Group 1: Digital Currency and Stablecoin Insights - Stablecoins utilize blockchain technology and are regulated under new frameworks, similar to digital RMB, enhancing cross-border payments and transaction efficiency [1] - The company collaborates with 8 second-tier operators and industry leaders like Huawei to explore digital currency applications, including smart contracts and cross-border settlement [2] - The "Chutianlong Digital RMB Smart Contract Platform" offers integrated solutions for various sectors, ensuring transparent and secure fund flows [2] Group 2: Cross-Border Payment Models - The company focuses on customer-centric solutions, partnering with banks and other sectors to provide comprehensive hardware and software solutions for cross-border applications [4] - Current challenges in cross-chain transactions are primarily due to regulatory policies across different countries, affecting foreign exchange and anti-money laundering measures [5] Group 3: Social Security Card Issuance - The number of third-generation social security cardholders increased from 267 million in 2022 to 487 million by October 2024, achieving a penetration rate of 35% [6] Group 4: Company Performance and Future Outlook - The company experienced a revenue decline in 2024 due to market demand fluctuations and intensified competition, yet remains a leader in the industry [7] - Plans for 2025 include maintaining market leadership in embedded security products and expanding into international markets, while enhancing AI integration in smart hardware and services [8]

Group 1: Production and Cost Advantages - The labor cost for frontline employees at the Vietnam production base has a significant advantage compared to domestic costs [2] - After the production base in Vietnam is operational, domestic production capacity will primarily cater to European and other market clients [2][3] Group 2: Tariff and Export Information - Currently, the temporary tax rate for some products exported from Vietnam to the U.S. is set at 10%, with a 90-day observation period ending on July 8, 2025 [2] - The inventory status of U.S. client Harbor Freight Tools is critical, with normal orders being placed to ensure stable supply, indicating a dual-channel ordering strategy [3] Group 3: Market Development and Product Diversification - The company established a wholly-owned subsidiary, Zhejiang Chuanqi Trading Co., Ltd., in 2024 to focus on domestic market development and has built a sales team with experienced personnel [3] - The product development teams for lithium battery garden products and premium products are expanding their offerings, with the premium team developing a wider range of categories and applications [3]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: Product Development and Innovation - The company has localized the deployment of the Deepseek large language model and Tongyi Qianwen video analysis model, enhancing user experience through intelligent customer service and automated processing of AI warning events [2] - The company offers over 20 types of IoT products, including electronic student ID cards, smart wearable watches, portable error printing machines, and smart security cameras, with a 21.70% revenue growth in other smart hardware compared to 2023 [3] - The smart sleep terminal, which monitors key physiological indicators and adjusts temperature based on user needs, is developed using the ODM model, with a focus on product innovation and diversification for steady revenue growth [4] Group 3: Financial Management and Sales Strategy - The company maintains a robust financial status by prioritizing risk prevention, employing a differentiated sales strategy that includes upfront payment for small to medium-sized clients and credit terms for large clients [4] - The overseas market expansion is a key strategy for improving operational performance, with smart vehicle terminal products sold in Africa and certifications obtained in Europe, the US, and Saudi Arabia [4]

Group 1: 2025 Business Strategy - The company aims for dual growth in scale and profit, ensuring a positive trend in profitable scale growth through innovation-driven development and resource integration [1] - Focus on digital and intelligent transformation to enhance market foundation and accelerate high-quality development [1] Group 2: Overseas Business Strategies - For the overseas refrigerator business, the company will enhance product innovation focusing on large capacity, multi-temperature zones, high energy efficiency, and low noise [1] - The marketing strategy will center on user needs, improving collaboration efficiency with major clients, and accelerating brand expansion based on ODM business [1] Group 3: Air Conditioning Market Strategies - In the overseas air conditioning market, the company will prioritize profitable scale growth and cash flow, expanding regional brand agents and focusing on core customer acquisition [2] - The domestic air conditioning strategy will leverage AI technology for user experience, promote "dust-free" and "kitchen cabinet" products, and implement regional differentiation management [3] Group 4: Innovation Capabilities - The company will enhance competitiveness through technological, product, manufacturing, and management innovations, focusing on value-added technology research and smart manufacturing [5] Group 5: Production Capacity Expansion - The investment in a new production line in Zhongshan aims for an annual output of 4 million air conditioners, addressing capacity needs for overseas sales and enhancing market competitiveness [7]

Group 1: Financial Performance - In 2024, the company's revenue decreased by 41.93% due to domestic macroeconomic fluctuations and reduced construction projects [5] - In Q1 2025, the company's revenue increased by 19.56% compared to the same period last year, indicating a recovery trend [5] - The parking operation business achieved revenue of 66.13 million, a year-on-year growth of 29.85%, accounting for 23.67% of total revenue [8] Group 2: Research and Development Capabilities - The company has accumulated 185 software copyrights and 104 patents, including 31 invention patents, by the end of 2024 [6] - The company actively participates in the development of national and industry standards, having contributed to over ten standards [6] - The company has obtained multiple authoritative certifications, including CMMI-ML5 and ISO full system certification [6] Group 3: Strategic Initiatives - The "95128" service platform was established in collaboration with the China Transportation Communication Information Center to enhance urban transportation services [7] - The company focuses on product innovation and market share expansion in existing markets, particularly in complex scenarios like transportation hubs [9] - The company aims to integrate AI technology into its services to improve user experience and operational efficiency in parking management [8][9]

