Business Strategy - The company will focus on deepening and upgrading existing product categories while cautiously expanding into new ones, particularly in women's and sportswear, which have shown strong growth recently [2][3] - The company plans to continue regional expansion and diversify channels, leveraging successful experiences from the North American market to enhance operations in Europe, which saw a doubling of clothing business in 2024 [4][3] Channel and Market Development - The company aims to strengthen its presence on Amazon while exploring emerging channels like Temu and TikTok, with plans to expand offline channels in 2025 [4][5] - The company has established a robust overseas supply chain in Southeast Asia, with a factory in Vietnam operational since late 2024, to mitigate risks from tariff increases [5][6] Response to Tariff Increases - The company has implemented a tiered pricing strategy to adjust prices based on market competition and product category dynamics, ensuring a balance between brand value and market competitiveness [5][6] - It is actively exploring new markets with lower tariff risks to diversify regional policy risks [6] Logistics Business Growth - The logistics business has developed a mature service system, with new overseas warehouses increasing total area to over 180,000 square meters, significantly improving delivery efficiency [7] - In 2025, the company will continue to enhance smart warehousing and seek strategic partnerships with major industry clients to create a differentiated competitive advantage [7] Marketing Strategy - The marketing strategy for 2025 will focus on optimizing promotional efforts based on data analysis and market insights, aiming for higher efficiency and return on investment [8] Non-Apparel Business Improvement - The company will control the scale of non-apparel business investments while optimizing processes to improve profitability, focusing on core apparel categories for comprehensive expansion [9]

Group 1: Company Performance and Outlook - The company is confident in achieving stable revenue growth in 2025 according to market expectations [2] - The decline in profit for 2024 is primarily due to increased expenses, including new depreciation, asset impairment, convertible bond financial costs, employee stock plan costs, and reduced exchange gains [2] Group 2: Export and Production Strategy - The company plans to gradually shift its current export business to the United States and some new businesses to its factory in Thailand starting in the second half of the year [2] - The Thai factory has completed the first phase of construction and equipment installation, with small-scale production expected to begin in June 2025 [3] - The establishment of the Thai factory will facilitate the exploration of new export markets in North America and Europe, as well as support localization in the Southeast Asian automotive parts market [3] Group 3: Industry Position and Collaboration - The company aims to collaborate with terminal manufacturers that have R&D capabilities to participate in the design and testing of various robotic joint components, thereby building its own product design and testing capabilities [3]

Group 1: Company Overview - The company primarily focuses on planetary gear reducers and screw-type reducers, with plans to expand based on future customer and market demands [1] - The core equipment is mainly imported, and the overall capacity utilization rate is over 60% [1] Group 2: Business Performance - The differential assembly business is expected to see stable growth in 2025, with new project confirmations from clients [1] - Revenue for 2025 is anticipated to maintain stable growth according to current customer and market expectations [1] Group 3: Financial and Investment Insights - The company has over 100 million remaining from fundraising, which is still being invested [2] - There are no current plans for forced redemption of convertible bonds; future decisions will depend on conversion ratios and other factors [1] Group 4: International Expansion - The Thailand factory has completed the first phase of construction and equipment installation, with plans to begin small-scale production in June 2025 [2] - An investment intention has been signed with the Moroccan local government, with plans to acquire land within the year [2] Group 5: Customer Impact - The impact of annual customer declines is relatively smaller due to a high proportion of foreign, joint venture, and export businesses [2]

Group 1: Company Overview - The company is Jiangsu Pacific Precision Forging Technology Co., Ltd. with stock code 300258 and bond code 123174 [1]. Group 2: Investor Relations Activity - The investor relations activity took place on May 14, 2025, at 14:00 in the conference room of the second factory of Precision Forging Technology [2]. - Participants included representatives from Huafu Securities and Shanghai Securities [2]. Group 3: Business Development - A joint venture for "joint electric drive" was established in March 2025, focusing on the development and market expansion of robotic joints [2]. - The company is actively involved in lightweight research for robotic components, recognizing it as a future trend [2]. Group 4: Product and Market Strategy - The commercial vehicle solenoid valve business in Ningbo is set to begin mass production this year, with new projects already receiving customer approvals [3]. - The company generates over 80% of its revenue from foreign, joint venture, and export businesses [3]. Group 5: Strategic Partnerships - The collaboration with Aima Technology, a major supplier of automation equipment, leverages Japanese industrial robot technology to enhance project capabilities [2]. - The Thai factory has completed phase one of construction and is scheduled to start small-scale production in June 2025 [3]. Group 6: Future Plans - The company plans to continue expanding its product categories, focusing on robotic joint business planning, and developing overseas production bases [3]. - There are no current plans for forced redemption of convertible bonds, with future decisions based on conversion ratios [3].

