会议助理 1: 在会议开始前，我们提示各位投资者。在主讲嘉宾发言结束后，将留有提问时间。下面有 请主讲嘉宾发言，谢谢。 耐普矿机董秘王磊: 好，我是耐普矿机董秘王磊。我针对今天下午我们召开的董事会发布的这个关于终止认购 瑞士公司维里达股权的这样的一个公告，做一个这个我们线上集体的一个详细的一个交流 首先我先用 5 分钟介绍一下这个事情，那整个这个项目的这个前期的那个审议投资，是我 们 2025 年 5 月份那个召开的第五届董事会第 26 次。会议审议，对，当时我们审议的整 个这个项目的一系列的交割的先决条件之一，也是这个就是说他的这个项目的那个环评需 需取得这个批复同意，才进入股权交割。 然后一直到目前，他这个环评批复还一直未取得，所以这块之前就一直没有进行这个股权 交割。整个这个事情的话，这个最近那个艾芬豪针对这个环评批复一直还没有这个通过， 同时这半年多，这个各种金属，包括这个铜、金、银，就是这个矿山所主要，那个含的这 个金属品类的这样的价格。又涨幅又比较大，所以他提出来对我们整个的一个收割，这个 收购进行一个，一些重要条款的一些这个修订变更。然后今天那个就是，因为整个这个项 目是金诚信控股，整体这个项目 ...

谈沂鑫 东吴证券机械分析师: 各位领导晚上好，我是东吴机械的谭艺馨。今天和各位领导更新一下太空光伏深度，然后 再深度梳理一下各环节的一个推荐标的。最近整个太空光伏板块，它的催化还是非常多的 马斯克在这个达沃斯论坛上，明确了 SpaceX 和特斯拉会在 3 年内分别建设 100 吉瓦的 太空，还有地面的这个光伏产能。然后最近特斯拉和 SpaceX 的团队，也在国内的各大设 设备商进行了技术交流。然后订单，近期是有望加速落地的。然后在今，就在今天，马斯 克这边也是公布了 SpaceX 他会将收购这个 XAI 的这个 AI 公司。 形成它这个太空和 AI 算力的一个联动。所以我们认为，在 6 月 SpaceX 上市前，其实市 场的这个催化会一直不断。然后我们也是持续看好太空光伏设备这个板块的标的这样一个 可持续性。下面我们就汇报下报告，然后最后在报告的后面，我们再跟各位领导深深度的 梳理一下。每一个环节的这个标的。对于光伏设备来说，其实你真正要放量，还是要看太 空算力。因为你平时的这些通信或者传感的卫星，你的用量对于光伏的用量是没有那么大 的。所以我们这个报告也是围绕着太空算率去展开。 太空数据中心其实也很好理解， ...

Summary of the Conference Call Company Overview - The conference call focused on **普莱柯 (Pulaike)**, a company in the **animal vaccine industry**. The discussion highlighted the company's performance in 2025 and its outlook for 2026. Key Points and Arguments Industry Context - The animal vaccine industry has faced pressure due to fluctuations in the breeding sector and internal competition, leading to a challenging environment for many companies [1][3]. - Despite these challenges, leading companies with strong R&D capabilities have managed to achieve significant growth [1]. Financial Performance - In 2025, 普莱柯 achieved a net profit of approximately **1.176 billion to 1.95 billion** CNY, representing a year-on-year growth of **90% to 110%** [3][4]. - The company reported a nearly **50% increase** in profits during the first three quarters of 2025, driven by the release of poultry vaccine production capacity and rapid growth in the pet business [1][3]. Cost Management and Efficiency - The company has focused on cost reduction and efficiency improvements, resulting in a significant decrease in operating expenses and an increase in net profit margins [1][4][5]. - Sales expense ratios have been continuously declining, indicating effective cost control measures [5][28]. Product Development and Market Strategy - The company plans to continue its focus on high-quality, efficient growth, with expectations to maintain growth in poultry and pet products in 2026 [6][37]. - New product lines, including the **H9 series** and **cash cow series**, are expected to contribute to future growth [11][23]. Market Trends and Pricing - The pricing war in the industry has shown signs of easing, particularly for certain vaccine products, although competition remains intense [10][8]. - The company anticipates that while there may still be pressure on pricing, the overall margin for leading companies remains favorable due to their competitive advantages [10]. Sales Channels and Growth - The company has established a robust distribution network, covering **25 provinces** and over **8,000 pet hospitals** [14][15]. - The pet product segment is experiencing growth rates of over **30%**, with non-medical products seeing even higher growth [15]. Future Outlook - For 2026, the company aims to achieve a net profit target of over **2 billion** CNY, with expectations of returning to historical highs [6][7]. - The poultry vaccine segment is projected to grow by **15% to 20%**, while the pet product segment is expected to exceed **50% growth** [20][37]. Research and Development - The company is actively working on new vaccine projects, including a **African Swine Fever vaccine**, with clinical trials expected to commence soon [31][32]. - The company has made significant investments in R&D to enhance its product offerings and maintain competitive advantages [32]. Challenges and Risks - The company faces ongoing challenges from industry competition and potential impacts from disease outbreaks in livestock, which could affect sales [30][19]. - The overall market environment remains volatile, with external factors influencing the breeding sector's profitability [30]. Additional Important Information - The company has implemented a more refined management approach to sales expenses, linking spending directly to sales outcomes [28]. - There is a strategic focus on expanding international business and product registrations in various countries, aiming for significant growth in export revenues [24]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of 普莱柯's current status and future prospects in the animal vaccine industry.

