Group 1: Overseas Business Performance - BYD's overseas sales reached 83,524 units in October 2025, a year-on-year increase of 155.5% [1] - Cumulative sales from January to October 2025 totaled 785,103 units [1] - The company has announced production facilities in Thailand, Uzbekistan, and Brazil, with a combined design capacity exceeding 300,000 units per year [1][2] Group 2: Localization Progress - BYD launched the K-EV BYD RACCO at the 2025 Japan Mobility Show, tailored for the Japanese market [3] - Since entering the Japanese passenger car market in July 2022, BYD has introduced several popular electric models, including Yuan PLUS and Dolphin [3] - Plans to establish a lineup of 7 to 8 electric and hybrid models in Japan by 2027 [3] Group 3: Technological Innovations - BYD prioritizes technology and innovation, with R&D investment among the top in A-share listed companies [4] - The "Blade Battery" enhances safety, while "DM-i Super Hybrid" improves economic efficiency [4] - New technologies like "Tianshen Eye" and "Megawatt Flash Charge" have been released, reinforcing BYD's technological edge [4] Group 4: Smart Driving Developments - The "Universal Smart Driving" strategy was launched, leveraging scale advantages for rapid data accumulation [6] - As of October 2025, over 2 million vehicles equipped with the "Tianshen Eye" algorithm have generated more than 130 million kilometers of data daily [6] - The company has achieved L4-level smart parking capabilities and offers comprehensive safety guarantees for users [6] Group 5: Energy Storage Business - BYD's energy storage solutions have been deployed in hundreds of projects globally, serving over 110 countries [7] - The Bollingstedt energy storage station in Germany has a capacity of 103.5MW and can supply green electricity to 170,000 households for two hours [7] - The new "Haohan" energy storage product features a 2710Ah blade battery, improving energy capacity by over 300% compared to conventional batteries [7] - As of October 2025, BYD's total installed capacity for electric vehicle and energy storage batteries exceeded 230GWh, a year-on-year increase of over 55% [7]

Group 1: Company Overview and Restructuring - Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. is undergoing a significant asset restructuring, transitioning from its current operations to focus on clean energy, specifically hydropower, wind power, and solar power [2][3] - The restructuring will result in the company exiting the magnetic levitation and bridge component sectors, with Shudao Clean Energy becoming a wholly-owned subsidiary [2] - The company aims to achieve a comprehensive transformation with a focus on clean energy generation, energy storage, and related businesses [2] Group 2: Future Goals - Short-term goal: Complete asset integration and transformation to achieve profitability in the shortest time possible [2] - Mid-term goal: Accelerate project operations and enhance asset scale and quality through the "transportation + energy" model [2] - Long-term goal: Establish a stable and sustainable profit state with a consistent dividend ratio [2] Group 3: Financial Projections and Asset Valuation - The valuation of the injected assets from Shudao Clean Energy Group is based on an asset-based approach, with a total transaction price that is less than 40% of the total asset valuation [3] - The performance commitment for the next three years pertains only to the assets valued using the income approach, which does not equate to the total expected profits of the clean energy group [3] Group 4: Asset Divestiture - Seven non-core assets have been divested to improve the overall quality of the assets injected into the listed company, with no substantial impact on the operations of Shudao Clean Energy Group [3] - The divestiture is aimed at removing underperforming or non-compliant assets [3] Group 5: Market Position and Competition - Shudao Clean Energy Group focuses on clean energy, leveraging the transportation industry advantages of Shudao Group, while Sichuan Energy Development Group operates in a broader range of industries, including energy [3] - Both companies have distinct business focuses that align with the differentiated development plans of the provincial energy industry [3] Group 6: Fundraising Plans - The company plans to issue shares to no more than 35 qualified investors to raise supporting funds, with the issuance method being through an inquiry process [3] - The timing of the fundraising will depend on the successful completion of the asset transaction [3]

