| | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 现场会议：中信证券股份有限公司、云南能投资本投资有限公司、 | | | 西藏合众易晟投资管理有限责任公司等投资机构、行业分析师 4 人。 | | 时 间 | 2025 年 6 月 12 日上午 10:00-11:30 | | 地 点 | 现场会议地址：云南铝业股份有限公司一楼会议室。 | | 上市公司接待 人员姓名 | 证券事务代表：王冀奭先生 | | | 投资者提出的主要问题及公司回复情况如下： | | | 1.公司现金流、资产负债率等关键指标持续向好，会考虑提高 分红比例吗？ | | | 回复：云铝股份一直高度重视和维护投资者利益，近年来公司 | | | 年公司累计分红金额约 亿元，占 的现金分红稳步提升，2024 14.22 | | | 公司 2024 年度归属于上市公司股东净利润的比例为 32.23%。未来， | | 投资者关系活 | 公司将坚 ...

Group 1: Company Development Plans - In 2025, the company plans to enhance production capacity through the completion of its engineering rock drilling tools production base, aiming for revenue growth and maintaining its leading position in niche markets [4] - The acquisition of Aidu Alloy will extend the company's strategic layout into the upstream of the shield tool industry, focusing on new product development and market expansion to improve profitability [4] - The company will increase efforts in overseas market development to achieve stable growth and become a leading global manufacturer and service provider in the rock drilling tools sector [4] Group 2: Competitive Advantages - The company has a strong technological advantage due to continuous R&D investment, resulting in numerous patents and recognition as a high-tech enterprise [5] - Product advantages include a wide variety of engineering rock drilling tools, with over 200 types and sizes, ensuring adaptability to various geological conditions [7] - The company has established solid relationships with major domestic shield machine manufacturers and construction units, enhancing customer loyalty and market presence [8] Group 3: Future Growth and Market Impact - The company anticipates growth from its production base, which was completed in December 2024, and aims to improve production efficiency and scale [13] - The domestic infrastructure investment is projected to reach CNY 24.5 trillion in 2025, with varying growth rates across sectors, impacting the demand for shield tools [15] - The company is positioned to benefit from long-term trends in smart and green construction, as well as expanding overseas markets, particularly in Southeast Asia and the Middle East [15] Group 4: R&D Focus and Investment - Current R&D focuses on enhancing the performance of shield, pipe jacking, and non-excavation tools, particularly for challenging geological conditions [13] - The company will maintain its commitment to R&D investment, aligning its projects with market needs to sustain its competitive position [13] Group 5: Export Markets - The company's products are primarily exported to countries such as India, Singapore, Malaysia, Sri Lanka, the Philippines, South Korea, and Japan [16]

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 券商策略会 □其他 参与单位 名称及人员 姓名 易方达基金 工银瑞信 中欧基金 兴证全球基金 兴银基金 华夏基金 安信基金 国投瑞银基金 鹏华基金 财通基金 中庚基金 北信瑞丰基金 太平基金 银河基金 富国基金 上银基金 长江养老 人保养老 凯石基金 建信养老金 中金资管 山证资管 浙商资管 百年保险资管 康曼德资本 红杉资本 川江投资 华能贵诚信托 中金证券 国海证券 民生证券 东北证券 国盛证券 信达证券 中泰证券 国泰海通证券 华西证券 鹤禧投资 拾贝投资 国泰君安资管 和谐汇一 中银证券资管 等 53 家机构 62 人 时间 2025 年 5 月 16 日、2025 年 5 月 19 日、2025 年 5 月 23 日、 2025 年 5 月 27 日—2025 年 5 月 28 日、2025 年 5 月 30 日、 2025 年 6 月 4 日、2025 年 6 月 10 日、2025 年 6 月 12 日 地点 上海、北京、宁波 上市公司接 待人员姓名 董事会秘 ...