朱珠 华鑫证券分析师: 好的，谢谢小秘书，各位好，我是华星传媒的猪猪。那今天我们非常荣幸邀请到中信出版 的领导庞雪莹庞总来对话，因为我们举办了一个 AI 系，AI 应用的系列的会议。中信出版 作为这个央企的大众阅读的龙头，那今天我们主要是围绕公司的业务来进，以及 AI 的布 局，来进行一个对话。那个雪莹雪莹总，莹莹，庞总你在听吗？ 中信出版庞总: 喂喂，喽喽，我在。 朱珠 华鑫证券分析师: 好的，今天的会议就直接就。然后接下来，我想先问一个问，第一个问题，就是公司也指 出来会将动漫 IP 定义为 15 的支柱，目标是打造 1~2 个全国影响力的 IP。那目前来说， 这类的 IP 会以，后续以收购为主，还是自研孵化为主？ 中信出版庞总: 感谢大家，感谢大家今天来，就是参加我们这个交流。我们确实是在 12 月底的时候举办 过了一个，就是小型的投资者交流会，当然也同步到线上了。我就逐一回答一下，就是朱 朱老师的问题。那第一个关于这个 IP 业务，也是大家比较关心的。其实我们在会上有告诉 大家，就是说我们整个的这个未来 5 年，公司其实也是计划将整体的这个 IP 大运营板块。 放到公司的主营板块里面，形成，就是说我们 ...

Summary of the Conference Call for Huali Technology Company Overview - **Company**: Huali Technology - **Industry**: Amusement and Gaming Equipment Key Points and Arguments Business Performance - Huali Technology's domestic business has been under pressure due to macroeconomic conditions and a slow recovery in consumer spending, particularly in the amusement sector [3][4] - Positive signs include a stabilization in the pricing of tokens used in amusement parks, indicating a reduction in harmful price competition [4] - The company plans to focus on its strengths in simulation machines, particularly music and racing machines, and will also target mid-to-low-end markets to increase market share [5] Domestic Market Challenges - The domestic market remains challenging, with expectations of continued pressure in 2025 compared to 2024 [11] - The company is reducing the number of new store openings and seeking light-asset management partnerships to adapt to the current market conditions [11] International Market Growth - Huali Technology sees overseas markets as a key growth driver, with significant performance in the U.S. and Southeast Asia [7] - The company is expanding its ODM and OEM business, particularly with Japanese clients seeking to rebuild their supply chains post-pandemic [8] Product Development and IP Strategy - The company launched new products, including the second generation of Pokémon cards and a female-oriented card machine, which have performed well despite recent public relations challenges [9][12] - Huali Technology aims to increase its penetration in the market by expanding the number of stores carrying its products, currently reaching around 2,000 stores [9][43] - The company plans to allocate approximately 30% of its new product launches to non-traditional channels to broaden its audience [43] Financial Updates - Huali Technology raised approximately 150 million yuan through a recent fundraising round, primarily to invest in the Pokémon IP and other established franchises like Marvel [27] - The company anticipates increasing its machine deployment from 2,000-3,000 units to potentially 4,000-5,000 units in 2026 due to the new funding [27] Market Trends and Consumer Behavior - The company notes a shift in consumer behavior, with amusement parks moving away from price wars to improve service quality and upgrade facilities [39] - There is an expectation of a gradual recovery in equipment demand as the market stabilizes, with potential improvements in the second half of 2026 [40] Future Outlook - Huali Technology plans to maintain a focus on overseas expansion and increasing the number of machines deployed in the domestic market [47] - The company is cautious about the performance of its products in the domestic market, particularly in light of recent public relations issues affecting the Pokémon brand [15][49] R&D and Product Innovation - The company has significantly increased its R&D team, now comprising around 100 members, to enhance product development capabilities [35] - Huali Technology aims to release 5-10 new products annually, with a focus on maintaining a competitive edge in the card machine sector [36] Conclusion - Huali Technology is navigating a challenging domestic market while seeking growth opportunities abroad. The company is committed to product innovation and expanding its market presence through strategic investments and partnerships.

