Group 1: Company Overview and AI SoC Development - The company focuses on "ALL IN AI" strategy, emphasizing the development of AI SoC based on self-developed MLPU technology [2][3] - AI SoC product lineup includes 8TOPS, 16TOPS, and pre-research 64TOPS-128TOPS chips, targeting AIoT, AIPC, industrial computing, and robotics applications [2][3] Group 2: Automotive Electronics - The company has invested in R&D for automotive AI chips and SerDes chips, with applications in smart cameras, driving recorders, and ADAS systems [3][4] - A new generation of automotive AI chips meeting AEC-Q100 Grade2 standards has been launched, with plans to develop a full range of automotive AI chips with computing power from low to high within three years [3][4] Group 3: Wi-Fi Product Development - The IoT chip sales revenue reached 12,814.71 million yuan in the first half of 2025, a year-on-year increase of 251.37%, accounting for 17.28% of total revenue [4][5] - The company is developing Wi-Fi6 2T2R and Combo chips, with plans for Wi-Fi7 research, aiming for comprehensive domestic replacement in wireless LAN chips [5] Group 4: M&A Progress and Shareholder Protection - The company is actively progressing with the M&A transaction, including audits and evaluations, with plans for further board discussions [6][7] - Measures to protect minority shareholders include a three-year lock-up period for the transaction counterparties and restrictions on share reduction [7]

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.302 billion CNY, a decrease of 4.79% year-on-year, primarily due to a significant decline in the city gas segment [1] - The net profit for H1 2025 was 135 million CNY, an increase of 9.14% year-on-year, with the equipment sales segment contributing over 90% of the profit [1] - For the first three quarters of 2025, the expected net profit is between 325 million CNY and 355 million CNY, representing a year-on-year growth of 71.36% to 87.19% [1] Group 2: Market Strategy - The equipment sales segment remains a key focus, with ongoing efforts to expand overseas, where the company is increasingly recognized and competitive against top global manufacturers [2][3] - The domestic market is characterized by cautious sentiment, prompting the company to enhance sales efforts to maintain market share [2] - The city gas segment is actively engaging with local governments to negotiate pricing and recover outstanding debts while expanding user bases and diversifying gas procurement channels [2] Group 3: International Expansion - The company aims for a 20%-30% annual growth in new overseas orders over the next 3-5 years, supported by a mature sales channel and increasing brand recognition [3] - As of the latest report, overseas orders accounted for over 30% of the equipment segment's revenue, with more than 50% of new orders being international [4] - The company has successfully entered the supplier lists of major clients like Saudi Aramco, enhancing its credibility in the overseas market [5] Group 4: Production Capacity and Challenges - The company’s production capacity utilization is currently at 60%, which is expected to support the anticipated growth in new orders over the next few years [6] - The delivery cycle for overseas orders typically exceeds 18 months, with ongoing projects in various regions including the Middle East and Europe [6] Group 5: Technological Development - The company is exploring new technologies, including liquid cooling, and has initiated internal discussions and R&D projects in this area [8] - The company has established a leading position in domestic coal chemical processes and is actively enhancing its performance in large-scale air separation projects [7] Group 6: Risk Management - The company has previously recognized a goodwill impairment of 324 million CNY for the city gas segment, but does not anticipate triggering further impairments in 2025 based on current financial assessments [9]

Group 1: Company Overview - Nantian Information is a leading provider of digital solutions and services for the financial industry, with nearly 40 years of experience in industry information technology and digitalization [2][3] - The company focuses on "financial technology" and "digital services" as its main business lines, leveraging its technical expertise and project experience [2][3] Group 2: Financial Performance - In 2024, the company achieved a revenue of 94.51 million yuan, representing a year-on-year growth of 3.43% [2] - The net profit attributable to the parent company was 1.01 million yuan, up 41.62% year-on-year [2] - In the first half of 2025, the company reported a revenue of 16.75 million yuan, a year-on-year increase of 45.80% [2] - The net profit attributable to the parent company showed a loss of 500.28 thousand yuan, primarily due to intensified market competition and a decline in gross profit margin [2] Group 3: Future Development Plans - The company plans to enhance profitability by improving R&D capabilities and applying new technologies to existing products, while also developing new products [3] - It aims to maintain existing key clients in the financial sector while actively exploring clients in government, energy, transportation, and civil aviation sectors [3] - The company will promote a self-operated model internally to achieve rapid business replication and growth [3] Group 4: Core Competencies - Nantian Information has a deep understanding of the financial industry, with extensive experience in information technology projects and a strong talent pool [4] - The company has established a solid customer base, covering major policy banks and commercial banks, as well as numerous insurance companies [4] - It emphasizes R&D empowerment and has maintained a strong innovation capability, allowing it to adapt to market changes and customer needs [4] Group 5: Strategic Partnerships - The company collaborates with over 70 partners, including major tech firms like Huawei and Tencent, to enhance its product offerings and solutions [7] - Nantian Information is actively involved in national innovation strategies and has completed over 400 adaptation certifications for its products [7] Group 6: Non-Financial Business Expansion - The company leverages its strengths in financial technology to explore and provide solutions in digital government, smart education, and smart transportation [9] Group 7: Artificial Intelligence Initiatives - Nantian Information has launched several AI products and solutions, including a full-stack AI model solution and various intelligent assistant platforms [9]

