Company Overview - Founded in 1977, the company initially produced three-phase electric motors and water turbine accessories, later expanding into agricultural irrigation pumps in the early 1980s [2] - In the early 2000s, the company began developing bathroom pumps and stainless steel pumps, becoming a leading manufacturer in these categories [2] Financial Performance - In the first three quarters of 2025, the company reported revenue of CNY 1.27 billion, an increase of 8.81% year-on-year, and a net profit of CNY 351 million, up 6.47% year-on-year [3] - Domestic sales experienced double-digit growth, while overseas sales saw single-digit growth, driven by market expansion in Europe, Asia, and the Americas [3] Market Dynamics - The growth in domestic sales is attributed to inventory consumption by domestic bathroom manufacturers and increased procurement from Europe [4] - The company aims to leverage its integrated production advantages to expand its product range and cover various market segments [5] Product Strategy - The company focuses on both plastic bathroom pumps and stainless steel pumps, with the latter expected to see significant growth due to a larger market space and diverse applications [5][6] - The sales model for both product types is similar, but the customer base differs, with plastic pumps primarily sold to bathroom manufacturers and stainless steel pumps to a broader range of industries [8] Sales and Distribution - The sales team is organized by region, with multiple offices managing sales for both product lines [9] - The company has set a conservative revenue target for 2025, anticipating a range of -15% to 5% growth due to external factors such as tariffs [10] Future Outlook - The company plans to continue focusing on high-efficiency and intelligent products in response to market demands for energy-saving solutions [12] - There are currently no plans for overseas production capacity expansion, as the company is still relatively small [13]

证券代码： 301665 证券简称：泰禾股份 泰禾股份投资者关系活动记录表 编号：2025-008 | ☑ | 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 □ | 新闻发布会 路演活动 □ | | 类别 □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 景顺长城基金 邓敬东、李训练，陈莹，陈渤阳、范顺鑫 | | 人员姓名 | | | 时间 | 2025 年 11 月 19 日 | | 地点 | 线上会议（腾讯视频会议） | | 上市公司接待人 1. | 董事、副总经理、董事会秘书 亓轶群 | | 员姓名 2. | 投资者关系 张瑾 | | | 本次活动主要交流内容如下： | | 1. | 三季度业绩核心驱动因素 | | | 公司百菌清、2,4-D、嘧菌酯等核心产品市场供需持续紧张。 | | | 其中，百菌清三季度价格处于阶段性高位；同时，4E 等产品出货 | | | 量集中于三季度，叠加订单交付节奏影响，带动产品销售量与利 | | 投资者关系活动 | 润同步提升。 | | 主要内容介绍 ...

Supply Chain and Market Trends - The company maintains strong relationships with major wafer suppliers through long-term agreements, ensuring supply chain resilience and diversity [2] - Recent trends show a price increase in storage products due to high demand from North American cloud service providers investing in AI, leading to a tightening supply for consumer and embedded storage products [3] Business Performance and Product Development - The company ranks third in total capacity for enterprise SATA SSDs in China and first among domestic brands, with ongoing expansion in enterprise storage product offerings [3] - The company has launched four series of self-developed controller chips, with over 100 million units deployed, indicating rapid growth in deployment scale [5] New Product Innovations - The company is actively developing high-performance storage products for data centers, including the newly released SOCAMM2, designed specifically for AI data centers, which shows significant improvements in bandwidth and power consumption [4] - The UFS4.1 product, developed in collaboration with SanDisk, has demonstrated superior performance in process, read/write speed, and stability compared to market alternatives, with accelerated adoption among Tier 1 clients [5]

证券代码：301559 证券简称：中集环科 标准不锈钢液体罐箱通常指按照国际标准 20 英尺尺寸设计的通 用不锈钢液体罐箱。相较于特种罐箱，标箱主要运输大宗化工品。特 种不锈钢液体罐箱是根据客户个性化需求，在尺寸、功能等方面进行 特殊配置处理的不锈钢液体罐箱。尺寸方面，主要应客户需求，开发 出超大容积铁路罐箱、方圆罐箱等，此类罐箱需求来源于区域化运输， 如欧洲内陆运输、中国铁路运输等。功能方面，应客户要求，开发出 专业化工品（电解液、电子级氢氟酸等）运输罐箱、专业食品运输罐 箱。碳钢罐箱主要用于气体及粉末等特殊介质的储运，具有高强度、 高耐腐蚀性、抗压性能优异、使用寿命长等比较优势。碳钢罐箱运输 的主要产品包括制冷剂、高纯液氨等。 问题 2：请介绍罐箱国内市场前景和行业周期情况。 答：依托国内化工行业的规模优势及加强多式联运的政策推动， 罐式集装箱拥有广阔的发展前景。 2025 年 10 月 17 日，国务院常务会议指出要持续推动物流降本 提质增效，加快建设供需适配、内外联通、安全高效、智慧绿色的现 代物流体系，深化货物运输结构调整，加强多式联运管理制度、规则 标准协调衔接。 中集安瑞环科技股份有限公司 投资 ...