Summary of Conference Call Notes on China Banks (ICBC & ABC) Industry Overview - The focus is on the banking sector in China, specifically the two large state-owned banks: Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China (ABC) [1][2]. Key Points and Arguments Government Capital Injections - The Ministry of Finance (MoF) is reported to potentially issue Rmb 200 billion in bonds to insurance companies and inject Rmb 300 billion in capital into ICBC and ABC [1]. - In 2025, the MoF recapitalized four large banks with a total of Rmb 500 billion through special treasury bonds [1]. Impact of Capital Injection - The analysis suggests that the capital injection could lead to an estimated dilution of Earnings Per Share (EPS) by 4%-7% and Book Value Per Share (BVPS) by 0%-2% for ICBC and ABC [2][15][18]. - The Common Equity Tier 1 (CET1) ratio for both banks could increase by approximately 54 to 61 basis points [2][13]. Assumptions for Analysis - The analysis assumes an even distribution of the Rmb 300 billion capital injection, estimating Rmb 150 billion for each bank [3][9]. - The potential price-to-book (P/B) ratio post-recapitalization is expected to range between 0.7x and 1.0x, based on previous recapitalizations [3][11]. Growth and Dividend Sustainability - New capital is expected to help banks sustain growth and maintain dividends, especially if credit demand recovers in the second half of 2026 [4][5]. - ICBC and ABC could increase their dividend payout ratio by 1.2 to 2.3 percentage points to maintain flat dividends per share (DPS) without affecting risk-weighted asset (RWA) growth [5][20]. Sector Valuation and Dividend Outlook - The report indicates that if large banks can pay higher dividends, it may encourage other well-capitalized banks, such as China Merchants Bank (CMB), to increase their dividends, potentially driving up sector valuations [21][27]. - The probability of banks increasing their dividend payout ratio for FY2025 is considered low, but there is potential for increases in 2026 if revenue growth is achieved [21]. Risk Assessment - **Upside Risks**: Include higher dividend payout ratios due to the capital injection, better-than-expected profit growth, and stronger economic recovery [47][50]. - **Downside Risks**: Include lower-than-expected capital injections, higher asset growth impacting capital accumulation, and continued deterioration in asset quality [48][52]. Stock Recommendations - The report maintains a Neutral rating on ICBC and ABC due to uncertainties regarding the capital injection's size, timing, and valuation impacts [43]. - Preference is given to China Construction Bank (CCB) and Bank of China (BOC) for their solid balance sheets and completed capital replenishments, along with CMB for its potential dividend upside [43]. Additional Important Content - The risk buffer for the China banking system is projected to reach Rmb 15 trillion in 2025, an increase from previous years [22]. - The Texas ratio, which measures non-performing loans against tangible equity plus loan loss reserves, is expected to decrease from 26% in 2023 to 23% in 2025 [24]. This summary encapsulates the key insights and projections regarding the potential impact of government capital injections on ICBC and ABC, along with broader implications for the Chinese banking sector.

