Group 1: Company Overview - In the first half of 2025, the company achieved revenue of 2.017 billion CNY, a year-on-year decrease of 6.20% [3] - Finished drug revenue was 1.175 billion CNY, down 9.68% year-on-year [3] - Raw material drug revenue was 453 million CNY, a decline of 9.59% year-on-year [3] - Medical device revenue reached 349 million CNY, showing a growth of 12.01% year-on-year [3] - The net profit attributable to shareholders was 388 million CNY, down 3.54% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 360 million CNY, an increase of 7.78% year-on-year [3] Group 2: Sales and Marketing Strategies - The company expanded the commercial layout of its product 京诺宁® (Didasyn) with over 400 new key medical institutions gaining access, totaling over 1,500 hospitals [3] - Revenue from Didasyn reached 55 million CNY in the first half of 2025 [3] - The company aims to enhance patient access to medications through a three-tier terminal network system [3] Group 3: Research and Development Progress - In the psychiatric field, the innovative drug JX11502 capsule completed Phase II clinical trials [4] - The NDA for the drug targeting the same indication was submitted to the National Medical Products Administration [4] - In the cardiovascular field, the Phase I clinical trial for a new LP(a) mechanism lipid-lowering drug is progressing [4] - The NDA for a drug treating high cholesterol was also submitted [4] - A modified traditional Chinese medicine for ulcerative colitis completed Phase II clinical trials [4] Group 4: Financial Management and Cost Control - Sales expenses amounted to 311 million CNY, with a sales expense ratio decrease of 2.41 percentage points [4] - The company has been reducing sales expenses for several years through improved sales efficiency and internal structure adjustments [4] - As of July 31, 2025, the company repurchased shares worth 610 million CNY, nearing the repurchase limit [4] Group 5: Business Segment Performance - The medical device segment achieved revenue of 349 million CNY, a year-on-year increase of 12.01% [4] - The raw material drug segment reported revenue of 453 million CNY, down 9.59% year-on-year, due to a client inventory destocking cycle [5] - The company is focusing on enhancing its supply chain and expanding its international market presence to stabilize growth in the raw material drug segment [5]

Financial Performance - In the first half of 2025, the company achieved revenue of 3.572 billion CNY, a year-on-year increase of 13.25% [2] - Revenue from new energy vehicle molds and structural parts reached 1.937 billion CNY; revenue from fuel vehicle precision stamping molds and metal structural parts was 618 million CNY; revenue from communication equipment and other precision stamping molds and metal structural parts was 365 million CNY, up 145.99% [2] - The net profit attributable to shareholders was 112 million CNY, a year-on-year decline of 36.37% [2] - Operating cash flow net amount increased by 117.28% year-on-year, indicating enhanced operational quality [2] Business Growth Drivers - Growth driven by the continuous increase in automotive structural parts orders, strong overseas demand for energy storage business, and rapid rise of the domestic computing power market [2] - The company is expanding its global capacity, with a production base in Mexico already in large-scale production and a factory in Thailand set to launch soon [3] Challenges and Strategic Investments - The decline in net profit margin is attributed to industry-wide cost pressures, new projects still ramping up, and increased R&D expenses by 17.70% for future growth areas [4] - The company is actively investing in new business areas such as computing power servers and humanoid robots, which may impact short-term profits but are expected to drive long-term growth [4] Market Outlook - The company anticipates that the new energy vehicle sector will face a slowdown in growth due to market saturation and price wars, while fuel vehicle business remains resilient [6][7] - Future profit growth is expected to come from consolidating automotive and energy storage business while embracing emerging fields like computing power servers and humanoid robots [8] Product Development and Collaborations - The second-generation dexterous hand product has been developed with advanced features and is prepared for mass production with an annual capacity of 30,000 units [9] - The company has invested in Nuwa Robotics, acquiring a 1.25% stake, to enhance collaboration in the robotics sector [10] Customer Engagement and Market Strategy - The company is focusing on expanding its customer base and enhancing international competitiveness while optimizing product structure and operational efficiency [11] - It is actively engaging with major clients in the computing power server market, providing tailored cooling solutions [10] Conclusion - Overall, the company is navigating short-term profit pressures while laying a solid foundation for sustainable growth through strategic investments and global expansion efforts [3][4]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 701.14 million yuan, a year-on-year increase of 55.72% [1] - The net profit attributable to shareholders was 75.52 million yuan, reflecting a year-on-year growth of 10.22% [1] Group 2: Gross Margin Analysis - The decline in gross margin was primarily due to the increased proportion of lower-margin camera modules and the ongoing ramp-up of new product yields [2] - The company plans to improve overall gross margin through continuous production process enhancements and material cost reductions [2] Group 3: Smart Home Business Expansion - Smart home business revenue accounted for approximately 22.80% of total operating revenue in the first half of 2025 [2] - The company is focusing on both consolidating foreign clients and increasing domestic market investments, successfully securing multiple domestic and international project allocations [2] Group 4: Production Capacity and Future Plans - Total production of optical lenses and camera modules increased year-on-year, with camera module output rising by over 80% [2] - As of June 30, 2025, the investment progress for the "Optical Lens and Module Capacity Expansion Project" was 34.82%, and for the "R&D Center Construction Project," it was 53.75% [2] - The company aims to accelerate capacity release to alleviate production constraints [2] Group 5: Pricing Pressure and AI Glasses Development - The company faces pricing pressure from product price reductions, but plans to mitigate this impact through improved yields and reduced material costs [2] - Current AI glasses projects are in the product validation stage, with some initial implementations, though they contribute minimally to overall performance [2]

