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]

Group 1: Business Operations - The company has an annual production capacity of 2,000 tons for chlorantraniliprole intermediates, operating under a CDMO model, which allows for customized production based on client orders [1] - The chlorantraniliprole business is currently not affected by the "Shandong Youdao" incident, as the company has not participated in market competition and adjusts supply based on client demand [1] - The company has not yet signed a new cooperation agreement after the expiration of a long-term contract, but normal supply to clients continues, with intentions for extension being discussed [2] Group 2: Impact of Tariff Policies - The company’s CDMO business model has fostered closer relationships with clients, allowing for transparent communication, which helped mitigate the impact of a 10% tariff increase in the U.S. [3] - Clients, primarily multinational corporations, have the flexibility to shift procurement needs to domestic factories or other countries with lower tariffs, enhancing resilience against tariff changes [3] Group 3: Agricultural Business Development - The agricultural business is focused on a "big client strategy" and CDMO model, with several projects at various stages of development, expected to improve performance as products are launched [4] Group 4: Pharmaceutical Business Development - The company is increasing investment in pharmaceutical R&D and production facilities, aiming to strengthen the integration of its pharmaceutical sector and enhance supply chain competitiveness [5][6] Group 5: Environmental Business Development - The subsidiary engaged in kitchen waste treatment has seen slowed growth due to market changes, but plans to pivot towards biomass waste resource management to improve overall business performance [6]

Group 1: Market Trends and Company Positioning - The pre-prepared food sector is expected to grow, with leading companies aiming for a scale of around 5 billion [2] - The average profit margin in the pre-prepared food industry is approximately 7-10%, while the company's current net profit margin is around 4-5% [2] - The company has established partnerships with over 1,000 well-known clients in the B2B sector, leveraging its first-mover advantage [2] Group 2: C-end Channel Developments - The company is focusing on new retail channels, enhancing product potential, and creating popular products through live streaming and short videos [3] - New products like "lightly marinated pig intestines" achieved sales of 10 million yuan within a month and 4.2 million yuan during a live streaming event [3] - The "fresh food record juicy meat sausage" sold over 10,000 units on its first day of online sales, ranking first in its category for two consecutive months [3] Group 3: Meat Products and Production Capacity - The company's meat products are primarily distributed through distributors, supermarkets, and e-commerce channels to the C-end [4] - The projected pig output for 2024 is 382,400 heads, with an expected increase to around 400,000 heads in 2025 [5] - The company plans to enhance sales and product structure while focusing on deep processing to improve profit margins [5] Group 4: Convertible Bonds - The company will actively promote conversion of its convertible bonds based on market conditions as they approach maturity [6]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on June 5, 2025, with 24 participants from various investment firms [3] - Key company representatives included Chairman Wang Wei, CFO Cui Qianyi, and Secretary of the Board Chen Zhijie [3] Group 2: Business Model and Competitive Advantage - The company operates as a professional bidding procurement service provider, focusing on sectors like healthcare, transportation, energy, telecommunications, and environmental protection [4] - The revenue model is primarily based on service fees from bidding agency and value-added services, supported by a strategic framework of "one main and two wings" [4] - The company has established a strong brand image and resource advantages in its specialized field, leading to a competitive edge [4] Group 3: Research and Development Initiatives - The "Guo E Platform" has evolved into a comprehensive digital trading platform for bidding, integrating various sub-platforms [5] - In 2024, the platform introduced an intelligent compliance management system to identify potential collusion and quickly recognize related enterprises [5] Group 4: Market Expansion and Financial Strategy - The company has established 53 branches nationwide, with 21 located outside Guangdong Province, indicating ongoing efforts to expand beyond its primary market [6] - The company emphasizes cautious capital operation strategies for external growth, focusing on mergers and acquisitions within the bidding procurement industry [6] Group 5: Revenue Sources and Profitability - Over 80% of the company's revenue currently comes from Guangdong Province, with ongoing efforts to expand its presence in other regions [6] - Recent declines in gross profit margins are attributed to a slowdown in large investment projects and increased competition among bidding agencies [7] Group 6: Sector Contributions to Revenue - Key sectors contributing to revenue include energy, rail transportation, healthcare, and municipal engineering, with fluctuations based on annual investment plans and project progress [8] Group 7: Future Development Plans - The company is developing a comprehensive engineering consulting service system, aiming to enhance its service capabilities and adapt to client needs [9] - There is a focus on leveraging AI and big data technologies to improve operational efficiency and service offerings [9] Group 8: Acquisition Strategy - The company is actively exploring acquisition opportunities with small bidding agencies to enhance regional business expansion [9]