Group 1: Business Performance - The company's rugged intelligent industry terminal business achieved revenue of 173.46 million yuan in the first half of 2025, representing a year-on-year growth of 24.71% [2] - Growth is attributed to four main factors: ongoing global industrial digitalization, enhanced product competitiveness of the "ONERugged" series, increased brand influence and effective sales channel expansion, and successful acquisition of new clients in key sectors such as smart retail and fleet management [2] Group 2: Research and Development - The company has increased its R&D investment, resulting in a rise in the number of R&D projects and new patent applications [3] - Breakthrough R&D outcomes include AI industry terminals, AI enterprise workstations, AI glasses, AI edge computing models, AI digital humans, and AI servers, enhancing the company's ability to meet diverse customer needs [3] - The establishment of the Yidao Research Institute in January 2024 aims to collaborate with major universities and research institutions to advance research in cutting-edge technologies such as AI and cloud computing [3] Group 3: Share Repurchase Plan - The company's share repurchase plan is progressing in an orderly manner, with plans to actively advance the buyback project based on market conditions and company development [3]

R&D Pipeline and Innovations - The company has three ongoing 1.1 class clinical phase III projects and has made breakthroughs in other important therapeutic areas, including oncology, cardiovascular, gynecology, and urology [2][3]. - In the oncology field, a modified new drug for auxiliary treatment has been submitted for IND approval in July 2025 [2]. - The company is advancing a 1.1 class innovative drug for treating benign prostatic hyperplasia and related symptoms [2]. Product Development and Clinical Research - The company has achieved significant results in the secondary development of existing products, such as Kun Tai capsules, which have shown efficacy in alleviating perimenopausal syndrome and improving reproductive health [3]. - The company’s product Kushi Gel has been rated as A-level clinical value, demonstrating its effectiveness in maintaining vaginal microecological balance [3]. - The company is conducting a multi-center, randomized, double-blind clinical trial for Ning Mi Tai capsules, approved by the National Medical Products Administration [3]. Investment in Subsidiaries - The company has increased its investment in Huilun Pharmaceutical, recognizing its innovative capabilities and complete commercialization experience [4][5]. - Huilun Pharmaceutical has nearly 20 small molecule drug innovation projects, with over ten expected to enter clinical phases by the end of 2025 [4]. Market Strategy and Challenges - The company’s main products are currently not affected by centralized procurement policies due to their unique patent status [7]. - The company plans to enhance its OTC market presence and brand building to mitigate the impact of market fluctuations [7]. - Rising raw material costs and industry policy changes have led to a temporary decline in revenue, prompting the company to adjust its marketing strategies and strengthen cost control [8][9]. Future Outlook and R&D Focus - The company emphasizes the importance of traditional Chinese medicine (TCM) innovation, aligning with national policy support and market demand for chronic disease treatment [10]. - A balanced approach to short-term and long-term R&D investments is crucial for sustainable growth and shareholder returns [11].

Financial Overview - Revenue for H1 2025 reached 3,188 million RMB, an increase from 2,697 million RMB in H1 2024 [80] - Adjusted net profit for H1 2025 was 617 million RMB, up from 499 million RMB in H1 2024 [80] - Gross profit margin improved to 43.5%, up from 42.2% in H1 2024 [64] Performance Highlights - Gross margin increased by 1.3 percentage points to 43.5% [13] - Net profit growth outpaced revenue growth by 5.5 percentage points [14] - The company reported a backlog of orders worth 10.88 billion USD, with a year-on-year increase of over 40% [13] Segment Performance Small Molecule Business - Revenue for small molecule CDMO business was 24.29 billion RMB, a 10.6% increase year-on-year [20] - Gross margin for small molecule business reached 47.8%, up 0.6 percentage points [32] Emerging Business - Emerging business revenue surged by 51.2% to 7.56 billion RMB [19] - Gross margin for emerging business was 29.8%, an increase of 9.5 percentage points [20] Clinical CRO Business - Revenue for clinical CRO business was 1.39 billion RMB, reflecting a growth of 44.8% [42] - The company supported 13 projects to obtain clinical trial approvals in China [42] Market Expansion - The company added over 150 new CDMO business clients during the reporting period [22] - Revenue from the US market was 1.789 billion RMB, a slight increase of 0.5% year-on-year [25] - Revenue from the European market grew by over 200% to 548 million RMB [25] Future Outlook - The company anticipates a revenue growth of 13% to 15% for the full year of 2025 [77] - Plans to enhance operational efficiency and profitability, aiming for profit growth to exceed revenue growth [77] - Continued focus on expanding capabilities in peptide, oligonucleotide, and conjugated drug segments [77]

