Group 1: Business Strategy and Structure - The company is focusing on reducing the proportion of traditional construction business while enhancing high-value detection sectors such as automotive and food safety testing, aiming for a diversified growth model [2] - The strategy includes a "detection+" model to deepen service chains in high-growth areas and expand cross-industry collaboration [2] - The company has adopted a three-dimensional merger strategy focusing on regional penetration, track expansion, and qualification enhancement to achieve precise acquisitions [3] Group 2: Automotive Testing Sector - The automotive testing business is primarily conducted through the subsidiary Guanbiao Testing, which has gained third-party testing qualifications from major automotive manufacturers [2] - Despite a slight decline in net profit in 2024, the company expects improved performance in 2025 due to enhanced order conversion and market penetration [2] Group 3: International Expansion - The company is pursuing a phased global expansion strategy, initially targeting countries along the "Belt and Road" initiative, with plans to establish localized operational teams [3] - The long-term goal is to create a globally coordinated testing service network, with existing operations in countries like Vietnam, Thailand, and Indonesia [3] Group 4: Future Development Directions - The company aims to optimize its business structure and enhance capabilities through a "curve growth" strategy, focusing on traditional and emerging high-value sectors [3] - Plans include significant resource investment in new energy, automotive, and advanced manufacturing sectors to develop comprehensive solution capabilities [3]

2、人形机器人产业市场容量这么大，请问贵司聚焦机器人 结构件和设计环节有做哪些具体技术积累和业务拓展，如何提高 在产业链的壁垒 证券代码： 002420 证券简称：毅昌科技 广州毅昌科技股份有限公司投资者关系活动记录表 编号：2026-001 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | √ | 其他 （投资者说明会） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2026 年 1 月 9 日 （周五） 下午 15:30~17:00 | | 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投资者说明会 | | 上市公司接待人 | 1、董事长宁红涛 | | 员姓名 | 2、副总经理、董事会秘书、财务负责人叶昌焱 | | | 3、滁州市城市投资控股集团有限公司杨婷婷 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 ...

Group 1: Robotics Business Development - The company has made progress in the robotics sector, focusing on material technology and application technology, with products like robotic joint seals and sliding bearings already shipped to leading domestic customers [2] - The robotics business is still in its early development stage, presenting significant uncertainties, and the company will disclose any new advancements in a timely manner [2] Group 2: Semiconductor Sealing Business - The company has received sales orders for perfluoroether sealing products in the semiconductor processing equipment sector, with clients including top domestic equipment manufacturers and some wafer fabs [3] - To accelerate the semiconductor business, the company plans to operate this segment independently, attracting quality strategic investors to enhance R&D, production, and customer breakthroughs [3] Group 3: Oil and Gas Market Expansion - The company is expanding its sealing product market in the Middle East, having invested in a factory in the Dammam area, with production expected to commence in the first half of the year [3] - This initiative aims to leverage local advantages to effectively serve end customers in the Middle East and gradually enhance the brand's international influence [3] Group 4: Competitive Strategy - The company will continue to focus on research in materials, products, and application technologies to enhance its product development capabilities and brand establishment [4] - Emphasis will be placed on improving product quality, reducing production costs, and increasing manufacturing efficiency through advanced processing techniques and automation [4] Group 5: Overall Business Performance - The company reports that all business segments are performing well, with the engineering machinery sector being the largest and maintaining growth through deepening cooperation with core customers [4] - Other sectors such as oil and gas, general machinery, and industrial automation are also experiencing significant growth [4]

Group 1: Business Development Strategy - The company focuses on water and environmental protection, emphasizing both "internal growth and external mergers" to enhance its development strategy [2] - Plans to expand water resource management in Chengdu and surrounding areas, while exploring markets outside the province [2] - Aims to develop "light asset" businesses, including entrusted operations and technical consulting [2] Group 2: Project Scale and Progress - Current operational and in-construction water supply projects have a capacity of approximately 4.3 million tons/day, with wastewater treatment projects exceeding 4.8 million tons/day, and waste incineration power generation projects at 12,000 tons/day [3] - Major projects include the completion of the main construction and equipment installation for the Chengdu Fifth Water Plant (Phase II) and ongoing commissioning for other facilities [3] Group 3: Pricing Mechanism - Water supply prices are adjusted based on national policies and agreements, requiring approval from government price authorities [4] - Wastewater treatment service fees are subject to periodic adjustments as per agreements, typically occurring annually [5] Group 4: Accounts Receivable and Dividend Considerations - The company has seen an increase in accounts receivable due to market expansion, with stable overall collection rates reported for the first three quarters of 2025 [5] - As construction projects are completed, the company anticipates improved cash flow and plans to enhance dividend levels to strengthen investor satisfaction [5]

