Group 1: Overall Performance - In the first three quarters of 2025, the company achieved a total revenue of 106.80 billion yuan, a year-on-year increase of 27.50% [4] - The net profit attributable to shareholders was 6.80 billion yuan, reflecting a year-on-year growth of 65.26% [4] - The net cash flow from operating activities reached 2.77 billion yuan, up 212.76% year-on-year [4] - The overall gross margin was 34.08%, slightly down from 35.26% in the same period last year [4] Group 2: Quarterly Performance - In Q3 2025, the company reported a revenue of 40.31 billion yuan, a year-on-year increase of 20.93% [4] - The net profit for Q3 was 2.28 billion yuan, a decrease of 11.49% compared to the previous year [4] - The gross margin for Q3 was 35.56% [4] Group 3: Revenue Breakdown by Segment - Network equipment revenue for the first three quarters was 92.68 billion yuan, a year-on-year increase of 37.90% [4] - Network security products generated 3.41 billion yuan, up 11.77% year-on-year [4] - Cloud desktop revenue was 3.70 billion yuan, showing a slight decrease [4] Group 4: Revenue Breakdown by Region - Domestic revenue reached 88.44 billion yuan, a year-on-year increase of 23.96% [4] - Overseas revenue was 47.81 billion yuan, reflecting a year-on-year growth of 18.36% [4] Group 5: Market Position - The company ranked first in China's optical Ethernet market and third in both Ethernet switch and data center switch market shares [6] - In the first half of 2025, the company held the top position in the market share for 200G/400G data center switches [6] Group 6: Future Outlook - The demand for data center switches is expected to remain strong, with optimistic projections for Q4 and 2026 [7] - The company anticipates an increase in the proportion of 800G products in the data center switch market next year [9] - The overseas business is expected to continue its steady growth, focusing on Southeast Asia, Middle East, and Europe [10]

Group 1: Diamond Applications - Diamond has excellent thermal conductivity, and its application in heat dissipation is gaining attention due to the increasing demand from high-power devices and high-performance chips. The commercialization prospects are bright, with expected rapid development in the coming years [2]. - The company's diamond functional applications mainly include diamond heat sinks and optical window pieces, with projected sales revenue exceeding 10 million yuan this year, all from non-civilian sectors [2]. Group 2: Manufacturing Techniques - The company has focused on microwave plasma chemical vapor deposition (MPCVD) since 2015 and currently has no plans to invest in the hot wire method for diamond production. However, it will monitor advancements in this area for potential future investment [2]. - MPCVD offers high quality and strong compatibility, allowing for a wide range of compatible products, such as optical window pieces [2]. Group 3: Superhard Materials Business - The revenue from the superhard materials business is approximately 580 million yuan in 2024, with applications in both semiconductor and non-semiconductor fields (automotive, refrigeration, LED, tooling, etc.). The semiconductor sector has seen significant growth in recent years [3]. - There is substantial domestic substitution potential in the semiconductor field, driven by the expansion of domestic chip production capacity and improvements in product performance [3]. Group 4: Robotics and Aerospace - The company has included robotic bearings in its "14th Five-Year" business plan, focusing on high-value-added products such as crossed roller bearings, thin-walled bearings, and angular contact bearings. Currently, there are no direct business relationships with humanoid robot companies [3]. - The company holds over 90% market share in domestic aerospace bearings, with products used in rocket fuel turbine pump bearings, satellite momentum wheel bearing assemblies, and satellite solar panel bearings. The development of commercial aerospace presents new growth opportunities [3]. Group 5: Export Control Policy - The company believes that the recent export control policy will have minimal impact on its operations [3].

债券代码：123254 债券简称：亿纬转债 证券代码：300014 证券简称：亿纬锂能 惠州亿纬锂能股份有限公司 投资者关系活动记录表 二、公司管理层回答投资者提问 问题一：请问公司对第四季度储能业务板块的出货量及毛利率的展望？ 回复：展望第四季度，储能依然保持满产满销，出货量预计环比会有持 续增长。毛利率方面，努力继续优化商务，陆续会在第四季度得到体现， 预计毛利率环比会继续提升。 问题二：请问公司后续在建工程的转固节奏？ 回复：目前公司的在建工程主要集中在荆门的 60 工厂、沈阳工厂及海 外工厂。荆门的 60 工厂预计会在 2026 年陆续转固。沈阳、匈牙利、马 来西亚工厂预计会在 2026 年底至 2027 年陆续实现转固。 编号： 2025-004 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 电话会议 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名、联系 方式 与会投资者约 552 人 时间 2025 年 10 月 23 日（周四）20:30-21:30 地点 惠州亿纬锂能股份有限公司惠州仲恺总部 A1 栋 6612 ...