Financial Performance - The company achieved a revenue of 12.005 billion CNY in the first half of 2025, a decrease of 8.98% year-on-year [2] - The net profit attributable to shareholders was 399 million CNY, down 43.92% compared to the previous year [2] - Total assets at the end of the reporting period were 44.305 billion CNY, a year-on-year increase of 0.12% [2] - The net assets attributable to shareholders decreased by 35.64% to 5.454 billion CNY [2] - In Q2 2025, revenue reached 8.06 billion CNY, with a net profit of 365 million CNY, showing significant quarter-on-quarter growth [2] Market and Production Insights - The company completed a major asset restructuring in June, increasing its stake in Xinjiang Yihua from 35.597% to 75%, making it a subsidiary [3] - Xinjiang Yihua has a coal resource of 2.108 billion tons, with a current production capacity of 30 million tons per year [3] - The company has an annual production capacity of 2.16 million tons of urea, 1.65 million tons of phosphate ammonium, and 900,000 tons of PVC, ranking among the top in the country [3] - The company plans to develop coal-to-natural gas, coal-to-synthetic ammonia, and high-value coal conversion projects [4] Pricing and Profitability - The current FOB price for diammonium phosphate is approximately 800 USD, with a domestic price difference of about 1,700 CNY per ton, improving export profitability [5] - The mainstream price for single pentanediol is around 11,000 CNY per ton, while double pentanediol is priced at approximately 70,000 CNY per ton [6] - New production facilities for pentanediol are expected to be operational by the end of 2025, which will enhance profitability [6]

Group 1: Company Overview and Financial Performance - The company achieved a total revenue of 408,977.86 million yuan in the first half of 2025, an increase of 9.06% compared to the same period last year [3] - Operating profit reached 22,526.72 million yuan, reflecting a significant increase of 52.46% year-on-year [3] - Total profit amounted to 22,540.60 million yuan, up by 55.93% compared to the previous year [3] - Net profit attributable to shareholders was 20,729.14 million yuan, marking a 43.94% increase year-on-year [3] Group 2: Business Segments and Growth Drivers - The modified materials business saw substantial growth due to a full order book and the gradual release of new production capacity, alongside breakthroughs in non-automotive markets [2][3] - The new energy business experienced a significant improvement, with a year-on-year revenue growth of 21.32%, driven by high demand for square batteries and increasing orders for sodium-ion batteries [3][4] Group 3: Future Outlook and Strategic Initiatives - The company anticipates positive impacts on its new energy segment from accelerated overseas expansion, rapid development of sodium-ion batteries, and ongoing deliveries of semi-solid batteries [4] - In the robotics sector, the company is actively collaborating with downstream clients to apply modified materials in industrial robots, focusing on lightweight applications for humanoid robots [5] Group 4: LCP Film and Fiber Developments - The company has established a comprehensive LCP resin portfolio, covering injection-grade, film-grade, and fiber-grade resins, which are essential for LCP film production [6] - Progress in LCP electronic fiber cloth has been made, with ongoing collaborations with high-frequency PCB clients to enhance product performance [8] - LCP film products are expected to see increased demand in 6G, automotive millimeter-wave radar, AI servers, brain-machine interfaces, and low-orbit satellites, with batch deliveries already initiated in certain sectors [8]

