Group 1: Financial Performance - In Q3 2025, the company achieved a significant narrowing of revenue decline, with a net profit of approximately 1.19 million yuan despite challenges from the suspension of national subsidies [2][3] - Cumulative data shows a year-on-year increase of approximately 1.64% in gross profit margin for the first three quarters, while total expenses decreased by about 11.05% [2][3] Group 2: Strategic Focus - The company has shifted back to its core custom furniture business, launching the "Whole House Star Customization" strategy, inspired by luxury hotel designs, to meet the demand for home quality upgrades [3][4] - This strategy emphasizes integrated design across doors, walls, cabinets, and appliances, aiming to enhance comfort, practicality, and overall experience [3][4] Group 3: Customer Experience Enhancement - The "Whole House Star Customization" strategy features five key advantages: aesthetic design, AI-driven quality solutions, high environmental standards, functional innovations, and comprehensive service from measurement to installation [4][5] - The AI Design Factory has become a standard in stores, significantly improving proposal quality and efficiency, with over 50,000 solutions delivered annually [5] Group 4: International Expansion Plans - The company is pursuing overseas expansion through a model of industrial output, leveraging its IT and information system strengths to export its custom furniture model [5] - The new overseas strategy, centered around the Sunpina brand, targets regions such as the Middle East, Southeast Asia, and Africa for franchise development [5]

证券代码：002468 证券简称：申通快递 申通快递股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | | 中信证券、富国基金、博时基金、鹏华基金、华安基金、海富通 | | 参与单位名 | 基金、长信基金、国联安基金、高毅资产、东方资管、兴业证券、 | | 称及人员姓 | 申万宏源、长江证券、中金公司、中信建投、财通证券、富瑞证 | | 名 | 券、花旗、高盛、摩根大通、摩根士丹利等 105 家机构 125 位投 | | | 资者 | | 时间 | 2025 年 10 月 28 日 15:30-16:30 | | 地点 | 电话会议 | | 上市公司接 | 1、 副总经理兼财务负责人梁波 | | | 2、 董事会秘书郭林 | | 待人员姓名 | 3、 IR 负责人何敏 | | | 一、公司管理层介绍 2025 年前三季度经营情况 | | | 今年以来，消费市场规模稳步扩大，线上 ...

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 228 million CNY, representing a year-on-year increase of 5.89% and a quarter-on-quarter increase of 14.06% [2] - The company successfully reduced accounts receivable, with the book value decreasing by 13.38% compared to the beginning of the year [2] - Embedded security product sales saw significant growth, contributing to an increase in market share [2] Group 2: eSIM Business Development - The company is enhancing its R&D investment in the eSIM sector, aiming to improve product lines and adapt to multiple scenarios [3] - eSIM products have been registered with China Unicom, and the company is actively pursuing collaborations with other telecom operators [3] - Focus areas include large-scale business breakthroughs in the IoT sector and integration with digital currency applications in various industries [3][4] Group 3: AI Agent Business Progress - The company made advancements in AI digital human products for social security, establishing a comprehensive intelligent service system [5] - Integration of hardware products with digital services has created a benchmark solution in the social security digitalization field [5] Group 4: Digital Currency Initiatives - The company is committed to participating in the digital RMB ecosystem, maintaining its market position in hardware wallets and terminal solutions [6] - It is also expanding its digital RMB system development, with several projects already delivered and operational [6] - The company is exploring cross-border cooperation in digital RMB payments [6][7] Group 5: Future Outlook - The company anticipates both opportunities and challenges in 2025, focusing on enhancing its operational performance despite short-term pressures [8] - Key areas of focus include embedded security products, AI integration, and digital currency applications [8] - Plans to explore external investments and mergers to integrate industry resources for growth [8]