编号：2025-004 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | 业绩说明会 □媒体采访 | | | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他：线上会议 | | 参与单位名称及人 | 线上参加公司 2025 年半年度业绩说明会的全体投资者 | | 员姓名 | | | 时间 | 年 月 日 2025 8 27 15:00-16:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | | 杨炯 董事长 | | 上市公司接待人员 | 魏兴娜 副总经理、财务总监 | | 姓名 | 吴磊 副总经理、董事会秘书 | | | 陈勇 独立董事 | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、请问公司后续的业绩展望如何？ | | | 答：感谢您的关注，报告期内，公司经营业绩遇到一定的 | | | 挑战，但年度经营计划的有序执行，为报告期外经营的持续稳 | | 投资者关系活动主 | 定和健康发展提供了支撑。随着 IMMT 项目 ...

Group 1: Financial Performance - The company achieved a revenue of approximately 213 million yuan in the first half of 2025, representing a 24% increase year-on-year [3] - The net profit for the same period was approximately 84.99 million yuan, reflecting a growth of 15.10% compared to the previous year [3] - The non-recurring net profit was about 76.47 million yuan, which is a 20.11% increase year-on-year [3] Group 2: Business Expansion and Acquisitions - The acquisition of the Extreme Testing Center will create a business layout covering both "normal environment and extreme environment," enhancing strategic synergy and expanding the company's business boundaries [4] - The acquisition will allow the company to leverage the unique qualification of the Extreme Testing Center, which is the only national high-cold vehicle quality supervision and inspection center in China [4] - The cash payment for the acquisition is 111 million yuan, and the company has sufficient funds to maintain daily operations post-payment, with a cash balance of approximately 540 million yuan as of June 30, 2025 [5] Group 3: Market Strategy and Shareholder Value - The company emphasizes systematic market value management, linking market performance with strategic planning and operational goals [4] - The company has implemented cash dividends for four consecutive years, totaling approximately 300 million yuan, with a cash dividend amount for 2024 representing 61.10% of the net profit attributable to shareholders [5] - Future dividend plans will be based on long-term shareholder interests and the company's operational status [5] Group 4: Operational Challenges and Future Outlook - The decline in gross profit margin is attributed to increased depreciation costs from the new testing facility in the Yangtze River Delta, which began operations in July 2024 [6] - The company plans to enhance gross profit margins through refined cost control and the expansion of new business areas [6] - The company is actively exploring potential regional expansions and overseas development opportunities to support the growth of the automotive industry [6] Group 5: Customer Segmentation and Revenue Sources - Revenue distribution by customer type: passenger vehicle enterprises account for approximately 50%, testing and certification enterprises 19%, parts manufacturers 14%, commercial vehicle enterprises 9%, tire enterprises 6%, and other businesses 2% [6] - The second phase of the Yangtze River Delta Intelligent Connected Vehicle Testing Facility generated approximately 26 million yuan in revenue in the first half of 2025, achieving a near break-even point [6]