Group 1: Recent Business Performance - The company has seen a positive trend in order intake due to winter clothing replenishment, although overall industry sentiment remains to be observed, particularly regarding future winter clothing consumption [2] - The company reported a foreign exchange net loss of CNY 22.8585 million in the first three quarters of the year due to international exchange rate fluctuations [3] - The overseas production capacity accounted for 18.48% as of the first half of 2025, with plans to enhance global manufacturing capabilities through technological upgrades and global production layout [3] Group 2: Overseas Operations - The company’s factories in Bangladesh and Vietnam are developing positively, with significant revenue growth and improved operating losses reported in the Vietnam industrial park [2] - The company aims to continue improving its overseas production bases to enhance global manufacturing assurance [3] Group 3: Product Development and Market Strategy - The company is focusing on increasing resource investment in both sales and production for its small-scale webbing business, with expectations for gradual improvement [3] - The company serves a diverse range of mid-to-high-end apparel and accessory clients, offering products such as buttons, zippers, and webbing, applicable in various sectors including clothing, footwear, and outdoor goods [4] Group 4: Competitive Advantages - Compared to YKK, the company emphasizes a "product + service" business model, providing comprehensive service alongside quality products, while also maintaining strong competitive advantages in product diversity, fashion, and innovation [5] - The company is enhancing production efficiency through smart manufacturing strategies and flexible manufacturing systems to meet the trend of small batch, multiple orders, and quick delivery [5] Group 5: Impact of Tariffs and Profit Margins - The direct impact of increased tariffs on the company is limited, as the volume of products exported directly to major markets like Europe and the U.S. is low; however, changes in consumer market conditions and international trade environments could affect the textile and apparel industry [7] - The overall gross margin has improved due to factors such as product structure, customer composition, and smart manufacturing, with a commitment to sustainable profit margins rather than solely pursuing high margins [8]

Company Overview - The company is a leading producer of high-end and new high-temperature alloy products in China, focusing on nickel-based high-temperature alloys and expanding into aluminum, magnesium, and titanium casting and forging [1] - It engages in the research, production, and sales of high-end metal materials, including high-temperature alloys, lightweight alloys, corrosion-resistant alloys, and intermetallic compounds [1] Subsidiary Operations - Fully-owned subsidiary Liaoning Gaona specializes in new high-temperature alloy products, while Sichuan Deyang focuses on variable high-temperature alloy products, and the controlling subsidiary Xi'an Gaona deals with cast high-temperature alloy products [2] Business Development - The company has a strong presence in the gas turbine sector, with ongoing product applications and research, supported by the Beijing High-Temperature Alloy Engineering Technology Research Center [2] - The "14th Five-Year" strategic plan is currently being developed to enhance technological innovation, optimize industrial layout, and contribute to the high-quality development of China's high-end equipment manufacturing [2] Market Expansion - The controlling subsidiary Qingdao Xinlitong is expanding into international markets, with investments in Saudi Arabia to establish a new ethylene cracking furnace pipe production line [2] Revenue Insights - In 2024, the revenue from civilian products is expected to account for approximately 40% of the company's total operating income [2] Cost Management - The company is implementing cost control measures through systematic operational reviews and optimization of core business processes, focusing on cost reduction and efficiency improvement [2]

Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province. It is a global leader in fluorine fine chemicals manufacturing, covering both inorganic and organic fluorochemical industries [2][3]. - The company has multiple production bases in Zhejiang, Inner Mongolia, Fujian, and Guangdong, with sufficient existing, under-construction, and planned capacities to support future core business growth [2][3]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 402,835.11 million, a year-on-year increase of 20.65%. The net profit attributable to shareholders was CNY 32.55 million, marking a turnaround from losses [2][3]. Lithium Battery Materials - Current production capacities for lithium battery materials include: - Electrolyte: 150,000 tons/year - Solid lithium hexafluorophosphate: 18,000 tons/year - Liquid lithium bis(fluorosulfonyl)imide: 67,000 tons/year - Vinyl carbonate: 5,000 tons/year (with an additional 5,000 tons/year in trial production since November 17) - Fluoroethylene carbonate: 3,000 tons/year [3][4]. - The utilization rate of lithium battery materials is currently high, ensuring timely delivery of downstream orders [3][4]. Market Outlook - The lithium battery materials market is expected to maintain a tight supply-demand balance, driven by the long-term growth of the new energy industry. However, price trends remain uncertain due to various influencing factors [3][4]. Fluorinated Liquids - Fluorinated liquid products are applicable in semiconductor manufacturing, data center cooling, energy storage thermal management, and chip packaging. Although currently a small revenue contributor, the market potential is significant due to advancements in AI and high-performance computing [5][6]. Pharmaceutical and Plant Protection Segments - In the first half of 2025, the pharmaceutical and plant protection segments accounted for 16.04% and 19.50% of total revenue, respectively. The company plans to enhance project construction and expand sales channels in these areas [7][8]. Future Development Focus - The company will continue to focus on three core business segments: lithium battery materials, pharmaceuticals, and plant protection. Plans include optimizing the electrolyte material procurement platform, expanding the pharmaceutical product range, and integrating resources in the plant protection sector [8][9].