证券代码：002821 证券简称：凯莱英 凯莱英医药集团（天津）股份有限公司 投资者关系活动记录表 编号：2025-003 入均保持稳健增长，从目前在手订单情况来看未来两种不同类 型客户需求如何展望？另外分地区来看，上半年欧洲地区客户 实现强劲增长的背后驱动力有哪些？以及Sandwich Site客户 项目导入和赋能情况？ 公司始终坚持"做深大客户、做广中小客户"的市场策略， 报告期内，公司保持小分子业务竞争优势，同时，新兴业务在 海外市场开拓取得积极成果，未来将加大海外大客户的开拓力 度。 来源欧洲市场客户收入大幅增长的主要驱动力有：1）大 客户的合作持续深化；2）新兴业务在欧洲市场取得突破进展； 3）部分项目进入商业化阶段，持续放量。 Sandwich Site 在报告期内交付研发项目 4 个，完成了首 个生产订单，陆续有大客户现场访问，客户展现出较强的合作 意向，公司将持续优化交付体系建设和境内外联动协同机制， 发挥海外支点作用，持续推进海外客户的项目开拓，争取更多 的项目落地。 3. 新兴业务中化学大分子板块增长迅速，其中多肽、寡 核苷酸、payload-linker 分别的市场需求情况如何？请问多 ...

Company Overview - The company focuses on "Energy + Technology + Supply Chain" as its development direction, emphasizing urban gas business and expanding into new energy sectors [2] - Total assets reached CNY 19.906 billion, a 3.08% increase from the beginning of the period [2] - Total revenue for the first half of 2025 was CNY 15.338 billion, a year-on-year growth of 8.59% [2] - Net profit attributable to shareholders was CNY 3.10 billion, up 7.27% year-on-year [2] - Cash flow from operating activities was CNY 6.86 billion, a significant increase of 602.45% [2] Natural Gas Supply - The company supplied 2.131 billion cubic meters of natural gas, with industrial and commercial users accounting for approximately 81.29% [2] - Residential users made up 5.47%, while power plant users accounted for 11.98% [2] Shareholder Returns - Cumulative cash dividends since listing reached CNY 3.088 billion, with an average annual cash dividend ratio exceeding 65% of net profit [3] - The company plans to distribute profits in mid-2025, contingent on positive earnings and sufficient cash flow [3] Market Outlook - The company anticipates stable gas supply in the second half of 2025, benefiting from the industrial structure of Foshan, which has a strong industrial base [4] - The gas supply to power plants in the first half of 2025 was 255 million cubic meters, representing 11.98% of total supply [4] SOFC Technology - Solid Oxide Fuel Cell (SOFC) technology converts chemical energy directly into electrical energy through high-temperature electrochemical reactions [7] - SOFC offers high efficiency, wide fuel applicability, and is environmentally friendly [7] SOFC Applications - SOFC can be applied in distributed power generation for data centers, hotels, hospitals, and residential buildings, as well as in microgrids and industrial decarbonization [8] Green Methanol Project - The green methanol project aims for a total investment of CNY 10 billion, targeting a production capacity of 1 million tons per year [10] - The project will enhance the company's position in the green hydrogen energy sector and contribute to sustainable development [10]

Financial Performance - In the first half of 2025, the company achieved revenue of approximately 6.935 billion CNY, a year-on-year increase of 5.06% [2] - Net profit reached 384 million CNY, with a non-recurring net profit of 346 million CNY, reflecting a growth of 10.62% [2] - Basic earnings per share were 0.55 CNY, and net cash flow from operating activities was 800 million CNY, up 180.43% [2] - The overall gross margin increased by 0.32% compared to the same period last year [2] Business Segment Performance - Innovative display products generated revenue of 899 million CNY, a year-on-year increase of 39.16%, with shipment volume up 48.05% [2] - Smart interactive display products achieved revenue of 1.995 billion CNY, growing by 9.81% year-on-year [3] - Smart TVs generated revenue of 3.634 billion CNY, with a gross margin of 11.88%, reflecting a year-on-year growth of 2.61% [3] International Expansion - The company's export revenue ratio increased to 87.95% during the reporting period [10] - KTC brand sales during the 2025 Amazon Prime Day surged by 381%, with GMV increasing by 348% [12] - FPD brand's overseas sales grew by 220% in 2025, particularly in the Japanese market, where sales increased by 166% [12] Cash Flow and Dividends - Operating cash flow improved significantly, reaching 800 million CNY, a growth of 180.43% due to reduced cash outflows [13] - The company announced a mid-term dividend plan, proposing a cash dividend of 3.60 CNY per 10 shares, amounting to a total of 253 million CNY, which is 65.76% of the net profit attributable to shareholders [4][14] Innovation and Product Development - The company is focusing on AI technology to enhance the value of innovative display products, with applications in various sectors including education and healthcare [5] - New product lines, such as the KTC AI interactive glasses, are being developed to cater to local market needs and are positioned as a domestic alternative to international competitors [9] - The company is exploring the development of a companion robot aimed at the elderly market, with various product forms under consideration [7]

