Group 1: Company Performance and Financials - In 2024, the company achieved a revenue of 775 million CNY, an increase of 12.04% year-on-year, driven by strong growth in traditional Chinese medicine products, with five key products growing by 21.71% [7] - The sales revenue of Ganju Bingmei tablets increased by 29.97%, while the sales revenue of Liwei Anshen capsules grew by 23.38% [7] - In Q1 2025, the company reported a revenue of 239 million CNY, a year-on-year increase of 4.62%, with a slowdown attributed to reduced market demand compared to the previous year's flu outbreak [7] - The five key traditional Chinese medicine products saw a slight revenue increase of 0.93% in Q1 2025, with Liwei Anshen capsules growing by 32.10% and Tongxie Ning granules increasing by 80.24% [7] - The overall growth of state drug collection varieties during the reporting period was 28.71%, indicating strong market access and execution capabilities [7] Group 2: Product Development and Clinical Trials - ORIC-1940 is a novel RIPK1 inhibitor, currently in clinical trials for HLH, with expectations for data from Phase Ib trials to emerge next year [3][4] - The molecule has shown good safety in preclinical studies and aims to address the limitations of existing therapies in HLH treatment [3] - The company plans to explore additional indications for ORIC-1940, including adult secondary HLH and potentially primary HLH and pediatric HLH [5] - The company is actively pursuing overseas business development opportunities for ORIC-1940, although the success of these efforts remains uncertain [5] Group 3: Market Strategy and Future Outlook - The company maintains a commitment to investing in innovative drug development, with future expenses and plans contingent on actual project conditions [5] - The Southeast Asian market is viewed as a new international market for the company, with uncertain volume growth expectations [6] - The company is focused on optimizing its product structure and has successfully established a "333" pipeline layout, with new products expected to contribute to future revenue growth [7]

Group 1: Financial Performance - The company achieved its highest profit in nearly a decade in 2024, driven by increased sales margins on refined oil products compared to the previous year [3] - The total operating costs decreased by 11.2% year-on-year in 2024, contributing to improved profitability [3] - The net profit for 2024 reached 99.32 million [8] Group 2: Market Strategy and Customer Management - The market share for gasoline and diesel increased by 0.46 and 0.93 percentage points respectively, due to enhanced customer management and strategic partnerships [3] - The company adopted a flexible procurement strategy to respond to market fluctuations, optimizing sales efficiency [3] Group 3: New Energy Transition - The company is actively promoting clean energy initiatives, including hydrogen and photovoltaic projects, in collaboration with local governments [4] - The company plans to accelerate the construction of charging stations and photovoltaic projects to support its energy transition [4] - The penetration rate of new energy vehicles in Shandong Province reached approximately 47.7% as of Q1 2025, impacting traditional fuel sales [7] Group 4: Corporate Governance and Value Management - The company increased its annual profit distribution ratio to 50% in 2024 as part of its value management strategy [6] - The return on equity (ROE) for 2024 was 9.9894%, reflecting improved profitability and shareholder returns [7] - The company is committed to enhancing its governance mechanisms and integrating ESG principles into its operations [9] Group 5: Future Development Plans - The company aims to establish a comprehensive energy service model, focusing on "oil as the foundation, gas as the key, electricity as the trend, and services as the future" [5] - The strategic plan includes diversifying into new energy sectors and enhancing service capabilities to create new profit growth points [9] - The company is set to implement its "1234" development strategy to achieve high-quality growth and establish itself as a leading modern comprehensive energy service provider [9]

Group 1: Company Overview - The company is a leading domestic automotive brake system manufacturer, aiming to become a first-class international auto parts enterprise [3] - The company has three main production bases located in Xiaoshan, Anhui Guangde, and Huzhou Anji, with additional bases in Liuzhou, Guangzhou, and Changchun [4] Group 2: Product Development and Market Position - The company has seen a year-on-year increase in sales of products for new energy vehicles, which correlates positively with the production and sales of new energy vehicles by downstream manufacturers [1] - The company has received project notifications for two new energy vehicle projects, with a total expected sales amount of 1.2 billion yuan [2] - The company’s line control braking products are set to be launched following project confirmations [1] Group 3: Competitive Advantages - Compared to international parts manufacturers, the company offers high cost-performance, good service, and quick response times, with a gradually narrowing technology gap [3] - Domestic automakers are increasingly developing new suppliers and enhancing local procurement, providing good development opportunities for domestic parts manufacturers [3] Group 4: Technological Innovations - The company has focused on corner module technology, providing comprehensive solutions that integrate various vehicle systems, enhancing vehicle functionality and supporting the development of intelligent driving [5] Group 5: Production Capacity and Market Strategy - The company maintains a high capacity utilization rate, adjusting production lines and expanding capacity based on market demand and project confirmations [7] - The company is preparing to optimize product structure and improve internal management to address annual price reduction pressures from automakers [7]

