Group 1: Company Performance - The company achieved a feed sales volume of approximately 5.95 million tons in Q1, representing a year-on-year growth of about 25% [2] - Cumulative feed sales volume has exceeded 2 million tons so far this year [2] Group 2: Competitive Advantages - The company leverages R&D-driven product strength, a comprehensive industry chain advantage (feed + seed + animal health), and a robust service system to maintain competitiveness in both domestic and overseas markets [3] - The company plans to accelerate the expansion of its overseas feed business, targeting a sales volume of 7.2 million tons by 2030 [5] Group 3: Market Insights - Prices for most special fish species have increased year-on-year, with some reaching historical highs; the overall profitability of common freshwater fish has stabilized after recovering from a loss cycle [4] - The domestic feed industry is experiencing intense competition, shifting from single-dimensional product competition to multi-dimensional competition involving seeds, animal health, product strength, and service capabilities [7] Group 4: Future Strategies - The company is focusing on the development of its factory-based shrimp farming business, which is progressing steadily and enhancing professional capabilities [6] - The company is adapting to the trend of decreasing smallholder participation in pig farming and is actively adjusting its customer structure [7] Group 5: Financial Overview - In 2024, the company's seed revenue is projected to reach 1.4 billion yuan, primarily from South American white shrimp seeds [5]

Group 1: Investor Relations Activity Overview - The investor relations activity was held on May 28, 2025, in Shanghai, attended by representatives from Founder Securities Co., Ltd. and CITIC Securities Co., Ltd. [3] - The meeting was hosted by the company's board secretary and CFO, Ms. Wang Xiaolei [3] Group 2: Key Issues Discussed - The company won a bid for key equipment procurement from Tonghao Low-altitude Intelligent Technology Co., Ltd., with a contract value of RMB 1.15 million [4] - The product involved is the mmWave 5G integrated testing system, part of the company's "1+3" development strategy focusing on satellite internet and low-altitude economy [4] Group 3: Employee Stock Ownership Plan - The 2025 Employee Stock Ownership Plan (ESOP) was announced, involving up to 59 participants and a total of 1.513803 million shares, representing approximately 1.06% of the company's total share capital of 142.840508 million shares [5] - The ESOP aims to enhance employee responsibility, attract and retain talent, and align interests among shareholders, the company, and core team members [5] Group 4: Revenue Growth Target - The company aims for a revenue growth rate of no less than 10% in 2025 as part of the ESOP assessment targets [6] - The company focuses on three main business areas: wireless communication testing, vehicle networking testing, and satellite internet and low-altitude economy testing [6][7] Group 5: R&D Projects - The company is developing a high-bandwidth frequency channel simulator for 6G communication, focusing on cutting-edge technologies such as terahertz and multi-channel MIMO [8] - The project aims to enhance the company's independent R&D capabilities and international competitiveness, with an expected completion date of November 2026 [8]

Group 1: Investor Relations Activities - The company held an online performance briefing on May 27, 2025, via the "Investor Relations Interactive Platform" [3] - Attendees included the company's general manager, board secretary, financial director, and independent director [3] Group 2: Product Development and Market Strategy - The company currently has no plans to develop new products such as Korean kimchi or konjac [5] - The company focuses on expanding its fermented bean curd products in Northeast China while also targeting the North and East China markets [5] - The company emphasizes a brand-oriented development strategy for its sauerkraut products, aiming to enhance brand recognition and market share [6] Group 3: Quality and Production Strategy - The company adheres to the principle of food quality and safety, guided by the philosophy "Products stem from character, integrity achieves the future" [5] - The company is innovating in product categories, flavors, and packaging to maintain market vitality [5] - The company is investing in automation and intelligent production equipment to ensure product quality while expanding production capacity [5]