Financial Performance - In the first half of 2025, the company achieved a revenue of 4.328 billion CNY, a decrease of 6.65% year-on-year [2] - The net profit attributable to shareholders was 51 million CNY, down 16.55% year-on-year, with basic earnings per share at 0.04 CNY [2] - Despite increased production and sales of lithium hexafluorophosphate, the company's profitability declined due to persistently low market prices [2] Business Segment Performance - Revenue contributions from major business segments: - Fluorine-based new materials: 30.39% - Electronic information materials: 5.55% - New energy materials: 34.97% - New energy batteries: 25.30% [3] - Gross profit contributions from segments with over 10% revenue share: - Fluorine-based new materials: 8.62% - New energy materials: 19.53% - New energy batteries: 9.74% [3] Lithium Hexafluorophosphate Insights - The shipment volume of lithium hexafluorophosphate in the first half was approximately 23,000 to 24,000 tons, with an expected annual shipment of around 50,000 tons [3] - The gross margin for lithium hexafluorophosphate fluctuated between 15% and 20% [3] - Price fluctuations are primarily driven by raw material costs, with expectations for profitability to improve in the second half of the year due to rising product prices and increased capacity utilization [3] Battery Segment Developments - The battery segment shipped approximately 3.2 GWh in the first half, with a projected increase of about 50% in the second half, aiming for an annual total of 8.5 GWh [3][4] - The demand for lithium batteries is rapidly growing, with significant orders leading to production expansion [4] - In July, the company shipped over 8.8 million cylindrical batteries, with expectations to exceed 10 million in August [4] Solid-State Battery and Boron Isotope Products - The company is focusing on polymer and sulfide materials for solid-state batteries, collaborating with top domestic research institutions [4] - Boron isotope products are crucial in strategic industries such as nuclear energy, healthcare, and semiconductors, with a current production capacity of 100 tons and plans for 1,000 tons [4] - Although the current profit contribution from boron isotopes is limited, future capacity expansion is expected to significantly enhance profitability [4] Electronic Information Materials - The electronic information materials segment is currently affected by a downturn in the photovoltaic industry, leading to low capacity utilization and price challenges [5] - The company plans to pivot towards semiconductor and chip clients to enhance its market position [5]

Financial Performance - The company achieved a revenue of 1.023 billion yuan in the first half of 2025, representing a year-on-year growth of 10% [3] - Net profit reached 303 million yuan, with an increase of 11.34% compared to the previous year [3] - Operating cash flow net amount was 393 million yuan, a significant increase of 125% year-on-year [3] - The overall gross profit margin improved by 1.26 percentage points compared to the previous year [3] Business Segments - The color sorting machine business maintained a strong market performance, particularly in the recycling resource sector, which showed rapid growth [3][4] - The medical segment faced challenges due to a sluggish dental industry and intense market competition, but it has started to recover from a significant revenue decline since 2024 [3][5] Market Dynamics - Export growth slowed due to trade friction and tariff impacts, but there remains significant market potential in developing countries for color sorting machines [6] - The company has registered products in over 50 countries and regions, with good export performance in medical products in the first half of 2025 [13] Innovation and Technology - The company launched the AI-powered color sorting machine "Meiya Master 4.0," enhancing production line decision-making capabilities [9] - In the medical field, the company introduced the "Meiya Imaging" system, integrating hardware, software, and ecosystem for intelligent dental diagnosis [10] Future Outlook - The company anticipates continued growth in the dental industry, supported by demographic trends and ongoing investments in digitalization and marketing [5][11] - Contract liabilities as of June 30 reached 105 million yuan, a 117% increase from the beginning of the year, indicating a potential increase in order volume [8] - The company plans to maintain its profit distribution policy, ensuring returns to investors while managing capital expenditures prudently [14]