Group 1: Financial Performance - The company achieved a total revenue of CNY 2,089.60 million in the first half of 2025, representing an 8.52% increase compared to the same period last year [2] - The net profit attributable to shareholders reached CNY 49.53 million, marking a 24.39% growth year-on-year [2] - The net cash flow from operating activities was CNY 124.78 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Group 2: Travel and Tourism Business - The core subsidiary, Guangzhou Guangzhilv International Travel Agency, generated CNY 1,535.71 million in revenue, an 11.78% increase year-on-year [3] - The outbound tourism segment (excluding Hong Kong and Macau) contributed CNY 848.81 million, while domestic tourism revenue was CNY 498.20 million [3] - The net profit for the travel business was CNY 23.29 million, reflecting a 34.91% increase compared to the previous year [3] Group 3: Hotel Management Business - The hotel management segment reported revenue of CNY 118.56 million, a 1.60% increase year-on-year, with a net profit of CNY 9.73 million, up 23.26% [5] - The company’s hotel operations have expanded with 69 new projects signed, adding nearly 4,000 rooms [7] - The company is focusing on a "North-South Coordination" strategy to enhance its national layout [6] Group 4: Scenic Area Development - The company has established Guangzhou Guangzhilv Yujing Destination Tourism Development Co., managing scenic spots like Baiyun Mountain and expanding to other provinces [8] - The scenic area business is actively engaging in market expansion and brand marketing, collaborating with various partners to enhance the visitor experience [8] Group 5: Duty-Free Business - The company has partnered with China Duty Free Group and others to establish a duty-free store in Guangzhou, with a registered capital of CNY 45 million [10] - The first city duty-free store opened on August 26, 2025, enhancing the shopping experience for outbound travelers [10] - Future plans include leveraging travel agency resources to drive traffic to the duty-free store through targeted marketing [11] Group 6: New Retail and Cultural Products - In the first half of 2025, the company developed 87 cultural products, generating nearly CNY 700,000 in revenue [12] - The company is expanding its product offerings to meet consumer demands, achieving record sales in seasonal products [12]

Group 1: Company Growth Strategies - The main driver for store efficiency growth is continuous channel upgrades, including opening quality stores and closing underperforming ones, while enhancing product and service offerings to improve consumer experience [2] - The company emphasizes that excellent product design and quality are fundamental for long-term brand success, alongside appropriate channel alignment for direct consumer engagement [2] - Marketing promotion is crucial for unleashing brand potential, requiring a combination of quality products and effective marketing strategies to maximize brand value [2] Group 2: E-commerce and Retail Development - The company believes that online and offline shopping will develop in balance, with online shopping becoming a rational consumer choice, and mid-to-high-end brands adopting the same pricing for online and offline channels [3] - The company plans to focus on direct sales channels for adult apparel and footwear to enhance control over brand image and value [3] - The existing children's clothing business will maintain its pricing strategy to uphold brand value, despite a decline in revenue due to peak online traffic [3] Group 3: Brand-Specific Plans - The "Water Child" brand has completed a three-year rebranding process and will continue to update store images and replicate successful store models [3] - The company intends to maintain a relatively stable dividend policy, with potential increases in the dividend ratio as profitability improves and without significant capital expenditures [3]

Group 1: Game IP Business Strategy - The company has established a multi-dimensional classic category layout in the game IP sector, successfully launching several recognized IP adaptations such as "Romance of the Three Kingdoms 2017" and "Dynasty Warriors" [2][3] - The core resources of the IP game business are now fully focused on the development and optimization of "Dynasty Warriors: The World," which has obtained an import license and is currently in a critical review phase, with plans for multiple player tests to refine the product experience [3][5][6] - The company aims to transition from single IP operations to a comprehensive system of customized development and independent publishing, with "Dynasty Warriors: The World" expected to be a key growth driver for the IP business [3][6] Group 2: Original IP Development - The original IP game "Star Wings" has performed exceptionally well since its launch in Japan, ranking second in local app store charts and topping the Steam Japan sales chart, with over 80% of revenue coming from overseas [4] - The company plans to deepen its game IP business by solidifying long-term partnerships with international IP holders and accelerating the globalization of original IP through diverse collaborations [4] Group 3: New Game Releases and Performance - The company is focusing on the upcoming release of "Magical Bopi," an innovative pet-catching game, which has completed multiple testing phases and is set for a full platform launch in 2025 [6] - The independent game "Heroic Legend" has received positive reviews and has expanded its storyline with over 300,000 words of new content, indicating strong sales and player engagement [7] Group 4: AI Development and Applications - Since 2021, the company has been exploring AI applications, establishing a comprehensive AI entertainment platform that supports core business areas like gaming and social media [8] - Key AI products include the music social app "Give Mic," which integrates AI technology for enhanced user experience, and the gaming social app "Dai Dai eSports," which is developing AI-driven social features [8] Group 5: Online Entertainment Platform Growth - The online entertainment platform has benefited from the recovery of the PC gaming market, leveraging its strong market share in offline venues like internet cafes and eSports hotels [9][10] - The mobile advertising business has seen significant growth, driven by cross-platform advertising needs and partnerships with major media platforms, capitalizing on the resurgence of the PC gaming market [10]

