Group 1: Company Performance - The company's Q1 2025 performance improved due to increased sales volume and prices, along with cost reduction efforts, resulting in a year-on-year growth [2] - The agricultural pesticide industry is showing signs of improvement in supply and demand, although competition remains fierce and prices are still low [2] Group 2: Sales and Market Impact - In 2024, international sales accounted for 47% of the company's revenue, with exports to over 30 countries including the USA, Canada, Brazil, Argentina, Australia, and India [3] - The company’s main raw materials were exempt from the previous "reciprocal tariffs" imposed by the US, and recent adjustments in US-China tariff policies are expected to have minimal short-term impact [3] Group 3: Future Plans and Developments - The company is focused on completing key projects in Jingzhou and Yueyang on schedule and accelerating product registration [2] - The chlorantraniliprole project is progressing well, with a 5,000 tons/year production facility under construction [3] - The enzyme-based precision glyphosate project in Hunan has been commissioned and is operating normally [3] Group 4: Corporate Governance and Acquisitions - The company is in communication with its controlling shareholder regarding potential changes, which will follow necessary approval processes [3] - The acquisition of Shandong Huimeng is still in the due diligence phase, with information disclosure to be handled according to regulations [3]

证券代码：000959 证券简称：首钢股份 北京首钢股份有限公司投资者关系活动记录表 编号：2025-07 | |  特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | |  现场参观其他 | | 活动参与人员 | 中信建投证券 王晓芳 中金公司 陈彦、张树玮 | | | 长江证券 吕士诚 | | | 民生加银基金 郭天逸 | | | 华创证券 马野 | | | 泓德基金 孙成斌 | | | 和谐汇一基金 赵辰 | | | 国泰海通证券 王宏玉 | | | 广发证券 沈涛、宫帅 | | | 工银瑞信基金 李书颀 | | | 富国基金 薛阳 | | | 东方财富证券 孟宪博 | | | 首钢股份 孙茂林、刘同合、乔雨菲、齐春雨、崔秀美、杨志宇、赵 | | | 海瑞、孙志慧、高攀、郝成柱、杨健 | | 时间 | 年 月 日 9:00—12:00 2025 5 28 | | 地点 | 迁钢公司办公中心东配楼 302 会议室 | | 形式 | 现场调研 | | | 造、精品制造、精益制造、精准服务"战略 ...

Group 1: Company Overview - Shenzhen Sunlord Electronics Co., Ltd. operates in the electronic components industry with four main product lines: magnetic devices, sensitive and sensor devices, microwave devices, and precision ceramics [2] - The company has established a strong market position and high market share in traditional business areas such as mobile communications, consumer electronics, and industrial automation [2] Group 2: Business Development - The automotive electronics sector is a key area for future growth, with the company actively competing in the high-end automotive electronic components market since 2009 [3] - The company has achieved comprehensive coverage in electric vehicle applications, including intelligent driving and smart cockpit scenarios [3] Group 3: Emerging Markets - New business areas such as automotive electronics, data centers, hydrogen fuel cells, and humanoid robots are being aggressively developed, leveraging the company's advantages in customer resources and R&D capabilities [3] - The data center market is strategically important, with the company supplying various power inductors and tantalum capacitors tailored for power management solutions [4] Group 4: Competitive Advantages - The company maintains a competitive edge through strategic positioning in emerging industries, strong R&D capabilities, and a diverse delivery and quality assurance system [4][5] - Continuous investment in R&D and talent development is aimed at enhancing management, product development, and market expansion capabilities [5]

Group 1: Production and Operational Performance - The complete cost of pig farming in April 2025 was approximately 12.4 CNY/kg, with a survival rate of around 83% and a PSY of about 28 [4] - About 30% of the farms had a complete cost below 12 CNY/kg, with some excellent farms managing to keep costs under 11 CNY/kg [4] - The average daily weight gain for fattening pigs was around 830g, and the feed-to-meat ratio during the fattening phase was approximately 2.8 [4] Group 2: Slaughter and Meat Business Performance - The capacity utilization rate for the slaughter and meat business exceeded 70%, showing significant year-on-year improvement [5] - The improvement is attributed to the expansion of sales channels and enhanced internal operational capabilities [5] - Future efforts will focus on improving operational efficiency, enhancing product segmentation, and better understanding consumer demands to boost profitability [5] Group 3: Hong Kong Stock Issuance Considerations - The Hong Kong stock issuance is a key step in the company's global strategy, aiming to leverage technical advantages and cost control capabilities [6] - The funds raised will be used for global expansion, R&D investments, and to supplement working capital [6] - The company aims to attract more international and long-term investors to optimize its shareholder structure [6] Group 4: Issuance Timeline and Planning - The company submitted its application for H-share listing on May 27, 2025, and is awaiting approvals from relevant regulatory bodies [7] - The issuance timing and scale will be determined based on market conditions and investor acceptance [7] - The project is progressing smoothly, with updates to be provided in accordance with legal requirements [8] Group 5: Future Development Plans - From 2018 to 2020, the company experienced rapid growth, transitioning to high-quality development in 2021 [9] - Future plans include focusing on core business, exploring growth opportunities through industry connections, and advancing international strategies [9] - The company aims to enhance production performance and utilize existing capacity effectively [9]

