Group 1: Talent and Workforce - In 2024, the total number of employees increased by 14% year-on-year, but the proportion of technical personnel decreased to 27%. The company is focusing on optimizing talent structure and training systems to support technological innovation [2][3]. - The company has established a competitive compensation structure and incentive policies to enhance cohesion and market competitiveness [3]. Group 2: Revenue and Profitability - In 2024, revenue from military non-metal composite materials accounted for 89%, but the gross margin decreased by 3.5 percentage points. The company is exploring new resin formulations and automated processes to reduce manufacturing costs [3][4]. - The revenue from civilian products grew by 18% year-on-year, but accounts receivable turnover days extended to 120 days. The company plans to enhance cash flow through customer credit assessment models and supply chain financial platforms [5]. Group 3: Research and Development - R&D expenses increased by 29% year-on-year, but the R&D expense ratio was only 6.3%, lower than industry leaders. The company is balancing R&D investment with short-term delivery pressures [5][6]. - The company is actively participating in the R&D of new military equipment to ensure business continuity [6]. Group 4: Financial Health - The asset-liability ratio increased by 7 percentage points to 64% in 2024, but the interest-bearing debt ratio remains low. The company is evaluating its debt structure and financing channels to reduce financial costs [6][7]. - Government subsidies accounted for 22% of net profit in 2024, primarily due to military product research subsidies and tax incentives. The company is assessing the sustainability of these subsidies [7][8]. Group 5: Market Expansion and Competition - Overseas revenue accounted for less than 5% in 2024, but there is growing demand for military equipment upgrades in the Middle East and Southeast Asia. The company plans to upgrade military trade qualifications and establish strategic partnerships to break market barriers [4][8]. - The company is facing increased competition, with competitors reducing costs through scale production. It is focusing on technological upgrades and service model innovations to narrow the gap [8][9]. Group 6: Supply Chain and Inventory Management - Supply chain security has become a focus, with the company exploring diversified supplier strategies to mitigate supply risks [10][11]. - Inventory turnover rate decreased by 22% year-on-year due to military order fluctuations. The company is working on demand forecasting algorithms and smart warehousing systems to reduce inventory costs [12][13].

Group 1: Financial Performance - The company reported a net loss attributable to shareholders of 5.69 billion yuan for the fiscal year 2024, a reduction in loss of 0.89 billion yuan compared to the previous year [2] - In Q1 2025, the net loss attributable to shareholders was 4.41 million yuan, showing a year-on-year reduction in loss [2] - The company made impairment provisions totaling approximately 2.95 billion yuan for various assets [2] Group 2: Business Resilience and Strategy - The gross profit margin for the tile business in Q1 2025 was 21.06%, an increase of 2.89 percentage points compared to the full year of 2024 [3] - The company is focusing on channel strategy transformation, product structure improvement, and ongoing cost reduction and efficiency enhancement measures [3] Group 3: Growth Drivers - Key drivers for future profitability include continuous product innovation, cost optimization in production, strict quality control, market penetration, enhanced customer experience, and brand reputation building [4] Group 4: Industry Outlook - The home building materials industry is expected to benefit from improved real estate market conditions due to increased support from central and local governments [6] - Opportunities for growth include renovation of existing homes, affordable housing projects, and urban renewal initiatives [6] - The industry is experiencing a shift towards higher concentration as outdated production capacities are phased out [7]

| | ☐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） | | 参与单位名称及人员姓名 | 通过"华泰证券行知"参加"公司2024年年度网上业绩说明会"的投资 | | | 者 | | 时间 | 2025年05月20日（星期二）下午15:30-16:30 | | 地点 | 华泰证券行知官网（https://research.htsc.com/s/rANr22） 董事长、总经理杨学新 | | | 财务总监宋超 | | 上市公司接待人员姓名 | 副总经理、董事会秘书曹燕 | | | 独立董事赵国庆 | | | 保荐代表人庄晨 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、美国关税政策对公司业务开展影响如何？公司是否有采取针 | | | 对性措施？ | | | 答：尊敬的投资者，您好！结合 2024 年度公司主营业务营收情 | | | 况，公司直接对美销售收入相对占比较 ...