Group 1: Sales and Marketing Strategy - The company maintains a strict control over sales expenses, with a focus on precision and targeted investment in sales efforts [1] - Sales expense rates for first-line products are relatively low, while investment is shifting towards second and third-line products based on market dynamics [1] - The overall sales expense rate is expected to remain stable throughout the year, aligning with sales revenue [1] Group 2: Inventory Management - The company has upgraded its inventory management system, utilizing a BI intelligent analysis system to enhance efficiency [1] - A scientific "finished goods inventory standard model" has been established to balance market demand dynamics and cost control [1] - The overall inventory level has significantly decreased compared to previous years, maintaining a healthy inventory cycle of 1.5 to 2 months [1] Group 3: Product Growth Potential - The growth trend for second and third-line products is positive, with continued support from the company [2] - The sales of the product "Gaqi Dingtuan Capsule" are expected to maintain last year's growth rate, while the "Dizziness Ning" series has surpassed 100 million in sales in 2021 [2] - Other products like "Shu Yan Qing Spray" and "Compound Cold Medicine Granules" are also expected to achieve high growth rates [2] Group 4: Dividend Policy - The company is committed to providing stable returns to investors and has consistently implemented a cash dividend policy since its listing [2] - For the 2024 annual equity distribution plan, the company proposes a cash dividend of 3.5 yuan per 10 shares, totaling 206 million yuan [2] - The dividend policy is expected to remain unchanged unless there are special funding needs [2]

Group 1: Financial Performance - In 2024, the company's revenue was CNY 445,864,331.31, a decrease of 32.75% compared to the previous year [2][3] - The net profit attributable to shareholders was CNY 91,547,379.78, down 48.02% year-on-year [2][3] Group 2: Research and Development - In 2024, the company invested CNY 32,937,088.26 in R&D and reported one Chinese invention patent [2] - The company has obtained several drug registration certificates, including for ibuprofen sustained-release capsules and tolvaptan injection [3] Group 3: Future Plans - The company aims to reduce production costs and enhance market competitiveness through technological upgrades [3] - A new R&D center in Wuhan has been established to accelerate the development of a CDMO one-stop service platform [3] Group 4: Shareholder Engagement - The company currently has no plans for share buybacks but will disclose any future plans in accordance with regulations [2] - The company actively engages with investors through online platforms for Q&A sessions [2]

Group 1: Company Overview - The company operates in a military-civilian integration model, with military products accounting for approximately 30% of revenue and civilian products for about 70% in 2024 [2] - Key military products include small guided rockets, sounding rockets, and military thermal protection components [2] Group 2: Business Growth - The military business is expected to grow by over 50% year-on-year in 2024 [2] - The company is focusing on product series development and multi-platform expansion for guided rockets, with some models already completed and launched [2] Group 3: New Product Development - Recent developments in new materials include carbon-ceramic brake discs and hydrogen evolution electrodes [3] - The company is enhancing new product research and development to explore new application areas [3] Group 4: Market Response Strategies - The company is implementing cost reduction and efficiency improvement measures through new process technologies [3] - Strengthening market development efforts to mitigate the impact of intensified market competition [3]

Group 1: Market Dynamics and Opportunities - The shift towards domestic alternatives in the instrument industry is driven by increased safety awareness and government policies promoting the acceptance of domestic scientific instruments [2] - The industry is experiencing rapid development, leading to the entry of new competitors; however, the market is highly segmented, making it challenging for new entrants to gain a foothold [2] - The domestic scientific instrument sector is expected to evolve quickly due to the involvement of high-end clients, enhancing the iteration of products and broadening application scenarios [2] Group 2: Competitive Advantages and Strategies - The company has accumulated extensive experience in product variety, application scenarios, and solutions, which helps maintain a competitive edge against foreign leaders [2] - The focus on long-term product refinement and quality improvement is essential for sustaining competitiveness in a technology-intensive industry [2][3] - The company plans to emphasize its core business and implement a premium strategy to develop star products and brands while expanding its marketing network [3] Group 3: Operational Adjustments and Workforce Management - The company experienced a significant reduction in employee numbers last year due to structural adjustments; however, the workforce is now stabilizing [3] - Future hiring will be based on the growth potential of specific business segments, with a focus on maintaining stability and efficiency in operations [3] - Cost management will continue to be refined to enhance efficiency and control expenses [3] Group 4: Localization and Supply Chain Development - The localization rate of core components is difficult to quantify, but larger product volumes tend to have higher localization rates [3] - The development of industry supply chains is crucial, with the need for leading companies to drive growth in the analysis instrument sector, characterized by diverse and small-batch production [3]