Sales Performance - Packaged meat product sales reached 1.03 million tons, a year-on-year decrease of 5.6% [3] - Fresh pork sales increased to 1.087 million tons, a year-on-year growth of 13.4% [3] - Poultry meat sales reached 285,000 tons, a year-on-year increase of 18.4% [3] - Total meat sales amounted to 2.49 million tons, a year-on-year increase of 5.9%, marking a record high for the period [3] Financial Overview - Total revenue for the first nine months was 44.65 billion yuan, a year-on-year increase of 1.2% [27] - Total profit reached 5.19 billion yuan, a year-on-year growth of 1.3% [27] - Net profit attributable to shareholders was 3.96 billion yuan, a year-on-year increase of 4.1% [27] - Earnings per share stood at 1.14 yuan, reflecting a 4.1% year-on-year growth [27] Quarterly Insights - The first quarter faced significant operational pressure, while the second and third quarters showed improvement due to market reforms and digital empowerment [4] - In the third quarter, the average profit per ton of meat products reached a historical high of over 5,000 yuan, benefiting from reduced costs and increased sales of premium products [8] Strategic Initiatives - The company plans to accelerate market innovation and enhance customer development, particularly in fresh products [6] - Continued focus on digital transformation across supply chain, sales, and production management to improve operational efficiency [7] - Emphasis on expanding new sales channels and promoting high-cost performance products to adapt to changing consumer demands [10] Industry Context - The global economic environment remains challenging, with trade tensions and uncertain tariff policies impacting the market [41] - Domestic economic stability is observed, but overall consumer demand in the fast-moving consumer goods sector is weak [41] - The pork market is characterized by ample supply and relatively low prices, leading to intensified competition [43] Future Outlook - The company aims to achieve significant year-on-year growth in sales and improve operational quality through strategic initiatives [69] - Plans to enhance production management in the pig and poultry sectors to further reduce costs and improve performance [70]

Group 1: Company Overview - Zhejiang Jingu Co., Ltd. is a high-tech enterprise focused on the research, production, and sales of automotive wheels, recognized as a "specialized, refined, distinctive, and innovative" enterprise in Zhejiang Province [2]. - The company emphasizes technological innovation and product development, with a comprehensive research and development system [2]. - The revolutionary new material, Avatar niobium microalloy, offers high strength (up to 2000 MPa), good toughness, low cost, and reduced carbon emissions, making it suitable for replacing aluminum alloys, titanium alloys, and various steel materials [2][3]. Group 2: Product Highlights - The Avatar low-carbon wheel is a lightweight product characterized by innovative design, high precision, strength, better balance, enhanced deformation resistance, durability, and cost-effectiveness [3]. - The Avatar low-carbon wheel has entered both passenger and commercial vehicle markets, securing contracts with several new energy vehicle manufacturers [3]. - The company is accelerating capacity construction to meet the growing customer demand, leveraging its first-mover and scale advantages [3]. Group 3: Strategic Initiatives - The company is focusing on emerging industries' demands for lightweight, high-performance, and low-cost materials, actively exploring market potential [3]. - Plans are in place to establish "Hangzhou Jingu Embodied Intelligent Technology Co., Ltd." to advance applications of Avatar niobium microalloy in emerging fields like embodied intelligent robotics [4]. - The company aims to expand its product matrix for new materials through self-research, joint development, and equity cooperation [4]. Group 4: Market Expansion - The company plans to enhance its production capacity based on market demand and existing orders, ensuring it meets the increasing order requirements [5]. - While steadily increasing its domestic market share, the company is also looking to expand into overseas markets by establishing production bases abroad to provide competitive products and services to international clients [5].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.446 billion CNY, a decrease of 9.38% year-on-year [2] - The net profit attributable to shareholders was 106 million CNY, down 33.95% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 83.376 million CNY, a decline of 30.62% year-on-year [2] - The gross profit margin for the first three quarters was 47%, showing a significant improvement compared to the previous year [3] Group 2: Business Development and Strategy - The company focuses on dual development strategies in energy digitization and energy internet, aiming to become a leading energy technology enterprise driven by AI and empowered by Web 3.0 [2] - The energy digitization business experienced a slight decline in revenue due to the impact of non-grid business divestiture and faster revenue recognition from major projects last year [3] - The company plans to strengthen its market layout in new power system fields and increase R&D investment to establish a technological advantage in AI applications [3] Group 3: Energy Internet Progress - The energy internet business saw a slight year-on-year increase in revenue, with significant growth in AI technology applications for service scenarios and electricity trading [3] - The transaction volume on the life payment platform increased by over 8% year-on-year, and the user base for the new charging aggregation platform exceeded 25 million [3] - The company engaged in electricity market transactions across more than ten provinces, with total trading volume exceeding 4 billion kWh in the first three quarters [3] Group 4: International Business Expansion - The company collaborates with Ant International for digital service operations in over ten countries and regions, including Southeast Asia, the Middle East, and Africa [4] - It exports digital software services for electricity marketing and collection, with operations extending to Southeast Asia, Africa, and South America [4] Group 5: AI Integration in Energy Sector - The company is deeply integrating AI with the energy sector, focusing on core technologies such as time-series prediction and large language models [5] - The self-developed AI energy model, "Langxin Jiugong," is positioned as a powerful engine for business innovation and scenario expansion [5] - The company is building an AI application ecosystem to address industry pain points, enhancing platforms for charging management, smart microgrid management, and electricity trading decision-making [5]

