Group 1: Company Overview - The company is a well-known domestic producer of polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials (special isocyanates, special amines) with applications in various fields such as consumer electronics, automotive manufacturing, and green energy [2] Group 2: Project Progress - The first phase of the polyurethane industrial park has successfully completed the entire production process, with six products (HDI, PPDI, CHDI, PNA, PPDA, and CHDA) achieving qualified output [2] - Two new fundraising projects commenced construction in Q4 2024, with an 18-month construction period. The annual production of 10,000 tons of expandable thermoplastic polyurethane elastomer is currently in equipment and pipeline installation, while the 30,000 tons of water-based polyurethane project has completed steel structure construction and is also in the installation phase [3] Group 3: Product Characteristics and Competitive Advantage - The self-developed foamed TPU has lightweight and high rebound characteristics, making it suitable for sports shoe midsoles, with a promising market outlook. The core raw material, HDI, will enhance the competitive advantage of the foamed TPU once the Henan project is operational [3] Group 4: Financing Plans - The simplified procedure for the private placement is a type of directed issuance with a maximum financing scale of 300 million yuan, not exceeding 20% of the net assets at the end of the previous year. The decision must be approved at the annual shareholders' meeting [3] Group 5: Compliance and Communication - During the reception, the company representatives engaged in thorough communication with the visitors, adhering strictly to relevant regulations without any major information leakage [4]

Group 1: Robotics Business Progress - The company is focusing on humanoid robots and has engaged with overseas clients to develop customized samples based on their technical solutions [2] - Plans to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements in humanoid robotics [2] Group 2: Tailgate Motor Market Share - The company is one of the early entrants in the tailgate motor market, with a deep understanding of market dynamics and product standards [3] - Revenue growth is driven by increased penetration in major clients and the acquisition of new customers [3] Group 3: Thailand Factory Development - The first phase of the Thailand factory focuses on cleaning pumps and motors, with plans to expand to more complex components as business grows [4] - The factory is expected to provide new growth momentum as production lines and customer orders are established [4] Group 4: Autonomous Driving Sector - The domestic autonomous driving sector is rapidly advancing from L2 to L3 levels, with many manufacturers making significant progress [5] - The company is actively communicating with both domestic and international clients to expand its business in this area [5] Group 5: Active Sensing Cleaning System Applications - Active cleaning technology is emerging in specific closed environments like ports and mines, although current application volumes are low [7] - Long-term prospects for active cleaning business in these environments are expected to grow as technology matures and market acceptance increases [7] Group 6: Gross Margin Trends - The company experienced a decline in gross margin due to concentrated rebates and short-term market strategies [7] - Recent quarters have shown stable gross margins, with plans to maintain stability through new customer development [7] Group 7: Competition in ADAS Active Sensing Cleaning System - The company has a first-mover advantage in the cleaning business with a strong technical foundation [7] - The overall market penetration is low, leading to limited competition primarily from foreign enterprises [7]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2] - The breakdown of sales revenue for 2023 and 2024 is as follows: - Optical Display: 25,755 million CNY (2023) vs. 55,159 million CNY (2024), a growth of 114% [2] - New Energy: 29,290 million CNY (2023) vs. 47,108 million CNY (2024), a growth of 61% [2] - Microelectronics: 9,081 million CNY (2023) vs. 11,222 million CNY (2024), a growth of 24% [2] - Civil Adhesive Tape: 40,613 million CNY (2023) vs. 47,030 million CNY (2024), a growth of 16% [2] - PET Film: 5,460 million CNY (2023) vs. 14,080 million CNY (2024), a growth of 158% [2] - Other Functional Adhesive Products: 86,653 million CNY (2023) vs. 94,457 million CNY (2024), a growth of 9% [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue: - 2025 target: 40% growth, amounting to 37.67 billion CNY [2] - 2026 target: 75% growth, amounting to 47.09 billion CNY [2] - 2027 target: 120% growth, amounting to 59.20 billion CNY [2] Group 3: Growth Drivers - Key factors contributing to the expected continuous growth in sales revenue include: - Completion of large-scale expansion and construction, allowing for a revenue growth phase [3] - Ongoing development of new products and clients, enhancing the company's capabilities to serve leading manufacturers [3] - The trend of import substitution for critical materials in the current international landscape [3] Group 4: Profitability Concerns - Despite a 37% increase in sales revenue in 2024, the company faced a situation of revenue growth without profit growth due to rising costs: - Major cost increases included depreciation (49%), labor costs (22%), R&D expenses (41%), and financial expenses (47%) [5][6] - Total costs rose from 71,861 million CNY in 2023 to 97,988 million CNY in 2024, reflecting a 36% increase [6] Group 5: Cost Structure and Future Outlook - The increase in costs is attributed to: - Transitioning major construction projects to fixed assets, leading to higher depreciation [6] - Significant investments in R&D, technology, and workforce, which are expected to continue [6] - A shift from capitalized borrowing costs to expenses as projects move into operation [7] - As sales scale increases, fixed costs are expected to be diluted, leading to improved economies of scale [7]