证券代码：301468 证券简称：博盈特焊 编号：2025-025 公司坚定立足国内、国际两个市场，在保持国内市场领先地 位的同时，积极开拓海外市场，投资海外子公司，把握国际市场 机遇，实现全球化的战略布局。 公司业务的发展机遇：垃圾焚烧市场需求广泛，下游转型升 级促使渗透率提升；燃煤发电行业示范效应开始显现，存在广阔 的发展空间；化工、冶金、造纸等其他应用领域市场需求将进一 步打开。公司前瞻布局了 HRSG 和油气复合管业务，HRSG 已经 具备一定规模的产能，复合管形成了市场卡位，与国外头部客户 在对接论证，处于逐步推进的过程中。 公司在核心竞争力、全球化布局及长期成长动能上具备显著 亮点，作为全球知名的能源特种设备制造商，技术壁垒和品牌优 势突出，拥有海内外三个生产基地，规模化制造优势突出；同时 海外拓展成效显著，越南工厂已正式落成并投产，叠加布局中东 油气管道市场的动作，海外收入增长潜力持续释放，为长期业绩 增长奠定坚实基础。 总而言之，公司对长远发展充满信心。公司将依托持续的技 术创新，积极拓展产品应用的广度，进军更广泛的业务市场，以 此驱动公司的可持续增长与未来价值。 二、投资者提出的问题及公司回 ...

Group 1: Production Capacity - The company has established a lithium iron phosphate production capacity of 225,000 tons, with 75,000 tons currently under construction [2] - The company plans to adjust production capacity based on industry trends and customer demand [2] Group 2: Competitive Strategy - The company ensures product competitiveness through technological innovation, customer collaboration, product layout, and economies of scale [2][3] - Continuous R&D investment enhances innovation capabilities and product performance, creating differentiated advantages [3] - The company is developing lithium manganese iron phosphate and solid-state battery cathode materials to meet diverse market needs [3] Group 3: Product Development - High-density lithium iron phosphate products have successfully entered mass production, catering to core customer applications [3] - The company will track technological iterations and market demand in the power and energy storage sectors to enrich its product matrix [3] Group 4: Capacity Utilization - Starting from Q4 2025, increased downstream demand will drive high capacity utilization rates [3] - The company aims to enhance capacity digestion through improved product competitiveness and collaboration with existing customers [3]

投资者关系活动记录表 编号：2025-019 | | 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） ☐ 国信证券股份有限公司佛山分公司：纪向珣、唐嘉炘、朱 | | | | 敏菁、张文静、冯达和、陈燕芝、李淑援、杨泽琦、张晓 | | | 参与单位名称及人员姓 | 燕 | | | 名 | 个人投资者：刘少楠、朱明朝、邢杰、吴思亮、林伟焓、 | | | | 冯成、吴宏接、张芳、何嘉欣、黄理平、陈少锋、甘小强、 | | | | 钟倩贞、夏振、袁新鲜、陈立权、陈波 | | | 时间 | 2025年11月19日 10:30-11:30 | | | 地点 | 公司会议室 | | | 上市公司接待人员姓名 | 董事会秘书 裴爽 | | | | 证券部工作人员：李洲全、罗富邦 | | | 投资者关系活动主要内 | 1、公司是否有参与有色金属贸易业务？ | | | | 答：公司为独立的第三方物流仓储公司，主营业务为物 ...

