万兴科技的入局 AI 漫剧并非单纯的跨界扩展，而是其在数字创意软 件领域 20 多年的深耕基础上的自然延伸。万兴科技在全球拥有超过 20 亿 的累计活跃用户，涵盖了中长视频、短视频、内容营销等多个场景，其中 不少用户已在公司旗下的万兴喵影/Filmora、万兴天幕/ToMoviee 等产品中 进行漫剧创作，形成了一定用户基础。此外，在 AI 领域的持续投入下， 公司具备了领先的技术能力及成本优势。因此，万兴科技的目标是推出一 款专业且可规模化的 AI 漫剧制作工具，从而真正提升漫剧创作效率，降 低成本，并满足市场日益增长的需求。 证券代码：300624 证券简称：万兴科技 万兴科技集团股份有限公司 投资者关系活动记录表 编号：2026-001 | | □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 | （在线会议） | | | 中信证券-杨泽原、韩林轩；东方财富证券-李宇轩；中信建投证券-李楚 | | | 涵；长江证券-卢之晗；西部证券-谢忱；德邦证券-王思；天风 ...

Market Demand and Pricing Strategy - Current market demand remains weak, indicating a challenging environment for the company [2] - The company plans to maintain a "high-quality positioning" and "co-creation and win-win" philosophy to stabilize pricing amidst ongoing industry price wars in 2025 [2] Acquisition and Business Development - The acquisition of Beijing Songtian Cheng Technology Co., Ltd. aims to leverage its advanced technology and production capabilities in the gas and heating municipal pipeline sector, enhancing the company's competitive edge [2][3] - The company seeks to transition its municipal engineering business model from "selling individual products" to "selling integrated solutions" [3] Future Planning and Financials - The operational goals for 2026 are still under discussion, with specific indicators to be disclosed in the 2025 report [3] - The company has a stable and transparent dividend policy, maintaining an average payout ratio of 70-80% since its listing [3] Material Costs and Capital Expenditure - Significant price increases in copper have been noted, while polyethylene and polypropylene prices are experiencing low volatility [3] - Capital expenditures are primarily focused on expanding production facilities and upgrading equipment, averaging around 300 million yuan annually in recent years [3] Business Opportunities and Market Focus - The company will continue to prioritize customer and project selection, with an increased focus on expanding non-real estate business opportunities due to the lack of significant macroeconomic improvement [3]

Group 1: Market Outlook and Strategy - The domestic capital expenditure growth is expected to slow down in 2026, but structural opportunities remain, prompting the company to actively explore domestic market expansion and seize capacity expansion opportunities in niche markets [2][3] - In international markets, regions such as Southeast Asia, South Asia, Africa, and the Middle East are experiencing rapid increases in per capita beverage consumption, which the company aims to leverage for expanding international orders and improving order quality [2][3] Group 2: Production Capacity and Operations - The company currently has sufficient orders, and after the completion of factory expansion projects, it plans to enhance assembly efficiency through scientific production scheduling and lean manufacturing to meet delivery demands [3][4] - As of the first half of 2025, the revenue from the company's OEM (Original Equipment Manufacturer) business accounted for 6.05% of total revenue, primarily involving the production of PET preforms, bottled beverages, and daily chemical products [3] Group 3: Currency and Risk Management - The majority of overseas orders are settled in USD, with RMB and other currencies used for regional transactions; the company monitors exchange rate fluctuations and may engage in foreign exchange hedging to manage risks [3] - The payment performance of major clients in India is currently good, with no significant default risks reported [3] Group 4: Technology and Innovation - There is no straightforward substitution logic between dry and wet sterilization processes; the choice of technology depends on the product characteristics and production needs of clients [4] - The initial investment for dry sterilization lines is slightly higher than that for wet sterilization lines, but cost comparisons are highly dependent on customized client requirements [4]

