Group 1: Mining Operations - The Caiyuanzi Copper Mine is located in the Ganzi-Litang-Muli fault zone, an important precious metal mineralization belt in China [1] - The average copper grade at the Caiyuanzi Copper Mine is 0.48%, with a licensed production scale of 396,000 tons/year [2] - Dongsheng Mining's Bayannur Silver Polymetallic Mine has a licensed production scale of 250,000 tons/year and is expected to start production by 2026 [3] Group 2: Future Production and Capacity - The company anticipates an increase in silver production following the completion of the Bayannur Silver Polymetallic Mine [4] - Jingshan Mining's production capacity is expected to gradually increase to 480,000 tons/year, with plans to apply for further expansion based on resource availability [4] - Both Guangda Mining and Jindu Mining have a licensed production scale of 300,000 tons/year and are currently operating at full capacity [3] Group 3: Financial and Taxation Insights - The company has seen a significant increase in tax payments compared to the same period last year, as detailed in the 2025 semi-annual report [5] - Future tax payments will depend on local government policy requirements [5] Group 4: Mergers and Acquisitions Strategy - The company plans to focus on acquiring high-quality precious metal resources, targeting mines with a service life of over 15 years and necessary mining permits [2] - The company aims to avoid high-priced acquisitions and will consider market conditions to expedite production [2]

Business Overview - The company achieved a total revenue of 166,749.51 million yuan in the first half of 2025, with high-end power equipment contributing 71,240.65 million yuan (42.72%) and the new energy sector contributing 94,754.24 million yuan (56.83%) [1][2] - The new energy business is expected to grow in proportion due to the implementation of "dual carbon" policies, focusing on solar, wind, and energy storage as new growth points [2] International Business - The overseas business accounted for 21.26% of total revenue in the first half of 2025, primarily from power products like UPS and EPS [3] - The company has established an ODM cooperation model with partners and has its own overseas sales team, targeting markets in Europe, Africa, the Middle East, and Southeast Asia [3] Customer Base - Key customers for the charging pile business include major power companies and automotive manufacturers, with mobile charging robots being used to enhance charging capabilities during peak times [4] Technology and R&D - The company has invested 1.01 billion yuan in R&D in the first half of 2025, representing 6.08% of total revenue, and holds over 1,000 patents [7] - The company has developed various liquid cooling technologies, enhancing efficiency and reducing power consumption in high-density computing environments [6] Product Development - The company has launched a range of sodium battery products, including UPS power supplies and energy storage cabinets, which offer advantages over traditional lithium and lead-acid batteries [8][9] - The company is involved in the development of silicon carbide (SiC) technology, focusing on application technology rather than direct production [10] Risk Management - The company plans to apply for the removal of risk warnings by the end of 2025, having completed necessary financial corrections and audits [11] Investor Relations - The company emphasizes transparency and regular communication with investors, ensuring compliance with information disclosure regulations [12]

Group 1: Financial Performance and Shareholder Returns - The company has maintained a consistent cash dividend policy since its listing, with cumulative dividends exceeding 7 billion yuan. A three-year dividend plan (2024-2026) has been disclosed, committing to distribute at least 50% of the distributable profits annually [4][8] - For the 2025 interim cash dividend, the company plans to distribute 0.88 yuan per 10 shares (including tax), totaling approximately 458 million yuan, which represents 70.04% of the net profit for the first half of 2025 [4][8] - The net cash flow from operating activities decreased by 51.99% in the first half of 2025, primarily due to a one-time compensation received in the previous year. Excluding this factor, the net cash flow increased by 77.26% [6] Group 2: Strategic Developments and Market Position - The company holds a 14.06% stake in Haixia Co., making it the second-largest shareholder, and is closely monitoring policies related to the Hainan Free Trade Port [3] - Saltian Port has been expanding its inland port network, with 20 inland ports, 15 combined ports, and 33 sea-rail intermodal routes established by mid-2025, enhancing customs efficiency and reducing logistics costs for exporters [6] - The company is focusing on the Yangtze River Economic Belt, having established a new port company in Jiangsu in 2024, and aims to strengthen its port network and service systems [9][10] Group 3: Market Challenges and Responses - The company is aware of the impact of the new port docking fees starting October 4, 2025, but emphasizes its role as a key player in the South China region and its ability to adapt to economic cycles [5] - To address revenue pressures, the company is enhancing its operational strategies, including diversifying services at key ports and exploring new operational models to increase throughput and market share [10] Group 4: Shareholder Engagement and Communication - The company actively engages with investors, providing updates on performance and strategic initiatives during investor relations activities, such as the 2025 semi-annual performance briefing [2][4] - As of June 30, 2025, the total number of shareholders was 64,982, with unrestricted shares accounting for 60.83% of the total share capital [7]