Group 1: Diamond Applications - Diamond has excellent thermal conductivity, and its application in heat dissipation is gaining attention due to the increasing demand from high-power devices and high-performance chips. The commercialization prospects are bright, with expected rapid development in the coming years [2]. - The company's diamond functional applications mainly include diamond heat sinks and optical window pieces, with projected sales revenue exceeding 10 million yuan this year, all from non-civilian sectors [2]. Group 2: Manufacturing Techniques - The company has focused on microwave plasma chemical vapor deposition (MPCVD) since 2015 and currently has no plans to invest in the hot wire method for diamond production. However, it will monitor advancements in this area for potential future investment [2]. - MPCVD offers high quality and strong compatibility, allowing for a wide range of compatible products, such as optical window pieces [2]. Group 3: Superhard Materials Business - The revenue from the superhard materials business in 2024 is expected to be around 580 million yuan, with applications in both semiconductor and non-semiconductor fields (automotive, refrigeration, LED, tooling, etc.) [3]. - There is significant potential for domestic substitution in the semiconductor sector, driven by the expansion of domestic chip production capacity and improvements in product performance [3]. Group 4: Robotics and Aerospace - The company has included robotic bearings in its "14th Five-Year" business plan, focusing on high-value-added products like crossed roller bearings and thin-walled bearings, although no direct business relationships with humanoid robot companies have been established yet [3]. - The company holds over 90% market share in domestic aerospace bearings, with products used in rocket fuel turbine pump bearings and satellite components. The development of commercial aerospace is expected to create new business growth opportunities [3]. Group 5: Export Control Policy - The company believes that the recent export control policy will have minimal impact on its operations [3].

Group 1: Company Performance - The company's gross profit margin has improved due to increased domestic automobile sales and the launch of new international projects, leading to a steady growth in performance [1] - The company is actively optimizing its product structure and enhancing internal cost reduction and efficiency measures, which effectively boosts manufacturing capabilities and gross profit margins [1] Group 2: Product Development - The company has technical reserves for its EMB products, which are not yet mass-produced; market launch dates depend on customer project plans [1] - The company has been focusing on corner module technology, providing comprehensive solutions that integrate hub motors, EMB, steering systems, active suspension, and chassis domain controllers, enabling independent control of vehicle systems [2] Group 3: Market Trends - The proportion of sales related to new energy vehicles is increasing year by year, correlating positively with the production and sales of downstream new energy vehicles [2] - The company aims to secure more clients and projects by offering essential braking systems, automotive electronics, and wheel motor products for new energy vehicles [2] Group 4: Operational Challenges - The company faces annual price reduction demands from vehicle manufacturers and is working to optimize product structure and improve internal management to address pricing pressures [2] - The Moroccan production base project is progressing in an orderly manner [2]

Group 1: Overseas Warehouse Operations - The gross margin of the overseas warehouse business remained stable in Q3, with an average utilization rate exceeding 70% [2] - The company has established 19 self-operated overseas warehouses covering a total area of 650,000 square meters as of September 2025, with revenue from this segment continuing to grow significantly [4] - The company served 1,932 outbound enterprises in the first three quarters, with shipment volume increasing by over 100% year-on-year [4] Group 2: Impact of Tariffs and Market Trends - The ongoing uncertainty in the China-U.S. trade environment has led to varying impacts on different consumer categories, particularly affecting optional consumer goods and offline supermarket products [3] - Despite challenges, the cross-border e-commerce sector remains robust, with core categories like smart standing desks showing steady growth [3] - The company anticipates a recovery in demand for its OEM business as the industry stabilizes post-tariff adjustments [4] Group 3: E-commerce Performance - Independent site sales accounted for over 40% of total cross-border e-commerce revenue, growing approximately 12% year-on-year [5] - The independent site channel demonstrates strong customer loyalty, with higher repurchase rates and average transaction values compared to platform-based channels [5] - The company aims to enhance brand differentiation and product innovation to maintain market share while focusing on profit quality in a competitive landscape [5]

Group 1: Company Performance Overview - The company achieved a revenue of approximately 5.33 billion CNY in Q3, totaling 13.827 billion CNY for the first three quarters, with confidence in meeting annual targets [2] - The overall gross margin remains stable, with minimal fluctuations expected throughout the year due to relatively stable material prices and fewer unexpected situations [2] Group 2: Market and Product Insights - The company has established good relationships with battery cell manufacturers, viewing the storage business as having significant long-term market potential [3] - The market for storage products is rapidly changing, with transparent costs for battery cells; the company is focused on enhancing product competitiveness through ongoing R&D investments [3] - The demand for grid business is expected to be positive due to the urgent need for new power system construction driven by rapid renewable energy development [4] Group 3: Sales and Expenses - The increase in sales expenses is attributed to upfront investments aimed at market expansion [5] - Overall overseas demand remains strong, with specific growth noted in various regions [6] Group 4: Product Applications and Innovations - High voltage substation equipment is identified as the main product in the U.S. market [7] - Supercapacitors are recognized for their broad application opportunities in automotive electronics, new power systems, and intelligent computing, effectively expanding the company's operational and business boundaries [8]

