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]

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 rise of electric vehicles exerts short-term pressure on the fuel vehicle market; however, 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 profit margins 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]

证券代码：301158 证券简称：德石股份 2.装备产品和钻具产品可通过哪些指标预判景气度？未来市场预期如 何？ 答：钻具产品与装备产品的景气度预判指标各有侧重，核心均与油气行 业上下游发展关联：装备产品的景气度主要受上游油气企业投资意愿直 接影响，与客户实际作业工作量高度挂钩，工作量提升通常会带动装备 采购需求增长。具体可参考采油采气总量、油气公司增储上产计划等核 心指标，当油气公司明确增储上产目标、产量计划提升时，势必带动钻 井作业量增加，而每一口钻井的作业开展，均需配套井口装置，直接拉 动装备产品的市场需求；钻具产品的市场走势则相对平稳，整体呈现稳 定增长态势。核心原因在于钻具是油气钻井过程中的核心耗材，只要钻 井作业持续开展，就会产生稳定的钻具需求；同时，出于钻井作业安全 考量，钻具达到额定使用寿命后必须强制更换，这一硬性要求支撑钻具 产品需求的稳定增长。 3.钻具作为耗材，其更换周期如何设定？ 答：为了满足安全作业要求、便于企业财务核算，公司内部通过专业核 算体系人为设定的安全合理额定寿命，以此作为钻具更换的核心依据。 公司钻具产品线丰富，涵盖上百种系列产品，不同品类钻具的额定使用 寿命存在差异，寿 ...

Group 1: Company Performance and Projections - The 2025 performance forecast indicates growth in both revenue and main business profit, with final data expected to align closely with the disclosed estimates [1] - The company has seen a significant increase in customer numbers, including both domestic and international clients, with some already in mass production [4] Group 2: Robotics Business Development - The company has expertise in motion control, having operated in the field for over 20 years, but lacks knowledge in perception and decision-making for robotics [1] - A strategic acquisition of nearly 48% of Hanm Electronics was made in November 2025 to enhance capabilities in motor control [1] Group 3: Technical Expertise and Collaboration - Hanm Electronics has a strong background in motor design and manufacturing, with key personnel having extensive experience in the industry [2] - The collaboration between Hanm Electronics and the company leverages their respective strengths, with Hanm focusing on motors and the company on drive control [5] Group 4: Product Development and Market Strategy - The product strategy involves starting with hand motors and expanding to modules and full-body systems, while avoiding direct competition with existing clients [6] - Current production capacity has improved due to previous bulk orders, and plans for an automated production line are underway to meet high-quality and quantity demands [7]

Group 1: Financial Performance and Strategies - 隆平巴西 significantly reduced losses through organizational optimization and enhanced marketing strategies, achieving a gross profit margin increase of over 8% year-on-year [2][3] - Financial expenses decreased by approximately 90% compared to the previous year due to the replacement of high-interest debt with a RMB 4 billion syndicated loan [2][3] - The company aims to achieve profitability in 2026 by optimizing its debt structure and improving capital management [3] Group 2: Rice Industry Outlook - The company maintains a market share of over 20% in the rice seed industry, demonstrating resilience amid increased competition and extreme weather conditions [4] - Future growth opportunities exist in international markets, particularly in Southeast Asia, where the company can leverage its technological advantages [4] Group 3: Specialized Business Development - The specialized business segment showed varied performance, with steady growth in sunflower and pepper seed businesses, while the millet seed business faced a decline due to market price adjustments [5][6] - The company plans to expand its product categories and enhance international operations while managing risks effectively [5][6] Group 4: Corn Industry Challenges - The domestic corn seed industry is currently in a downturn, with expectations of continued challenges over the next one to two years [6] - The company is proactively preparing next-generation corn varieties and has a good cash flow to seize opportunities during this low period [6]

Group 1: Market Expansion and Growth Strategies - The company plans to increase customer penetration in the domestic market and develop new clients while deepening import substitution [2] - The company aims to leverage its reputation and high-quality products to expand into international markets, including traditional markets in Europe and the U.S., as well as emerging markets in BRICS countries, Southeast Asia, and Africa [2][3] - The company is actively participating in the supply chain for mining projects led by major Chinese state-owned enterprises, enhancing its overseas market presence [3] Group 2: Market Share and Competitive Position - Since entering the Russian market in 2016, the company has established strong relationships with local clients and has seen a continuous increase in customer numbers, indicating significant market potential [4] - The establishment of a local factory in Russia is expected to solidify and expand the company's market share in the region, extending its influence into Central Asia [4] Group 3: Order Acquisition and Client Engagement - The company acquires orders primarily through trade shows, referrals from existing clients, and direct outreach by sales personnel [5] - The successful application of the company's products in large open-pit mines has enhanced brand recognition and attracted new clients [5] Group 4: Core Advantages Over Competitors - The company possesses deep expertise in mining services and advanced technology, with a history dating back to the 1980s [6] - It has developed a unique "product + operation" business model that provides comprehensive lifecycle services for mining tires, enhancing customer loyalty and creating service barriers [6] - The company has established a global network with over ten subsidiaries, enabling localized and rapid response services across multiple countries [6][7] Group 5: Profitability and Business Synergy - The gross margin for tire operation management services is lower than direct sales, but this business model fosters strong customer loyalty and addresses significant client pain points [7] - As the company becomes more familiar with tire operating environments, it can optimize tire products, potentially increasing project gross margins over time [7] Group 6: Market Trends and Future Outlook - The demand for tires is closely linked to the mining industry's growth, with tire consumption costs accounting for approximately 24% of operational expenses in large open-pit mines [9] - The rising metal market and high prices are driving capital expenditures in global mining, which is expected to boost demand for the company's products and services [9] - The company is well-positioned to capitalize on current market opportunities due to its technological leadership and unique service model [9]

