Group 1: Market Performance and Value Management - The company acknowledges recent stock price volatility, attributing it to macroeconomic factors, industry cycles, and market expectations. It emphasizes the importance of market value management and has integrated value management indicators into its assessment system [1][2][4] - The company aims to enhance operational efficiency and high-quality development while actively communicating its investment value to the capital market [2][4] - The revenue target for 2025 is based on market foresight and does not represent a definitive earnings forecast [2] Group 2: Operational Updates - The company reports stable production and order fulfillment for special equipment and superhard materials in Q3, with operations proceeding as planned [2][3] - The company is committed to maintaining normal production and delivery schedules based on annual orders for special equipment [3][4] Group 3: Investor Confidence and Stock Management - The company is aware of investor concerns regarding stock performance and is considering stock buyback options based on financial and operational conditions [4] - The major shareholder's stock sale was conducted in compliance with regulatory requirements to optimize personal funding, not as a reflection of the company's market value [3][4] Group 4: International Business Development - The company is exploring opportunities in the Middle East for defense equipment sales, leveraging third-party channels for military trade [4]

Market Demand and Product Development - The medical rehabilitation field has a pressing demand for brain-machine interfaces, particularly for patients with paralysis and epilepsy [2] - The company is primarily engaged in neurosurgery, offering Class III medical devices such as artificial dura mater patches and craniofacial repair systems [2] Financial Performance - In the first half of 2025, the sales revenue from dura mater products reached CNY 71.36 million, a year-on-year increase of 3.24% [3] - The sales revenue from absorbable regenerated cellulose and dura mater medical glue totaled CNY 38.32 million, marking a significant growth of 169.66% compared to the previous year [4][7] - Overseas revenue for the company reached CNY 38.10 million, reflecting a growth of 50.96% year-on-year [8] Strategic Collaborations and Innovations - The company has established deep collaborations with top research institutions like Tsinghua University, which provides a strong opportunity for entering the brain-machine interface field [2] - The company’s self-developed dura mater medical glue, Ruigu, was launched in February 2023 and has received MDR certification, allowing for legal sales in EU markets [5][7] Market Trends and Challenges - The overall market size for craniofacial repair and fixation in China reached CNY 1.75 billion in 2023, with a compound annual growth rate (CAGR) of 15.3% from 2018 to 2023, indicating significant replacement potential for traditional materials [3] - Challenges in replacing traditional titanium materials with PEEK include high technical barriers and the need for clinical acceptance [3] Future Outlook - The company plans to expand its market share in domestic and international markets by enhancing its neurosurgery solutions and increasing brand influence [8] - The company is actively pursuing the acquisition of a medical technology firm to broaden its capabilities in bio-synthetic materials [6]

Group 1: Investment Plans and Projects - The company plans to invest 210 million in Xinjiang to expand high-pressure aluminum foil production capacity, optimizing product structure to meet future demand [2] - The impact of the construction of the Yajiang Hydropower Station and the Xinjiang Railway on the company's projects was discussed, emphasizing the strategic importance of these developments [2] Group 2: Technological Advancements - The company has developed etching technology for aluminum foil below 15μm, enhancing active material adhesion by over 50%, which extends battery cycle life [2] - Research on 4μm ultra-thin copper foil coating technology is underway, significantly improving fast-charging technology for high energy density applications [2] - The high-quality etching technology is still in the R&D phase, with no production timeline provided [2] Group 3: Collaboration and Certification - The company is working on a 100kW motor controller for aircraft, currently in the design and testing phase, with system matching ongoing [2] - Development of a high-power density SiC motor controller for heavy-duty vehicles has been completed, with ongoing discussions for cross-industry applications, including marine certification [2] - The collaboration with Baidu on autonomous driving chassis technology is in the early R&D stage, with potential contributions to the company once Baidu's plans are successful [3]

编号：2025-003 | | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | | | □新闻发布会 □路演活动 | | | 动类别 | □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 | 线上参与的投资者 | | | 时间 | 年 月 9 19 日（星期五）15:30-17:00 | 2025 | | 地点 | 公司通过全景网"投资者关系互动平台"（http://rs.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待 | 董事长 李永祥 | | | | 总裁兼财务负责人 易 雨 | | | 人员姓名 | 副总裁兼董事会秘书 蒋卫龙 | | | | 独立董事 黄 浩 | | | 投资者关系活 | 投资者提出的问题及公司回复情况 尊敬的投资者，您好！2025 | | | | 公司就投资者在本次交流中提出的问题进行了回复： | | | | 1．公司有无新的利润增长点，在提质增效上有何新亮点？ | | | | 年，公司在巩固塑料空调风 ...

Group 1: Company Expansion and Market Strategy - The company is considering mergers and acquisitions for rapid expansion while maintaining a cautious and proactive approach [2] - Future global market plans include establishing an overseas manufacturing layout and enhancing supply chain security [2][3] - The company aims to deepen market penetration in emerging and mature markets, focusing on reducing trade dependency on single regions [2][5] Group 2: Financial Performance and Cash Flow Management - In the first half of 2025, the company's net cash flow from operating activities decreased by 11.72% year-on-year due to increased cash outflows from seasonal raw material procurement [3] - The net profit for the first half of 2025 increased by 6.68% year-on-year, driven by steady business expansion and effective cost control [3][4] Group 3: Digital Transformation and Innovation - The company has invested in digital transformation, resulting in improved operational efficiency and cost control through real-time data sharing and AI applications [4] - Future investments in digitalization will follow a "strategic orientation, demand-based investment" principle to ensure resource alignment with transformation needs [4] Group 4: Product Development and Market Adaptation - The company plans to innovate in green energy, smart home, and kitchen health product areas, with new products to be announced in future releases [4] - Strategies to adapt to increasing global competition include enhancing digital transformation, strengthening technological innovation, and optimizing global layout [5]