Group 1: Business Performance and Strategy - The company’s lithium manganese oxide (LMO) business continues to thrive despite industry-wide profitability pressures, attributed to advantages such as self-sufficient precursor supply and over 60 years of experience in battery materials production [1] - In 2024, the company experienced a decline in both revenue and net profit, primarily due to falling prices of raw materials like lithium carbonate, which negatively impacted LMO revenue despite increased sales volume [3] Group 2: Research and Development Focus - R&D investments are concentrated on high-performance electrolytic manganese dioxide products, enhancing the performance of manganese lithium and its precursors, and environmentally friendly treatment of manganese slag [2] - Future R&D priorities include further applications of manganese materials in the new energy sector [2] Group 3: Raw Material Procurement and Cost Management - The company has implemented a strategic supplier and diversified backup system to mitigate the impact of raw material price fluctuations [1] - Measures include establishing a price warning mechanism for bulk materials and employing hedging strategies to manage risks associated with price volatility [1] Group 4: Environmental and Safety Investments - The company is committed to upgrading environmental protection facilities and investing in technologies for harmless treatment and resource utilization of manganese slag [2] - Safety investments include building a comprehensive mining safety system and equipping safety detection and emergency rescue equipment [2] Group 5: Market Position and Future Outlook - The company is actively seeking to optimize its resource allocation for manganese-based precursor materials, focusing on cost competitiveness and resource advantages [2] - The management emphasizes the importance of maintaining stable cash dividends while enhancing communication with institutional investors and minority shareholders to support market value management [3]

Group 1: Tungsten Price Trends and Company Performance - Tungsten prices have reached a historical high of 165,000 RMB/ton, supported by a tight supply-demand balance due to factors like mining quotas and environmental regulations [2][3] - The company's performance benefits from high tungsten prices, as it owns quality mining assets and has a strong position in the hard alloy sector, which is innovating and optimizing product structures [3] - The company has adjusted prices for some cutting tools by 5-8%, affecting over 50% of total sales, to balance costs and market conditions [3] Group 2: Asset Injection and Future Plans - The company is actively planning the acquisition of four additional mining assets to enhance quality and profitability, with a commitment from the controlling shareholder to complete this within five years [3] - The injection of these assets will be gradual, considering the varying conditions and resource endowments of each mining enterprise [3] Group 3: PCB Micro Drill Production and Financial Performance - Jinzhou Company’s PCB micro drill production capacity is 480 million units in 2023, with an additional 200 million units expected in 2024, bringing total capacity to 680 million units [5] - The average selling price of PCB micro drills is projected to decline by approximately 7% to 1.56 RMB/unit in 2024, with a slight increase to 1.5 RMB/unit in Q1 2025 [5] - Despite price declines, Jinzhou Company has improved operational efficiency, maintaining a gross margin above 37% in 2024 and nearing 40% in Q1 2025, with a significant sales volume increase of over 50% year-on-year [5] Group 4: Product Structure and Market Position - Jinzhou Company’s "Three Treasures" (small diameter, long diameter, and coated micro drills) now account for over 50% of its product sales, reflecting a successful adaptation to market demands [6] - The company continues to lead in technological innovation, achieving breakthroughs in ultra-thin drill technology and expanding into high-end markets [7]

Group 1: Company Overview and Strategic Focus - The company is closely monitoring the demand and changes in the robotics sector, developing humanoid robot shells and components in anticipation of large-scale applications [3] - In 2025, the company aims to focus on quality, cost reduction, and efficiency improvement as key operational strategies [6] - The company plans to establish a semiconductor division in Chongqing, focusing on semiconductor device manufacturing and precision manufacturing [5] Group 2: Technological Development and Research - The company is currently providing 4G and 5G communication base station structures and is exploring developments in 5.5G and 6G technologies [4] - The company maintains close communication with core clients in the telecommunications sector to synchronize research and development efforts [4] Group 3: Operational Progress and Future Plans - The North American factory is preparing for production, including facility renovations and equipment installation [7] - The company is considering an equity incentive plan based on its operational status and future strategic planning [8]

证券代码：836717 证券简称：瑞星股份 公告编号：2025-038 河北瑞星燃气设备股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 二、 投资者关系活动情况 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 活动时间：2025 年 5 月 26 日（星期一）15:00—16:00 活动地点：中证路演中心（https://www.cs.com.cn/roadshow/） 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长谷红军先生；公司董事会秘书孙铁军先生； 公司财务总监王俊生先生；保荐代表人陈庆龄女士。 三、 投资者关系活动主要内容 公司就投资者在本次说明会中提出的问题进行了回复，主要问题及回复如 下： 问题 1：公司存货情况和现金流情况如何？ 回复：您好！公司存货主要由原材料、在产品、库存商品、半成品和其他构 成，其中原材料和 ...