| √ | □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 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 中信建投证券股份有限公司、银华基金管理股份有限公司分 | | | 析师、研究员 | | 时间 | 2025 年 11 月 24 日 14:30～15:30 | | 地点 | 公司会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司董事会秘书 杨威 | | 接待人员 | 2、公司证券事务代表 陈子敏 1、公司昂拉地韦片有什么特色，是否对 H3N2 毒株有效？ | | | 答：昂拉地韦片是全球首款 RNA 聚合酶 PB2 靶点的甲型 流感口服药物，具有快速、强效、低耐药的特点，能够快速缓 | | | 解全身流感症状、强效抗击流感病毒，兼具低耐药性。 | | | 临床前研究结果表明，对包括奥司他韦耐药株、高致病性 | | 交流内容及具体 | 禽流感病毒株和巴洛沙韦耐药株等在内的多种不同亚型流感 | | 问答记录 | 病毒株具有强大的抑制活性。昂拉 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company's operating revenue was 141,205.37 million CNY, with a net profit attributable to shareholders of 4,639.62 million CNY [3] - The share-based payment expenses for the same period amounted to 1,524.78 million CNY, leading to a net profit of 6,164.40 million CNY after adjustments, representing a year-on-year growth of 12.96% [3] - The net profit excluding non-recurring gains and losses was 5,822.06 million CNY, reflecting a 13.35% increase compared to the previous year [3] Group 2: International Business Strategy - The company has seen a steady increase in overseas business, with foreign sales revenue for 2022, 2023, and 2024 being 36,252.59 million CNY, 58,031.95 million CNY, and 73,031.44 million CNY respectively, accounting for 18.81%, 24.60%, and 37.53% of total revenue [5] - In the first half of 2025, overseas business revenue reached 39,589.88 million CNY, making up 44.16% of total revenue, with a year-on-year growth of 20.91% [5] Group 3: Strategic Acquisitions and Integration - The acquisition of Hefei Shengbang Electric Co., Ltd. is aimed at enhancing the company's core competitiveness and optimizing the industrial chain [4] - Post-acquisition, the company is focusing on organizational structure, strategic synergy, financial systems, business integration, and cultural development, with integration progressing as planned [4] Group 4: Market Outlook and Business Structure - The home appliance industry is currently undergoing structural adjustments, with traditional large appliance markets slowing down, while trends towards high-end, smart, and green products are emerging [4] - The company is not deviating from its main business but is optimizing its business structure through a strategy of strengthening its core business, upstream collaboration, and international expansion [4] Group 5: Shareholder Information - The major shareholders include Gu Wei, Anhui Zhidao Investment Co., Ltd., and Ningbo Xueqi Enterprise Management Partnership [6] - A reduction plan for shareholders was disclosed in April 2025, with the shareholding of one shareholder dropping below 5% after the plan was executed [6]