Sales Performance - In Q3 2025, the company achieved a sales revenue of 10.75 billion yuan, representing a year-on-year growth of 15% [2] - The net profit attributable to shareholders was over 77 million yuan, with a year-on-year increase of 14% [2] - Frozen baked goods accounted for approximately 57% of revenue, growing by about 17% year-on-year, while baking raw materials made up about 43%, increasing by approximately 11% [2] Channel Structure - Traditional bakery channels contributed nearly 50% of revenue, remaining stable year-on-year, while supermarket channels exceeded 25%, with a growth of over 30% [2] - Revenue from the catering, tea, and new retail channels approached 25%, with a year-on-year growth of nearly 40% [2] - The company is optimizing its channel structure, with new channels further increasing their revenue share [2] Product Insights - The fluctuation in cream product gross margins is not primarily linked to rising oil costs but is more affected by the procurement prices of imported dairy products [3] - The company is cautiously optimistic about inventory preparations for the upcoming Spring Festival [4] - Changes in the tax rate in the Q3 report were influenced by variations in product structure and the production and tax situations of different subsidiaries [5] New Product Development - The company has successfully launched new products in core supermarket clients, contributing positively to Q3 performance, with plans for 2-3 new products in Q4 [6] - The sales of cream products in Q3 slowed compared to Q2 due to seasonal factors, but a recovery is expected in Q4 [7] - The company is focusing on diversifying its channel investments, with a current revenue structure of approximately 48% from distribution channels, 30% from supermarkets, and 22% from new retail and catering channels [8] Strategic Partnerships - The company is actively enhancing collaborations with various supermarkets, increasing the number of new product samples and improving the match with customer needs [9] - The advantages in the catering and new retail channels are significant, with a focus on food safety standards that align with the stringent requirements of chain restaurants [10] - The company is testing higher-end cream products with key clients, aiming to expand its premium product matrix [12]

Group 1: Financial Performance - The company achieved a revenue of 1.54 billion yuan in the first three quarters, showing a slight increase compared to the same period last year, with a significant growth of 127% in Q3 alone [2] - Despite current cumulative losses, the company maintains its goal of turning profitable by the end of 2025, driven by several key factors [2] - Key financial indicators are improving, with inventory reaching 2.087 billion yuan, an increase of 740 million yuan from the beginning of the year, and operating cash flow increasing by 96% [3] Group 2: Order Status - As of the end of the first half of 2025, the company reported a record high backlog of orders amounting to 5.44 billion yuan (excluding tax), with significant new orders signed in the lithium battery and renewable energy sectors [3] - The composition of the backlog includes approximately 40% from lithium battery intelligent equipment, 50% from renewable energy (source-network-load-storage), and 10% from hydropower and environmental protection [3] Group 3: Future Business Strategy - The company plans to focus on its core business and strengthen its direction in renewable energy, particularly in the lithium battery intelligent equipment sector, with an emphasis on solid-state battery technology [3] - Future strategies include expanding overseas business, particularly in countries along the "Belt and Road" initiative, aiming for overseas business to account for over 50% of total operations to optimize overall profit margins [3]

