Group 1: Operational Performance - In 2025, the company achieved a total electricity generation of 232.648 billion kWh, representing a year-on-year increase of 2.36% [1] - The average utilization hours of the units were 7,767 hours, an increase of 57 hours compared to the previous year [1] - The company conducted 19 major overhauls in 2025, with a total overhaul duration of approximately 655 days, which is a reduction of about 58 days compared to 2024 [2] Group 2: Market Performance - The market-based electricity generation was approximately 130.85 billion kWh, accounting for about 56.2% of the total, showing a slight increase year-on-year [2] - The average market price of electricity decreased due to lower trading prices in Guangdong and Guangxi regions [2] Group 3: Dividend Policy - The company plans to maintain a moderate increase in the dividend payout ratio from the 2020 level of 42.25%, with projected ratios of 43.44%, 44.09%, 44.26%, and 44.36% for the years 2021 to 2024 respectively [2] Group 4: Future Projects and Maintenance - In Q1 2026, the company plans to complete one major overhaul that started in 2025 and initiate 7 new major overhauls, including 4 annual and 3 decadal overhauls [2] - The company is preparing for the approval of multiple nuclear power projects, with several projects meeting the preliminary requirements for submission to national authorities [3] - The expected commissioning dates for Huizhou Unit 1 and 2, and Cangnan Unit 1 are in 2026 [3]

答：前期公司固态电池材料硫化锂的实验室小试开发工作已完成，该 材料为固态电池电解质的上游关键材料。目前中试产线建设工作已经启 动，争取在 6 月底前后完成建设。 4、问：公司钙钛矿产品发展情况，主要有哪些种类？ 答：公司钙钛矿光伏材料主要包括空穴传输层材料、电子传输层材料、 钙钛矿层材料、SAMs 材料等，各类材料均有产品销售。目前公司在钙钛 矿光伏材料领域，已开发了超 100 种化合物。2025 年情况来看，虽然行 业下游尚未达到大规模商业化应用阶段，但下游钙钛矿光伏组件技术水平 持续进步且向着产业化迈进，效率水平持续提升，我们将继续以高品质的 钙钛矿光伏材料助力下游企业更好发展。 证券代码：002643 证券简称：万润股份 中节能万润股份有限公司投资者关系活动记录表 编号：20260113 | | □√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 | | 活动参与人员 | 万家基金：汪洋、刘洋、李杨、张希晨、叶勇、况晓、雷寅嘉 | | | 长江证券：王呈 | ...

Group 1: Company Fleet Capacity - The company controls a total of 54 vessels with a total capacity of 424,800 deadweight tons [2] - The fleet includes 34 domestic chemical tankers (216,100 deadweight tons), 13 product oil tankers (130,700 deadweight tons), and 6 foreign trade chemical tankers (73,400 deadweight tons) [2] - In 2025, two new vessels were added: a dual-purpose oil and chemical tanker (6,187.40 deadweight tons) and a foreign trade chemical tanker (13,710.24 deadweight tons) [2][3] Group 2: Future Capacity Plans - The subsidiary currently has 3 vessels under construction with a total capacity of 27,000 deadweight tons [3] - The company plans to apply for additional capacity through the Ministry of Transport and will replace old vessels to enhance fleet efficiency [3] Group 3: Domestic Chemical Shipping Market - In the first three quarters of 2025, the domestic hazardous chemical waterway transport market saw a decline in freight turnover and prices due to industry fluctuations [4] - By Q4 2025, the domestic chemical market began to stabilize, with an expected increase in demand for hazardous chemical waterway transport [5] - Currently, 70% of the company's domestic hazardous chemical transport business is secured by long-term contracts [5] Group 4: International Chemical Shipping Market - The international liquid hazardous goods transport market experienced a decline in freight rates compared to 2024 due to various external factors [6] - The company is optimizing routes and implementing a layered pricing strategy to enhance profitability and resilience against market fluctuations [6] Group 5: Convertible Bonds - The company issued 7,400,000 convertible bonds on December 6, 2023, with a total fundraising amount of RMB 740 million [7] - As of the end of 2025, 4,540,671 convertible bonds remain, representing 61.36% of the total issued amount [8] Group 6: Collaboration with Major Shareholder - The company is exploring collaborative opportunities with its major shareholder, Wanda Group, to enhance operational stability and risk management [9] - The management is focused on optimizing business layout and improving operational efficiency in line with Wanda Group's governance requirements [9] Group 7: Risk Warning - Investors are advised to refer to official announcements for accurate company information and to be cautious regarding investment risks [10]