Group 1: Project Updates - The Xiong'an project has incurred a loss of CNY 170 million, with a corresponding capital reserve of CNY 170 million. The project is no longer in operation as it does not align with the new planning of the Xiong'an New Area, and the company ceased its implementation in 2021 [1] - The Northeast agricultural biomass project has been continuously losing money. The company is taking measures such as deploying specialized personnel and improving fuel inventory to enhance operational performance [1] - The Yutai project has resulted in an investment loss of over CNY 30 million after its sale [1] Group 2: Financial Projections - The expected investment return from the sale of the Zhongshan project equity is approximately CNY 210-220 million (unaudited), with the final amount depending on the asset condition at the time of equity transfer [2] - The company has started receiving renewable energy subsidy funds for projects that have entered the subsidy directory this year, but the full amount of overdue subsidies has not yet been settled [2] - The transaction for the asset sale to Zhongshan Public Utilities is currently undergoing approval procedures from the Zhongshan Urban Management and Comprehensive Law Enforcement Bureau [2]

Group 1: Financial Performance - In the first half of 2025, Midea Group achieved total revenue of CNY 252.3 billion, representing a year-on-year growth of 15.7% [8] - The net profit attributable to shareholders reached CNY 26 billion, up 25.0% year-on-year, while the net profit excluding non-recurring items was CNY 26.2 billion, reflecting a 30.0% increase [8] - Since its overall listing in 2013, Midea has distributed over CNY 134 billion in cash dividends and has conducted share buybacks exceeding CNY 3.3 billion [2] Group 2: Robotics and Automation - Midea has established a humanoid robot innovation center to focus on core components and complete machine development [3] - The company aims to integrate AI technology into home appliances, enhancing them with features like visual recognition and robotic arms [3] - Midea's humanoid robot prototype, capable of performing various tasks, was unveiled in March 2025, with plans to enter commercial settings by the second half of the year [3] Group 3: International Market Strategy - Midea's OBM (Own Brand Manufacturing) revenue accounted for over 45% of its overseas smart home business in the first half of 2025 [4] - In the Americas, Midea's air conditioning products achieved double-digit growth, with market leadership in South America and North America [4] - The company is expanding its overseas manufacturing footprint and enhancing product competitiveness through localized user insights [9] Group 4: Industrial Robotics - Following the acquisition of KUKA in 2017, Midea has focused on localizing its industrial robotics business to provide cost-effective solutions for Chinese customers [5] - Midea is addressing key component challenges in heavy-duty industrial robots and has made progress in integrating vertical sectors [5] Group 5: Energy Solutions - Midea Energy launched a "Storage + Heat Pump + AI" strategy at the 2025 International Solar Energy and Smart Energy Exhibition [6] - The company aims to provide comprehensive energy solutions across various sectors, including residential, commercial, and industrial applications [7]

Financial Outlook - The company projects a revenue of 1.8 billion CNY for 2025, with a net profit of 100 million CNY and a net profit of 90 million CNY after excluding non-recurring gains and losses [2][3] - The financial targets are internal management indicators and do not constitute a formal profit forecast or commitment to investors [2] Strategic Focus - The management will focus on several key areas to achieve the financial targets, including: - Market-oriented innovation and breakthroughs [3] - Active market expansion to consolidate market share [3] - Implementation of lean management to enhance quality and efficiency [3] - Promotion of expansion projects to increase production capacity [3] - Strengthening cost control to improve overall efficiency [3] - Optimizing internal management for standardized operations [3] Market Engagement - The company is currently focused on the development of liquid product packaging equipment and has no immediate plans to enter other machinery sectors [3] - As of September 15-19, 2025, the company participated in the drinktec 2025 exhibition in Munich, Germany, engaging in technical exchanges and business discussions with global enterprises [3] - The number of shareholders is to be disclosed in the company's regular reports [3]

Group 1: Investor Relations Activity - The company participated in the "2025 Guangdong District Investor Collective Reception Day and Mid-Year Performance Briefing" held on September 19, 2025, via the interactive platform [2] - The event was organized by the Guangdong Securities Regulatory Bureau and the Guangdong Listed Companies Association [2] Group 2: Key Questions and Answers - The company reported good production and delivery conditions for the third quarter [3] - There is a focus on liquid cooling systems and related temperature control equipment for data centers, with no current plans for silicon carbide business [3] - The company has seen a significant increase in new orders this year, particularly in data center-related orders [3]

Group 1: Investor Relations Activity - The investor relations activity was held on September 19, 2025, via an online platform, focusing on performance explanation [2] - The meeting was attended by key company executives, including the Chairman and General Manager [2] Group 2: Dividend Policy - The company plans to implement a mid-year dividend in 2025, distributing RMB 0.50 per 10 shares (including tax) [2][3] - Since its listing in 2022, the company has distributed a total of over RMB 580 million in cash dividends [4] Group 3: Financial Performance and Management - The company reported a net profit of RMB 97.21 million for the year 2024 [3] - The company raised RMB 2.6 billion, with RMB 300 million used for actual investments, RMB 1.1 billion for working capital, and RMB 1 billion for financial management [3] - Concerns were raised regarding declining sales revenue and profits, with suggestions to use financial management funds for stock buybacks [3] Group 4: Future Plans and Technology Integration - The company is integrating smart manufacturing technologies, including DCS for real-time monitoring and data collection [3] - There are no current plans to use excess funds for stock buybacks, but the company will comply with legal disclosure obligations if such plans arise [4]