Group 1: Company Overview and Operations - Shenzhen Songsheng Electronics Co., Ltd. established Shenzhen Songsheng Robot Transmission Technology Co., Ltd. in June 2025, focusing on the R&D and manufacturing of high-performance key components such as harmonic reducers and intelligent joint modules, applicable in automation and robotics [2]. - The company has implemented digital and intelligent management in production, leading to improved production efficiency and product consistency, optimizing labor and manufacturing costs [3]. Group 2: Financial Performance - The gross margin for the company's energy storage core components was 24.84% in the first half of 2025, with potential for further improvement as production scales up [7]. - The company has adopted cost control measures to enhance profitability, including strict management of period expenses [3]. Group 3: Market Trends and Projections - According to TrendForce, the LED plant lighting market is projected to reach $1.366 billion in the first half of 2025, with a year-on-year growth rate of 3.9% [4]. - The LED plant lighting market is expected to grow to $2.056 billion by 2029, with a compound annual growth rate (CAGR) of 9.4% from 2024 to 2029, driven by the adoption of smart LED growth lights and advanced agricultural technologies [5]. Group 4: Impact of Tariffs - The company has managed to mitigate the impact of tariffs on its LED driver power supply business through global layout strategies and cost reduction measures, despite significant pressure from tariffs in the domestic lighting industry [8][9]. - The impact of tariffs on the energy storage core components business is considered manageable, as most clients are domestic integrators and installers, with limited direct exports [9]. Group 5: Future Growth Opportunities - Future growth in the LED driver power supply sector is anticipated in outdoor, industrial, and emergency lighting applications, as the market seeks to replace outdated lighting products [9]. - The company is actively participating in various energy exhibitions to enhance the market presence of its energy storage subsidiary, which is expected to boost sales further [9].

Group 1: Company Overview and Strategic Acquisition - Zhengzhou Sanhui Electric Co., Ltd. completed a strategic acquisition of Zuo Lin Yong Jia Co., Ltd. through share transfer and voting rights delegation, enhancing its control over the company [2] - Zuo Lin Yong Jia, established in 2014, is a leading urban space smart operation platform service provider in China, integrating IoT, big data, and AI technologies [2][3] - The service network of Zuo Lin Yong Jia covers over 1,100 projects, with a service area exceeding 300 million square meters, serving notable clients such as the Shenzhen Nanshan District Government and Dongguan Mu Si [2] Group 2: Technological Collaboration and Achievements - Zuo Lin Yong Jia has achieved significant recognition, including being named "TOP1 Comprehensive Application Platform Provider for Industrial Parks in China" and "Top 50 Leading Real Estate Technology Enterprises" in 2023 [3] - The company has collaborated with Huawei to develop smart park products and solutions, achieving compatibility with Huawei's Kunpeng technology and integrating AI algorithms for energy efficiency [3][4] - Zuo Lin Yong Jia has received multiple awards from Huawei, including "Best Industry Solution Partner" and "Best Solution Partner" for 2024 and 2025 [3] Group 3: Business Synergy and Future Development - The acquisition aims to expand the AIoT ecosystem, positioning Zuo Lin Yong Jia as the largest provider of comprehensive solutions for parks in China [4] - The collaboration will enhance the energy management capabilities of Sanhui Electric, targeting zero-carbon parks and integrating renewable energy trading platforms [4][5] - Sanhui Electric's rehabilitation robots are now entering the medical field, with recent deliveries to hospitals, marking a breakthrough in the application of therapeutic robots [5]