Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: Product Development and Innovation - The company has localized the deployment of the Deepseek large language model and Tongyi Qianwen video analysis model, enhancing user experience through intelligent customer service and automated processing of AI warning events [2] - The company offers over 20 types of IoT products, including electronic student ID cards, smart wearable watches, portable error printing machines, and smart security cameras, with a 21.70% revenue growth in other smart hardware compared to 2023 [3] - The smart sleep terminal, which monitors key physiological indicators and adjusts temperature based on user needs, is developed using the ODM model, with a focus on product innovation and diversification for steady revenue growth [4] Group 3: Financial Management and Sales Strategy - The company maintains a robust financial status by prioritizing risk prevention, employing a differentiated sales strategy that includes upfront payment for small to medium-sized clients and credit terms for large clients [4] - The overseas market expansion is a key strategy for improving operational performance, with smart vehicle terminal products sold in Africa and certifications obtained in Europe, the US, and Saudi Arabia [4]

Group 1: 2025 Business Strategy - The company aims for dual growth in scale and profit, ensuring a positive trend in profitable scale growth through innovation-driven development and resource integration [1] - Focus on digital and intelligent transformation to enhance market foundation and accelerate high-quality development [1] Group 2: Overseas Business Strategies - For the overseas refrigerator business, the company will enhance product innovation focusing on large capacity, multi-temperature zones, high energy efficiency, and low noise [1] - The marketing strategy will center on user needs, improving collaboration efficiency with major clients, and accelerating brand expansion based on ODM business [1] Group 3: Air Conditioning Market Strategies - In the overseas air conditioning market, the company will prioritize profitable scale growth and cash flow, expanding regional brand agents and focusing on core customer acquisition [2] - The domestic air conditioning strategy will leverage AI technology for user experience, promote "dust-free" and "kitchen cabinet" products, and implement regional differentiation management [3] Group 4: Innovation Capabilities - The company will enhance competitiveness through technological, product, manufacturing, and management innovations, focusing on value-added technology research and smart manufacturing [5] Group 5: Production Capacity Expansion - The investment in a new production line in Zhongshan aims for an annual output of 4 million air conditioners, addressing capacity needs for overseas sales and enhancing market competitiveness [7]

Group 1: Financial Performance - In 2024, the company's revenue decreased by 41.93% due to domestic macroeconomic fluctuations and reduced construction projects [5] - In Q1 2025, the company's revenue increased by 19.56% compared to the same period last year, indicating a recovery trend [5] - The parking operation business achieved revenue of 66.13 million, a year-on-year growth of 29.85%, accounting for 23.67% of total revenue [8] Group 2: Research and Development Capabilities - The company has accumulated 185 software copyrights and 104 patents, including 31 invention patents, by the end of 2024 [6] - The company actively participates in the development of national and industry standards, having contributed to over ten standards [6] - The company has obtained multiple authoritative certifications, including CMMI-ML5 and ISO full system certification [6] Group 3: Strategic Initiatives - The "95128" service platform was established in collaboration with the China Transportation Communication Information Center to enhance urban transportation services [7] - The company focuses on product innovation and market share expansion in existing markets, particularly in complex scenarios like transportation hubs [9] - The company aims to integrate AI technology into its services to improve user experience and operational efficiency in parking management [8][9]

Group 1: Company Performance and Market Position - The company currently has a full order book, with a high capacity utilization rate since Q2 2025 [2] - The company has expanded its product lines and has become a multi-category electronic component manufacturer, leading in global sales of inductive products [3] - The company has established long-term stable relationships with domestic suppliers, which helps mitigate short-term fluctuations in raw material prices [3] Group 2: Product Development and Innovation - The company emphasizes research and development, maintaining a high percentage of R&D investment since its inception [4] - The company has a diverse product matrix, including magnetic devices, sensors, microwave devices, and precision ceramics, which supports stable gross margins [4] - The company is actively involved in the early-stage R&D design of products for major clients, contributing to improved gross margin levels [5] Group 3: Impact of AI and Electric Vehicles - The integration of AI features in mobile devices is expected to increase demand for electronic components, particularly power inductors [3] - The company’s products are widely used in automotive electronics, covering various applications from electrification to intelligent driving [4] - The shift towards smart electric vehicles is anticipated to drive demand for the company's magnetic components [4] Group 4: Gross Margin Maintenance - The company has maintained an average gross margin at a competitive level within the industry through continuous R&D and management innovation [5] - Increased orders and capacity utilization have significantly contributed to the stability and quality of the company's gross margin [5] - The company’s focus on high-value-added products allows for greater pricing flexibility, ensuring robust gross margin potential [5]