Financial Performance - The company achieved a total revenue of 678 million yuan in 2024, representing a year-on-year growth of 89.36% [5] - Operating costs increased to 470 million yuan, a year-on-year rise of 61.55%, resulting in an overall gross margin of 30.69%, up by 11.93% [5] - The net profit attributable to shareholders decreased the loss to 249 million yuan, while the net profit after deducting non-recurring items improved by 65.28% [5] Business Operations - The company reported a significant loss in net profit primarily due to losses in PPP and scaffolding businesses, despite a growing profit trend in its main PCCP business [1][2] - In 2024, the wind power tower business generated 103 million yuan in revenue, with ongoing orders being executed as per contracts [2][3] - The company has established a production capacity of 10,000 rings per year for subway segments, participating in major municipal projects like the Harbin subway [2] Research and Development - R&D investment increased by 32.22% in 2024, focusing on new products, equipment, processes, and materials, including ZNPCCP pipeline research and DJ tower development [2] - The company is committed to continuous product innovation and upgrading existing PCCP products to meet diverse market demands [3] Competitive Advantages - The company holds a unique position as the only enterprise in the PCCP industry with a national-level technology center, enhancing its R&D capabilities [2][4] - Strong relationships with suppliers, customers, and government entities facilitate resource sharing and market expansion [2] Future Growth Drivers - The company anticipates significant demand for PCCP and related products due to the acceleration of major water conservancy projects, with over 150 projects planned by 2025, totaling over 20 billion yuan in investment [7] - The focus on high-margin products like large-diameter PCCP and high-pressure pipelines is expected to enhance profitability [7] Industry Outlook - The industry is experiencing steady growth, with average revenue increasing due to market demand and successful new market entries by some companies [8] - Future demand for PCCP is projected to remain stable, driven by ongoing investments in water infrastructure and the company's strategic expansion into new business areas like wind power towers [8]

Group 1: Sales and Demand Outlook - The sales volume of PCCP pipes in 2024 is expected to significantly increase compared to 2023, despite a substantial revenue decline in Q1 2025 due to seasonal impacts in Northeast and Northwest regions [1] - The company anticipates a steady increase in new orders, with a target of 4 billion yuan in new contracts for 2025 [1] - The demand for PCCP is projected to remain stable due to ongoing national infrastructure investments, particularly under the "14th Five-Year Plan" [2] Group 2: Regional Infrastructure Investment - In 2025, there are 186 key water resource projects in the Xinjiang region, with a total investment of 1.21 trillion yuan and an annual planned investment of 92 billion yuan [2] - The company is actively participating in these major water conservancy projects, which is expected to boost the demand for PCCP and enhance company performance [2] Group 3: Order Management and Seasonal Factors - The company experiences seasonal order fluctuations, with production typically starting in April, leading to lower revenue recognition in Q1 [2] - As weather improves, project commencement is expected to increase, particularly in PCCP and concrete wind power tower sectors [2] Group 4: Financial Management and Debt Reduction - The company is implementing measures to improve accounts receivable management, including establishing a collection mechanism and engaging with government clients to ensure timely payments [4] - It is optimizing capital operations through centralized fund management to enhance capital efficiency and reduce idle funds [4] - The company is exploring diverse financing options, including asset securitization and strategic investors, to optimize its financing structure and reduce reliance on traditional debt [4] Group 5: Market Expansion and Cost Control - The company is diversifying its market by expanding into municipal water supply and drainage, renewable energy wind power towers, and high-end concrete products [5] - Internal management improvements are being made to control costs, including optimizing production processes and reducing material procurement costs [5]

Financial Performance - The company achieved total operating revenue of CNY 1,448.21 million in 2024, a year-on-year increase of 21.40% [2] - Operating profit reached CNY 33.54 million, up 127.67% compared to the previous year [2] - Net profit attributable to shareholders was CNY 22.28 million, an increase of 114.97% year-on-year [2] - As of December 31, 2024, total assets amounted to CNY 3,877.89 million, with total liabilities of CNY 1,102.05 million, resulting in an asset-liability ratio of 28.42% [3] Revenue Growth Drivers - The significant revenue growth in Q4 2024 was primarily driven by the completion and revenue recognition of hospital engineering projects [3] - The peak period for one-time medical consumables also contributed to the substantial increase in revenue during Q4 2024 [3] Market Strategy and Future Outlook - The company plans to focus on medical services, establishing platforms for medical products, services, and health industries [4] - The company aims to leverage its strengths in technology, market presence, and brand to pursue mergers and acquisitions for accelerated growth [4] - The overseas market is a key growth area, with foreign revenue reaching CNY 932 million in 2024, a year-on-year increase of 12.73%, accounting for 64.5% of total revenue [6] Industry Impact and Opportunities - The healthcare sector is expected to benefit from ongoing global economic development and rising healthcare demands due to an aging population [4] - The company is positioned to capitalize on favorable policies and market conditions in the healthcare industry [4] Innovation and Development - The company has received over 180 patents, highlighting its commitment to innovation in medical technology [7] - It has been recognized as a national high-tech enterprise and has received various awards for its technological advancements [7] Shareholder Engagement and Governance - The company emphasizes effective market value management and investor relations, ensuring transparent communication regarding its strategic direction and operational performance [8] - A profit distribution proposal for 2024 is set to be reviewed at the upcoming shareholders' meeting [7]