2 February 2026 | 10:48PM HKT Equity Research Kweichow Moutai (600519.SS): Feitian Moutai's order reaching 1.4mn on i-Moutai in Jan 2026, indicating broadening demand reach; Buy Feitian Moutai's accelerating roll-out on i-Moutai in the first month of 2026: Following the official launch of Feitian Moutai series across 53% vol 500ml, 100ml/1,000ml Feitian, and multiple series on its own DTC platform i-Moutai on 1 Jan 2026, i-Moutai continues to broaden demand reach, reaching 6.3mn new users, over 15.3mn activ ...

Summary of G-Bits (603444.SS) FY25 Preliminary Results Conference Call Company Overview - **Company**: G-Bits (603444.SS) - **Industry**: Gaming Key Financial Highlights - **FY25 Preliminary Results**: - Reported earnings guidance: Rmb1.69-1.86 billion, representing a year-over-year increase of 79-97% [2] - Core earnings guidance: Rmb1.65-1.8 billion, reflecting an increase of 88-105% year-over-year [2] - 4Q25 net profit expected: Rmb476-646 million, a year-over-year increase of 66-125% [2] - **Comparison to Estimates**: - Mid-point of reported earnings is in line with the analyst's estimate of Rmb1.77 billion and 8% above the market consensus of Rmb1.64 billion [2] Game Contributions - **Key Titles Driving Growth**: - New game contributions from "Scepter & Sword" and "Wen Jian Chang Sheng" in both domestic and overseas markets [2] - Launch of mini game "Dao You Lai Wa Bao" also contributed to earnings [2] Future Expectations - **Upcoming Releases**: - "Jiu Mu Zhi Ye" Season 2 launching on February 7, featuring new gameplay elements and characters [3] - **4Q25E and 2026E Forecasts**: - 4Q25E revenue forecast: Rmb1.52 billion, a 73% year-over-year increase, but a 23% quarter-over-quarter decrease [4] - 2026E total revenue forecast: Rmb6.18 billion, a 2.6% year-over-year increase [4] Market Position and Strategy - **Investment Recommendation**: - Maintain "Buy" rating with a target price of Rmb550, indicating a potential share price return of 20.9% and a dividend yield of 4.1% [6] - **Market Capitalization**: Rmb32,779 million (approximately US$4,715 million) [6] Risks and Challenges - **Downside Risks**: - Concentrated game portfolio with a mature life cycle [10] - Potential for softer monetization performance of key titles in the remainder of 2025 [10] - Risks associated with slower new game launches and lower profitability due to weaker operating leverage [10] Conclusion - G-Bits is positioned for growth driven by new game releases and strong preliminary earnings. However, investors should be cautious of potential risks related to its game portfolio and market conditions. The company remains a strong buy based on its resilient earnings and growth prospects.

