90 premium products, including Sichuan pomelo and Danzhou sweet potato, enhancing its brand image through quality control and promotional activities [3] - It has established 21 subsidiaries for ingredient distribution in major cities, covering hospitals, schools, and large enterprises, creating a nationwide network centered in Shenzhen [3] Group 5: Digital Transformation and Efficiency - The company is enhancing its digital operations through big data, IoT, and cloud computing, aiming for standardized and regulated agricultural product circulation [4] - Initiatives include upgrading management systems and promoting a unified payment system to improve transaction efficiency and financial security in wholesale markets [4] Group 6: Dividend Policy - The company emphasizes a stable and continuous profit distribution policy, considering industry characteristics, development stages, and shareholder returns to protect long-term interests [4]

Group 1: Company Overview - The company was established in 1955 and became part of the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. [4] - The company specializes in waste heat boilers, clean energy power generation equipment, and provides comprehensive solutions for environmental equipment and energy utilization [4]. Group 2: Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts and services [4]. - Waste heat boilers include products for various industries such as power, steel, and cement, while clean energy equipment focuses on waste incineration, biomass boilers, and nuclear power equipment [4]. Group 3: Market Opportunities - Future growth markets include overseas markets, leveraging core products like gas turbine waste heat boilers to increase international market share [4][5]. - The company aims to expand in the renewable energy and energy storage markets, particularly through molten salt storage technology [4][5]. Group 4: Competitive Advantages - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, making it a leader in this industry [6]. - It has established a strong international presence, with significant projects in Pakistan and Nigeria, and aims to enhance its global footprint in the gas turbine waste heat boiler market [6]. Group 5: Financial Performance - As of the first half of 2025, the comprehensive gross margin for waste heat boiler products is 29.68%, with plans to improve order quality and increase margin levels [9]. Group 6: Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector and has obtained manufacturing licenses for civilian nuclear equipment [9]. - It focuses on the research and production of key nuclear island equipment and aims to expand its capabilities in the nuclear fusion project [9].