中国有色金属建设股份有限公司 投资者关系活动记录表 证券代码：000758 证券简称：中色股份 编号：2025-004 | | 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 | | 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） | | 活动参与人员 | 中信证券陈剑凡、田中石 | | | 刘厚胜 清和泉资本 | | | 上市公司接待人员： | | | 董事会秘书 朱国祥 | | | 证券事务代表 赵 旸 | | 时间 | 年 月 日 2025 5 21 | | 地点 | 中色股份 16 层会议室 | | 形式 | 线下交流 | | | 1. 公司达瑞铅锌矿项目进展如何？ | | | 达瑞铅锌矿位于印度尼西亚苏门答腊岛西北部，全区保有的 | | | 资源/储量总计为：矿石量 2,070.09 万吨，锌金属量 225.62 万吨， | | | 铅金属量 132.03 万吨，锌平均品位 10.90%，铅平均品位 6.38%， | | | 设计采选处理能力 万吨/年。在世界上待开发的铅锌资源项 ...

Group 1: ESG Performance and Strategy - The company aims to enhance its ESG performance by leveraging organizational advantages for better governance and focusing on resilience upgrades across the entire industry chain [1][2] - In 2025, the company plans to create a sustainable value creation system to inject green momentum into high-quality development [1][2] Group 2: Market Outlook and Growth Opportunities - The wire and cable industry is crucial for the national economy, with increasing demand driven by ongoing industrialization and urbanization [2] - The industry is expected to see stable growth opportunities, particularly in the cable testing sector, as manufacturers seek product upgrades and industry advancements [2] Group 3: Business Expansion and Shareholder Returns - Future expansion plans, including potential share increases, will be made cautiously and disclosed in accordance with regulations [2] - The company aims to strengthen its core testing business while exploring mergers and acquisitions to enhance shareholder returns [2] Group 4: Quality Control and Customer Trust - The company has established a strict internal quality control management system to ensure the accuracy and impartiality of testing results [3] - Continuous research in testing technology and training of technical personnel are prioritized to maintain the integrity of testing reports [3] Group 5: Sales Strategy and Revenue Growth - Direct sales model revenue increased by 60.03% year-on-year, with the model accounting for 100% of total revenue in 2024, reflecting a 6.93% growth from the previous year [3] - The company focuses on customer-oriented strategies and brand service to enhance market penetration and revenue generation [3]

Group 1: Company Overview - The company’s history, development strategy, and main business were introduced by Secretary Li Bin during the investor relations activity [2] - The company has successfully developed commercial vehicle fleet clients in China, such as Shentong Logistics and Baifa Logistics, and has begun small-scale installation testing [2] Group 2: Product and Market Insights - The price of the commercial vehicle sensor set (including digital information control devices and sensors) ranges from ¥2,000 to ¥3,000 [2] - The company’s TPMS sensors cover over 95% of vehicle models globally, providing a competitive advantage and brand recognition in the market [2] Group 3: Financial Performance and Strategy - The company’s high gross margin is attributed to technological barriers and channel advantages, including partnerships with well-known foreign fleet service providers [2] - Currently, there are no plans for refinancing [3] Group 4: Research and Development - A joint research center with Zhejiang University was established to focus on intelligent automotive pressure sensors and AI sensors, with the project currently in the feasibility research stage [2]

