Group 1: Company Strategy and Market Focus - In 2026, the company will focus on stabilizing its existing business and driving innovation through a dual approach, emphasizing both hospital and external markets [2][3] - Key products in the external market include Loxoprofen Sodium Gel Patch, Ketoprofen Gel Patch, and other newly acquired exclusive varieties [4] - The company aims to enhance brand recognition and terminal coverage through the new "JiuDian Pain Relief" brand image [2] Group 2: Innovation and Product Development - The company will continue to adopt a strategy of "independent research and project introduction" for innovative drugs, actively seeking competitive projects [5] - Plans to enrich the product pipeline through collaborative research and development, as well as industry-academia transformation [5] Group 3: Financial Outlook and Shareholder Returns - The company will develop a scientific and sustainable shareholder return plan over the next 2-3 years based on operational performance and market conditions [8] - There is a potential for further acquisitions to enhance the product line and business layout as needed [8] Group 4: Market Challenges and Pricing Impact - The implementation of centralized procurement for Loxoprofen Sodium Gel Patch may lead to a temporary decrease in gross margin due to price adjustments [7] - The company will maintain a stable overseas business primarily focused on the export of raw materials and pharmaceutical excipients [6]

Group 1: Product Development and Market Positioning - The company is advancing the IL-17A/F monoclonal antibody project, targeting psoriasis and ankylosing spondylitis, with a New Drug Application (NDA) submitted for psoriasis, expected approval by Q4 2026 [2][3] - The product has received priority review status from the National Medical Products Administration (NMPA) and aims to participate in the 2027 national health insurance negotiations [2] - The company has secured production and commercialization rights for ankylosing spondylitis in China, with Phase III clinical trial data expected to be finalized by mid-2026 [2] Group 2: Competitive Advantages - The product's differentiation lies in head-to-head clinical efficacy against a positive control drug, showing superior efficacy in key indicators such as PASI100 and PASI75 [3] - Cost advantages are noted due to the localization of key materials and a lower administration frequency compared to competitors, allowing for flexible pricing strategies [3] Group 3: Target Market Strategy - The primary focus post-launch will be on new psoriasis patients, as the current penetration of biological drugs in this market is low, indicating significant growth potential [3] - The company also targets patients who do not respond well to existing IL-17A inhibitors [3] Group 4: Sales and Marketing Strategy for Aripiprazole Microspheres - Aripiprazole microspheres were launched in May 2025 and included in the 2025 health insurance directory at a price of 850 RMB per bottle, effective January 1, 2026 [4] - The company plans to leverage a nationwide psychiatric sales team and marketing network to promote the product [4] - Strategies include real-world studies to evaluate efficacy and safety, aiming for rapid market penetration in 80% of psychiatric hospitals in 2026 [4] Group 5: GnRH Product Line Development - The company has developed a comprehensive product matrix for GnRH drugs, covering all indications and offering various dosage forms [5][6] - Key products include Leuprolide and Triptorelin, with Leuprolide microspheres expected to be approved in H2 2026 for breast cancer and prostate cancer [5] - The oral GnRH antagonist is in Phase II clinical trials, showing promise for infertility treatments [5][6] Group 6: Innovation in Neurology - The company is developing NS-041, a selective potassium channel activator for epilepsy and depression, with ongoing Phase II clinical trials [7] - NS-041 aims to avoid safety risks associated with previous similar drugs and is positioned as a best-in-class candidate in the market [7]

证券代码：000973 证券简称：佛塑科技 佛山佛塑科技集团股份有限公司投资者关系活动记录表 （二）如何看待隔膜行业整体发展前景？ 答：受国家政策大力支持以及全球能源转型的影响，动力电池领 域新能源汽车仍处于稳步增长期，储能电池市场将进入高速发展期， 同时消费电池领域保持平稳发展。2024 年下半年以来，行业价格已逐 渐稳定，行业供给及需求逐步达到较合理水平。根据 GGII 统计及预测， 受下游需求快速增长的带动，锂电池隔膜行业出货量将持续上升，预 计隔膜行业未来将处于稳步发展期。 （三）本次交易进展如何，什么时候实现项目完整落地？ 答：目前公司董事会根据相关法律法规的要求以及公司股东会的 授权，办理本次交易股份发行、现金支付等相关事宜，整体工作正按 计划推进。关于本次交易进展请关注公司后续公告。 （四）金力股份有哪些技术优势？未来如何保持行业地位？ 编号：2026-01 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 □其他 参与单位名称及 人员姓名 华泰联合证券、华福证券、华创证券、深圳互兴投资、聚鸣投资、广 州工控资本、国联民生证券、 ...

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]

Group 1: Financial Performance - The company's revenue for the first three quarters of 2025 increased by approximately 2.31% year-on-year [2] - The net profit attributable to shareholders grew by about 3.27% compared to the same period last year [2] Group 2: Semiconductor Manufacturing Materials - The company has developed over 300 compounds in the semiconductor manufacturing materials sector, achieving a leading position domestically [3] - The new production capacity project at Wanrun Industrial Park (Phase II C05) includes approximately 751 tons of semiconductor photoresist-related materials, with construction expected to be completed by the end of this year [3] Group 3: Solid-State Battery Materials - The laboratory development of lithium sulfide, a key upstream material for solid-state battery electrolytes, has been completed [4] - The pilot production line construction is underway, aiming for completion by the end of June [4] Group 4: Perovskite Products - The company has developed over 100 compounds in perovskite photovoltaic materials, including hole transport layer materials and electron transport layer materials [5] - Although the industry has not yet reached large-scale commercialization, the technology level of downstream perovskite photovoltaic components is continuously improving [5] Group 5: High-Performance Polymers - The company has five main categories of high-performance polymer products, including PEI, TPI, and PEEK, with annual production capacities of 1,500 tons for PEI and over 100 tons for TPI and PI-5218 [5] - The PEEK product is currently in the downstream application verification stage, with an existing annual production capacity of approximately 100 tons [5]

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 ...