Group 1: Domestic Business Layout and Future Outlook - Jiangnan Chemical focuses on three main business segments in the civil explosives sector: civil explosive products, engineering construction services, and mining management [1] - The company implements a "regional collaboration + major clients and projects" strategy, establishing a market layout across six core regions and six important provinces [1] - Jiangnan Chemical aims to enhance project acquisition capabilities and leverage strategic partnerships with major clients to support engineering services with robust product supply [1] Group 2: Integrated Service Transformation - The company is transitioning from primarily providing products to offering integrated services, increasing the proportion and scale of these services [2] - Future strategies include using engineering blasting services to drive civil explosive production and expanding market reach through integrated service advantages [2] - Jiangnan Chemical plans to dynamically adjust production capacity and product structure, shifting from low-efficiency to high-efficiency regions [2] Group 3: International Business Expansion - Jiangnan Chemical leverages its unique military trade service advantages and overseas mineral strategy to build a business network in countries along the Belt and Road Initiative [3] - The company has established a comprehensive project management and supply assurance system for international operations, enhancing its core competitiveness [3] - Future international strategies focus on industrial explosive capacity planning and integrated mining projects in resource-rich countries along the Belt and Road [3] Group 4: Commitment to Avoiding Industry Competition - The actual controller, the Weapon Industry Group, has extended the commitment to avoid competition with Aoxin Chemical by five years, from December 25, 2025, to December 25, 2030 [4][5] - This extension is due to the complexity of the integration plan and the need for thorough verification, ensuring the interests of the company and all shareholders are protected [5] - Jiangnan Chemical will continue to align with national strategies and leverage its capabilities to enhance market competitiveness [5]

Group 1: Company Overview - Hubei Dinglong Holdings Co., Ltd. is a leading platform company in the field of core innovative materials, focusing on two main business segments: semiconductor materials and general printing consumables [2]. - The company emphasizes its semiconductor innovation materials business, covering CMP process materials, photoresists, display materials, and advanced packaging materials [2]. Group 2: Financial Performance - In the first three quarters of 2025, the semiconductor segment's revenue contribution increased to 57%, becoming the core growth engine [3]. - The semiconductor segment achieved a revenue of 1.534 billion yuan, a year-on-year increase of 41.27% [3]. - CMP polishing pads generated significant revenue, with a third-quarter sales increase of 42% year-on-year [3]. Group 3: Product Performance and Market Position - The semiconductor display materials segment saw a revenue increase of 47% year-on-year, with a third-quarter revenue of 143 million yuan [3]. - The company maintains a leading position in OLED display materials, with strong customer loyalty and stable cash flow from high-frequency consumables [5]. - New product developments, including PFAS Free PSPI and BPDL, are progressing as planned, with ongoing customer validation [6]. Group 4: Supply Chain and Customer Relationships - The company has achieved self-sufficiency in core raw materials for CMP products, enhancing supply chain stability and customer trust [4]. - Strong relationships with domestic wafer fabs and OLED panel manufacturers ensure high order renewal rates and customer stickiness [7]. Group 5: Future Opportunities and Strategies - Key opportunities for 2026 include AI-driven growth in semiconductor and OLED industries, increasing demand for stable supply chains, and expansion into new markets [8]. - The company plans to focus on core semiconductor materials, enhance R&D investments, and expand both domestic and international market presence [8]. Group 6: R&D Investments and Commercialization - R&D investments in the first three quarters of 2025 focused on flexible display materials, polishing liquids, and advanced packaging materials [9]. - The company anticipates significant commercialization of new products, including CMP polishing liquids and advanced packaging materials, enhancing product offerings and cash flow stability [9].

Group 1: Phosphate Fertilizer Business - The company has a phosphate fertilizer production capacity of nearly 8 million tons, with projected sales of 4.1797 million tons and revenue of 11.43 billion yuan in 2024 [2][3] - The company is constructing an additional 1.9 million tons of phosphate fertilizer capacity across four locations, enhancing its national production layout [3] Group 2: Industry Chain and Project Progress - The company’s Yicheng base has a complete "salt-alkali-fertilizer" industry chain, with a focus on a 700,000-ton ammonia synthesis project and associated production lines for water-soluble fertilizers and controlled-release fertilizers [4][6] - The company owns three phosphate mines in Sichuan with a total resource reserve of approximately 549 million tons, with ongoing projects including a 2.9 million-ton mining operation and a 4 million-ton mining operation [5] Group 3: Green Circular Economy Projects - The Yicheng base's green circular economy project is progressing, with a 600,000-ton sulfuric acid production project already in operation and other projects for phosphorus-based flame retardants and food-grade phosphoric acid under development [6][7] - The company aims to enhance its product offerings towards high-value sectors, improving profitability and long-term competitiveness [6] Group 4: Phosphoric Acid and Sulfuric Acid Production - The company has established a phosphoric acid business with a production capacity of 100,000 tons, primarily serving the lithium iron phosphate manufacturers in the new energy sector [7] - Current sulfuric acid production capacity is 295,000 tons, with a focus on self-use and downstream applications in phosphate fertilizer and new energy materials [7]

