Group 1: Policy Impact and Market Opportunities - The recent national policy on the capacity pricing mechanism for power generation presents significant opportunities for the company, enhancing the investment attractiveness of independent energy storage projects [2] - The policy establishes a long-term framework for a new electricity market, integrating energy quantity, auxiliary services, and capacity, which is expected to boost the independent storage investment market [2] Group 2: Business Model for Independent Storage - The company offers a comprehensive power trading management service for independent storage stations, leveraging a predictive model to optimize trading strategies based on peak and valley electricity prices [3] - The independent storage stations will achieve profitability through multiple channels, including power trading, auxiliary services, and capacity price compensation, as the market evolves [3] Group 3: Core Advantages in Power Trading - The company possesses significant advantages in decision-making support, precise intelligent control, and comprehensive operational assurance services in the independent storage power trading sector [4] - Utilizing a self-developed predictive model and AI algorithms, the company can accurately forecast energy output, load, and electricity prices, enhancing trading strategy effectiveness [4] Group 4: AI Model Development and Applications - The company has invested heavily in R&D, focusing on the "Kuangming" AI model, which has evolved to improve long-term trend analysis and extreme weather response capabilities [6] - The AI model is applied in power forecasting and grid management, significantly enhancing prediction accuracy and operational efficiency in various business scenarios [6] Group 5: Strategic Investment Considerations - The investment in Sanas Zhihui (Qingdao) Electric Power Co., Ltd. is driven by complementary business focuses, allowing for a full-service offering from construction to operational strategy and revenue realization for renewable energy projects [6]

Financial Performance - The company expects a net loss of 11.1 to 13.1 billion CNY for 2025, with a net profit loss (excluding non-recurring items) estimated at 12.5 to 14.5 billion CNY [1] - The total number of pigs sold in 2025 is projected to be 6.6635 million, an increase of 11.21% year-on-year (8.7% excluding piglets) [1] - The average selling price of pigs in 2025 is expected to be 14.65 CNY/kg, a decrease of 17.85% compared to the previous year [1] - Interest expenses are estimated at approximately 3.5 billion CNY, with additional costs from unutilized or vacant pig farms around 3.25 billion CNY, totaling a profit reduction of about 6.75 billion CNY [1] Cost Management - The complete cost of fattening pigs for 2025 is projected to drop to 13.31 CNY/kg, a decrease of 1.89 CNY/kg year-on-year [3] - In December 2025, the fattening cost is expected to be 12.92 CNY/kg, and 12.6 CNY/kg after excluding vacant costs [3] - The company aims to improve capacity utilization and reduce fixed costs through restructuring and optimizing production capacity [3][5] Operational Strategy - The company anticipates a net cash flow from operating activities of 8.5 to 9.5 billion CNY for 2025 [4] - The restructuring process is aimed at alleviating historical debt burdens, optimizing debt structure, and enhancing operational efficiency [4][5] - The company plans to enhance the quality of its breeding operations and improve asset utilization to address financial constraints [7] Product Development and Market Expansion - The food processing segment is expected to see a sales increase of approximately 55% in 2025, achieving profitability [6] - The slaughtering business is still ramping up and has not yet reached profitability [6] - The company has established stable partnerships with major clients and expanded its presence in well-known supermarkets, enhancing its consumer market reach [6] Quality Assurance and Certifications - The company emphasizes traceability in its pork products, ensuring safety and quality for consumers [8] - It has received various certifications, including a no-antibiotics certification and qualifications for exporting fresh meat to Hong Kong [8] - The company has implemented product improvements, such as reducing salt, fat, and sugar, while minimizing the use of additives [8]