Group 1: Company Overview and Market Position - The company specializes in high-end CNC machine tools, robots, new energy vehicles, and core components, recognized as a national high-tech enterprise [2][3] - The company holds a 60% market share in mechanical drilling spindles and an 80% share in forming machine spindles within the PCB industry [3] - The expected net profit for 2025 is projected to be between CNY 128 million and CNY 165 million, representing a year-on-year growth of 54.40% to 99.03% [3] Group 2: Market Growth and Projections - The global PCB equipment market is expected to grow at a CAGR of 8.7%, reaching approximately USD 10.765 billion by 2029, with China's market projected to reach about USD 6.139 billion [4] - Drilling and exposure equipment are expected to maintain high growth rates of 10.3% and 10.0% CAGR, respectively, from 2024 to 2029 [4] Group 3: Technological and Product Advantages - The company has achieved "domestically leading, internationally advanced" technology levels, with some products filling domestic technical gaps and breaking foreign monopolies [5] - A unique integrated business chain has been established around spindle products, providing high-value solutions through a combination of machine, parts, and service [5] Group 4: Emerging Business Areas - In the commercial aerospace sector, the company has developed key components for rocket control systems and satellite propulsion systems, with small-scale applications already in place [6][9] - The robotics sector includes core components such as harmonic reducers and torque motors, with ongoing development and small batch orders from humanoid robot manufacturers [7][8] Group 5: Future Strategies and Risks - The company plans to focus on household applications for charging robots while cautiously exploring commercial markets [8] - Current business in commercial aerospace and robotics accounts for approximately 1% of total revenue, indicating a need for careful investment decisions [9] - The company is committed to maintaining a robust technical foundation and ensuring product delivery quality while exploring market opportunities [9]

| | □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(电话会议) ☑ | | | | 共计 位投资者（排名不分先后）： 16 宝盈基金：李欣 | 广东正圆私募基金：黎君仪 | | | 国海证券：施卫 | 上银基金：杨东朔 | | | 北京诚盛投资：吴畏 | 摩根士丹利基金：陈修竹 | | 参与单位名称 | | | | 及人员姓名 | 上海丹羿投资：葛颂 | 圆信永丰基金：齐昊麟 | | | 上海复胜资管：周菁 | 中国国际金融：王凯 | | | 交银施罗德基金：陈均峰 | 西部利得基金：林静 | | | 星石投资：蒋京杰 | 浦银安盛基金：尹新悦 | | | 上海景林资管：王雄 | 财通证券：杨澜 | | 时 间 | 2026 年 2 月 2 日 | | | 地 点 | 总部会议室 | | | 上市公司接待人员 | 证券事务代表：荣欢 | | | 姓名 | | | | | 一、 问答环节： | | | 投资者关系活动 | | 投资者主 ...

编号：2026-001 证券代码：001306 证券简称：夏厦精密 浙江夏厦精密制造股份有限公司 投资者关系活动记录表 答：公司正处于关键转型期，其中机器人业务的稳步推 进，为长期业绩增长提供支撑。依托在小模数精密齿轮 领域的深厚技术沉淀，公司在人形机器人部件领域已形 成精密齿轮、减速机、行星滚柱丝杠的产品布局。目前， 公司精密齿轮与减速机已实现对国内外多家知名机器人 企业供货；丝杠产品进入试样与小批量订单阶段。 | | 问题 4：公司目前在海外的产能布局情况如何？ | | --- | --- | | | 答：公司目前在的越南基地年产 100 万套精密传动结构 | | | 产品已小批量产，除服务东南亚电动工具客户外，正积 | | | 极对接机器人减速机订单，未来有望进一步打开国际市 | | | 场空间。 | | | 问题 5：公司在新产品新结构的研发是针对哪些产品？ | | | 答：公司目前积极拓展新的产品以应对市场需求和变化， | | | 新产品包括对机器人相关产品、具身智能关节模组以及 | | | 与公司现有产品相结合的机电一体相关产品的延伸，积 | | | 极应对市场和客户需求，打造公司的第二增长曲线。 ...

证券代码：301479 证券简称：弘景光电 广东弘景光电科技股份有限公司投资者关系活动记录表 编号：2026-001 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 其他 电话会议 参与单位名称 摩根基金、华安基金、汇添富基金、交银施罗德基金、汇丰晋信基金、 华泰保险、兴证全球基金、浦银安盛基金、国泰基金、国泰海通证券、 华金证券 时间 2026 年 1 月 5 日-1 月 30 日 地点 现场沟通、电话会议 公司接待人员 姓名 董事长兼总经理赵治平先生 董事会秘书林琼芸女士 证券事务代表钟倩文女士 投资者关系活动 主要内容介绍 1、公司在全景/运动相机领域为头部客户提供光学镜头及模组产 品，拥有较高的市场份额，公司依托哪些差异化的竞争优势持续巩固 在该领域的行业地位？预计该业务 2026 年的增速如何？ 公司是行业内最早进入并深耕全景/运动相机领域的专业光学制 造商之一，拥有深厚的技术沉淀。公司不仅掌握光学镜头设计，还具 备从光学设计、精密制造到摄像模组集成的全链条核心技术与制程工 艺，能为客户提供"光学镜头+摄像模组"的一体化、深层次协同解 ...