Group 1: Overseas Market Strategy - The company focuses on the mining sector in overseas markets, employing a light asset model to establish marketing networks and logistics bases, aiming for localized services and sustainable growth [2] - The primary overseas market strategy targets Chinese-funded enterprises and local foreign-funded enterprises, with a focus on building trust through localized service systems [2][3] Group 2: Regional Expansion Priorities - The company prioritizes regional expansion as follows: Africa (first priority), with established service networks; Russia and Central Asia (second priority), focusing on local service capabilities; South America (third priority), in the research phase; and mature markets like Australia (fourth priority), emphasizing high-end service [3] Group 3: Profitability and Pricing Strategy - The gross profit margin for overseas business is significantly higher than that of domestic operations, with a pricing strategy that respects brand and quality perceptions to avoid low-price concerns [4] Group 4: Strategic Framework - The "One Body, Two Wings" strategy positions high-end intelligent equipment as the core, with operational services and resource investment as complementary wings, both undergoing strategic investment [5] - The operational model includes specialized equipment operation and production optimization services for large mining groups, and full-process funding and management services for small to medium-sized mines [6] Group 5: Product Development and Market Recognition - The company has narrowed the performance gap with international brands and has achieved positive market recognition, particularly in the U.S., with repeat purchases and parts replacement demand [7] - Current product applications are primarily in mining and aggregate production, with no immediate plans to expand into subway tunnel applications due to low compatibility [8] Group 6: Talent Acquisition and Management - The company is open to talent acquisition but aims to build a management system tailored to its business characteristics, recognizing the differences in management needs between small and large mines [9] Group 7: Resource Investment Focus - The resource investment strategy focuses on gold and copper, avoiding high-risk projects and emphasizing short-term, clear resource projects to ensure investment safety [10] Group 8: Data Utilization and Business Empowerment - The company utilizes a shareholding model in mining to create a data feedback loop, enhancing both equipment business and operational services through real-time data collection [11] Group 9: Strategic Transformation and Industry Trends - The strategic transformation is driven by market analysis, with a focus on the structural opportunities in the global mining market and the increasing competitiveness of Chinese high-end equipment [12] Group 10: Core Advantages and Challenges - Core advantages include sufficient funding, clear strategic paths, competitive product performance, and innovative operational models. Challenges involve talent shortages, brand recognition, and localization capabilities [13] - The company plans to enhance talent recruitment, brand building, and localization strategies to address these challenges [14]

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] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering wisdom for a better future" [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a 24.85% increase year-on-year, and a net profit of CNY 176 million, up 0.81% from the previous year [2] Group 2: Competitive Advantages - The company has built a comprehensive business system integrating "module base + AI-driven + cloud services + intelligent terminals," enhancing its competitive edge [2] - It provides customized product solutions by leveraging its experience in AI algorithms, hardware design, and software development [2] Group 3: Product Development Directions - The company offers a wide range of products, including smart vehicle terminals, smart sleep terminals, and intelligent payment hardware [3] - It is advancing a unified embedded software architecture to support rapid secondary development of new products [3] Group 4: AI Technology R&D - The company has accumulated experience in AI algorithms, particularly in AI vision algorithms, which are applied in smart transportation and security fields [3] - Future R&D will focus on enhancing AI vision capabilities to provide competitive visual solutions for various application scenarios [3] Group 5: Smart Sleep Terminal - The smart sleep terminal tracks and analyzes users' sleep states, adjusting temperature based on individual needs to optimize sleep experience [4] - It operates independently of the real estate and home decoration industries, making it a consumer-oriented AI product [4]

Group 1: Company Performance and Financial Outlook - The company expects to maintain a steady growth trajectory for the full year 2025, with preliminary financial data indicating continued growth in Q2 and Q3 [4] - The AI application commercialization is showing a quarter-on-quarter increase, particularly with tools like "Master-Student Image" and "Cloud View" [5] Group 2: AI Application and Strategic Initiatives - The company is actively exploring AI technology applications in specific business scenarios, aiming for significant contributions to revenue growth in 2026 [5] - A partnership has been established with a leading domestic brain-computer interface supplier to provide online brand management services [5] Group 3: GEO Strategy and Market Trends - The company is closely monitoring the shift from SEO to GEO in e-commerce, recognizing it as a significant industry evolution driven by large model technology [6] - The company has initiated team building to capitalize on the potential growth opportunities presented by GEO [6] Group 4: Investor Engagement and Feedback - Investors inquired about the expected changes in R&D investment related to the transition from SEO to GEO, with the company affirming a commitment to increase investment in content optimization [7] - Brand budgets for GEO marketing are expected to depend on ROI, with mainstream brands already recognizing the potential of GEO [8] Group 5: Competitive Advantages and Future Outlook - The company's competitive edge lies in its extensive brand service experience, which allows for the generation of high-quality content tailored for GEO [10] - The company anticipates significant growth in AI vertical application revenue and customer numbers in 2026 compared to 2025 [9]