Group 1: Company Projects and Developments - The company is currently processing various approval procedures for its supporting raw material project [1] - Future demand for 6-nitro compounds is expected to rise due to stable growth in domestic nylon 66 production and increasing demand for acidic dyes [1] - The production capacity of 2,3-dichloropyridine has been increased from 8,000 tons/year to 18,000 tons/year, with the expansion project progressing steadily [2] Group 2: Technological Advantages - The hydrogenation technology used by the company features a water-phase hydrogenation process, which shows significant cost advantages over traditional solvent-phase reactions in terms of equipment investment, energy consumption, human resources, raw material costs, and environmental treatment [1] - The pipeline reaction technology adopted for nitration processes significantly enhances safety, reduces production risks, and improves production efficiency and product quality [2] Group 3: Risk Awareness - The forward-looking statements regarding company goals, plans, and outlooks made during the communication do not constitute substantial commitments to investors, who should maintain adequate risk awareness [2]

Group 1: Company Overview and Product Offerings - The main products include compressors and heat exchange devices, focusing on cooling, heating, and pressurization functions [2] - Key products include screw compressors, centrifugal compressors, absorption compressors, piston compressors, and various industrial heat pumps [2] - The company has a mature supply of magnetic suspension compressors, which have been applied in venues for the Beijing Winter Olympics [2] Group 2: Industry Applications - Products are utilized in various sectors such as food freezing and refrigeration, cold chain logistics, chemical production, and commercial air conditioning [2] - The company provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [2] - Successful projects include major data centers for national supercomputing and telecommunications companies, both domestically and internationally [2] Group 3: Nuclear Power Sector - The company focuses on nuclear island cooling and heat recovery technologies, supporting the safe operation of nuclear power plants [3][4] - Innovations include a no-power air cooler for safety shells and a helium compressor for superconducting magnets in nuclear fusion applications [4][5] Group 4: Energy Management and Environmental Technologies - The company is committed to energy management through a full range of industrial heat pumps, with a focus on sustainable technologies [5][6] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, holding 96 patents and 33 software copyrights [5][6] - Technologies developed include absorption heat exchangers and low-temperature waste heat recovery systems, which have received national awards and recognitions [6]

证券代码：300546证券简称：雄帝科技 深圳市雄帝科技股份有限公司 2025 年 6 月 12 日投资者关系活动记录表 答:公司的核心能力及竞争力主要在三方面： （1）技术创新与整体解决方案能力 公司持续创新，研发人员占 比30%多，设有创新研究院、博士后实践基地。自主创新的 MLP 多重 个性化防伪工艺，代表着国际安全证照行业的先进技术，在国内及海 外多个国家的安全证照项目应用。安全证照设备的智能化、数智化技 术以及AI 高安全质检已成为证照制作设备核心技术之一。公司具有 生物识别、智能制造、系统集成、运营服务等能力，可为用户提供从 信息采集、证件制作、安全核验、证件管理及场景应用全流程解决方 案。 | | ☐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 | | | ☐其他（线上电话会议） | | 形式 | 现场☐网上☐电话会议 | | 参与单位名称及人员姓名 | 宁柯瑜华源证券 | | | 石恺 华商基金 | | 时间 | 2025年6月12日9:30-10:30 | | 地点 | 雄 ...

Group 1: Business Performance and Revenue - In 2024, the company achieved sales revenue of CNY 58,804.95 million for contrast agents, a year-on-year increase of 9.87% [1] - Sales revenue for hypoglycemic products reached CNY 12,598.34 million, growing by 33.24% year-on-year [1] - The company reported a decline in raw material sales revenue to CNY 9,003.14 million, down by 20.83% [1] - Sales revenue for traditional Chinese medicine preparations was CNY 16,844.68 million, reflecting a year-on-year growth of 19.65% [1] - The company’s overseas revenue for 2024 was CNY 13,216.14 million, marking a 15.02% increase [4] Group 2: Strategic Developments - The company continues to implement a "chemical + traditional Chinese medicine" dual-driven strategy, focusing on contrast agents, hypoglycemic drugs, and central nervous system traditional Chinese medicine [1] - The construction of the Cangzhou Phase III raw material production project has been completed, enhancing the production capacity for gadolinium and iodine contrast agents [2] - The Bozhou production base is progressing, with the first phase expected to start trial production and process validation within the year [3] Group 3: Market Expansion and Product Development - The company is expanding its market presence internationally, with successful exports of contrast agents and raw materials to South America, Africa, and Asia [4] - The company’s subsidiary, Haichang Pharmaceutical, is one of the few domestic producers with iodine contrast agent production qualifications, with an annual capacity of 1,000 tons [2] - The "MERCURY non-invasive blood test" technology developed by the affiliated company, Shihe Gene, allows for the screening of nine types of cancer from a single blood sample [7]