Group 1: Company Strategy and Market Position - The company is establishing a BOPA film material project in Indonesia to address high demand across various sectors, including food, pharmaceuticals, and lithium batteries, as current production capacity is insufficient to meet market needs [1] - Indonesia's strategic location and tariff policies enhance the company's ability to serve local and regional markets while expanding its reach to Europe, thereby strengthening its global business presence and competitive edge [2] - The company aims to solidify its leading position in the BOPA film sector, with overseas sales increasing, and the project will support capacity expansion to meet growing market demands [1][2] Group 2: Production Capacity and Investment - The Indonesian project consists of two phases with a total planned capacity of 90,000 tons per year, with the first production line already operational since January 2026, adding 25,000 tons of overseas capacity [2] - The company plans to raise funds through convertible bonds to finance the Indonesian project, which is expected to enhance production capabilities and operational efficiency [3] - The first BOPP new energy film production line was launched in November 2025, with a second line expected to start production in the second half of 2026, focusing on thin and ultra-thin film products with an annual capacity of approximately 2,400 tons [4] Group 3: Product Development and Competitive Advantages - The company's PHA lithium battery film serves as a protective layer for soft-pack lithium batteries, requiring high flexibility, puncture resistance, and impact resistance [5] - The company has successfully developed a solid-state battery-specific BOPA film and contributed to the drafting of industry standards for aluminum-plastic composite films used in solid-state batteries, which were published in September 2025 [5]

Financial Performance - The company forecasts a net profit of between CNY 145 million and CNY 152 million for 2025, representing a year-on-year growth of 27.17% to 33.30% from CNY 114 million in the previous year [2][3] - The increase in performance is attributed to improved internal management, technological innovation, and market expansion [2][3] Product and Market Position - The production capacity ratio for black, white, colored masterbatches, and other products is approximately 6:2:1:1 [4] - The company holds over 30% market share in the domestic chemical fiber masterbatch industry, maintaining a strong competitive position through continuous innovation and market expansion [5] Research and Development - The company focuses on functional, green, and diversified product development, expanding into membrane and plastic applications while reinforcing its traditional strengths [6] - The company’s R&D efforts are aimed at enhancing product performance and expanding into new growth areas [6] Customer Base and Sales Structure - Approximately 60% of sales are to leading chemical fiber enterprises, while around 15% are to non-fiber applications such as automotive and film sectors [7] - The company’s core products are primarily used for coloring and functional modification of chemical fiber raw liquids, with a growing presence in non-fiber applications [7] International Expansion - The Turkish production base has been operating smoothly since its launch, focusing on local and overseas masterbatch markets, with plans for product line expansion and capacity enhancement in 2026 [8] - The company aims to leverage its Turkish base for further growth in the polyester and nylon masterbatch markets [8] Competitive Landscape - There is a trend of downstream chemical fiber companies establishing their own masterbatch production, but they lack the technical expertise and customization capabilities of specialized masterbatch suppliers [9] - The company plans to maintain its growth through technological upgrades and enhanced environmental performance [9] Strategic Projects - The Xiamen Luyi project, which optimizes and adds 20,000 tons of capacity, is running smoothly and is expected to enhance market share in South and East China [10][11] - The membrane and plastic division is focused on developing new functional films for diverse applications, achieving significant breakthroughs in key technical indicators [11] New Material Development - The subsidiary YaoKe New Materials is preparing for the production of 200 tons of COFs materials, with ongoing project approvals and facility preparations [11] - The project aims to achieve cost control through optimized processes and is focused on customer feedback for technical adjustments [11]

Group 1: Company Capacity and Market Dynamics - The company's production capacity is primarily distributed in China and Vietnam, with a gradual shift of orders from domestic to overseas markets expected by 2025, leading to a decrease in domestic capacity utilization and an increase in Vietnam's capacity utilization [2]. - The PVC flooring market is anticipated to remain competitive as domestic manufacturers gradually relocate to Southeast Asia, potentially leading to the exit of smaller PVC flooring companies [3]. Group 2: Financial Performance and Projections - The company's 2025 earnings forecast estimates a net profit attributable to shareholders between CNY 90 million and CNY 110 million, representing a year-on-year growth of 79.64% to 119.56%. This increase is primarily due to a significant reduction in asset impairment provisions compared to the previous year [3]. - The employee stock ownership plan's performance assessment criteria are based on a net profit of CNY 50.1 million for 2024, with specific growth targets set for 2026 and 2027 to unlock varying percentages of shares [3][4].