Group 1: Pharmaceutical Business Performance - In the first half of 2025, the pharmaceutical segment achieved a revenue of CNY 4.751 billion, representing a year-on-year growth of 10.8% [2] - Sales revenue of Yunnan Baiyao aerosol exceeded CNY 1.453 billion, with a significant year-on-year increase of over 20.9% [2] - Other traditional Chinese medicine products showed remarkable growth, with sales of Canling Jianpi Granules exceeding CNY 100 million and Pudilan Anti-inflammatory Tablets nearing CNY 100 million [2] - Plant-based products, such as Qixue Kang Oral Liquid, reached sales of CNY 202 million, with a year-on-year growth of approximately 116.2% [2] Group 2: Nuclear Medicine R&D Progress - The INR101 diagnostic nuclear medicine project has initiated Phase III clinical trials, with 32 research centers established and 22 activated, enrolling 60 subjects [3] - The INR102 therapeutic nuclear medicine project has received a clinical trial notification, with Phase I trials underway and 12 patients enrolled for Phase II trials [3] Group 3: Health Products Business Performance - The health products segment reported a revenue of CNY 3.442 billion in the first half of 2025, reflecting a year-on-year growth of 9.46% [4] - The segment focuses on a full-channel operation strategy, enhancing offline distribution capabilities and increasing online channel investments [4] - The oral care category, particularly gum care toothpaste, maintains and gradually expands its leading advantage, while anti-sensitivity toothpaste shows breakthrough growth [4] Group 4: Online Sales Performance - The pharmaceutical segment's online sales increased by over 20% year-on-year, with a GMV of CNY 254 million generated from 4.845 million visitors [5] - Yunnan Baiyao toothpaste holds the top market share in the domestic all-channel market, while Yangyuanqing shampoo ranked first in Tmall's domestic anti-hair loss category during the 2025 "618" shopping festival [5] Group 5: Dividend Distribution - For the 2024 fiscal year, the company distributed a cash dividend of CNY 11.85 per 10 shares, totaling CNY 2.164 billion [6] - The total cash dividend for 2024, including special dividends, amounted to CNY 23.98 per 10 shares, representing 90.09% of the net profit attributable to shareholders [7] - In the first half of 2025, the company distributed a cash dividend of CNY 10.19 per 10 shares, totaling CNY 1.818 billion, with special dividends accounting for 50.05% of the net profit for the period [7]

Group 1: Investor Relations Activity - The meeting was categorized as a specific object survey [2] - Participants included representatives from CITIC Securities and Prudential Asset Management [2] - The meeting took place on November 21, 2025, at the Group's headquarters [2] Group 2: Purpose of the Meeting - The main objective was to understand the company's production and operational status [2] - The meeting involved direct communication with the company's board secretary and investor relations management [2]

Financial Performance - The company achieved a total revenue of 553 million CNY in Q3 2025, representing a year-on-year growth of 32.94% [2] - The net profit attributable to shareholders was approximately 123 million CNY, with a year-on-year increase of 47.05% [2] - The net profit excluding non-recurring gains and losses was about 115 million CNY, reflecting a growth of 62.37% year-on-year [2] Factors Influencing Profit Growth - Significant profit increase is attributed to continuous optimization of product structure and internal efficiency improvements [3] Production and Capacity Expansion - The company has a strong order backlog for drill bits, with high capacity utilization and some products facing tight delivery schedules [4] - To meet demand fluctuations, the company is accelerating the construction of its PCB micro drill bit production base and plans to expand capacity in an orderly manner based on market conditions [4] - The maximum monthly production capacity of self-manufactured equipment is approximately 5 million drill bits [5] Raw Material Cost Management - The rising tungsten prices have a controllable direct impact on costs; the company is implementing multiple measures to mitigate this [6] - Strategies include technological innovation, process optimization, and maintaining stable long-term relationships with suppliers [6] Technological Adaptation - The company is closely monitoring technological trends in the industry and has made comprehensive technical arrangements to address potential risks from alternative materials [7] - It has developed a range of solutions for high-end PCB applications and is prepared to adapt based on market demands [7] Business Integration and Future Plans - The integration of the German subsidiary with MPK has been successfully completed, leading to efficient collaboration in technology, market, and management [8] - Future capacity planning will be based on market developments to enhance local production and service capabilities [8] Fundraising and Strategic Goals - The upcoming H-share issuance aims to raise funds for global capacity expansion, R&D in cutting-edge technologies, and digital operational systems [9] - The planned issuance will not exceed 10% of the total share capital post-issuance, with an additional 15% over-allotment option for underwriters [9] Performance Outlook - The company is optimistic about achieving its performance targets for the current year and aims for higher goals in 2026 [10]