Group 1: Company Impact and Market Structure - The company has taken various measures to mitigate the impact of U.S. customs sourcing issues, which still affect operations to some extent [3] - In 2024, exports to Europe and other non-U.S. regions surpassed those to the U.S., although the U.S. still holds a significant market share [3][4] - The domestic factory primarily serves European and domestic clients, while the overseas factory caters to U.S. and some European clients [5] Group 2: Product Development and Adjustments - The company plans to dynamically adjust its product structure (LVT, SPC, WPC) based on downstream customer needs and will continue to develop new products [4][6] - Non-PVC flooring products are identified as a key trend for future development, with ongoing R&D efforts, although no revenue has been generated yet [7][8] Group 3: Financial and Operational Strategies - The company will not continue to make significant asset impairment provisions for its Vietnam factory as of the 2025 mid-year report, with future provisions based on actual operating conditions [6] - The decline in PVC prices is expected to help control production costs and support stable business development [10] - Production capacity is shifting towards Southeast Asia, with significant improvements in the utilization rate of the Vietnam production base compared to the previous year [10]

Group 1: Market Demand and Production Growth - The demand for energy storage orders has rapidly increased in the second half of this year, driven by the company's proactive capacity layout and customer development [4] - The company has seen significant revenue growth from clients such as Chuangneng New Energy and Zhongqi New Energy, with production of square battery precision structural components expected to maintain rapid growth [4] Group 2: Future Profitability and Cost Management - The cylindrical battery precision structural components have steady demand, with large-scale production of the full-tab series products already achieved [5] - As downstream customer orders increase, the company's capacity utilization will rise, leading to reduced manufacturing costs and lower transportation costs due to new production bases [5] - The proportion of period expenses to revenue is expected to decrease as the company's revenue scale grows, improving profitability in the second half of the year [5] Group 3: Robotics and Strategic Investments - The company is focusing on the development of core components for humanoid robots, leveraging strategic investments in Guohua Intelligent and Yingzhi Technology to enhance its product offerings [6] - The establishment of Wuxi Zhili Sensor Technology Co., Ltd. aims to provide advanced intelligent sensor solutions, with products already in testing phases for collaborative robots and humanoid robots [7] Group 4: Investor Relations Activity - The investor relations activity took place on September 29, 2025, with participation from various securities firms and company executives [2] - The event did not involve any undisclosed significant information [7]

Group 1: Company Developments - The company has successfully launched its first 12-inch silicon carbide (SiC) substrate pilot line, achieving 100% domestic equipment development and marking a significant advancement in SiC substrate technology [2] - The pilot line covers the entire process from crystal growth to detection, utilizing domestically developed equipment, thus mitigating risks associated with critical equipment shortages [2][3] - The company aims to accelerate mass production of 12-inch SiC substrates to provide high-quality, low-cost products, contributing to the growth of China's third-generation semiconductor industry [2] Group 2: Production Capacity and Market Strategy - The company is establishing a production capacity of 300,000 pieces of SiC substrates annually in Shaoxing and is also investing in an 8-inch SiC substrate project in Penang, Malaysia [3] - In Yinchuan, the company is developing a project with an annual capacity of 600,000 pieces of 8-inch SiC substrates, enhancing its technical and scale advantages in the SiC substrate market [3] - The 12-inch substrates can produce approximately 2.5 times more chips than 8-inch substrates, significantly reducing unit costs in large-scale production [3] Group 3: Applications and Market Potential - SiC is a core material for third-generation semiconductors, widely used in key industries such as electric vehicles, smart grids, and 5G communications [3] - Emerging applications in AR devices and advanced packaging are driving the demand for SiC substrates, positioning them as critical materials for technological breakthroughs [3][4] - The diamond substrate market is in a crucial phase of "technological breakthroughs - scenario validation - ramping up production," with potential for rapid growth driven by new fields like quantum computing and 6G communications [4] Group 4: Equipment and Technology Advancements - The company has achieved domestic production of 8-12 inch semiconductor equipment and is expanding into chip manufacturing and advanced packaging [5][6] - In the compound semiconductor equipment sector, the company focuses on developing SiC equipment, successfully overcoming several core technology challenges [5] - The company has established a complete supply chain for photovoltaic equipment, leading in both technology and scale in the solar equipment market [5][6]

Group 1: Overseas Market Expansion - The company is accelerating its overseas market expansion, with a continuous increase in customer projects across different regions and types [2] - The Thai factory's strategic role has evolved from primarily serving North American clients to becoming a core production base supporting global strategies [2] - The company plans to add 5-6 new production lines in the Thai factory by 2026 to meet growing customer demand [2] Group 2: New Business Areas and Product Development - The data center business is experiencing rapid growth due to increasing AI computing power, with the market for fuses in this sector expected to have significant potential [3] - The incentive fuse product has transitioned from concept to mass application, with increasing adoption in high-end electric and hybrid vehicles due to stricter safety regulations [3] - The company is shifting from a single component supplier to a system solution provider, with a focus on integrated products that combine fuses, relays, and sensors [3] Group 3: Future Strategic Vision - The long-term vision is to become an excellent energy protection system solution provider, developing protection schemes for both high and low voltage distribution systems [3] - The company aims to provide flexible solutions that meet diverse customer needs at different development stages, enhancing its competitiveness in the market [3]