证券代码：300446 证券简称：航天智造公告编号：2025-040 航天智造科技股份有限公司 投资者关系活动记录表 | | ☐特定对象调研 | | --- | --- | | | ☐分析师会议 ☐媒体采访 业绩说明会 | | 投资者关系活动类别 | ☐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） | | 形式 | 现场网上☐电话会议 | | 参与人员 | 参与中国航天科技集团有限公司控股上市公司2024年度 | | | 集体业绩说明会的投资者 | | 时间 | 2025年6月5日 | | 地点 | 深圳证券交易所北方中心现场交流，深交所互动易平台 | | | （https://irm.cninfo.com.cn/）视频直播、网络文字互动 | | 上市公司接待人员姓名 | 总经理彭建清先生 | | | 独立董事刘洪川先生 | | | 副总经理兼董事会秘书徐万彬先生 | | | 1.公司23年增发新股时说用于1、整合优质资源,持续 | | 投资者关系活动主要 内容介绍 | 培育打造航天科技集团旗下"航天智造"产业发展平台 2、 | | | 助力上市公司业务转 ...

Group 1: Strategic Cooperation - The company has established an overseas strategic partnership with Midea, focusing on resource sharing and value co-creation [1] - Three core mechanisms will drive the cooperation: (1) a three-year minimum purchase guarantee to support rapid scale development of overseas factories [2], (2) co-building value chain competitiveness through factory support and new technology introduction [2], (3) risk-sharing mechanisms to ensure stability and sustainability of the partnership [2] Group 2: Industry Trends and Company Response - The packaging industry is evolving towards green, intelligent, and intensive development, prompting the company to focus on eco-friendly materials and low-carbon products [3] - The company is accelerating its smart manufacturing processes by replicating successful models across factories while expanding its overseas market presence [3] - Emphasis on innovation-driven development, digital transformation, and talent cultivation to enhance core competitiveness and achieve high-quality growth [3] Group 3: Customer Development and Market Strategy - The company has built deep strategic partnerships with quality clients through brand effect and focuses on exploring new markets and potential customers [4] - Continuous enhancement of core technology and innovative processes to improve market competitiveness and service diversity [4] Group 4: Market Value Management - The company employs high cash dividends, share buybacks, and improved information disclosure to manage market value effectively [5] - Ongoing efforts to enhance core competitiveness and operational management to boost investor returns [5] Group 5: Profit Growth Drivers - Key drivers for future profit growth include technological innovation, brand strength, and scale advantages developed over years in the packaging industry [5] - Focus on digital transformation, product structure optimization, and cost reduction to enhance profitability [5]

Group 1: Industry Demand and Advantages - The demand for chemical fiber masterbatches is expected to continue expanding due to environmental policies and the efficiency of the original liquid coloring method, which reduces labor and energy consumption while minimizing waste emissions [1] - The company has a cost advantage due to large-scale raw material procurement, ensuring stable quality and timely response to customer needs [1] - The company has established long-term relationships with leading downstream enterprises, contributing to stable production and supply relationships [1] Group 2: Product Development and Innovation - The company is increasing R&D investment to enhance innovation capabilities, providing customized products for downstream clients [2] - A joint venture with Nankai University focuses on covalent organic frameworks (COFs), which have significant potential in various fields such as renewable energy and biomedicine [2] - The company has successfully synthesized a series of new COFs materials, although these products are still in the customer verification and promotion stage and have not yet achieved bulk sales [2] Group 3: Future Production Capacity - The company is preparing to establish a new production line with an annual capacity of 200 tons for COFs materials, currently undergoing approval and preparation processes [2]