Group 1: Company Progress and Developments - The company has made significant advancements in the "dry electrode" equipment sector, collaborating with Qingyan Company to develop a hybrid homogenization integrated machine, achieving core performance metrics close to target parameters, and has delivered units to customers [1] - The new signed orders from January to May 2025 show a year-on-year increase, primarily driven by the expansion of leading battery manufacturers, with most new orders related to the battery end rather than materials [2] Group 2: Competitive Landscape and Advantages - The competition in the material automation sector is characterized by industry concentration, with a "Matthew Effect" where stronger players continue to dominate [3] - The company's competitive advantages include experience in powder engineering and fluid mechanics, as well as cost advantages due to its scale and supply chain management [3] Group 3: Future Development Plans - The company aims to increase market share in the lithium battery sector by developing equipment that addresses customer pain points [4] - In the non-energy sector, the company plans to expand its market share through import substitution and the development of currently lacking equipment, targeting a revenue share of approximately 40% from this sector by 2030 [4]

Group 1: Financial Performance - The company's revenue growth in 2024 is attributed to the completion of large projects, including the safety production technology comprehensive control platform and the AI training center project [1] - The company's Q1 2025 performance declined due to project acceptance cycles, with a significant drop in revenue from two large projects completed in Q1 2024 compared to Q1 2025 [1] - The expected amount for daily related transactions in 2025 is 1.458 billion CNY, with anticipated revenue from these transactions at 1.326 billion CNY [4] Group 2: Market Expansion Strategies - The company is accelerating its marketing strategy by establishing an integrated marketing center and regional marketing systems to enhance market development and customer management [2] - Plans to expand into international markets include the completion of the ETT Mongolia coal washing and selection plant project, marking the first overseas smart washing solution [2] - The company aims to strengthen its marketing team and create benchmark demonstration projects in the AI field to enhance product visibility [2] Group 3: Competitive Advantages - The company holds a leading position in the energy technology sector, consistently ranking among the top 20 IT companies in China's coal industry for three consecutive years [3] - It leverages its unique position as the only IT service provider for the Shandong Energy Group, utilizing diverse application scenarios to offer comprehensive solutions [3] - The workforce includes over 960 experts, representing 79% of the total staff, combining energy industry and IT expertise to deliver customized intelligent solutions [3]

Group 1: Loan Growth and Economic Support - The company aims to maintain high loan growth by expanding financial services to key sectors such as small and micro enterprises, manufacturing, and consumer spending, supported by government policies [2] - The focus on enhancing financial service quality is expected to contribute to steady loan scale growth [2] Group 2: Dividend Growth - The company has increased its cash dividend to 9 yuan per 10 shares (before tax) for the 2024 profit distribution, marking the second consecutive year of dividend growth [2] - Stable dividends are considered a crucial part of shareholder returns, with a commitment to balance dividends with internal capital growth [2] Group 3: Capital Supplementation Plan - The capital adequacy ratio was reported at 15.32% as of the end of 2024, indicating a strong position within the industry [2] - The company plans to issue up to 45 billion yuan in capital bonds to further strengthen its capital base [2] Group 4: Compliance and Communication - The company ensured that all communications during the investor relations activity adhered to disclosure regulations, with no significant undisclosed information leaked [2]