Group 1: Company Performance and Market Position - The company currently has a full order book, with a high capacity utilization rate since Q2 2025 [2] - The company has expanded its product lines and has become a multi-category electronic component manufacturer, leading in global sales of inductive products [3] - The company has established long-term stable relationships with domestic suppliers, which helps mitigate short-term fluctuations in raw material prices [3] Group 2: Product Development and Innovation - The company emphasizes research and development, maintaining a high percentage of R&D investment since its inception [4] - The company has a diverse product matrix, including magnetic devices, sensors, microwave devices, and precision ceramics, which supports stable gross margins [4] - The company is actively involved in the early-stage R&D design of products for major clients, contributing to improved gross margin levels [5] Group 3: Impact of AI and Electric Vehicles - The integration of AI features in mobile devices is expected to increase demand for electronic components, particularly power inductors [3] - The company’s products are widely used in automotive electronics, covering various applications from electrification to intelligent driving [4] - The shift towards smart electric vehicles is anticipated to drive demand for the company's magnetic components [4] Group 4: Gross Margin Maintenance - The company has maintained an average gross margin at a competitive level within the industry through continuous R&D and management innovation [5] - Increased orders and capacity utilization have significantly contributed to the stability and quality of the company's gross margin [5] - The company’s focus on high-value-added products allows for greater pricing flexibility, ensuring robust gross margin potential [5]

证券代码：300446 证券简称：航天智造公告编号：2025-040 航天智造科技股份有限公司 投资者关系活动记录表 | | ☐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（请文字说明其他活动内容） | | 形式 | 现场网上☐电话会议 | | 参与人员 | 参与中国航天科技集团有限公司控股上市公司2024年度 | | | 集体业绩说明会的投资者 | | 时间 | 2025年6月5日 | | 地点 | 深圳证券交易所北方中心现场交流，深交所互动易平台 | | | （https://irm.cninfo.com.cn/）视频直播、网络文字互动 | | 上市公司接待人员姓名 | 总经理彭建清先生 | | | 独立董事刘洪川先生 | | | 副总经理兼董事会秘书徐万彬先生 | | | 1.公司23年增发新股时说用于1、整合优质资源,持续 | | 投资者关系活动主要 内容介绍 | 培育打造航天科技集团旗下"航天智造"产业发展平台 2、 | | | 助力上市公司业务转 ...

Group 1: Strategic Cooperation - The company has established an overseas strategic partnership with Midea, focusing on resource sharing and value co-creation [1] - Three core mechanisms will drive the cooperation: (1) a three-year minimum purchase guarantee to support rapid scale development of overseas factories [2], (2) co-building value chain competitiveness through factory support and new technology introduction [2], (3) risk-sharing mechanisms to ensure stability and sustainability of the partnership [2] Group 2: Industry Trends and Company Response - The packaging industry is evolving towards green, intelligent, and intensive development, prompting the company to focus on eco-friendly materials and low-carbon products [3] - The company is accelerating its smart manufacturing processes by replicating successful models across factories while expanding its overseas market presence [3] - Emphasis on innovation-driven development, digital transformation, and talent cultivation to enhance core competitiveness and achieve high-quality growth [3] Group 3: Customer Development and Market Strategy - The company has built deep strategic partnerships with quality clients through brand effect and focuses on exploring new markets and potential customers [4] - Continuous enhancement of core technology and innovative processes to improve market competitiveness and service diversity [4] Group 4: Market Value Management - The company employs high cash dividends, share buybacks, and improved information disclosure to manage market value effectively [5] - Ongoing efforts to enhance core competitiveness and operational management to boost investor returns [5] Group 5: Profit Growth Drivers - Key drivers for future profit growth include technological innovation, brand strength, and scale advantages developed over years in the packaging industry [5] - Focus on digital transformation, product structure optimization, and cost reduction to enhance profitability [5]

Group 1: Industry Demand and Advantages - The demand for chemical fiber masterbatches is expected to continue expanding due to environmental policies and the efficiency of the original liquid coloring method, which reduces labor and energy consumption while minimizing waste emissions [1] - The company has a cost advantage due to large-scale raw material procurement, ensuring stable quality and timely response to customer needs [1] - The company has established long-term relationships with leading downstream enterprises, contributing to stable production and supply relationships [1] Group 2: Product Development and Innovation - The company is increasing R&D investment to enhance innovation capabilities, providing customized products for downstream clients [2] - A joint venture with Nankai University focuses on covalent organic frameworks (COFs), which have significant potential in various fields such as renewable energy and biomedicine [2] - The company has successfully synthesized a series of new COFs materials, although these products are still in the customer verification and promotion stage and have not yet achieved bulk sales [2] Group 3: Future Production Capacity - The company is preparing to establish a new production line with an annual capacity of 200 tons for COFs materials, currently undergoing approval and preparation processes [2]

Group 1: Pricing Strategy - The company maintains a relatively firm pricing strategy across its brands, with slight adjustments based on market sales and promotional activities [2][3] - Each brand under the company has a slightly different pricing strategy, focusing on establishing brand positioning [2] Group 2: E-commerce Performance - The 618 shopping festival is expected to have a stable performance compared to previous years, with a shift in focus towards daily sales quality due to plateauing online traffic [3] - Different e-commerce platforms will be targeted based on their unique strengths, such as brand image display or single product promotion [3] Group 3: Marketing and Sales Expenses - Sales expenses are projected to increase this year due to the addition of men's and women's clothing lines, necessitating more marketing efforts [3] - The company plans to engage in various marketing activities, including outdoor advertising and promotions, especially for the 30th anniversary of the Water Child brand in 2025 [3] Group 4: Product Development and Feedback - Feedback from franchisees regarding the 2025 autumn/winter collection of Hush Puppies is positive, highlighting a focus on classic casual styles and functional materials [3] - The design and sales teams for Hush Puppies are structured with a mix of core company personnel and new recruits, ensuring a blend of experience and fresh ideas [3]