Group 1: Impact of Tariff Policies - The company's business in the U.S. faced short-term impacts due to significant tariff increases in April and May 2025, making shipments from mainland China difficult. However, the Malaysian factory began production in late May, allowing the company to fulfill U.S. orders starting in June, resulting in overall performance meeting expectations for Q2 [1] - The Malaysian factory has a designed annual output value of RMB 2 billion, primarily serving the U.S. market, with current production line utilization at 70-80% and expected to fully meet U.S. order demands by October 2025 [2] Group 2: Advantages of Malaysian Production Base - The choice of Malaysia as an overseas production base is driven by four main advantages: 1. Geographical proximity to major shipping ports, reducing transportation costs 2. Tariff advantages that help avoid high U.S. import tariffs on goods from China 3. Tax incentives, including corporate income tax exemptions from the Malaysian government 4. Long-term cost optimization through automation and scale effects [3] Group 3: Growth Drivers in North America - Future growth in North America is driven by two core factors: 1. Market share increase as major clients consolidate orders for existing products like air compressors and vacuum cleaners 2. Expansion into new product categories such as pneumatic tools and outdoor camping equipment, which have a market potential several times larger than existing businesses [4] Group 4: Profit Margin Improvement - The significant increase in Q2 gross margin is attributed to: 1. Higher contributions from high-margin small and medium clients and new market segments 2. Rapid growth in cross-border e-commerce business with gross margins exceeding 40% 3. Stable performance from the acquired German company, which has a higher gross margin - Future gross margin is expected to further optimize as the Malaysian factory scales up [5] Group 5: European Market Strategy - The European market is experiencing rapid growth, with a strategy focused on brand licensing and introducing new product categories. The acquisition of a German company has successfully integrated into the European high-end customer supply chain, laying a foundation for future growth [6][7] Group 6: Capacity Planning - The company's capacity layout includes: 1. Malaysian factory: primarily serving the U.S. market with a designed capacity of RMB 2 billion and significant expansion potential 2. Suzhou factory: transitioning to focus on R&D and high-value product production for non-U.S. markets 3. New base in Nantong: under construction to handle domestic production functions for non-U.S. markets 4. U.S. warehouse center: focused on storage, logistics, and basic maintenance to meet localized service needs [7] Group 7: Smart Care Robot Competitiveness - The core competitiveness of the smart care robot product lies in over 10 years of technological accumulation and product iteration, resulting in high reliability and user experience. The product has undergone extensive R&D and clinical trials, achieving its fifth generation with significant barriers to entry for new competitors [8] Group 8: Market Outlook for Smart Care Robots - The smart care robot business is a key growth area for the company, with mature technology and recognition from national authorities. As China's aging population increases and caregiver costs rise, the demand for smart care robots is expected to grow significantly, indicating a broad market potential [8]

Group 1: Company Performance - In the first half of 2025, the new order amount for the company's water pump sales remained stable compared to the same period last year [1] - The liquid cooling business achieved sales of approximately 66 million yuan in the first half of 2025, with a projected total sales of about 190 million yuan for 2024 [2] - The gross margin for water pump sales slightly decreased due to market competition, while the gross margin for complete equipment increased due to improved performance of a subsidiary [4] Group 2: Product Development and Market Strategy - The company is focusing on expanding its liquid cooling product line and enhancing product quality in response to market demands [2] - The company is increasing R&D efforts in specialized pump products for nuclear power applications, although these orders currently represent a small portion of total revenue [3] - Two intelligent manufacturing project bases are 70%-80% complete and are expected to be operational by the end of 2025 [5] Group 3: Overseas Market Expansion - The overseas market has shown significant growth, with a subsidiary achieving revenue of approximately 170 million yuan and a profit of about 34 million yuan in the first half of 2025 [7] - The company exports products to around 90 countries and regions, leveraging high cost-performance advantages [7] - The company is optimizing its overseas sales network and has established offices in the Middle East and Vietnam to enhance local operations [8]