Group 1: Market Demand and Competition - The demand for athletic shoes remains resilient as they are considered essential consumer goods, with significant growth potential in developing countries compared to developed markets like the US and Europe [2] - The overall consumption scale of footwear is expected to maintain long-term resilience despite short-term fluctuations due to macroeconomic factors [2] - The industry landscape is relatively stable, with limited large-scale new entrants due to the long development cycles and complexities in mass production management [2] Group 2: Order Outlook and Economic Impact - The company anticipates a conservative order forecast for 2026 due to uncertainties in the international political and economic landscape [3] - The company is actively pursuing a diversified customer strategy to enhance performance resilience amid economic uncertainties [3] Group 3: Profitability and Cost Management - The gross margin is expected to decline in 2025 due to several new factories being in ramp-up stages, with ongoing efforts to improve operational efficiency and cost reduction [3] - The company has achieved profitability in three out of four new factories launched in 2024, indicating progress in operational improvements [3] Group 4: Automation and Production Efficiency - Full automation in athletic shoe production is challenging due to the variety of styles, sizes, and materials, but the company is continuously upgrading production lines and collaborating with equipment manufacturers to enhance automation levels [4] - The company aims to reduce reliance on manual labor and improve production efficiency through customized equipment and process improvements [4] Group 5: Pricing Strategy and Revenue Impact - Changes in average selling prices are influenced by customer and product mix, with fluctuations in brand representation directly affecting average prices [5] - The company's diversified brand strategy and ongoing optimization of customer and product structures will impact average selling price trends [5] Group 6: Capital Expenditure and Dividends - The company plans to invest approximately RMB 1.1 billion to 1.7 billion annually in capital expenditures from 2022 to 2024 for new factory construction and automation upgrades [7][8] - The dividend payout ratio has been substantial, with cash dividends accounting for about 89% of net profit in 2021 and projected to be around 70% in 2024 [9]

证券代码：002439 证券简称：启明星辰 启明星辰信息技术集团股份有限公司投资者关系活动记录表 编号：2026-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ■业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | | 安-华创证券有限责任公司；马宗铠-东北证券股份有限公司；刘聪颖-中邮证券 | | | 苏仪-中泰证券股份有限公司；李铭姌-中国国际金融股份有限公司；孙诗洋-中 国国际金融股份有限公司；李楚涵-中信建投证券股份有限公司；魏宗-国泰海 通证券股份有限公司；库宏垚-国信证券股份有限公司；桂杨-兴业证券股份有 | | | 限公司；孟灿-国金证券股份有限公司；耿军军-国元证券股份有限公司；胡昕 | | | 有限责任公司；陈昭旭-中邮证券有限责任公司；张令泓-中银基金管理有限公 | | | 司；孔文彬-中国人保资产管理有限公司；刘颖飞-平安银行股份有限公司；冯 | | | 皓琪-西部利得基金管理有限公司；周昊-东兴基金管理有限公司；魏巍-中信期 | | 活动 ...

证券代码：300263 证券简称：隆华科技 答：公司于近期发布 2025 年业绩预告，预计全年业绩同比增长 40%-80%， 这一数据充分反映出公司第四季度经营状况实现显著改善。过去公司业绩 出现波动，一定程度上受计提减值等因素影响，2025 年公司重点推进财务 结构优化调整，取得了明显成效：公司此前存续的 8 亿元规模可转债已全 部完成转股，有效化解了大额未来财务费用压力。该笔财务费用虽不影响 公司现金流，但对合并报表利润存在一定影响，此次可转债全部转股，显 著优化了公司财务表现。目前，公司资产负债率已降至较低水平，整体财 务结构趋于稳健，财务健康度得到大幅提升。 未来，公司将持续加强财务管理工作，努力使经营业绩更贴合市场预期， 着力减少业绩大幅波动情况。例如，针对计提减值相关事项，公司将进一 步强化过程管理，在发现相关减值迹象时，及时开展评估工作，并将减值 金额适度分摊至各报告期，确保业绩表现的平稳性，这也是公司财务工作 后续持续努力的核心方向。 隆华科技集团（洛阳）股份有限公司 投资者关系活动记录表 1 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 ...

Group 1: Company Overview and Strategic Intent - The company, Ying Tang Intelligent Control Co., Ltd., focuses on electronic component distribution and has developed proprietary chips targeting MEMS micro-mirrors and automotive display chips [2] - The company aims to transform from electronic component distribution to upstream semiconductor design and manufacturing, continuing its strategic shift since 2019 [3][7] - The acquisition of Guanglong Integration and Aojian Microelectronics is valued at 808 million RMB, with over 60% of the payment made through share issuance [2][4] Group 2: Acquisition Details and Financial Projections - Guanglong Integration is expected to achieve a net profit of no less than 37.95 million RMB in 2026, 54.65 million RMB in 2027, and 70.50 million RMB in 2028 [4] - The acquisition is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with the timeline dependent on regulatory processes [4] - The company has completed specific agreement negotiations and signed an asset purchase agreement after nearly three months of discussions [2] Group 3: Market Demand and Growth Drivers - The demand for Guanglong Integration's products is primarily driven by traditional markets and domestic users, including telecom operators and system-level suppliers [5][6] - The growth of OCS (Optical Circuit Switching) technology is expected to accelerate due to the increasing demand for AI computing power and the expansion of data center infrastructure [8][9] - The transition from traditional copper interconnects to optical interconnects is gaining momentum, driven by the advantages of optical communication in speed and distance [9][10] Group 4: Risks and Challenges - The completion of the acquisition is contingent on successful regulatory approvals, which may pose risks of delays or cancellations [10] - There are uncertainties regarding Guanglong Integration's ability to meet performance commitments, which could impact the expected financial outcomes [10] - The company aims to expand its market presence and seek collaboration opportunities in the rapidly growing optical communication sector, but success will depend on effective resource integration and market conditions [10]