Group 1: Industry Trends and Market Potential - The low-speed unmanned vehicle industry is at a critical turning point, with significant market opportunities driven by decreasing costs and increasing demand [2][3]. - The core hardware costs for unmanned vehicles have dropped significantly, with laser radar prices decreasing by over 65% in the past three years, and overall vehicle costs reduced from 300,000-400,000 yuan to around 100,000 yuan [2][3]. - There are approximately 3 million city management grid workers, over 2 million sanitation workers, and over 7 million delivery personnel in China, creating a stable application scenario for unmanned vehicles [3]. Group 2: Application Scenarios and Commercialization - Unmanned vehicles are being commercialized in logistics, sanitation, inspection, and information collection, with significant cost reductions observed; for instance, logistics vehicles in Hangzhou have achieved over 60% cost savings [3][4]. - The demand for unmanned vehicles in sanitation is increasing due to policy support, with clear requirements for unmanned cleaning vehicles in bidding processes [4]. - New application scenarios such as mobile charging and automated handling are expanding, enhancing the industry's adaptability [4]. Group 3: Digital Zhengtong's Strategic Positioning - Digital Zhengtong views unmanned vehicles as key to integrating AI technology and embodied intelligence in smart city governance, facilitating the transition from project-based to operational models [5][6]. - The company has launched and continuously upgraded the "Qiji" smart grid vehicle since 2022, which features L4 autonomous driving capabilities and integrates with existing city management platforms for efficient data collection and processing [5][6]. - The potential demand for intelligent grid vehicles is estimated at 300,000 to 500,000 units, based on a 50% replacement rate of grid workers [5][6]. Group 4: Business Model and Partnerships - Digital Zhengtong employs two main business models: direct sales of unmanned vehicles and operational services with annual service fees for local government clients [6][7]. - The company has invested in leading unmanned vehicle manufacturers to enhance production capabilities and ensure efficient delivery of unmanned vehicle solutions [6][7]. - The focus is on a "data-driven + light asset operation" strategy, with ongoing development of the "Qiji" product and collaboration with industry partners to create a flexible supply system [7].

Group 1: Company Overview and Business Highlights - Zhejiang Hongxin Technology Co., Ltd. is focused on innovation-driven, high-quality development in the forging technology sector [2] - The company has signed a fixed-point development agreement with a domestic aerospace technology company, with plans to announce procurement orders for 12 shell components required for an aircraft [2] - The components include 6 stators, 4 rigid blades, and 2 folding blades, which are critical for the safety and stability of the aircraft [2] Group 2: Production Capacity and Expansion - The Thailand factory is gradually stabilizing, with a production target of 10,000 units for Phase 1 [3] - The company has acquired additional land to meet main engine customer requirements, with plans for 40-50 acres still in the planning stage [3] Group 3: Forging Products and Market Position - Hongxin Technology is expanding its forging product line beyond existing commercial and passenger vehicle wheels to include various derivative products [3] - The company aims to increase R&D investment to meet diverse market and customer needs, solidifying its leading position in the forged aluminum wheel sector [3] Group 4: Core Value of Forging Technology - The demand for lightweight components in automotive manufacturing has significantly increased, with aluminum alloy materials capable of reducing weight by 40%-60% compared to steel and cast iron [3] - The company has developed proprietary technologies for surface stress relief and mirror polishing, optimizing component design to achieve weight reduction while enhancing wheel strength [3] - Through continuous optimization, the company has reduced product weight by nearly 20%, leading to significant energy savings during the production, manufacturing, and transportation of aluminum materials [3]

Group 1: Impact of Policy and Market Strategy - The implementation of Document No. 136 is crucial for the future development of the renewable energy industry, with specific guidelines yet to be published in most provinces [2][3] - The company will closely monitor the rollout of electricity trading policies across provinces to adapt its investment and operational strategies accordingly [2][3] Group 2: Technology and Product Utilization - The company primarily uses N-type TOPCon technology for its current power stations, with plans to consider IBC and HJT technologies as costs decrease [3] - The focus is on optimizing power marketing strategies to enhance project investment efficiency and drive high-quality development [3] Group 3: Business Expansion and New Initiatives - The company aims to improve trading capabilities through personnel training, system construction, and data management, while also advancing its electricity sales business [3] - Plans include expanding commercial energy storage and exploring the feasibility of virtual power plant operations to create new economic growth points [3] Group 4: Future Capacity Planning - By the end of 2025, the company targets a total operational, under-construction, and planned capacity exceeding 13.6 GW, including signed pre-purchase agreements [3]