证券代码：300872 证券简称：天阳科技 债券代码：123184 债券简称：天阳转债 天阳宏业科技股份有限公司 投资者关系活动记录表 编号：2025 - 04 | 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（请文字说明其他活动内容） | | | 参与单位名称及人员姓名 | 长城财富保险资产管理股份有限公司、上海申九资产管理有限公司、 | | | | 中泰证券股份有限公司、交银施罗德基金管理有限公司、广东伟晟 | | | | 投资有限公司、泰信基金管理有限公司、太平基金管理有限公司、 | | | | 工银瑞信基金管理有限公司、明世伙伴私募基金管理（珠海）有限 | | | | 公司、新华资产管理股份有限公司、招商信诺资产管理有限公司、 | | | | 上海慧琛私募基金管理有限公司、东方基金管理股份有限公司、天 | | | | 弘基金管理有限公司、中国人保资产管理有限公司、工银理财有限 | | | | 责任公司、中国人寿养老保险股 ...

Group 1: Market Demand for Inorganic Iodides - The market for inorganic iodides is expected to grow significantly due to increasing demand in the pharmaceutical sector, driven by rising healthcare expenditures and an aging population [2] - The demand for contrast agents in medical imaging, particularly in oncology and cardiovascular diagnostics, is projected to increase, contributing to the expansion of the domestic contrast agent market [2] - The rapid development of the global pharmaceutical industry, especially in new drug research and development, is creating a broader market space for high-quality pharmaceutical intermediates, including inorganic iodides [2] Group 2: Applications in Electronics Manufacturing - The domestic production capacity of polarizers is increasing, with polarizers accounting for approximately 10% of the total cost of liquid crystal panels, where iodinated polarizers dominate with an 80%-90% market share [3] - Iodine and potassium iodide are essential raw materials for the production of iodinated polarizers, indicating a strong link between the electronics manufacturing sector and the demand for inorganic iodides [3] Group 3: Company Strategy and Talent Development - The company emphasizes talent development as a core competitive advantage, focusing on innovative recruitment and high-end talent acquisition to enhance overall competitiveness [3] - A dedicated training institution, referred to as the Future Academy, is established to improve employee skills and cultivate young talent, alongside partnerships with external consulting firms for customized training [3] Group 4: Trade Business and Customer Relations - The company's trade business primarily involves the export of refined iodine and other non-self-produced products, catering to the procurement needs of downstream pharmaceutical and chemical clients [3] - This business model not only meets diverse procurement needs but also strengthens strategic cooperation with clients, enhancing customer loyalty and business synergy [3]

Group 1: Revenue Growth and Market Strategy - The company achieved revenue and profit growth in 2024, marking a significant year for its global and group development strategy [1][2] - Key drivers for revenue growth include market-oriented strategies, optimization of industrial layout, and international expansion [2][3] - The company invested approximately 690 million in R&D, enhancing its product system and market coverage [2][3] Group 2: Technological Innovation - The company has established a comprehensive innovation system, leading to significant advancements in wind turbine design and control technology [3][4] - The self-developed main control system has reduced costs by over 30% and delivery times by 50%, achieving economic benefits exceeding 100 million [3][4] - The company maintains a leading position in technology innovation, particularly in offshore wind power with successful product launches [4][5] Group 3: Market Expansion and Competitive Position - The company is focusing on deep-sea wind power as a key area for future development, with ongoing projects in Zhejiang province [4][5] - In 2024, the company’s overseas bidding capacity increased by over 100%, achieving breakthroughs in the Middle East and North Africa [6] - The company aims to enhance its global strategic layout and increase overseas order volumes to drive future profit growth [6]

Company Overview - Jiuzhou Group was founded in 1993, focusing on smart distribution networks and energy sectors, and is a leading provider of new power and energy infrastructure [1] - The company is a national key high-tech enterprise and was successfully listed on the Chinese Growth Enterprise Market in 2010 (stock code: 300040) [1] - Jiuzhou Group has established three core business segments: smart distribution networks, new energy, and comprehensive energy services, supported by over 40 subsidiaries across various provinces [2] Business Performance - In 2024, the order amount for smart distribution network equipment exceeded 800 million CNY, a year-on-year increase of over 30% [4] - As of Q1 2025, the company has won bids totaling over 260 million CNY, marking a historical high for the same period [11] - The company has accumulated over 10 billion CNY in national subsidy receivables, with a low risk of not receiving subsidies due to compliance checks [5][7] New Energy Development - As of December 2024, Jiuzhou Group has constructed, controlled, and held new energy power station capacity exceeding 2.7 GW, with an additional 1 GW in projects under construction [3] - The company has a dual-engine business structure combining wind and solar energy with smart equipment manufacturing [2] - The company has secured five heating asset concessions in rural areas, with projects expected to be operational between Q4 2025 and mid-2026 [9] Strategic Goals - The company aims for a 30% revenue growth in the smart distribution network segment, 10% in new energy generation, and 10% in comprehensive energy services for 2025 [17] - The company plans to maintain its total equity capacity of new energy assets between 1.5 GW and 2 GW, focusing on long-term holdings while gradually selling older projects [6] Market Position and Future Outlook - The company has a strong market presence, with products applied in thousands of domestic and international infrastructure projects across various industries [2] - The management is optimistic about future growth, driven by increased investment in the power grid and the transition of clean energy projects from development to construction phases [11] - The company is actively expanding its overseas market presence, particularly in regions aligned with national strategies, such as the Belt and Road Initiative [12]