Company Overview - The company specializes in multi-station high-speed automatic cold forming equipment, primarily used for manufacturing various metal parts at room temperature [2][3] - Cold forming technology is defined as "bulk metal forming technology at room temperature" [5] Equipment Features and Advantages - High-speed multi-station equipment can produce dozens to hundreds of parts per minute, enhancing production efficiency and saving space and labor [3] - The process improves mechanical properties such as tensile strength compared to cutting processes [3] - High material utilization with minimal or no cutting required [3] - Capable of processing complex and hard-to-cut metal parts [3] Production and Delivery - Production time varies significantly based on equipment specifications, with small to medium models taking 3-5 months and larger, customized models taking 6-12 months [5] - The company currently has a robust order backlog and tight production scheduling [5] Industry Characteristics - The cold forming equipment industry does not exhibit significant seasonal characteristics, as demand is influenced more by client orders and investment plans [6] Application Fields - Key application sectors include automotive, machinery, nuclear power, wind power, electrical, railways, construction, electronics, military, aerospace, petrochemicals, and shipbuilding [7] - New application areas such as industrial robotics and security are emerging, though they currently represent a small revenue share [7] Market Size and Share - The company is the first publicly listed cold forming equipment manufacturer in A-shares, but lacks authoritative sales statistics for market size and share [9] - The company aims to expand its market share by enhancing R&D and production capacity while improving marketing and after-sales services [9] Profitability and Product Development - Higher station counts in cold forming equipment generally correlate with higher profit margins [10] - The company has transitioned from producing 3-4 station models to 7-8 station products, enhancing product value [10] Marketing Strategy - The company employs a direct sales model, utilizing industry exhibitions and advertisements for customer outreach [11] - Key international markets include India, Thailand, Turkey, Egypt, Brazil, Argentina, Algeria, Malaysia, and Tunisia [11] Technological Advancements - The company is developing multi-station intelligent precision warm forging equipment, with prototypes currently in testing [12] - The warm forging technology aims to improve metal structure and enhance load capacity for complex parts [12] Talent Development - The company focuses on cultivating skilled technicians with a commitment to craftsmanship and innovation [12]

Group 1: Investor Relations Activities - The investor relations activity included a site visit and an annual shareholder meeting on June 6, 2025, from 14:30 to 18:00 [2] - Participating institutions included Shenzhen Jiuwen Asset Management, Shenzhen Shouze Investment, and others [2] - Company representatives included Chairman Tang Xuejiao, Directors Zhu Chi, and independent directors [2][3] Group 2: Key Discussion Topics - The company addressed inquiries regarding annual performance changes, Q1 report performance, and solid-state battery technology routes [3] - Progress in the robotics sector and the semiconductor business outlook were also discussed [3] - The focus on R&D investment directions and the company's five-year development strategy were highlighted [3] Group 3: Investor Engagement and Feedback - The event included a tour of the R&D center, showcasing new product features and the product development iteration mechanism [3] - This engagement enhanced investors' recognition of the company's value [3] - No new content was introduced compared to previous surveys, and participants were reminded to refer to earlier investor activity records [3]

Group 1: Low-altitude Economy Strategy - The company has developed a "drone equipment digital identity security solution" based on its IoT technology, addressing the digital identity and security connection needs in the low-altitude economy [1] - The "FlightGuard" project, developed in collaboration with multiple institutions, won an award at the 2025 Mobile World Congress, providing a systematic solution for security control in drone logistics and cross-border collaboration [1] - The company aims to enhance its "digital identity + industry comprehensive application capability" to build a multi-dimensional security protection system covering air, land, and sea [1] Group 2: Digital Currency Initiatives - The company is actively involved in the development of blockchain, privacy computing, and digital wallet technologies, participating in the national digital RMB program and product validation [2] - It has successfully launched digital RMB-related products, including hard wallet cards and reading devices, leveraging its core technology advantages in blockchain and 5G [2] - The company has developed a mobile SIM card (BSIM) with blockchain account management features in collaboration with research institutes, combining mobile communication and financial asset management [2] Group 3: International Market Expansion - The company is responding to the "Belt and Road" initiative, establishing a "dual circulation dual pillar" international development pattern with 5 overseas subsidiaries and 3 production bases [2] - Its business covers Southeast Asia, the Middle East, and Europe, with a significant global market presence, and plans to strengthen penetration in emerging markets like South America and Africa [2] Group 4: Capital Operation Planning - The company plans to promote external growth through industry-finance integration, focusing on high-quality marketable targets in the digital economy [2] - It seeks opportunities for vertical and horizontal mergers and acquisitions to achieve synergy between industrial operations and capital management [2]