投资者关系活动记录表 证券代码：301045 证券简称：天禄科技 苏州天禄光科技股份有限公司 编号：2026-012 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 财通基金、国金证券、浦银安盛基金、和谐汇一、固禾基金 时间 2026 年 2 月 3 日 地点 天禄科技公司五楼会议室 公司接待人员 姓名 投资者关系总监：李艳茹女士 投资者关系活 动主要内容介 绍 投资者提出的问题及公司回复情况 1、近期公司公告了变更募集资金的公告，请介绍该公告的 具体情况。 结合公司内外部环境变化以及战略发展需求，为进一步提 高募集资金的使用效率，经审慎决定，公司拟终止原募投项目 "扩建中大尺寸导光板项目"，并将该项目终止后剩余的部分募 集资金投入子公司安徽吉光的TAC膜项目和苏州屹甲的反射式 偏光增亮膜项目。 公司业务以原主业导光板为依托，先通过TAC膜产业布局 向显示行业相邻细分领域的横向延伸，后以此为基础开展反射 式偏光增亮膜项目，以实现公司未来发展的第二增长曲线。两 个光学膜均属于解 ...

Group 1: Business Overview - The company operates in three main business segments: - Fuel ethanol business accounts for approximately 44% of revenue, with a production capacity of 1.3 million tons and a market share of 32%-40% in a domestic market of about 3 million tons per year [1][2] - Food raw materials business contributes around 20%-30% of revenue, focusing on customized sweetener solutions for leading food and beverage companies [2][3] - Biobased new materials business is a strategic emerging segment expected to start production in Q1 2026, leveraging existing corn deep processing capacity [3][4] Group 2: Competitive Landscape - Fuel ethanol is categorized as biomass energy, with no direct competition from coal-based ethanol due to regulatory restrictions [3][4] - Long-term demand for fuel ethanol remains stable, driven by the coexistence of fuel and new energy vehicles and regulatory requirements for gasoline quality [4][5] - The company aims to maintain its market position by building a comprehensive cost advantage through technology upgrades, diversified raw material sourcing, and optimized internal management [5][6] Group 3: Regional Strategies - In Northeast China, the company focuses on cost reduction and efficiency improvements through personnel optimization and major technological upgrades [6][7] - The company is adapting its competitive strategy in the starch and MSG sectors by shifting focus from low-value products to high-margin offerings [7][8] Group 4: Innovation and Future Prospects - The company has a three-step strategy for its core health sweetener product, allulose, with plans for market expansion and collaboration with leading food and beverage companies [8][9] - The company anticipates that high-value products like flavored syrups will see increased revenue share as market demand grows [9] - The progress of the lactide project has been delayed due to site relocation and necessary adjustments, but the long-term outlook remains positive [9] Group 5: Raw Material Management - The company employs risk management strategies, including hedging, to manage procurement costs and mitigate price volatility risks, particularly for corn [9]

Group 1: Fuel Ethanol Business Overview - Fuel ethanol is one of the three core businesses of the company, accounting for 44%-45% of total revenue, making it a significant source of income and profit [1] - The company has a production capacity of 1.3 million tons of fuel ethanol, with a market share of approximately 32%, indicating a solid industry position [1] - The company has established long-term stable partnerships with oil and petrochemical enterprises, resulting in mature sales channels [1] Group 2: Cost Advantages in Fuel Ethanol - The company utilizes diversified raw materials, including corn and cassava, and integrates low-cost cassava resources from Southeast Asia to optimize procurement costs [2] - A nationwide layout of production bases in Northeast China, Anhui, and Guangxi significantly reduces logistics costs and regional operational losses [2] - Continuous investment in technological upgrades and personnel optimization enhances operational efficiency and reduces costs [2] Group 3: Industry Trends and Competition - The fuel ethanol industry is undergoing structural adjustments, with a trend towards the elimination of inefficient production capacity due to market changes and price fluctuations [2] - Future competition will focus on cost control, refined management, and comprehensive service capabilities, favoring companies with cost advantages and compliance [2] - The industry concentration is expected to increase as less competitive companies exit, benefiting leading enterprises [2] Group 4: Future Planning and Strategic Focus - The food raw materials business will focus on strengthening core operations, enhancing value, expanding regions, and optimizing layouts [3] - The company plans to invest in starch sugar business expansion, upgrade food raw material production lines, and develop bio-based industry projects [3] - The company has established a risk management mechanism to mitigate the impact of commodity price fluctuations on profitability [3] Group 5: Financial Management and Asset Planning - The company will prioritize investments in core business development, shareholder returns, and financial structure optimization [3] - Cash reserves will be used to support main business growth, maintain stable cash dividends, and optimize debt structure [3] - Asset impairment is primarily due to inventory depreciation, influenced by the cyclical nature of raw material procurement [3]