Summary of China Pet Foods Conference Call Company Overview - **Company**: China Pet Foods - **Industry**: Pet Food Manufacturing - **Founded**: 1998 - **Market Position**: Leading pet food manufacturer in mainland China, supplying to over 70 countries including the US, Japan, and EU [doc id='12'][doc id='16'] Key Points Growth and Revenue Projections - **Investment Rating**: Initiated with a Buy rating and a price objective (PO) of RMB 66, indicating a 32% upside from the current price of RMB 49.93 [doc id='1'] - **Revenue Growth**: Expected 3-year revenue CAGR of over 20%, with estimations for revenue and NPAT growth CAGR at 23% and 25% respectively from 2024 to 2027E [doc id='1'] - **Self-Brand Growth**: Self-owned brands projected to exceed 50% of revenue by 2027E, up from 36% in 2024, indicating a CAGR of approximately 41% [doc id='2'] Market Dynamics - **Market Trends**: Rising pet ownership and increased per-capita spending are driving demand for diversified and premium pet food products, particularly among younger consumers [doc id='2'] - **Competitive Landscape**: Despite intense competition, the company's smaller scale allows for significant market share gains without direct pressure [doc id='2'] OEM Business - **OEM Segment**: Considered a resilient earnings buffer, supported by overseas capacity expansion and solid order visibility. The company benefits from established overseas plants, insulating it from US-China tariff risks [doc id='3'] - **Growth Forecast**: Anticipated 13% CAGR for the OEM business from 2024 to 2027E [doc id='3'] Financial Metrics - **Valuation Methodology**: Price objective derived from a 50/50 blend of DCF and P/E valuations, applying a 30x 2026E P/E, which is 12% lower than its historical average [doc id='4'][doc id='20'] - **Key Financial Estimates**: - **Net Income (Adjusted)**: Expected to grow from RMB 233 million in 2023A to RMB 776 million in 2027E [doc id='5'] - **EPS Growth**: Projected EPS growth of 121.5% in 2023A, tapering to 26.1% by 2027E [doc id='5'] - **Free Cash Flow**: Expected to increase from RMB 40 million in 2023A to RMB 634 million in 2027E [doc id='5'] Risks - **Identified Risks**: Include raw material prices, competition, food safety, tariffs, and foreign exchange [doc id='4'] Valuation Comparisons - **PEG Ratio**: Currently trades at 0.9x PEG, lower than domestic peers' 1.1x and global peers' 2.4x [doc id='24'] - **Historical P/E**: Historically traded at an average of 34x forward P/E, with the current 30x P/E reflecting a 12% discount due to market conditions [doc id='23'] Strategic Initiatives - **Self-Brand Development**: The company has developed a solid self-brand matrix including "Wanpy", "ZEAL", and "Toptrees", focusing on mid- to high-end markets [doc id='18'] - **Global Capacity Expansion**: The company operates 22 production facilities worldwide, with ongoing expansions to support both self-brand and OEM business [doc id='12'][doc id='16'] Conclusion - **Investment Rationale**: The combination of rising market needs, self-brand expansion, and global capacity growth positions China Pet Foods favorably for future growth, making it a compelling investment opportunity [doc id='13']

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Banking Sector - **Key Takeaways**: The recent conference and financial tour indicated a net positive outlook for Chinese banks, with improved net profit growth rates driven by recovery in net interest income (NII), positive fee growth, and stable asset quality [2][5][6]. Core Insights - **Profit Growth**: Banks are experiencing improved net profit growth rates, with SOE banks expressing greater optimism compared to Joint Stock Banks (JSBs) regarding revenue and profit growth trajectories [2][5]. - **NII Recovery**: A recovery in NII is expected, with banks anticipating positive net interest income growth in 2026, although some JSBs expect a decline [5][6]. - **Loan Growth**: Moderate increases in new loan volumes are anticipated, primarily driven by corporate lending focused on infrastructure and technology [6]. - **Fee Income Divergence**: SOE banks expect robust fee income growth, while JSBs foresee only slight positive growth due to weak consumption and regulatory pressures [6]. - **Investment Income**: Banks are managing their investment portfolios actively, with unrealized gains providing a buffer against future income fluctuations [6]. Monetary Policy and Interest Rates - **Dovish Monetary Policy**: The monetary policy remains dovish, with expectations of further cuts to the Loan Prime Rate (LPR) and deposit rates [5]. - **Deposit Management**: Banks are focusing on managing high-rate time deposits maturing in 2026, with a projected retention rate of 90% due to clients' low risk appetite [5][6]. Asset Quality and Risk Management - **Stable Asset Quality**: Asset quality is expected to remain stable, with non-performing loan (NPL) formation having peaked, particularly in the property sector [6]. - **Retail Loan Risks**: Increased pressure on retail loan asset quality is noted, with some banks experiencing elevated NPL formation [6]. Future Outlook - **Profit Growth Expectations**: SOE banks expect positive net profit growth in 2026, driven by NII growth and cost control, while some banks remain cautious due to external macroeconomic factors [6]. - **Capital Management Review**: One bank is reviewing its capital management policy, considering the balance between CET1 ratio, dividend payout, and return on equity (ROE) [6]. Investment Strategy - **Insurance Sector Insights**: A leading insurance company plans to maintain a 30% allocation to equities for net new premiums in 2026, focusing on high-dividend stocks and Hong Kong equities [7]. Company Recommendations - **Top Picks**: Among SOE banks, the top picks include China Construction Bank (CCB-H), Bank of China (BOC-H), and Bank of Communications (Bocom-A/H) [2]. Additional Notes - **Market Performance**: While the banking sector is expected to see absolute share price upside in 2026, it may underperform the broader market [2].