Group 1: Product Pricing and Market Strategy - The price of the company's Huai Mi series products decreased by over 15% year-on-year, while the price of the Zhi Shi series products increased by over 35% year-on-year [4] - Future price trends will depend on raw material harvests and market competition; prices will decrease with abundant raw materials and increase with shortages [4] - The company aims to optimize product structure and reduce costs through new projects to mitigate price volatility risks [4] Group 2: Competitive Landscape - The plant extraction industry is highly segmented, with core products including natural pigments, plant essential oils, and active pharmaceutical ingredients [5] - Barriers to entry for competitors include overcoming technical extraction challenges and obtaining market access certifications [5] Group 3: Market Demand and Growth Potential - The global antioxidant market is projected to grow at a CAGR of 7.2% from 2023 to 2030, with plant extracts accounting for over 40% of the market [6] - The functional food market in China is expected to exceed 1.5 trillion yuan by 2025, driven by rising health demands and consumer spending [7] - The company's vitamin P products are anticipated to see sustained demand growth due to these market trends [7] Group 4: Core Technology and Production Capabilities - Key technological barriers in production include efficient extraction processes, stable large-scale production, and in-depth R&D capabilities [8] - The company has over ten years of experience in high-purity extraction, achieving over 99.5% purity for its quercetin products [8] - Continuous production techniques have improved extraction efficiency by over three times compared to traditional methods [8] Group 5: Strategic Development Plans - The company's development strategy involves three steps: deep processing of vitamin P raw materials, R&D of consumer-end products, and establishing a technical application center [9][11] - The strategy also includes dual market expansion in domestic and international markets, focusing on both pharmaceutical and food sectors [9][11] - The company plans to maintain growth by leveraging technological innovation and expanding into emerging markets like Southeast Asia [12]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 27, 2025, at the China Securities Network "Roadshow Center" [4] - Participants included the company's chairman, general manager, and other key executives [4] Group 2: Key Financial Metrics - The company's R&D investment for 2024 is 12.01% of its revenue [5] Group 3: Market Management Strategies - The company plans to enhance its market value management through improved information disclosure and operational efficiency, while considering cash dividends, share buybacks, and mergers as part of its strategy [6] Group 4: International Certifications and Market Expansion - The company has received EMA certification for its "small-volume injection" workshop and FDA certification for "Docetaxel Injection," but currently has no other products submitted for international certification [7] - As of now, the company has not signed any overseas business orders, citing various uncertainties affecting international market expansion [7] Group 5: Product Portfolio and Sales - By the end of 2024, the company holds approximately 100 drug approvals, focusing on gastrointestinal, neurological, oncology, immunomodulatory, and cardiovascular treatments [9] - Top-selling products include compound digestive enzyme capsules, octreotide injections, and mecobalamin tablets [9] Group 6: Production Capacity and Project Updates - The "High-end Drug Formulation Processing Base Project" in Nanjing is under construction and has not yet commenced production [10] - Current production capacity at existing bases in Beijing and Guangdong meets business needs, with ongoing market expansion efforts [10] Group 7: Research and Development Progress - The company is currently in the review stage for its Oseltamivir oral disintegrating tablet, having submitted updated clinical data [11] Group 8: Financial Strategy - The company has no plans for mergers or acquisitions at this time, maintaining a low debt ratio [12]

Company Overview - Tongling Jieya Biotechnology Co., Ltd. was established in 1999 and specializes in the research, production, and sales of wet wipes, with over 20 years of industry experience [2]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 3, 2021, and is steadily advancing its fundraising projects [2]. - In Q1 2025, the company reported a revenue of 124 million yuan and a net profit of 10.06 million yuan [2]. Q&A Highlights - **Impact of Tariffs**: The current tariff policies have a relatively limited impact on the company's overall business [3]. - **US Wet Wipe Factory Project**: The project is currently under construction and is expected to commence production next year [3]. - **Kimberly-Clark European Orders**: Production began in April 2025, and order deliveries are progressing as planned [3]. - **Asset Impairment**: The company adheres to accounting standards and will reasonably assess asset impairment based on prudence [3]. - **Self-Branding Considerations**: The company is exploring self-branding through an industrial fund but has seen low revenue conversion rates [3]. - **Facial Mask Business Outlook**: Currently serving major clients like L'Oréal and Galen Group, with a gradual expansion to other domestic brands, though new client orders are relatively small [3]. - **Jiechuang Medical Subsidiary**: The subsidiary is undergoing strategic adjustments, with cautious investment based on overall business layout and resource optimization [3]. - **Equity Incentives**: The company is focused on establishing long-term incentive mechanisms and will disclose plans as they develop [3]. - **Compliance with Regulations**: The company conducted the investor communication event in accordance with regulatory guidelines, ensuring no undisclosed significant information leaks occurred [3].