Group 1: AI Impact on Industry - AI presents both opportunities and challenges for the industry, with the importance of embracing new technologies and identifying unique advantages being emphasized [3] - The company focuses on B-end enterprises, leveraging its long-term partnerships with leading domestic firms to address industry pain points and enhance efficiency through AI solutions [3] - AI applications in the financial sector include an intelligent credit solution that automates document recognition and report generation, significantly improving operational efficiency [3] Group 2: Business Focus and Development - The company's traditional strong sectors are financial technology, electric power, and smart terminals, with recent expansions into energy, transportation, education, and healthcare [4] - The shift from application solutions to foundational software solutions indicates a broader market engagement beyond traditional sectors [4] - The company aims to support digital and intelligent transformations across various industries, responding to the increasing demand for domestic innovation [4] Group 3: AI Business Evolution - The company's AI development has two phases: the first phase focused on machine vision applications starting in 2021, while the second phase, beginning in 2023, expands into generative AI across various fields [5] - The recent government initiatives signal a shift towards application-oriented AI development, presenting opportunities for the company as a leading provider of enterprise-level AI solutions [5] - Traditional technical services have remained stable, and the innovative AI business complements rather than competes with existing services, enhancing overall business performance [5]

编号：2025-0923-026 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 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： 参与单位名称 JP Morgan Asset Management （参会者已签署书面调研承诺函，在交流活动中，我公司严格遵守相关规 定，保证信息披露真实、准确、及时、公平，没有发生未公开重大信息泄露 等情况。下文会议纪要中的内容不代表公司对未来的盈利预测和业绩指引， 请投资者注意投资风险并谨慎投资。） 时间 2025 年 9 月 23 日 15:00-16:15 地点 公司会议室 形式 实地调研 公司接待 人员姓名 钱元君、王术梅 投资者关系活动 主要内容介绍 1、公司整体经营策略 公司差异化经营，将技术能力、制程能力、产能结构动态适配市场中长期 的需求结构，坚持面向整体市场的主要头部客户群体开展业务。公司向来注重 中长期的可持续利益，而非仅仅局限于眼前的短期利益。公司深知只有着眼长 远，保持客户均衡，才能在不断变化的市场环境中稳健发展，实现可持续增长。 面向整体市场的主要头部客户群体开展业务，对公司的综合竞争力提出了 更高要求，这意味着公 ...

Group 1: Current Business Performance - The company achieved a revenue of 1.891 billion in the first half of 2025, a decrease of 11.33% compared to the same period last year [2] - The net profit for the same period was 400.59 million, reflecting a decline of 22.67% year-on-year [2] Group 2: Capital Increase Project - The application for a capital increase project involving a 2*100,000 tons/year anthracene oil deep processing project was approved by the Shenzhen Stock Exchange on September 10, 2025 [2] - The project is pending approval from the China Securities Regulatory Commission, and the timeline for this approval remains uncertain [2] Group 3: Future Business Strategy - The company plans to expand coal chemical deep processing products into the new materials sector, including the production of industrial naphthalene, washing oil, and asphalt [3] - The existing modified asphalt production capacity is 200,000 tons/year, with future projects expected to enhance the product line in the new materials field [3] - The company aims to extend its carbon black products into high-end markets, with a project for fine processing of coal tar and special carbon black with a capacity of 70,000 tons/year [3] - A proposed 500,000 tons/year coal tar deep processing project has been approved, which will increase the company's processing capacity to one million tons [3] Group 4: International Expansion - The company is currently considering overseas expansion but has not yet established any international operations [3]

证券代码：002627 证券简称：三峡旅游 湖北三峡旅游集团股份有限公司投资者关系活动记录表 编号：2025-07 | | □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 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他 （电话会议） | | | | 中信证券 李振寰 | 杨清朴 | | | 广发证券 包晗 | | | | 银华基金 薛泽岚 | | | | 中欧基金 刘昊 | | | | 嘉实基金 靳雨鑫 | | | | 财通证券 周诗琪 | | | | 华创证券 饶临风 | | | 参与单位名称及 | 银河基金 杨宁 | | | 人员姓名 | 长江自营 李昊明 | | | | 广发基金 陈哲 | | | | 长江养老 曾知 | | | | 富国基金 苏颖 | | | | 博时基金 付伟 | | | | 东吴基金 周玮琳 | | | | 申万宏源证券 赵令伊 | 杨光 | | | 申万菱信基金 付娟 | 黄书瀚 | | 时间 | 年 月 日 2025 9 23 | | | 地点 | ...