Group 1: Company Strategy and Development - The company aims to enhance its overall business scale and profitability through external mergers and acquisitions, focusing on high-quality resources in the cultural tourism industry [2] - In 2025, the company will prioritize the integration of culture, tourism, and sports, with tourism as the core business, emphasizing "tourism + ice and snow," "tourism + film," and "tourism + sports" [3] Group 2: Upcoming Projects - Major upcoming productions include the variety shows "Unique You" and "Single Row Comedy Competition 2," as well as films "Beyond the Sky" and "Welcome to Tianling Mountain," with release dates yet to be determined [3] - The company is actively developing a film production service system called "Shooting in Sichuan" to attract more film crews to the region [5] Group 3: Branding and Image - The company has signed a trademark usage agreement to utilize two trademarks from its indirect controlling shareholder, aiming to strengthen its brand image and inter-business collaboration [4][5] - The absence of a corporate logo and official website has been noted as a hindrance to the company's public image and communication [4]

2、请问贵公司未来盈利增长的主要驱动因素有哪些？ 您好，公司聚焦"智能装备制造"的产业方向，以"成为拥有领 先技术的自动化智造企业"为愿景，公司所处行业市场前景广阔，我 们也将持续不断巩固研发技术领先优势、积极提升精细化管理能力， 从而把握新质生产力发展的重大机遇，扎实铺垫未来高质量增长。 具体措施如下： 1）积极进行国际化布局，寻找本土和域外业务机会； 2）捕捉客户产品开发趋势，紧跟行业技术发展方向，深挖现有优质客 户群体的潜力，增强与客户的业务粘性，基于深度学习的智能外观检 测模型和视觉/力控伺服等技术，积极开发具有竞争优势的解决方案和 产品形态； 3）着眼未来，构建支撑公司可持续发展的人才梯队，夯实未来业务盈 利的人力资源基础； 投资者关系活动记录表 编号：2025-001 证券代码： 301512 证券简称：智信精密 深圳市智信精密仪器股份有限公司 | 投资者关 | □特定对象调研 分析师会议 □ | | --- | --- | | □ 系活动类 | 媒体采访 业绩说明会 √ | | □ | 新闻发布会 路演活动 □ | | 别 □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | ...

Group 1: Financial Services Overview - China Oil Finance is a non-bank financial institution approved by the People's Bank of China, providing services such as payment and settlement, loans, foreign exchange trading, and financial chain services [2] - Kunlun Bank, approved by the former China Banking Regulatory Commission, primarily engages in public deposit acceptance, loan issuance, domestic and international settlement, and public securities investment fund sales [2] Group 2: Trust Business Development - Kunlun Trust focuses on three main categories: asset service trust, asset management trust, and public welfare trust, covering various services including equity investment and family trusts [3] - Future efforts will aim to enhance the proportion of actively managed trusts and increase the dividend ratio of equity investment trusts, while continuously seeking efficiency improvements and cost reductions [3] Group 3: Regulatory Impact - The revised "Management Measures for Financial Leasing Companies" by the National Financial Regulatory Administration in 2024 will positively impact Kunlun Financial Leasing [3] - Kunlun Financial Leasing has consistently adhered to regulatory requirements, and the new regulations will provide clearer guidelines for business operations, including enhanced risk management and business classification supervision [3]

Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen an improvement in capacity utilization due to a relative recovery in the storage sector, with increases compared to Q4 2024 and Q1 2025 [1] Group 2: FC-BGA Packaging Substrate Technology and Project Progress - The company has achieved mass production capability for FC-BGA packaging substrates with 20 layers and below, with ongoing sample certification processes. R&D and sampling for products with over 20 layers are progressing as scheduled [1] - The first phase of the Guangzhou packaging substrate project was connected in Q4 2023, with production capacity steadily increasing. The project has begun to receive bulk orders for BT and some FC-BGA products, although it is still in the early stages of capacity ramp-up, impacting profits negatively [1] Group 3: PCB Business Expansion Plans - The PCB business has factories in Shenzhen, Wuxi, Nantong, and a factory under construction in Thailand. The company is enhancing capacity through technological upgrades at existing factories and is advancing the Nantong Phase IV project to establish an HDI technology platform [2] - The company plans to rationally allocate business capacity based on its operational plans and market demand [2] Group 4: Thailand Factory Investment and Business Positioning - The total investment for the Thailand factory is 1.274 billion RMB (approximately equivalent in foreign currency), with basic engineering construction progressing on schedule. The production timeline will depend on future construction progress and market conditions [3] - The Thailand factory will have capabilities in high-layer and HDI PCB technologies, aiding the company in expanding its overseas market and meeting international customer demands [3] Group 5: Raw Material Price Changes and Impact - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salt, and inks. In Q1 2025, prices for some raw materials, such as gold salt, increased year-on-year and also showed a rise compared to Q4 2024 due to commodity price fluctuations [4] - The company will continue to monitor international commodity price changes and maintain active communication with suppliers and customers regarding raw material price transmission [4] Group 6: Compliance and Disclosure - The company adhered strictly to the "Information Disclosure Management System" during the research process, ensuring no significant undisclosed information leakage occurred [5]