Group 1: Financial Performance - In 2024, the company achieved a total revenue of ¥2,763,726,947.39, with pet supplies generating ¥1,530,007,016.23, accounting for 55.36% of total revenue [3] - Pet food revenue reached ¥1,175,863,791.58, representing 42.55% of total revenue [3] - Pet supplies revenue grew by 15.08% year-on-year, while pet food revenue surged by 70.80% [3] Group 2: Business Strategy for 2025 - The company aims to focus on market-driven strategies, enhancing channel construction and operational efficiency [3] - Plans include deepening collaboration with top 40 clients and optimizing product offerings to increase international sales [4] - Domestic strategy emphasizes self-owned brands and expanding e-commerce channels, targeting core categories like pet bedding and toys [5][6] Group 3: Risk Management and Brand Development - The company is addressing uncertainties related to U.S. tariffs by leveraging existing global sales channels and maintaining strong communication with international clients [8] - There is a focus on diversifying brand partnerships in the food sector to mitigate operational risks and enhance profitability [8] - The company plans to explore innovative marketing strategies, including cross-industry collaborations to boost brand recognition [6][7] Group 4: Future Strategic Focus - The company will maintain a leading business strategy, concentrating on core markets and products to achieve industry leadership [9] - Emphasis will be placed on a three-pronged approach: market, product, and organization to drive strategic goals [9] - The next five years will see a commitment to global localization strategies and proactive supply chain management [10]

Group 1: AIGC Project and IP Planning - The company initiated the AIGC platform project in 2023, utilizing AI for customer insights and dynamic customer profiling, aiming to create a closed-loop system from precise customer acquisition to intelligent R&D [2] - A diversified IP matrix is planned, covering various categories such as national style, comics, and internationally recognized IPs, with product research focusing on brand characteristics and market demands [2] Group 2: Production and Revenue Insights - The revenue from the Vietnam production base in 2024 is projected to be 334 million CNY, accounting for approximately 30% of the cultural and recreational sector [3] - The Vietnam production base has not yet reached full production capacity despite the projected revenue [3] Group 3: Impact of Tariffs and Supply Chain Strategy - The company’s export business spans three main areas: cultural education, home living, and sports fitness, with the latter primarily targeting the C-end market through cross-border e-commerce [3] - The impact of tariff increases on business operations is difficult to assess, but the Southeast Asia production layout enhances cost control and supply chain stability, with some customer orders shifting to Southeast Asia [3] Group 4: Support from Shareholders and Product Development - The cultural tourism exhibition group, as a major shareholder, actively supports the company's growth by providing resources in talent, IP, and channels [3] - The company plans to expand its product categories based on market demand, moving beyond just paper products [3]

Group 1: Traffic Volume and Road Management - The overall traffic volume on managed road sections is consistent with last year, with some sections slightly lower due to regional factors such as construction and weather conditions [1] - The company manages 26 road projects with a total length of 2008 kilometers, primarily national and provincial main roads, with an average toll period of approximately 14 years [2] - The decision-making for road expansion and reconstruction projects is based on a comprehensive evaluation of regional economic development, financing costs, investment returns, and safety enhancements [2] Group 2: Project Updates - The Beijing-Tianjin-Tanggu expressway expansion project is progressing well, aimed at alleviating traffic pressure and supporting national strategies for regional development [3] - The construction is being carried out using a non-disruptive method to minimize the impact on road traffic [3] Group 3: Technological Development - The company focuses on four main business areas: investment operations, transportation technology, smart transportation, and transportation ecology, with an emphasis on innovation [4][5] - The goal is to create a leading infrastructure investment management platform, enhancing safety, intelligence, and sustainability in operations [5] Group 4: Shareholder Returns - From 2022 to 2024, the company has distributed a total cash dividend of 9.026 billion yuan, reflecting a commitment to sustainable development and shareholder value [6] - Future shareholder return plans will balance funding needs with shareholder returns, considering the company's growth stage [6] Group 5: Financial Management - The company's debt ratio is approaching 45%, but remains below the industry average, with plans to optimize financial costs and manage capital expenditures effectively [7][8] - The company has diverse financing channels and healthy financing capabilities to support capital expenditure needs for projects like the Beijing-Tianjin-Tanggu expansion [8]

Group 1: Competitive Advantage and Business Strategy - The company adopts a differentiated business strategy to adapt to changes in the operating environment, focusing on high-quality development through four main approaches: deepening operational lines, strengthening professional management, accelerating technological transformation, and maintaining risk control [2]. Group 2: Asset Quality Outlook - The bank faces new challenges in asset quality management due to economic fluctuations and changes in domestic and international situations. It will focus on key areas while adhering to a strict risk bottom line, utilizing a unique service system to support economic priorities and implementing prudent credit policies [2]. Group 3: Loan Growth and Future Prospects - The company has been actively supporting key sectors such as small and micro enterprises, manufacturing, and consumer services, leading to steady loan growth. Future policies aimed at expanding domestic demand and promoting consumption are expected to further enhance financial service coverage and support the real economy [2]. Group 4: Compliance and Disclosure - During the investor relations activity, the company ensured that all communications adhered to disclosure regulations, with no significant undisclosed information leaked [2].