Group 1: Company Overview and Market Position - The company operates in the smart card industry, which has a market capacity that is stabilizing but facing saturation in traditional applications. However, new applications in IIoT, AIoT, and eSIM are driving growth [1] - The gross margin for the smart card business is approximately 20%, positioning the company at a medium level within the industry [1] - The company is transitioning towards the super SIM card sector to enhance value and market space [2] Group 2: Competitive Advantages - The company is the first in the industry to offer a one-stop service, integrating the entire supply chain from chip application development to end-user delivery, which enhances product consistency and customer loyalty [2] - Over 60% of the company's product sales are international, with established partnerships with global leaders like THALES and IDEMIA, showcasing strong global operational capabilities [2] - The company has a robust project delivery and local service capability, having secured contracts with major Chinese telecom operators [2] Group 3: Semiconductor Business Development - The company entered the power semiconductor packaging materials sector in 2019, leveraging its existing technology to tap into a high-potential market [3] - Future plans include accelerating production of thermal management products and expanding customer bases in the power module sector [3] Group 4: Research and Development Investment - The company maintains a consistent investment in R&D, focusing on core technologies and optimizing resource allocation based on market feedback and financial status [4] - R&D personnel compensation is a significant portion of the R&D budget, with ongoing employee stock ownership plans to incentivize innovation [4] Group 5: Overseas Market and Production Capacity - Overseas operations account for over 60% of revenue, with production facilities in India and Indonesia achieving utilization rates of 70%-80% and 80%-90%, respectively [5] - The company emphasizes local production to enhance responsiveness to customer needs [5] Group 6: Customer Stability and Risk Management - The smart card business remains the primary revenue source, with a high customer concentration. Long-term agreements with major clients mitigate dependency risks [6] - The revenue share from the top five customers decreased from 87.92% in 2023 to 77.75% in 2024, indicating diversification efforts [7] Group 7: Liquid Cooling Business - The company has developed liquid cooling products with integrated designs that enhance efficiency and reliability, targeting high-performance computing needs [7] - The products are in the final stages of preparation for mass production, with a focus on meeting the rising demand in AI and data center markets [7] Group 8: Smart Security Business - The company is leveraging its expertise in digital information security to develop smart security solutions, particularly in transportation safety [8] - Current efforts are focused on market promotion, with ongoing exploration of business models [8] Group 9: Challenges and Opportunities - Key challenges include rapid technological changes and market entry risks for new businesses, which could impact production efficiency and competitiveness [9] - Opportunities exist in the growing demand for efficient cooling and packaging materials in AI and high-performance computing sectors, with potential for rapid growth [9] Group 10: Chip Production and Partnerships - The company primarily sources smart card chips externally, with some proprietary chips for internal use and external sales [10] - The company has not yet established a partnership with Huawei in the liquid cooling sector but remains open to future collaborations [10] Group 11: Acquisition Strategy - The company is cautious about pursuing acquisitions, focusing on long-term stability and evaluating potential targets within the industry [10] Group 12: Risk Disclosure - The company acknowledges risks associated with new product development, including technological, market, and validation risks, and commits to timely information disclosure [12]

Group 1: Market Overview and Impact - In 2024, the domestic massage product market is expected to experience a rebound in the fourth quarter due to government consumption subsidy policies, following a weak demand in the first three quarters [2] - The company is actively conducting promotional activities, including a trade-in policy, which has positively impacted product sales [2] Group 2: Competitive Strategy - The company is committed to long-termism and focuses on the health industry, emphasizing innovation and technological advancement in its "AI + massage" product line [3] - The market penetration rate for health massage products is currently low, indicating potential for future growth [3] Group 3: Financial Performance - The company's gross margin is expected to decline in 2024 due to rigid operational costs and product structure adjustments, while continuing to invest in the health massage industry [4] Group 4: International Operations and Tariff Impact - Non-U.S. business dominates the company's global operations, with U.S. sales accounting for less than 25% of total revenue [5] - The company is gradually resuming shipments to the U.S. after a temporary halt due to a 30% tariff adjustment, with overseas ODM business primarily settled on a FOB basis [5] - The establishment of a factory in Vietnam is expected to enhance supply chain capabilities and improve operational resilience [5] Group 5: Convertible Bond Strategy - The company decided not to adjust the conversion price of its convertible bonds during the board meeting on December 13, 2024, and will not propose any downward adjustments for the next six months [6]