Group 1: Company Overview and Operations - The company is focused on mining and resource acquisition, with a strong emphasis on exploration and mergers and acquisitions to ensure sustainable development [6]. - The company has a stable cash flow and plans to use its own funds for mining construction and external acquisitions, while also considering financing options based on future capital needs [9]. Group 2: Project Developments - The core asset of Yichun Jinshi Mining is the Gaodi Copper-Molybdenum Mine, with plans to transition exploration rights to mining rights and commence construction by 2027 [2][3]. - The Guangxi Jinshi Mining has obtained mining rights for the Miaohuang Copper-Lead-Zinc-Silver Mine, with an expected production scale of 660,000 tons/year and average metal grades of 1.68% copper, 2.66% lead, 2.40% zinc, and 83.75 g/t silver [4]. Group 3: Production Challenges and Weather Impact - The mining operations in Yichun may face temporary shutdowns due to extreme cold weather, with an estimated 330 effective working days per year [5]. - The production costs for Honglin Mining are influenced by multiple factors, including safety requirements and the simplicity of the ore processing [7][8]. Group 4: Future Mergers and Acquisitions - The company prioritizes resource acquisition through mergers and acquisitions, focusing on high-quality metal resources and projects with a service life of over 15 years [6]. - The company is exploring overseas acquisitions, considering various factors such as resource conditions, political risks, and legal regulations, with plans to proceed once certain conditions are met [11].

| | 第四季度，受同行企业及下游企业开工率波动、上下游需求变化、 | | --- | --- | | | 石油价格震荡下行等因素影响，公司化工产品价格变化涨跌不一，公 | | | 司根据市场行情变化，及时联动调整，把握市场机会，最大限度保持 | | | 产销平衡。公司产品在鲁西商城在线销售，价格公开透明。 | | | 三、沟通了解成立聚碳酸酯合资公司的情况 | | | 公司 2025 年 12 月 23 日披露了《关于与关联方共同投资设立合资 | | | 公司暨关联交易的公告》，鲁西化工与沧州大化、中化国际全资子公 | | | 司中化塑料有限公司三方共同出资成立合资公司，主要是为了切实履 | | | 行国有股东出具的同业竞争相关承诺，减轻同业竞争对公司的不利影 | | | 响，有效整合三方在聚碳酸酯领域的销售资源。 | | | 四、沟通了解北部园区的发展思路？ | | | 公司多年来建设发展南部一体化化工园区，积累了一定的经验， | | | 对于北部园区的建设，公司将坚持高起点规划、高标准建设、高效能 | | | 管理，加强园区一体化管理，发展南部园区化工产品的上下游项目， | | | 继续完善产业链条和基 ...

Group 1: eCall Emergency Call System - The eCall system is composed of an in-vehicle terminal, mobile communication network, and PSAP call center, designed to enhance emergency response times and reduce fatalities in traffic accidents [2][3] - The system can be triggered automatically through sensors detecting severe collisions or manually via an in-vehicle button, ensuring reliable operation even in extreme conditions [4] - The company has established a competitive advantage by being an early player in the eCall market, obtaining the first EU eCall certification in 2019 and the new generation NG eCall certification in 2025 [5][6] Group 2: Technical and Market Position - The technical barriers for eCall systems include rigorous testing for reliability, functionality, and compliance with data protocols, ensuring safety in life-critical situations [4] - The company has actively participated in the development of industry standards and has become the first to pass the national standard AECS test, demonstrating its leadership in the market [5][6] Group 3: Research and Development Strategy - The company employs a "platform and modular" R&D system to enhance efficiency and reduce costs, allowing for flexible product configurations based on customer needs [7] - This approach enables rapid response to market changes and accelerates product development cycles, leading to improved R&D efficiency and cost optimization [7] Group 4: Future Development Plans - The company is in a strategic growth phase, focusing on deepening its core business while exploring new growth areas, including 5G TBOX products and digital energy management solutions [8][9] - Investments in commercial aerospace aim to leverage the company's manufacturing capabilities and operational standards, fostering innovation at the intersection of automotive and aerospace technologies [9]