Company Overview - Guangdong Tongyu Communication Co., Ltd. is a leading enterprise in the field of communication antennas and RF devices, focusing on the R&D, production, and sales of base station antennas, RF devices, and microwave antennas [2][3] - The company serves major domestic operators such as China Mobile, China Telecom, and China Unicom, as well as international partners like Ericsson, Nokia, and Samsung [3] Satellite Communication Development - The company has established a comprehensive product layout covering the entire "satellite-ground-end" chain, including satellite communication payloads, ground station terminals, and terminal applications [3][4] - The domestic satellite internet development is a key part of national infrastructure, aiming to fill communication coverage gaps and meet emergency communication needs [4] - By 2030, the goal is to have over 10 million satellite communication users, supported by recent policy initiatives [4] Product and Business Highlights - The company holds over 700 authorized patents in the RF communication field, including various types of international, invention, and utility model patents [3] - The filter business focuses on compact, lightweight, and stable signal products, primarily for export, with Ericsson as a core customer [5] - The microwave antenna business covers frequencies from 5GHz to 80GHz, widely used in digital microwave relay communication systems [5] Future Outlook - The company is optimistic about the future of its satellite communication business, expecting to strengthen market competitiveness and participate in national satellite internet infrastructure construction [6] - With ongoing investments in technology R&D and capacity building, the company anticipates a new growth cycle driven by actual orders and performance contributions [6] MACRO WIFI Product Development - The MACRO WIFI product features long-range coverage, high concurrent access, and intelligent stability, designed for open areas like villages and farms [7] - A significant order of 1,000 units was signed with an Australian client, marking the product's successful entry into overseas markets [8] - The product is currently undergoing certification in approximately 18 countries, including Europe, Africa, and North America, with expected procurement following certification [8]

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 966 million CNY, with a year-on-year increase of 92.87% [1] - The non-recurring net profit accumulated to 916 million CNY, showing a year-on-year growth of 94.16% [1] Group 2: Gross Margin Improvement - The overall gross margin improved in Q3 2025, primarily due to increased demand for storage packaging substrates and enhanced capacity utilization [2] - The revenue scale and gross margin of packaging substrates showed significant improvement, aided by the steady ramp-up of the Guangzhou factory [2] Group 3: Business Expansion in PCB Sector - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - Revenue from data centers and wired communication businesses continued to grow, maintaining a consistent share across various sectors compared to the first half of the year [3] Group 4: Packaging Substrate Business Growth - The packaging substrate business includes a wide range of products, with significant revenue growth in storage packaging substrates in Q3 2025 [4] - All downstream product demands showed growth, particularly in storage packaging substrates [4] Group 5: Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with a noticeable increase in the utilization rate of packaging substrate business due to rising demand [5] Group 6: New Factory Developments - New factories include the Nantong Phase IV and Thailand projects, with the Thailand factory currently in trial production and Nantong Phase IV expected to commence in Q4 2025 [6] - These new facilities will enhance PCB production capabilities, particularly in high-layer and HDI technologies [6] Group 7: Raw Material Price Changes - Key raw materials such as copper foil and gold salt saw price increases in Q3 2025 due to fluctuations in commodity prices [7] - The company will continue to monitor international commodity price changes and maintain communication with suppliers and customers [7] Group 8: Land Planning in Wuxi - The new land in Wuxi is designated for PCB-related products, with investments planned in phases based on business development and market conditions [8]

Group 1: New Energy Business - The company has decided to enter the new energy sector, focusing on chemical synthesis capabilities, which are deemed competitive for commercialization [1] - Expected revenue from the new energy business is projected to break through in 2025, primarily driven by sales of LiFSI and electrolyte products [1] Group 2: Pharmaceutical Business - The pharmaceutical segment is growing rapidly, with a focus on a CDMO business model and partnerships with leading global pharmaceutical companies [1] - The company aims to expand its client base and enhance its product pipeline, anticipating long-term growth as it deepens collaborations with clients [2] Group 3: Malaysia Base Construction - The establishment of a base in Malaysia is intended to meet client supply chain diversification needs and enhance customer loyalty [2] - The Malaysian facility is currently in the construction phase, with production expected to commence within the year [2] Group 4: Crop Protection Business - The crop protection business remains stable, with the company recognized as a strategic partner for major global original research crop protection companies [2] - The company provides comprehensive solutions covering the entire product lifecycle in the crop protection sector [2] Group 5: Capital Expenditure Considerations - Current capital expenditures are focused on the coastal base and the Malaysian facility, with a net cash flow from operating activities of approximately 9 billion yuan in the first three quarters of 2025 [2] - There are no immediate plans for capital operations as the current cash flow supports ongoing capital expenditure plans [2] Group 6: Subsidiary Shanghai Baofeng - Shanghai Baofeng has been listed on the New Third Board and aims to improve product and service quality while expanding into international markets [2] - The subsidiary is focused on maintaining stable growth in traditional refrigeration sectors [2]