Group 1: Partnership with Marriott - The global nature of the MSA signed with Marriott allows for easy expansion into other regions like Asia-Pacific and Europe by adding a "Service Schedule" as per the agreement [2] - The integration of DAYLIGHT PMS with Marriott's new central reservation system and other group-level systems is planned to follow a specific timeline [3] - The successful implementation of Marriott in China, where there are over 600 hotels, is expected to significantly boost revenue and provide additional value-added services [5] Group 2: DAYLIGHT PMS Overview - DAYLIGHT PMS operates on a standard SaaS business model, charging subscription fees based on the number of hotel rooms and the features used [6] - The main functionalities of DAYLIGHT PMS include managing guest check-ins, room management, housekeeping, and financial systems, integrating with various subsystems [7] - Compared to previous contracts with InterContinental and Peninsula, Marriott's requirements for DAYLIGHT PMS are more comprehensive, particularly regarding group-level integration [7] Group 3: Brand Positioning and Market Strategy - The brand upgrade of DAYLIGHT PMS is centered around the "Day and Night" concept, reflecting the continuous service nature of the hospitality industry [8] - The company aims to position itself as a leading PMS provider globally, leveraging its technological advantages and existing high-profile clients [8] - The strategy for entering the U.S. market will be gradual, despite the capability to operate globally [4]

| 83 | 长江证券 | 郭敬超 | | --- | --- | --- | | 84 | 招商证券 | 刘玉萍 | | 85 | 招银理财 | 周迪 | | 86 | 震峰私募证券基金 | 单英豪 | | 87 | 正圆私募基金 | 亓辰 | | 88 | 中金公司 | 李铭姌 | | 89 | 中金公司 | 童思艺 | | 90 | 中信建投 | 李楚涵 | | 91 | 中信建投 | 应瑛 | | 92 | 中信建投证券 | 梁斌 | | 93 | 中信证券 | 马庆刘 | | 94 | 中信证券 | 刘雯蜀 | | 95 | 中银国际证券 | 张岩松 | | 96 | 中银基金 | 张响东 | | 97 | 中邮证券 | 丁子惠 | | 98 | 中邮证券 | 常雨婷 | | 序号 | 机构名称 | 姓名 | | --- | --- | --- | | 1 | Manulife 宏利(香港)管理有限公司 | 李文琳 | | 2 | Pinnacle China SPC | 邱琳 | | 3 | Taikang Asset Management (Hong Kong) | 杨阳 | | | Compa ...

Group 1: Company Strategy and Market Focus - The company focuses on new consumer trends and the iteration of consumer electronics, particularly in the esports and gaming sectors, aiming to develop high-difficulty products for leading clients [2] - The company is also exploring new display fields with growth potential, such as automotive and AI products [3] Group 2: Product Development and Market Opportunities - The company’s entry into handheld gaming products is driven by high production standards from clients like Nintendo, a strong sales base from the Nintendo Switch, and the high profit margins in the esports and gaming segments [4] - The Nintendo Switch 2 has shown promising pre-sale performance, with the company meeting stringent requirements for its backlight module products [5] Group 3: Financial Performance and Projections - Despite a revenue decline in 2024, the company turned a profit due to increased production volumes and cost-reduction measures, with significant growth observed in Q1 2025 [7] - The company’s profit margins are expected to improve further due to a higher proportion of high-end clients and products, alongside the scale effects from increased production [7] Group 4: Supply Chain and Client Relationships - The company emphasizes technological iteration to maintain stable partnerships with key clients, ensuring reasonable profit levels and a solid supply chain position [6] - The company has established a strong influence in the industry through its long-term cooperation with major clients and the successful development of ultra-thin technology [5]