四季度部分物料存在供给紧张的情况，主要由于客户需求提升太 快，光芯片等物料的产能供给跟不上需求速度，对公司生产和出货有一 定影响。 三、投资者问答环节 Q1：2025 年四季度的有效税率情况？ 编号：2026-001 | 投资者关 | □特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 系活动类 | □业绩说明会 | □新闻发布会 | □路演活动 | | 别 | □现场参观 （电话会议） | 其他 ☑ | | | | 易方达基金；工银瑞信基金；大成基金；华泰柏瑞基金；永赢基金；中 | | | | | 欧基金；嘉实基金；华宝基金；泰康基金；安信基金；民生加银基金； | | | | | 海富通基金；中海基金；红土创新基金；南方基金；广发基金；长信基 | | | | | 金；华夏基金；长城基金；信达澳亚基金；中银基金；华安基金；新华 | | | | | 基金；睿远基金；中信保诚基金；西部利得基金；鹏华基金；农银汇理 | | | | | 基金；天治基金；融通基金；万家基金；汇添富基金；银河基金；国泰 | | | | | 基金；诺德基金；国投瑞银基金；中庚基金； ...

| 投资者 | □特定对象调研 | √分析师会议 | □媒体采访 | | | --- | --- | --- | --- | --- | | 关系活 动类别 | □新闻发布会 | □现场参观 | □其他 | | | | 单位名称 | 人员姓名 | 单位名称 | 人员姓名 | | | 招商证券 | 施腾 | 华泰证券 | 季珂 | | | 招商证券 | 李秋燕 | 财通证券 | 江路 | | | 中信证券 | 彭家乐 | 高盛 | 袁帅 | | | 广发证券 | 李雅琦 | 汇丰前海 | 沙弋惠 | | | 时代财经 | 周立 | 华泰证券 | 张宗 | | | 高盛 | 刘洋 | 摩根 JP | 陈晓光 | | 参与单 | 中信证券 | 杜克 | 诚盈投资 | 胡蓉 | | 位名称 | 国盛海通 | 王艳君 | 天弘基金 | 杨倩 | | 及人员 | 中信建投 | 郭璐 | 玄卜投资 | 韦琦 | | 姓名 | 银石私募 | 罗采奕 | 浙商资管 | 唐靓 | | | 鸿运私募 | 朱伟华 | 同泰基金 | 董万江 | | | 三登投资 | 黄伯涛 | 国信证券 | 周雅童 | | | 熙山资本 | 张亮 | ...

Group 1: Company Overview and Strategy - Jiangxi Huawu Brake Co., Ltd. focuses on the R&D, manufacturing, and sales of industrial brakes and control systems, with applications in various fields such as lifting machinery and wind power generation [1] - In 2025, the company reported a loss in consolidated financial statements due to underperformance of subsidiaries acquired in previous years, prompting a strategic shift to focus on core business [1] - The company plans to optimize market strategies and enhance sales revenue in traditional sectors while seizing new market opportunities in mining trucks and wind energy [1] Group 2: Market Insights and Opportunities - The global mining truck market is expected to see rapid growth from 2026 onwards, driven by increased mining development and the lifecycle of mining trucks [2] - Domestic brands are gaining market share in the mining truck sector, with companies like SANY and XCMG emerging as competitors to established foreign brands [2] - Huawu has a competitive advantage in the mining brake market due to its extensive experience and the limited number of domestic competitors [2] Group 3: Business Development and Future Plans - The mining brake business is anticipated to become a new profit growth point for the company in 2026 and beyond, as it has entered the supply chain of leading domestic mining truck manufacturers [3] - The company plans to establish after-market service centers in overseas mining regions as its mining truck business scales up [3] - The traditional crane market remains stable, contributing significantly to the company's revenue, with growth driven by product upgrades and overseas market expansion [3] Group 4: Financial Status and Funding - The company currently has a relatively strong financial position and does not have plans for refinancing as its fundraising projects are still under construction [4]