| | 特定对象调研 分析师会议 √ □ | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 □ □ | | | 新闻发布会 路演活动 □ □ | | 活动类别 | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位 | 国信证券组织的投资者 | | 时间 | 2026 年 1 月 11 日 | | 地点 | 进门财经电话会议 | | 上市公司接 | 副总裁、首席信息官 吴维严 | | | 副总裁、董事会秘书 陶钧 | | 待人员姓名 | 医策科技 王晓梅 CEO | | | 公司管理层对投资者提问的回复情况如下： | | | 1．AI 对医疗行业是否带来结构性重塑？ | | | 答：将推动医疗健康应用快速发展，尤其在基层医疗与健康 | | | 管理场景。但复杂病症与循证医学领域的 AI 应用仍需高质量多 | | | 模态数据支撑。患者端将受益于全生命周期健康管理；在医生端， | | | AI 主要作为辅助工具，助力经验知识平民化。迪安通过"临床科 | | 投资者关系 | 研+基层赋能"闭环推动产品落地。 | | 活动主要内 | 【风险提示：目前公司的 AI ...

Group 1: Company Overview and Market Position - The company has been involved in aluminum material business since 2015, producing aluminum pipes and micro-channel flat tubes for various applications, including air conditioning and new energy sectors [1] - The company is a leading supplier of copper pipes and has not been affected by the recent aluminum substitution standards due to its diverse product offerings [1] Group 2: Global Expansion and Project Updates - The Morocco project is a key part of the company's global strategy, aimed at leveraging international operational advantages and mitigating domestic market risks [2] - The construction of the Morocco base is progressing steadily and will include high-end copper processing products such as copper foil, rods, and fittings [2] Group 3: Production Capacity and Demand - There is a current shortfall in copper foil production capacity due to high market demand, but the company is enhancing capacity utilization through technology upgrades [2] - Future capacity expansion will be based on customer orders and market demand, with plans to add new production lines if necessary [2] Group 4: Supply Chain and Procurement - The company has a global procurement strategy for raw materials, supported by a network of 23 production bases to ensure efficient and secure supply chains [2] Group 5: Research and Development Collaborations - The company is actively engaging in partnerships with universities for research in AI and new energy sectors, including the establishment of joint laboratories with West Lake University and Zhejiang University [3] Group 6: Employee Incentives and Performance Metrics - The 2026 employee stock ownership plan is designed to align the management team's efforts with industry trends and includes a clear assessment system based on 2025 operational data [3]

Group 1: Market Response - The company has established a dedicated team to continuously analyze the price trends of non-ferrous metals, particularly copper and tin, to mitigate the impact of price fluctuations on its operations [1]. - Recent significant price volatility in copper and tin has prompted the company to implement measures to address these changes [1]. Group 2: Policy Impact - The company views the cancellation of export tax rebates for photovoltaic products as beneficial in the long term, as it encourages the solar industry to develop in a healthier and more sustainable direction [1]. Group 3: Investor Relations - The investor relations activity took place on January 13, 2026, from 16:30 to 17:30, in the company meeting room, attended by representatives from various investment firms [1]. - No undisclosed significant information was involved in this activity [1].

Group 1: Company Overview and Activities - Ningxia Dongfang Tantalum Industry Co., Ltd. is involved in investor activities including site visits and conference calls [1][2][3]. - The company has received approval from the Shenzhen Stock Exchange for its stock issuance to specific investors, pending final approval from the China Securities Regulatory Commission [4]. Group 2: Market Expectations and Product Demand - There is a growing domestic demand for high-value products such as high-temperature alloys and semiconductor tantalum targets, driven by advancements in high-tech and new infrastructure sectors [5]. - The high-temperature alloy market has seen rapid growth due to increased demand from gas turbines, aerospace engines, and automotive turbochargers [5]. - The semiconductor sector is experiencing a surge in demand for tantalum targets and high-purity tantalum ingots, influenced by the explosive growth of AI and computing chips [5]. Group 3: Production and Pricing Strategy - The company's pricing strategy is based on a cost-plus model, considering raw material price fluctuations, customer demand, and market conditions [3]. - Production capacity is being gradually released as the company upgrades its production lines and optimizes operations [5]. - The company aims to enhance its industrial layout and strengthen technological innovation while focusing on its core tantalum and niobium business [6].