Financial Performance - The company achieved a total revenue of 880 million CNY in the first nine months of 2025, representing a year-on-year growth of 0.97% [2] - The net profit attributable to shareholders decreased by 12.85% year-on-year to 81.98 million CNY, with a non-recurring net profit of 72.31 million CNY, down 2.52% [4] Sales Distribution - Overseas sales accounted for 88.60% of total revenue, amounting to 780 million CNY, while domestic sales were 96.21 million CNY, representing 11.4% [3] - North America contributed approximately 35% to total revenue, with the U.S. accounting for less than 30%. Europe accounted for around 34%, and emerging markets (including Southeast Asia, South America, and Africa) made up about 18% [3] Product Performance - Sales from gloves generated 850 million CNY, making up 96.6% of total revenue, while sales from ultra-high molecular weight polyethylene fibers reached 30 million CNY, accounting for 3.4% [3] - The ultra-high molecular weight polyethylene fiber segment saw a significant growth of 94% compared to the previous year, highlighting a strong market demand and technological advancements [4] Strategic Initiatives - The establishment of the "Embodied Intelligent Robot Core Components and Protective Parts Development Center" aims to capitalize on the rapidly growing robotics market while leveraging existing strengths in traditional security product manufacturing [5] - The company is focusing on vertical integration of the ultra-high molecular weight polyethylene fiber supply chain to enhance cost advantages and stabilize revenue streams [2] Operational Developments - The Vietnam production base is operational, effectively mitigating tariff impacts, with the first batch of orders already delivered [4] - The company plans to achieve full production capacity of the Vietnam facility within 1-2 years, supporting ongoing business growth [6] Future Outlook - The company anticipates a positive trend in orders for the fourth quarter, driven by a recovery in the U.S. market and stable performance in non-U.S. markets [10] - The ongoing expansion of production capacity in both domestic and overseas facilities is expected to enhance competitiveness and support future revenue growth [10]

Group 1: Company Performance Overview - In Q3 2025, the company achieved a GMV growth of approximately 14.86% year-on-year [2] - The net profit attributable to shareholders reached 30.50 million CNY, a year-on-year increase of 26.97% [3] - The net profit excluding non-recurring gains and losses grew by 43.66% year-on-year [3] Group 2: AI System Development - The company is advancing its AI systems, with four core systems in various stages of commercialization [3] - The "Cloud Insight System" and "Master-Student Image System" have achieved commercial application, enhancing click-through and conversion rates [5] - The "Data Investment System" and "Intelligent Customer Service System" are currently being refined for optimization [5] Group 3: Business Model and Strategy - The company is focusing on a light-asset operation model, reducing distribution business while enhancing brand management and content e-commerce services [4] - Revenue from online brand management services increased by 28.8%, while content e-commerce service revenue grew by 6.2% [4] - The gross margins for online brand management and content e-commerce services rose by 9.04% and 10.65%, respectively [4] Group 4: Future Growth and AI Integration - The company plans to leverage AI for cost reduction and efficiency improvement, activating existing business profitability [5] - Future growth will focus on expanding vertical brands and increasing customer numbers through AI capabilities [5] - The company aims to achieve its AIGS vision by developing a SaaS service model in the long term [5] Group 5: Investor Engagement and Feedback - Investors inquired about the progress of core AI products, with responses indicating varying stages of commercialization [5] - The company emphasized that revenue growth will primarily come from acquiring new clients rather than increasing budgets from existing clients [10] - AI technology is expected to enhance operational efficiency and profit margins, contributing to a stable gross margin in the light-asset model [9]

Group 1: Company Overview - Zhejiang Tiantian Technology Co., Ltd. is engaged in the production of copper-lithium composite strips, with a focus on lithium battery materials [2]. - The company has achieved trial production of its first phase of 300 tons of 20μm copper-lithium composite strips, ready for mass supply based on customer demand [3]. Group 2: Production Process and Technology - The production process involves material selection, extrusion, and rolling with integrated technology, ensuring high quality and controllable costs [3]. - The company has overcome technical challenges in the production of copper-lithium composite strips, achieving a thickness of 5μm in laboratory conditions, with plans for commercialization within a year [3]. Group 3: Market Applications and Partnerships - Copper-lithium composite strips are primarily used as anode materials in solid-state batteries, with existing partnerships with companies like Xinjie Energy for supply agreements [5]. - A strategic cooperation agreement was signed with Xinjie Energy in May 2025, committing to a minimum annual procurement of 100 tons of lithium metal materials for their production line [5]. Group 4: Financial Agreements and Investments - A procurement framework agreement was established with Xinjie Energy, with an order amounting to 400 million RMB for copper-lithium composite strips [5]. - The company has also invested in a partnership aimed at supporting Xinjie Energy's factory construction, which will produce 2GWh of lithium metal solid-state batteries [5].