美瑞新材料股份有限公司 答：您好！本次增资计划短期内不会对公司经营及财务状况产生重大 影响。 投资者关系活动记录表 编号：2025-015 | | 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 □一对一沟通 | | | □ 其他： | | | 华安证券：王强峰 潘宁馨 | | 参与单位名称 | 东证融汇：王笑宇 | | 及人员姓名 | 鹏华基金：杨浩 蔡春根 戴钢 陈金伟 | | | 创金合信基金：黄超 | | | 2025 年 8 月 27 日 10:00-11:00 | | 时间 | 年 月 日 2025 8 27 13:30-14:30 | | | 2025 年 8 月 27 日 15:00-16:00 | | 地点 | 线上会议平台 | | 上市公司接待 | 董事会秘书兼财务总监：都英涛 | | 人员姓名 | 证券事务代表：王越 | | | 1、请介绍一下公司本年上半年的经营业绩情况 答：您好！2025 年上半年，公司在功能化工品原料板块取得重要进展， | | 投资者关 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 126,351.39 million yuan, a year-on-year increase of 58.04% [3] - The net profit attributable to shareholders was 12,489.49 million yuan, reflecting a significant year-on-year growth of 466.71% [3] - The net profit after deducting non-recurring gains and losses was 12,189.22 million yuan, with a year-on-year increase of 507.59% [3] - The gross profit margin for the first half of 2025 was 23.65%, up by 2.77 percentage points compared to the previous year [3] Expense Overview - Total sales, management, and R&D expenses increased by 1,857.52 million yuan year-on-year, primarily due to increased R&D investment and market expansion efforts [3] - R&D expenses for the first half of 2025 amounted to 5,324.03 million yuan, representing a year-on-year growth of 15.99% and accounting for 4.21% of operating revenue [7] Product Application and Market Segmentation - The company's products are primarily used in fields such as CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices [4] - In the first half of 2025, revenue from power electronics temperature control products reached 819 million yuan, a year-on-year increase of 77.48%, with a gross margin of 20.01% [5] - Revenue from CNC equipment temperature control products was 389 million yuan, showing a year-on-year growth of 24.54% and a gross margin of 28.75% [5] International Expansion - The company's overseas revenue for the first half of 2025 was 79.12 million yuan, marking a year-on-year increase of 111.94%, attributed to enhanced efforts in expanding international customer base [6] R&D and Innovation - As of June 30, 2025, the company employed 315 R&D personnel, accounting for approximately 14.02% of the total workforce [6] - The company is committed to increasing R&D investment to maintain technological leadership and enhance product competitiveness [7]

Group 1: Financial Performance - The company's gross margin increased in the first half of the year due to continuous optimization of product and customer structure, leading to a higher sales proportion of products with better margins [2] - The company aims to maintain a stable and sustainable gross margin level through a focus on high value-added business, technological upgrades, and cost control [2] Group 2: Impact of Tariffs - The company's Thailand factory has successfully obtained the E-Ruling from U.S. Customs, allowing it to meet most order demands in the North American market [2] - The North American business primarily operates on an FOB basis, with related tariffs borne by customers, resulting in a limited impact from tariff policies due to the essential nature of the products in the aftermarket [2] Group 3: Product Segmentation - Bearing products for braking systems represent the largest revenue segment, including hub bearings and heavy-duty truck bearings, which are essential components for both electric and traditional fuel vehicles [2] - The company plans to continue increasing market share in this segment to drive steady business growth and enhance overall profitability [2] Group 4: Future Development Plans - The main engine market is a key strategic direction for the company, with ongoing efforts to expand quality projects [2] - A new project for the annual production of 6.29 million high-end automotive bearings is expected to be completed next year, enhancing the company's capacity for high-end intelligent products [2] Group 5: Robotics Division - The company established a robotics components division in 2024, focusing on the research, production, and sales of robotic components, particularly harmonic reducers [3] - The core equipment for harmonic reducers is expected to be in place by the end of 2024, enabling small-scale production, with a second production line investment aimed at meeting future market demand [3]