Group 1: Pricing Strategy - The company maintains a relatively firm pricing strategy across its brands, with slight adjustments based on market sales and promotional activities [2][3] - Each brand under the company has a slightly different pricing strategy, focusing on establishing brand positioning [2] Group 2: E-commerce Performance - The 618 shopping festival is expected to have a stable performance compared to previous years, with a shift in focus towards daily sales quality due to plateauing online traffic [3] - Different e-commerce platforms will be targeted based on their unique strengths, such as brand image display or single product promotion [3] Group 3: Marketing and Sales Expenses - Sales expenses are projected to increase this year due to the addition of men's and women's clothing lines, necessitating more marketing efforts [3] - The company plans to engage in various marketing activities, including outdoor advertising and promotions, especially for the 30th anniversary of the Water Child brand in 2025 [3] Group 4: Product Development and Feedback - Feedback from franchisees regarding the 2025 autumn/winter collection of Hush Puppies is positive, highlighting a focus on classic casual styles and functional materials [3] - The design and sales teams for Hush Puppies are structured with a mix of core company personnel and new recruits, ensuring a blend of experience and fresh ideas [3]

Group 1: Company Overview - The company focuses on green energy, with main businesses including renewable energy generation and lithium battery operations [2] - Total installed capacity for renewable energy is approximately 1.45 million kW, with wind and solar power accounting for 1.2977 million kW [3] - The company has a waste-to-energy capacity of 156,500 kW, processing over 6,800 tons daily, with an expected generation of 1.064 billion kWh in 2024 [3] Group 2: Lithium Operations - The company holds mining rights for the Li Jiagou lithium mine, with proven reserves of 38.812 million tons and an average grade of 1.30% [3] - Annual production capacity is projected at 1.05 million tons of raw ore and approximately 180,000 tons of concentrate [3] - The company aims to produce 11,300 tons of lithium salt in 2024 through a combination of processing and self-production [3] Group 3: Future Plans and Capacity Expansion - In 2025, the company plans to increase its installed capacity for wind and solar power to 2.0708 million kW, with seven projects already under construction [3] - There are no current upgrade plans for existing wind and solar facilities [3] Group 4: Market and Policy Environment - The settlement method with the grid company remains unchanged, with no immediate impact on sales revenue [4] - Future electricity prices for renewable energy will undergo market reforms as per the National Development and Reform Commission's 2025 guidelines [4] - The policy environment for lithium resource development is stable, but market prices significantly affect sales [5] Group 5: Financial Management - The company has previously facilitated a share buyback by the controlling shareholder amounting to approximately 300 million yuan [5] - A cash dividend of 295 million yuan was distributed to all shareholders in 2024 [5] - The company will continue to implement market value management measures in line with state-owned asset supervision policies [5]

Group 1: Brain-Computer Interface (BCI) Business - The company's BCI team consists of approximately 40 members, successfully implementing non-invasive BCI technology in the game "Black Myth: Wukong" using Steady State Visually Evoked Potential (SSVEP) principles [2] - The BCI system demonstrates advanced neural decoding capabilities, allowing precise control without traditional peripherals, achieving performance that matches or exceeds invasive interfaces [2] - Future applications of this technology include aerospace, smart home, medical rehabilitation, and gaming industries [2][3] Group 2: AIGC Team and Revenue Generation - The AIGC subsidiary, consisting of over 70 members, has begun generating revenue by providing localized applications and deployments to enterprise clients in 2024 [4] - The self-developed Yan architecture model, which is the first domestic model not based on Transformer or Attention mechanisms, offers competitive advantages in privacy, security, low latency, reliability, and cost [4] - Specific applications of the Yan model include industrial inspections, smart factories, public security patrols, traffic monitoring, and various consumer devices [4] Group 3: Internet Business Performance - The internet business revenue for 2024 is projected to grow by 15.33% compared to 2023, driven by increased user engagement with tools like 2345 Weather Forecast and new business developments [5] - The gross profit for the internet business in 2024 is estimated at 198.46 million yuan, with a decline in gross margin attributed to increased promotional expenses [5] - Positive growth trends are observed in paid tools for both PC and mobile platforms, indicating potential for further market expansion [5] Group 4: Smart Driving Business - The smart driving business is expected to achieve over 70 million yuan in revenue for 2024, with key clients including major domestic automotive manufacturers such as SAIC, Chery, and Jiangling Ford [6] - The company holds a 28.31% stake in Nullmax (Cayman) and plans to enhance control through capital increases and acquisitions [6] Group 5: Future Plans and Capital Operations - Currently, the company has no plans for mergers or capital operations but will adhere to legal and regulatory requirements if such activities arise in the future [6]