Resource Overview - The company has significant white marble resources: 0.9 billion tons at Chaohu Baomei and 5.8 billion tons at Wutai Baomei, with an additional 1.3 billion tons held by Anhui Baomei, which is not yet operational [3][4]. Magnesium Production Advantages - The company utilizes vertical furnace magnesium smelting technology, recognized in the national "14th Five-Year Plan" for its low energy consumption, high production efficiency, small footprint, low labor costs, and high automation [3][4]. Market Applications - Following the new national standards in 2024, the electric bicycle industry is rapidly adopting magnesium alloys to replace plastic components, with significant growth expected during the "15th Five-Year Plan" period [3][4]. - Major electric vehicle manufacturers are already using magnesium alloy components, leading to weight reduction, improved range, and enhanced shock absorption [3][4]. Future Plans - Over the next 3 to 5 years, the company aims to expand its scale and accelerate production across multiple bases, focusing on magnesium materials, particularly in the automotive sector [3][4]. - The company plans to increase the penetration of magnesium metal materials in various automotive components, including steering wheels and instrument panel supports [3][4]. Market Conditions - Magnesium prices have remained below aluminum prices, presenting unprecedented growth opportunities for magnesium alloy die-casting components [4]. Investor Relations Compliance - The company ensures compliance with information disclosure regulations, maintaining transparency and accuracy in communications with investors [4].

Group 1: Industry Overview - The supply-demand dynamics in the diaphragm industry are improving due to a slowdown in new capacity additions, particularly in 2025, which is expected to benefit the overall industry [2] - The company's capacity utilization rate is leading in the industry, with a strong market position and increasing market share as downstream demand strengthens [2] Group 2: Product Innovations - The ultra-thin high-strength diaphragm has achieved a thickness reduction of over 28% while maintaining high strength and thermal stability, with a biaxial tensile strength exceeding 400 MPa and a puncture strength of over 560 gf, improving by more than 20% [3] - The significant enhancement in base film puncture strength reduces the risk of thermal runaway in battery cells, thereby improving safety [3] Group 3: Solid-State Battery Development - The company views semi-solid batteries as a transitional product towards all-solid-state batteries, which are currently in the early stages of industrial development and have higher costs [4] - The company is actively involved in the development of materials for both semi-solid and solid-state batteries, with production capabilities established for semi-solid battery diaphragms and ongoing investments in solid-state electrolyte materials [4][5] Group 4: Competitive Advantages - The company benefits from strong R&D capabilities and a comprehensive vertical innovation system, allowing for rapid product iteration and optimization [5] - Long-term stable partnerships with major global battery manufacturers enable the company to engage in technical exchanges and seize market opportunities effectively [5]

Group 1: Market Trends and Product Pricing - The industry is adopting a "demand-driven production" strategy, adjusting production rates based on market demand changes [1] - In Q1 2025, due to high export demand and "trade-in" policies, the overall terminal demand was strong, leading to a price increase for mainstream LCD TV panel sizes [1] - In Q2 2025, panel procurement demand decreased due to changes in the international trade environment, prompting companies to quickly adjust production rates [1] - By Q3 2025, as inventory reduction trends ended, panel stocking demand gradually recovered, although some LCD TV panel prices experienced slight declines [2] Group 2: AMOLED Business Development - The company has established a strong capacity and technical advantage in the flexible AMOLED sector, covering major top smartphone brands and expanding into automotive and IT applications [3] - In H1 2025, the company shipped over 71 million AMOLED panels, a 7.5% year-on-year increase, maintaining the top position in China and second globally [3] - The revenue structure for display devices in H1 2025 was as follows: TV 27%, IT 37%, LCD mobile and others 12%, OLED 24% [4] Group 3: Future Industry Trends - The display industry is entering a rebalancing phase, shifting from a focus on scale and market share to high profitability, technology, and added value [7] - LCD technology will remain the mainstream application in the medium to long term, with ongoing demand optimization and a trend towards larger TV sizes [7] - The penetration of flexible AMOLED products in high-end IT applications is expected to increase, with the company investing in an 8.6-generation AMOLED production line to meet this demand [5][6] Group 4: Financial Outlook and Shareholder Returns - The company plans to allocate at least 35% of its net profit to cash dividends annually from 2025 to 2027, with a minimum of RMB 1.5 billion for share buybacks [10] - The company has completed a stock buyback worth nearly RMB 1 billion and is progressing with its A-share repurchase plan to enhance shareholder returns [11] - The depreciation of production lines is expected to peak in 2025, with ongoing efforts to optimize product line positioning and improve operational efficiency [8]