Group 1: Industry Overview - The fuel ethanol industry has formed a market-oriented competitive landscape, with pricing mechanisms influenced by international oil prices and competitive bidding processes [1] - The company holds a market share of over 30%, with annual sales of approximately 1.3 million tons, positioning it as a leader in the industry [2] Group 2: Cost Control and Raw Material Sourcing - The company reduces costs through diversified raw material procurement, including sourcing from cassava and expanding to Southeast Asia [2] - The company maintains high capacity utilization rates, often operating at or above full capacity [2] Group 3: Impact of Market Trends - The rapid development of electric vehicles exerts short-term pressure on the fuel vehicle market, but fuel vehicles are expected to retain a stable market share in the medium term [3] - The company views its fuel ethanol business as a foundational element while exploring new opportunities in downstream industrial applications [3] Group 4: Competitive Landscape - Coal-based ethanol is not considered a direct competitor as it falls under fossil energy, while fuel ethanol is derived from biomass [4] Group 5: Product Development and Profitability - The increase in gross margin for the starch sugar business since 2023 is attributed to a shift towards providing customized "solution-based" marketing services [5] - The company employs proprietary enzyme-catalyzed technology for allulose production, with plans to adjust capacity in line with market demand [6] - The allulose products have gained international recognition, with significant growth potential in the domestic market [6] Group 6: Project Updates - The company is accelerating the construction of its polylactic acid (PLA) project, with production expected to commence by the end of the first quarter [7]

Group 1: Business Overview - The company operates in three main business segments: - Fuel ethanol business accounts for approximately 44% of revenue, with a production capacity of 1.3 million tons and a market share of 32%-40% in a domestic market of about 3 million tons [1][2] - Food raw materials business contributes around 20%-30% of revenue, focusing on customized sweetener solutions for leading food and beverage companies [2] - Bio-based new materials business is a strategic emerging segment expected to start production in Q1 2026, leveraging existing corn deep processing capacity [2][3] Group 2: Competitive Landscape - Fuel ethanol is categorized as a biomass energy source, with no direct competition from coal-based ethanol due to regulatory restrictions [3] - Long-term demand for fuel ethanol remains stable, driven by the coexistence of fuel and new energy vehicles and stringent gasoline quality standards [3][4] - The company aims to maintain its market position by building a comprehensive cost advantage through technology upgrades, diversified raw material sourcing, and optimized internal management [4] Group 3: Regional Strategies - In Northeast China, the company focuses on cost reduction and efficiency improvements by optimizing personnel and implementing major technological upgrades [5] - The company is actively responding to competition from private enterprises in the starch and MSG sectors by shifting focus to high-value products and differentiating its offerings [6] Group 4: Innovation and Product Development - The company has a three-step strategy for the development of allulose, a key health sweetener, with plans for market launch in Q1 2026 [7] - Allulose is expected to have a higher gross margin than traditional glucose syrup, with optimistic short-term performance depending on market demand [7] - High-value products like flavored syrups are in the market incubation phase, with significant growth potential as consumer scenarios expand [8] Group 5: Project Management and Future Outlook - The company has relocated its lactide project to Anhui, which has caused delays due to necessary design optimizations and equipment adjustments [9] - The long-term outlook for the lactide business is positive, with plans to ensure stable operation of the initial 30,000 tons capacity and potential expansion into downstream polylactic acid markets [9] - The company employs risk management strategies, including hedging, to manage corn price fluctuations and secure profit margins [9]